Cord Blood America, Inc. (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells to families nationwide and internationally, said today that its 10Q filing with the U.S. Securities & Exchange Commission for the second quarter of 2009 shows a significantly improved balance sheet.
At June 30, 2009, Cord Blood America's working capital had increased by almost $4 million compared to year-end 2008. This is a 90 percent improvement in only six months.
The Company also had a balance of $324,549 in cash, an important increase as Cord Blood America moves forward with organic growth and possible acquisitions.
Further the 10Q has a schedule detailing the repayment of $5 million in debt in the first half of the year, one of the pillars needed for the Company to succeed.
"While revenues were down, due to very difficult economic conditions, and a significant de-emphasis on our advertising business, we are confident we have built the strong foundation necessary for the growth our shareholders want," said Matthew Schissler, founder and CEO.
"In addition, we anticipated being cash flow positive this year. However one time charges in Q2 including the cost of capital for the $7.5M raised, and significant testing and auditing of our SOP's, coupled with the excellent opportunity to build one of the largest stem cell storage facilities in the country, delayed this in the short term. There were significant sunk costs in Q2 that couldn't be avoided. All measures were taken to strengthen CBAI for the long term."
Mr. Schissler concluded: "Once the stem cell storage and research and development lab in Las Vegas is completed, CBAI will immediately increase our gross margins, bringing us closer to cash flow positive."
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