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

Abstract:
BioForce Nanosciences Holdings, Inc. (OTCBB:BFNH) reported yesterday that its total revenue for the three months ended September 30, 2007 was $35,842, a 14% increase over the revenue of $31,430 for the same period in 2006. For the nine months ended September 30, 2007, revenue was $579,408, a 121% increase as compared to the revenue of $261,628 for the nine months ended September 30, 2006.

BioForce Nanosciences Reports Third Quarter 2007 Financial Results

AMES, IA | Posted on November 15th, 2007

Net loss for the third quarter of 2007 was $1,268,845, as compared to a net loss of $773,457 for the same period in 2006. Net loss for the nine months ended September 30, 2007 was $3,277,720, as compared to a net loss of $2,810,824 for the nine months ended September 30, 2006.

Net loss on common stock for the quarter was $1,403,289, or $0.06 per share, as compared to $773,457, or $0.03 per share, for the same period in 2006. Net loss on common stock for the nine months ended September 30, 2007 was $3,412,164, or $0.14 per share, as compared to $2,810,824, or $0.12 per share, for the nine months ended September 30, 2006. The difference between net loss for the three and nine month periods ended September 30, 2007 and the net loss on common stock for those periods is almost entirely attributable to an amount recorded as a preferred stock conversion discount in association with the company's August 2007 equity financing transaction.

Dr. Eric Henderson, BioForce's CEO and founder, said, "Marketplace momentum associated with the 2006 market launch of the Nano eNabler system continues to progress well. While no Nano eNabler system sales were recorded during the third quarter, there have been two Nano eNabler sales thus far during the fourth quarter of 2007, including the recently announced sale to the University of Wales, and we anticipate additional Nano eNabler sales before the end of the year. More than twenty premier research institutions throughout the world are now using Nano eNablers, with the system's ability to deposit and manipulate biomaterials with nanoscale precision allowing these researchers to make breakthrough advances in areas like cell biology, nanobiosensors and tissue engineering."

Dr. Henderson continued, "In addition to the commercial progress being made with the Nano eNabler, we continue to utilize the Nano eNabler ourselves in order to pursue development of our ViriChip virus detection system, Chip-on-a-Tip biomarker diagnostic test platform and other innovative diagnostic tests. These diagnostic tests have application in the areas of healthcare, biodefense and environmental protection, and represent a significant part of the company's growth strategy. For example, using the ViriChip technology we can design a test to detect multiple infectious viruses in a single drop of water."

Greg Brown, BioForce's CFO, commented, "During the third quarter of 2007 we were able to strengthen our balance sheet via the completion of our August 2007 equity financing. We were very pleased to be able to secure that funding on the basis of fixed rather than variable pricing, ensuring that the investor's interests are in fact completely aligned with those of our other shareholders. In addition, the recently announced $150,000 loan forgiveness by the State of Iowa further strengthens our balance sheet."

####

About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences develops and commercializes nanotech tools and solutions for the life sciences. BioForce's flagship product, the Nano eNabler(tm) molecular printer, gives the Company a platform for development and discovery. BioForce technology is being used in sensor functionalization, patterning and cell adhesion, and printing proteins to guide neural cell growth. For more information, visit http://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 STATEMENTS OF OPERATIONS
                                 (unaudited)

                             For the                  For the
                       Three Months Ended        Nine Months Ended
                          September 30              September 30
                        2007        2006          2007        2006
                   -----------  -----------  -----------   -----------
 REVENUES          $    35,842  $    31,430  $   579,408   $   261,628

 COST OF GOODS
  SOLD                  95,557       23,188      433,918       101,274
                   -----------  -----------  -----------   -----------
  Gross margin         (59,715)       8,242      145,490       160,354

 OPERATING EXPENSES
  Research and
   development         326,354      175,399      897,202       560,137
  Sales and
   marketing           289,610      178,028      919,015       360,008
  General and
   administrative      628,654      529,004    1,960,875     1,343,122
  Reimbursement of
   grant expenses     (125,195)     (49,688)    (415,415)     (151,117)
                   -----------  -----------  -----------   -----------
   Total operating
    expenses         1,119,423      832,743    3,361,677     2,112,150
                   -----------  -----------  -----------   -----------

  Loss from
   operations before
   other income
   (expense)        (1,179,138)    (824,501)  (3,216,187)   (1,951,796)

 OTHER INCOME
  (EXPENSE)
   Interest income       6,262       51,575       41,236       117,297
   Debt forgiveness
    income             164,250           --      164,250            --
   Abandoned stock
    offering costs    (256,500)          --     (256,500)           --
   Interest
    expense             (3,719)        (531)     (10,519)     (976,325)
                   -----------  -----------  -----------   -----------
   Total other in-
    come (expense)     (89,707)      51,044      (61,533)     (859,028)
                   -----------  -----------  -----------   -----------

