in collaborating with becton-dickinson and the university of california , san francisco , we are utilizing this technology platform of our majority-owned subsidiary , athelos corporation ( `` athelos `` ) , to restore immune balance by enhancing treg cell number and function . tregs are a natural part of the human immune system and regulate the activity of t effector cells , the cells that are responsible for protecting the body from viruses and other foreign antigen exposure . when tregs function properly , only foreign materials are attacked by t effector cells . in autoimmune disease it is thought that deficient treg activity permits the t effector cells to attack the body 's own tissues . we plan to initiate a phase 2 study of treg based therapeutics to treat type 1 diabetes in 2014. we also plan to initiate a phase 1 study in canada of treg based therapeutics in support of a steroid resistant asthma indication in 2014. pre-clinical assets include our vsel tm ( very small embryonic like ) technology regenerative medicine platform . regenerative medicine holds the promise of improving clinical outcomes and reducing overall healthcare costs . we are working on a department of defense funded study of vsels tm for the treatment of chronic wounds . other preclinical work with vsels tm includes exploring macular degeneration as a target indication . progenitor cell therapy , llc ( `` pct `` ) is a contract manufacturer that generates revenue . this wholly owned subsidiary , which we acquired in 2011 , is an industry leader in providing high quality manufacturing capabilities and support to developers of cell-based therapies to enable them to improve efficiencies and profitability and reduce capital investment for their own development activities . since its inception more than 15 years ago , pct has provided pre-clinical and clinical current good manufacturing practice ( “ cgmp ” ) development and manufacturing services to more than 100 clients . pct has experience advancing regenerative medicine product candidates from product inception through rigorous quality standards all the way through 50 index to human testing , biologic license application ( `` bla `` ) filing and fda product approval . pct 's core competencies in the cellular therapy industry include manufacturing of cell therapy-based products , engineering and innovation services , product and process development , cell and tissue processing , regulatory support , storage , distribution and delivery and consulting services . pct has two cgmp , state-of-the art cell therapy research , development , and manufacturing facilities in new jersey and california , serving the cell therapy community with integrated and regulatory compliant distribution capabilities . the company is pursuing commercial expansion of our manufacturing operations both in the u.s. and internationally . effective march 31 , 2012 , we no longer operated in the former regenerative medicine – china segment , which is now reported in discontinued operations ( see note 15 ) . on november 13 , 2012 , we completed the sale of our 51 % interest in suzhou erye , which represented the operations in our former pharmaceutical manufacturing - china segment , and is also reported in discontinued operations ( see note 15 ) . as a result , we currently operate in a single reporting segment - cell therapy , which will focus on contract development and manufacturing and cell therapy development programs . we believe that neostem is ideally positioned to lead the cell therapy industry . results of operations year ended december 31 , 2013 compared to year ended december 31 , 2012 net loss for the year ended december 31 , 2013 was approximately $ 39.5 million compared to $ 66.4 million for the year ended december 31 , 2012 . our net losses from continuing operations for the years ended december 31 , 2013 and 2012 were approximately $ 39.5 million and $ 36.1 million , respectively . the loss from discontinued operations - net for the year ended december 31 , 2012 was approximately $ 30.3 million , and represents the operations of our former regenerative medicine – china segment which was deconsolidated in the first quarter of 2012 , and the operations of our former pharmaceutical manufacturing - china segment , which related to the sale of our 51 % interest in suzhou erye pharmaceuticals company ltd. ( `` suzhu erye `` ) , in the fourth quarter of 2012. revenues for the year ended december 31 , 2013 , total revenues were approximately $ 14.7 million compared to $ 14.3 million for the year ended december 31 , 2012 , representing an increase of $ 0.3 million , or 2 % . 