Attached files
file | filename |
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8-K - PALATIN TECHNOLOGIES INC | form8k_052611.htm |
Exhibit 99
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Balance Sheets
(unaudited)
May 26,
2011
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March 31,
2011
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ 20,237,231
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$ 22,032,649
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||
Prepaid expenses and other current assets
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499,970
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539,361
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||
Total current assets
|
20,737,201
|
22,572,010
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||
Property and equipment, net
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1,331,942
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1,511,892
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Restricted cash
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350,000
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350,000
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Other assets
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256,342
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253,403
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Total assets
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$ 22,675,485
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$ 24,687,305
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Capital lease obligations
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$ 16,001
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$ 19,393
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Accounts payable
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128,931
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386,261
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||
Accrued compensation
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66,768
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211,941
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||
Unearned revenue
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58,596
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70,796
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Accrued expenses
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1,937,405
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1,208,920
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Total current liabilities
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2,207,701
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1,897,311
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Warrant liability
|
-
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6,370,555
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Deferred rent
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174,624
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258,161
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Total liabilities
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2,382,325
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8,526,027
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Stockholders' equity:
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Preferred stock of $.01 par value – authorized 10,000,000 shares;
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Series A Convertible; issued and outstanding 4,997 shares as of May 26, 2011 and March 31, 2011, respectively
|
50
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50
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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
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349,006
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349,006
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Additional paid-in capital
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239,648,429
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234,493,100
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Accumulated deficit
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(219,704,325)
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(218,680,878)
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Total stockholders’ equity
|
20,293,160
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16,161,278
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Total liabilities and stockholders’ equity
|
$ 22,675,485
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$ 24,687,305
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