Antex Biologics Inc.
(a development stage enterprise)
CONSOLIDATED BALANCE SHEETS
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DECEMBER 31, SEPTEMBER 30,
1996 1997
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ASSETS (UNAUDITED)
Current assets:
Cash and cash equivalents $ 6,918,836 $ 6,320,795
Restricted cash 300,000 -
Accounts and other receivables 95,668 169,273
Prepaid expenses and deposits 247,717 520,776
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Total current assets 7,562,221 7,010,844
Property and equipment, net 537,113 259,891
Prepaid expenses 151,667 -
Deferred compensation trust 191,189 191,189
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$ 8,442,190 $ 7,461,924
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 272,119 $ 521,697
Deferred research and development revenue 744,198 699,792
Deferred gain on sale and leaseback 349,857 -
Obligation under capitalized lease 451,412 -
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Total current liabilities 1,817,586 1,221,489
Deferred compensation 191,189 191,189
Excess of fair value over cost of net assets acquired, net
of accumulated amortization of $152,944 and $174,121 129,409 108,232
Other 45,219 26,040
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares
authorized; none outstanding - -
Common stock, $.01 par value; 95,000,000 shares
authorized; 22,479,679 shares issued and
outstanding 224,797 224,797
Additional paid-in capital 17,752,416 17,752,416
Deficit accumulated during the development stage (11,718,426) (12,062,239)
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Total stockholders' equity 6,258,787 5,914,974
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$ 8,442,190 $ 7,461,924
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