our pre-clinical assets include our vsel tm ( very small embryonic like ) technology platform for which we expect to file an ind with the fda in late 2013 or early 2014 to initiate an national institutes of health ( `` nih `` ) funded human clinical studies treating periodontitis with vsels tm . we are also working on a department of defense funded study of vsels tm and mesenchymal stem cells for the treatment of chronic wounds . neostem 's origins are in adult stem cell collection and storage and we believe that as new therapeutics are developed utilizing one 's own stored cells ( autologous ) , the market penetration rate for the collection and storage business may rise sharply from its current low single digits percentage level allowing our developing a network to scale rapidly if the demand grows . 42 index in 2011 , we operated our business in three reportable segments : ( i ) cell therapy — united states ; ( ii ) regenerative medicine — china ; and ( iii ) pharmaceutical manufacturing — china . in 2012 , we exited our operations in china . effective march 31 , 2012 , we no longer operated in the regenerative medicine – china reportable segment , which is now reported in discontinued operations ( see note 16 ) . on november 13 , 2012 , we completed the sale of our 51 % interest in suzhou erye , which represented the operations in our pharmaceutical manufacturing - china segment , and is also reported in discontinued operations ( see note 16 ) . as a result , we currently operate in a single reporting segment - cell therapy , which will focus on cdmo and cell therapy development programs . we believe that neostem is ideally positioned to be an integrated leader in the cell therapy industry . we have significant basic research and development capabilities , manufacturing facilities on both the east and west coast of the united states , the support of regulatory and logistical expertise and a talented and experienced clinical team . we believe this expertise will allow us to achieve our mission of becoming the premier cell therapy company . results of operations year ended december 31 , 2012 compared to year ended december 31 , 2011 net loss for the year ended december 31 , 2012 was approximately $ 66.4 million compared to $ 56.6 million for the year ended december 31 , 2011 . our net losses from continuing operations for the years ended december 31 , 2012 and 2011 were approximately $ 36.1 million and $ 34.6 million , respectively . the net losses from discontinued operations - net for the years ended ended december 31 , 2012 and 2011 were approximately $ 30.3 million and $ 22.0 million , respectively . the losses from discontinued operations - net , reflects the operations of our regenerative medicine – china segment which was deconsolidated in the first quarter of 2012 , and the operations of our pharmaceutical manufacturing - china segment , which related to the sale of our 51 % interest in suzhou erye in the fourth quarter of 2012. revenues for the year ended december 31 , 2012 , total revenues were approximately $ 14.3 million compared to $ 10.1 million for the year ended december 31 , 2011 , representing an increase of $ 4.3 million , or 43 % . revenues were comprised of the following ( in thousands ) : replace_table_token_4_th clinical services , representing process development and clinical manufacturing services provided at pct to its various clients , were approximately $ 8.0 million for the year ended december 31 , 2012 compared to $ 5.5 million for the year ended december 31 , 2011 , representing an increase of approximately $ 2.5 million or 46 % . the increase in clinical services revenue is primarily due to an increased penetration into the cell therapy marketplace along with a general increase in the development of autologous cell therapies in the united states due to enhanced investment and expanded marketing programs in 2011 and 2012. the revenue increase was partially offset by a $ 0.3 million increase in deferred revenue as of december 31 , 2012 compared to december 31 , 2011 , related to ongoing clinical service contracts that had not met revenue recognition completion criteria . in accordance with our revenue recognition policy , revenue is recognized upon contract completion for certain clinical service contracts . clinical services reimbursables , representing reimbursement of expenses for certain consumables incurred on behalf of our clinical service revenue clients , were approximately $ 3.5 million for the year ended december 31 , 2012 compared to $ 2.6 million for the year ended december 31 , 2011 , representing an increase of approximately $ 0.9 million or 33 % . our reimbursable revenue increased as a result of increased manufacturing and process development activity . 