cell manufacturing services are generally distinct arrangements whereby masthercell is paid for time and materials or for fixed monthly amounts . the company also recognizes revenue via the sale of consumables to customers that are incidental to the services provided as foreseen in the clinical services contracts . on a monthly basis , the company bills customers for reimbursable expenses and immediately recognizes these billings in revenue , as the revenue is deemed earned . for the year ended november 30 , 2015 , our total revenues were approximately $ 3 million , as opposed to none for the corresponding period in 2014 , respectively . the increase in revenue is attributable to our acquisition of masthercell and the revenues they recognize from services and sales of consumables . expenses the company 's expenses for the year ended november 30 , 2015 are summarized as follows in comparison to its expenses for the year ended november 30 , 2014 : replace_table_token_1_th 42 research and development expenses replace_table_token_2_th the decrease in salaries and related expenses and in stock-based compensation in the year ended november 30 , 2015 , compared to 2014 , is primarily due to lower compensation expense for certain executives that are no longer employed by the company . this was offset by expenses due to the employment of a new development director for the cell therapy business . the decrease in grant income is due to a decrease of $ 266 thousand on the dgo6 project , mainly due to less work performed under grants approved from dgo6 in our belgian subsidiary and due to changes in the exchange rate currency . this was offset by grant income of $ 153 thousand due to work performed under the grant approved from bird . selling , general and administrative expenses replace_table_token_3_th the increase in salaries and related expenses for the year ended november 30 , 2015 , compared to 2014 is due to the increase in the number of employees following the acquisition of masthercell . in addition , there was an increase in legal and accounting fees due to the various material transactions that occurred for certain collaboration agreements and as a result of the acquisition of masthercell . the rent and related expenses for the year ended november 30 , 2015 arise from the offices of masthercell . the increase in professional fees for the year ended november 30 , 2015 is due to a reduction in the reliance on outside professionals as compared to the same period last year . financial expenses ( income ) , net replace_table_token_4_th 43 the increase in financial income for the year ended november 30 , 2015 compared to 2014 is mainly attributable to a decrease in the fair value of warrants , embedded derivative and convertible bonds , which is a non-cash metric that is based on the company 's share price as of the measurement date and reflects the issuance of beneficial warrants that were granted during 2015. due to a decrease in the company 's shares price during the period , there was a resultant income impact . story_separator_special_tag ( “ lenders ” ) furnished to us access to a $ 5.0 million credit line ( collectively , the “ credit facility agreements ” ) . pursuant to the credit facility agreements , upon request we are entitled to receive $ 500,000 or such lesser amount as may then be available under the credit facility ( the “ advance amount ” ) , pro-rata from the credit providers under the credit facility agreements , in consideration of which , we will issue to such persons , promissory notes for the amount advanced ( each a “ credit note ” ) . orgenesis may draw down on the credit facility as needed until the entire $ 5.0 million is exhausted . unless extended by mutual arrangement , the credit facility terminates on the earlier to occur of ( i ) november 30 , 2016 and ( ii ) such time as we shall have raised in excess of $ 10 million in an equity investment . in consideration of the funding commitment under the credit facility agreements , we issued to these lenders warrants to purchase up to an aggregate of 2,358,491 shares of the company 's common stock at a per share exercise price of $ 0.53 per share ( the “ commitment warrants ” ) . the commitment warrants become first exercisable upon the scheduled expiration or termination of the credit facility through the third anniversary thereof ; provided , that the commitment warrants issued to a lender are subject to cancellation if for whatever reason a funding request by such lender is not honored . additionally , upon the issuance of credit notes , the lender is entitled to three year warrants ( “ drawdown warrants ” ) to purchase additional shares of the company 's common stock in an amount equal to the quotient of : 0.50 x advance amount / $ 0.53. if the entire $ 5,000,000 were drawn down by the company , it would issue to the lenders a total of 4,716,980 drawdown warrants . all credit notes that may be issued under the credit facility mature on november 30 , 2016. interest on the outstanding principal amount of the credit notes accrues at a per annum rate of 12 % , payable at maturity or upon an event of default . the credit notes contain customary events of default for transactions of this nature . upon an event of default , the lender has the right to require the company to prepay the outstanding principal amount of the credit notes plus all accrued and unpaid interest . story_separator_special_tag goodwill is not amortized but is tested for impairment at least annually ( at november 30 ) , at the reporting unit level or more frequently if events or changes in circumstances indicate that the asset might be impaired . the goodwill impairment test is applied by performing a qualitative assessment before calculating the fair value of the reporting unit . if , on the basis of qualitative factors , it is considered not more likely than not that the fair value of the reporting unit is less than the carrying amount , further testing of goodwill for impairment would not be required . otherwise , goodwill impairment is tested using a two-step approach . fair value measurement the fair value measurement guidance clarifies that fair value is an exit price , representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants . as such , fair value is a market-based measurement that should be determined