<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
FORM 10-QSB
------------------------
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______.
Commission File Number: 0-11371
BIOSONICS, INC.
------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2161932
---------------------- ---------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
260 New York Drive
Fort Washington, Pennsylvania 19034
----------------------------------------
(Address of principal executive offices) (Zip Code)
----------------------------------------
(215) 646-7100
----------------------------------------
(Registrant's telephone number including area code)
N/A
----------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
__X_ Yes ___No
Indicate the number of shares outstanding of each of the issuers shares of
common stock, as of the latest practicable date: as of March 31st 1998, there
were outstanding 306,614,536 shares of the Registrant's Common Stock, $.0001
par value.
<PAGE> 2
BIOSONICS, INC.
INDEX
Page
Number
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets:
March 31, 1998 and December 31, 1997 3
Statements of Loss:
Three Months Ended March 31, 1998 and 1997
and the Period from November 13, 1980
(Inception) to March 31,1998 4
Statements of Deficit Accumulated:
Three Months Ended March 31, 1998 and 1997
and the Period from November 13, 1980
(Inception) to March 31,1998 5
Statements of Cash Flows:
Three Months Ended March 31, 1998 and 1997
and the Period from November 13, 1980
(Inception) to March 31,1998 6 & 7
Statements of Shareholders' Equity - Paid-In-Capital:
November 30, 1980 (Inception) to March 31, 1998 8 - 11
Note to Financial Statements 12
Item 2. Management's Discussion and Analysis or Plan of Operation 13
PART II OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 15
Item 4. Submission of Matters to a Vote of Security Holders 15
Item 6. Exhibits and Reports on Form 8-K 15
Signatures 15
<PAGE> 3
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEETS
ASSETS
Unaudited
MARCH 31 DECEMBER 31,
1998 1997
Current assets
Cash (including interest bearing deposits
of $10 in 1998 and 1997) $ 100 $ 260
Accounts receivable (net of allowance for
doubtful accounts of $2,000 in 1998 and 1997) 2,146 2,630
Interest receivable 5,118 3,259
Inventory 41,770 42,117
Notes Receivable 15,000 15,000
Advances to affiliate (net of allowance for
doubtful accounts of $50,000 in 1998) 85,493 66,606
Prepaid expenses and other current assets 4,613 3,000
----------- ----------
Total current assets 154,240 132,872
Equipment, furniture and leaseholds, net
of accumulated depreciation 12,619 13,820
Deposits 8,431 8,431
----------- ----------
Total assets $ 175,290 $ 155,123
Liabilities and Shareholders' Deficit
Current liabilities
Notes payable, officer and affiliate $ 99,000 $ 99,000
Notes payable, other 232,330 148,000
Accrued payroll, officer 798,250 772,500
Accrued interest, officer and affiliate 68,708 66,357
Accrued interest, other 205,389 198,738
Accounts payable and other accrued expenses 887,320 922,093
Advances from affiliate s 62,450 62,450
Payments received from unissued debentures 187,000 187,000
----------- ------------
Total current liabilities 2,540,447 2,456,138
Shareholders' deficit
Common stock - authorized 750,000,000 shares
at .0001 par value; issued and outstanding
309,614,536 and 307,964,536 shares at March 31,
1998 and December 31, 1997 respectively 30,961 30,797
Capital in excess of par value 12,630,355 12,548,020
Notes receivable from sale of stock (95,000) (95,000)
Deficit accumulated during development stage (14,931,473) (14,784,832)
---------- ----------
Total shareholders' deficit ( 2,365,157) ( 2,301,015)
---------- ----------
Total liabilities and shareholders' deficit $ 175,290 $ 155,123
========= ==========
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 4
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF LOSS
(UNAUDITED)
11/13/80
THREE MONTHS ENDED (INCEPTION)
MARCH 31, TO MARCH 31,
1998 1997 1998
Sales $ 3,070 $ 5,625 $ 867,210
Cost of sales 2,540 3,404 570,164