43 index processing and storage services , representing revenues from our oncology , cord blood , and adult stem cell banking activities , were approximately $ 2.6 million for the year ended december 31 , 2012 compared to $ 1.7 million for the year ended december 31 , 2011 , representing an increase of approximately $ 0.9 million or 52 % . the increase is primarily attributable to increased revenue from our oncology stem cell processing service . additionally , we added hospital clients during 2012 as more hospitals have begun to outsource their oncology stem cell processing . other revenue were approximately $ 0.2 million for the year ended december 31 , 2012 compared to $ 0.2 million for the year ended december 31 , 2011 . other revenues primarily represent license fees related to our adult stem cell technology . story_separator_special_tag additional equity financing may be dilutive to our stockholders ; debt financing , if available , may involve significant cash payment obligations and covenants that restrict our ability to operate as a business , our stock price may not reach levels necessary to induce option or warrant exercises , and asset sales may not be possible on terms we consider acceptable . if we are unable to raise the funds necessary to meet our long-term liquidity needs , we may have to delay or discontinue the acquisition and development of cell therapies , and or the expansion of our business or raise funds on terms that we currently consider unfavorable . commitments and contingencies the following table summarizes our obligations to make future payments under current contracts as of december 31 , 2012 ( in thousands ) : replace_table_token_10_th under an agreement with an external clinical research organization ( “ cro ” ) , we will incur expenses relating to our amr-001 phase 2 clinical trial for the treatment of ami . the timing and amount of these disbursements are based on the achievement of certain milestones , patient enrollment , services rendered or as expenses are incurred by the cro and therefore , we can not reasonably estimate the timing of these payments . seasonality neostem does not believe that its operations are seasonal in nature . off-balance sheet arrangements neostem does not have any off-balance sheet arrangements . critical accounting policies and estimates the preparation of financial statements in conformity with accounting principles generally accepted in the united states requires management to make estimates and judgments that affect the amounts reported in the financial statements . on an ongoing basis , the company evaluates its estimates and assumptions . the company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results could differ from these estimates . an accounting policy is considered to be critical if it is important to the company 's financial condition and results of operations and if it requires management 's most difficult , subjective and complex judgments in its application . for a summary of all of the company 's significant accounting policies , see note 2 to the company 's consolidated financial statements . revenue recognition clinical services : the company recognizes revenue for its ( i ) cell process development and ( ii ) cell manufacturing services based on the terms of individual contracts . revenues associated with cell process development services generally contain multiple stages that do not have stand-alone values and are dependent upon one another , and are recognized as revenue on a completed contract basis . we recognize revenues for cell development services when all of the following conditions are met : persuasive evidence of an arrangement exists ; delivery has occurred or the services have been rendered ; 50 index the fee is fixed or determinable ; and collectability is probable . the company considers signed contracts as evidence of an arrangement . the company assesses whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the payment terms are subject to refund or adjustment . the company assesses cash collectability based on a number of factors , including past collection history with the client and the client 's creditworthiness . if the company determines that collectability is not reasonably assured , it defers revenue recognition until collectability becomes reasonably assured , which is generally upon receipt of the cash . the company 's arrangements are generally non-cancellable , though clients typically have the right to terminate their agreement for cause if the company materially fails to perform . cell manufacturing services are generally distinct arrangements whereby the company is paid for time and materials or for fixed monthly amounts . revenue is recognized when efforts are expended or contractual terms have been met . some client agreements include multiple elements , comprised of cell process development and cell manufacturing services . the company believes that cell process development and cell manufacturing services each have stand-alone value because these services can be provided separately by other companies . in accordance with asc update no . 