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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

FORM 10-Q

 

(Mark One)

 

 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2021

 

or

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from _____________ to _____________

 

Commission File Number 001-38185

 

PRESSURE BIOSCIENCES, INC.

(Exact name of registrant as specified in its charter)

 

Massachusetts   04-2652826
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

14 Norfolk Avenue    
South Easton, Massachusetts   02375
(Address of principal executive offices)   (Zip Code)

 

(508) 230-1828

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
N/A   N/A   N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

  Large accelerated filer Accelerated filer
  Non-accelerated Filer Smaller Reporting Company
  Emerging Growth Company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act).

 

☐ Yes ☒ No

 

The number of shares outstanding of the Issuer’s common stock as of August 11, 2021 was 6,371,190.

 

 

 

 

 

 

TABLE OF CONTENTS

 

  Page
   
PART I - FINANCIAL INFORMATION 3
   
Item 1. Unaudited Financial Statements 3
   
Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 3
   
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 4
   
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 5
   
Consolidated Statements of Changes in Stockholders’ Deficit for the Three and Six Months Ended June 30, 2021 and 2020 6
   
Notes to Unaudited Consolidated Financial Statements 8
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
   
Item 3. Quantitative and Qualitative Disclosure About Market Risk 32
   
Item 4. Controls and Procedures 32
   
PART II - OTHER INFORMATION 33
   
Item 1. Legal Proceedings 33
   
Item 1A. Risk Factors 33
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
   
Item 3. Defaults Upon Senior Securities 34
   
Item 4. Mine Safety Disclosures 34
   
Item 5. Other Information 34
   
Item 6. Exhibits 35
   
SIGNATURES 36

 

2

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

   June 30, 2021   December 31, 2020 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $46,625   $18,540 
Accounts receivable   629,766    131,228 
Inventories, net of $342,496 reserve at June 30, 2021 and December 31, 2020   492,095    592,767 
Prepaid expenses and other current assets   219,161    314,936 
Total current assets   1,387,647    1,057,471 
Investment in equity securities   274,621    517,001 
Property and equipment, net   7,431    16,490 
Right of use asset leases   189,808    221,432 
Intangible assets, net   447,115    490,385 
TOTAL ASSETS  $2,306,622   $2,302,779 
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES          
Accounts payable  $628,835   $771,945 
Accrued employee compensation   420,510    417,578 
Accrued professional fees and other   2,163,563    2,037,806 
Other current liabilities   8,165,281    6,330,722 
Deferred revenue   49,189    47,328 
Convertible debt, net of unamortized discounts of $2,353,152 and $3,948,167, respectively   10,909,314    7,545,670 
Other debt, net of unamortized discounts of $5,495 and $0, respectively   1,363,931    1,135,469 
Operating lease liability   69,204    65,193 
Other related party debt   184,600    166,000 
Total current liabilities   23,954,427    18,517,711 
LONG TERM LIABILITIES          
Long term debt   527,038    527,039 
Operating lease liability – long term   120,604    156,239 
Deferred revenue   7,446    19,382 
TOTAL LIABILITIES   24,609,515    19,220,371 
COMMITMENTS AND CONTINGENCIES (Note 4)          
STOCKHOLDERS’ DEFICIT          
Series D Convertible Preferred Stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively (Liquidation value of $300,000)   3    3 
Series G Convertible Preferred Stock, $.01 par value; 240,000 shares authorized; 80,570 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively   806    806 
Series H Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 10,000 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively   100    100 
Series H2 Convertible Preferred Stock, $.01 par value; 21 shares authorized; 21 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively   -    - 
Series J Convertible Preferred Stock, $.01 par value; 6,250 shares authorized; 3,458 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively   35    35 
Series K Convertible Preferred Stock, $.01 par value; 15,000 shares authorized; 6,880 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively   68    68 
Series AA Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 8,083 and 8,043 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively   81    81 
Common stock, $.01 par value; 100,000,000 shares authorized; 6,260,884 and 4,168,324 shares issued and outstanding on June 30, 2021 and December 31, 2020 respectively   62,608    41,683 
Warrants to acquire common stock   30,911,495    29,192,471 
Additional paid-in capital   55,317,862    50,312,968 
Accumulated deficit   (108,595,951)   (96,465,807)
Total stockholders’ deficit   (22,302,893)   (16,917,592)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $2,306,622   $2,302,779 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

3

 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   2021   2020   2021   2020 
  

For the Three Months Ended

June 30,

   For the Six Months Ended
June 30,
 
   2021   2020   2021   2020 
Revenue:                    
Products, services, other  $608,927   $268,154   $1,168,801   $522,027 
Total revenue   608,927    268,154    1,168,801    522,027 
                     
Costs and expenses:                    
Cost of products and services   286,660    134,882    512,935    310,028 
Research and development   256,507    294,602    556,450    560,292 
Selling and marketing   92,813    162,098    186,141    351,214 
General and administrative   619,286    1,007,215    1,634,716    2,026,225 
Total operating costs and expenses   1,255,266    1,598,797    2,890,242    3,247,759 
                     
Operating loss   (646,339)   (1,330,643)   (1,721,441)   (2,725,732)
                    