---------- ---------- -----------
Gross profit 530 2,221 297,046
Development stage expenses
Research and development costs 0 0 4,166,667
Professional fees 31,874 55,140 3,029,292
Other development stage expenses 117,252 145,168 8,914,286
---------- -------- ----------
Total development stage expenses 149,126 200,308 16,110,245
Less: Revenues from cost recovery
program - - 118,082
---------- -------- ---------
Net development stage expenses 149,126 200,308 15,992,163
Other income
Investment and other income 1,955 992 756,024
Gain on sale of fixed assets - - 7,620
--------- -------- ----------
Total other income 1,955 992 763,644
Net loss ($ 146,641) ($ 197,095) ($14,931,473)
Loss per common share ($.00) ($.00) ($.05)
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 5
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF DEFICIT ACCUMULATED DURING DEVELOPMENT STAGE
(UNAUDITED)
THREE MONTHS ENDED 11/13/80 (INCEPTION)
MARCH 31, TO MARCH 31,
1998 1997 1998
BEGINNING BALANCE ($14,784,832) ($13,918,378) $ -
NET LOSS ( 146,641) ( 197,095) ( 14,931,473)
ENDING BALANCE ($14,931,473) ($14,115,473) ($14,931,473)
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 6
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
11/13/80
THREE MONTHS ENDED (INCEPTION)
MARCH 31, TO MARCH 31,
1998 1997 1998
Cash flows used in operating
activities
Net loss ($ 146,641) ($ 197,095) ($14,931,473)
Adjustments to reconcile net loss to
net cash used in operating activities
Depreciation and amortization 1,201 1,501 387,096
Increase in allowance for doubtful
accounts - - 52,000
Increase in reserve for inventory
obsolescence - - 27,000
Loss on lease abandonment - - 19,550
Gain on sale of fixed assets - - ( 7,620)
Common stock issued for services - 27,500 585,059
Common stock options issued for services - 14,398 177,678
Common stock issued for product rights - - 12,501
Change in operating assets and
liabilities
Accounts receivable 484 ( 250) ( 4,146)
Inventory 347 226 ( 68,770)
Interest Receivable ( 1,859) - ( 5,118)
Prepaid expenses and other
current assets ( 1,613) ( 5,820) ( 4,613)
Accrued payroll, officer 25,750 25,750 798,250
Accrued interest, officer and
affiliates 2,351 2,875 142,911
Accrued interest, other 6,651 6,333 205,389
Accounts payable and accrued
expenses ( 34,774) 950 955,321
Advances from (to) affiliates ( 18,887) ( 115,898) 50,277
-------- -------- ---------
Total adjustments ( 20,349) ( 32,435) 3,322,766
-------- -------- -----------
Net cash used in operating activities ($166,990) $229,530 ($11,608,707)
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 7
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF CASH FLOWS (CONTINUED)
(UNAUDITED)
11/13/80
THREE MONTHS ENDED (INCEPTION)
MARCH 31, TO MARCH 31,
1998 1997 1998
Cash flows from investing activities
Sale of fixed assets $ - $ - $ 10,825
Capital expenditures - - ( 369,326)
Issuance of note receivable - - ( 45,000)
(Increase) decrease in deposits - - ( 8,431)
Decrease in note receivable - - 30,000
Decrease in capitalized patents - - ( 45,690)
Net cash provided (used) in -------- --------- -----------
investing activities $ - $ - ($ 427,622)
-------- --------- -----------
Cash flows from financing activities
Proceeds for unissued debentures
and securities $ - $ - $ 498,000
Principal payments of note payable - - ( 338,000)
Proceeds from issuance of note payable 84,330 - 918,774
Decrease in capitalized organization
costs - - ( 7,453)
Proceeds from issuance of preferred stock - - 1,105,000
Proceeds from issuance of common stock 82,500 - 9,860,109
Net cash provided by financing ----------- --------- ----------
activities $ 166,830 $ - $12,036,430
----------- --------- ----------
Net increase (decrease) in cash and
cash equivalents ( 160) - 100
Cash and cash equivalents, beginning 260 260 -
---------- --------- ----------
Cash and cash equivalents, ending $ 100 $ 260 $ 100
========== ========= ==========
Schedule of noncash financing transactions:
Issuance of common stock from
Loan Receivable: $ 95,000 $ - $ 95,000
========== ========= ==========