2009-13 , “ revenue recognition ( topic 605 ) : multiple-deliverable revenue arrangements , ” the company ( 1 ) separates deliverables into separate units of accounting when deliverables are sold in a bundled arrangement and ( 2 ) allocates the arrangement 's consideration to each unit in the arrangement based on its relative selling price . clinical services reimbursements : the company separately charges the customers for the expenses associated with certain consumable resources ( reimbursable expenses ) that are specified in each clinical services contract . on a monthly basis , the company bills customers for reimbursable expenses and immediately recognizes these billings as revenue , as the revenue is deemed earned as reimbursable expenses are incurred . processing and storage services : the company recognizes revenue related to the collection and cryopreservation of cord blood and autologous adult stem cells when the cryopreservation process is completed which is approximately twenty-four hours after cells have been collected . revenue related to advance payments of storage fees is recognized ratably over the period covered by the advance payments . share-based compensation the company expenses all share-based payment awards to employees , directors , advisors and consultants , including grants of stock options , warrants , and restricted stock , over the requisite service period based on the grant date fair value of the awards . advisor and consultant awards are remeasured each reporting period through vesting . for awards with performance-based vesting criteria , the company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest

analysis of liquidity and capital resources at december 31 , 2012 we had a cash balance of approximately $ 13.7 million , working capital of approximately $ 6.8 million , and shareholders ' equity of approximately $ 33.2 million . during the year ended december 31 , 2012 , we met our immediate cash requirements through revenue generated from our pct operations , existing cash balances , private placements and a public offering of our common stock and warrants ( which raised an aggregate of approximately $ 16.4 million ) , warrant exercises ( which raised approximately $ 6.6 million ) , the sale of our 51 % interest in erye for consideration which included $ 12.3 million in cash , and the use of equity and equity-linked instruments to pay for services and compensation . net cash provided by or used in operating , financing and investing activities from continuing operations were as follows ( in thousands ) : replace_table_token_9_th operating activities - continuing operations our cash used in operating activities -continuing operations in the year ended december 31 , 2012 totaled approximately $ 18.8 million , which is the sum of ( i ) our net loss of $ 66.4 million , less discontinued operations of $ 30.3 million , and adjusted for non-cash expenses totaling $ 14.3 million ( which includes adjustments for equity-based compensation and depreciation and amortization ) , and ( ii ) changes in operating assets and liabilities providing approximately $ 3.1 million . investing activities - continuing operations in november 2012 , we completed the sale of our 51 % interest in erye for approximately $ 13.4 million in total consideration , including $ 12.3 million in cash . during the year ended december 31 , 2012 , we spent approximately $ 0.5 million for property and equipment .


 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.
     ```analysis of liquidity and capital resources at december 31 , 2012 we had a cash balance of approximately $ 13.7 million , working capital of approximately $ 6.8 million , and shareholders ' equity of approximately $ 33.2 million . during the year ended december 31 , 2012 , we met our immediate cash requirements through revenue generated from our pct operations , existing cash balances , private placements and a public offering of our common stock and warrants ( which raised an aggregate of approximately $ 16.4 million ) , warrant exercises ( which raised approximately $ 6.6 million ) , the sale of our 51 % interest in erye for consideration which included $ 12.3 million in cash , and the use of equity and equity-linked instruments to pay for services and compensation . net cash provided by or used in operating , financing and investing activities from continuing operations were as follows ( in thousands ) : replace_table_token_9_th operating activities - continuing operations our cash used in operating activities -continuing operations in the year ended december 31 , 2012 totaled approximately $ 18.8 million , which is the sum of ( i ) our net loss of $ 66.4 million , less discontinued operations of $ 30.3 million , and adjusted for non-cash expenses totaling $ 14.3 million ( which includes adjustments for equity-based compensation and depreciation and amortization ) , and ( ii ) changes in operating assets and liabilities providing approximately $ 3.1 million . investing activities - continuing operations in november 2012 , we completed the sale of our 51 % interest in erye for approximately $ 13.4 million in total consideration , including $ 12.3 million in cash . during the year ended december 31 , 2012 , we spent approximately $ 0.5 million for property and equipment .
