0000830656 false Q3 --12-31 P3Y P5Y 0000830656 2022-01-01 2022-09-30 0000830656 2022-11-18 0000830656 2022-09-30 0000830656 2021-12-31 0000830656 us-gaap:ConvertibleDebtMember 2022-09-30 0000830656 us-gaap:ConvertibleDebtMember 2021-12-31 0000830656 PBIO:RelatedPartyMember 2022-09-30 0000830656 PBIO:RelatedPartyMember 2021-12-31 0000830656 PBIO:SeriesDConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesDConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesGConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesGConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesHConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesHConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesH2ConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesH2ConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesJConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesJConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesKConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesKConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesAAConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesAAConvertiblePreferredStockMember 2021-12-31 0000830656 2022-07-01 2022-09-30 0000830656 2021-07-01 2021-09-30 0000830656 2021-01-01 2021-09-30 0000830656 2020-12-31 0000830656 2021-09-30 0000830656 us-gaap:PreferredStockMember 2021-12-31 0000830656 us-gaap:CommonStockMember 2021-12-31 0000830656 us-gaap:WarrantMember 2021-12-31 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000830656 us-gaap:RetainedEarningsMember 2021-12-31 0000830656 us-gaap:PreferredStockMember 2022-03-31 0000830656 us-gaap:CommonStockMember 2022-03-31 0000830656 us-gaap:WarrantMember 2022-03-31 0000830656 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0000830656 us-gaap:RetainedEarningsMember 2022-03-31 0000830656 2022-03-31 0000830656 us-gaap:PreferredStockMember 2022-06-30 0000830656 us-gaap:CommonStockMember 2022-06-30 0000830656 us-gaap:WarrantMember 2022-06-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0000830656 us-gaap:RetainedEarningsMember 2022-06-30 0000830656 2022-06-30 0000830656 us-gaap:PreferredStockMember 2020-12-31 0000830656 us-gaap:CommonStockMember 2020-12-31 0000830656 us-gaap:WarrantMember 2020-12-31 0000830656 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000830656 us-gaap:RetainedEarningsMember 2020-12-31 0000830656 us-gaap:PreferredStockMember 2021-03-31 0000830656 us-gaap:CommonStockMember 2021-03-31 0000830656 us-gaap:WarrantMember 2021-03-31 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000830656 us-gaap:RetainedEarningsMember 2021-03-31 0000830656 2021-03-31 0000830656 us-gaap:PreferredStockMember 2021-06-30 0000830656 us-gaap:CommonStockMember 2021-06-30 0000830656 us-gaap:WarrantMember 2021-06-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000830656 us-gaap:RetainedEarningsMember 2021-06-30 0000830656 2021-06-30 0000830656 us-gaap:PreferredStockMember 2022-01-01 2022-03-31 0000830656 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0000830656 us-gaap:WarrantMember 2022-01-01 2022-03-31 0000830656 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0000830656 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0000830656 2022-01-01 2022-03-31 0000830656 us-gaap:PreferredStockMember 2022-04-01 2022-06-30 0000830656 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0000830656 us-gaap:WarrantMember 2022-04-01 2022-06-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0000830656 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0000830656 2022-04-01 2022-06-30 0000830656 us-gaap:PreferredStockMember 2022-07-01 2022-09-30 0000830656 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0000830656 us-gaap:WarrantMember 2022-07-01 2022-09-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0000830656 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0000830656 us-gaap:PreferredStockMember 2021-01-01 2021-03-31 0000830656 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0000830656 us-gaap:WarrantMember 2021-01-01 2021-03-31 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0000830656 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0000830656 2021-01-01 2021-03-31 0000830656 us-gaap:PreferredStockMember 2021-04-01 2021-06-30 0000830656 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0000830656 us-gaap:WarrantMember 2021-04-01 2021-06-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0000830656 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0000830656 2021-04-01 2021-06-30 0000830656 us-gaap:PreferredStockMember 2021-07-01 2021-09-30 0000830656 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0000830656 us-gaap:WarrantMember 2021-07-01 