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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, 2022

 

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 8, 2022 was 9,074,069.

 

 

 

 

 

 

TABLE OF CONTENTS

 

  Page
   
PART I - FINANCIAL INFORMATION 3
   
Item 1. Unaudited Financial Statements 3
   
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 3
   
Consolidated Statements of Operations for the Three and Six months Ended June 30, 2022 and 2021 4
   
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 5
   
Consolidated Statements of Changes in Stockholders’ Deficit for the Three and Six Months Ended June 30, 2022 and 2021 6
   
Notes to Unaudited Consolidated Financial Statements 8
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21
   
Item 3. Quantitative and Qualitative Disclosure About Market Risk 24
   
Item 4. Controls and Procedures 24
   
PART II - OTHER INFORMATION 25
   
Item 1. Legal Proceedings 25
   
Item 1A. Risk Factors 25
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26
   
Item 3. Defaults Upon Senior Securities 26
   
Item 4. Mine Safety Disclosures 26
   
Item 5. Other Information 26
   
Item 6. Exhibits 26
   
SIGNATURES 27

 

2
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

           
  

June 30,

2022

  

December 31,

2021

 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $121,569   $132,311 
Accounts receivable   316,796    154,746 
Inventories, net of $342,496 reserve at June 30, 2022 and December 31, 2021   1,355,676    1,147,554 
Prepaid expenses and other current assets   228,254    422,617 
Total current assets   2,022,295    1,857,228 
Investment in equity securities   60,604    59,976 
Property and equipment, net   101,798    115,846 
Right of use asset leases   341,681    395,565 
Intangible assets, net   360,577    403,846 
TOTAL ASSETS  $2,886,955   $2,832,461 
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES          
Accounts payable  $552,691   $527,924 
Accrued employee compensation   237,102    117,680 
Accrued professional fees and other   2,157,575    1,955,672 
Other current liabilities   9,036,299    7,757,217 
Deferred revenue   31,851    37,124 
Convertible debt, net of unamortized discounts of $381,223 and $1,536,649, respectively  15,686,451    12,839,813 
Other debt, net of unamortized discounts of $16,900 and $0, respectively   1,621,854    1,256,840 
Operating lease liability   138,691    132,996 
Other related party debt, net of unamortized discounts of $23,646 and $0, respectively   283,804    - 
Total current liabilities   29,746,318    24,625,266 
LONG TERM LIABILITIES          
Long term debt   150,000    150,000 
Operating lease liability – long term   202,990    262,569 
Deferred revenue   -    3,587 
TOTAL LIABILITIES   30,099,308    25,041,422 
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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, respectively   806    806 
Series H Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 10,000 shares issued and outstanding on June 30, 2022 and December 31, 2021, respectively   100    100 
Series H2 Convertible Preferred Stock, $.01 par value; 21 shares authorized; 21 shares issued and outstanding on June 30, 2022 and December 31, 2021, respectively   -    - 
Series J Convertible Preferred Stock, $.01 par value; 6,250 shares authorized; 3,458 shares issued and outstanding on June 30, 2022 and December 31, 2021, respectively   35    35 
Series K Convertible Preferred Stock, $.01 par value; 15,000 shares authorized; 6,880 shares issued and outstanding on June 30, 2022 and December 31, 2021, respectively   68    68 
Series AA Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 8,645 and 8,649 shares issued and outstanding on June 30, 2022 and December 31, 2021, respectively   86    87 
Common stock, $.01 par value; 100,000,000 shares authorized; 10,703,179 and 9,120,526 shares issued and outstanding on June 30, 2022 and December 31, 2021, respectively   107,033    91,206 
Warrants to acquire common stock   31,974,888    31,715,154 
Additional paid-in capital   64,746,760    64,261,048 
Accumulated deficit   (124,042,132)   (118,277,468)
Total stockholders’ deficit   (27,212,353)   (22,208,961)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $2,886,955   $2,832,461 

 

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

 

3
 

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

                     
  

For the Three Months Ended

June 30,

   For the Six Months Ended
June 30,
 
   2022   2021   2022   2021 
Revenue:                
Products, services, other  $498,137   $608,927   $978,137   $1,168,801 
Total revenue   498,137    608,927    978,137    1,168,801 
                     
