UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
for the quarterly period ended March 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-23512
BIOCORAL INC.
- --------------------------------------------------------------------------------
(Exact name of Small Business Issuer as specified in its charter)
Delaware 33-0601504
- ------------------------------- -----------------------
(State or other jurisdiction of (IRS Employer I.D. No.)
incorporation or organization)
38 rue Anatole France, Levallois-Perret, FRANCE
- --------------------------------------------------------------------------------
(Address of principal executive offices)
011-3314-757-9843
- --------------------------------------------------------------------------------
(Issuer's telephone number, including area code)
Check whether the Issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 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.
Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
The number of shares of common stock outstanding as of March 31, 1999 was
7,924,149
<PAGE>
PART I
Item 1. Financial Statements. Attached.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Results of Operations
The Company experienced a net loss of $513,317 from operations
during the three month period ending March 31, 1999 ("Stub 1999") as compared to
a net loss from operations of $282,923 for the comparable period in 1998 ("Stub
1998"). The increase in such loss was due primarily to a reduction in Inoteb's
sales (from $143,000 in Stub 1998 to $80,700 in Stub 1999), increases in
research and development costs (from $116,800 to $202,563) and final payment of
certain rent guarantees in Stub 1999. Management views the increase in research
and development expenditures to be positive inasmuch as it contributes to the
development of the Company's products and, it is anticipated, will add to future
revenues. Revenues reflected principally the results of Inoteb's sales and an
increase in interest income due to the Company's significant cash balances.
Financial Condition, Liquidity and Capital Resources; Current Plans.
At March 31, 1999, the Company had working capital of $44,570 and an
accumulated stockholder's deficit of ($1,598,100). However, its cash position
remains strong at $1,076,269, primarily as a result of closing a private
placement of notes, which placement closed during the fourth quarter of 1998,
all as more fully set forth on the Company's Annual Report on Form 10-KSB for
the year ended December 31, 1998. Management believes that the Company's cash
position, combined with its anticipated revenues, will enable it to sustain its
activities through the end of 1999. The Company may, however, require additional
funding to enable it to obtain FDA approval of its products.
The Company is less computer reliant than many small companies of similar
size. The Company has reviewed its computer systems to identify those which
could be affected by the "Y2K" problem. The Company believes that with minor
modifications to its existing hardware and software, the "Y2K" problem will not
pose significant operational difficulties for the Company. No such modification
or conversion has or will require material expenditures.
Statements contained herein may constitute forward-looking statements
under the Federal securities laws. Such statements are subject to certain risks
and uncertainties that could cause the actual timing of such clinical trials or
other events to differ materially from those projected. With respect to such
dates, the Company's management has made certain assumptions regarding, among
other things, the availability of additional capital on reasonable terms,
successful and timely completion of pre-clinical tests, obtaining certain
approvals of the clinical trials from the FDA, the availability of adequate
clinical supplies, the absence of delays in patient enrollment and the
availability of adequate capital resources necessary to complete the clinical
trials. The Company's ability to commence clinical trials on the dates
anticipated is subject to certain risks. Undue reliance
<PAGE>
should not be placed on the dates on which the Company anticipates commencing
clinical trials. These estimates are based upon the current expectations of
Company's management, which may change in the future due to a large number of
potential events, including unanticipated future developments.
PART II
Item 1. Legal Proceedings. None
Item 2. Changes in Securities. There are no reportable events relating to this
item.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. There are no
reportable events relating to this item.
Item 5. Other Information. There are no reportable events relating to this item.
Item 6. Exhibits and Reports on Form 8-K.
(A) Not applicable.
(B) None.
<PAGE>
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 hereunto duly authorized.
BIOCORAL, INC.