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 $ 9.1 million for the year ended december 31 , 2013 compared to $ 8.0 million for the year ended december 31 , 2012 , representing an increase of approximately $ 1.1 million or 14 % . the increase was primarily due to $ 2.3 million of higher clinical manufacturing revenue ( which is recognized as services are rendered ) , which was partially offset by $ 1.2 million lower process development revenue ( such revenue being recognized on a `` completed contract `` basis ) . overall , there were approximately 50 % more active clinical services clients as of december 31 , 2013 compared to december 31 , 2012 . ◦ clinical manufacturing revenue - clinical manufacturing revenues were approximately $ 7.0 million for the year ended december 31 , 2013 , compared to $ 4.7 million for the year ended december 31 , 2012 . the increase is primarily due to an increase in the number of patients our customers enrolled and were treating in clinical trials being conducted by our customers . story_separator_special_tag 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 , 2013 ( in thousands ) : replace_table_token_6_th 56 index under agreements with external clinical research organizations ( “ cros ” ) , we will incur expenses relating to our clinical trials for our therapeutic product candidates in development . the timing and amount of these expenses are based on performance of services rendered and expenses are incurred by the cros 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 ; 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 57 index 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 deferred and 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 . the company determines the fair value of certain share-based awards using the black-scholes option-pricing model which uses both historical and current market data to estimate the fair value . this method incorporates various assumptions such as the risk-free interest rate , expected volatility , expected dividend yield and expected life of the options or warrants . the fair value of the company 's restricted stock and restricted stock

analysis of liquidity and capital resources at december 31 , 2013 we had a cash balance of approximately $ 46.1 million , working capital of approximately $ 41.0 million , and stockholders ' equity of approximately $ 62.5 million . during the year ended december 31 , 2013 , we met our immediate cash requirements through revenue generated from our pct operations , existing cash balances , offerings of our common stock ( which raised an aggregate of approximately $ 58.7 million ) , warrant exercises ( which raised approximately $ 3.0 million ) , 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 ) : 54 index replace_table_token_5_th operating activities - continuing operations our cash used in operating activities -continuing operations in the year ended december 31 , 2013 totaled approximately $ 27.1 million , which is the sum of ( i ) our net loss from continuing operations of $ 39.5 million , and adjusted for non-cash expenses totaling $ 10.8 million ( which includes adjustments for equity-based compensation , depreciation and amortization , and changes in acquisition-related contingent consideration ) , and ( ii ) changes in operating assets and liabilities providing approximately $ 1.6 million .


 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 , 2013 we had a cash balance of approximately $ 46.1 million , working capital of approximately $ 41.0 million , and stockholders ' equity of approximately $ 62.5 million . during the year ended december 31 , 2013 , we met our immediate cash requirements through revenue generated from our pct operations , existing cash balances , offerings of our common stock ( which raised an aggregate of approximately $ 58.7 million ) , warrant exercises ( which raised approximately $ 3.0 million ) , 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 ) : 54 index replace_table_token_5_th operating activities - continuing operations our cash used in operating activities -continuing operations in the year ended december 31 , 2013 totaled approximately $ 27.1 million , which is the sum of ( i ) our net loss from continuing operations of $ 39.5 million , and adjusted for non-cash expenses totaling $ 10.8 million ( which includes adjustments for equity-based compensation , depreciation and amortization , and changes in acquisition-related contingent consideration ) , and ( ii ) changes in operating assets and liabilities providing approximately $ 1.6 million .
