BIOPHAN TECHNOLOGIES, INC. AND SUBSIDIARIES (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED BALANCE SHEETS May 31, 2004 February 29, (Unaudited) 2004 ------------------------------------- ASSETSCurrent Assets: Cash $ 169,185 $ 823,900 Investments in marketable securities 1,150,000 1,150,000 Due from related parties 121,679 34,222 Prepaid expenses 71,812 69,185 ------------------------------------- Total Current Assets 1,512,676 2,077,307 -------------------------------------Property and equipment, net 64,735 61,214Other Assets: Intellectual property rights 70,000 70,000 Security deposit 2,933 2,933 Deferred equity placement costs 41,997 19,891 Deferred tax asset, net of valuation allowance of $3,233,000 and $2,926,000 respectively -- -- ------------------------------------- 114,930 92,824 ------------------------------------- $ 1,692,341 $ 2,231,345 ===================================== LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities: Accounts payable and accrued expenses $ 245,279 $ 254,058 ------------------------------------- Total Current Liabilities 245,279 254,058 -------------------------------------Stockholders' Equity: Common stock, $.005 par value Authorized, 80,000,000 shares Issued and outstanding, 66,864,610 and 65,945,011 shares respectively 334,323 329,725 Additional paid-in capital 13,756,491 13,339,289 Deficit accumulated during the development stage (12,643,752) (11,691,727) ------------------------------------- 1,447,062 1,977,287 ------------------------------------- $ 1,692,341 $ 2,231,345 ===================================== |
See Notes to Condensed Consolidated Financial Statements. 4 BIOPHAN TECHNOLOGIES, INC. AND SUBSIDIARIES (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Period from August 1, 1968 Three Months Ended (date of inception) May 31, to 2004 2003 May 31, 2004 ---------------------------------------------Revenues: Development payments $ -- -- $ 75,000 ---------------------------------------------Operating expenses: Salaries and related 134,704 127,642 1,831,704 Research and development 426,215 238,103 4,102,046 Professional fees 65,872 106,109 2,642,963 Write-down of intellectual property -- -- 530,000 General and administrative 367,895 104,736 2,130,571 --------------------------------------------- 994,686 576,590 11,237,284 ---------------------------------------------Operating loss (994,686) (576,590) (11,162,284)Other income(expense): Interest expense -- (110,251) (1,730,923) Interest income 858 902 47,436 Other income 41,803 27,804 356,462 Other expense -- -- (65,086) --------------------------------------------- 42,661 (81,545) (1,392,111) ---------------------------------------------Loss from continuing operations (952,025) (658,135) (12,554,395)Loss from discontinued operations -- -- (89,357) ---------------------------------------------Net loss $ (952,025) $ (658,135) $(12,643,752) ============================================= Loss per common share -basic and diluted $ (0.01) $ (0.02) ============================= Weighted average shares outstanding 66,419,732 37,634,693 ============================= | |