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, 2000
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, 2000 was
19,235,260
<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 $167,728 (or $.01 per share)
from operations during the three month period ending March 31, 2000 ("Stub
2000") as compared to a net loss from operations of $513,317 (or $.06 per share)
for the comparable period in 1999 ("Stub 1999"). The decrease in such loss was
due primarily to a reduction in general operating expenses (from $626,525 in
Stub 1999 to $296,058 in Stub 2000), which included a decrease in research and
development costs (from $202,563 to $69,557), rent guarantees (approximately
$90,000) and selling expenses related to Inoteb (approximately $40,000).
Revenues reflected principally the results of Inoteb's sales (slight increase)
and interest income due to the Company's significant cash balances.
Financial Condition, Liquidity and Capital Resources; Current Plans.
At March 31, 2000, the Company had working capital of $1,026,120 and an
accumulated stockholder's deficit of ($1,268,932). Its cash position remains
strong at $2,057,212, primarily as a result of closing a private placement of
notes, all as more fully set forth on the Company's Annual Report on Form 10-KSB
for the year ended December 31, 1999. Management believes that the Company's
cash position, combined with its anticipated revenues, will enable it to sustain
its activities through the end of 2000. The Company may, however, require
additional funding to enable it to obtain FDA approval of its products.
On January 1, 2000, the Company commenced a private offering ("Offering")
of units of 6% convertible promissory notes due December 31, 2002
("Notes"). The Notes are convertible at any time at the option of the note
holder into shares of the Company's common stock at a rate of $0.045 per
share. Interest on the Notes is payable annually, at the Company's option,
either in cash or in shares of the Company's common stock. The Company
offered a minimum of 15 units (each of $100,000 principal amount of the
Notes), for an aggregate minimum of $1,500,000 and a maximum of 30 units
for an aggregate principal balance of $3,000,000. As of March 31, 2000,
the Company had sold 15 Notes, completing the minimum requirements of the
Offering. The Offering has been extended through June 30, 2000.
The Company has not been significantly affected by the "Y2K" problem or by
inflation.
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 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.
Current Plans of the Company
As disclosed in the Company's Annual Report on Form 10-KSB for the year
ended December 31, 1999, , the Company obtained approval of AFSSAPS and
FFS, the French functional equivalent of the FDA, for the
commercialization of its autologous surgical glue. Because of its nature
(involving blood products), the product is severely restricted in France.
Due to the success of its European-based clinical trials, the Company
believes that it will obtain EC label approval of the glue in the latter
half of 2000 and will then begin marketing same in Europe. In addition,
the Company plans to establish a subsidiary in Canada and has established
authorizations necessary for the sale of BioCoral in Canada, and is
seeking authorization for the sale in Canada of its other products as
well.
The Company intends to focus on the marketing and development of its
BioCoral and related products. To obtain approval for the sale of such
products in the United States will require a significant expenditure of
capital over a long period of time. The Company anticipates realizing some
revenues from the sale of BioCoral and related products later in 2000
although they are not expected to be sufficient to maintain the Company's
operations. As mentioned above, the Company is also actively seeking a
significant investor/joint venturer to assist in the funding of its
operations in North America.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PAGE
----
REPORTS OF INDEPENDENT PUBLIC ACCOUNTANTS F-2/3
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2000 AND DECEMBER 31, 1999 F-4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000 AND 1999 F-5
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
THREE MONTHS ENDED MARCH 31, 2000 F-6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2000 AND 1999 F-7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-8/12
* * *
F-1
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and
Stockholders
BioCoral, Inc.
We have reviewed the accompanying condensed consolidated balance sheet of
BIOCORAL, INC. AND SUBSIDIARIES as of March 31, 2000, and the related condensed
consolidated statements of operations, stockholders' deficiency and cash flows
for the three months ended March 31, 2000. These financial statements are the
responsibility of the Company's management.
We were furnished with the report of other accountants on their review of the
interim financial statements of Inoteb SA, a 100%-owned subsidiary, which
statements are not presented separately herein and reflect total assets of
approximately $575,000 as of March 31, 2000 and a net loss of approximately
$56,000 for the three months ended March 31, 2000.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review of the condensed consolidated financial statements referred
to above and the report of the other accountants, we are not aware of any
material modifications that should be made to the accompanying financial
statements for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of the Company as of December 31,
1999, and the related consolidated statements of operations, stockholders'
deficiency and cash flows for the year then ended which are not presented
herein, and in our report dated March 21, 2000, we expressed an unqualified
opinion on those consolidated financial statements. In our opinion, the
information set forth in the accompanying consolidated balance sheet as of
December 31, 1999, is fairly stated, in all material respects, in relation to
the consolidated balance sheet from which it has been derived.
