PALATIN TECHNOLOGIES, INC. and Subsidiary Consolidated Balance Sheets (unaudited) | |||||
March 31, 2011 | Pro-forma March 31, 2011 | June 30, 2010 | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 22,032,649 | $ 22,032,649 | $ 5,405,430 | ||
Available-for-sale investments | - | - | 3,462,189 | ||
Accounts receivable | - | - | 2,879 | ||
Prepaid expenses and other current assets | 539,361 | 539,361 | 393,313 | ||
Total current assets | 22,572,010 | 22,572,010 | 9,263,811 | ||
Property and equipment, net | 1,511,892 | 1,511,892 | 2,388,365 | ||
Restricted cash | 350,000 | 350,000 | 475,000 | ||
Other assets | 253,403 | 253,403 | 261,701 | ||
Total assets | $ 24,687,305 | $ 24,687,305 | $ 12,388,877 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Capital lease obligations | $ 19,393 | $ 19,393 | $ 19,670 | ||
Accounts payable | 386,261 | 386,261 | 155,795 | ||
Accrued compensation | 211,941 | 211,941 | - | ||
Unearned revenue | 70,796 | 70,796 | - | ||
Accrued expenses | 1,208,920 | 1,208,920 | 2,219,466 | ||
Total current liabilities | 1,897,311 | 1,897,311 | 2,394,931 | ||
Capital lease obligations | - | - | 14,284 | ||
Warrant liability | 6,370,555 | - | - | ||
Deferred rent | 258,161 | 258,161 | 661,389 | ||
Total liabilities | 8,526,027 | 2,155,472 | 3,070,604 | ||
Stockholders' equity: | |||||
Preferred stock of $.01 par value – authorized 10,000,000 shares; | |||||
Series A Convertible; issued and outstanding 4,997 shares as of March 31, 2011 and June 30, 2010, respectively | 50 | 50 | 50 | ||
Common stock of $.01 par value – authorized 40,000,000 shares; issued and outstanding 34,900,591 and 11,702,818 shares as of March 31, 2011 and June 30, 2010, respectively | 349,006 | 349,006 | 117,028 | ||
Additional paid-in capital | 234,493,100 | 240,863,655 | 218,236,723 | ||
Accumulated other comprehensive income | - | - | 138,650 | ||
Accumulated deficit | (218,680,878) | (218,680,878) | (209,174,178) | ||
Total stockholders' equity | 16,161,278 | 22,531,833 | 9,318,273 | ||
Total liabilities and stockholders' equity | $ 24,687,305 | $ 24,687,305 | $ 12,388,877 | ||
