Consolidated
Balance Sheets
|
||||||||
(Unaudited)
|
||||||||
December
31,
|
||||||||
ASSETS
|
2008
|
2007
|
||||||
CURRENT
ASSETS
|
||||||||
Cash and cash
equivalents
|
$ | 918,208 | $ | 5,424,486 | ||||
Accounts
receivable
|
209,117 | 118,471 | ||||||
Inventories
|
571,831 | 172,548 | ||||||
Deposits
|
382,236 | 553,483 | ||||||
Prepaid income
taxes
|
6,600 | 56,863 | ||||||
Income tax
receivable
|
- | 249,541 | ||||||
Prepaid expenses and other
current assets
|
235,111 | 94,783 | ||||||
Total current
assets
|
2,323,103 | 6,670,175 | ||||||
PROPERTY
AND EQUIPMENT, NET
|
252,249 | 257,797 | ||||||
OTHER
ASSETS
|
||||||||
Intangible assets,
net
|
279,658 | 328,290 | ||||||
TOTAL
ASSETS
|
$ | 2,855,010 | $ | 7,256,262 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 263,486 | $ | 152,729 | ||||
Accrued employee
compensation
|
161,374 | 377,190 | ||||||
Accrued professional fees and
other expenses
|
278,982 | 191,359 | ||||||
Deferred
revenue
|
16,705 | 15,075 | ||||||
Total current
liabilities
|
720,547 | 736,353 | ||||||
LONG
TERM LIABILITIES
|
||||||||
Deferred
revenue
|
10,821 | 6,767 | ||||||
TOTAL
LIABILITIES
|
731,368 | 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; 2,195,283 shares issued
|
||||||||
and
outstanding on December 31, 2008 and
|
||||||||
2,192,175 shares issued and
outstanding on
|
||||||||
December
31, 2007
|
21,953 | 21,922 | ||||||
Additional paid-in
capital
|
6,803,530 | 6,284,616 |
Retained (deficit)
earnings
|
(4,701,841 | ) | 206,604 | |||||
Total stockholders'
equity
|
2,123,642 | 6,513,142 | ||||||
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$ | 2,855,010 | $ | 7,256,262 |
Consolidated
Statements of Operations
|
||||||||
(Unaudited)
|
||||||||
For
the Three Months
|
||||||||
Ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
REVENUE:
|
||||||||
PCT Products, services,
other
|
$ | 233,256 | $ | 118,703 | ||||
Grant
revenue
|
100,785 | 55,368 | ||||||
Total
revenue
|
334,041 | 174,071 | ||||||
COSTS
AND EXPENSES:
|
||||||||
Cost of PCT products and
services
|
133,601 | 77,492 | ||||||
Research and
development
|
481,435 | 503,879 | ||||||
Selling and
marketing
|
302,443 | 399,718 | ||||||
General and
administrative
|
316,662 | 490,957 | ||||||
Total
operating costs and expenses
|
1,234,141 | 1,472,046 | ||||||
Operating
loss
|
(900,100 | ) | (1,297,975 | ) | ||||
OTHER
INCOME:
|
||||||||
Interest
income
|
1,616 | 58,784 | ||||||
Total other
income
|
1,616 | 58,784 | ||||||
Loss before income
taxes
|
(898,484 | ) | (1,239,191 | ) | ||||
Income tax
benefit
|
- | 266,675 | ||||||
Net
loss
|
$ | (898,484 | ) | $ | (972,516 | ) | ||
Loss per share - basic and
diluted
|
$ | (0.41 | ) | $ | (0.46 | ) | ||
Weighted average number of shares
used
|
||||||||
to calculate net loss per share -
basic
|
||||||||
and
diluted
|
2,195,283 | 2,118,354 |