we expect that our r & d expenses should remain consistent in 2015 from amounts previously reported in 2014 as we prepare for our regulatory biologics license application or bla filing with the fda and associated regulatory costs and filing fees . general and administrative expense general and administrative , or g & a expense , consists of wages , stock-based compensation and benefits for senior management and staff unrelated to r & d , consulting fees for commercialization planning and market research , legal fees , accounting and auditing fees , information technology , rent , maintenance and utilities , insurance , travel and other expenses related to the general operations of the business . g & a expense also includes a write-off of deferred financing fees related to our financing activities during 2013. we expect that our g & a expense will continue to increase during 2015 as a result of commercial planning , market research costs and the hiring of additional staff related to commercialization and marketing in anticipation of the commercial development of ri-002 . interest income and interest expense interest income consists of interest earned on our cash and cash equivalents and short-term investments . interest expense consists of interest incurred on our notes payable , as well as the amortization and write-off of deferred financing costs and debt discounts . interest expense has increased during 2014 and 2013 as we have increased our outstanding debt under our credit facility from $ 5,000,000 to $ 15,000,000 during 2014. results of operations year ended december 31 , 2014 compared to year ended december 31 , 2013 summary table the following table presents a summary of our results of operations for the year ended december 31 , 2014 compared to the year ended december 31 , 2013. replace_table_token_2_th 37 revenue we recorded revenue of $ 5,915,545 during the year ended december 31 , 2014 compared to $ 3,067,577 during the year ended december 31 , 2013. product revenue was $ 5,839,989 for the year ended december 31 , 2014 , from the sale of blood plasma collected in our fda-licensed , gha and mfds-certified norcross , georgia based blood plasma collection center compared to product revenue of $ 3,023,503 for the year ended december 31 , 2013. product revenue for the year ended december 31 , 2014 was primarily attributed to sales made under our plasma supply agreement with biotest , pursuant to which biotest purchases normal source plasma from our georgia facility to be used in their manufacturing . the increase in product revenue of $ 2,816,486 was attributed to increased advertising and promotions , expanded donor collection hours and days as well as the implementation and use of additional plasma donor equipment . for the years ended december 31 , 2014 and 2013 , license revenue was $ 75,556 and $ 44,074 , respectively , which relates to services provided by biotest in accordance with our license agreement with them . we have not generated any revenue from our therapeutics , research and development business . cost of product revenue cost of product revenue was $ 3,742,367 for the year ended december 31 , 2014 , an increase of $ 1,718,926 from $ 2,023,441 for the year ended december 31 , 2013. the increased cost of product revenue for the year ended december 31 , 2014 was related to increased costs associated with the increased production and sale of normal source plasma . research and development expenses research and development expenses were $ 9,517,014 for the year ended december 31 , 2014 , an increase of $ 213,937 from $ 9,303,077 for the year ended december 31 , 2013. research and development expenses consist of clinical research organization costs , consulting expenses relating to regulatory affairs , quality control and manufacturing , assay development and ongoing testing costs , clinical trial costs and fees , drug product manufacturing including the cost of plasma , plasma storage and transportation costs , as well as wages and benefits for staff directly related to the research and development of ri-002 . research and development expenses increased during 2014 compared to 2013 as a result the phase iii clinical study being fully enrolled as of november 2013 and all dosing completed as of november 2014 , in addition to higher stock-based compensation charges attributed to employees directly related to the development of ri-002 . 38 plasma center operating expenses plasma center operating expenses were $ 3,850,828 for the year ended december 31 , 2014 , an increase of $ 1,432,672 from $ 2,418,156 for the year ended december 31 , 2013. plasma center operating expenses consist of general and administrative plasma center costs , overhead , comprised of : rent , maintenance , utilities , wages , stock- based compensation and benefits for center staff , plasma collection supplies , plasma transportation and storage ( off-site ) , advertising and promotion expenses , and computer software fees related to donor collections . the increase in expenses was primarily related to the additional staffing of employees for our existing plasma center and for our second plasma center , which opened during the fourth quarter of 2014 and is pending fda approval , increased advertising and promotion expenses and increased plasma operations ' supplies attributed to increased donor collections . we expect that as plasma collection increases , our operating expenses will also increase accordingly . story_separator_special_tag in may 2014 , the fasb and the international accounting standards board ( iasb ) jointly issued asu no . 2014-9 , revenue from contracts with customers ( topic 606 ) , which clarifies the principles for recognizing revenue and develops a common revenue standard for generally accepted accounting principles , or gaap and international financial reporting standards ( ifrs ) . the core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services . the asu is effective for public entities for annual and interim periods beginning after december 15 , 2016. early adoption is not permitted under gaap and retrospective application is permitted , but not required . the company is currently evaluating the impact of adopting this guidance on its financial position and results of operations . 