BIOPHAN TECHNOLOGIES, INC.
AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
May 31, 2004 February 29,
(Unaudited) 2004
-------------------------------------
ASSETS
Current 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 61,214
Other 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' EQUITY
Current 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
=============================