based on assumptions that market participants would use in the valuation of an asset or liability . it establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value . the hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ( level 1 measurements ) and the lowest priority to unobservable inputs ( level 3 measurements ) . the three levels of the fair value hierarchy under the fair value measurement guidance are described below : 48 level 1 : quoted prices ( unadjusted ) in active markets that are accessible at the measurement date for assets or liabilities . the fair value hierarchy gives the highest priority to level 1 inputs . level 2 : observable inputs that are based on inputs not quoted on active markets , but corroborated by market data . level 3 : unobservable inputs are used when little or no market data is available . the fair value hierarchy gives the lowest priority to level 3 inputs . embedded derivatives we entered into convertible debentures agreements in which a derivative instrument is embedded . embedded derivative is separated from the host contract and carried at fair value when ( 1 ) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and ( 2 ) a separate , stand-alone instrument with the same terms would qualify as a derivative instrument . the derivative is measured both initially and in subsequent periods at fair value , with changes in fair value charged to finance expenses , net . as to embedded derivatives arising from the issuance of convertible debentures , see note 13. volatility in stock-based compensation the volatility is based on historical volatilities of companies in comparable stages as well as the historical volatility of companies in the industry and , by statistical analysis of the daily share-pricing model . the volatility of stock-based compensation granted after november 30 , 2013 is based on historical volatility of the company for the last two years . warrants and price protection mechanism derivative classified as a liability warrants that entitle the holder to down-round protection ( through ratchet and anti-dilution provisions ) and price protection mechanism derivatives in respect of shares entitled to down-round protection are classified as liabilities on the balance sheet . the liability is measured both initially and in subsequent periods at fair value , with changes in fair value charged to finance expenses , net . the fair value of the warrants and the price protection mechanism derivatives are determining by using a monte carlo type model based on a risk neutral approach . the model takes as an input the estimated future dates when new capital will be raised , and builds a multi-step dynamic model . the first step is to model the risk neutral distribution of the share value on the new issue dates , then for each path to use the black-scholes model to estimate the value of the warrants and the price protection mechanism derivatives on the last issue date including all the changes in exercise price and quantity along this path . the significant unobservable input used in the fair value measurement is the future expected issue dates . bsignificant delay in this input would result a higher fair value measurement . impairment of long-lived assets we are reviewing the property and equipment , intangible assets subject to amortization and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset class may not be recoverable . indicators of potential impairment include : an adverse change in legal factors or in the business climate that could affect the value of the asset ; an adverse change in the extent or manner in which the asset is used or is expected to be used , or in its physical condition ; and current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of the asset . if indicators of impairment are present , the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset . if the expected cash flows are less than the carrying value of the asset , then the asset is considered to be impaired and its carrying value is written down to fair value , based on the related estimated discounted cash flows . there were no impairment charges in 2015 . 49 revenue recognition we recognize the revenue for services linked to cell process development and cell manufacturing services based on individual contracts in accordance with asc 605 , revenue recognition , when the following criteria have been met : persuasive evidence of an arrangement exists ; delivery has occurred or services have been provided

liquidity and financial condition working capital deficiency replace_table_token_5_th the increase in current assets is mainly due to an increase of $ 3 million in cash and cash equivalents following the capital raise and an increase of $ 3.4 million in accounts receivable , inventory , prepaid expenses and other receivables , as well as grants receivable due to the acquisition of masthercell . cash flows replace_table_token_6_th our cash and cash equivalents balance increased to $ 4.2 million at november 30 , 2015 from $ 1.3 million at november 30 , 2014. the increase in cash and cash equivalents during the period was primarily due to increase in financing activities of $ 4 million that was offset by increase in cash flows used in operating activities in an amount of $ 1.3 million and by increase in cash used in investing activities of $ 0.9 million . net cash used in operations of approximately $ 2.7 million for the year ended november 30 , 2015 was mainly due to increases in accounts receivable of $ 0.7 million and a change in the fair value of convertible bonds and warrants of $ 2.6 million , but was offset by decrease of $ 1.1 million in prepaid expenses and other accounts receivable . net cash provided by financing activities for the year ended november 30 , 2015 was $ 6.7 million , compared to $ 2.7 million for the same period last year . the increase of $ 4 million was mainly due to an increase in the amount of $ 3.3 million from the issuance of shares and warrants and proceeds from issuance of loans to masthercell totaling $ 3.9 million , which was offset by repayment of short and long term loans in amount of $ 2.4 million , and by a decrease in the issuance convertible loans in amount of $ 0.7 million . we need to raise additional operating capital on an immediate basis .