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 8
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF SHAREHOLDERS' EQUITY - PAID-IN CAPITAL
NOVEMBER 13, 1980 (INCEPTION) TO MARCH 31, 1998
(UNAUDITED)
DATE STOCK PRICE AMOUNT
ISSUED NUMBER OF SHARES PER SHARE RECVED NOTES
1/13/81 150,000,000 $ .0001 $ 15,001 (A)
1/31/81 4,400,000 .025 110,000 (B)
1981 400,000 .025 10,000 (C)
1981 20,000,000 .05 1,000,000 (B)
1982 20,000 .40 8,000 (C)
1982 97,500 .20 19,500 (C)
1982 1,000,000 .06 60,100 (D)
1983 52,500 .20 10,500 (C)
1983 75,000 .305 22,875 (E)
1983 25,000 .235 5,875 (E)
1983 20,000 .50 10,000 (C)
12/29/83 7,300,000 .50 3,650,000 (F)
1984 390 1.00 390 (G)
1984 5,948 .50 2,975 (G)
1984 1,000 .375 375 (C)
1984 72,500 .25 18,125 (C)
1984 2,000 .375 750 (H)
1984 4,000 .25 1,000 (C)
1984 350,000 .20 70,000 (C)
1985 26,500 .281 7,453 (C)
1985 20,000 .25 5,000 (H)
1985 500 .50 250 (G)
1985 5,000 .344 1,719 (C)
1985 50 1.00 50 (G)
1985 2,000 .375 750 (H)
1985 7,500 .156 1,172 (C)
1986 6,882 .50 3,472 (G)
1986 85,000 .1875 15,938 (H)
1986 11,650 .281 3,276 (H)
1986 100,000 .219 21,875 (H)
1986 10,665,000 .181 1,929,737 (I)
1986 202,000 .156 31,562 (H)
1986 70,000 .313 21,875 (H)
1986 134,855 .20 26,939 (H)
1987 7,613,551 .20 1,522,710 (G)
1987 476,110 .295 140,478 (H)
1987 7,000 .159 1,113 (B)
1987 15,000 .312 4,687 (C)
1987 240,000 .20 48,000 (B)
1987 100,000 .218 21,875 (C)
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 9
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF SHAREHOLDERS' EQUITY - PAID-IN CAPITAL (CONTINUED)
NOVEMBER 13, 1980 (INCEPTION) TO MARCH 31 , 1998
(UNAUDITED)
DATE STOCK PRICE AMOUNT
ISSUED NUMBER OF SHARES PER SHARE RECVED NOTES
1988 125,000 .25 31,250 (C)
1988 2,500 .218 547 (H)
1988 10,000 .20 2,000 (G)
1988 100,000 .25 25,000 (B)
1988 4,227,000 .20 845,400 (B)
1988 25,000 .156 3,906 (C)
1988 11,000 .013 143 (H)
1989 400,000 .080 32,000 (B)
1989 3,000 .0938 282 (H)
1989 100,000 .080 8,000 (B)
1990 25,000 .010 250 (H)
1990 20,311,000 .010 203,110 (B)
1990 10,500,000 .010 105,000 (B)
1991 1,100,000 .010 11,000 (B)
1991 100,000 .010 1,000 (H)
1991 48,000 .0625 3,000 (J)
1991 32,000 .0625 2,000 (J)
1991 1,100,000 .010 11,000 (J)
1991 1,100,000 .010 11,000 (B)
1991 400,000 .010 4,000 (C)
1995 0 .0 87,750 (Q)
1996 1,250,000 .08 100,000 (K)
1996 11,375,000 .0286 325,000 (K)
1996 16,100,000 .05 805,000 (K)
1996 1,300,000 .01 13,000 (L)
1996 12,900,000 .02 258,000 (L)
1996 300,000 .03 9,000 (M)
1996 280,000 .05 14,000 (M)
1996 400,000 .08 32,000 (M)
1996 100,000 .065 6,500 (M)
1996 250,000 .085 21,250 (M)
1996 (15,368,820) - 0 - (N)
1996 420,000 .0238 10,000 (L)
1996 11,150,000 .02 223,000 (L)
1996 428,600 .035 15,000 (L)
1996 250,000 .04 10,000 (L)
1996 1,075,220 .05 53,761 (L)
1996 350,000 .0258 9,032 (J)
1996 1,695,000 .0345 59,175 (J)
1996 75,000 .04 3,000 (O)
1996 200,000 .05 10,000 (B)
1996 - - 75,530 (Q)
The accompanying note is an integral part of these financial statements.
<PAGE> 10
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF SHAREHOLDERS' EQUITY - PAID-IN CAPITAL (CONTINUED)
NOVEMBER 13, 1980 (INCEPTION) TO MARCH 31 , 1998
(UNAUDITED)
DATE STOCK PRICE AMOUNT
ISSUED NUMBER OF SHARES PER SHARE RECVED NOTES
1988 125,000 .25 31,250 (C)
1997 550,000 .05 27,500 (M)
1997 200,000 .05 10,000 (O)
1997 5,000,000 .01 50,000 (P)
1997 1,000,000 .02 20,000 (P)
1997 - - 14,398 (Q)
1997 11,130,600 .05 556,529 (R)
1997 500,000 .05 25,000 (P)
1997 40,000 .05 2,000 (M)
1997 80,000 .02 1,600 (L)
1997 1,600,000 .05 80,000 (R)
1998 1,650,000 .05 82,500 (R)
TOTAL SHARES - COMMON STOCK 309,614,536
=============
TOTAL PAID-IN CAPITAL $ 13,198,850
LESS: Notes Receivable for Stock Purchase 95,000
LESS: Offering Expenses 473,495
------------
NET PAID-IN CAPITAL - COMMON STOCK $ 12,630,355
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 11
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF SHAREHOLDERS' EQUITY - PAID-IN CAPITAL (CONTINUED)
NOVEMBER 13, 1980 (INCEPTION) TO MARCH 31 , 1998
(UNAUDITED)
NOTES
(A) $1 additional was paid on stock certificate #3.