Date: May 20, 1999
s/ Nasser Nassiri
----------------------------
Nasser Nassiri, Chairman
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
PAGE
----
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1999 AND DECEMBER 31, 1998 F-2
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999 AND 1998 F-3
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
THREE MONTHS ENDED MARCH 31, 1999 F-4
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1999 AND 1998 F-5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-6/F-12
* * *
F-1
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1999 AND DECEMBER 31, 1998
<TABLE>
<CAPTION>
March December
31, 1999 31, 1998
----------- ------------
(Unaudited) (See Note 1)
<S> <C> <C>
ASSETS
Current assets:
Cash $ 1,076,269 $ 1,344,608
Accounts receivable, net of allowance for doubtful accounts
of $190,200 and $262,100 61,600 96,500
Inventories 174,700 197,500
Net assets of discontinued operations 230,639
Other current assets 70,000 101,900
------------ ------------
Total current assets 1,382,569 1,971,147
Property and equipment, net of accumulated depreciation of
$239,930 and $230,030 51,574 47,837
Goodwill, net of accumulated amortization of $33,132 in 1999 110,439 143,571
Other assets 166,657 167,290
------------ ------------
Totals $ 1,711,239 $ 2,329,845
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Current portion of long-term debt $ 257,560 $ 226,260
Notes payable:
Related parties 428,811 428,811
Other 25,000 25,000
Accounts payable and accrued liabilities 626,628 642,417
------------ ------------
Total current liabilities 1,337,999 1,322,488
Long-term debt, net of current portion 1,971,340 2,092,140
------------ ------------
Total liabilities 3,309,339 3,414,628
------------ ------------
Commitments and contingencies
Stockholders' deficiency:
Preferred stock, par value $.001 per share; 1,000,000
shares authorized; none issued -- --
Common stock, par value $.001 per share; 20,000,000
shares authorized; 7,924,149 issued and outstanding 7,924 7,924
Additional paid-in capital 12,400,666 12,400,666
Accumulated deficit (14,006,690) (13,493,373)
------------ ------------
Total stockholders' deficiency (1,598,100) (1,084,783)
------------ ------------
Totals $ 1,711,239 $ 2,329,845
============ ============
</TABLE>
See Notes to Consolidated Financial Statements.
F-2
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Revenues:
Sales $ 80,700 $ 143,000
Other income 32,508 806
------------ ------------
Totals 113,208 143,806
------------ ------------
Operating expenses:
Cost of sales 33,700 31,600
Research and development, net of subsidies 202,563 116,800
Interest 41,479 19,395
Depreciation of property and equipment 9,900 13,600
Amortization of other assets 33,132
Amortization of unearned compensation 28,437
Consulting and professional fees 82,238 105,504
Other operating expenses 223,513 111,393
------------ ------------
Totals 626,525 426,729
------------ ------------
Net loss $ (513,317) $ (282,923)
============ ============
Basic net loss per common share $ (.06) $ (.04)
============ ============
Weighted average common shares outstanding 7,924,149 7,697,215
============ ============
</TABLE>
See Notes to Consolidated Financial Statements.
F-3
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
THREE MONTHS ENDED MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Preferred Stock Common Stock
---------------------- --------------------
Number Number Additional Total
of of Paid-in Accumulated Stockholders'
Shares Amount Shares Amount Capital Deficit Deficiency
---------- ---------- --------- ------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1999 -- $ -- 7,924,149 $7,924 $12,400,666 $(13,493,373) $(1,084,783)
Net loss (513,317) (513,317)
---------- ---------- --------- ------ ----------- ------------ -----------
Balance, March 31, 1999 -- $ -- 7,924,149 $7,924 $12,400,666 $(14,006,690) $(1,598,100)
========== ========== ========= ====== =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
F-4
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Operating activities:
Net loss $ (513,317) $ (282,923)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation of property and equipment 9,900 13,600
Loss on disposal of property and equipment 22,097
Amortization of other assets 33,132
Amortization of unearned compensation 28,437
Changes in operating assets and liabilities:
Accounts receivable 34,900 20,600
Inventories 22,800 6,000
Other current assets 31,900 14,200
Other assets 633 413
Accounts payable and accrued liabilities (15,789) (6,954)
------------ ------------
Net cash used in operating activities (395,841) (184,530)
------------ ------------
Investing activities:
Capital expenditures (13,637)
Net proceeds from disposal of discontinued real estate
operations 230,639 150,000
------------ ------------
Net cash provided by operating activities 217,002 150,000
------------ ------------
Financing activities - principal payments on long-term
obligations (89,500) (28,500)
------------ ------------
Net decrease in cash (268,339) (63,030)
Cash, beginning of period 1,344,608 506,930
------------ ------------
Cash, end of period $ 1,076,269 $ 443,900
============ ============
Supplemental disclosure of cash flow data:
Interest paid $ 8,450 $ 8,675
============ ============
</TABLE>
See Notes to Consolidated Financial Statements.