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 Suspicious Activity Report : in collaborating with becton-dickinson and the university of california , san francisco , we are utilizing this technology platform of our majority-owned subsidiary , athelos corporation ( `` athelos `` ) , to restore immune balance by enhancing treg cell number and function . tregs are a natural part of the human immune system and regulate the activity of t effector cells , the cells that are responsible for protecting the body from viruses and other foreign antigen exposure . when tregs function properly , only foreign materials are attacked by t effector cells . in autoimmune disease it is thought that deficient treg activity permits the t effector cells to attack the body 's own tissues . we plan to initiate a phase 2 study of treg based therapeutics to treat type 1 diabetes in 2014. we also plan to initiate a phase 1 study in canada of treg based therapeutics in support of a steroid resistant asthma indication in 2014. pre-clinical assets include our vsel tm ( very small embryonic like ) technology regenerative medicine platform . regenerative medicine holds the promise of improving clinical outcomes and reducing overall healthcare costs . we are working on a department of defense funded study of vsels tm for the treatment of chronic wounds . other preclinical work with vsels tm includes exploring macular degeneration as a target indication . progenitor cell therapy , llc ( `` pct `` ) is a contract manufacturer that generates revenue . this wholly owned subsidiary , which we acquired in 2011 , is an industry leader in providing high quality manufacturing capabilities and support to developers of cell-based therapies to enable them to improve efficiencies and profitability and reduce capital investment for their own development activities . since its inception more than 15 years ago , pct has provided pre-clinical and clinical current good manufacturing practice ( “ cgmp ” ) development and manufacturing services to more than 100 clients . pct has experience advancing regenerative medicine product candidates from product inception through rigorous quality standards all the way through 50 index to human testing , biologic license application ( `` bla `` ) filing and fda product approval . pct 's core competencies in the cellular therapy industry include manufacturing of cell therapy-based products , engineering and innovation services , product and process development , cell and tissue processing , regulatory support , storage , distribution and delivery and consulting services . pct has two cgmp , state-of-the art cell therapy research , development , and manufacturing facilities in new jersey and california , serving the cell therapy community with integrated and regulatory compliant distribution capabilities . the company is pursuing commercial expansion of our manufacturing operations both in the u.s. and internationally . effective march 31 , 2012 , we no longer operated in the former regenerative medicine – china segment , which is now reported in discontinued operations ( see note 15 ) . on november 13 , 2012 , we completed the sale of our 51 % interest in suzhou erye , which represented the operations in our former pharmaceutical manufacturing - china segment , and is also reported in discontinued operations ( see note 15 ) . as a result , we currently operate in a single reporting segment - cell therapy , which will focus on contract development and manufacturing and cell therapy development programs . we believe that neostem is ideally positioned to lead the cell therapy industry . results of operations year ended december 31 , 2013 compared to year ended december 31 , 2012 net loss for the year ended december 31 , 2013 was approximately $ 39.5 million compared to $ 66.4 million for the year ended december 31 , 2012 . our net losses from continuing operations for the years ended december 31 , 2013 and 2012 were approximately $ 39.5 million and $ 36.1 million , respectively . the loss from discontinued operations - net for the year ended december 31 , 2012 was approximately $ 30.3 million , and represents the operations of our former regenerative medicine – china segment which was deconsolidated in the first quarter of 2012 , and the operations of our former pharmaceutical manufacturing - china segment , which related to the sale of our 51 % interest in suzhou erye pharmaceuticals company ltd. ( `` suzhu erye `` ) , in the fourth quarter of 2012. revenues for the year ended december 31 , 2013 , total revenues were approximately $ 14.7 million compared to $ 14.3 million for the year ended december 31 , 2012 , representing an increase of $ 0.3 million , or 2 % . 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 $ 9.1 million for the year ended december 31 , 2013 compared to $ 8.0 million for the year ended december 31 , 2012 , representing an increase of approximately $ 1.1 million or 14 % . the increase was primarily due to $ 2.3 million of higher clinical manufacturing revenue ( which is recognized as services are rendered ) , which was partially offset by $ 1.2 million lower process development revenue ( such revenue being recognized on a `` completed contract `` basis ) . overall , there were approximately 50 % more active clinical services clients as of december 31 , 2013 compared to december 31 , 2012 . ◦ clinical manufacturing revenue - clinical manufacturing revenues were approximately $ 7.0 million for the year ended december 31 , 2013 , compared to $ 4.7 million for the year ended december 31 , 2012 . the increase is primarily due to an increase in the number of patients our customers enrolled and were treating in clinical trials being conducted by our customers . story_separator_special_tag 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 , 2013 ( in thousands ) : replace_table_token_6_th 56 index under agreements with external clinical research organizations ( “ cros ” ) , we will incur expenses relating to our clinical trials for our therapeutic product candidates in development . the timing and amount of these expenses are based on performance of services rendered and expenses are incurred by the cros 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 ; 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 57 index 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 deferred and 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 . the company determines the fair value of certain share-based awards using the black-scholes option-pricing model which uses both historical and current market data to estimate the fair value . this method incorporates various assumptions such as the risk-free interest rate , expected volatility , expected dividend yield and expected life of the options or warrants . the fair value of the company 's restricted stock and restricted stock

