PACIFICHEALTH LABORATORIES INC

CIK:0001000278|SEC Filings

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Net product sales	$ 1,721,119	$ 1,971,624	$ 5,701,292	$ 5,948,461
Cost of goods sold	1,136,016	1,120,865	3,505,914	3,332,367
Gross profit	585,103	850,759	2,195,378	2,616,094
Operating expenses:
Sales and marketing	339,098	414,453	842,523	983,496
General and administrative (Includes related party consulting of $48,189, $48,000, $146,809 and $139,000, respectively)	567,427	529,585	1,739,924	1,578,059
Research and development	16,458	16,141	51,945	40,936
Operating Expenses, Total	922,983	960,179	2,634,392	2,602,491
(Loss) income before other expense and provision for income taxes	(337,880)	(109,420)	(439,014)	13,603
Other expense:
Other income	0	0	0	2,100
Interest income	125	112	359	391
Interest expense	(7,684)	(7,367)	(16,310)	(13,770)
Nonoperating Income (Expense) Including Interest Expense	(7,559)	(7,255)	(15,951)	(11,279)
(Loss) income before provision for income taxes	(345,439)	(116,675)	(454,965)	2,324
Provision for income taxes	0	0	0	0
Net (loss) income	$ (345,439)	$ (116,675)	$ (454,965)	$ 2,324
Basic (loss) income per share in (dollars per share)	$ (0.02)	$ (0.01)	$ (0.02)	$ 0.00
Diluted (loss) income per share (in dollars per share)	$ (0.02)	$ (0.01)	$ (0.02)	$ 0.00
Weighted average common shares - basic (in shares)	20,871,772	20,865,257	20,871,772	19,100,056
Weighted average common shares - diluted (in shares)	20,871,772	20,865,257	20,871,772	19,330,073

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net (loss) income	$ (454,965)	$ 2,324
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	56,956	32,968
Bad debts	9,000	9,000
Equity instrument-based expense	51,367	49,204
Changes in assets and liabilities:
Accounts receivable	(316,196)	(320,692)
Inventories	(174,701)	(115,279)
Prepaid expenses	(2,489)	(59,946)
Accounts payable and accrued expenses (Includes related party of ($16,000) and $37,000, respectively)	512,471	159,323
Deferred revenue	(5,146)	4,965
Net cash used in operating activities	(323,703)	(238,133)
Cash flows from investing activities:
Proceeds from sales of other short-term investments	25,000	75,000
Purchase of property and equipment	(170,409)	(7,376)
Net cash (used in) provided by investing activities	(145,409)	67,624
Cash flows from financing activities:
Net repayments on line of credit	(12,500)	(37,500)
Issuances of notes payable	47,344	65,427
Repayments of notes payable	(37,159)	(46,743)
Common stock issued	0	1,095,000
Net cash (used in) provided by financing activities	(2,315)	1,076,184
Net (decrease) increase in cash and cash equivalents	(471,427)	905,675
Cash and cash equivalents, beginning balance	745,904	134,165
Cash and cash equivalents, ending balance	274,477	1,039,840
Supplemental disclosures of cash flow information:
Cash paid for interest	16,310	13,770
Cash paid for income taxes	$ 2,520	$ 15,636

BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 274,477	$ 745,904
Other short-term investments	50,000	75,000
Accounts receivable, net	676,572	369,376
Inventories, net	746,104	571,403
Prepaid expenses	93,968	91,479
Total current assets	1,841,121	1,853,162
Property and equipment, net	140,182	26,729
Deposits	10,895	10,895
Total assets	1,992,198	1,890,786
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit	25,000	37,500
Notes payable	29,864	19,679
Accounts payable and accrued expenses (Includes related party of $16,000 and $32,000, respectively)	1,059,183	546,712
Deferred revenue	51,024	56,170
Total current liabilities	1,165,071	660,061
Commitments
Stockholders' equity:
Common stock, $.0025 par value; authorized 50,000,000 shares; issued and outstanding: 20,871,772 shares	52,179	52,179
Additional paid-in capital	21,364,686	21,313,319
Accumulated deficit	(20,589,738)	(20,134,773)
Stockholders' Equity Attributable to Parent	827,127	1,230,725
Total liabilities and stockholders' equity	$ 1,992,198	$ 1,890,786