Other (expense) income:                    
Interest expense, net   (3,526,141)   (1,724,879)   (8,194,205)   (3,296,679)
Unrealized (loss) gain on investment in equity securities   (134,477)   196,891    (242,380)   346,262 
Loss on extinguishment of liabilities   (498,226)   (1,710,151)   (1,223,385)   (2,846,518)
Other income   60,012    -    58,653    - 
Total other expense   (4,098,832)   (3,238,139)   (9,601,317)   (5,796,935)
                     
Net loss   (4,745,171)   (4,568,782)   (11,322,758)   (8,522,667)
Deemed dividends on beneficial conversion feature   -    -   (57,884)   - 
Preferred stock dividends   (404,171)   (396,970)   (807,386)   (721,556)
Net loss attributable to common stockholders  $(5,149,342)  $(4,965,752)  $(12,188,028)  $(9,244,223)
Basic and diluted net loss per share attributable to common stockholders  $(0.90)  $(1.70)  $(2.29)  $(3.34)
                     
Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation   5,748,711    2,914,659    5,312,172    2,765,132 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

4

 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   2021   2020 
   For the Six Months Ended 
   June 30, 
   2021   2020 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(11,322,758)  $(8,522,667)
Adjustments to reconcile net loss to net cash used in operating activities:          
Gain on loan forgiveness   (367,039)   - 
Non-cash lease expense   31,624    35,927 
Common stock and warrants issued for interest and extension fees   4,054,749    159,784 
Depreciation and amortization   56,291    74,247 
Accretion of interest and amortization of debt discount   3,909,024    1,750,911 
Loss on extinguishment of accrued liabilities and debt   -    977,622 
Stock-based compensation expense   124,695    307,110 
Loss (Gain) on investment in equity securities   242,380    (346,262)
Common stock issued for services   238,512    87,963 
Changes in operating assets and liabilities:          
Accounts receivable   (498,538)   108,096 
Inventories   100,672    2,853 
Prepaid expenses and other assets   95,775    20,944 
Accounts payable   (143,110)   (5,927)
Accrued employee compensation   2,932    (58,775)
Operating lease liability   (31,624)   (35,927)
Deferred revenue and other accrued expenses   1,415,688    2,643,607 
Net cash used in operating activities   (2,090,727)   (2,800,494)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Advance on loan receivable   -    (531,250)
Purchases of property plant and equipment   (3,962)   (1,663)
Net cash used in investing activities   (3,962)   (532,913)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net proceeds from Series AA Convertible Preferred Stock   100,000    - 
Proceeds from stock option exercises   14,773    - 
Net proceeds from convertible debt   2,598,250    4,422,600 
Net proceeds from non-convertible debt – third party   1,183,188    990,539 
Net proceeds from non-convertible debt – related party   171,600    8,500 
Payments on convertible debt   (1,200,996)   (1,257,250)
Payments on non-convertible debt – related party   (153,000)   - 
Payments on non-convertible debt   (591,041)   (819,149)
Net cash provided by financing activities   2,122,774    3,345,240 
           
NET INCREASE IN CASH AND CASH EQUIVALENTS   28,085    11,833 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR   18,540    29,625 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $46,625   $41,458 
           
SUPPLEMENTAL INFORMATION          
Interest paid in cash  $383,403   $419,817 
NON CASH TRANSACTIONS:          
Interest added to principal   -    152,552 
Common stock issued to settle accrued liabilities   -    127,855 
Common stock issued with debt   112,877    - 
Discount from warrants issued with debt   1,068,842    2,958,693 
Common stock issued in lieu of cash for dividend   114,298    176,748 
Preferred stock dividends   807,386    721,556 
Conversion of debt and interest into common stock   349,250    1,317,649 
Discount due to beneficial conversion feature   566,847    982,097 
Deemed dividend - beneficial conversion feature   57,884    - 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

5

 

 

PRESSURE BIOSCIENCES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(UNAUDITED)

 

   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Warrants   Capital   Deficit   Deficit 
   Series D Preferred Stock   Series G Preferred Stock   Series H Preferred Stock   Series H(2) Preferred Stock   Series J Preferred Stock   Series K Preferred Stock   Series AA Preferred Stock   Common Stock   Stock   Additional Paid-In   Accumulated   Total Stockholders' 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Warrants   Capital   Deficit   Deficit 
BALANCE, December 31, 2019   300   $3    80,570   $806    10,000   $100    21   $-    3,458   $35    6,880   $68    7,939   $80    2,549,620   $25,496   $22,599,177   $44,261,105   $(78,942,277)  $(12,055,407)
Stock-based compensation   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    241,769    -    241,769 
Series AA Preferred Stock dividend   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (324,586)   (324,586)
Issuance of common stock to settle accrued liabilities   -    -    -    -    -    -    -    -    -    -    -    -    -    -    66,500    665    -    127,190    -    127,855 
Common stock issued for debt settlement   -    -    -    -    -    -    -    -    -    -    -    -    -    -    10,000    100    -    24,900    -    25,000 
Issuance of common stock for debt extension and interest paid in kind   -    -    -    -    -    -    -    -    -    -    -    -    -    -    38,521    385    -    60,175    -    60,560 
Beneficial conversion feature on debt   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    404,608    -    404,608 
Warrants issued with debt   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    1,205,010    -    -    1,205,010 
Warrants issued for debt extension   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    609,143    -    -    609,143