```    
 Suspicious Activity Report : our pre-clinical assets include our vsel tm ( very small embryonic like ) technology platform for which we expect to file an ind with the fda in late 2013 or early 2014 to initiate an national institutes of health ( `` nih `` ) funded human clinical studies treating periodontitis with vsels tm . we are also working on a department of defense funded study of vsels tm and mesenchymal stem cells for the treatment of chronic wounds . neostem 's origins are in adult stem cell collection and storage and we believe that as new therapeutics are developed utilizing one 's own stored cells ( autologous ) , the market penetration rate for the collection and storage business may rise sharply from its current low single digits percentage level allowing our developing a network to scale rapidly if the demand grows . 42 index in 2011 , we operated our business in three reportable segments : ( i ) cell therapy — united states ; ( ii ) regenerative medicine — china ; and ( iii ) pharmaceutical manufacturing — china . in 2012 , we exited our operations in china . effective march 31 , 2012 , we no longer operated in the regenerative medicine – china reportable segment , which is now reported in discontinued operations ( see note 16 ) . on november 13 , 2012 , we completed the sale of our 51 % interest in suzhou erye , which represented the operations in our pharmaceutical manufacturing - china segment , and is also reported in discontinued operations ( see note 16 ) . as a result , we currently operate in a single reporting segment - cell therapy , which will focus on cdmo and cell therapy development programs . we believe that neostem is ideally positioned to be an integrated leader in the cell therapy industry . we have significant basic research and development capabilities , manufacturing facilities on both the east and west coast of the united states , the support of regulatory and logistical expertise and a talented and experienced clinical team . we believe this expertise will allow us to achieve our mission of becoming the premier cell therapy company . results of operations year ended december 31 , 2012 compared to year ended december 31 , 2011 net loss for the year ended december 31 , 2012 was approximately $ 66.4 million compared to $ 56.6 million for the year ended december 31 , 2011 . our net losses from continuing operations for the years ended december 31 , 2012 and 2011 were approximately $ 36.1 million and $ 34.6 million , respectively . the net losses from discontinued operations - net for the years ended ended december 31 , 2012 and 2011 were approximately $ 30.3 million and $ 22.0 million , respectively . the losses from discontinued operations - net , reflects the operations of our regenerative medicine – china segment which was deconsolidated in the first quarter of 2012 , and the operations of our pharmaceutical manufacturing - china segment , which related to the sale of our 51 % interest in suzhou erye in the fourth quarter of 2012. revenues for the year ended december 31 , 2012 , total revenues were approximately $ 14.3 million compared to $ 10.1 million for the year ended december 31 , 2011 , representing an increase of $ 4.3 million , or 43 % . revenues were comprised of the following ( in thousands ) : replace_table_token_4_th clinical services , representing process development and clinical manufacturing services provided at pct to its various clients , were approximately $ 8.0 million for the year ended december 31 , 2012 compared to $ 5.5 million for the year ended december 31 , 2011 , representing an increase of approximately $ 2.5 million or 46 % . the increase in clinical services revenue is primarily due to an increased penetration into the cell therapy marketplace along with a general increase in the development of autologous cell therapies in the united states due to enhanced investment and expanded marketing programs in 2011 and 2012. the revenue increase was partially offset by a $ 0.3 million increase in deferred revenue as of december 31 , 2012 compared to december 31 , 2011 , related to ongoing clinical service contracts that had not met revenue recognition completion criteria . in accordance with our revenue recognition policy , revenue is recognized upon contract completion for certain clinical service contracts . clinical services reimbursables , representing reimbursement of expenses for certain consumables incurred on behalf of our clinical service revenue clients , were approximately $ 3.5 million for the year ended december 31 , 2012 compared to $ 2.6 million for the year ended december 31 , 2011 , representing an increase of approximately $ 0.9 million or 33 % . our reimbursable revenue increased as a result of increased manufacturing and process development activity . 43 index processing and storage services , representing revenues from our oncology , cord blood , and adult stem cell banking activities , were approximately $ 2.6 million for the year ended december 31 , 2012 compared to $ 1.7 million for the year ended december 31 , 2011 , representing an increase of approximately $ 0.9 million or 52 % . the increase is primarily attributable to increased revenue from our oncology stem cell processing service . additionally , we added hospital clients during 2012 as more hospitals have begun to outsource their oncology stem cell processing . other revenue were approximately $ 0.2 million for the year ended december 31 , 2012 compared to $ 0.2 million for the year ended december 31 , 2011 . other revenues primarily represent license fees related to our adult stem cell technology . story_separator_special_tag additional equity financing may be dilutive to our stockholders ; debt financing , if available , may involve significant cash payment obligations