Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
Edward
H. Myles, Senior Vice President of Finance & CFO
|
(508)
230-1828 (T)
|
Consolidated
Statements of Operations
|
|||||||
For
the Three Months Ended
|
|||||||
March
31,
|
|||||||
2008
|
2007
|
||||||
REVENUE:
|
|||||||
PCT
Products, services, other
|
$
|
81,473
|
$
|
37,943
|
|||
Grant
revenue
|
50,903
|
93,678
|
|||||
Total
revenue
|
132,376
|
131,621
|
|||||
COSTS
AND EXPENSES:
|
|||||||
Cost
of PCT products and services
|
48,449
|
31,654
|
|||||
Research
and development
|
490,931
|
461,532
|
|||||
Selling
and marketing
|
463,161
|
256,530
|
|||||
General
and administrative
|
501,248
|
481,082
|
|||||
Total
operating costs and expenses
|
1,503,789
|
1,230,798
|
|||||
Operating
loss from continuing operations
|
(1,371,413
|
)
|
(1,099,177
|
)
|
|||
OTHER
INCOME:
|
|||||||
Realized
gain on securities available for sale
|
-
|
727,473
|
|||||
Interest
income
|
30,308
|
71,602
|
|||||
Total
other income
|
30,308
|
799,075
|
|||||
Loss
before income taxes
|
(1,341,105
|
)
|
(300,102
|
)
|
|||
Income
taxes from continuing operations
|
-
|
40,519
|
|||||
Loss
from continuing operations
|
(1,341,105
|
)
|
(259,583
|
)
|
|||
DISCONTINUED
OPERATIONS:
|
|||||||
Loss
on discontinued operations
|
-
|
(378,503
|
)
|
||||
Net
loss
|
$
|
(1,341,105
|
)
|
$
|
(638,086
|
)
|
|
Loss
per share from continuing operations - basic and diluted
|
$
|
(0.61
|
)
|
$
|
(0.13
|
)
|
|
Loss
per share from discontinued operations - basic and diluted
|
-
|
(0.18
|
)
|
||||
Net
loss per share - basic and diluted
|
$
|
(0.61
|
)
|
$
|
(0.31
|
)
|
|
Weighted
average number of shares used to calculate loss per share - basic
and
diluted
|
2,192,175
|
2,065,425
|
Consolidated
Balance Sheets
|
|||||||
March
31,
|
December
31,
|
||||||
ASSETS
|
2008
|
2007
|
|||||
CURRENT
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
4,146,820
|
$
|
5,424,486
|
|||
Accounts
receivable
|
106,867
|
118,471
|
|||||
Inventories
|
595,060
|
172,548
|
|||||
Deposits
|
211,561
|
553,483
|
|||||
Prepaid
income taxes
|
58,463
|
56,863
|
|||||
Income
tax receivable
|
249,541
|
249,541
|
|||||
Prepaid
expenses and other current assets
|
220,407
|
94,783
|
|||||
Total
current assets
|
5,588,719
|
6,670,175
|
|||||
PROPERTY
AND EQUIPMENT, NET
|
339,713
|
257,797
|
|||||
OTHER
ASSETS
|
|||||||
Intangible
assets, net
|
316,132
|
328,290
|
|||||
TOTAL
ASSETS
|
$
|
6,244,564
|
$
|
7,256,262
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
378,609
|
$
|
152,729
|
|||
Accrued
employee compensation
|
364,144
|
377,190
|
|||||
Accrued
professional fees and other expenses
|
189,642
|
186,840
|
|||||
Income
taxes payable
|
5,889
|
4,519
|
|||||
Deferred
revenue
|
9,911
|
15,075
|
|||||
Total
current liabilities
|
948,195
|
736,353
|
|||||
LONG
TERM LIABILITIES
|
|||||||
Deferred
revenue
|
6,127
|
6,767
|
|||||
TOTAL
LIABILITIES
|
954,322
|
743,120
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
|||||||
STOCKHOLDERS'
EQUITY
|
|||||||
Preferred
stock; 1,000,000 shares authorized; 0 outstanding
|
-
|
-
|
|||||
Common
stock, $.01 par value; 20,000,000 shares authorized;
|
|||||||
2,192,175
shares issued and outstanding
|
21,922
|
21,922
|
|||||
Additional
paid-in capital
|
6,402,821
|
6,284,616
|
|||||
Retained
(deficit) earnings
|
(1,134,501
|
)
|
206,604
|
||||
Total
stockholders' equity
|
5,290,242
|
6,513,142
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
6,244,564
|
$
|
7,256,262
|