PBI filed a registration statement (including a prospectus) with the SEC for an offering to which this communication may relate. Before you invest, you should read the prospectus in that registration statement for the offering and other documents PBI has filed with the SEC for more complete information about PBI and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Visit us at our website: http://www.pressurebiosciences.com
Consolidated Statements of Operations(Unaudited) For the Three Months For the Nine Months Ended Ended September 30, September 30, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- -----------Revenue: PCT products, services, other $ 297,867 $ 217,734 $ 687,023 $ 589,063 Grant revenue 93,749 62,688 335,162 62,688 ----------- ----------- ----------- ----------- Total revenue 391,616 280,422 1,022,185 651,751 ----------- ----------- ----------- -----------Costs and expenses: Cost of PCT products and services 108,689 93,610 296,086 250,835 Research and development 247,717 248,188 775,635 730,962 Selling and marketing 164,313 193,975 570,578 740,358 General and administrative 557,417 490,460 1,713,778 1,351,303 ----------- ----------- ----------- ----------- Total operating costs and expenses 1,078,136 1,026,233 3,356,077 3,073,458 ----------- ----------- ----------- ----------- Operating loss (686,520) (745,811) (2,333,892) (2,421,707)Other (expense) income: Interest (expense) income (10,540) (39,358) (71,067) (39,029) Change in fair value of warrant derivative liability (98,978) 223,446 36,322 307,467 ----------- ----------- ----------- ----------- Total other (loss) income (109,518) 184,088 (34,745) 268,438 ----------- ----------- ----------- ----------- Net loss (796,038) (561,723) (2,368,637) (2,153,269) ----------- ----------- ----------- ----------- Accrued and deemed dividends on convertible preferred stock (129,789) (392,123) (895,734) (939,574) ----------- ----------- ----------- ----------- Net loss applicable to common shareholders $ (925,827) $ (953,846) $(3,264,371) $(3,092,843) =========== =========== =========== =========== Net loss per share attributable to common stockholders - basic and diluted $ (0.09) $ (0.15) $ (0.34) $ (0.50) Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation 10,872,877 6,253,349 9,598,066 6,228,585Consolidated Balance Sheets September 30, December 31, ------------- ------------- ASSETS 2012 2011 ------------- -------------CURRENT ASSETS (Unaudited) (Audited) Cash and cash equivalents $ 50,289 $ 222,775 Accounts receivable, net of allowances of $0 at September 30, 2012 and $9,600 at December 31, 2011 294,945 269,237 Inventories 905,653 1,069,013 Prepaid income taxes 7,381 4,739 Prepaid expenses and other current assets 510,446 143,591 ------------- ------------- Total current assets 1,768,714 1,709,355 ------------- -------------PROPERTY AND EQUIPMENT, NET 43,257 89,171 ------------- -------------OTHER ASSETS Deposits 6,472 6,472 Intangible assets, net 97,288 133,762 ------------- -------------TOTAL ASSETS $ 1,915,731 $ 1,938,760 ============= ============= LIABILITIES AND STOCKHOLDERS' DEFICIT----------------------------------------------CURRENT LIABILITIES Accounts payable $ 1,186,547 $ 890,676 Accrued employee compensation 131,380 180,437 Accrued professional fees and other 295,442 247,738 Deferred revenue 27,084 36,669 Promissory note 161,022 150,000 Short-term loans 356,127 - Convertible debt, net of unamortized discount of $0 at September 30, 2012 and $17,088 as of December 31, 2011 - 394,912 Make-whole dividend liability 217,638 - Warrant derivative liability 267,566 436,553 ------------- ------------- Total current liabilities 2,642,806 2,336,985 ------------- -------------LONG TERM LIABILITIES Deferred revenue 3,764 10,111 ------------- -------------TOTAL LIABILITIES 2,646,570 2,347,096 ------------- -------------COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS' DEFICIT Series C convertible preferred stock, $.01 par value; 88,098 shares authorized; 0 shares issued and outstanding on September 30, 2012 and 88,098 shares issued and outstanding on December 31, 2011 - 881 Series D convertible preferred stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on September 30, 2012 and 743 shares issued and outstanding on December 31, 2011 (Liquidation value of $300,000) 3 7 Series E convertible preferred stock, $.01 par value; 500 shares authorized; 250 shares issued and outstanding on September 30, 2012 and 0 shares issued and outstanding on December 31, 2011 (Liquidation value of $250,000) 3 - Series G convertible preferred stock, $.01 par value; 240,000 shares authorized; 120,095 shares issued and outstanding on September 30, 2012 and 0 shares issued and outstanding on December 31, 2011 (Liquidation value of $600,000) 1,201 - Common stock, $.01 par value; 20,000,000 shares authorized; 11,189,612 shares issued and outstanding on September 30, 2012 and 6,723,993 shares issued and outstanding on December 31, 2011 111,896 67,240 Warrants to acquire preferred stock and common stock 2,932,137 2,203,101 Additional paid-in capital 15,741,825 13,823,875 Accumulated deficit (19,517,904) (16,503,440) ------------- ------------- Total stockholders' deficit (730,839) (408,336) ------------- -------------TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 1,915,731 $ 1,938,760 ============= =============
Investor Contacts:
Richard T. Schumacher
President & CEO
Joseph L. Damasio
Vice President of Finance and Adm.
Pressure BioSciences, Inc.
(508) 230-1828 (T)
