PURE Bioscience (PURE: OTCQB) | PURE Bioscience Reports Fiscal 2018 Q1 Financial Results

PURE Bioscience Reports Fiscal 2018 Q1 Financial Results

Dec 14, 2017

OTC Disclosure News Service

PURE Bioscience, Inc. (OTCQB:
PURE
), creator of a patented, non-toxic china dihydrogen citrate (SDC)
antimicrobial, currently reported financial formula for a mercantile first
entertain finished Oct 31, 2017.

Summary of Results of Operations

Revenues for a mercantile initial entertain finished Oct 31, 2017 decreased
13% to $464,000 compared with before initial entertain revenues of $531,000.
Core food reserve revenues for a initial entertain decreased 60% as
compared with food reserve revenues in a initial entertain of 2016. The
diminution in both sum and food reserve revenues was due to timing of
product orders, as a initial system-wide stocking sequence from Chipotle
occurred in mercantile 2017 Q1. Gross domain increasing to 69% during the
initial entertain of mercantile 2018 as compared with 50% during a same period
in mercantile 2017. The boost in sum domain commission was primarily
attributable to a sale of aloft domain formulations and packaging
configurations of a products during a entertain finished Oct 31, 2017
as compared with a before period. Total handling costs and expenses
for a initial buliding of 2017 and 2016 were $2.4 million and $2.1
million, respectively. The initial entertain net detriment was $(0.04) per share
compared with $(0.03) per share for mercantile initial entertain in 2017.

Hank
R. Lambert
, Chief Executive Officer, pronounced that, “While a first
entertain numbers do not seem to simulate it, we indeed start fiscal
2018 with flourishing adoption, movement and event for both PURE® Hard
Surface and PURE Control®, validating a food reserve solutions strategy
to commercialize products that revoke a risks of food contamination
and foodborne illness outbreaks.

“In mercantile Q1, we successfully entered a new food reserve marketplace using
PURE Hard Surface for a sanitization of food ride trucks and
cosmetic pallets. We guess this to be a new $50M+ US market
event for us. Also in Q1, we achieved a vicious regulatory
miracle for PURE Control. Based on these achievements, we trust we
are on a trail to achieving a money upsurge breakeven income run rate by
year-end calendar 2018,” Lambert concluded.

Fiscal Q1 Review

  • Aug 2017, PURE Control antimicrobial was listed as a Safe and
    Suitable Ingredient in a USDA-FSIS
    Directive 7120.1
    for Poultry Products, permitting immediate
    commercialization for pre-OLR and post chill applications, including
    tools processing.
  • Sep 2017, a poultry
    processor instituted testing
    of PURE Control for ornithology tools and
    achieved in-plant formula on tools that are higher to chemistries in
    use today, expelling Salmonella and with adult to a 2.7 Log
    rebate in bacteria.
  • Oct 2017, PURE lifted $2.8 million in sum deduction from a
    successful aver proposal offer.
  • Oct 2017, furnish processor Taylor Farms instituted scale-up of
    PURE Control focus in a Salinas, CA plant. In December,
    rollout skeleton were determined to move additional plants in Taylor’s
    12 plant network online in a entrance months.
  • Oct 2017, successfully finished contrast of a new superior,
    non-toxic, labor saving food ride sanitization resolution using
    PURE Hard Surface disinfectant with a heading foodservice distributor.
    In December, rollout skeleton were determined for a distributor’s
    network.
  • Oct 2017, announced it has signed
    an agreement
    with, and perceived an initial sequence from, iGPS
    Logistics, a heading cosmetic pallet pooling use provider in
    North America. PURE Hard Surface disinfectant will be used as a new,
    some-more effective, time-efficient sanitization solution.
  • Nov 2017, announced a appointment of Elisabeth Hagen, M.D.,
    former USDA Under Secretary for Food Safety and a heading food safety
    consultant to a Board of Directors.

2018 Q1 Financial Results Conference Call

The Company will horde an financier discussion call today, Dec 14,
2017 during 1:30pm PST (4:30pm EST). The Participant Dial-In Number for the
discussion call is 1-631-891-4304. Participants should dial in to
a call during slightest 5 mins before 1:30pm PST (4:30pm EST) on
Dec 14, 2017. The call can also be accessed “live” online during http://public.viavid.com/index.php?id=127392.

A replay of a accessible call will be accessible for 90 days on the
Company’s website (http://www.purebio.com/investors/events-presentations/).
You can also listen to a replay of a call by dialing 1-844-512-2921 (international
participants dial 1-412-317-6671) starting Dec 14, 2017, during 7:30pm
EST by Dec 21, 2017 during 11:59 pm EST. Please use PIN Number
10003983.

About PURE Bioscience, Inc.

PURE Bioscience, Inc. is focused on building and commercializing our
exclusive antimicrobial products essentially in a food reserve locus —
providing solutions to a health and environmental hurdles of
micro-organism and sterilizing control. Our record height is formed on
law stabilized ionic silver, and a initial products contain
china dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic
antimicrobial agent, that offers 24-hour residual insurance and
formulates good with other compounds. As a height technology, SDC is
renowned from existent products in a marketplace since of its
higher efficacy, reduced toxicity and it mitigates bacterial
resistance. PURE is headquartered in El Cajon, California (San Diego
civil area). Additional information on PURE is accessible during www.purebio.com.

