the full quarterly is now available. an excerpt on the "bad debt."
Bad Debt Expense: Bad debt expense increased from none in the three months ended September 30, 1997 to $1,715,000 in the three months ended September 30, 1998. On October 22, 1998, the Company announced that it had reserved for possible bad debts of $1,700,000 against accounts receivable due and owing by Medical Device Alliance, Inc. and its wholly-owned subsidiary, Lysonix, Inc., as Licensees for the Misonix ultrasonic soft tissue aspirator. A letter of default on the license agreement with these parties was contemporaneously transmitted by the Company. Without the effects of this charge , the Company would have reported net income of $1,420,353, or $.22 diluted earnings per share for the three months ended September 30, 1998 as compared to net income of $907,628, or $ .13 diluted earnings per share for the three months ended September 30, 1997. Due to this charge, the Company reported a net loss of $279,647, or $ (.05) diluted earnings per share for the three months ended September 30, 1998 as compared to net income of $907,628, or $ .13 diluted earnings per share for the three months
ended September 30, 1997.
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