Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
Joseph
L. Damasio, Jr., Controller
|
(508)
230-1828 (T)
|
ASSETS
|
2008
|
2007
|
||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 868,208 | $ | 5,424,486 | ||||
Restricted
cash
|
50,000 | - | ||||||
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 |
For
the Year Ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
REVENUE:
|
||||||||
PCT
Products, services, other
|
$ | 655,252 | $ | 399,787 | ||||
Grant
revenue
|
197,011 | 246,083 | ||||||
Total
revenue
|
852,263 | 645,870 | ||||||
COSTS
AND EXPENSES:
|
||||||||
Cost
of PCT products and services
|
401,017 | 209,050 | ||||||
Research
and development
|
1,810,590 | 2,022,730 | ||||||
Selling
and marketing
|
1,686,590 | 1,386,519 | ||||||
General
and administrative
|
1,920,465 | 2,174,739 | ||||||
Total
operating costs and expenses
|
5,818,662 | 5,793,038 | ||||||
Operating
loss from continuing operations
|
(4,966,399 | ) | (5,147,168 | ) | ||||
OTHER
INCOME:
|
||||||||
Realized
gain on securities available for sale
|
- | 2,028,720 | ||||||
Interest
income
|
57,954 | 286,600 | ||||||
Total
other income
|
57,954 | 2,315,320 | ||||||
Loss
from continuing operations before income taxes
|
(4,908,445 | ) | (2,831,848 | ) | ||||
Income
tax benefit from continuing operations
|
- | 520,214 | ||||||
Loss
from continuing operations
|
(4,908,445 | ) | (2,311,634 | ) | ||||
DISCONTINUED
OPERATIONS:
|
||||||||
Gain
on sale of net assets related to discontinued operations (net of income
tax of $218,060)
|
- | 1,155,973 | ||||||
Net
loss
|
$ | (4,908,445 | ) | $ | (1,155,661 | ) | ||
Loss
per share from continuing operations - basic and diluted
|
$ | (2.24 | ) | $ | (1.11 | ) | ||
Income
per share from discontinued operations - basic and diluted
|
- | 0.55 | ||||||
Net
loss per share - basic and diluted
|
$ | (2.24 | ) | $ | (0.56 | ) | ||
Weighted
average number of shares used to calculate (loss) income per share - basic
and diluted
|
2,194,093 | 2,078,657 |