WEB NEWS Comments & Business Outlook
BIO-BRIDGE SCIENCE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30
Six Months Ended June 30
2011
2010
2011
2010
Revenue
$ 21,207 $ 24,077 $ 36,340 $ 48,906
Cost of goods sold
12,271 11,955 19,958 24,086
Gross profit
8,936 12,122 16,382 24,820
Research and development costs
41,534 43,423 92,487 131,989
Selling and distribution expenses
15,479 18,268 31,679 40,415
General and administrative expenses
282,260 427,506 583,272 2,254,356
Loss from operations
(330,337 ) (477,075 ) (691,056 ) (2,401,940 )
Other income (expense):
Interest expense
- (2,109 ) (821 ) (2,971 )
Gain on sale trading securities
- 1,890 - 8,631
Change of fair value of derivative liability
3,970 4,890 (50,421 ) 4,913
Dividend income
- 1,181 - 4,718
Loss from continuing operations
(326,367 ) (471,223 ) (742,298 ) (2,386,649 )
Loss from discontinued operations
- (31,920 ) - (73,041 )
Net Loss
(326,367 ) (503,143 ) (742,298 ) (2,459,690 )
Loss from continuing operations attributable to noncontrolling interests
54,550 40,884 100,444 67,186
Loss from discontinued operations attributable to noncontrolling interests
- 21,338 - 34,561
Net loss attributable to Bio-Bridge Science, Inc.
(271,817 ) (440,921 ) (641,854 ) (2,357,943 )
Preferred stock dividends
- - - (21,200 )
Net loss attributable to common shareholders
$ (271,817 ) $ (440,921 ) $ (641,854 ) $ (2,379,143 )
Net loss per share, attributable to common shareholders, basic and diluted
$ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.05 )
Weighted average shares outstanding, basic and diluted
45,070,245 45,070,245 45,070,245 44,333,203
Liquidity Requirements
Based on our current operating plan, we believe that we have sufficient cash and cash equivalents to last
approximately through July 2011. We will
need to obtain additional financing in addition to the funds already raised through the sale of equity securities to fund our cash needs and continue our operations beyond July 2011.
Comments & Business Outlook
BIO-BRIDGE SCIENCE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
For The Years Ended December 31,
2010
2009
Revenue
$ 97,138 $ 80,290
Cost of goods sold
(95,178 ) (35,171 )
Gross profit
1,960 45,119
Research and development costs
290,616 277,457
Selling and distribution expenses
83,474 71,857
General and administrative expenses
3,382,654 1,138,690
Impairment of intangible assets
223,032 -
Impairment of leasehold improvements and equipment
379,154 -
Loss from operations
(4,356,970 ) (1,442,885 )
Other income (expenses):
Interest expense
(6,705 ) (1,684 )
Unrealized gain on trading securities
- 46,410
Gain on sale of trading securities
8,631 -
Change in fair value of derivative liability
30,429 912,356
Dividend income
4,718 15,300
Loss from continuing operations
(4,319,897 ) (470,503 )
Discontinued operations:
Income (loss) from discontinued operations
(134,084 ) 66,992
Loss on sale of discontinued operations
(791,715 ) -
Discontinued operations
(925,799 ) 66,992
Net Loss
(5,245,696 ) (403,511 )
Loss from continuing operations attributable to noncontrolling interests
(305,820 ) (46,020 )
Income (loss) from discontinued operations attributable to noncontrolling interests
(63,450 ) 57,985
Net loss attributable to Bio-Bridge Science, Inc.
(4,876,426 ) (415,476 )
Preferred stock dividends
(21,200 ) (387,200 )
Net loss applicable to common shareholders
$ (4,897,626 ) $ (802,676 )
Basic and diluted loss per share:
Loss from continuing operations
$ (0.10 ) $ (0.02 )
Income (loss) from discontinued operations
$ (0.01 ) $ 0.00
Net loss per share applicable to common shareholders
$ (0.11 ) $ (0.02 )
Weighted average shares outstanding – basic and diluted
44,705,774 36,151,140
CFO Trail
On November 11, 2010,
Chuen Huei (Kevin) Lee resigned , effective the same day, as Chief Financial Officer of Bio-Bridge Science, Inc. Mr. Lee will remain a consultant to the Company.
GeoSpecial Notes
Our capital requirements for the next 12 months, as they relate to further research and development relating to our product candidates have been and will continue to be significant .obtain additional financing in addition to the funds already raised through the sale of equity securities to fund our cash needs and continue our operations beyond April 2009.
