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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 September 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 November 10, 2021 was 7,391,391.

 

 

 

 
 

 

TABLE OF CONTENTS

 

  Page
   
PART I - FINANCIAL INFORMATION 3
   
Item 1. Unaudited Financial Statements 3
   
Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 3
   
Consolidated Statements of Operations for the Three and Nine months Ended September 30, 2021 and 2020 4
   
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 5
   
Consolidated Statements of Changes in Stockholders’ Deficit for the Three and Nine Months Ended September 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 26
   
Item 3. Quantitative and Qualitative Disclosure About Market Risk 31
   
Item 4. Controls and Procedures 31
   
PART II - OTHER INFORMATION 32
   
Item 1. Legal Proceedings 32
   
Item 1A. Risk Factors 32
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
   
Item 3. Defaults Upon Senior Securities 33
   
Item 4. Mine Safety Disclosures 33
   
Item 5. Other Information 33
   
Item 6. Exhibits 34
   
SIGNATURES 35

 

2

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

  

September 30,

2021

  

December 31,

2020

 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $663,651   $18,540 
Accounts receivable   538,632    131,228 
Inventories, net of $342,496 reserve at September 30, 2021 and December 31, 2020   796,418    592,767 
Prepaid expenses and other current assets   620,960    314,936 
Total current assets   2,619,661    1,057,471 
Investment in equity securities   112,550    517,001 
Property and equipment, net   2,366    16,490 
Right of use asset leases   173,274    221,432 
Intangible assets, net   425,481    490,385 
TOTAL ASSETS  $3,333,332   $2,302,779 
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES          
Accounts payable  $418,020   $771,945 
Accrued employee compensation   142,375    417,578 
Accrued professional fees and other   2,021,783    2,037,806 
Other current liabilities   7,108,447    6,330,722 
Deferred revenue   44,176    47,328 
Convertible debt, net of unamortized discounts of $2,692,163 and $3,948,167, respectively   11,760,299    7,545,670 
Other debt, net of unamortized discounts of $1,291 and $0, respectively   1,070,526    1,135,469 
Operating lease liability   71,301    65,193 
Other related party debt   38,000    166,000 
Total current liabilities   22,674,927    18,517,711 
LONG TERM LIABILITIES          
Long term debt   527,038    527,039 
Operating lease liability – long term   101,973    156,239 
Deferred revenue   8,654    19,382 
TOTAL LIABILITIES   23,312,592    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 September 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 September 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 September 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 September 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 September 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 September 30, 2021 and December 31, 2020, respectively   68    68 
Series AA Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 8,649 and 8,043 shares issued and outstanding on September 30, 2021 and December 31, 2020, respectively   87    81 
Common stock, $.01 par value; 100,000,000 shares authorized; 8,345,120 and 4,168,324 shares issued and outstanding on September 30, 2021 and December 31, 2020 respectively   83,451    41,683 
Warrants to acquire common stock   31,607,879    29,192,471 
Additional paid-in capital   62,307,524    50,312,968 
Accumulated deficit   (113,979,213)   (96,465,807)
Total stockholders’ deficit   (19,979,260)   (16,917,592)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $3,333,332   $2,302,779 

 

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

 

3

 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   2021   2020   2021   2020 
  

For the Three Months Ended

September 30,

  

For the Nine Months Ended

September 30,

 
   2021   2020   2021   2020 
Revenue:                
Products, services, other   $518,365   $533,862   $1,687,166   $1,055,889 
Total revenue    518,365    533,862    1,687,166    1,055,889 
                     
Costs and expenses:                     
Cost of products and services    258,170    247,013    771,105    557,041 
Research and development    282,622    247,432    839,072    807,724 
Selling and marketing    66,068    173,372    252,209    524,586 
General and administrative    1,154,063    684,807    2,788,779    2,711,032 
Total operating costs and expenses    1,760,923    1,352,624    4,651,165    4,600,383 
                     
Operating loss    (1,242,558)   (818,762)   (2,963,999)   (3,544,494)
                     