(B) Cash purchases.
(C) Represents stock issued in consideration for services rendered. The
value assigned was based on the fair market value of the stock on the
date the transaction was authorized.
(D) 1,000,000 common stock warrants were issued to the underwriter, Monarch
Funding Corporation, at par value ($.0001). On November 15, 1982,
these warrants were exercised at $.06 per share.
(E) Represents stock issued in consideration for services rendered and
$7,500 cash. The value assigned was based on the fair market value of
the stock on the date the transaction was authorized.
(F) Stock issued as part of unit offering. Each unit consisted of 2 shares
common stock, 2 Series "A" warrants and 1 Series "B" warrant. No
separate value was assigned to the warrants.
(G) Issued pursuant to the exercise of warrants described in (F).
(H) Issued pursuant to the employee incentive stock bonus plan.
(I) Issued as part of an offering completed March 26, 1986 for cash and
redemption of warrants described in (F).
(J) Liabilities converted to common stock.
(K) Preferred Stock transferred to Common Stock as per agreement.
(L) Issued stock for monies received during time when common stock was not
able to be issued.
(M) Issued stock as payment for services rendered.
(N) Shares contributed by IMRCH.
(O) Issued stock as payment for interest on loans received.
(P) Issued pursuant to exercising stock purchase option.
(Q) Stock Options granted.
The accompanying note is an integral part of these financial statements.
<PAGE>
<PAGE> 12
BIOSONICS, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
NOTE TO FINANCIAL STATEMENTS
MARCH 31 , 1998
Note 1 - The unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-QSB and do
not include all of the information and note disclosures required by
generally accepted accounting principles. These statements should
be read in conjunction with the financial statements and notes
thereto included in the Company's Form 10-K annual report for the
year ended December 31, 1997. In the opinion of management, these
financial statements include all adjustments, consisting only of
normal recurring adjustments, necessary to summarize fairly the
Company's financial position and results of operations. The
results of operations for the nine-month period ended March 31,
1998 may not be indicative of the results that may be expected for
the year ending December 31, 1998.
<PAGE>
<PAGE> 13
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
PLAN OF OPERATIONS
The Company is working on a marketing plan for the Salitron (dry mouth)
device. At this time, the Company plans to initiate this marketing plan upon
acceptance of insurance reimbursement from Medicare. The Company does have
current inventory for the Salitron, and believes that this existing inventory
is not obsolete and that the Company can sell and ship such units after
testing the equipment.
Although approximately 46 private insurance carriers have reimbursed Biosonics
for the use of the Salitron system and Medicaid reimbursement has been
obtained in four states, there is uncertainty as to whether third party payers
will approve or continue to reimburse Biosonics for the devices and whether
reimbursement, if approved or continued, will be sufficient for purchasers of
the Company's products. On May 23, 1994, a proposed notice was published in
the Federal Register by HCFA that it intended to disapprove Biosonics'
application for Medicare reimbursement for the Salitron System. In 1996,
Biosonics met with HCFA officials to urge a reevaluation of its intent to
disapprove the Company's request for reimbursement approval. The Company
continued its efforts with HCFA and in October 1997 submitted additional data
to HCFA. During a Senate Appropriations Subcommittee Hearing in March 1998,
the Administrator of HCFA stated that they would be prepared to withdraw the
1994 notice. A final decision on coverage of the Salitron remains under
review by the Agency. The Company believes that the overall escalating cost
of medical products and services has led and will continue to lead to
increased pressures upon the health care industry to reduce the cost of
certain products and services, which may include those of the Company.
The Company has developed a marketing plan for the Cystotron product
(Incontinence) which includes a six-month market study. The purpose of the
study is to provide further data for physicians to assist them in deciding
whether to prescribe the Cystotron System for their patients.
In connection with both tentative marketing plans, the Company added an
engineer to its staff in the latter part of 1997. It is intended that this
engineer will review and implement a manufacturing bid process for both
products and review the Company's other products in connection with the
possible updating of the technology associated with such products.
