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Crdentia Announces 2008 First Quarter Results
Date:5/21/2008

2007

Operating activities:

Net loss $(2,301,958) $(6,589,080)

Adjustments to reconcile net loss to net

cash used in operating activities:

Non-cash interest expense 143,841 1,232,639

Depreciation and amortization 165,321 249,002

Bad debt expense 34,447 6,306

Non-cash stock based compensation 194,796 3,391,392

Changes in operating assets and liabilities,

net of effects of acquisitions:

Accounts receivable (802,799) 207,815

Other current assets and liabilities 354,422 (663,873)

Accounts payable and accrued expenses (51,632) (55,961)

Accrued employee compensation and benefits 113,762 (63,426)

Long-term bonus payable 22,068 22,068

Net cash used in operating activities (2,127,732) (2,263,118)

Investing activities:

Purchases of property and equipment (45,202) (33,340)

Financing activities:

Proceeds from issuance of common stock,

net of costs (3,273) 3,152,381

Net increase (decrease) in revolving

lines of credit 494,480 (2,355,645)

Proceeds from notes payable to lender 6,000,000 2,400,000

Repayment of notes payable (299,960) -

Repayment of note payable to lender (3,075,000) (781,867)

Debt issuance costs (578,537) -

Net cash provided by financing activities 2,537,710 2,414,869

Net increase (decrease) in cash and cash

equivalents
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SOURCE Crdentia Corp.
Copyright©2008 PR Newswire.
All rights reserved

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