Other (expense) income:                     
Interest expense, net    (3,330,101)   (2,204,593)   (11,524,306)   (5,501,272)
Unrealized (loss) gain on investment in equity securities    (162,071)   140,461    (404,451)   486,723 
Loss on extinguishment of liabilities    (277,010)   (395,854)   (1,500,395)   (3,242,372)
Other income    60,627    -    119,280    - 
Total other expense    (3,708,555)   (2,459,986)   (13,309,872)   (8,256,921)
                     
Net loss    (4,951,113)   (3,278,748)   (16,273,871)   (11,801,415)
Deemed dividends on beneficial conversion feature    (815,914)   -    (873,798)   - 
Preferred stock dividends    (432,149)   (396,970)   (1,239,535)   (1,118,526)
Net loss attributable to common stockholders   $(6,199,176)  $(3,675,718)  $(18,387,204)  $(12,919,941)
Basic and diluted net loss per share attributable to common stockholders   $(0.82)  $(1.02)  $(3.02 )  $(4.22)
                     
Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation    7,561,728    3,612,958    6,083,017    3,059,095 

 

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

 

4

 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   2021   2020 
   For the Nine Months Ended 
   September 30, 
   2021   2020 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(16,273,871)  $(11,801,415)
Adjustments to reconcile net loss to net cash used in operating activities:          
Gain on loan forgiveness   (367,039)   - 
Non-cash lease expense   48,158    55,628 
Common stock and warrants issued for interest and extension fees   6,208,696    242,350 
Depreciation and amortization   83,531    103,424 
Accretion of interest and amortization of debt discount   5,308,424    3,454,470 
Loss on extinguishment of accrued liabilities and debt   23,004    1,036,638 
Stock-based compensation expense   219,943    373,652 
Loss (Gain) on investment in equity securities   404,451    (486,723)
Common stock issued for services   579,512    87,963 
Changes in operating assets and liabilities:          
Accounts receivable   (407,404)   (101,057)
Inventories   (203,651)   101,511 
Prepaid expenses and other assets   (306,024)   53,810 
Accounts payable   (336,675)   (109,445)
Accrued employee compensation   39,801   (609)
Operating lease liability   (48,158)   (55,628)
Deferred revenue and other accrued expenses   943,400    3,138,667 
Net cash used in operating activities   (4,083,902)   (3,906,764)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Advance on loan receivable   -    (801,250)
Purchases of property plant and equipment   (4,503)   (1,663)
Net cash used in investing activities   (4,503)   (802,913)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net proceeds from Series AA Convertible Preferred Stock   1,015,000    - 
Proceeds from stock option exercises   14,773    - 
Net proceeds from convertible debt   5,054,500    

6,977,800

 
Net proceeds from non-convertible debt – third party   1,610,688    990,539 
Net proceeds from non-convertible debt – related party   194,600    

38,500

 
Payments on convertible debt   (1,608,295)   (1,972,007)
Payments on non-convertible debt – related party   (256,600)   

(15,000

)
Payments on non-convertible debt   (1,291,150)   (1,245,028)
Net cash provided by financing activities   4,733,516    

4,774,804

 
           
NET INCREASE IN CASH AND CASH EQUIVALENTS   645,111    

65,127

 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR   18,540    29,625 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $663,651   $

94,752

 
           
SUPPLEMENTAL INFORMATION          
Interest paid in cash  $802,084   $530,009 
NON CASH TRANSACTIONS:          
Common stock issued for non-cash warrant exercise   363    - 
Loan extension fees and interest added to principal   -    152,552 
Common stock issued to settle accrued liabilities   -    127,855 
Common stock issued with debt   551,198    147,775 
Discount from warrants issued with debt   1,403,546    4,261,055 
Common stock issued in lieu of cash for dividend   114,298    221,374 
Preferred stock dividends   1,239,535    1,118,526 
Conversion of debt and interest into common stock   2,589,990    1,830,543 
Discount due to beneficial conversion feature   1,231,528    1,353,694 
Deemed dividend - beneficial conversion feature   873,798    - 
Conversion of accrued liabilities and debt for Series AA preferred stock   500,250    110,000 
Common stock issued for debt settlement   -    374,550 

 

