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Home > Press > BioForce Nanosciences Reports Second Quarter 2007 Financial Results

Abstract:
BioForce Nanosciences Holdings, Inc. (OTCBB:BFNH) today reported its second quarter 2007 results. Revenue for the quarter was $184,811, as compared to $28,822 during the second quarter of 2006. Net loss for the second quarter of 2007 was $1,085,558, or $0.05 per basic and diluted share, as compared with a net loss of $784,805, or $0.03 per basic and diluted share, for the second quarter of 2006.

BioForce Nanosciences Reports Second Quarter 2007 Financial Results

AMES, IA | Posted on August 10th, 2007

For the six months ended June 30, 2007 revenue was $543,566, a 136% increase over the $230,198 of revenue for the six months ended June 30, 2006. Net loss for the first half of 2007 was $2,008,875, or $0.08 per basic and diluted share, as compared to $2,037,367, or $0.08 per basic and diluted share, for the six months ended June 30, 2006.

Non-GAAP net loss for the second quarter of 2007 was $816,200, or $0.03 per basic and diluted share, as compared to a non-GAAP net loss of $537,630, or $0.02 per basic and diluted share, for the second quarter of 2006. The non-GAAP net loss for the six months ended June 30, 2007 was $1,422,058, or $0.06 per basic and diluted share, as compared to a non-GAAP net loss of $798,928, or $0.03 per basic and diluted share, for the same period in 2006. Non-GAAP financial measures exclude stock-based compensation expense and interest expense recorded as a result of a beneficial conversion feature of convertible debt that was retired in 2006. The reconciliation between GAAP net loss per share and non-GAAP net loss per share is set forth at the end of this press release.

Dr. Eric Henderson, BioForce's CEO and founder, said, "We are gratified that our 2006 market launch of the Nano eNabler™ system has been so well received. The Nano eNabler system's ability to deposit and manipulate biomaterials with nanoscale precision has allowed researchers to make breakthrough advances in areas like cell biology, nanobiosensors and tissue engineering."

"Strong leadership in our Emerging Technologies division, federal funding for expansion of the Chip-on-a-Tip™ biomarker diagnostic test platform, and further development of our patented ViriChip™ pathogen sensor, provide us with a potent foundation for further innovation in diagnostic testing", added Dr. Henderson. "We remain true to our original vision for BioForce of creating and commercializing bio-nano products for patient friendly personalized medicine and point-of-care diagnostics."

####

About BioForce Nanosciences Holdings, Inc.

BioForce Nanosciences develops and commercializes innovative nanotechnology products for the life sciences and healthcare industries. For more information, visit www.bioforcenano.com.

BIOFORCE NANOSCIENCES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Three Months Ended
June 30,
2007 2006

REVENUES

$ 184,811 $ 28,822

COST OF GOODS SOLD

155,755 26,499

Gross margin

29,056 2,323

OPERATING EXPENSES

Research and development 292,048 215,138
Sales and marketing 323,397 118,288
General and administrative 673,513 558,578
Reimbursement of grant expenses (165,297 ) (53,249 )

Total operating expenses

1,123,661 838,755

Loss from operations before other income (expense)

(1,094,605 ) (836,432 )

OTHER INCOME (EXPENSE)

Interest and other income 12,838 52,214
Interest expense (3,791 ) (587 )

Total other income (expense)

9,047 51,627

Loss before income tax

(1,085,558 ) (784,805 )

INCOME TAX EXPENSE

- -

Net loss

$ (1,085,558 ) $ (784,805 )

BASIC AND DILUTED LOSS PER SHARE

$ (0.05 ) $ (0.03 )

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

24,099,950 23,999,950

BIOFORCE NANOSCIENCES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Six Months Ended
June 30,
2007 2006

REVENUES

$ 543,566 $ 230,198

COST OF GOODS SOLD

338,361 78,086

Gross margin

205,205 152,112

OPERATING EXPENSES

Research and development 570,848 384,738
Sales and marketing 629,405 181,980
General and administrative 1,332,221 814,118
Reimbursement of grant expenses (290,220 ) (101,429 )

Total operating expenses

2,242,254 1,279,407

Loss from operations before other income (expense)

(2,037,049 ) (1,127,295 )