The accompanying condensed consolidated statements of operations and cash flows
for the three months ended March 31, 1999 were not audited or reviewed by us
and, accordingly, we do not express an opinion or any other form of assurance on
them.
J.H. Cohn LLP
Roseland, New Jersey
May 5, 2000
F-2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and
Stockholders
Inoteb SA
We have reviewed the condensed consolidated balance sheet of INOTEB SA (a French
corporation) AND SUBSIDIARY as of March 31, 2000, and the related condensed
consolidated statements of operations and cash flows for the three months ended
March 31, 2000. These financial statements, which are not presented separately
herein, are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review of the condensed consolidated financial statements referred
to above, we are not aware of any material modifications that should be made to
the condensed consolidated financial statements for them to be in conformity
with generally accepted accounting principles in the United States.
CONSULTAUDIT S.A.
Paris, France
May 1, 2000
F-3
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2000 (Unaudited) AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
March December
ASSETS 31, 2000 31, 1999
------------ ------------
(See Note 1)
<S> <C> <C>
Current assets:
Cash $ 2,057,212 $ 441,838
Accounts receivable 86,800 112,900
Inventories 161,200 191,900
Common stock subscription receivable 500,000
Other current assets 18,900 14,500
------------ ------------
Total current assets 2,324,112 1,261,138
Property and equipment, net of accumulated
depreciation of $279,530 and $267,630 55,542 67,442
Goodwill, net of accumulated amortization
of $143,571 and $132,538 11,033
Other assets 158,606 159,267
------------ ------------
Totals $ 2,538,260 $ 1,498,880
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Current portion of long-term debt $ 371,300 $ 431,800
Notes payable to related parties 259,990 347,015
Accounts payable and accrued liabilities 666,702 835,169
------------ ------------
Total current liabilities 1,297,992 1,613,984
Long-term debt, net of current portion 2,509,200 986,100
------------ ------------
Total liabilities 3,807,192 2,600,084
------------ ------------
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;
19,235,260 issued and outstanding 19,235 19,235
Additional paid-in capital 13,589,355 13,589,355
Accumulated deficit (14,877,522) (14,709,794)
------------ ------------
Total stockholders' deficiency (1,268,932) (1,101,204)
------------ ------------
Totals $ 2,538,260 $ 1,498,880
============ ============
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
F-4
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
------------ ------------
Revenues:
Net sales $ 98,800 $ 80,700
Other income 29,530 32,508
------------ ------------
Totals 128,330 113,208
------------ ------------
Operating expenses:
Cost of sales 13,300 33,700
Research and development 69,557 202,563
Interest 29,550 41,479
Depreciation of property and equipment 11,900 9,900
Amortization of goodwill 11,033 33,132
Consulting and professional fees 68,217 82,238
Other operating expenses 92,501 223,513
------------ ------------
Totals 296,058 626,525
------------ ------------
Net loss $ (167,728) $ (513,317)
============ ============
Basic net loss per common share $ (.01) $ (.06)
============ ============
Basic weighted average common shares outstanding 19,235,260 7,924,149
============ ============
See Notes to Condensed Consolidated Financial Statements.