2021-09-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0000830656 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0000830656 us-gaap:PreferredStockMember 2022-09-30 0000830656 us-gaap:CommonStockMember 2022-09-30 0000830656 us-gaap:WarrantMember 2022-09-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0000830656 us-gaap:RetainedEarningsMember 2022-09-30 0000830656 us-gaap:PreferredStockMember 2021-09-30 0000830656 us-gaap:CommonStockMember 2021-09-30 0000830656 us-gaap:WarrantMember 2021-09-30 0000830656 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0000830656 us-gaap:RetainedEarningsMember 2021-09-30 0000830656 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2022-01-01 0000830656 PBIO:NexityGlobalSAMember 2022-01-01 2022-09-30 0000830656 PBIO:NexityGlobalSAMember 2022-09-30 0000830656 srt:NorthAmericaMember 2022-07-01 2022-09-30 0000830656 srt:NorthAmericaMember 2021-07-01 2021-09-30 0000830656 srt:NorthAmericaMember 2022-01-01 2022-09-30 0000830656 srt:NorthAmericaMember 2021-01-01 2021-09-30 0000830656 srt:EuropeMember 2022-07-01 2022-09-30 0000830656 srt:EuropeMember 2021-07-01 2021-09-30 0000830656 srt:EuropeMember 2022-01-01 2022-09-30 0000830656 srt:EuropeMember 2021-01-01 2021-09-30 0000830656 srt:AsiaMember 2022-07-01 2022-09-30 0000830656 srt:AsiaMember 2021-07-01 2021-09-30 0000830656 srt:AsiaMember 2022-01-01 2022-09-30 0000830656 srt:AsiaMember 2021-01-01 2021-09-30 0000830656 PBIO:HardwareMember 2022-07-01 2022-09-30 0000830656 PBIO:HardwareMember 2021-07-01 2021-09-30 0000830656 PBIO:HardwareMember 2022-01-01 2022-09-30 0000830656 PBIO:HardwareMember 2021-01-01 2021-09-30 0000830656 PBIO:ConsumablesMember 2022-07-01 2022-09-30 0000830656 PBIO:ConsumablesMember 2021-07-01 2021-09-30 0000830656 PBIO:ConsumablesMember 2022-01-01 2022-09-30 0000830656 PBIO:ConsumablesMember 2021-01-01 2021-09-30 0000830656 PBIO:ContractResearchServicesMember 2022-07-01 2022-09-30 0000830656 PBIO:ContractResearchServicesMember 2021-07-01 2021-09-30 0000830656 PBIO:ContractResearchServicesMember 2022-01-01 2022-09-30 0000830656 PBIO:ContractResearchServicesMember 2021-01-01 2021-09-30 0000830656 PBIO:SamplePreparationAccessoriesMember 2022-07-01 2022-09-30 0000830656 PBIO:SamplePreparationAccessoriesMember 2021-07-01 2021-09-30 0000830656 PBIO:SamplePreparationAccessoriesMember 2022-01-01 2022-09-30 0000830656 PBIO:SamplePreparationAccessoriesMember 2021-01-01 2021-09-30 0000830656 PBIO:TechnicalSupportExtendedServiceContractsMember 2022-07-01 2022-09-30 0000830656 PBIO:TechnicalSupportExtendedServiceContractsMember 2021-07-01 2021-09-30 0000830656 PBIO:TechnicalSupportExtendedServiceContractsMember 2022-01-01 2022-09-30 0000830656 PBIO:TechnicalSupportExtendedServiceContractsMember 2021-01-01 2021-09-30 0000830656 PBIO:AgrochemProductsMember 2022-07-01 2022-09-30 0000830656 PBIO:AgrochemProductsMember 2021-07-01 2021-09-30 0000830656 PBIO:AgrochemProductsMember 2022-01-01 2022-09-30 0000830656 PBIO:AgrochemProductsMember 2021-01-01 2021-09-30 0000830656 us-gaap:ShippingAndHandlingMember 2022-07-01 2022-09-30 0000830656 us-gaap:ShippingAndHandlingMember 2021-07-01 2021-09-30 0000830656 us-gaap:ShippingAndHandlingMember 2022-01-01 2022-09-30 0000830656 us-gaap:ShippingAndHandlingMember 2021-01-01 2021-09-30 0000830656 PBIO:OthersMember 2022-07-01 2022-09-30 0000830656 PBIO:OthersMember 2021-07-01 2021-09-30 0000830656 PBIO:OthersMember 2022-01-01 2022-09-30 0000830656 PBIO:OthersMember 2021-01-01 2021-09-30 0000830656 us-gaap:TransferredAtPointInTimeMember 2022-07-01 2022-09-30 0000830656 us-gaap:TransferredAtPointInTimeMember 2021-07-01 2021-09-30 0000830656 us-gaap:TransferredAtPointInTimeMember 2022-01-01 2022-09-30 0000830656 us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-09-30 0000830656 us-gaap:TransferredOverTimeMember 2022-07-01 2022-09-30 0000830656 us-gaap:TransferredOverTimeMember 2021-07-01 2021-09-30 0000830656 us-gaap:TransferredOverTimeMember 2022-01-01 2022-09-30 0000830656 us-gaap:TransferredOverTimeMember 2021-01-01 2021-09-30 0000830656 PBIO:TwoThousandAndTwentyTwoMember 2022-09-30 0000830656 PBIO:TwoThousandAndTwentyThreeMember 2022-09-30 0000830656 PBIO:TopFiveCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2022-07-01 2022-09-30 0000830656 PBIO:TopFiveCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2021-07-01 2021-09-30 0000830656 PBIO:TopFiveCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2022-01-01 2022-09-30 0000830656 PBIO:TopFiveCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2021-01-01 2021-09-30 0000830656 PBIO:FederalAgenciesMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2022-07-01 2022-09-30 0000830656 PBIO:FederalAgenciesMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2021-07-01 