on february 2 , 2020 , we entered into a stock purchase agreement ( the `` purchase agreement `` ) with gpp-ii masthercell llc ( `` gpp `` and together with the company , the `` sellers `` ) , masthercell global inc. ( `` masthercell `` ) and catalent pharma solutions , inc. ( the `` buyer `` ) . pursuant to the terms and conditions of the purchase agreement , on february 10 , 2020 , the sellers sold 100 % of the outstanding equity interests of masthercell to buyer ( the `` masthercell sale `` ) for an aggregate nominal purchase price of $ 315 million , subject to customary adjustments . after accounting for gpp 's liquidation preference and equity stake in masthercell as well as sfpi - fpim 's interest in masthercell s.a. , distributions to masthercell option holders and transaction costs , we received approximately $ 126.7 million . our audited financial statements and this management 's discussion and analysis of financial condition and results of operations contains the consolidated results of masthercell as of and through december 31 , 2019. our therapeutic development efforts in our poc business are focused on advancing breakthrough scientific achievements in atmps , and namely autologous therapies , which have a curative potential . we base our development on therapeutic collaborations and in-licensing with other pre-clinical and clinical-stage biopharma companies as well as direct collaboration with research and healthcare institutes . we are engaging in therapeutic collaborations and in-licensing with other academic centers and research centers in order to pursue emerging technologies of other atmps in cell and gene therapy in such areas including , but not limited to , cell-based immunotherapies , therapeutics for metabolic diseases , neurodegenerative diseases and tissue regeneration each of these customers and collaborations represents a growth opportunity and future revenue potential as we out-license these atmps through regional partners to whom we also provide regulatory , pre-clinical and training services to support their activity in order to reach patients in a point-of-care hospital setting . -44- we carry out our poc business through three wholly-owned and separate subsidiaries . this corporate structure allows us to simplify the accounting treatment , minimize taxation and optimize local grant support . the subsidiaries related to this business are orgenesis maryland inc. , in the u.s. , orgenesis belgium srl ( formerly orgenesis sprl ) , in the european union and orgenesis ltd. in israel . during the periods covered by this report , we carried out our cdmo business through our subsidiaries masthercell global ( of which we owned 62.2 % ) , atvio biotech ltd. ( `` atvio `` ) , an israeli-based cdmo , and curecell co. ltd. ( `` curecell `` ) , a korea-based cdmo ( of which we own 94.12 % ) . masthercell global 's subsidiaries , included masthercell s.a. , a belgian-based entity ( `` masthercell `` ) ( of which masthercell global owned 83.32 % ) , wholly-owned cell therapy holdings s.a. , a belgian-based entity , and masthercell u.s. , llc , a u.s.-based entity . masthercell global is a cdmo specialized in cell therapy development for advanced therapeutically products . during the periods covered by this report , we operated our poc and cdmo businesses as two separate business segments . corporate history we were incorporated in the state of nevada on june 5 , 2008 under the name business outsourcing services , inc. effective august 31 , 2011 , we completed a merger with our subsidiary , orgenesis inc. , a nevada corporation , which was incorporated solely to effect a change in its name . as a result , we changed our name from `` business outsourcing services , inc. `` to `` orgenesis inc. `` on october 11 , 2011 , we incorporated orgenesis ltd. as our wholly-owned subsidiary under the laws of israel . on february 2 , 2012 , orgenesis ltd. signed and closed a definitive agreement to license from tel hashomer - medical research , infrastructure and services ltd. ( `` thm `` ) , a private company duly incorporated under the laws of israel , patents and know-how related to the development of aip ( autologous insulin producing ) cells . on november 6 , 2014 , we entered into an agreement with the shareholders of masthercell s.a. to acquire masthercell s.a. on march 2 , 2015 , we closed on the acquisition of masthercell whereby it became a wholly-owned subsidiary of orgenesis . through masthercell , we became engaged in the cdmo business . as of december 31 , 2019 , most of our revenues were generated through masthercell . on june 28 , 2018 , we , masthercell global , great point partners , llc , a manager of private equity funds focused on growing small to medium sized heath care companies ( `` great point `` ) , and certain of great point 's affiliates , entered into a series of definitive strategic agreements intended to finance , strengthen and expand our cdmo business . in connection therewith , we , masthercell global and gpp-ii masthercell , llc , a delaware limited liability company ( `` gpp-ii `` ) and an affiliate of great point , entered into a stock purchase agreement ( the `` spa `` ) pursuant to which gpp-ii purchased 378,000 shares of newly designated series a preferred stock of masthercell global ( the `` masthercell global preferred stock `` ) , representing 37.8 % of the issued and outstanding share capital of masthercell global , for cash consideration to be paid into masthercell global of up to $ 25 million , subject to certain adjustments ( the `` consideration `` ) . at such time , we held 622,000 shares of masthercell global 's common stock , representing 62.2 % of the issued and outstanding equity share capital of masthercell global . story_separator_special_tag through this joint venture , the parties co-develop a novel cart and car-nk platform for the treatment of solid tumors . the development is at a pre-clinical stage . on november 10 , 2019 , the maryland subsidiary and broaden bioscience and technology corp , a delaware corporation ( `` broaden `` ) , entered into a joint venture agreement ( the `` broaden jva `` ) pursuant to which the parties will collaborate in the development and or marketing , clinical development and commercialization of cell therapy products and the setting up of poc processing facilities in china and the middle east . on december 20 , 2019 , we and the regents of the university of california ( `` university `` ) entered into a joint research agreement in the field of therapies and processing technologies according to an agreed upon work plan . according to the agreement , we will pay the university royalties of up to 5 % ( or up to 20 % of sub-licensing sales ) in the event of sales that includes certain types of university owned ip . change of fiscal year on october 22 , 2018 , the board of directors of the company approved a change in the company 's fiscal year end from november 30 to december 31 of each year . this change to the calendar year reporting cycle began january 1 , 2019. as a result of the change , the company is reporting a december 2018 fiscal month transition period , which is separately reported in this annual report on form 10-k for the calendar year ending december 31 , 2019. financial information for the year ended december 31 , 2018 has not been included in this form 10-k for the following reasons : ( i ) the year ended november 30 , 2018 provides a meaningful comparison for the year ended december 31 , 2019 ; ( ii ) there are no significant factors , seasonal or other , that would materially impact the comparability of information if the results for the year ended december 31 , 2018 were presented in lieu of results for the year ended november 30 , 2018 ; and ( iii ) it was not practicable or cost justified to prepare this information . results of operations comparison of the year ended december 31 , 2019 to the year ended november 30 , 2018 and for the one month ended december 31 , 2018. our financial results for the year ended december 31 , 2019 are summarized as follows in comparison to the year ended november 30 , 2018 and for the one month ended december 31,2018 : -49- replace_table_token_0_th revenues the following table shows the company 's revenues by major revenue streams . replace_table_token_1_th our revenues for the year ended december 31 , 2019 were $ 33,256 thousand , as compared to $ 18,655 thousand for the year ended november 30 , 2018 , representing an increase of 78 % . revenues for the one month ended december 31 , 2018 were $ 1,852 thousand . the increase in revenues for the year ended december 31 , 2019 compared to the corresponding period in 2018 is attributable to our poc services revenue which we recognized for the first time in 2019 , as well as an increase in the revenues provided by masthercell s.a. , resulting primarily from the extension of existing customer service contracts with biotechnology clients and from revenues generated from existing manufacturing agreements . management believes that revenue diversification by source in the cdmo segment , together with a leading position in immunotherapy and , in particular , car t-cell therapy development and manufacturing , strengthened masthercell 's resilience in the industry . backlog we define our backlog as products that we are obligated to deliver or services to be rendered based on firm commitments relating to purchase orders received from customers . as of december 31 , 2019 , masthercell s.a. had a backlog of approximately $ 19 million , consisting of services that we expect to deliver into fiscal year 2020. however , no assurance can be provided that such contracts will not be cancelled , in which case we will not be authorized to deliver and record the anticipated revenues . expenses cost of revenues -50- replace_table_token_2_th cost of revenues for the year ended december 31 , 2019 were $ 18,232 thousand , as compared to $ 10,824 thousand for the year ended november 30 , 2018 , representing an increase of 68 % . cost of revenues for the one month ended december 31 , 2018 were $ 1,221 thousand . the increase for the year ended december 31 , 2019 as