Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
R.
Wayne Fritzsche, Chairman
|
(508)
230-1828 (T)
|
Consolidated
Statements of Operations (Unaudited)
|
||||||||||||||||
For
the Three Months Ended
|
For
the Six Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUE:
|
||||||||||||||||
PCT
Products, services, other
|
$ | 159,202 | $ | 117,698 | $ | 381,344 | $ | 199,171 | ||||||||
Grant
revenue
|
111,179 | 2,486 | 195,799 | 53,389 | ||||||||||||
Total
revenue
|
270,381 | 120,184 | 577,143 | 252,560 | ||||||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Cost
of PCT products and services
|
90,820 | 88,434 | 231,063 | 136,883 | ||||||||||||
Research
and development
|
315,046 | 461,672 | 622,270 | 952,603 | ||||||||||||
Selling
and marketing
|
252,464 | 521,606 | 530,880 | 984,767 | ||||||||||||
General
and administrative
|
427,384 | 635,672 | 858,174 | 1,136,920 | ||||||||||||
Total
operating costs and expenses
|
1,085,714 | 1,707,384 | 2,242,387 | 3,211,173 | ||||||||||||
Operating
loss
|
(815,333 | ) | (1,587,200 | ) | (1,665,244 | ) | (2,958,613 | ) | ||||||||
Interest
income
|
1,284 | 16,549 | 3,687 | 46,857 | ||||||||||||
Loss
before income taxes
|
(814,049 | ) | (1,570,651 | ) | (1,661,557 | ) | (2,911,756 | ) | ||||||||
Income
tax benefit
|
- | - | 623,262 | - | ||||||||||||
Net
loss
|
(814,049 | ) | (1,570,651 | ) | (1,038,295 | ) | (2,911,756 | ) | ||||||||
Accrued
preferred stock dividend
|
(33,880 | ) | - | (33,880 | ) | - | ||||||||||
Net
loss to common shareholders
|
$ | (847,929 | ) | $ | (1,570,651 | ) | $ | (1,072,175 | ) | $ | (2,911,756 | ) | ||||
Loss
per common share - basic and diluted
|
$ | (0.39 | ) | $ | (0.72 | ) | $ | (0.49 | ) | $ | (1.33 | ) | ||||
Weighted
average number of shares used to calculate loss per share - basic and
diluted
|
2,195,283 | 2,193,598 | 2,195,283 | 2,192,883 |
Consolidated
Balance Sheets (Unaudited)
|
||||||||
June
30,
|
December
31,
|
|||||||
|
2009
|
2008
|
||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 1,489,015 | $ | 868,208 | ||||
Restricted
cash
|
20,000 | 50,000 | ||||||
Accounts
receivable, net of allowances of $54,600 at June 30, 2009 and $0 at
December 31, 2008
|
||||||||
Inventories
|
156,340 | 209,117 | ||||||
Inventories
|
751,065 | 571,831 | ||||||
Deposits
|
13,872 | 382,236 | ||||||
Prepaid
income taxes
|
3,176 | 6,600 | ||||||
Income
tax receivable
|
623,262 | - | ||||||
Prepaid
expenses and other current assets
|
66,162 | 235,111 | ||||||
Total
current assets
|
3,122,892 | 2,323,103 | ||||||
PROPERTY
AND EQUIPMENT, NET
|
246,818 | 252,249 | ||||||
OTHER
ASSETS
|
||||||||
Intangible
assets, net
|
255,342 | 279,658 | ||||||
TOTAL
ASSETS
|
$ | 3,625,052 | $ | 2,855,010 | ||||
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 199,477 | $ | 263,486 | ||||
Accrued
employee compensation
|
153,093 | 161,374 | ||||||
Accrued
professional fees and other
|
235,184 | 278,982 | ||||||
Deferred
revenue
|
161,667 | 16,705 | ||||||
Total
current liabilities
|
749,421 | 720,547 | ||||||
LONG
TERM LIABILITIES
|
||||||||
Deferred
revenue
|
3,380 | 10,821 | ||||||
TOTAL
LIABILITIES
|
752,801 | 731,368 | ||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Preferred
stock, $.01 par value; 1,000,000 shares authorized; 156,980 shares issued
and outstanding on June 30, 2009 and 0 shares on December 31,
2008
|
1,570 | - | ||||||
Common
stock, $.01 par value; 20,000,000 shares authorized; 2,195,283 shares
issued and outstanding on June 30, 2009 and on December 31,
2008
|
21,953 | 21,953 | ||||||
Warrants
to acquire preferred stock and common stock
|
882,253 | - | ||||||
Additional
paid-in capital
|
8,230,293 | 6,803,530 | ||||||
Accumulated
deficit
|
(6,263,818 | ) | (4,701,841 | ) | ||||
Total
stockholders' equity
|
2,872,251 | 2,123,642 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 3,625,052 | $ | 2,855,010 |