Pressure BioSciences, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition.

Schedule of Disaggregation of Revenue

In thousands of US dollars ($)	Three Months Ended June 30,				Six Months Ended June 30,
Primary geographical markets	2022		2021		2022		2021
North America	$	253	$	477	$	571	$	685
Europe		2		103		48		187
Asia		243		29		359		297
	$	498	$	609	$	978	$	1,169

		1		2		3		4
	Three Months Ended June 30,				Six Months Ended June 30,
Major products/services lines	2022		2021		2022		2021
Hardware	$	247	$	336	$	531	$	713
Consumables		76		44		116		146
Contract research services		110		136		125		142
Sample preparation accessories		21		40		52		69
Technical support/extended service contracts		36		34		53		58
Agrochem Products		-		-		83		-
Shipping and handling		8		16		18		35
Other		-		3		-		6
Revenue	$	498	$	609	$	978	$	1,169

		1		2		3		4
	Three Months Ended June 30,				Six Months Ended June 30,
Timing of revenue recognition	2022		2021		2022		2021
Products transferred at a point in time	$	352	$	440	$	800	$	969
Services transferred over time		146		169		178		200
Revenue	$	498	$	609	$	978	$	1,169

Schedule of Contract Balances

Contract balances

Schedule of Contract Balances

Contract		32		41
In thousands of US dollars ($)	June 30, 2022		December 31, 2021
Receivables, which are included in ‘Accounts Receivable’	$	317	$	155
Contract liabilities (deferred revenue)		32		41

Schedule of Future Related to Performance Obligations

In thousands of US dollars ($)		2022				2023				Total
Extended warranty service		$	32			$	-			$	32

Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration as a percentage of total revenues during the three and six months ended June 30, 2022 and 2021.

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Top Five Customers		69	%		50	%		61	%		50	%
Federal Agencies		0	%		14	%		0	%		8	%

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of June 30, 2022 and December 31, 2021. The Top Five Customers category may include federal agency receivable balances if applicable.

	June 30, 2022			December 31, 2021
Top Five Customers		92	%		82	%
Federal Agencies		0	%		5	%

Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three and six months ended June 30, 2022 and 2021:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Numerator:
Net loss attributable to common stockholders	$	(3,348,046	)	$	(5,149,342	)	$	(8,019,880	)	$	(12,188,028	)

Denominator for basic and diluted loss per share:
Weighted average common stock shares outstanding		10,462,520			5,748,711			10,029,068			5,312,172

Loss per common share – basic and diluted	$	(0.32	)	$	(0.90	)	$	(0.80	)	$	(2.29	)

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share


	As of June 30,
	2022		2021
Stock options		1,307,822		1,350,046
Convertible debt		6,102,145		5,083,187
Common stock warrants		16,287,936		15,703,807
Convertible preferred stock:
Series D Convertible Preferred Stock		25,000		25,000
Series G Convertible Preferred Stock		26,857		26,857
Series H Convertible Preferred Stock		33,334		33,334
Series H2 Convertible Preferred Stock		70,000		70,000
Series J Convertible Preferred Stock		115,267		115,267
Series K Convertible Preferred Stock		229,334		229,334
Series AA Convertible Preferred Stock		8,645,000		8,083,000
Total potentially dilutive shares		32,842,695		30,719,832

Schedule of Stock Based Compensation Expense

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Cost of sales	$	2,161	$	5,107	$	6,510	$	10,160
Research and development		9,395		26,491		28,304		52,353
Selling and marketing		4,533		5,887		13,583		10,482
General and administrative		15,985		25,973		48,160		51,700
Total stock-based compensation expense	$	32,074	$	63,458	$	96,557	$	124,695

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2022:

			Fair value measurements at June 30, 2022 using:
	June 30, 2022		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Equity Securities	$	60,604	$	60,604		-		-
Total Financial Assets	$	60,604	$	60,604	$	-	$	-

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021:

			Fair value measurements at December 31, 2021 using:
	December 31, 2021		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Equity Securities		59,976		59,976		-		-
Total Financial Assets	$	59,976	$	59,976	$	-	$	-

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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