PharmChem Laboratories Inc (PCHM)

[rosesarefree]

march 31, 2011 balance sheet unaudited

cash and cash equivalents $897,549
receivables, net $225,341
other assets $72,522
total assets $1,195,412

(*after creditor write off*) accounts payable $106,303
accrued expenses $130,917
stockholder equity $958,192

*accounts payable were $1,647,321 before write off representing the balance of amounts owed to unsecured creditors who did not respond to a settlement offer*

Equity is over 16 cents a share