F-5
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
THREE MONTHS ENDED MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stock
-------------------------
Number Additional Total
of Paid-in Accumulated Stockholders'
Shares Amount Capital Deficit Deficiency
---------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Balance, January 1, 2000 19,235,260 $ 19,235 $ 13,589,355 $(14,709,794) $ (1,101,204)
Net loss (167,728) (167,728)
---------- ------------ ------------ ------------ ------------
Balance, March 31, 2000 19,235,260 $ 19,235 $ 13,589,355 $(14,877,522) $ (1,268,932)
========== ============ ============ ============ ============
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
F-6
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
----------- -----------
<S> <C> <C>
Operating activities:
Net loss $ (167,728) $ (513,317)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation of property and equipment 11,900 9,900
Amortization of other assets 11,033 33,132
Changes in operating assets and liabilities:
Accounts receivable 26,100 34,900
Inventories 30,700 22,800
Other current assets (4,400) 31,900
Other assets 661 633
Accounts payable and accrued liabilities (168,467) (15,789)
----------- -----------
Net cash used in operating activities (260,201) (395,841)
----------- -----------
Investing activities:
Capital expenditures (13,637)
Net proceeds from disposal of discontinued real estate
operations 230,639
-----------
Net cash provided by operating activities 217,002
-----------
Financing activities:
Proceeds from long-term obligations 1,500,000
Principal payments on long-term obligations (37,400) (89,500)
Principal payments on notes payable to related parties (87,025)
Proceeds from sale of common stock 500,000
----------- -----------
Net cash provided by (used in) 1,875,575 (89,500)
financing activities ----------- -----------
Net increase (decrease) in cash 1,615,374 (268,339)
Cash, beginning of period 441,838 1,344,608
----------- -----------
Cash, end of period $ 2,057,212 $ 1,076,269
=========== ===========
Supplemental disclosure of cash flow data:
Interest paid $ 18,695 $ 8,450
=========== ===========
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
F-7
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Unaudited interim financial statements:
In the opinion of management, the accompanying unaudited condensed
consolidated financial statements reflect all adjustments,
consisting of normal recurring accruals, necessary to present fairly
the financial position of BioCoral, Inc. and its subsidiaries (the
"Company") as of March 31, 2000, their results of operations and
cash flows for the three months ended March 31, 2000 and 1999 and
their changes in stockholders' deficiency for the three months ended
March 31, 2000. Information included in the consolidated balance
sheet as of December 31, 1999 has been derived from, and certain
terms used herein are defined in, the audited financial statements
of the Company as of December 31, 1999 and for the years ended
December 31, 1999 and 1998 (the "Audited Financial Statements")
included in the Company's Annual Report on Form 10-KSB (the
"10-KSB") for the year ended December 31, 1999 that was previously
filed with the United States Securities and Exchange Commission (the
"SEC"). Pursuant to the 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
condensed consolidated financial statements should be read in
conjunction with the Audited Financial Statements and the other
information also included in the 10-KSB.
The results of the Company's operations for the three months ended
March 31, 2000 are not necessarily indicative of the results of
operations for the full year ending December 31, 2000.
Note 2 - Earnings (loss) per common share:
As further explained in Note 1 of the notes to the Audited Financial
Statements, the Company presents basic and, if appropriate, diluted
earnings (loss) per share in accordance with the provisions of
Statement of Financial Accounting Standards No. 128, "Earnings per
Share" ("SFAS 128"). Diluted per share amounts have not been
presented in the accompanying unaudited consolidated statements of
operations because the Company had a net loss for the three months
ended March 31, 2000 and 1999 and, accordingly, the assumed effects
of the exercise of all of the Company's outstanding stock options
and the application of the treasury stock method and the conversion
of the Company's convertible notes would have been anti-dilutive.
F-8
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 3 - Income taxes:
As of March 31, 2000, the Company had net operating loss
carryforwards of approximately $8,560,000 available to reduce future
Federal taxable income which, if not used, will expire at various
dates through 2020. The Company had no other material temporary
differences as of that date. Due to the uncertainties related to,
among other things, the changes in the ownership of the Company,
which could subject those loss carryforwards to substantial annual
limitations, and the extent and timing of its future taxable income,
the Company offset the deferred tax assets attributable to the
potential benefits of approximately $2,900,000 from the utilization
of those net operating loss carryforwards by an equivalent valuation
allowance as of March 31, 2000.
The Company had also offset the potential benefits from net
operating loss carryforwards by equivalent valuation allowances
during 1999. As a result of the increases in the valuation allowance
of $47,000 and $163,000 during the three months ended March 31, 2000
and 1999, respectively, no credits for income taxes are included in
the accompanying consolidated statements of operations.
Note 4 - Short-term notes payable to related parties:
At March 31, 2000 and December 31, 1999, the Company had outstanding
notes payable to related parties with aggregate principal balances
of $259,990 and $347,015, respectively, that are due on demand and
bear interest at 10%. The notes were secured by 3,208 and 5,221
shares of common stock of Inoteb SA, the Company's wholly-owned
French subsidiary (see Note 7) at March 31, 2000 and December 31,
1999, respectively. The noteholders had the option to convert the
notes at any time into a total of approximately 307,000 and 405,000
shares of common stock of the Company (which is equivalent to a
conversion rate of $.8576 per share) at March 31, 2000 and December
31, 1999, respectively. Interest on such borrowings totaled
approximately $6,500 and $11,000 in the three months ended March 31,
2000 and 1999, respectively. On April 10, 2000, the outstanding
principal balances were paid in full.
