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font-size: 10pt;">ReCyte Therapeutics, Inc.</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 47.3pt; font-size: 10pt; margin-right: 38.5pt;">94.8%</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 39.6pt; font-size: 10pt; margin-right: 37.4pt;">USA</div></td></tr><tr><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 40%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">OncoCyte Corporation</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 51.7pt; font-size: 10pt; margin-right: 44pt;">75.3%</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 39.6pt; font-size: 10pt; margin-right: 37.4pt;">USA</div></td></tr><tr><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 40%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">OrthoCyte Corporation</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 53.9pt; font-size: 10pt; margin-right: 44pt;">100%</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 39.6pt; font-size: 10pt; margin-right: 37.4pt;">USA</div></td></tr><tr><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 40%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ES Cell International Pte Ltd.</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 53.9pt; font-size: 10pt; margin-right: 44pt;">100%</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 39.6pt; font-size: 10pt; margin-right: 37.4pt;">Singapore</div></td></tr><tr><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 40%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">BioTime Asia, Limited</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">81%</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 39.6pt; font-size: 10pt; margin-right: 37.4pt;">Hong Kong</div></td></tr><tr><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 40%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Cell Cure Neurosciences Ltd.</div></td><td style="border-bottom: medium none; 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font-size: 10pt; vertical-align: top;">BioTime&#8217;s percentage ownership was reduced from approximately 96.7% to approximately 71.6% on October 1, 2013 when Asterias issued common stock to BioTime and Geron Corporation pursuant to an Asset Contribution Agreement and sold common stock and warrants to a private investor for cash in a related transaction. See Note 15.</td></tr></table></div><div style="text-align: left;">&#160;</div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; vertical-align: top; align: right;">(2)</td><td style="text-align: left; width: auto; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; vertical-align: top;">LifeMap Sciences, Ltd. is a wholly-owned subsidiary of LifeMap Sciences, Inc.</td></tr></table></div></div> 906735 12.5 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><em>Cost of sales</em><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> &#8211; BioTime accounts for the cost of research products acquired for sale and any royalties paid as a result of any revenues in accordance with the terms of the respective licensing agreements as cost of sales on the consolidated statement of operations.</font></div><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></div> 79397 434271 792659 -11934000 -1066000 555833 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Deferred license and consulting fees</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> &#8211; Deferred license and consulting fees consist of the value of warrants issued to third parties for services</font>, and <font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">deferred license fees paid to acquire rights to use the proprietary technologies of third parties.&#160; The value of the warrants is being amortized over the period the services are being provided, and the license fees are being amortized over the estimated useful lives of the licensed technologies or licensed research products.&#160; </font>See Note 6.</div></div> 2800000 35997 57214 0 -3280695 0 0 -8278000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">6. Royalty Obligation and Deferred License Fees</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">BioTime amortizes deferred license fees over the estimated useful lives of the licensed technologies or licensed research products.&#160; BioTime is applying a 10 year estimated useful life to the technologies and products that it is currently licensing.&#160; The estimation of the useful life any technology or product involves a significant degree of inherent uncertainty, since the outcome of research and development or the commercial life a new product cannot be known with certainty at the time that the right to use the technology or product is acquired.&#160; BioTime will review its amortization schedules for impairments that might occur earlier than the original expected useful lives.</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">WARF License&#8212;Research Products</div><div style="text-align: left;"><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On January 3, 2008, BioTime entered into a Commercial License and Option Agreement with Wisconsin Alumni Research Foundation (&#8220;WARF&#8221;).&#160; The WARF license permits BioTime to use certain patented and patent pending technology belonging to WARF, as well as certain stem cell materials, for research and development purposes, and for the production and marketing of products used as research tools, including in drug discovery and development.&#160; BioTime or ReCyte Therapeutics will pay WARF royalties on the sale of products and services using the technology or stem cells licensed from WARF.