F-5
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Business and basis of presentation:
Business:
BioCoral, Inc. ("BioCoral") was incorporated under the laws of the
State of Delaware on May 4, 1992 and originally organized as a
"blind pool" or "blank check" company for the purpose of either
merging with or acquiring an operating company. BioCoral was a
"development stage company" for accounting purposes until March 25,
1994 when it acquired all of the issued and outstanding stock of
Cabestan, Inc. ("Cabestan"), which concurrently acquired commercial
real estate properties from a commonly-controlled related party. As
further explained in Note 2 of the notes to the consolidated
financial statements in the Company's Annual Report on Form 10-KSB
for the year ended December 31, 1998 (the "10-KSB") previously filed
with the United States Securities and Exchange Commission (the
"SEC") and in Note 3 herein, Cabestan discontinued its real estate
operations and entered into an agreement to sell its real estate
properties in October 1996 and consummated the sale in February
1997.
During 1995, BioCoral acquired an option to purchase a controlling
interest in Inoteb SA ("Inoteb"), a French corporation, that
develops and manufactures medical products. During July 1996,
BioCoral exercised its option for the purchase of the controlling
interest in Inoteb and increased its interest through additional
purchases of common stock to 67% in 1997 and 100% in 1998 (see Note
2 in the 10-KSB).
BioCoral, Inoteb, Cabestan and BioCoral's other subsidiaries are
referred to collectively herein as the "Company."
As of March 31, 1999, substantially all of the Company's continuing
operations were biomaterials operations conducted through Inoteb.
Such operations consist primarily of developing, manufacturing and
marketing bone substitute materials made from coral and other
orthopedic, oral and maxillo-facial products, including products
marketed under the trade name of BioCoral. The Company has not
received the regulatory approvals needed to market its products in
the United States. Obtaining such approvals could take a long time
and involve substantial expenditures.
F-6
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Business and basis of presentation (continued):
Business (concluded):
The Company has generated limited amounts of revenues from its
biomaterials operations and, as a result, on December 31, 1997 it
wrote off all of the costs of goodwill and licensing fees that it
had incurred and capitalized in the development of its biomaterials
operations through that date. Accordingly, there was no amortization
of goodwill in the three months ended March 31, 1998.
As further explained in Note 2 in the 10-KSB, the cost of the
increase in the Company's interest in Inoteb's outstanding capital
stock from 67% to 100% in December 1998 was $143,571 which was
allocated to goodwill. Based on the uncertainties related to its
ability to generate profits in the future from the Inoteb
technology, the goodwill associated with the purchase of the
additional interest will be written off over thirteen months (the
shortest period allowable under generally accepted accounting
principles). Amortization of goodwill totaled $33,132 in the three
months ended March 31, 1999.
Basis of presentation:
In the opinion of management, the accompanying unaudited
consolidated financial statements reflect all adjustments,
consisting of normal recurring accruals, necessary to present fairly
the financial position of the Company as of March 31, 1999, its
results of operations and cash flows for the three months ended
March 31, 1999 and 1998 and its changes in stockholders' deficiency
for the three months ended March 31, 1999. Information included in
the consolidated balance sheet as of December 31, 1998 has been
derived from the audited balance sheet in the 10-KSB. Pursuant to
rules and regulations of the SEC, certain information and
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted from these financial statements unless
significant changes have taken place since the end of the most
recent fiscal year. Accordingly, these unaudited consolidated
financial statements should be read in conjunction with the
financial statements, notes to financial statements and the other
information in the 10-KSB.
Note 2 - Loss per common share:
Effective December 31, 1997, the Company adopted the provisions of
Statement of Financial Accounting Standards No. 128, Earnings per Share
("SFAS 128"), which requires the presentation of "primary" and "diluted"
earnings (loss) per common share, as further explained in Note 1 in the
10-KSB.
F-7
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 2 - Loss per common share (concluded):
Since the Company had losses for the three months ended March 31, 1999 and
1998, the assumed effects of the exercise of outstanding stock options and
conversion of notes payable were anti-dilutive and, accordingly, diluted
per share amounts have not been presented in the accompanying consolidated
statements of operations. In addition, the basic loss per common share and
weighted average share amounts presented in the accompanying consolidated
statements of operations for the three months ended March 31, 1998 which
were computed in accordance with SFAS 128 do not differ from those
computed under previously promulgated accounting standards.
