EX-99.2 3 bstc110509exh992.htm EXHIBIT 99.2 BioSpecifics Technologies Corp.: Exhibit 99.2 - Prepared by TNT Filings Inc.

Exhibit 99.2

BIOSPECIFICS TECHNOLOGIES CORP.
Consolidated Statements of Operations
(unaudited)

   

Three Months Ended
September 30,

  Nine Months Ended
September 30,
 
      2009     2008     2009     2008  
Revenues:                          

Net Sales

  $ 19,089   $ 13,042   $ 36,194   $ 29,841  

Royalties

    481,197     -     856,597     2,028  

Licensing fees

    266,282     266,281     1,298,844     798,844  

Consulting fees

    70,000     70,000     210,000     354,185  

Total Revenues

    836,568     349,323     2,401,635     1,184,898  
                           
Costs and expenses:                          

Research and development

    112,920     71,737     352,983     260,440  

General and administrative

    1,176,885     866,574     3,484,341     2,840,346  

Total Cost and Expenses

    1,289,805     938,311     3,837,324     3,100,786  
                           
Operating Loss     (453,237 )   (588,988 )   (1,435,689 )   (1,915,888 )
                           
Other income (expense):                          

Interest income

    24,140     31,511     28,685     89,314  

Interest expense

    -     46,979     (39 )   46,528  

Other, net

    600     104,203     (8,863 )   108,730  
      24,740     182,693     19,783     244,572  
                           
Loss before benefit for income tax     (428,497 )   (406,295 )   (1,415,906 )   (1,671,316 )

Income tax benefit

    46,376     192,287     -     192,287  
                           
Net loss   $ (382,121 ) $ (214,008 ) $ (1,415,906 ) $ (1,479,029 )
                           
Basic and diluted net loss per share   $ (0.06 ) $ (0.04 ) $ (0.23 ) $ (0.25 )
                           
Shares used in computation of basic and diluted net loss per share     6,075,758     5,976,937     6,034,301     5,803,497  

 

BIOSPECIFICS TECHNOLOGIES CORP.
Selected Consolidated Balance Sheet Data
(unaudited)

   

September 30,
2009

  December 31,
2008
 
               
Cash and cash equivalents   $ 4,267,591   $ 3,494,150  
Short-term investments     5,022,854     900,000  
Accounts and income tax receivable     1,482,616     6,952,781  
Working capital     9,157,129     9,422,245  
Total assets     12,337,717     12,831,361  
Long-term liabilities     4,321,154     4,660,427  
Total stockholders' equity     6,394,870     6,178,539