&#160; The royalty will range from 2% to 4%, depending on the kind of products sold.&#160; The royalty rate is subject to certain reductions if BioTime also becomes obligated to pay royalties to a third party in order to sell a product.&#160; In March 2009, BioTime amended its license agreement with WARF.&#160; The amendment increased the license fee from the original $225,000 to $295,000, of which $225,000 was paid in cash and $70,000 was paid by delivering BioTime common shares having a market value of $70,000 as of March 2, 2009.&#160; The amendment extended until March 2, 2010 the dates for payment of the $215,000 balance of the cash license fee and $20,000 in remaining reimbursement of costs associated with preparing, filing, and maintaining the licensed patents.&#160; The commencement date for payment of an annual $25,000 license maintenance fee was also extended to March 2, 2010.&#160; The licensing fees less the amortized portion were included in deferred license fees in BioTime&#8217;s consolidated balance sheet as of December 31, 2013 and 2012.</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ReCyte Therapeutics Licenses from ACT</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On July 10, 2008, ReCyte Therapeutics entered into a License Agreement with Advanced Cell Technology, Inc. (&#8220;ACT&#8221;), under which ReCyte Therapeutics acquired exclusive worldwide rights to use ACT&#8217;s technology for methods to accelerate the isolation of novel cell strains from pluripotent stem cells.&#160; ReCyte subsequently assigned the license to BioTime.&#160; ReCyte Therapeutics paid ACT a $</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">250,000</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> license fee and will pay an </font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8%</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> royalty on sales of products, services, and processes that utilize the licensed technology.&#160; Once a total of $</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,000,000</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> of royalties has been paid, no further royalties will be due.&#160; The license will expire in twenty years or upon the expiration of the last to expire of the licensed patents, whichever is later.&#160; The $</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">250,000</font><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> license fee less the amortized portion is included in deferred license fees in BioTime&#8217;s consolidated balance sheet as of December 31, </font>2013 and 2012<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">.</font></div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On August 15, 2008, ReCyte Therapeutics entered into a License Agreement and a Sublicense Agreement with ACT under which ReCyte Therapeutics acquired world-wide rights to use an array of ACT technology (the &#8220;ACT License&#8221;) and technology licensed by ACT from affiliates of Kirin Pharma Company, Limited (the &#8220;Kirin Sublicense&#8221;).&#160; The ACT License and Kirin Sublicense permit the commercialization of products in human therapeutic and diagnostic product markets.</div><div style="text-align: left; text-indent: 36pt;"><br /></div><div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The technology licensed by ReCyte Therapeutics covers methods to transform cells of the human body, such as skin cells, into an embryonic state in which the cells will be pluripotent.&#160; Under the ACT License, ReCyte Therapeutics paid ACT a $200,000 license fee and will pay a 5% royalty on sales of products, services, and processes that utilize the licensed ACT technology, and 20% of any fees or other payments (other than equity investments, research and development costs, loans and royalties) received by ReCyte Therapeutics from sublicensing the ACT technology to third parties.&#160; Once a total of $600,000 of royalties has been paid, no further royalties will be due.&#160; The license will expire in twenty years or upon the expiration of the last-to-expire of the licensed patents, whichever is later.&#160; The $200,000 license fee payment less the amortized portion is included in deferred license fees in BioTime&#8217;s consolidated balance sheet as of December 31, 2013 and 2012. </div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">&#160;</div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Under the Kirin Sublicense, ReCyte Therapeutics has paid ACT a $50,000 license fee and will pay a 3.5% royalty on sales of products, services, and processes that utilize the licensed ACT technology, and 20% of any fees or other payments (other than equity investments, research and development costs, loans and royalties) received by ReCyte Therapeutics from sublicensing the Kirin Technology to third parties.&#160; ReCyte Therapeutics will also pay to ACT or to an affiliate of Kirin Pharma Company, Limited (&#8220;Kirin&#8221;), annually, the amount, if any, by which royalties payable by ACT under its license agreement with Kirin are less than the $50,000 annual minimum royalty due.&#160; Those payments by ReCyte Therapeutics will be credited against other royalties payable to ACT under the Kirin Sublicense.&#160; The license will expire upon the expiration of the last to expire of the licensed patents, or May 9, 2016 if no patents are issued.&#160; The $50,000 license fee payment less the amortized portion is included in deferred license fees in BioTime&#8217;s consolidated balance sheet as of December 31, 2013 and 2012.