2021-09-30 0000830656 PBIO:FederalAgenciesMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2022-01-01 2022-09-30 0000830656 PBIO:FederalAgenciesMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2021-01-01 2021-09-30 0000830656 PBIO:TopFiveCustomersMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2022-01-01 2022-09-30 0000830656 PBIO:TopFiveCustomersMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2021-01-01 2021-12-31 0000830656 PBIO:FederalAgenciesMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2022-01-01 2022-09-30 0000830656 PBIO:FederalAgenciesMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2021-01-01 2021-12-31 0000830656 PBIO:EmployeeStockOptionsMember 2022-01-01 2022-09-30 0000830656 PBIO:EmployeeStockOptionsMember 2021-01-01 2021-09-30 0000830656 us-gaap:ConvertibleDebtSecuritiesMember 2022-01-01 2022-09-30 0000830656 us-gaap:ConvertibleDebtSecuritiesMember 2021-01-01 2021-09-30 0000830656 PBIO:CommonStockWarrantsMember 2022-01-01 2022-09-30 0000830656 PBIO:CommonStockWarrantsMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesDConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesDConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesGConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesGConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesHConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesHConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesHTwoConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesHTwoConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesJConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesJConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesKConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesKConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 PBIO:SeriesAAConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesAAConvertiblePreferredStockMember 2021-01-01 2021-09-30 0000830656 us-gaap:CostOfSalesMember 2022-07-01 2022-09-30 0000830656 us-gaap:CostOfSalesMember 2021-07-01 2021-09-30 0000830656 us-gaap:CostOfSalesMember 2022-01-01 2022-09-30 0000830656 us-gaap:CostOfSalesMember 2021-01-01 2021-09-30 0000830656 us-gaap:ResearchAndDevelopmentExpenseMember 2022-07-01 2022-09-30 0000830656 us-gaap:ResearchAndDevelopmentExpenseMember 2021-07-01 2021-09-30 0000830656 us-gaap:ResearchAndDevelopmentExpenseMember 2022-01-01 2022-09-30 0000830656 us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-09-30 0000830656 us-gaap:SellingAndMarketingExpenseMember 2022-07-01 2022-09-30 0000830656 us-gaap:SellingAndMarketingExpenseMember 2021-07-01 2021-09-30 0000830656 us-gaap:SellingAndMarketingExpenseMember 2022-01-01 2022-09-30 0000830656 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-09-30 0000830656 us-gaap:GeneralAndAdministrativeExpenseMember 2022-07-01 2022-09-30 0000830656 us-gaap:GeneralAndAdministrativeExpenseMember 2021-07-01 2021-09-30 0000830656 us-gaap:GeneralAndAdministrativeExpenseMember 2022-01-01 2022-09-30 0000830656 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 0000830656 us-gaap:EquitySecuritiesMember 2022-09-30 0000830656 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000830656 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2022-09-30 0000830656 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000830656 us-gaap:FairValueInputsLevel1Member 2022-09-30 0000830656 us-gaap:FairValueInputsLevel2Member 2022-09-30 0000830656 us-gaap:FairValueInputsLevel3Member 2022-09-30 0000830656 us-gaap:EquitySecuritiesMember 2021-12-31 0000830656 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000830656 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0000830656 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000830656 us-gaap:FairValueInputsLevel1Member 2021-12-31 0000830656 us-gaap:FairValueInputsLevel2Member 2021-12-31 0000830656 us-gaap:FairValueInputsLevel3Member 2021-12-31 0000830656 PBIO:CorporateOfficeMember 2022-01-01 2022-09-30 0000830656 PBIO:MedfordLeaseMember 2022-01-01 2022-09-30 0000830656 PBIO:MedfordLeaseMember 2022-09-30 0000830656 PBIO:SparksLeaseMember 2021-08-08 2021-08-09 0000830656 PBIO:SparksLeaseMember 2022-09-30 0000830656 PBIO:BattelleMemorialInstituteMember 2014-01-01 2014-12-31 0000830656 PBIO:BattelleMemorialInstituteMember 2015-01-01 2015-12-31 0000830656 PBIO:BattelleMemorialInstituteMember 2016-01-01 2016-12-31 0000830656 PBIO:BattelleMemorialInstituteMember 2017-01-01 2017-12-31 0000830656 PBIO:BattelleMemorialInstituteMember 2018-01-01 2018-12-31 0000830656 PBIO:TargetDiscoveryIncMember 2012-04-01 2012-04-30 0000830656 PBIO:TargetDiscoveryIncMember 2021-01-01 2021-12-31 0000830656 PBIO:TargetDiscoveryIncMember 2022-01-01 2022-09-30 0000830656 