compared to the corresponding period in 2018 is primarily attributed to the following : ( i ) an increase in salaries and related expenses of $ 2,418 thousand , primarily attributable to an increase of activities and operational staff . this is in line with the increase in revenue of masthercell s.a. , as well as the inclusion of salaries and related expenses of curecell which was consolidated from july 2018 . ( ii ) an increase in raw materials of $ 4,410 thousand , mainly attributed to the growth in the volume of services provided by masthercell s.a. , both from existing and new manufacturing agreements . ( iii ) an increase in depreciation and amortization expenses , net of $ 588 thousand , primarily attributable to the increase in the property , plants and equipment . cost of research and development and research and development services , net : replace_table_token_3_th the increase in research and development expenses reflects management 's determination to move its trans-differentiation technology to the next stage towards clinical trials . in the fiscal year ended december 31 , 2019 , we continued to focus on combining the in vitro research to increase insulin production and secretion with pre-clinical studies aiming to evaluate the efficacy

liquidity and capital resources replace_table_token_8_th as mentioned in note 23 ( d ) to item 8 of this annual report on form 10-k , on february 2 , 2020 , we entered into a stock purchase agreement ( the `` purchase agreement '' ) with gpp-ii masthercell llc ( `` gpp '' and together with us , the `` sellers '' ) , masthercell global inc. ( `` masthercell '' ) and catalent pharma solutions , inc. ( the `` buyer '' ) . pursuant to the terms and conditions of the purchase agreement , on february 10 , 2020 the sellers sold 100 % of the outstanding equity interests of masthercell to buyer ( the `` masthercell sale '' ) for an aggregate nominal purchase price of $ 315 million , subject to customary adjustments . after accounting for gpp 's liquidation preference and equity stake in masthercell as well as sfpi - fpim 's interest in masthercell s.a. , distributions to masthercell option holders and transaction costs , we received approximately $ 126.7 million , of which $ 7.2 million was used for the repayment of intercompany loans and payables . during the year ended december 31 , 2019 , we funded our operations through various financing activities consisting of proceeds primarily from private placements of our equity securities , debt securities and equity-linked instruments in the net amount of approximately $ 11.4 million and $ 13.2 million from gpp . in addition , we generated cash flow through revenues from our poc services and the activities of masthercell s.a , our belgian subsidiary . net cash used in operating activities for the year ended december 31 , 2019 was approximately $ 13 million , as compared to net cash used in operating activities of approximately $ 16 million and 1 million for the year ended november 30 , 2018 and for the one month ended december 31 , 2018 , respectively . we expanded our pre-clinical studies in the u.s. , israel , belgium and south korea .


 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 replace_table_token_8_th as mentioned in note 23 ( d ) to item 8 of this annual report on form 10-k , on february 2 , 2020 , we entered into a stock purchase agreement ( the `` purchase agreement '' ) with gpp-ii masthercell llc ( `` gpp '' and together with us , the `` sellers '' ) , masthercell global inc. ( `` masthercell '' ) and catalent pharma solutions , inc. ( the `` buyer '' ) . pursuant to the terms and conditions of the purchase agreement , on february 10 , 2020 the sellers sold 100 % of the outstanding equity interests of masthercell to buyer ( the `` masthercell sale '' ) for an aggregate nominal purchase price of $ 315 million , subject to customary adjustments . after accounting for gpp 's liquidation preference and equity stake in masthercell as well as sfpi - fpim 's interest in masthercell s.a. , distributions to masthercell option holders and transaction costs , we received approximately $ 126.7 million , of which $ 7.2 million was used for the repayment of intercompany loans and payables . during the year ended december 31 , 2019 , we funded our operations through various financing activities consisting of proceeds primarily from private placements of our equity securities , debt securities and equity-linked instruments in the net amount of approximately $ 11.4 million and $ 13.2 million from gpp . in addition , we generated cash flow through revenues from our poc services and the activities of masthercell s.a , our belgian subsidiary . net cash used in operating activities for the year ended december 31 , 2019 was approximately $ 13 million , as compared to net cash used in operating activities of approximately $ 16 million and 1 million for the year ended november 30 , 2018 and for the one month ended december 31 , 2018 , respectively . we expanded our pre-clinical studies in the u.s. , israel , belgium and south korea .
