Item 1. Financial Statements
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
September 30, December 31,
2003 2002
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ASSETS
Current assets:
Cash and cash equivalents $ 8,960 $ 147
Accounts receivable, net of allowance of $36 and $32 at September 30, 2003 and
December 31, 2002, respectively 304 327
Inventory 1,542 963
Prepaid expenses 1,858 163
Deferred offering costs, net of accumulated amortization of $298 and $213 at
September 30, 2003 and December 31, 2002, respectively 49 662
Other current assets -- 15
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Total current assets 12,713 2,277
Property and equipment, net 726 917
Other assets 1,822 103
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$ 15,261 $ 3,297
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued expenses $ 4,957 $ 5,145
Notes and debentures payable, net of discount of $155 and $2,638 at September 30,
2003 and December 31, 2002, respectively 801 2,181
Deferred revenue 500 500
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Total current liabilities 6,258 7,826
Warrant liability -- 356
Other long term liabilities 1,654 33
Mandatorily redeemable Series A preferred stock, $0.001 par value; no shares authorized
at September 30, 2003 and December 31, 2002; 100,000 shares issued and outstanding at
September 30, 2003 and December 31, 2002; aggregate redemption and liquidation value
of $1,000 plus cumulative dividends 2,666 2,576
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Total liabilities 10,578 10,791
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Commitments and contingencies -- --
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued -- --
or outstanding
Common stock, $0.03 par value; 800,000,000 and 200,000,000 shares
authorized at September 30, 2003 and December 31, 2002, respectively;
135,866,394 and 5,058,484 shares issued and outstanding as of
September 30, 2003 and December 31, 2002, respectively 4,076 152
Additional paid-in capital 123,568 93,804
Deferred compensation (21) --
Accumulated deficit (122,940) (101,450)
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Total stockholders' equity (deficit) 4,683 (7,494)
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$ 15,261 $ 3,297
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See accompanying notes to consolidated financial statements.
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