DURHAM, N.C., Aug. 12 /PRNewswire-FirstCall/ -- Oxygen Biotherapeutics, Inc. (OTC Bulletin Board: OXBO) today announced that the company has filed its annual report on Form 10-K for the fiscal year ended April 30, 2009. In addition to being available from the Securities And Exchange Commission website at www.SEC.gov, the 10-K can be downloaded from the company website at www.oxybiomed.com via the SEC Filings link on the Investors page.
For the year ended April 30, 2009, the company incurred a loss of $33,218,840 compared to a loss of $6,721,168 for the previous fiscal year. The increase in net loss is attributable primarily to an increase of approximately $5 million in general and administrative expenses and a one-time, non-cash charge of $24,856,041 for interest expense. The Form 10-K should be read for full details of these expenses.
"During the fiscal year we converted most of the five-year convertible debentures, reflected as long term debt on our balance sheet, to equity. In doing so, we eliminated all of the related interest obligation and the related discounts on this debt. When we eliminated our obligation we had to take a non-cash charge against income in the amount of the interest we would have had to pay had this conversion not occurred," said Chris Stern, company chairman and CEO. "Most of that finance charge comes from financings from before 2008 that had drastic warrant clauses. Now, with these obligations eliminated, our balance sheet is much stronger. Combined with the recent financing agreement with Vatea Fund, we are in a financial position where we believe we have the working capital necessary to fund our operations and development pipeline and sustain the company
|SOURCE Oxygen Biotherapeutics, Inc.|
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