Biosonics is also planning to develop a strategy to market its products in the
international market. The Company has initiated contact with various companies
in the European market. Further development of this plan will require
engineering aspects and the qualification of the European CE mark for
importing into Europe.
Biosonics does not have any material commitments for capital expenditures,
although management is considering making capital expenditures during 1998 in
connection with the manufacturing of the Cystotron System, if funds become
available. The extent of the development or testing, if any, of Biosonics'
other devices will depend on the availability of funds, and there is no
assurance that development or testing of the devices will occur or be
successful.
<PAGE> 14
FORWARD LOOKING STATEMENTS
All statements contained in this report that are not historical facts,
including but not limited to the Company's plans for product development and
marketing, are based on current expectations. These statements are
forward-looking (as defined in the U.S. Private Securities Litigation Reform
Act of 1995 and the Act) in nature and involve a number of risks and
uncertainties. Such statements can be identified by the use of
forward-looking terminology such as "may", "will", "should", "expect",
"anticipate", "believe", "estimate" or "continue", or the negative thereof or
other variations thereon or comparable terminology. Actual results may vary
materially, as discussed herein. The factors that could cause actual results
to vary materially include: The availability of capital to finance the
Company's operations on terms satisfactory to the Company; the availability of
clearances or approvals of the Company's products by federal, state and
foreign governmental authorities; the market acceptance of the Company's
products; the availability of reimbursement by third part payors, including
Medicare reimbursement; product liability claims; the availability of
protection of the Company's patents and future litigation relating to
protection of its patent, trade secrete and know-how; the Company's dependence
on Jack Paller; general business and economic conditions and competition from
products that address the same or similar medical problems as those addressed
by the Company's products; and other risks that may be described from time to
time in the reports that the Company will be required to file with the
Commission. The Company cautions potential investors not to place undue
reliance on any such forward-looking statements.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
Biosonics' primary sources of funds to date have been proceeds from the sale
of its securities and investment income on such proceeds, including loans and
advances for security purchases through offerings. Biosonics will require
additional funds estimated to be approximately $3.0 million to implement
current manufacturing and marketing plans. The Company will also require
additional funds in the immediate future to maintain the operations of the
Company. Biosonics has initiated a private offering of securities to acquire
the immediately required funds.
Net development stage expenses for the three months ended March 31, 1998
$117,252 were lower than those for the comparable periods of the prior year
$145,168 due to prior year's additional costs relating to a conference
presentation, and engineering consulting services. Other development stage
expenses include primarily salaries, rent, supplies, transfer agent fees,
manufacturing, marketing, public relations and travel expenses.
The Company's professional fees for the three months ended March 31, 1998 of
$31,874 were lower than $55,140 of professional fees for the comparable period
of the prior year, which consisted of legal, accounting and $30,000 of
consulting expenses incurred in connection with the Company's efforts to
enhance its processes in connection with its reporting and registration
matters under federal securities laws and its application for Medicare
reimbursement with HCFA.
The Company's sales for the three months ended March 31, 1998 were $3,070 as
compared to $5,625 for the same period of the prior year. The decrease in
sales resulted primarily from not having available funds to continue the
marketing program for its Salitron System.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
<PAGE> 15
ITEM 2. CHANGES IN SECURITIES.
During this reported period, Biosonics is effecting a private placement of
common stock to a limited number of accredited investors for which it received
subscriptions for $82,500 to date, for 1,650,000 shares of common stock at
$.05 per share pursuant to the exemption afforded under Section 4(2) and
Regulation D under the Securities Act of 1933.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
*3.1 Articles of Incorporation as amended (incorporated by reference
to Registrant's Quarterly Report on Form 10-Q for the quarter
ended September 30, 1996).
*3.5 By-laws of Registrant, as amended. (incorporated by reference to
Registrant's Annual Report or Form 10-K for the year ended
December 31, 1983 ["1983 Form 10-K"]).
27 Financial Data Schedule
(b) Reports on Form 8-K:
None
* Incorporated by reference
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.
BIOSONICS, INC.
Date: May 15, 1998 By: /s/Jack Paller
------------------ ----------------------------
Jack Paller, President, Chairman and
Executive Officer, Principal Financial
Officer and Principal Accounting Officer
and Sole Director.<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000352715
<NAME> BIOSONICS, INC.
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<CASH> 100
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<PP&E> 254,806
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<CURRENT-LIABILITIES> 2,540,447
<BONDS> 331,330
0
0
<COMMON> 30,961
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