Management's discussion and analysis provides additional insight into the Company and is provided as a supplement to, and should be read in conjunction with, our Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2021 filed with the SEC.
Our bioproduction tools and services are comprised of three revenue lines that contain seven main offerings:
? Provide regenerative, high energy substrates to stimulate recovery upon warming
? Avoid the creation of an acidic state (acidosis)
? Inhibit the onset of apoptosis and necrosis
Human platelet lysate media, cryogenic vials and automated cell-processing fill machines
Liquid nitrogen freezers and storage devices
In November 2019, we acquired Custom Biogenic Systems, Inc. ("CBS") a global leader in the design and manufacture of state-of-the-art liquid nitrogen laboratory freezers, cryogenic equipment and accessories.
We operate six storage facilities in the USA and one facility in the Netherlands.
evo® cloud connected shipping containers
Critical accounting policies and estimates
The following discussion of the financial condition and results of operations should be read in conjunction with the accompanying Unaudited Condensed Consolidated Financial Statements and the related footnotes thereto.
Total bioproduction tools and services revenue for three and six months ended June 30, 2022 and 2021 was comprised of the following:
(In thousands, except percentages) 2022 2021 $ Change
(In thousands, except percentages) 2022 2021 $ Change
due to strong cryogenic freezer sales in the three months ended June 30, 2022.
Total costs and operating expenses for three and six months ended June 30, 2022 and 2021 were comprised of the following:
Cost of product, rental, and service revenue
General and administrative ("G&A") expense consists primarily of personnel-related costs, non-cash stock-based expense for administrative personnel and members of the board of directors, professional fees, such as accounting and legal, and corporate insurance.
We expect G&A expense to increase reflecting the infrastructure and costs related to supporting the larger expected enterprise created as a result of our growth strategy.
We expect our R&D expense to increase as we continue to expand, develop, and refine the product lines we acquired in 2019, 2020, and 2021.
Amortization expense consists of charges related to the amortization of intangible assets associated with the acquisitions of Astero, SAVSU, CBS, SciSafe, Global Cooling, and Sexton in which we acquired definite-lived intangible assets.
Acquisition costs consist of legal, accounting, and other due diligence costs incurred related to our SciSafe, Global Cooling, and Sexton acquisitions.
Change in fair value of contingent consideration
Total other income and expenses for the three and six months ended June 30, 2022 and 2021 were comprised of the following:
(855 ) Net decrease in cash and cash equivalents $ (45,651 ) $ (14,160 ) $ (31,491 )
Net cash (used in) provided by operating activities
Net cash used in investing activities
Net cash (used in) provided by financing activities
As of June 30, 2022, we did not have any off-balance sheet arrangements.
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