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8-K - PALATIN TECHNOLOGIES INCform8k_052611.htm
Exhibit 99
 
PALATIN TECHNOLOGIES, INC.
and Subsidiary
 

Consolidated Balance Sheets
 
(unaudited)

   
May 26,
2011
 
March 31,
2011
ASSETS
       
Current assets:
       
  Cash and cash equivalents
 
$        20,237,231
 
$          22,032,649
  Prepaid expenses and other current assets
 
499,970
 
539,361
      Total current assets
 
20,737,201
 
22,572,010
         
Property and equipment, net
 
1,331,942
 
1,511,892
Restricted cash
 
350,000
 
350,000
Other assets
 
256,342
 
253,403
      Total assets
 
$        22,675,485
 
$        24,687,305
         
LIABILITIES AND STOCKHOLDERS' EQUITY
       
Current liabilities:
       
  Capital lease obligations
 
$               16,001
 
$               19,393
  Accounts payable
 
128,931
 
386,261
  Accrued compensation
 
66,768
 
211,941
  Unearned revenue
 
58,596
 
70,796
  Accrued expenses
 
1,937,405
 
1,208,920
      Total current liabilities
 
2,207,701
 
1,897,311
         
Warrant liability
 
-
 
6,370,555
Deferred rent
 
174,624
 
258,161
      Total liabilities
 
2,382,325
 
8,526,027
         
         
         
Stockholders' equity:
       
  Preferred stock of $.01 par value – authorized 10,000,000 shares;
       
    Series A Convertible; issued and outstanding 4,997 shares as of May 26, 2011 and March 31, 2011, respectively
 
50
 
50
  Common stock of $.01 par value – authorized 100,000,000 shares; issued and outstanding 34,900,591 shares as of May 26, 2011 and March 31, 2011, respectively
 
349,006
 
349,006
  Additional paid-in capital
 
239,648,429
 
234,493,100
  Accumulated deficit
 
(219,704,325)
 
(218,680,878)
      Total stockholders’ equity
 
20,293,160
 
16,161,278
      Total liabilities and stockholders’ equity
 
$        22,675,485
 
$        24,687,305