Full Press Release Details
PALATIN TECHNOLOGIES, INC.
Consolidated Balance Sheets
| May 26, 2011 | March 31, 2011 | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 20,237,231 | $ 22,032,649 | ||
| Prepaid expenses and other current assets | 499,970 | 539,361 | ||
| Total current assets | 20,737,201 | 22,572,010 | ||
| Property and equipment, net | 1,331,942 | 1,511,892 | ||
| Restricted cash | 350,000 | 350,000 | ||
| Other assets | 256,342 | 253,403 | ||
| Total assets | $ 22,675,485 | $ 24,687,305 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Capital lease obligations | $ 16,001 | $ 19,393 | ||
| Accounts payable | 128,931 | 386,261 | ||
| Accrued compensation | 66,768 | 211,941 | ||
| Unearned revenue | 58,596 | 70,796 | ||
| Accrued expenses | 1,937,405 | 1,208,920 | ||
| Total current liabilities | 2,207,701 | 1,897,311 | ||
| Warrant liability | - | 6,370,555 | ||
| Deferred rent | 174,624 | 258,161 | ||
| Total liabilities | 2,382,325 | 8,526,027 | ||
| Stockholders' equity: | ||||
| Preferred stock of $.01 par value - authorized 10,000,000 shares; | ||||
| Series A Convertible; issued and outstanding 4,997 shares as of May 26, 2011 and March 31, 2011, respectively | 50 | 50 | ||
| Common stock of $.01 par value - authorized 100,000,000 shares; issued and outstanding 34,900,591 shares as of May 26, 2011 and March 31, 2011, respectively | 349,006 | 349,006 | ||
| Additional paid-in capital | 239,648,429 | 234,493,100 | ||
| Accumulated deficit | (219,704,325) | (218,680,878) | ||
| Total stockholders' equity | 20,293,160 | 16,161,278 | ||
| Total liabilities and stockholders' equity | $ 22,675,485 | $ 24,687,305 |