43 in may 2014 , the fasb issued an update to asc 606 , revenue from contracts with customers . this update to asc 606 provides a five-step process to determine when and how revenue is recognized . the core principle of the guidance is that a company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services . this update to asc 606 will also result in enhanced disclosures about revenue , providing guidance for transactions that were not previously addressed comprehensively , and improving guidance for multiple-element arrangements . this update to asc 606 is effective for the company beginning in fiscal 2017. the company is currently evaluating the impact of this update on its consolidated financial statements . in july 2013 , the fasb issued asu no . 2013-11 , income taxes ( asc topic 740 ) - presentation of an unrecognized tax benefit when a net operating loss carryforward , a similar tax loss , or a tax credit carryforward exists . the objective is to end some inconsistent practices with regard to the presentation on the balance sheet of unrecognized tax benefits . the update is effective for financial statement periods beginning after december 15 , 2013 , with early adoption permitted . the company has adopted this standard beginning january 1 , 2014. the company does not expect these changes to have a material impact on its consolidated financial statements . the fasb has issued certain accounting pronouncements as of december 31 , 2014 that will become effective in subsequent periods ; however , we do not believe that any of those pronouncements would have significantly affected our financial accounting measurements or disclosures had they been in effect during the year ended december 31 , 2014 or that they will have a significant impact at the time they become effective . critical accounting policies and estimates on april 5 , 2012 , the jobs act was signed into law . the jobs act contains provisions that , among other things , reduce certain reporting requirements for qualifying public companies . as an “ emerging growth company , ” we may , under section 7 ( a ) ( 2 ) ( b ) of the securities act , delay adoption of new or revised accounting standards applicable to public companies until such standards would otherwise apply to private companies . we may take advantage of this extended transition period until the first to occur of the date that we ( i ) are no longer an “ emerging growth company ” or ( ii ) affirmatively and irrevocably opt out of this extended transition period . we have elected to take advantage of the benefits of this extended transition period . our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards . until the date that we are no longer an “ emerging growth company ” or affirmatively and irrevocably opt out of the exemption provided by securities act section 7 ( a ) ( 2 ) ( b ) , upon issuance of a new or revised accounting standard that applies to our financial statements and that has a different effective date for public and private companies , we will disclose the date on which adoption is required for non-emerging growth companies and the date on which we will adopt the recently issued accounting standard . this management 's discussion and analysis of financial condition and results of operations is based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america , or gaap . the preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities , revenues and expenses . on an ongoing basis , we evaluate these estimates and assumptions , including those described below . we base our estimates on our historical experience and on various other assumptions that we believe to be reasonable under the circumstances . these estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results and experiences may differ materially from these estimates . some of the estimates and assumptions we have to make under gaap require difficult , subjective and or complex judgments about matters that are inherently uncertain and , as a result , actual results could differ from those estimates . due to the estimation processes involved , the following summarized accounting policies and their application are considered to be critical to understanding our business operations , financial condition and results of operations . 44 stock-based compensation stock-based compensation cost is measured at grant date , based on the estimated fair value of the award , and

liquidity and capital resources overview we have had limited revenue from operations and we have incurred cumulative losses of $ 69.4 million since inception . we have funded our operations to date primarily from equity investments and loans . we received net cash proceeds of approximately $ 26.6 million in our 2013 ipo , $ 15.3 million in our 2012 financing , after the payment of all related expenses , including legal , printing , and travel expenses , the placement agent 's commissions and expense reimbursements , which amount does not include the secured promissory notes that were satisfied in exchange for common stock in the 2012 financing . we have also received funds of approximately $ 15.0 million through our loan agreement with hercules , as described under “ hercules loan and security agreement ” below . we anticipate that based upon our projected revenue and expenditures for 2015 , our current cash and cash equivalents and short term investments will be sufficient to fund our operations into the first half of 2016 . 40 as we do not anticipate receiving fda approval for ri-002 , until at the earliest , the first half of 2016 , if at all , we would therefore not expect to generate revenue from the commercialization of ri-002 until after that date and we may be required to raise additional funds through the sale of securities or otherwise in the future . we are unable to predict with reasonable certainty when , if ever , we will generate revenue from the commercialization of ri-002 and , therefore if our assumptions underlying our estimated revenues and expenses prove to be wrong , we may have to raise additional capital sooner than anticipated . as there are numerous risks and uncertainties associated with the research , development and future commercialization of our product candidate , we are unable to estimate with certainty the amounts of increased capital outlays and operating expenditures associated with our anticipated development and commercialization activities . our current estimates may be subject to change as circumstances and requirements further develop . we may decide to raise capital through public or private equity offerings , debt financings , grants or corporate collaboration and licensing arrangements .