PBIO:TargetDiscoveryIncMember 2021-01-01 2021-09-30 0000830656 us-gaap:ConvertibleDebtMember 2022-01-01 2022-09-30 0000830656 srt:MinimumMember us-gaap:ConvertibleDebtMember 2022-01-01 2022-09-30 0000830656 srt:MaximumMember us-gaap:ConvertibleDebtMember 2022-01-01 2022-09-30 0000830656 srt:MinimumMember us-gaap:ConvertibleDebtMember 2022-09-30 0000830656 srt:MaximumMember us-gaap:ConvertibleDebtMember 2022-09-30 0000830656 us-gaap:ConvertibleCommonStockMember us-gaap:ConvertibleDebtMember 2022-09-30 0000830656 PBIO:OneLenderMember 2022-09-30 0000830656 PBIO:LenderMember 2022-09-30 0000830656 PBIO:ConvertibleDebenturesAndOtherConvertibleNotesMember 2022-09-30 0000830656 PBIO:StandstillAndForbearanceAgreementsMember 2022-09-30 0000830656 PBIO:StandstillAndForbearanceAgreementsMember 2022-07-01 2022-09-30 0000830656 PBIO:StandstillAndForbearanceAgreementsMember 2022-01-01 2022-09-30 0000830656 PBIO:NewLoanMember 2022-09-30 0000830656 PBIO:NewLoanMember 2022-01-01 2022-09-30 0000830656 srt:MinimumMember PBIO:MerchantAgreementsMember 2022-09-30 0000830656 srt:MaximumMember PBIO:MerchantAgreementsMember 2022-09-30 0000830656 PBIO:ShortTermNonConvertibleLoanMember 2022-09-30 0000830656 PBIO:ShortTermNonConvertibleLoanMember srt:MinimumMember 2022-09-30 0000830656 PBIO:ShortTermNonConvertibleLoanMember srt:MaximumMember 2022-09-30 0000830656 PBIO:ShortTermNonConvertibleLoanMember 2022-01-01 2022-09-30 0000830656 PBIO:EconomicInjuryDisasterLoanProgramMember 2022-09-30 0000830656 PBIO:EconomicInjuryDisasterLoanProgramMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesOneMember 2022-09-30 0000830656 PBIO:ConvertibleNotesOneMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesEightMember 2022-09-30 0000830656 PBIO:ConvertibleNotesEightMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesNineMember 2022-09-30 0000830656 PBIO:ConvertibleNotesNineMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesElevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesElevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwelveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwelveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirteenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirteenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourteenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourteenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFifteenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFifteenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixteenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixteenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventeenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventeenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesEighteenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesEighteenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesNineteenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesNineteenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyOneMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyOneMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentySixMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentySixMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentySevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentySevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyEightMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyEightMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyNineMember 2022-09-30 0000830656 PBIO:ConvertibleNotesTwentyNineMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyOneMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyOneMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtySixMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtySixMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtySevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtySevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyEightMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyEightMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyNineMember 2022-09-30 0000830656 PBIO:ConvertibleNotesThirtyNineMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyOneMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyOneMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtySixMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtySixMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtySevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtySevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyEightMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyEightMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyNineMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFourtyNineMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyOneMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyOneMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftySixMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftySixMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftySevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftySevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyEightMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyEightMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyNineMember 