BioForce Nanosciences (PK) (USOTC:BFNH)
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BioForce Nanosciences Holdings, Inc. (OTC BB: BFNH), a producer of
integrated biological and mechanical systems for life science
researchers at the micro and nano scales, today announced record revenue
and gross profit for the three months ended March 31, 2008.
First Quarter Highlights
Net revenues were $403,567 for the first quarter of 2008, the highest
first quarter revenues in the Company’s
history, and a 13% increase from net revenues of $358,755 for the
first quarter of 2008.
Five Nano eNabler™ systems were sold during
the first quarter of 2008, equaling the highest number of Nano eNabler™
systems sold in any quarter in BioForce’s
history.
Gross profit was $189,342 for the first quarter of 2008, the highest
first quarter gross profit in the Company’s
history, and a 7% increase from gross profit of $176,149 for the first
quarter of 2007.
Net loss on common stock was $756,162 ($0.03 per fully diluted share)
for the first quarter of 2008, as compared to a net loss on common
stock of $923,317 ($0.04 per fully diluted share) for the first
quarter of 2007.
Operations Review
Kerry Frey, President and Chief Executive Officer of BioForce, said, “We
are pleased with what was another excellent quarter for BioForce. We
sold five Nano eNabler™ systems during the
three months ended March 31, 2008, matching the number sold during the
fourth quarter of 2007. Two of the sales during the first quarter were
to overseas customers, continuing the good results that we have
experienced from our international network of distributors. The other
three sales were to U.S.-based research institutions that took part in
our 2006 Pilot Placement Program. It is encouraging that these long-time
Nano eNabler™ users have seen fit to purchase
their instruments as vital parts of their research direction.
“We have now sold sixteen Nano eNabler™
systems since the initial sale of the product in 2006, with ten of those
sales occurring in the past two quarters. The momentum that we are
seeing in the market is certainly encouraging. We believe that the
unique capability of the Nano eNabler™ to
deposit biological materials, such as proteins and antibodies, in one to
twenty micron spot sizes in a precise, consistent, flexible and
affordable manner will provide expanding demand for this product. The
industrial consulting firm of Frost and Sullivan concurred with our
views of the advantages of the Nano eNabler™
in their February 2008 report describing the key advantages of the Nano
eNabler™ over other technologies for the
deposition of biological materials at the ultramicro and nano scales."
Frey concluded, “During the first quarter we
announced two new products, our Cyto eNabler™
molecular printer, which is specifically configured for the needs of
cellular biology researchers, and our custom patterned surfaces, which
are produced to the specifications of the customer by our personnel
using the Nano eNabler™. We believe that the
introduction of these new products, plus the Nano eNabler™
system and the continued development of the market for that product,
will provide the basis for our future growth.”
Greg Brown, BioForce’s Chief Financial
Officer, commented, “The growth in our
revenues, and reduction in our operating expenses, has allowed us to
significantly narrow our operating losses over the past two quarters,
and we remain focused upon achieving profitability. While we are pleased
with these results and the resulting reduction in our cash loss from
operations, we do require additional financing and are in discussions
with potential sources of capital.”
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences creates products and solutions for the life
sciences by integrating biological and mechanical systems at the micro
and nano scales. BioForce’s flagship product,
the Nano eNabler™ molecular printer, gives
the Company and its customers a platform for development and discovery
by printing tiny domains of biological materials on surfaces with
nanometer spatial precision. BioForce technology is being used in areas
such as biosensor functionalization; pattering and cell adhesion; and
the printing of proteins to guide neural cell growth. For more
information, visit www.bioforcenano.com
or call 515-233-8333.
This news release contains forward-looking information that may be
affected by certain risks and uncertainties, including those risks and
uncertainties described in BioForce Nanosciences' most recent filings
with the Securities and Exchange Commission. BioForce Nanosciences'
actual results could differ materially from such forward-looking
statements. BioForce assumes no duty to update these statements at any
future date.
BIOFORCE NANOSCIENCES HOLDINGS,
INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
03/31/08
12/31/07
(unaudited)
CURRENT ASSETS
Cash and cash equivalents
$
57,773
$
268,930
Accounts receivable - trade, net
172,732
313,756
Account receivable - invoice factoring
34,071
-
Inventory
900,616
1,046,683
Prepaid expenses and other assets
90,908
146,007
Total current assets
1,256,100
1,775,376
PROPERTY AND EQUIPMENT
Computer equipment
113,963
113,963
Scientific and laboratory equipment
906,382
889,368
Leasehold improvements
380,000
380,000
Office furniture and fixtures
89,760
89,760
Total
1,490,105
1,473,091
Less accumulated depreciation
944,470
889,469
Net property and equipment
545,635
583,622
INTANGIBLE ASSETS
Patent costs, net of accumulated amortization of $86,201 and
$78,502, respectively
678,997
641,017
Trademark costs, net of accumulated amortization of $17,588 and
$15,471, respectively
97,823
90,908
Total intangible assets
776,821
731,925
TOTAL ASSETS
$
2,578,556
$
3,090,923
BIOFORCE NANOSCIENCES HOLDINGS,
INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
03/31/08
12/31/07
(unaudited)
CURRENT LIABILITIES
Accounts payable
$
418,431
$
305,314
Accrued expenses
228,143
241,650
Recourse obligation - invoice factoring
7,962
-
Accrued dividends on preferred stock
10,000
13,333
Deferred revenue
35,861
53,754
Current portion of long-term debt
73,247
89,180
Total current liabilities
773,644
703,231
LONG-TERM DEBT, NET
143,607
154,860
Total liabilities
917,251
858,091
COMMITMENTS and CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock - 2008 and 2007: $0.001 par value, 10,000,000 shares
authorized
to be issued in various classes
Series A Convertible Preferred Stock - $0.001 par value, 2007:
1,100,000
shares authorized, 1,000,000 shares issued and outstanding, 2008:
liquidation
value $510,000; 2007: liquidation value $513,333
1,000
1,000
Common stock - 2008 and 2007: $0.001 par value, 100,000,000 shares
authorized,
2008: 25,116,401 shares issued and outstanding; 2007: 25,099,950
shares
issued and outstanding
25,116
25,100
Additional paid-in capital
16,531,333
16,341,714
Deferred stock offering costs
(5,000)
-
Accumulated deficit
(14,891,144)
(14,134,982)
Total stockholders' equity
1,661,305
2,232,832
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2,578,556
$
3,090,923
- more -
BIOFORCE NANOSCIENCES HOLDINGS,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited)
For the Three Months Ended
March 31,
2008
2007
REVENUES
$
403,567
$
358,755
COST OF GOODS SOLD
214,225
182,606
Gross profit
189,342
176,149
OPERATING EXPENSES
Research and development
298,490
278,800
Sales and marketing
289,695
306,008
General and administrative
442,975
658,708
Reimbursement of grant expenses
(99,895)
(124,923)
Total operating expenses
931,265
1,118,593
Loss from operations before other income (expense)
(741,923)
(942,444)
OTHER INCOME (EXPENSE)
Interest and other income
1,540
22,136
Interest expense
(5,779)
(3,009)
Total other income (expense)
(4,239)
19,127
Loss before income tax
(746,162)
(923,317)
INCOME TAX EXPENSE
-
-
Net loss
$
(746,162)
$
(923,317)
DIVIDENDS ON PREFERRED STOCK
10,000
-
Net loss on common stock
$
(756,162)
$
(923,317)
BASIC AND DILUTED LOSS PER SHARE
$
(0.03)
$
(0.04)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
25,114,051
24,040,950