F-9
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 5 - Long-term debt:
Long-term debt at March 31, 2000 and December 31, 1999 consisted of the
following:
March December
31, 2000 31, 1999
---------- ----------
Term loans payable monthly in varying install-
ments, including interest at rates ranging
from 7.75% to 9.5%, through December 2001 (A) $ 292,000 $ 310,500
Noninterest bearing advances initially
scheduled to be paid in monthly installments
through 2002 (B) 288,500 307,400
8% callable convertible promissory notes pay-
able (C) 800,000 800,000
6% convertible promissory notes payable (D) 1,500,000
---------- ----------
2,880,500 1,417,900
Less current portion 371,300 431,800
---------- ----------
Long-term debt $2,509,200 $ 986,100
========== ==========
(A) The loans were secured by equipment with a net carrying value of
approximately $56,000 at March 31, 2000.
(B) The advances were made to Inoteb by ANVAR, an agency of the French
government that finances or subsidizes certain "credible" 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. The Company did not receive any
material subsidies during the three months ended March 31, 2000 and 1999.
(C) The 8% callable convertible promissory notes payable (the "8% Notes") are
due on December 31, 2001 and 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. The Company sold the 8% Notes to "accredited
investors" during 1998 through a private placement intended to be exempt
from registration pursuant to the provisions of Regulation D of the
Securities Act of 1933 (the "Act").
(D) The 6% convertible promissory notes payable (the "6% Notes") are due on
December 31, 2002 and are convertible at any time at the holder's option,
subject to Company approval, at the rate of $.045 per share. Interest on
the 6% Notes is payable annually, at the Company's option, either in cash
or shares of the Company's common stock. The Company sold 6% Notes in the
aggregate principal amount of $1,500,000 to "accredited investors" during
the period from January 1, 2000 to March 31, 2000 through a private
placement intended to be exempt from registration pursuant to the
provisions of Regulation D of the Act.
F-10
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 5 - Long-term debt (concluded):
Principal payment requirements on long-term obligations in each of
the years subsequent to March 31, 2000 are as follows:
Year Ending
March 31, Amount
----------- ----------
2001 $ 371,300
2002 921,500
2003 1,587,700
Management of the Company believes that the term loans, the
noninterest bearing advances, the 8% Notes and the 6% Notes had
carrying values that approximated their fair values as of March 31,
2000 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.
Note 6 - 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. As of December 31, 1999, the Company had
granted options for the purchase of 800,000 shares of common stock
at a weighted average exercise price of $.125 per share. No options
were granted, exercised or cancelled during the three months ended
March 31, 2000.
Note 7 - Segment and geographic information:
Pursuant to the provisions of Statement of Financial Accounting
Standards No. 131, "Disclosures about Segments of an Enterprise and
Related Information" ("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.
F-11
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 7 - Segment and geographic information (concluded):
Information about the Company's operations in different geographic
locations for the three months ended March 31, 2000 and 1999 is shown
below:
<TABLE>
<CAPTION>
United
States France Other Consolidated
--------- --------- --------- ------------
<S> <C> <C> <C> <C>
2000
Revenues:
Net sales $ 98,800 $ 98,800
Other income $ 14,412 15,118 29,530
--------- --------- ---------
Totals $ 14,412 $ 113,918 $ 128,330
========= ========= =========
Net loss $(111,267) $ (56,461) $ -- $(167,728)
========= ========= ========= =========
1999
Revenues:
Net 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)
========= ========= ========= =========
The Company had total assets of $2,538,260 as of March 31, 2000, of
which $1,725,979, $574,542 and $237,739 represented the total assets
of the Company's operations in the United States, France and other
locations, respectively.
</TABLE>
* * *
F-12
<PAGE>
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.
<PAGE>
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 15, 2000 /s/ Nasser Nassiri
-----------------------------------
Nasser Nassiri, Chairman
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,057,212
<SECURITIES> 0
<RECEIVABLES> 86,800
<ALLOWANCES> 0
<INVENTORY> 161,200
<CURRENT-ASSETS> 2,324,112
<PP&E> 335,072
<DEPRECIATION> 279,530
<TOTAL-ASSETS> 2,538,260
<CURRENT-LIABILITIES> 1,297,992
<BONDS> 3,140,490
0
0
<COMMON> 19,235
<OTHER-SE> (1,288,167)
<TOTAL-LIABILITY-AND-EQUITY> 2,538,260
<SALES> 98,800
<TOTAL-REVENUES> 128,330
<CGS> 13,300
<TOTAL-COSTS> 13,300
<OTHER-EXPENSES> 253,208
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 29,550
<INCOME-PRETAX> (167,728)
<INCOME-TAX> 0
<INCOME-CONTINUING> (167,728)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (167,728)
<EPS-BASIC> (.01)
<EPS-DILUTED> 0
</TABLE>