   Loss before
    income tax      (1,268,845)    (773,457)  (3,277,720)   (2,810,824)

 INCOME TAX EXPENSE         --           --           --            --
                   -----------  -----------  -----------   -----------

   Net loss         (1,268,845)    (773,457)  (3,277,720)   (2,810,824)

 DIVIDENDS ON
  PREFERRED STOCK      134,444           --      134,444            --
                   -----------  -----------  -----------   -----------

  Net loss on
   common stock    $(1,403,289) $  (773,457) $(3,412,164)  $(2,810,824)
                   ===========  ===========  ===========   ===========


 BASIC AND DILUTED
  LOSS PER COMMON
  SHARE            ($     0.06) ($     0.03) ($     0.14)  ($     0.12)
                   ===========  ===========  ===========   ===========

 WEIGHTED AVERAGE
  NUMBER OF COMMON
  SHARES OUT-
  STANDING          24,099,950   23,999,950   24,083,466    23,999,950
                   ===========  ===========  ============  ===========


                  BIOFORCE NANOSCIENCES HOLDINGS, INC.
                      CONSOLIDATED BALANCE SHEETS

                                ASSETS
                                               09/30/07     12/31/06
                                              ----------   ----------
                                              (unaudited)

 CURRENT ASSETS
  Cash and cash equivalents                     $551,902   $2,602,686
  Accounts receivable - trade, net                 6,375       22,153
  Inventory                                    1,129,071    1,193,590
  Prepaid expenses and other assets              102,396       55,351
                                              ----------   ----------

    Total current assets                       1,789,744    3,873,780
                                              ----------   ----------

 PROPERTY AND EQUIPMENT
  Computer equipment                             107,613       73,180
  Leasehold improvements                         380,000      380,000
  Scientific and laboratory equipment            888,130      687,280
  Office furniture and fixtures                   89,760       67,384
                                              ----------   ----------
    Total                                      1,465,503    1,207,844
  Less accumulated depreciation                  827,157      669,762
                                              ----------   ----------
    Net property and equipment                   638,346      538,082
                                              ----------   ----------

 INTANGIBLE ASSETS
  Patent costs, net of accumulated
   amortization of $70,229 and $48,759,
   respectively                                  672,282      580,426
  Trademark costs, net of accumulated
   amortization of $13,799 and $7,397,
   respectively                                   92,066       68,699
                                              ----------   ----------
    Total intangible assets                      764,348      649,125
                                              ----------   ----------

    TOTAL ASSETS                              $3,192,438   $5,060,987
                                              ==========   ==========



                 BIOFORCE NANOSCIENCES HOLDINGS, INC.
                      CONSOLIDATED BALANCE SHEETS

                 LIABILITIES AND STOCKHOLDERS' EQUITY

                                              09/30/07      12/31/06
                                             -----------  -----------
                                             (unaudited)

 CURRENT LIABILITIES
  Accounts payable                              $318,209     $506,099
  Accrued expenses                               421,829      193,010
  Deferred revenue                                42,688        9,224
  Current portion of notes payable               108,636      131,896
                                             -----------  -----------
   Total current liabilities                     891,362      840,229

 LONG-TERM DEBT, NET                             159,162      278,860
                                             -----------  -----------

   Total liabilities                           1,050,524    1,119,089
                                             -----------  -----------

 COMMITMENTS and CONTINGENCIES

 STOCKHOLDERS' EQUITY
  Preferred  stock - 2007 and 2006: $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,
      liquidation value $503,333; 2006: no
      shares issued or outstanding                 1,000           --
  Common stock - 2007: $0.001 par value,
   100,000,000 shares authorized,
   24,099,950 shares issued and outstanding;
   2006: $0.001 par value, 100,000,000 shares
   authorized, 23,999,950 shares issued and
   outstanding                                    24,100       24,000
  Additional paid-in capital                  15,665,310   13,824,501
  Accumulated deficit                        (13,548,496)  (9,906,603)
                                             -----------  -----------
   Total stockholders' equity                  2,141,914    3,941,898
                                             -----------  -----------

   TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY                      $3,192,438   $5,060,987
                                             ===========  ===========

For more information, please click here

Contacts:
BioForce Nanosciences Holdings, Inc.
Greg Brown, CFO
515-233-8333 ext. 118


RedChip Companies, Inc.
Investor Relations
Dave Gentry
1-800-REDCHIP (733-2447) ext. 104

http://www.redchip.com

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