2022-09-30 0000830656 PBIO:ConvertibleNotesFiftyNineMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtySixMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtySixMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtySevenMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtySevenMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyEightMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyEightMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyNineMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSixtyNineMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyOneMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyOneMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyTwoMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyThreeMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyFourMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyFourMember 2022-01-01 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyFiveMember 2022-09-30 0000830656 PBIO:ConvertibleNotesSeventyFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:FixedRateConvertibleNotesMember 2022-09-30 0000830656 PBIO:FixedRateConvertibleNotesMember 2022-01-01 2022-09-30 0000830656 PBIO:PBIAgrochemIncMember 2022-01-01 2022-09-30 0000830656 srt:ChiefExecutiveOfficerMember 2022-01-01 2022-09-30 0000830656 us-gaap:LoansMember 2022-09-30 0000830656 PBIO:NineLoansMember 2022-01-01 2022-09-30 0000830656 PBIO:NineLoansMember us-gaap:CommonStockMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorOneMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorOneMember 2021-01-01 2021-12-31 0000830656 PBIO:AccreditedInvestorOneMember 2021-12-31 0000830656 PBIO:AccreditedInvestorTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorTwoMember 2021-01-01 2021-12-31 0000830656 PBIO:AccreditedInvestorTwoMember 2021-12-31 0000830656 PBIO:OnDeckCapitalMember 2022-01-01 2022-09-30 0000830656 PBIO:OnDeckCapitalMember 2021-01-01 2021-12-31 0000830656 PBIO:OnDeckCapitalMember 2021-12-31 0000830656 2021-01-01 2021-12-31 0000830656 PBIO:PrivateInvestorsMember PBIO:NotesTwoMember 2022-09-30 0000830656 us-gaap:WarrantMember PBIO:NotesTwoMember PBIO:PrivateInvestorsMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsOneMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsOneMember 2022-09-30 0000830656 PBIO:MerchantAgreementsTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsTwoMember 2022-09-30 0000830656 PBIO:MerchantAgreementsThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsThreeMember 2022-09-30 0000830656 PBIO:MerchantAgreementsFourMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsFourMember 2022-09-30 0000830656 PBIO:MerchantAgreementsFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsFiveMember 2022-09-30 0000830656 PBIO:MerchantAgreementsSixMember 2022-01-01 2022-09-30 0000830656 PBIO:MerchantAgreementsSixMember 2022-09-30 0000830656 PBIO:MerchantAgreementsOneMember 2021-01-01 2021-12-31 0000830656 PBIO:MerchantAgreementsOneMember 2021-12-31 0000830656 PBIO:MerchantAgreementsTwoMember 2021-01-01 2021-12-31 0000830656 PBIO:MerchantAgreementsTwoMember 2021-12-31 0000830656 PBIO:CandySchumacherMember 2022-01-01 2022-09-30 0000830656 PBIO:CandySchumacherMember 2021-01-01 2021-12-31 0000830656 PBIO:CandySchumacherMember 2021-12-31 0000830656 PBIO:JeffPetersonMember 2022-01-01 2022-09-30 0000830656 PBIO:JeffPetersonMember 2021-01-01 2021-12-31 0000830656 PBIO:JeffPetersonMember 2021-12-31 0000830656 PBIO:RichardSchumacherMember 2022-01-01 2022-09-30 0000830656 PBIO:RichardSchumacherMember 2021-01-01 2021-12-31 0000830656 PBIO:RichardSchumacherMember 2021-12-31 0000830656 PBIO:AccreditedInvestorThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorThreeMember 2021-01-01 2021-12-31 0000830656 PBIO:AccreditedInvestorThreeMember 2021-12-31 0000830656 PBIO:AccreditedInvestorFourMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorFourMember 2021-01-01 2021-12-31 0000830656 PBIO:AccreditedInvestorFourMember 2021-12-31 0000830656 PBIO:RelatedPartyMember 2022-01-01 2022-09-30 0000830656 PBIO:RelatedPartyMember 2021-01-01 2021-12-31 0000830656 us-gaap:PreferredStockMember 2022-09-30 0000830656 