Note 3 - Sale of discontinued real estate operations:
As further explained in Note 2 in the 10-KSB, in October 1996, the Company
decided to discontinue its real estate operations and entered into an
agreement to sell the commercial real estate owned by Cabestan for total
consideration of approximately $6,800,000 before costs directly related to
the sale. The sale was consummated on February 18, 1997. During the period
from February 18, 1997 to December 31, 1997, the purchaser paid
approximately $4,748,000 by assuming a mortgage note on the properties and
paying $1,945,000 in cash at various dates. Of the total cash payments,
approximately $1,515,000 was remitted to the Company and $430,000 was
initially deposited in escrow to secure certain minimum rent guarantees
made to the purchaser. During the three months ended March 31, 1999, the
remaining balance of $230,639 was released from escrow and, accordingly,
there were no remaining assets or liabilities attributable to discontinued
real estate operations as of March 31, 1999.
Note 4 - Income taxes:
As of March 31, 1999, the Company had net operating loss carryforwards of
approximately $7,780,000 available to reduce future Federal taxable income
which, if not used, will expire at various dates through 2014. Due to
changes in the ownership of the Company, the utilization of these loss
carryforwards may be subject to substantial annual limitations.
Deferred tax assets of approximately $2,645,000 and $2,346,000
attributable to the potential benefits from such net operating loss
carryforwards as of March 31, 1999 and December 31, 1998, respectively,
were offset by equivalent valuation allowances due to the uncertainties
related to the extent and timing of the Company's future taxable income.
There were no other material temporary differences as of these dates.
F-8
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 5 - Short-term notes payable:
Related parties:
At March 31, 1999 and December 31, 1998, the Company had outstanding
notes payable to related parties with a principal balance of
$428,811 that are due on demand and bear interest at 10%. The notes
are secured by 5,221 shares of Inoteb's common stock. The
noteholders have the option to convert the notes at any time into a
total of 500,000 shares of common stock of the Company (which is
equivalent to a conversion rate of $.8576 per share). Interest on
such borrowings totaled approximately $11,000 for each of the three
month periods ended March 31, 1999 and 1998.
Other:
The Company sold six month, 12% notes (the "Regulation D notes") in
the principal amount of $1,975,000 in 1994 and 1995 through an
offering that was exempt pursuant to Regulation D of the Act of
which notes in the principal amount of $25,000 were outstanding at
March 31, 1999 (see Note 5 in the 10KSB). Management anticipates
that the Company will repay the remaining balance as soon as it can
locate the remaining noteholder.
Note 6 - Long-term debt:
Long-term debt at March 31, 1999 and December 31, 1998 consisted of the
following:
<TABLE>
<CAPTION>
March December
31, 1999 31, 1998
---------- ----------
<S> <C> <C>
Term loans payable monthly in varying installments, including
interest at rates ranging from 6.95% to 9.5%, through
December 2001 (A) $ 333,000 $ 388,700
Noninterest bearing advances initially scheduled
to be paid in monthly installments through
2002 (B) 395,900 429,700
8% callable convertible promissory notes
payable (C) 1,500,000 1,500,000
---------- ----------
2,228,900 2,318,400
Less current portion 257,560 226,260
---------- ----------
Long-term debt $1,971,340 $2,092,140
========== ==========
</TABLE>
(A) The loans were secured by equipment with a net carrying value of
approximately $52,000 at March 31, 1999.
(B) The advances were made to Inoteb by an agency of the French
government that finances or subsidizes certain research and
development projects. If the research does not result in a
commercially feasible product and certain other conditions are met,
Inoteb will not have to pay some or all of the advances.
F-9
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 6 - Long-term debt (concluded):
(C) On August 1, 1998, the Company commenced a private offering (the
"Offering") to "accredited investors" of units of the 8% callable
convertible promissory notes payable that are due on December 31,
2001 (the "8% Notes"). The Offering expired on March 31, 1999 and is
intended to be exempt from registration pursuant to the provisions
of Regulation D of the Act. The 8% Notes are convertible at any time
at the holder's option at the rate of $3.50 per share. Interest on
the 8% Notes is payable annually, at the Company's option, either in
cash or shares of the Company's common stock. Each unit subject to
the Offering consists of 8% Notes in the principal amount of
$25,000. The Company initially offered a minimum of 60 units, with
an aggregate principal balance of $1,500,000, and a maximum of 200
units, with an aggregate principal balance of $5,000,000.
During the period from August 1, 1998 to March 31, 1999, the Company
sold 60 units, the minimum number of units it was required to sell
in order to at least partially complete the Offering, of which 50
units, with a principal amount of $1,250,000, were sold for cash and
10 units, with a principal amount of $250,000, were exchanged for
previously outstanding short-term notes payable.