</div></div><div><br /></div><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ReCyte Therapeutics License from RGI</div><div style="text-align: left;"><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On February 29, 2009, ReCyte Therapeutics entered into a Stem Cell Agreement with Reproductive Genetics Institute (&#8220;RGI&#8221;).&#160; In partial consideration of the rights and licenses granted to ReCyte Therapeutics by RGI, BioTime issued to RGI 32,259 common shares, having a market value of $50,000 on the effective date of the Stem Cell Agreement.&#160; 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BioTime assigned the SBMRI license to OncoCyte during July 2011.&#160; OncoCyte will pay SBMRI a royalty of 4% on the sale of pharmaceutical products, and 10% on the sale of any research-use products that OncoCyte develops using or incorporating the licensed technology; and 20% of any payments OncoCyte receives for sublicensing the patents to third parties.&#160; The royalties payable to SBMRI may be reduced by 50% if royalties or other fees must be paid to third parties in connection with the sale of any products.&#160; An annual license maintenance fee is payable each year during the term of the license, and after commercial sales of royalty bearing products commence, the annual fee will be credited towards OncoCyte's royalty payment obligations for the applicable year.&#160; OncoCyte will reimburse SBMRI for 25% of the costs incurred in filing, prosecuting, and maintaining patent protection, subject to OncoCyte&#8217;s approval of the costs.&#160; OncoCyte incurred no royalty expenses to date as of December 31, 2013.&#160; 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(iii) FDA approval of the first human therapeutic product for age-related vascular disease; and (iv) FDA approval of the first human therapeutic product for cancer.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">BioTime will pay Cornell royalties on the sale of products and services using the license, and will share with Cornell a portion of any cash payments, other than royalties, that BioTime receives for the grant of sublicenses to non-affiliates.&#160; The potential royalty percentage rates to be paid to Cornell will be in the low to mid-single digit range depending on the product.&#160; BioTime will also reimburse Cornell for costs related to the patent applications and any patents that may issue that are covered by the license.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In conjunction with the License Agreement, BioTime also entered into a Sponsored Research Agreement under which scientists at Weill Cornell Medical College will engage in certain research for BioTime over a three year period beginning August 2011.</div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">&#160;</div><div style="text-align: justify; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Asterias License from WARF</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Asterias has entered into a Non-Exclusive License Agreement with WARF under which Asterias was granted a worldwide non-exclusive license under certain WARF patents and WARF-owned embryonic stem cell lines to develop and commercialize therapeutic, diagnostic and research products.&#160; The licensed patents include patents covering primate embryonic stem cells as compositions of matter, as well as methods for growth and differentiation of primate embryonic stem cells.&#160; The licensed stem cell lines include the H1, H7, H9, H13 and H14 hES cell lines.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In consideration of the rights licensed, Asterias has agreed to pay WARF an upfront license fee, payments upon the attainment of specified clinical development milestones, royalties on sales of commercialized products, and, subject to certain exclusions, a percentage of any payments that Asterias may receive from any sublicenses that it may grant to use the licensed patents or stem cell lines.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The license agreement will terminate with respect to licensed patents upon the expiration of the last licensed patent to expire.&#160; Asterias may terminate the license agreement at any time by giving WARF prior written notice.&#160; WARF may terminate the license agreement if payments of earned royalties, once begun, cease for a specified period of time or if Asterias and any third parties collaborating or cooperating with Asterias in the development of products using the licensed patents or stem cell lines fail to spend a specified minimum amount on research and development of products relating to the licensed patents or stem cell lines for a specified period of time.&#160; 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Pursuant to this agreement, Asterias has an exclusive worldwide license under such patents, including the right to grant sublicenses, to create products for biological research, drug screening, and human therapy using the licensed patents.&#160; Under the license agreement, Asterias will be obligated to pay the university a royalty of 1% from sales of products that are covered by the licensed patent rights, and a minimum annual royalty of $5,000 starting in the year in which the first sale of a product covered by any licensed patent rights occurs, and continuing for the life of the applicable patent right under the agreement.&#160; The royalty payments due are subject to reduction, but not by more than 50%, to the extent of any payments that Asterias may be obligated to pay to a third party for the use of patents or other intellectual property licensed from the third party in order to make, have made, use, sell, or import products or otherwise exercise its rights under the Exclusive License Agreement.