PALATIN TECHNOLOGIES, INC. and Subsidiary Consolidated Balance Sheets (unaudited) | |||||
March 31, 2010 | June 30, 2009 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 6,775,679 | $ | 4,378,662 | |
Available-for-sale investments | 3,449,720 | 3,439,650 | |||
Accounts receivable | 530,092 | 508,528 | |||
Prepaid expenses and other current assets | 377,303 | 492,824 | |||
Total current assets | 11,132,794 | 8,819,664 | |||
Property and equipment, net | 2,688,702 | 3,650,783 | |||
Restricted cash | 475,000 | 475,000 | |||
Other assets | 257,420 | 254,364 | |||
Total assets | $ | 14,553,916 | $ | 13,199,811 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Capital lease obligations | $ | 19,170 | $ | 87,675 | |
Accounts payable | 681,190 | 206,363 | |||
Accrued expenses | 1,477,682 | 1,420,741 | |||
Deferred revenue | - | 6,955,553 | |||
Total current liabilities | 2,178,042 | 8,670,332 | |||
Capital lease obligations | 19,393 | 33,954 | |||
Deferred rent | 793,608 | 1,182,026 | |||
Total liabilities | 2,991,043 | 9,886,312 | |||
Stockholders' equity: | |||||
Preferred stock of $0.01 par value – authorized 10,000,000 shares; | |||||
Series A Convertible; issued and outstanding 4,997 shares as of March 31, 2010 and June 30, 2009, respectively | 50 | 50 | |||
Common stock of $0.01 par value – authorized 150,000,000 shares; issued and outstanding 106,571,465 and 86,662,901 shares as of March 31, 2010 and June 30, 2009, respectively | 1,065,715 | 866,629 | |||
Additional paid-in capital | 215,308,724 | 209,712,379 | |||
Accumulated other comprehensive income | 126,181 | 116,111 | |||
Accumulated deficit | (204,937,797) | (207,381,670) | |||
Total stockholders' equity | 11,562,873 | 3,313,499 | |||
Total liabilities and stockholders' equity | $ | 14,553,916 | $ | 13,199,811 | |