```    
 Suspicious Activity Report : on february 2 , 2020 , we entered into a stock purchase agreement ( the `` purchase agreement `` ) with gpp-ii masthercell llc ( `` gpp `` and together with the company , the `` sellers `` ) , masthercell global inc. ( `` masthercell `` ) and catalent pharma solutions , inc. ( the `` buyer `` ) . pursuant to the terms and conditions of the purchase agreement , on february 10 , 2020 , the sellers sold 100 % of the outstanding equity interests of masthercell to buyer ( the `` masthercell sale `` ) for an aggregate nominal purchase price of $ 315 million , subject to customary adjustments . after accounting for gpp 's liquidation preference and equity stake in masthercell as well as sfpi - fpim 's interest in masthercell s.a. , distributions to masthercell option holders and transaction costs , we received approximately $ 126.7 million . our audited financial statements and this management 's discussion and analysis of financial condition and results of operations contains the consolidated results of masthercell as of and through december 31 , 2019. our therapeutic development efforts in our poc business are focused on advancing breakthrough scientific achievements in atmps , and namely autologous therapies , which have a curative potential . we base our development on therapeutic collaborations and in-licensing with other pre-clinical and clinical-stage biopharma companies as well as direct collaboration with research and healthcare institutes . we are engaging in therapeutic collaborations and in-licensing with other academic centers and research centers in order to pursue emerging technologies of other atmps in cell and gene therapy in such areas including , but not limited to , cell-based immunotherapies , therapeutics for metabolic diseases , neurodegenerative diseases and tissue regeneration each of these customers and collaborations represents a growth opportunity and future revenue potential as we out-license these atmps through regional partners to whom we also provide regulatory , pre-clinical and training services to support their activity in order to reach patients in a point-of-care hospital setting . -44- we carry out our poc business through three wholly-owned and separate subsidiaries . this corporate structure allows us to simplify the accounting treatment , minimize taxation and optimize local grant support . the subsidiaries related to this business are orgenesis maryland inc. , in the u.s. , orgenesis belgium srl ( formerly orgenesis sprl ) , in the european union and orgenesis ltd. in israel . during the periods covered by this report , we carried out our cdmo business through our subsidiaries masthercell global ( of which we owned 62.2 % ) , atvio biotech ltd. ( `` atvio `` ) , an israeli-based cdmo , and curecell co. ltd. ( `` curecell `` ) , a korea-based cdmo ( of which we own 94.12 % ) . masthercell global 's subsidiaries , included masthercell s.a. , a belgian-based entity ( `` masthercell `` ) ( of which masthercell global owned 83.32 % ) , wholly-owned cell therapy holdings s.a. , a belgian-based entity , and masthercell u.s. , llc , a u.s.-based entity . masthercell global is a cdmo specialized in cell therapy development for advanced therapeutically products . during the periods covered by this report , we operated our poc and cdmo businesses as two separate business segments . corporate history we were incorporated in the state of nevada on june 5 , 2008 under the name business outsourcing services , inc. effective august 31 , 2011 , we completed a merger with our subsidiary , orgenesis inc. , a nevada corporation , which was incorporated solely to effect a change in its name . as a result , we changed our name from `` business outsourcing services , inc. `` to `` orgenesis inc. `` on october 11 , 2011 , we incorporated orgenesis ltd. as our wholly-owned subsidiary under the laws of israel . on february 2 , 2012 , orgenesis ltd. signed and closed a definitive agreement to license from tel hashomer - medical research , infrastructure and services ltd. ( `` thm `` ) , a private company duly incorporated under the laws of israel , patents and know-how related to the development of aip ( autologous insulin producing ) cells . on november 6 , 2014 , we entered into an agreement with the shareholders of masthercell s.a. to acquire masthercell s.a. on march 2 , 2015 , we closed on the acquisition of masthercell whereby it became a wholly-owned subsidiary of orgenesis . through masthercell , we became engaged in the cdmo business . as of december 31 , 2019 , most of our revenues were generated through masthercell . on june 28 , 2018 , we , masthercell global , great point partners , llc , a manager of private equity funds focused on growing small to medium sized heath care companies ( `` great point `` ) , and certain of great point 's affiliates , entered into a series of definitive strategic agreements intended to finance , strengthen and expand our cdmo business . in connection therewith , we , masthercell global and gpp-ii masthercell , llc , a delaware limited liability company ( `` gpp-ii `` ) and an affiliate of great point , entered into a stock purchase agreement ( the `` spa `` ) pursuant to which gpp-ii purchased 378,000 shares of newly designated series a preferred stock of masthercell global ( the `` masthercell global preferred stock `` ) , representing 37.8 % of the issued and outstanding share capital of masthercell global , for cash consideration to be paid into masthercell global of up to $ 25 million , subject to certain adjustments ( the `` consideration `` ) . at such time , we held 622,000 shares of masthercell global 's common stock , representing 62.2 % of the issued and