&#160; Asterias will be obligated to pay the university 7.5% of any proceeds, excluding debt financing and equity investments, and certain reimbursements, that its receives from sublicensees, other than Asterias&#8217; affiliates and joint ventures relating to the development, manufacture, purchase, and sale of products, processes, and services covered by the licensed patent.&#160; The license agreement will terminate on the expiration of the last-to-expire of the university's issued licensed patents.&#160; If no further patents covered by the license agreement are issued, the license agreement would terminate in 2024.&#160; The university may terminate the agreement in the event of Asterias&#8217; breach of the agreement.&#160; Asterias can terminate the agreement upon 60 days' notice.</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Asterias Sublicenes from Geron</div><div><br /></div><div style="text-align: left; 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Stock Option Plans</div></div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">During 2002, BioTime adopted the 2002 Employee Stock Option Plan (the &#8220;2002 Plan&#8221;), which was amended in 2004, 2007, and 2009 to reserve additional common shares for issuance under options or restricted stock awards granted to eligible persons.&#160; The 2002 Plan expired during September 2012 and no additional grants of options or awards of restricted stock may be made under the 2002 Plan.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">During December 2012, BioTime&#8217;s Board of Directors approved the 2012 Equity Incentive Plan (the &#8220;2012 Plan&#8221;) under which BioTime has reserved 4,000,000 common shares for the grant of stock options or the sale of restricted stock.&#160; No options may be granted under the 2012 Plan more than ten years after the date upon which the 2012 Plan was adopted by the Board of Directors, and no options granted under the 2012 Plan may be exercised after the expiration of ten years from the date of grant.&#160; Under the 2012 Plan, options to purchase common shares may be granted to employees, directors and certain consultants at prices not less than the fair market value at date of grant, subject to certain limited exceptions for options granted in substitution of other options.&#160; Options may be fully exercisable immediately, or may be exercisable according to a schedule or conditions specified by the Board of Directors or the Compensation Committee.&#160; The 2012 Plan also permits BioTime to award restricted stock for services rendered or to sell common shares to employees subject to vesting provisions under restricted stock agreements that provide for forfeiture of unvested shares upon the occurrence of specified events under a restricted stock award agreement.&#160; BioTime may permit employees or consultants, but not officers or directors, who purchase stock under restricted stock purchase agreements, to pay for their shares by delivering a promissory note that is secured by a pledge of their shares.</div><div style="text-align: left; 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font-size: 10pt;">Net deferred tax liabilities</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: top;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: top;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 8%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(8,278,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; padding-bottom: 4px; background-color: #cceeff; width: 2%; vertical-align: top;">)</td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: top;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; 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In addition, BioTime has tax credit carryforwards for federal and state tax purposes of $1,076,000 and $1,253,000, respectively, which expire through 2033.&#160; As of December 31, 2013, BioTime&#8217;s subsidiaries have foreign net operating loss carryforwards of approximately $48,400,000 which carry forward indefinitely.</div></div><div style="text-align: left; text-indent: 36pt;"><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">A deferred income tax benefit of approximately $3,280,000 was recorded for the year ended December 31, 2013, of which approximately $2,800,000 was related to federal and $480,000 was related to state taxes. No tax benefit has been recorded through December 31, 2012 because of the net operating losses incurred and a full valuation allowance has been provided.&#160; A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized.&#160; BioTime established a valuation allowance for all periods presented due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets.</div><div style="text-align: left; text-indent: 36pt;"><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Internal Revenue Code Section 382 places a limitation (&#8220;Section 382 Limitation&#8221;) on the amount of taxable income that can be offset by net operating loss (&#8220;NOL&#8221;) carryforwards after a change in control (generally greater than 50% change in ownership within a three-year period) of a loss corporation.&#160; California has similar rules.&#160; Generally, after a control change, a loss corporation cannot deduct NOL carryforwards in excess of the Section 382 Limitation.&#160; Due to these &#8220;change in ownership&#8221; provisions, utilization of the NOL and tax credit carryforwards may be subject to an annual limitation regarding their utilization against taxable income in future periods.