Forward-looking Statements

Any statements contained in this press recover that do not describe
chronological contribution might consecrate forward-looking statements as that term
is tangible in a Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently engage risks and uncertainties
that could means a tangible formula to differ materially from any
forward-looking statements. Factors that could means or minister to
such differences include, though are not singular to, a Company’s failure
to practice or differently grasp a advantages of a due business
initiatives and plans; acceptance of a Company’s stream and future
products and services in a marketplace, including a Company’s
ability to modify successful evaluations and tests for PURE Control
into patron orders and business stability to place product orders as
approaching and to enhance their use of a Company’s products; the
Company’s ability to lift sufficient supports to support a continued
operations and a doing of a business devise on a timely
basis, on excusable terms, or during all; a ability of a Company to
rise effective new products and accept compulsory regulatory approvals
for such products, including a compulsory information and regulatory approvals
compulsory to use a SDC-based record as a approach food contact
estimate assist in tender beef estimate and to enhance a use in OLR
ornithology processing; rival factors, including patron acceptance
of a Company’s SDC-based products that are typically some-more expensive
than existent diagnosis chemicals; coherence on third-party vendors,
including to make a products; and other risks minute in the
Company’s periodic news filings with a Securities and Exchange
Commission (the SEC), including a Form 10-K for a mercantile year ended
Jul 31, 2017, a Form 10-Q for a initial entertain finished Oct 31,
2017. You should not place undue faith on these forward-looking
statements, that pronounce usually as of a date of this press release. By
creation these forward-looking statements, a Company undertakes no
requirement to refurbish these statements for revisions or changes after the
date of this release.

 

PURE Bioscience, Inc.
Condensed Consolidated
Balance Sheets

 

 

 

 

 

October 31, 2017

July 31, 2017

(Unaudited)

Assets

Current assets

Cash and money equivalents

$

3,229,000

$

1,640,000

Accounts receivable

143,000

297,000

Inventories, net

274,000

273,000

Restricted cash

75,000

75,000

Prepaid expenses

 

175,000

 

174,000

Total stream assets

3,896,000

2,459,000

Property, plant and equipment, net

530,000

548,000

Patents, net

 

781,000

 

822,000

Total assets

$

5,207,000

$

3,829,000

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

$

425,000

$

426,000

Accrued liabilities

212,000

249,000

Derivative liabilities

 

 

1,853,000

Total stream liabilities

637,000

2,528,000

Deferred rent

 

10,000

 

11,000

Total liabilities

 

647,000

 

2,539,000

Commitments and contingencies

Stockholders’ equity

Preferred stock, $0.01 standard value: 5,000,000 shares authorized, no
shares released and outstanding

Common stock, $0.01 standard value: 100,000,000 shares authorized,
67,981,861 shares released and superb during Oct 31, 2017, and
63,093,153 shares released and superb during Jul 31, 2017

680,000

631,000

Additional paid-in capital

115,701,000

110,141,000

Accumulated deficit

 

(111,821,000

)

 

(109,482,000

)

Total stockholders’ equity

 

4,560,000

 

1,290,000

Total liabilities and stockholders’ equity

$

5,207,000

$

3,829,000

 

 

 

PURE Bioscience, Inc.
Condensed Consolidated
Statements of Operations

(Unaudited)

 

Three months ended

October 31,

2017

 

 

2016

Net product sales

$

464,000

$

531,000

Operating costs and expenses

Cost of products sold

146,000

265,000

Selling, ubiquitous and administrative

1,445,000

1,337,000

Research and development

144,000

248,000

Share-based compensation

 

656,000

 

278,000

Total handling costs and expenses

 

2,391,000

 

2,128,000

Loss from operations

 

(1,927,000

)

 

(1,597,000

)

Other income (expense)

Change in derivative liabilities

459,000

(159,000

)

Inducement to practice warrants

(876,000

)

Interest expense, net

(1,000

)

(1,000

)

Other income, net

 

6,000

 

14,000

Total other expense

 

(412,000

)

 

(146,000

)

Net loss

$

(2,339,000

)

$

(1,743,000

)

Basic and diluted net detriment per share

$

(0.04

)

$

(0.03

)

Shares used in computing simple and diluted net detriment per share

 

64,964,404

 

64,823,917

 

 

 

PURE Bioscience, Inc.
Condensed Consolidated
Statements of Cash Flows

(Unaudited)

 

Three Months Ended

October 31,

2017

 

 

2016

Operating activities

Net loss

$

(2,339,000

)

$

(1,743,000

)

Adjustments to determine net detriment to net money used in operating
activities:

Share-based compensation

656,000

278,000

Amortization of batch released for services

39,000

36,000

Depreciation and amortization

71,000

65,000

Change in satisfactory value of derivative liability

(459,000

)

159,000

Inducement to practice warrants

876,000

Changes in handling resources and liabilities:

Accounts receivable

154,000

117,000

Inventories

(1,000

)

2,000

Prepaid expenses

11,000

(108,000

)

Accounts payable and accrued liabilities

(38,000

)

147,000

Deferred rent

 

(1,000

)

 

Net money used in handling activities

 

(1,031,000

)

 

(1,047,000

)

Investing activities

Investment in patents

(3,000

)

(7,000

)

Purchases of property, plant and equipment

 

(9,000

)

 

(76,000

)

Net money used in investing activities

 

(12,000

)

 

(83,000

)

Financing activities

Net deduction from a practice of warrants

 

2,632,000

 

Net money supposing by financing activities

 

2,632,000

 

Net (decrease) boost in money and money equivalents

1,589,000

(1,130,000

)

Cash and money equivalents during commencement of period

 

1,640,000

 

5,194,000

Cash and money equivalents during finish of period

$

3,229,000

$

4,064,000

Supplemental avowal of money upsurge information

Cash paid for taxes

$

$

2,000

Warrant liabilities private due to settlements

$

1,394,000

$

Common batch released for prepaid services

$

51,000

$

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