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and financial condition working capital deficiency replace_table_token_5_th the increase in current assets is mainly due to an increase of $ 3 million in cash and cash equivalents following the capital raise and an increase of $ 3.4 million in accounts receivable , inventory , prepaid expenses and other receivables , as well as grants receivable due to the acquisition of masthercell . cash flows replace_table_token_6_th our cash and cash equivalents balance increased to $ 4.2 million at november 30 , 2015 from $ 1.3 million at november 30 , 2014. the increase in cash and cash equivalents during the period was primarily due to increase in financing activities of $ 4 million that was offset by increase in cash flows used in operating activities in an amount of $ 1.3 million and by increase in cash used in investing activities of $ 0.9 million . net cash used in operations of approximately $ 2.7 million for the year ended november 30 , 2015 was mainly due to increases in accounts receivable of $ 0.7 million and a change in the fair value of convertible bonds and warrants of $ 2.6 million , but was offset by decrease of $ 1.1 million in prepaid expenses and other accounts receivable . net cash provided by financing activities for the year ended november 30 , 2015 was $ 6.7 million , compared to $ 2.7 million for the same period last year . the increase of $ 4 million was mainly due to an increase in the amount of $ 3.3 million from the issuance of shares and warrants and proceeds from issuance of loans to masthercell totaling $ 3.9 million , which was offset by repayment of short and long term loans in amount of $ 2.4 million , and by a decrease in the issuance convertible loans in amount of $ 0.7 million . we need to raise additional operating capital on an immediate basis .
```    
 Suspicious Activity Report : cell manufacturing services are generally distinct arrangements whereby masthercell is paid for time and materials or for fixed monthly amounts . the company also recognizes revenue via the sale of consumables to customers that are incidental to the services provided as foreseen in the clinical services contracts . on a monthly basis , the company bills customers for reimbursable expenses and immediately recognizes these billings in revenue , as the revenue is deemed earned . for the year ended november 30 , 2015 , our total revenues were approximately $ 3 million , as opposed to none for the corresponding period in 2014 , respectively . the increase in revenue is attributable to our acquisition of masthercell and the revenues they recognize from services and sales of consumables . expenses the company 's expenses for the year ended november 30 , 2015 are summarized as follows in comparison to its expenses for the year ended november 30 , 2014 : replace_table_token_1_th 42 research and development expenses replace_table_token_2_th the decrease in salaries and related expenses and in stock-based compensation in the year ended november 30 , 2015 , compared to 2014 , is primarily due to lower compensation expense for certain executives that are no longer employed by the company . this was offset by expenses due to the employment of a new development director for the cell therapy business . the decrease in grant income is due to a decrease of $ 266 thousand on the dgo6 project , mainly due to less work performed under grants approved from dgo6 in our belgian subsidiary and due to changes in the exchange rate currency . this was offset by grant income of $ 153 thousand due to work performed under the grant approved from bird . selling , general and administrative expenses replace_table_token_3_th the increase in salaries and related expenses for the year ended november 30 , 2015 , compared to 2014 is due to the increase in the number of employees following the acquisition of masthercell . in addition , there was an increase in legal and accounting fees due to the various material transactions that occurred for certain collaboration agreements and as a result of the acquisition of masthercell . the rent and related expenses for the year ended november 30 , 2015 arise from the offices of masthercell . the increase in professional fees for the year ended november 30 , 2015 is due to a reduction in the reliance on outside professionals as compared to the same period last year . financial expenses ( income ) , net replace_table_token_4_th 43 the increase in financial income for the year ended november 30 , 2015 compared to 2014 is mainly attributable to a decrease in the fair value of warrants , embedded derivative and convertible bonds , which is a non-cash metric that is based on the company 's share price as of the measurement date and reflects the issuance of beneficial warrants that were granted during 2015. due to a decrease in the company 's shares price during the period , there was a resultant income impact . story_separator_special_tag ( “ lenders ” ) furnished to us access to a $ 5.0 million credit line ( collectively , the “ credit facility agreements ” ) . pursuant to the credit facility agreements , upon request we are entitled to receive $ 500,000 or such lesser amount as may then be available under the credit facility ( the “ advance amount ” ) , pro-rata from the credit providers under the credit facility agreements , in consideration of which , we will issue to such persons , promissory notes for the amount advanced ( each a “ credit note ” ) . orgenesis may draw down on the credit facility as needed until the entire $ 5.0 million is exhausted . unless extended by mutual arrangement , the credit facility terminates on the earlier to occur of ( i ) november 30 , 2016 and ( ii ) such time as we shall have raised in excess of $ 10 million in an equity investment . in consideration of the funding commitment under the credit facility agreements , we issued to these lenders warrants to purchase up to an aggregate of 2,358,491 shares of the company 's common stock at a per share exercise price of $ 0.53 per share ( the “ commitment warrants ” ) . the commitment warrants become first exercisable upon the scheduled expiration or termination of the credit facility through the third anniversary thereof ; provided , that the commitment warrants issued to a lender are subject to cancellation if for whatever reason a funding request by such