PRESSURE BIOSCIENCES INC

CIK:0000830656|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 421,792	$ 511,803	$ 771,049	$ 1,252,403
Costs and expenses:
Cost of products and services	377,541	256,599	610,851	615,227
Research and development	296,146	280,446	568,169	716,092
Selling and marketing	156,892	154,014	287,065	380,029
General and administrative	1,519,753	902,265	2,718,062	4,260,321
Total operating costs	2,350,332	1,593,324	4,184,147	5,971,669
Operating loss	(1,928,540)	(1,081,521)	(3,413,098)	(4,719,266)
Other (expense) income:
Interest Income	512		512
Interest expense, net	(3,534,692)	(5,879,653)	(8,919,683)	(9,773,339)
Unrealized gain (loss) on investment in equity securities	(583)	12,184	1,899	20,245
Gain (loss) on extinguishment of liabilities	(1,622,489)	28,314	(2,834,000)	687,591
Other income (expense)	(30,689)	(2,027)	(26,534)	4,232
Total other expense	(5,187,941)	(5,841,182)	(11,777,806)	(9,061,271)
Net loss	(7,116,481)	(6,922,703)	(15,190,904)	(13,780,537)
Deemed dividends on extension of warrants		(3,626,950)		(3,626,950)
Preferred stock dividends	(632,053)	(565,272)	(1,264,106)	(997,079)
Net loss attributable to common shareholders	$ (7,748,534)	$ (11,114,925)	$ (16,455,010)	$ (18,404,566)
Basic net loss per share attributable to common shareholders	$ (0.15)	$ (0.57)	$ (0.36)	$ (1.04)
Diluted net loss per share attributable to common shareholders	$ (0.15)	$ (0.57)	$ (0.36)	$ (1.04)
Weighted average common shares outstanding used in the basic net loss per share calculation	51,411,779	19,471,057	45,585,472	17,629,225
Weighted average common shares outstanding used in the diluted net loss per share calculation	51,411,779	19,471,057	45,585,472	17,629,225
Products Services Other [Member]
Revenue:
Total revenue	$ 421,792	$ 511,803	$ 771,049	$ 1,252,403

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,190,904)	$ (13,780,537)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on loan forgiveness		(687,591)
Non-cash lease expense	13,180	106,345
Common stock issued for interest	2,060,035	3,001,680
Preferred stock issued for interest	1,716,378
Preferred stock for services	317,500	505,700
Preferred stock issued debt extensions	2,723,690	1,397,000
Depreciation and amortization	165,525	56,228
Accretion of interest and amortization of debt discount	2,281,510	1,825,243
Common stock issued for debt extension	110,310	1,521,573
Stock-based compensation expense	390,320	1,565,798
(Gain) on investment in equity securities	(1,899)	(20,245)
Common stock and warrants issued for services	241,853	1,653,344
Investment banker fees for UB APA	210,060
Changes in operating assets and liabilities:
Accounts receivable	(27,622)	106,359
Inventories	113,901	132,695
Prepaid expenses and other assets	88,996	(23,487)
Accounts payable	(171,078)	274,992
Accrued employee compensation	252,249	120,940
Operating Lease Liability	(14,243)	(135,549)
Deferred revenue and other accrued expenses	2,154,767	1,058,126
Net cash used in operating activities	(2,565,472)	(1,321,386)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property plant and equipment		(3,000)
Net cash used in investing activities		(3,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock		150,000
Proceeds from stock option exercises		81,111
Net proceeds from convertible debt	2,479,135	3,499,000
Net proceeds from non-convertible debt - third party	547,000	1,909,681
Net proceeds from debt - related party	308,229	123,400
Payments on convertible debt	(653,814)	(2,353,536)
Payments on debt - related party	(104,700)	(148,500)
Payments on non-convertible debt	(77,404)	(1,915,660)
Net cash provided by financing activities	2,498,446	1,345,496
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(67,026)	21,110
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	81,279	3,865
CASH AND CASH EQUIVALENTS AT END OF PERIOD	14,253	24,975
SUPPLEMENTAL INFORMATION
Interest paid in cash	847,560	1,064,266
NON CASH TRANSACTIONS:
Common stock issued with debt	230,455	1,244,425
Preferred stock issued with debt	328,250	539,487
Common stock issued in lieu of cash for dividend	38,838	162,528
Preferred stock dividends	1,264,106	997,079
Conversion of preferred stock for common stock	77,540	5,379
Conversion of common stock for preferred stock	8,750	6,240
Conversion of debt and interest into common stock		509,033
Initial recognition of ROU assets and liabilities	452,729
Conversion of debt, accrued interest and accrued dividend for preferred stock		10,017,212
Extension of warrants for Series AA preferred stock		3,626,950
Preferred stock exchange for liability	1,725,001
Preferred stock and options issued for UB Acquisition	5,959,834
Prior year stock warrant adjustment	209,247
Accrued interest rolled into principal	$ 845,420

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 14,253	$ 81,279
Accounts receivable	183,979	151,234
Inventories, net of $2,142,617 and $1,021,812 reserve, respectively	541,930	304,909
Prepaid expenses and other current assets	133,637	222,633
UB Exchange Account
Total current assets	873,799	760,055
Investment in equity securities	63,775	61,876
Property and equipment, net	71,973	84,930
Right of use asset operating leases	582,364	142,815
Intangible assets, net	513,185
Goodwill	4,774,211
TOTAL ASSETS	6,879,307	1,049,676
CURRENT LIABILITIES
Accounts payable	2,493,607	1,320,432
Accrued employee compensation	443,827	191,578
Accrued professional fees and other	3,619,903	2,860,509
Accrued interest and dividends payable	8,113,601	5,306,353
Deferred revenue	229,847	233,850
Convertible debt, net of unamortized debt discounts of $381,624 and $645,471, respectively	25,034,264	20,683,841
Other debt, net of unamortized discounts of $0 and $0, respectively	2,550,352	1,264,162
Related party, net of unamortized debt discount of $0 and $0, respectively	882,152	648,500
Right of use operating lease liability	207,508	66,895
Series BB Convertible Preferred Shares Liability		1,000,000
Total current liabilities	43,575,061	33,576,120
LONG TERM LIABILITIES
Long term debt	160,485	161,864
Right of use operating lease liability long term	358,834	60,961
Deferred revenue	13,041	4,560
TOTAL LIABILITIES	44,107,421	33,803,505
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS’ DEFICIT
Series D, G, H, H2, J, K, AA, BB, CC and DD Convertible Preferred Stock, $.01 par value (Note 7)	121	102
Common stock, $.01 par value; 100,000,000 shares authorized; 54,039,890 and 35,367,663 shares issued and outstanding on June 30, 2024 and December 31, 2023, respectively	540,468	353,677
Warrants to acquire common stock	35,893,568	35,684,321
Additional paid-in capital	112,530,625	100,236,710
Accumulated deficit	(186,192,896)	(169,028,639)
TOTAL STOCKHOLDERS’ DEFICIT	(37,228,114)	(32,753,829)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 6,879,307	$ 1,049,676