</div><div style="text-align: left; text-indent: 36pt;"><br /></div><div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">BioTime files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions.&#160; Generally, BioTime is no longer subject to income tax examinations by major taxing authorities for years before 2010.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">BioTime may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes.&#160; 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BioTime's primary focus is in the field of regenerative medicine; specifically human embryonic stem (&#8220;hES&#8221;) cell and induced pluripotent stem (&#8220;iPS&#8221;) cell technology.&#160; Regenerative medicine refers to therapies based on stem cell technology that are designed to rebuild cell and tissue function lost due to degenerative disease or injury.&#160; hES and iPS cells provide a means of manufacturing every cell type in the human body and therefore show considerable promise for the development of a number of new therapeutic products.&#160; BioTime and its subsidiaries plan to develop stem cell products for research and therapeutic use.&#160; Asterias Biotherapeutics, Inc. (&#8220;Asterias,&#8221; formerly known as BioTime Acquisition Corporation) entered into an Asset Contribution Agreement with BioTime and Geron Corporation (&#8220;Geron&#8221;) to acquire certain assets from Geron Corporation that had been used in Geron&#8217;s hES cell research and development programs, and Asterias is now using the acquired assets for the development of products for human therapeutic use in one or more of the following fields: neurology, oncology, orthopedics, and heart failure and myocardial infarction.&#160; OncoCyte Corporation (&#8220;OncoCyte&#8221;) is developing products and technologies to diagnose cancer.&#160; ES Cell International Pte Ltd. 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Asterias Biotherapeutics, Inc.</div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; text-indent: 4.4pt; font-family: ''Times New Roman'', Times, serif; margin-left: 47.3pt; font-size: 10pt; margin-right: 34.1pt;">71.6%<sup style="line-height: 1; font-size: smaller; vertical-align: text-top;">(1)</sup></div></td><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #cceeff; width: 30%; vertical-align: top; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; margin-left: 39.6pt; font-size: 10pt; margin-right: 37.4pt;">USA</div></td></tr><tr><td style="border-bottom: medium none; border-left: #000000 2px solid; background-color: #ffffff; 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The fair value of BioTime&#8217;s assets and liabilities, which qualify as financial instruments under FASB guidance regarding disclosures about fair value of financial instruments, approximate the carrying amounts presented in the accompanying consolidated balance sheets.</font></div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Effect of recently issued and recently adopted accounting pronouncements &#8211;</font> There are no recently issued accounting standards which are not yet effective which BioTime believes would materially impact the consolidated financial statements.</div></div> 42000 28067 28067 261959 332903 46000 251981 46000 286552 286552 251981 1002220 1002220 22297209 22297209 9057967 1131279 15722339 5000000 173100 173100 0 0 32259 6000000 0 -6000000 6435 314386 6284456 8902077 314386 3665646 73553 592533 2180016 1350000 8902077 448429 2136000 21773340 6537779 8902077 1286174 -1286174 1714287 20000 98541 450660 98541 450660 98541 20000 261959 50000 70000 2300000 2300000 24294373 42262321 101135428 0 897338 93972 49425657 11253428 -63954509 115144787 93972 93972 -6000000 14709837 62899 -145778547 -59570 27461553 119821243 -122749 -8375397 41458181 12812180 -101895712 -80470009 203456401 93972 -43033957 9584536 14800768 <div style="font-family: 'Times New Roman', Times, serif; 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margin-left: 7.2pt; font-size: 10pt;">Total assets and in-process research and development acquired</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">34,917,532</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The fair value of the Asterias Series A shares issued was estimated at $2.40 based on the estimated Asterias enterprise value as determined by parties at the time the Asset Contribution Agreement was negotiated and executed by its parties on January 4, 2013, as adjusted for subsequent changes in fair values of assets the parties agreed to contribute.</div><div><br /></div><div style="text-align: left; 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background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 88%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 5.4pt; font-size: 10pt;">&#160;Patents and other intellectual property rights related to hES cells</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">29,017,009</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr style="height: 13px;"><td valign="bottom" style="background-color: #cceeff; width: 88%; margin-left: 9pt; vertical-align: bottom;"><div>Deferred tax liability arising from difference in book versus tax basis on Geron intangible assets acquired</div></td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;"></td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">(11,558,243</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">)</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 88%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 5.4pt; 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