PBIO:TwoThousandAndTwentyOneEquityIncentivePlanMember 2021-12-30 0000830656 PBIO:TwoThousandAndTwentyOneEquityIncentivePlanMember 2022-09-30 0000830656 PBIO:UnvestedStockBasedAwardsMember 2022-09-30 0000830656 PBIO:UnvestedStockBasedAwardsMember 2022-01-01 2022-09-30 0000830656 PBIO:StockOptionsMember 2022-09-30 0000830656 PBIO:StockOptionsMember 2022-01-01 2022-09-30 0000830656 us-gaap:CommonStockMember PBIO:FiveLoansMember 2022-07-01 2022-09-30 0000830656 us-gaap:CommonStockMember PBIO:FiveLoansMember 2022-01-01 2022-09-30 0000830656 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorAndConsultantsMember 2022-01-01 2022-09-30 0000830656 PBIO:DebtSettlementMember 2022-01-01 2022-09-30 0000830656 PBIO:IssuedForServicesRenderedMember 2022-01-01 2022-09-30 0000830656 PBIO:DebtExtensionMember 2022-01-01 2022-09-30 0000830656 PBIO:ConversionOfDebtMember 2022-01-01 2022-09-30 0000830656 PBIO:SeriesAAConvertiblePreferredStockMember 2022-01-01 2022-09-30 0000830656 us-gaap:PaymentInKindPIKNoteMember 2022-01-01 2022-09-30 0000830656 PBIO:NewConversionDebtMember 2022-01-01 2022-09-30 0000830656 PBIO:DividendsPaidInKindMember 2022-01-01 2022-09-30 0000830656 PBIO:AccreditedInvestorAndConsultantsMember 2021-01-01 2021-09-30 0000830656 us-gaap:PaymentInKindPIKNoteMember 2021-01-01 2021-09-30 0000830656 PBIO:IssuedForServicesRenderedMember 2021-01-01 2021-09-30 0000830656 PBIO:DebtExtensionMember 2021-01-01 2021-09-30 0000830656 PBIO:DebtSettlementMember 2021-01-01 2021-09-30 0000830656 PBIO:LenderMember 2021-09-30 0000830656 PBIO:DividendsPaidInKindMember 2021-01-01 2021-09-30 0000830656 PBIO:ConversionOfDebtMember 2021-01-01 2021-09-30 0000830656 PBIO:NewConversionDebtMember us-gaap:WarrantMember 2021-09-30 0000830656 us-gaap:WarrantMember 2022-01-01 2022-09-30 0000830656 us-gaap:WarrantMember srt:MinimumMember 2022-01-01 2022-09-30 0000830656 us-gaap:WarrantMember srt:MaximumMember 2022-01-01 2022-09-30 0000830656 PBIO:NewConversionDebtMember us-gaap:WarrantMember 2022-09-30 0000830656 PBIO:NewConversionDebtMember us-gaap:WarrantMember 2022-01-01 2022-09-30 0000830656 PBIO:ProfessionalServicesMember 2022-01-01 2022-09-30 0000830656 us-gaap:WarrantMember 2021-01-01 2021-09-30 0000830656 us-gaap:WarrantMember srt:MinimumMember 2021-01-01 2021-09-30 0000830656 us-gaap:WarrantMember srt:MaximumMember 2021-01-01 2021-09-30 0000830656 us-gaap:WarrantMember srt:MinimumMember 2021-09-30 0000830656 us-gaap:WarrantMember srt:MaximumMember 2021-09-30 0000830656 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0000830656 us-gaap:CommonStockMember PBIO:SecuritiesPurchaseAgreementsMember 2021-01-01 2021-09-30 0000830656 us-gaap:CommonStockMember PBIO:SecuritiesPurchaseAgreementsMember 2021-09-30 0000830656 PBIO:SecuritiesPurchaseAgreementsMember 2021-01-01 2021-09-30 0000830656 PBIO:SecuritiesPurchaseAgreementsMember 2021-09-30 0000830656 PBIO:SeriesAJuniorParticipatingPreferredStockMember 2022-09-30 0000830656 PBIO:SeriesAJuniorParticipatingPreferredStockMember 2021-12-31 0000830656 PBIO:SeriesAConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesAConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesBConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesBConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesCConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesCConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:SeriesEConvertiblePreferredStockMember 2022-09-30 0000830656 PBIO:SeriesEConvertiblePreferredStockMember 2021-12-31 0000830656 PBIO:StockOptionsMember 2021-12-31 0000830656 PBIO:LoansOneMember 2022-01-01 2022-09-30 0000830656 PBIO:LoansOneMember 2022-09-30 0000830656 PBIO:LoansTwoMember 2022-01-01 2022-09-30 0000830656 PBIO:LoansTwoMember 2022-09-30 0000830656 PBIO:LoansThreeMember 2022-01-01 2022-09-30 0000830656 PBIO:LoansThreeMember 2022-09-30 0000830656 PBIO:LoansFourMember 2022-01-01 2022-09-30 0000830656 PBIO:LoansFourMember 2022-09-30 0000830656 PBIO:LoansFiveMember 2022-01-01 2022-09-30 0000830656 PBIO:LoansFiveMember 2022-09-30 0000830656 us-gaap:SubsequentEventMember 2022-10-01 2022-11-18 0000830656 us-gaap:SubsequentEventMember PBIO:NewMerchantCashLoanAgreementMember 2022-10-01 2022-11-18 0000830656 us-gaap:SubsequentEventMember PBIO:NewMerchantCashLoanAgreementMember 2022-10-18 0000830656 us-gaap:SubsequentEventMember PBIO:NewMerchantCashLoanAgreementMember 2022-11-18 0000830656 us-gaap:SubsequentEventMember PBIO:NewMerchantCashLoanAgreementMember 2022-10-24 0000830656 us-gaap:SubsequentEventMember PBIO:NewMerchantCashLoanAgreementMember 2022-10-05 0000830656 us-gaap:SubsequentEventMember PBIO:NewMerchantCashLoanAgreementMember 2022-10-04 2022-10-05 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure PBIO:Integer

