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Dyadic International Reports 2011 First Quarter Financial Results
Date:5/5/2011

931,905,736(Loss) from Operations(1,394,103)(1,511,681)Other Income (Expense):Interest Income4,19121,270Interest Expense(113,006)(33,379)Gain on Reduction of Accrued Stockholder Litigation-410,000Total Other Income (Expense)(108,815)397,891Net (Loss)

$

(1,502,918)

$

(1,113,789)Net (Loss) per Common ShareBasic

$

(0.05)

$

(0.04)Diluted

$

(0.05)

$

(0.04)Weighted Average Common Shares Used in Calculating Net (Loss) Per Share:Basic31,150,62030,832,621Diluted31,150,62030,832,621DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETSMarch 31, 2011December 31, 2010ASSETS(Unaudited)Current Assets:Cash and Cash Equivalents$

3,121,189$

4,535,279Restricted Cash263,934247,082Accounts Receivable, Net1,517,1571,276,574Inventory, Net2,831,1892,782,433Prepaid Expenses and Other Current Assets447,490336,638Total Current Assets8,180,9599,178,006Fixed Assets, Net648,631719,161Intangible Assets, Net354,609310,978Other Assets16,92916,930$

9,201,128$

10,225,075LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts Payable$

1,925,827$

1,801,123Accrued Expenses511,010417,996Accrued Interest Payable  112,283146,230Note Payable to Stockholder1,424,9411,424,941Income Taxes Payable168168Total Current Liabilities3,974,2293,790,458Convertible Subordinated Debt4,000,0004,000,0007,974,2297,790,458COMMITMENTS AND CONTINGENCIESStockholders’ Equity:Preferred Stock, $.0001 Par Value:Authorized Shares – 5,000,000; None Issued and Outstanding--Common stock, $.001 par value,Authorized Shares – 100,000,000; Issued and Outstanding  – 31,163,120 and 31,138,120, Respectively31,16331,138Additional Paid-in Capital77,396,86577,101,690Accumulated Deficit(76,201,129)(74,698,211)1,226,8992,434,617$

9,201,128$

10,225,075DYADIC INTERNATIONALCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended
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SOURCE Dyadic International, Inc.
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