BSD MEDICAL CORP

CIK:0000320174|SEC Filings

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Condensed Statements of Operations - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Sales	$ 500,014	$ 928,460	$ 2,444,541	$ 3,095,310
Sales to related parties	0	27,087	11,232	408,127
Equipment rental	55,500	124,900	208,800	317,200
Total revenues	555,514	1,080,447	2,664,573	3,820,637
Cost of revenues:
Cost of sales	160,548	650,329	1,274,359	1,928,232
Cost of related party sales		19,875	6,668	305,650
Cost of equipment rental		2,947	1,965	8,841
Total cost of revenues	160,548	673,151	1,282,992	2,242,723
Gross margin	394,966	407,296	1,381,581	1,577,914
Operating costs and expenses:
Research and development	754,296	542,484	1,818,861	1,678,143
Selling, general and administrative	2,668,551	1,924,887	8,280,210	5,667,301
Total operating costs and expenses	3,422,847	2,467,371	10,099,071	7,345,444
Loss from operations	(3,027,881)	(2,060,075)	(8,717,490)	(5,767,530)
Other income (expense):
Royalty income from related party	84,000		84,000
Interest income (expense), net	(26,592)	8,095	(55,084)	15,813
Other expense, net	(72,182)	(7,348)	(89,202)	(14,295)
Total other income (expense)	(14,774)	747	(60,286)	1,518
Loss before income taxes	(3,042,655)	(2,059,328)	(8,777,776)	(5,766,012)
Provision for income taxes	(2,650)	(2,000)	(2,650)	(2,000)
Net loss and comprehensive loss	$ (3,045,305)	$ (2,061,328)	$ (8,780,426)	$ (5,768,012)
Net loss per common share: Basic	$ (0.38)	$ (0.52)	$ (1.65)	$ (1.60)
Net loss per common share: Diluted	$ (0.38)	$ (0.52)	$ (1.65)	$ (1.60)
Weighted average number of shares outstanding: Basic	7,954,000	3,971,000	5,320,000	3,604,000
Weighted average number of shares outstanding: Diluted	7,954,000	3,971,000	5,320,000	3,604,000

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
Condensed Statements of Cash Flows - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (8,780,426)	$ (5,768,012)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	74,373	96,305
Stock issued for services	165,864	180,000
Stock-based compensation	379,762	597,820
(Gain) loss on disposition of property and equipment	68,035	(30)
Amortization of debt discount	26,512
Decrease (increase) in:
Decrease (increase) in receivables	(251,797)	398,475
Decrease (increase) in inventories	784,083	415,479
Decrease (increase) in other current assets	(83,881)	21,153
Increase (decrease) in:
Increase (decrease) in accounts payable	149,229	(193,389)
Increase (decrease) in accrued liabilities	927	478,204
Increase (decrease) in customer deposits	(21,890)	(371,046)
Increase (decrease) in deferred revenue	(54,218)	(656,166)
Net cash used in operating activities	(7,543,427)	(4,801,207)
Cash flows from investing activities:
Net proceeds from disposition of property and equipment	949,330	2,025
Purchase of property and equipment	(307,101)	(55,318)
Net cash provided by (used in) investing activities	642,229	(53,293)
Cash flows from financing activities:
Proceeds from sale of common stock	5,192,250	5,275,067
Payment of stock offering costs	(888,221)	(638,488)
Proceeds from notes payable, net	844,581	82,465
Payments on notes payable	(815,384)	(57,451)
Net cash provided by financing activities	4,333,226	4,661,593
Net decrease in cash and cash equivalents	(2,567,972)	(192,907)
Cash and cash equivalents, beginning of period	5,594,578	7,423,091
Cash and cash equivalents, end of period	$ 3,026,606	$ 7,230,184

Condensed Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 3,026,606	$ 5,594,578
Accounts receivable, net of allowance for doubtful accounts of $66,480 and $140,000, respectively	540,340	275,072
Related party trade accounts receivable	0	13,471
Inventories, net	991,565	1,775,648
Other current assets	170,464	86,583
Total current assets	4,728,975	7,745,352
Property and equipment, net	356,234	1,140,871
Total assets	5,085,209	8,886,223
Current liabilities:
Accounts payable	747,695	598,466
Accrued liabilities	1,106,079	1,105,152
Notes payable, net of discount	55,709
Customer deposits	19,777	41,667
Deferred revenue		54,218
Total current liabilities	$ 1,929,260	$ 1,799,503
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $.001 par value, 80,000,000 shares authorized, 9,768,756 and 3,971,366 shares issued, respectively	$ 9,769	$ 3,971
Additional paid-in capital	68,467,000	63,623,143
Treasury stock, 2,433 shares at cost	(234)	(234)
Accumulated deficit	(65,320,586)	(56,540,160)
Total stockholders' equity	3,155,949	7,086,720
Total liabilities and stockholders' equity	$ 5,085,209	$ 8,886,223