 

 

 

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, 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 November 18, 2022 was 11,068,187.

 

 

 

 

 

 

TABLE OF CONTENTS

 

  Page
   
PART I - FINANCIAL INFORMATION 3
   
Item 1. Unaudited Financial Statements 3
   
Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 3
   
Consolidated Statements of Operations for the Three and Nine months Ended September 30, 2022 and 2021 4
   
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 5
   
Consolidated Statements of Changes in Stockholders’ Deficit for the Three and Nine Months Ended September 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 24
   
Item 3. Quantitative and Qualitative Disclosure About Market Risk 28
   
Item 4. Controls and Procedures 28
   
PART II - OTHER INFORMATION 29
   
Item 1. Legal Proceedings 29
   
Item 1A. Risk Factors 29
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30
   
Item 3. Defaults Upon Senior Securities 30
   
Item 4. Mine Safety Disclosures 30
   
Item 5. Other Information 30
   
Item 6. Exhibits 30
   
SIGNATURES 31

 

2
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   September 30, 2022 (Unaudited)   December 31, 2021 (Audited) 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $230,880   $132,311 
Accounts receivable   166,314    154,746 
Inventories, net of $342,496 reserve at September 30,2022 and December 31, 2021   1,386,527    1,147,554 
Prepaid expenses and other current assets   218,476    422,617 
Total current assets   2,002,197    1,857,228 
Investment in equity securities   51,929    59,976 
Property and equipment, net   111,884    115,846 
Right of use asset leases   313,564    395,565 
Intangible assets, net   360,577    403,846 
TOTAL ASSETS  $2,840,151   $2,832,461 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES          
Accounts payable  $608,054   $527,924 
Accrued employee compensation   221,938    117,680 
Accrued professional fees and other   2,435,910    1,955,672 
Accrued interest and dividends payable   9,929,179    7,757,217 
Deferred revenue   127,091    37,124 
Convertible debt, net of unamortized debt discounts of $434,313 and $1,536,649, respectively   16,708,661    12,839,813 
Other debt, net of unamortized discounts of $0 and $0, respectively   1,555,775    1,256,840 
Related party, net of unamortized debt discount of $19,149 and $0, respectively   565,501    - 
Operating lease liability   141,649    132,996 
Total current liabilities   32,293,758    24,625,266 
LONG TERM LIABILITIES          
Long term debt   150,000    150,000 
Operating lease liability – long term   171,915    262,569 
Deferred revenue   -    3,587 
TOTAL LIABILITIES   32,615,673    25,041,422 
COMMITMENTS AND CONTINGENCIES (Notes 4)   -       
STOCKHOLDERS’ DEFICIT          
Series D, G, H, H2, J, K, AA Convertible Preferred Stock, $.01 par value (Note 6)   1,098    1,099 
Common stock, $.01 par value; 100,000,000 shares authorized; 12,220,611 and 9,120,526 shares issued and outstanding on September 30, 2022 and December 31, 2021, respectively   122,207    91,206 
Warrants to acquire common stock   31,995,762    31,715,154 
Additional paid-in capital   67,041,489    64,261,048 
Accumulated deficit   (128,936,078)   (118,277,468)
Total stockholders’ deficit   (29,775,522)   (22,208,961)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $2,840,151   $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)

 

   2022   2021   2022   2021 
   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2022   2021   2022   2021 
Revenue:                    
Products, services, other  $144,032   $518,365   $1,122,169   $1,687,166 
Total revenue   144,032    518,365    1,122,169    1,687,166 
                     
Costs and expenses:                    
Cost of products and services   126,203    258,170    742,707    771,105 
Research and development   262,370    282,622    716,685    839,072 
Selling and marketing   226,526    66,068    422,422    252,209 
General and administrative   892,293    1,154,063    2,591,644    2,788,779 
Total operating costs   1,507,392    1,760,923    4,473,458    4,651,165 
Operating loss   (1,363,360)   (1,242,558)   (3,351,289)   (2,963,999)
                     
Other (expense) income:                    
Interest expense, net   (2,034,021)   (3,330,101)   (6,448,771)   (11,524,306)
Unrealized (loss) gain on investment in equity securities   (8,675)   (162,071)   (8,047)   (404,451)
Gain (loss) on extinguishment of liabilities   (1,054,122)   (277,010)   (1,809,249)   (1,500,395)
Other income (expense)   (2,059)   60,627    (904)   119,280 
Total other expense   (3,098,877)   (3,708,555)   (8,266,971)   (13,309,872)
Net loss   (4,462,237)   (4,951,113)   (11,618,260)   (16,273,871)
Deemed dividends on beneficial conversion feature   -    (815,914)   -    (873,798)
Preferred stock dividends   (431,709)   (432,149)   (1,295,566)   (1,239,535)
Net loss attributable to common shareholders  $(4,893,946)  $(6,199,176)  $(12,913,826)  $(18,387,204)
                     
Basic and diluted net loss per share attributable to common shareholders  $(0.44)  $(0.82)  $(1.24)  $(3.02)
Weighted average common shares outstanding used in the basic and diluted net loss per share calculation   11,131,742    7,561,728    10,429,817    6,083,017 

 

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)

 