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

 

5

 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

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       7939     $ 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  
Beneficial conversion feature on debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       404,608       -       404,608  
Warrants issued for debt extension     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       609,143       -        -       609,143  
Issuance of common stock for debt extension and interest paid in kind     -       -             -              -              -        -       -              -              -        38,521       385       -       60,175       -        60,560  
Warrants issued with debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       1,205,010       -       -       1,205,010  
Net loss     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       (3,953,885 )     (3,953,885 )
BALANCE, March 31, 2020     300     $ 3       80,570     $ 806       10,000     $ 100       21     $ -       3,458     $ 35       6,880     $ 68       7,939     $ 80       2,664,641     $ 26,646     $ 24,413,330     $ 45,119,747     $ (83,220,748 )   $ (13,659,933 )
Stock-based compensation     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       65,341       -       65,341  
Series AA Preferred Stock dividend     -       -       -       -       -       -       -       -       -       -       -       -       -       -             -        -        -       (396,970 )     (396,970 )
Beneficial conversion feature on debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       577,489       -       577,489  
Issuance of common stock for services     -       -       -       -       -       -       -       -       -       -       -       -       -       -       25,000       250       -        87,713       -       87,963  
Issuance of common stock for interest paid-in-kind     -       -       -       -       -       -       -       -       -       -       -       -       -       -       42,510       425       -        98,799       -       99,224  
Issuance of common stock for dividends paid-in-kind     -       -       -       -       -       -       -       -       -       -       -       -       -       -       64,388       644       -        176,104       -       176,748  
Conversion of debt and interest for common stock     -       -       -       -       -       -       -       -       -       -       -       -       -       -       410,746       4,107       -        1,288,542       -       1,292,649  
Warrants issued with debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -               -       1,753,683       -       -       1,753,683  
Warrants issued for debt extension     -       -       -       -       -       -       -       -       -       -       -       -       -       -               -       360,602       -       -       360,602  
Net loss     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       (4,568,782 )     (4,568,782 )
BALANCE, June 30, 2020     300     $ 3       80,570     $ 806       10,000     $ 100       21     $ -       3,458     $ 35       6,880     $ 68       7,939     $ 80       3,207,285     $ 32,072     $ 26,527,615     $ 47,413,735     $ (88,186,500 )   $ (14,211,986 )
Stock-based compensation     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       66,542       -       66,542  
Issuance of common stock for interest paid-in-kind     -       -       -       -       -       -       -       -       -       -       -       -       -       -       46,021       460       -       82,106       -       82,566  
Issuance of common stock for dividends paid-in-kind     -       -       -       -       -       -       -       -       -       -       -       -       -       -       23,130       232       -       44,394       -       44,626  
Series AA Preferred Stock dividend     -       -       -       -       -       -       -       -                       -       -       -       -       -       -       -       -       (396,970 )     (396,970 )
Conversion of debt and interest for common stock     -       -       -       -       -       -       -       -       -       -       -       -       -       -       299,042       2,990       -       534,904       -       537,894  
Warrants issued with debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       1,302,362               -       1,302,362  
Conversion of debt into Series AA convertible preferred stock     -       -       -       -       -       -       -       -       -       -       -       -       44       -       -       -       38,783       71,217       -       110,000  
Beneficial conversion feature on debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       371,597       -       371,597  
Common stock issued for debt settlement     -       -       -       -       -       -       -       -       -       -       -       -       -       -       178,778       1,788       -       347,762       -       349,550  
Warrants issued for debt settlement     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       338,412       -       -       338,412  
Common Stock issued with debt     -       -       -       -       -       -       -       -       -       -       -       -       -       -       85,000       850       -       146,925       -       147,775  
Net loss     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -       (3,278,748 )     (3,278,748 )
BALANCE, September 30, 2020     300     $ 3       80,570     $ 806       10,000     $ 100       21     $ -       3,458     $ 35       6,880     $ 68       7,983     $ 80       3,839,256     $ 38,392     $ 28,207,172     $ 49,079,182     $ (91,862,218 )   $ (14,536,380 )

 

6

 

 

    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