lender is not honored . additionally , upon the issuance of credit notes , the lender is entitled to three year warrants ( “ drawdown warrants ” ) to purchase additional shares of the company 's common stock in an amount equal to the quotient of : 0.50 x advance amount / $ 0.53. if the entire $ 5,000,000 were drawn down by the company , it would issue to the lenders a total of 4,716,980 drawdown warrants . all credit notes that may be issued under the credit facility mature on november 30 , 2016. interest on the outstanding principal amount of the credit notes accrues at a per annum rate of 12 % , payable at maturity or upon an event of default . the credit notes contain customary events of default for transactions of this nature . upon an event of default , the lender has the right to require the company to prepay the outstanding principal amount of the credit notes plus all accrued and unpaid interest . story_separator_special_tag goodwill is not amortized but is tested for impairment at least annually ( at november 30 ) , at the reporting unit level or more frequently if events or changes in circumstances indicate that the asset might be impaired . the goodwill impairment test is applied by performing a qualitative assessment before calculating the fair value of the reporting unit . if , on the basis of qualitative factors , it is considered not more likely than not that the fair value of the reporting unit is less than the carrying amount , further testing of goodwill for impairment would not be required . otherwise , goodwill impairment is tested using a two-step approach . fair value measurement the fair value measurement guidance clarifies that fair value is an exit price , representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants . as such , fair value is a market-based measurement that should be determined based on assumptions that market participants would use in the valuation of an asset or liability . it establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value . the hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ( level 1 measurements ) and the lowest priority to unobservable inputs ( level 3 measurements ) . the three levels of the fair value hierarchy under the fair value measurement guidance are described below : 48 level 1 : quoted prices ( unadjusted ) in active markets that are accessible at the measurement date for assets or liabilities . the fair value hierarchy gives the highest priority to level 1 inputs . level 2 : observable inputs that are based on inputs not quoted on active markets , but corroborated by market data . level 3 : unobservable inputs are used when little or no market data is available . the fair value hierarchy gives the lowest priority to level 3 inputs . embedded derivatives we entered into convertible debentures agreements in which a derivative instrument is embedded . embedded derivative is separated from the host contract and carried at fair value when ( 1 ) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and ( 2 ) a separate , stand-alone instrument with the same terms would qualify as a derivative instrument . the derivative is measured both initially and in subsequent periods at fair value , with changes in fair value charged to finance expenses , net . as to embedded derivatives arising from the issuance of convertible debentures , see note 13. volatility in stock-based compensation the volatility is based on historical volatilities of companies in comparable stages as well as the historical volatility of companies in the industry and , by statistical analysis of the daily share-pricing model . the volatility of stock-based compensation granted after november 30 , 2013 is based on historical volatility of the company for the last two years . warrants and price protection mechanism derivative classified as a liability warrants that entitle the holder to down-round protection ( through ratchet and anti-dilution provisions ) and price protection mechanism derivatives in respect of shares entitled to down-round protection are classified as liabilities on the balance sheet . the liability is measured both initially and in subsequent periods at fair value , with changes in fair value charged to finance expenses , net . the fair value of the warrants and the price protection mechanism derivatives are determining by using a monte carlo type model based on a risk neutral approach . the model takes as an input the estimated future dates when new capital will be raised , and builds a multi-step dynamic model . the first step is to model the risk neutral distribution of the share value on the new issue dates , then for each path to use the black-scholes model to estimate the value of the warrants and the price protection mechanism derivatives on the last issue date including all the changes in exercise price and quantity along this path . the significant unobservable input used in the fair value measurement is the future expected issue dates . bsignificant delay in this input would result a higher fair value measurement . impairment of long-lived assets we are reviewing the property and equipment , intangible assets subject to amortization and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset class may not be recoverable . indicators of potential impairment include : an adverse change in legal factors or in the business climate that could affect the value of the asset ; an adverse change in the extent or manner in which the asset is used or is expected to be used , or in its physical condition ; and current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of the asset . if indicators of impairment are present , the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset . if the expected cash flows are less than the carrying value of the asset , then the asset is considered to be impaired and its carrying value is written down to fair value , based on the related estimated discounted cash flows . there were no impairment charges in 2015 . 49 revenue recognition we recognize the revenue for services linked to cell process development and cell manufacturing services based on individual contracts in accordance with asc 605 , revenue recognition , when the following criteria have been met : persuasive evidence of an arrangement exists ; delivery has occurred or services have been provided