and covenants that restrict our ability to operate as a business , our stock price may not reach levels necessary to induce option or warrant exercises , and asset sales may not be possible on terms we consider acceptable . if we are unable to raise the funds necessary to meet our long-term liquidity needs , we may have to delay or discontinue the acquisition and development of cell therapies , and or the expansion of our business or raise funds on terms that we currently consider unfavorable . commitments and contingencies the following table summarizes our obligations to make future payments under current contracts as of december 31 , 2012 ( in thousands ) : replace_table_token_10_th under an agreement with an external clinical research organization ( “ cro ” ) , we will incur expenses relating to our amr-001 phase 2 clinical trial for the treatment of ami . the timing and amount of these disbursements are based on the achievement of certain milestones , patient enrollment , services rendered or as expenses are incurred by the cro and therefore , we can not reasonably estimate the timing of these payments . seasonality neostem does not believe that its operations are seasonal in nature . off-balance sheet arrangements neostem does not have any off-balance sheet arrangements . critical accounting policies and estimates the preparation of financial statements in conformity with accounting principles generally accepted in the united states requires management to make estimates and judgments that affect the amounts reported in the financial statements . on an ongoing basis , the company evaluates its estimates and assumptions . the company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results could differ from these estimates . an accounting policy is considered to be critical if it is important to the company 's financial condition and results of operations and if it requires management 's most difficult , subjective and complex judgments in its application . for a summary of all of the company 's significant accounting policies , see note 2 to the company 's consolidated financial statements . revenue recognition clinical services : the company recognizes revenue for its ( i ) cell process development and ( ii ) cell manufacturing services based on the terms of individual contracts . revenues associated with cell process development services generally contain multiple stages that do not have stand-alone values and are dependent upon one another , and are recognized as revenue on a completed contract basis . we recognize revenues for cell development services when all of the following conditions are met : persuasive evidence of an arrangement exists ; delivery has occurred or the services have been rendered ; 50 index the fee is fixed or determinable ; and collectability is probable . the company considers signed contracts as evidence of an arrangement . the company assesses whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the payment terms are subject to refund or adjustment . the company assesses cash collectability based on a number of factors , including past collection history with the client and the client 's creditworthiness . if the company determines that collectability is not reasonably assured , it defers revenue recognition until collectability becomes reasonably assured , which is generally upon receipt of the cash . the company 's arrangements are generally non-cancellable , though clients typically have the right to terminate their agreement for cause if the company materially fails to perform . cell manufacturing services are generally distinct arrangements whereby the company is paid for time and materials or for fixed monthly amounts . revenue is recognized when efforts are expended or contractual terms have been met . some client agreements include multiple elements , comprised of cell process development and cell manufacturing services . the company believes that cell process development and cell manufacturing services each have stand-alone value because these services can be provided separately by other companies . in accordance with asc update no . 2009-13 , “ revenue recognition ( topic 605 ) : multiple-deliverable revenue arrangements , ” the company ( 1 ) separates deliverables into separate units of accounting when deliverables are sold in a bundled arrangement and ( 2 ) allocates the arrangement 's consideration to each unit in the arrangement based on its relative selling price . clinical services reimbursements : the company separately charges the customers for the expenses associated with certain consumable resources ( reimbursable expenses ) that are specified in each clinical services contract . on a monthly basis , the company bills customers for reimbursable expenses and immediately recognizes these billings as revenue , as the revenue is deemed earned as reimbursable expenses are incurred . processing and storage services : the company recognizes revenue related to the collection and cryopreservation of cord blood and autologous adult stem cells when the cryopreservation process is completed which is approximately twenty-four hours after cells have been collected . revenue related to advance payments of storage fees is recognized ratably over the period covered by the advance payments . share-based compensation the company expenses all share-based payment awards to employees , directors , advisors and consultants , including grants of stock options , warrants , and restricted stock , over the requisite service period based on the grant date fair value of the awards . advisor and consultant awards are remeasured each reporting period through vesting . for awards with performance-based vesting criteria , the company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest

