DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
Six Months Ended June 30, | ||||||
2010 | 2009 | |||||
(Unaudited) | (Unaudited) | |||||
Operating Activities | ||||||
Net Income (Loss) | $ | (2,521,193) | $ | 10,891,584 | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities: | ||||||
Depreciation and Amortization of Fixed Assets | 151,096 | 87,682 | ||||
Amortization of Intangible and Other Assets | 7,068 | 7,067 | ||||
Reduction of Allowance for Doubtful Accounts | (132,030) | - | ||||
Reduction of Inventory Reserve | (333,795) | (490,414) | ||||
Compensation Expense on Stock Option Grants | 425,032 | 58,025 | ||||
Stock Issued for Financial Services | 63,000 | - | ||||
Stock Issued for Rent | - | 5,000 | ||||
Gain on Reduction of Accrued Stockholder Litigation | (410,000) | - | ||||
Changes in Operating Assets and Liabilities: | ||||||
Accounts Receivable | (118,717) | (9,247) | ||||
Inventory | 399,751 | 1,125,490 | ||||
Prepaid Expenses and Other Current Assets | 117,787 | 22,105 | ||||
Other Assets | - | 27,604 | ||||
Accounts Payable | (66,234) | (319,621) | ||||
Accrued Expenses | (434,030) | (74,011) | ||||
Accrued Interest Payable to Stockholder | (26,088) | (167,154) | ||||
Accrued Stockholder Litigation | (1,500,000) | - | ||||
Deferred Research and Development Obligations | - | (3,082,863) | ||||
Income Taxes Payable | 1,238 | (5,584) | ||||
Net Cash Provided By (Used In) Operating Activities | (4,377,115) | 8,075,663 | ||||
Investing Activities | ||||||
Purchases of Fixed Assets | (157,315) | (12,402) | ||||
Patent Costs | (6,284) | - | ||||
Restricted Cash | 45,589 | 1,197 | ||||
Net Cash (Used In) Investing Activities | (118,010) | (11,205) | ||||
Financing Activities | ||||||
Repayment of Note Payable to Stockholder | - | (1,000,000) | ||||
Proceeds from Stock Warrant Exercises | 16,876 | - | ||||
Proceeds from Stock Option Exercises | 22,801 | - | ||||
Net Cash Provided By (Used In) Financing Activities | 39,677 | (1,000,000) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | (4,455,448) | 7,064,458 | ||||
Cash and Cash Equivalents at Beginning of Period | 8,419,934 | 2,826,542 | ||||
Cash and Cash Equivalents at End of Period | $ | 3,964,486 | $ | 9,891,000 | ||
Supplemental Cash Flow Information: | ||||||
Cash Paid for Interest | $ | 91,154 | $ | 277,020 | ||