   2022   2021 
   For the Nine Months Ended
September 30,
 
   2022   2021 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(11,618,260)  $(16,273,871)
Adjustments to reconcile net loss to net cash used in operating activities:          
Gain on loan forgiveness   (10,000)   (367,039)
Non-cash lease expense   82,001    48,158 
Common stock and warrants issued for interest and extension fees   2,196,278    6,208,696 
Depreciation and amortization   67,985    83,531 
Accretion of interest and amortization of debt discount   1,777,863    5,308,424 
Loss on extinguishment of accrued liabilities and debt   1,809,249    23,004 
Stock-based compensation expense   128,984    219,943 
Loss on investment in equity securities   8,047    404,451 
Common stock and warrants issued for services   367,370    579,512 
Changes in operating assets and liabilities:          
Accounts receivable   (11,568)   (407,404)
Inventories   (238,973)   (203,651)
Prepaid expenses and other assets   204,141    (306,024)
Accounts payable   80,130    (336,675)
Accrued employee compensation   104,258    39,801 
Operating lease liability   (82,001)   (48,158)
Deferred revenue and other accrued expenses   2,083,239    943,400 
Net cash used in operating activities   (3,051,257)   (4,083,902)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchases of property plant and equipment   (20,754)   (4,503)
Net cash used in investing activities   (20,754)   (4,503)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net proceeds from Series AA Convertible Preferred Stock   -    1,015,000 
Proceeds from stock option exercises   17,443    14,773 
Net proceeds from convertible debt   3,428,249    5,054,500 
Net proceeds from non-convertible debt - third party   1,815,000    1,610,688 
Net proceeds from non-convertible debt - related party   762,500    194,600 
Payments on convertible debt   (1,086,946)   (1,608,295)
Payments on non-convertible debt - related party   (259,600)   (256,600)
Payments on non-convertible debt   (1,506,066)   (1,291,150)
Net cash provided by financing activities  $3,170,580   $4,733,516 
           
NET INCREASE IN CASH AND CASH EQUIVALENTS   98,569    645,111 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR   132,311    18,540 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $230,880   $663,651 
           
SUPPLEMENTAL INFORMATION          
Interest paid in cash  $938,451   $802,084 
NON CASH TRANSACTIONS:          
Common stock issued for non-cash warrant exercise   -    363 
Early adoption of ASU 2020-06 adoption   473,027    - 
Common stock issued with debt   512,593    551,198 
Discount from warrants issued with debt   93,576    1,403,546 
Common stock issued in lieu of cash for dividend   306,333    114,298 
Preferred stock dividends   1,295,566    1,239,535 
Conversion of debt and interest into common stock   350,500    2,589,990 
Discount due to beneficial conversion feature   -    1,231,528 
Deemed dividend - beneficial conversion feature   -    873,798 
Conversion of accrued liabilities and debt for Series AA preferred stock   -    500,250 
Conversion of preferred stock into 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)

 

For the nine months ended September 30, 2022

 

   Shares   Amount   Shares   Amount   Warrants   Capital   Deficit   Deficit 
   Combined Preferred Stock   Common Stock   Stock  

Additional

Paid In

   Accumulated   Total Stockholders’ 
   Shares   Amount   Shares   Amount   Warrants   Capital   Deficit   Deficit 
                                 
BALANCE, December 31, 2021   109,878   $1,099    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   109,878   $1,099    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   109,874   $1,098    10,703,179   $107,033   $31,974,888   $64,746,760   $(124,042,132)  $(27,212,353)
Stock-based compensation   -    -    -    -    -    32,427    -    32,427 
Issuance of common stock for interest paid-in-kind   -    -    389,500    3,895    -    630,410    -    634,305 
Issuance of common stock for dividends paid-in-kind   -    -    52,032    520    -    90,536    -    91,056 
Issuance of common stock for services   -    -    113,500    1,135    -    166,240    -    167,375 
Series AA Preferred Stock dividend   -    -    -    -    -    -    (431,709)   (431,709)
Common stock issued for debt extension   -    -    707,900    7,079    -    1,043,396    -    1,050,475 
Warrants issued for services   -    -    -    -    14,734    -    -    14,734 
Stock issued with debt   -    -    254,500    2,545    -    331,720    -    334,265 
Stock warrants issued   -    -    -    -    6,140    -   -    6,140 
Net loss   -    -    -    -    -    -    (4,462,237)   (4,462,237)
BALANCE, September 30, 2022   109,874   $1,098    12,220,611   $122,207   $31,995,762   $67,041,489   $(128,936,078)  $(29,775,522)

 

6
 

 

For the nine months ended September 30, 2021:

 

   Combined Preferred Stock   Common Stock   Stock   Additional Paid In   Accumulated   Total Stockholders’ 
   Shares   Amount   Shares   Amount   Warrants   Capital   Deficit   Deficit 
BALANCE, December 31, 2020   109,272   $1,093    4,168,324   $41,683   $29,192,471   $50,312,968   $(96,465,807)  $(16,917,592)
Stock-based compensation   -    -    -    -    -    61,237    -    61,237 
Stock option exercise   -    -    21,411    214    -    14,559    -    14,773 
Series AA Preferred Stock dividend   -    -    -    -    -    -    (403,215)   (403,215)
Issuance of common stock warrants for interest and paid-in-kind   -    -    -    -    600,298    -    -    600,298