 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 capital resources overview we have had limited revenue from operations and we have incurred cumulative losses of $ 69.4 million since inception . we have funded our operations to date primarily from equity investments and loans . we received net cash proceeds of approximately $ 26.6 million in our 2013 ipo , $ 15.3 million in our 2012 financing , after the payment of all related expenses , including legal , printing , and travel expenses , the placement agent 's commissions and expense reimbursements , which amount does not include the secured promissory notes that were satisfied in exchange for common stock in the 2012 financing . we have also received funds of approximately $ 15.0 million through our loan agreement with hercules , as described under “ hercules loan and security agreement ” below . we anticipate that based upon our projected revenue and expenditures for 2015 , our current cash and cash equivalents and short term investments will be sufficient to fund our operations into the first half of 2016 . 40 as we do not anticipate receiving fda approval for ri-002 , until at the earliest , the first half of 2016 , if at all , we would therefore not expect to generate revenue from the commercialization of ri-002 until after that date and we may be required to raise additional funds through the sale of securities or otherwise in the future . we are unable to predict with reasonable certainty when , if ever , we will generate revenue from the commercialization of ri-002 and , therefore if our assumptions underlying our estimated revenues and expenses prove to be wrong , we may have to raise additional capital sooner than anticipated . as there are numerous risks and uncertainties associated with the research , development and future commercialization of our product candidate , we are unable to estimate with certainty the amounts of increased capital outlays and operating expenditures associated with our anticipated development and commercialization activities . our current estimates may be subject to change as circumstances and requirements further develop . we may decide to raise capital through public or private equity offerings , debt financings , grants or corporate collaboration and licensing arrangements .
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 Suspicious Activity Report : we expect that our r & d expenses should remain consistent in 2015 from amounts previously reported in 2014 as we prepare for our regulatory biologics license application or bla filing with the fda and associated regulatory costs and filing fees . general and administrative expense general and administrative , or g & a expense , consists of wages , stock-based compensation and benefits for senior management and staff unrelated to r & d , consulting fees for commercialization planning and market research , legal fees , accounting and auditing fees , information technology , rent , maintenance and utilities , insurance , travel and other expenses related to the general operations of the business . g & a expense also includes a write-off of deferred financing fees related to our financing activities during 2013. we expect that our g & a expense will continue to increase during 2015 as a result of commercial planning , market research costs and the hiring of additional staff related to commercialization and marketing in anticipation of the commercial development of ri-002 . interest income and interest expense interest income consists of interest earned on our cash and cash equivalents and short-term investments . interest expense consists of interest incurred on our notes payable , as well as the amortization and write-off of deferred financing costs and debt discounts . interest expense has increased during 2014 and 2013 as we have increased our outstanding debt under our credit facility from $ 5,000,000 to $ 15,000,000 during 2014. results of operations year ended december 31 , 2014 compared to year ended december 31 , 2013 summary table the following table presents a summary of our results of operations for the year ended december 31 , 2014 compared to the year ended december 31 , 2013. replace_table_token_2_th 37 revenue we recorded revenue of $ 5,915,545 during the year ended december 31 , 2014 compared to $ 3,067,577 during the year ended december 31 , 2013. product revenue was $ 5,839,989 for the year ended december 31 , 2014 , from the sale of blood plasma collected in our fda-licensed , gha and mfds-certified norcross , georgia based blood plasma collection center compared to product revenue of $ 3,023,503 for the year ended december 31 , 2013. product revenue for the year ended december 31 , 2014 was primarily attributed to sales made under our plasma supply agreement with biotest , pursuant to which biotest purchases normal source plasma from our georgia facility to be used in their manufacturing . the increase in product revenue of $ 2,816,486 was attributed to increased advertising and promotions , expanded donor collection hours and days as well as the implementation and use of additional plasma donor equipment . for the years ended december 31 , 2014 and 2013 , license revenue was $ 75,556 and $ 44,074 , respectively , which relates to services provided by biotest in accordance with our license agreement with them . we have not generated any revenue from our therapeutics , research and development business . cost of product revenue cost of product revenue was $ 3,742,367 for the year ended december 31 , 2014 , an increase of $ 1,718,926 from $ 2,023,441 for the year ended december 31 , 2013. the increased cost of product revenue for the year ended december 31 , 2014 was related to increased costs associated with the increased production and sale of normal source plasma . research and development expenses research and development expenses were $ 9,517,014 for the year ended december 31 , 2014 , an increase of $ 213,937 from $ 9,303,077 for the year ended december 31 , 2013. research and development expenses consist of clinical research organization costs , consulting expenses relating to regulatory affairs , quality control and manufacturing , assay development and ongoing testing costs , clinical trial costs and fees , drug product manufacturing including the cost of plasma , plasma storage and transportation costs , as well as wages and benefits for staff directly related to the research and development of ri-002 . research and development expenses increased during 2014 compared to 2013 as a result the phase iii clinical study being fully enrolled as of november 2013 and all dosing completed as of november 2014 , in addition to higher stock-based compensation charges attributed to employees directly related to the development of ri-002 . 