Vyant Bio, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenue and Accounts Receivable

Revenue and Accounts Receivable

6 Months Ended

Jun. 30, 2014

Revenue by payor type for the three and six months ended June 30, 2014 and 2013 is comprised of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014	2013
Medicare	$	268,171	$	151,052	518,292	408,115
Direct bill (including clinical trials)	850,740		1,226,852		1,719,998	1,738,199
Insurance carrier and all others	392,759		453,745		703,755	904,002
	$	1,511,670	$	1,831,649	2,942,045	3,050,316

Accounts receivable by payor type at June 30, 2014 and December 31, 2013 consists of the following:



	June 30, 2014			December 31, 2013
Medicare	$	616,417		$	408,856
Direct bill (including clinical trials)	863,732			628,830
Insurance carrier and all others	612,117			565,353
Allowance for doubtful accounts	(36,000		)	(36,000		)
	$	2,056,266		$	1,567,039

We have historically derived a significant portion of our revenue from a limited number of test ordering sites. The test ordering sites are largely hospitals, cancer centers, reference laboratories, physician offices and clinical trial clients. Oncologists and pathologists at these sites order the tests on behalf of the needs of their oncology patients or as part of a clinical trial sponsored by a biopharmaceutical company in which the patient is being enrolled.

The top five test ordering sites during the three months ended June 30, 2014 and 2013 accounted for 51% and 74% respectively, of our clinical testing volumes, with 44% and 23% respectively, of the volume coming from community hospitals. During the three months ended June 30, 2014, there was one site which accounted for approximately 10% or more of our revenue. A clinical trial client accounted for approximately 23% of our revenue. During the three months ended June 30, 2013, there was one site which accounted for approximately 10% or more of our revenue. A clinical trial client accounted for approximately 50% of our revenue.

The top five test ordering sites during the six months ended June 30, 2014 and 2013 accounted for 57% and 69% respectively, of our clinical testing volumes, with 38% and 27% respectively, of the volume coming from community hospitals. During the six months ended June 30, 2014, there was one site which accounted for approximately 10% or more of our revenue. A clinical trial client accounted for approximately 28% of our revenue. During the six months ended June 30, 2013, there was one site which accounted for approximately 10% or more of our revenue. A clinical trial client accounted for approximately 38% of our revenue. While we have agreements with our clinical trials clients, volumes from these clients is subject to the progression and continuation of the trials as determined by the client which can impact testing volume. We generally do not have formal written agreements with other testing sites and, as a result, we may lose these significant test ordering sites at any time.