OTHER INCOME (EXPENSE)

Interest and other income 34,974 65,722
Interest expense (6,800 ) (975,794 )

Total other income (expense)

28,174 (910,072 )

Loss before income tax

(2,008,875 ) (2,037,367 )

INCOME TAX EXPENSE

- -

Net loss

$ (2,008,875 ) $ (2,037,367 )

BASIC AND DILUTED LOSS PER SHARE

$ (0.08 ) $ (0.08 )

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

24,075,088 23,999,950

BIOFORCE NANOSCIENCES HOLDINGS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

ASSETS

6/30/07 12/31/06
(unaudited)

CURRENT ASSETS

Cash and cash equivalents $ 761,974 $ 2,602,686
Accounts receivable - trade, net 272,122 22,153
Inventory 969,406 1,193,590
Prepaid expenses and other assets 115,536 55,351

Total current assets

2,119,038 3,873,780

PROPERTY AND EQUIPMENT, NET

695,455 538,082

INTANGIBLE ASSETS, NET

714,696 649,125

TOTAL ASSETS

$ 3,529,189 $ 5,060,987

LIABILITIES AND STOCKHOLDERS' EQUITY

06/30/07 12/31/06
(unaudited)

CURRENT LIABILITIES

Accounts payable $ 247,222 $ 506,099
Accrued expenses 257,335 193,010
Deferred revenue 55,278 9,224
Current portion of notes payable 238,104 131,896

Total current liabilities

797,939 840,229

LONG-TERM DEBT, NET

211,410 278,860

Total liabilities

1,009,349 1,119,089

STOCKHOLDERS' EQUITY

2,519,840 3,941,898

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 3,529,189 $ 5,060,987

Reconciliation of GAAP to non-GAAP net loss per share

For the Three Months Ended
June 30,
2007 2006
US GAAP net income (loss) reported $ (1,085,558 ) $ (784,805 )
Add: Stock-based compensation expense 269,358 247,175
Non-GAAP net income (loss) $ (816,200 ) $ (537,630 )

US GAAP net income (loss) per share - basic
and diluted

$ (0.05 ) $ (0.03 )

Non-GAAP net income (loss) per share -
basic and diluted

$ (0.03 ) $ (0.02 )
For the Six Months Ended
June 30,
2007 2006
US GAAP net income (loss) reported $ (2,008,875 ) $ (2,037,367 )
Add: Stock-based compensation expense 586,817 291,122
Beneficial conversion interest expense - 947,317
Non-GAAP net income (loss) $ (1,422,058 ) $ (798,928 )

US GAAP net income (loss) per share - basic
and diluted

$ (0.08 ) $ (0.08 )

Non-GAAP net income (loss) per share -
basic and diluted

$ (0.06 ) $ (0.03 )

Use of Non-GAAP Financial Information

To supplement our consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP), we provide investors with certain non-GAAP financial measures, including non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per share. These non-GAAP measures exclude the effect of stock compensation expense for employee stock options and stock warrants associated with the application of SFAS 123R, and interest expense recorded as a result of a beneficial conversion feature of convertible debt that was retired during 2006. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for net income (loss) or basic and diluted net income (loss) per share prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, are used by and are useful to investors and other users of our financial statements in evaluating our operating results and comparative trends, as well as in facilitating comparisons with our historical operating results. The non-GAAP results are an indicator of our baseline performance before gains, losses or other charges that are considered by us to be outside of our core operating results and are excluded by us for purposes of evaluating performance against internal budgets and in making operational decisions. In addition, these non-GAAP results are among the primary indicators we use as a basis for our planning and forecasting of future periods.

There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables above.

This news release contains forward-looking information that may be affected by certain risks and uncertainties, including those risks and uncertainties described in the Companys most recent filings with the Securities and Exchange Commission. The Companys actual results could differ materially from such forward-looking statements. We assume no duty to update these statements at any future date.

For more information, please click here

Contacts:
RedChip Companies Inc.
Investor Relations:
Robert Rehse, 1-800-REDCHIP (733-2447) Ext. 111

http://www.redchip.com
or
BioForce Nanosciences Holdings, Inc.
Company Contact:
Debra Happe, 515-233-8333, Ext. 123
Director of Communications

Copyright © Business Wire 2007

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