BIOCORAL INC

CIK:0000919605|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Statement [Abstract]
Net sales	$ 37,574	$ 48,887	$ 149,071	$ 208,822
Cost of sales	22,935	20,129	223,688	151,600
Gross Profit (Loss)	14,639	28,758	(74,617)	57,222
Operating Expenses:
Consulting and professional fees	39,111	23,758	151,479	146,580
Depreciation and amortization	24,200	22,760	88,653	70,103
Administrative expenses	107,247	43,027	267,453	232,583
Total Operating Expenses	170,558	89,545	507,585	449,266
Loss From Operations	(155,919)	(60,786)	(582,202)	(392,044)
Other Income (Expense):
Interest, net (including accretion of debt discounts of $415,178, $0, $143,288, and $0, respectively)	(219,401)	(68,685)	(638,112)	(199,370)
Other	626	108	14,412	(73)
Total Other Income (Expense)	(218,775)	(68,577)	(623,700)	(199,443)
Loss before provision for income taxes	(374,694)	(129,363)	(1,205,902)	(591,487)
Provision for Income Taxes
Net Loss	(374,694)	(129,363)	(1,205,902)	(591,487)
Other Comprehensive Income (Loss): Foreign currency translation adjustment	45,407	(14,186)	72,377	(6,928)
Comprehensive Loss	$ (329,287)	$ (143,549)	$ (1,133,525)	$ (598,415)
Basic and diluted net loss per common share: Net loss	$ (0.03)	$ (0.01)	$ (0.10)	$ (0.05)
Basic and diluted weighted average number of common shares outstanding	11,493,787	11,443,787	11,493,787	11,443,787

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net loss	$ (1,205,902)	$ (591,487)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for slower moving inventories	57,754
Depreciation and amortization	88,653	70,103
Accretion of debt discount	415,178
Change in operating assets and liabilities:
Accounts receivable	8,605	28,268
Inventories	38,224	(72,524)
Prepaid expenses and other current assets	(5,646)	(1,736)
Other assets	259	(584)
Accounts payable	61	59,778
Current portion due to officer		(50,283)
Accrued interest payable	185,195	199,370
Due to officer, net of current portion	126,009	112,500
Deferred employee benefits	(39)	145
Net cash used in operating activities	(291,649)	(246,450)
Cash flows from investing activities:
Purchase of property and equipment	(1,569)	(1,615)
Patent costs incured	(25,836)	(66,556)
Net cash provided by (used in) investing activities	(27,405)	(68,171)
Cash flows from financing activities:
Short term bank borrowing	(4,172)
Proceeds from short-term notes payable	63,611	351,000
Proceeds from 7% non-convertible notes payable	200,000
Advance from officer		48,226
Repayment of advance from officer	(1,295)	(46,866)
Net cash provided by financing activities	258,144	352,360
Effects of changes in exchange rates on cash	72,377	(6,928)
Increase in cash	11,467	30,811
Cash, beginning of period	35,363	48,511
Cash, end of period	46,830	79,322
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for:Interest
Cash paid during the year for:Income taxes

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current Assets:
Cash	$ 46,830	$ 35,363
Accounts receivable, net of allowance for doubtful accounts of $15,947 and $16,063, respectively	31,023	39,628
Inventories	339,993	435,971
Prepaid expenses and other current assets	40,608	34,962
Total Current Assets	458,454	545,924
Property and equipment, net	10,795	13,147
Patent costs, net of accumulated amortization	767,022	825,918
Other assets	8,586	8,845
Total Assets	1,244,857	1,393,834
Current Liabilities:
Accounts payable	649,588	649,527
Short term bank borrowings		4,172
Short-term notes payable	196,111	132,500
Current portion, due to officer	60,000	61,295
Accrued interest payable	1,455,103	1,269,908
Total Current Liabilities	2,360,802	2,117,402
7% Non-Convertible Notes Payable, net of discount of $1,603,195 and $1,872,520, respectively	2,596,805	2,127,480
Due to officer, net of current portion	409,891	283,882
Deferred employee benefits	5,400	5,439
Total Long Term Liabilities	3,012,096	2,416,801
Total Liabilities	5,372,898	4,534,203
Stockholders' Deficit:
Common Stock; par value $.001 per share; 100,000,000 shares authorized; 11,493,787 shares issued (including 50,000 shares committed to be issued) and outstanding at September 30, 2012 and December 31, 2011	11,494	11,494
Additional paid-in capital	21,418,323	21,272,470
Accumulated other comprehensive loss	(7,944)	(80,321)
Accumulated deficit	(25,549,914)	(24,344,012)
Total Stockholders' Deficit	(4,128,041)	(3,140,369)
Total Liabilities and Stockholders' Deficit	$ 1,244,857	$ 1,393,834