Principal payment requirements on long-term obligations in each of the
years subsequent to March 31, 1999 are as follows:
Year Ending
March 31, Amount
--------- ------
2000 $ 257,560
2001 369,960
2002 1,601,380
Management of the Company believes that the term loans, the noninterest
bearing advances and the 8% Notes had carrying values that approximated
their fair values as of March 31, 1999 because the interest rates and
other relevant terms of such financial instruments were the equivalent of
those that the Company could have obtained for new loans as of that date.
F-10
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 7 - Common stock issued or issuable to advisors and consultants:
On October 1, 1997, the Company formed a Scientific Advisory Board ("SAB")
with four members who advise the Company on scientific and medical
developments relating to its products. Although the Company was not
contractually obligated to compensate the members of the SAB, management
decided to issue shares of the Company's common stock with a fair value of
$78,000 at the effective date of issuance to them to compensate them for
their services during the twelve month period that ended September 30,
1998. Effective January 1, 1999, management decided to issue shares of the
Company's common stock with a fair value of $36,000 at the effective date
of issuance to them to compensate them for their services during the year
ending December 31, 1999. Accordingly, the Company charged $9,000 and
$19,500 to consulting and professional fees for the compensation paid or
to be paid to the members of the SAB for the three months ended March 31,
1999 and 1998, respectively. Based on a fair market value of $1.00 per
share as of March 31, 1999, the Company would have been required to issue
9,000 shares of common stock if it had paid its accrued liability of
$9,000 for such compensation as of that date.
Note 8 - Stock option plan:
As further explained in Note 8 in the 10-KSB, on May 4, 1992, the Company
adopted a stock option plan (the "Plan") pursuant to which options to
purchase an aggregate of up to 2,000,000 shares of common stock may be
issued. On October 1, 1998, the Company cancelled the options for the
purchase of 1,958,334 shares of common stock then outstanding, which
represented the total of all of the options that had been issued up to
that date. As of March 31, 1999, there were no options outstanding under
the Plan.
Note 9 - Segment and geographic information:
During 1998, the Company adopted the provisions of Statement of Financial
Accounting Standards No. 131, Disclosures about Segments of an Enterprise
and Related Information ("SFAS 131"). Pursuant to the provisions of SFAS
131, the Company is reporting segment information in the same format
reviewed by the Company's management (the "management approach"). The
Company operates principally in one industry segment which includes the
development, manufacture and sale of biomedical materials used in medical
products. The Company conducts operations outside of the United States,
principally in France and Ireland.
F-11
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 9 - Segment and geographic information (concluded):
Information about the Company's operations in different geographic
locations for the three months ended March 31, 1999 and 1998 is shown
below:
<TABLE>
<CAPTION>
United
States France Ireland Consolidated
------ ------ ------- ------------
<S> <C> <C> <C> <C>
1999
Revenues:
Sales $ 80,700 $ 80,700
Other income $ 11,808 20,700 32,508
--------- --------- ---------
Totals $ 11,808 $ 101,400 $ 113,208
========= ========= =========
Net loss $(240,016) $(266,700) $(6,601) $(513,317)
========= ========= ======= =========
1998
Revenues:
Sales $ 143,000 $ 143,000
Other income $ 371 435 806
--------- --------- ---------
Totals $ 371 $ 143,435 $ 143,806
========= ========= =========
Net loss $(180,827) $ (95,900) $(6,196) $(282,923)
========= ========= ======= =========
</TABLE>
The Company had total assets of $1,711,239 as of March 31, 1999, of which
$901,928 and $809,311 represented the total assets of the Company's
operations in the United States and France, respectively.
F-12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BIOCORAL
INC. AND SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 1,076,269
<SECURITIES> 0
<RECEIVABLES> 251,800
<ALLOWANCES> 190,200
<INVENTORY> 174,700
<CURRENT-ASSETS> 1,382,569
<PP&E> 291,504
<DEPRECIATION> 239,930
<TOTAL-ASSETS> 1,711,239
<CURRENT-LIABILITIES> 1,337,999
<BONDS> 2,682,711
0
0
<COMMON> 7,924
<OTHER-SE> (1,606,024)
<TOTAL-LIABILITY-AND-EQUITY> 1,711,239
<SALES> 80,700
<TOTAL-REVENUES> 113,208
<CGS> 33,700
<TOTAL-COSTS> 33,700
<OTHER-EXPENSES> 551,346
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 41,479
<INCOME-PRETAX> (513,317)
<INCOME-TAX> 0
<INCOME-CONTINUING> (513,317)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (513,317)
<EPS-PRIMARY> (.06)
<EPS-DILUTED> 0
</TABLE>