Costs and expenses:                    
Cost of products and services   302,141    286,660    616,504    512,935 
Research and development   172,726    256,507    454,315    556,450 
Selling and marketing   129,434    92,813    195,896    186,141 
General and administrative   795,466    619,286    1,699,351    1,634,716 
Total operating costs and expenses   1,399,767    1,255,266    2,966,066    2,890,242 
                     
Operating loss   (901,630)   (646,339)   (1,987,929)   (1,721,441)
                     
Other (expense) income:                    
Interest expense, net   (1,835,589)   (3,526,141)   (4,414,750)   (8,194,205)
Unrealized (loss) gain on investment in equity securities   (18,510)   (134,477)   628   (242,380)
Loss on extinguishment of liabilities   (165,277)   (498,226)   (755,127)   (1,223,385)
Other income   4,668    60,012    

1,155

    58,653 
Total other expense   (2,014,708)   (4,098,832)   (5,168,094)   (9,601,317)
                     
Net loss   (2,916,338)   (4,745,171)   (7,156,023)   (11,322,758)
Deemed dividends on beneficial conversion feature   -    -    -    (57,884)
Preferred stock dividends   (431,708)   (404,171)   (863,857)   (807,386)
Net loss attributable to common stockholders  $(3,348,046)  $(5,149,342)  $(8,019,880)  $(12,188,028)
Basic and diluted net loss per share attributable to common stockholders  $(0.32)  $(0.90)  $(0.80)  $(2.29)
                     
Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation   10,462,520    5,748,711    10,029,068    5,312,172 

 

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)

 

    1    2 
   For the Six Months Ended 
   June 30, 
   2022   2021 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(7,156,023)  $(11,322,758)
Adjustments to reconcile net loss to net cash used in operating activities:          
Gain on loan forgiveness   (10,000)   (367,039)
Non-cash lease expense   53,884    31,624 
Common stock and warrants issued for interest and extension fees   1,561,973    4,054,749 
Depreciation and amortization   62,207    56,291 
Accretion of interest and amortization of debt discount   1,457,204    3,909,024 
Loss on extinguishment of accrued liabilities and debt   755,127    - 
Stock-based compensation expense   96,557    124,695 
(Gain) loss on investment in equity securities   (628)   242,380 
Common stock and warrants issued for services   185,261    238,512 
Changes in operating assets and liabilities:          
Accounts receivable   (162,050)   (498,538)
Inventories   (208,122)   100,672 
Prepaid expenses and other assets   194,363    95,775 
Accounts payable   24,767    (143,110)
Accrued employee compensation   119,422    2,932 
Operating lease liability   (53,884)   (31,624)
Deferred revenue and other accrued expenses   1,081,750    1,415,688 
Net cash used in operating activities   (1,998,192)   (2,090,727)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchases of property plant and equipment   (4,890)   (3,962)
Net cash used in investing activities   (4,890)   (3,962)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net proceeds from Series AA Convertible Preferred Stock   -    100,000 
Proceeds from stock option exercises   17,443    14,773 
Net proceeds from convertible debt   2,209,750    2,598,250 
Net proceeds from non-convertible debt – third party   1,288,100    1,183,188 
Net proceeds from non-convertible debt – related party   464,500    171,600 
Payments on convertible debt   

(865,367

)   (1,200,996)
Payments on non-convertible debt – related party   (209,000)   (153,000)
Payments on non-convertible debt – third party   (913,086)  `(591,041)
Net cash provided by financing activities   1,992,340    2,122,774 
           
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (10,742)   28,085 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR   132,311    18,540 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $121,569   $46,625 
           
SUPPLEMENTAL INFORMATION          
Interest paid in cash  $515,210   $383,403 
NON CASH TRANSACTIONS:          
Common stock issued with debt   178,328    112,877 
Discount from warrants issued with debt   87,436    1,068,842 
Common stock issued in lieu of cash for dividend   215,277    114,298 
Early adoption of ASU 2020-06   473,027    - 
Preferred stock dividends   863,857    807,386 
Conversion of debt and interest into common stock   350,500    349,350 
Discount due to beneficial conversion feature   -    566,847 
Deemed dividend - beneficial conversion feature   -    57,884 
Conversion of preferred stock for common stock   44    - 