outstanding equity share capital of masthercell global . story_separator_special_tag through this joint venture , the parties co-develop a novel cart and car-nk platform for the treatment of solid tumors . the development is at a pre-clinical stage . on november 10 , 2019 , the maryland subsidiary and broaden bioscience and technology corp , a delaware corporation ( `` broaden `` ) , entered into a joint venture agreement ( the `` broaden jva `` ) pursuant to which the parties will collaborate in the development and or marketing , clinical development and commercialization of cell therapy products and the setting up of poc processing facilities in china and the middle east . on december 20 , 2019 , we and the regents of the university of california ( `` university `` ) entered into a joint research agreement in the field of therapies and processing technologies according to an agreed upon work plan . according to the agreement , we will pay the university royalties of up to 5 % ( or up to 20 % of sub-licensing sales ) in the event of sales that includes certain types of university owned ip . change of fiscal year on october 22 , 2018 , the board of directors of the company approved a change in the company 's fiscal year end from november 30 to december 31 of each year . this change to the calendar year reporting cycle began january 1 , 2019. as a result of the change , the company is reporting a december 2018 fiscal month transition period , which is separately reported in this annual report on form 10-k for the calendar year ending december 31 , 2019. financial information for the year ended december 31 , 2018 has not been included in this form 10-k for the following reasons : ( i ) the year ended november 30 , 2018 provides a meaningful comparison for the year ended december 31 , 2019 ; ( ii ) there are no significant factors , seasonal or other , that would materially impact the comparability of information if the results for the year ended december 31 , 2018 were presented in lieu of results for the year ended november 30 , 2018 ; and ( iii ) it was not practicable or cost justified to prepare this information . results of operations comparison of the year ended december 31 , 2019 to the year ended november 30 , 2018 and for the one month ended december 31 , 2018. our financial results for the year ended december 31 , 2019 are summarized as follows in comparison to the year ended november 30 , 2018 and for the one month ended december 31,2018 : -49- replace_table_token_0_th revenues the following table shows the company 's revenues by major revenue streams . replace_table_token_1_th our revenues for the year ended december 31 , 2019 were $ 33,256 thousand , as compared to $ 18,655 thousand for the year ended november 30 , 2018 , representing an increase of 78 % . revenues for the one month ended december 31 , 2018 were $ 1,852 thousand . the increase in revenues for the year ended december 31 , 2019 compared to the corresponding period in 2018 is attributable to our poc services revenue which we recognized for the first time in 2019 , as well as an increase in the revenues provided by masthercell s.a. , resulting primarily from the extension of existing customer service contracts with biotechnology clients and from revenues generated from existing manufacturing agreements . management believes that revenue diversification by source in the cdmo segment , together with a leading position in immunotherapy and , in particular , car t-cell therapy development and manufacturing , strengthened masthercell 's resilience in the industry . backlog we define our backlog as products that we are obligated to deliver or services to be rendered based on firm commitments relating to purchase orders received from customers . as of december 31 , 2019 , masthercell s.a. had a backlog of approximately $ 19 million , consisting of services that we expect to deliver into fiscal year 2020. however , no assurance can be provided that such contracts will not be cancelled , in which case we will not be authorized to deliver and record the anticipated revenues . expenses cost of revenues -50- replace_table_token_2_th cost of revenues for the year ended december 31 , 2019 were $ 18,232 thousand , as compared to $ 10,824 thousand for the year ended november 30 , 2018 , representing an increase of 68 % . cost of revenues for the one month ended december 31 , 2018 were $ 1,221 thousand . the increase for the year ended december 31 , 2019 as compared to the corresponding period in 2018 is primarily attributed to the following : ( i ) an increase in salaries and related expenses of $ 2,418 thousand , primarily attributable to an increase of activities and operational staff . this is in line with the increase in revenue of masthercell s.a. , as well as the inclusion of salaries and related expenses of curecell which was consolidated from july 2018 . ( ii ) an increase in raw materials of $ 4,410 thousand , mainly attributed to the growth in the volume of services provided by masthercell s.a. , both from existing and new manufacturing agreements . ( iii ) an increase in depreciation and amortization expenses , net of $ 588 thousand , primarily attributable to the increase in the property , plants and equipment . cost of research and development and research and development services , net : replace_table_token_3_th the increase in research and development expenses reflects management 's determination to move its trans-differentiation technology to the next stage towards clinical trials . in the fiscal year ended december 31 , 2019 , we continued to focus on combining the in vitro research to increase insulin production and secretion with pre-clinical studies aiming to evaluate the efficacy