38 plasma center operating expenses plasma center operating expenses were $ 3,850,828 for the year ended december 31 , 2014 , an increase of $ 1,432,672 from $ 2,418,156 for the year ended december 31 , 2013. plasma center operating expenses consist of general and administrative plasma center costs , overhead , comprised of : rent , maintenance , utilities , wages , stock- based compensation and benefits for center staff , plasma collection supplies , plasma transportation and storage ( off-site ) , advertising and promotion expenses , and computer software fees related to donor collections . the increase in expenses was primarily related to the additional staffing of employees for our existing plasma center and for our second plasma center , which opened during the fourth quarter of 2014 and is pending fda approval , increased advertising and promotion expenses and increased plasma operations ' supplies attributed to increased donor collections . we expect that as plasma collection increases , our operating expenses will also increase accordingly . story_separator_special_tag in may 2014 , the fasb and the international accounting standards board ( iasb ) jointly issued asu no . 2014-9 , revenue from contracts with customers ( topic 606 ) , which clarifies the principles for recognizing revenue and develops a common revenue standard for generally accepted accounting principles , or gaap and international financial reporting standards ( ifrs ) . the core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services . the asu is effective for public entities for annual and interim periods beginning after december 15 , 2016. early adoption is not permitted under gaap and retrospective application is permitted , but not required . the company is currently evaluating the impact of adopting this guidance on its financial position and results of operations . 43 in may 2014 , the fasb issued an update to asc 606 , revenue from contracts with customers . this update to asc 606 provides a five-step process to determine when and how revenue is recognized . the core principle of the guidance is that a company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services . this update to asc 606 will also result in enhanced disclosures about revenue , providing guidance for transactions that were not previously addressed comprehensively , and improving guidance for multiple-element arrangements . this update to asc 606 is effective for the company beginning in fiscal 2017. the company is currently evaluating the impact of this update on its consolidated financial statements . in july 2013 , the fasb issued asu no . 2013-11 , income taxes ( asc topic 740 ) - presentation of an unrecognized tax benefit when a net operating loss carryforward , a similar tax loss , or a tax credit carryforward exists . the objective is to end some inconsistent practices with regard to the presentation on the balance sheet of unrecognized tax benefits . the update is effective for financial statement periods beginning after december 15 , 2013 , with early adoption permitted . the company has adopted this standard beginning january 1 , 2014. the company does not expect these changes to have a material impact on its consolidated financial statements . the fasb has issued certain accounting pronouncements as of december 31 , 2014 that will become effective in subsequent periods ; however , we do not believe that any of those pronouncements would have significantly affected our financial accounting measurements or disclosures had they been in effect during the year ended december 31 , 2014 or that they will have a significant impact at the time they become effective . critical accounting policies and estimates on april 5 , 2012 , the jobs act was signed into law . the jobs act contains provisions that , among other things , reduce certain reporting requirements for qualifying public companies . as an “ emerging growth company , ” we may , under section 7 ( a ) ( 2 ) ( b ) of the securities act , delay adoption of new or revised accounting standards applicable to public companies until such standards would otherwise apply to private companies . we may take advantage of this extended transition period until the first to occur of the date that we ( i ) are no longer an “ emerging growth company ” or ( ii ) affirmatively and irrevocably opt out of this extended transition period . we have elected to take advantage of the benefits of this extended transition period . our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards . until the date that we are no longer an “ emerging growth company ” or affirmatively and irrevocably opt out of the exemption provided by securities act section 7 ( a ) ( 2 ) ( b ) , upon issuance of a new or revised accounting standard that applies to our financial statements and that has a different effective date for public and private companies , we will disclose the date on which adoption is required for non-emerging growth companies and the date on which we will adopt the recently issued accounting standard . this management 's discussion and analysis of financial condition and results of operations is based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america , or gaap . the preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities , revenues and expenses . on an ongoing basis , we evaluate these estimates and assumptions , including those described below . we base our estimates on our historical experience and on various other assumptions that we believe to be reasonable under the circumstances . these estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results and experiences may differ materially from these estimates . some of the estimates and assumptions we have to make under gaap require difficult , subjective and or complex judgments about matters that are inherently uncertain and , as a result , actual results could differ from those estimates . due to the estimation processes involved , the following summarized accounting policies and their application are considered to be critical to understanding our business operations , financial condition and results of operations . 44 stock-based compensation stock-based compensation cost is measured at grant date , based on the estimated fair value of the award , and