 

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)

 

                                                                                         
   Series D   Series G   Series H   Series H(2)   Series J   Series K   Series AA           Additional        Total 
   Preferred Stock   Preferred Stock   Preferred Stock   Preferred Stock   Preferred Stock   Preferred Stock   Preferred Stock   Common Stock   Stock   Paid-In   Accumulated   Stockholders’ 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Warrants   Capital   Deficit   Deficit 
BALANCE, December 31, 2021   300   $3    80,570   $806    10,000   $100    21   $-    3,458   $35    6,880   $68    8,649   $87    9,120,526   $91,206   $31,715,154   $64,261,048   $(118,277,468)  $(22,208,961)
Early adoption of ASU 2020-06   -    -    -     -     -     -     -    -     -    -    -    -    -     -     -    -     -    (2,728,243)   2,255,216    (473,027)
Stock-based compensation   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    64,483    -    64,483 
Series AA Preferred Stock dividend   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (432,149)   (432,149)
Issuance of common stock for services   -    -    -    -    -    -    -    -    -    -    -    -    -    -    37,000    370    -    77,330    -    77,700 
Issuance of common stock warrants for services   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    39,761    -    -    39,761 
Warrants issued for debt extension   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    132,537    -    -    132,537 
Common stock issued for debt extension   -    -    -    -    -    -    -    -    -    -    -    -    -    -    214,500    2,145    -    470,755    -    472,900 
Conversion of debt and interest for common stock   -    -    -    -    -    -    -    -    -    -    -    -    -    -    140,200    1,402    -    349,098    -    350,500 
Issuance of common stock for dividends paid-in-kind   -    -    -    -    -    -    -    -    -    -    -    -    -    -    31,810    318    -    63,938    -    64,256 
Issuance of common stock for interest paid-in-kind   -     -     -     -     -     -     -     -     -     -     -     -     -     -     558,100    5,581    -    1,167,877    -    1,173,458 
Stock issued with debt   -    -    -    -    -    -    -    -    -    -    -    -    -    -    92,000    920    -    141,560    -    142,480 
Warrants issued with debt   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    87,436    -    -    87,436 
Net loss   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (4,239,685)   (4,239,685)
BALANCE, March 31, 2022   300   $3    80,570   $806    10,000   $100    21   $-    3,458   $35    6,880   $68    8,649   $87    10,194,136   $101,942   $31,974,888   $63,867,846   $(120,694,086)  $(24,748,311)
Stock-based compensation   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    32,074    -    32,074 
Stock option exercise   -     -        -    -    -    -    -    -    -     -    -    -     -    25,279    253    -    17,190    -    17,443 
Series AA Preferred Stock dividend   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (431,708)   (431,708)
Issuance of common stock for services   -    -    -    -    -    -    -    -    -    -    -    -    -    -    40,000    400    -    67,400    -    67,800 
Common stock issued for debt extension   -    -    -    -    -    -    -    -    -    -    -    -    -    -    106,400    1,064    -    190,239    -    191,303 
Conversion of preferred stock for common stock   -    -    -    -    -    -    -    -    -    -    -    -    (4)   (1)   4,400    44    -    (43)   -    - 
Issuance of common stock for dividends paid-in-kind   -    -    -    -    -    -    -    -    -    -    -    -    -    -    86,464    865    -    150,156    -    151,021 
Issuance of common stock for interest paid-in-kind   -    -    -    -    -    -    -    -    -    -    -    -    -    -    224,500    2,245    -    386,270    -    388,515 
Stock issued with debt   -    -    -    -    -    -    -    -    -    -    -    -    -    -    22,000    220    -    35,628    -    35,848 
Net loss   -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (2,916,338)   (2,916,338)
BALANCE, June 30, 2022   300   $3    80,570   $806    10,000   $100    21   $-    3,458   $35    6,880   $68