PositiveID Corporation (fka PSID)

[greaseyfingers]

As of Sept.30,2011 PSID accumulated deficit was $81.7-million

As of Dec. 3012 PSID accumulated deficit was $86 million, earlier this year, according to the SEC financial filing reports..

PositiveID had no revenue in the first nine months of 2011 and lost $12.3 million.

As of Sept. 30, 2011, it had $3 million in assets, including $472,000 in cash and equivalents.

Its accumulated deficit was $81.7 million, in 2011.

The company issued stock throughout the year to maintain a positive cash balance, despite the losses.

PositiveID named William J. Caragol its new chairman and CEO. He is owed a $375,000 bonus to be paid out over 2012.

Delray Beach-based PositiveID Corp. announced a deal to sell its VeriChip and Health Link businesses to a company led by its recently departed former CEO.

The company (OTCBB: PSID) said it would receive a $200,000 note, a 10 percent interest in the purchasing company, VeriTeQ Acquisition, possible future royalty payments from technology licenses and a shared services agreement.

The deal requires the approval of a special committee of PositiveID’s board.

VeriChip is a radio frequency identification microchip that is implanted in patients so they can be identified. Health Link is a personal health record program that has not been marketed for two years. Neither of the products generated any sales this year.

PositiveID will retain its GlucoChip, a developmental implant that monitors blood glucose and diabetes. It is also developing Easy Check, a breath glucose detection device.

VeriTeQ Acquisition is owned by Scott. R. Silverman, who stepped down as PositiveID chairman on Dec. 6 and was its CEO until August. According to U.S. Securities and Exchange Commission filings, Silverman received nearly 2.5 million shares of the company to satisfy the $461,538 he is owed in compensation, and the company has the option to repurchase those shares for cash. Silverman was already the company's second-largest shareholder. He has a consulting agreement with PositiveID that runs through March 1.

PositiveID shares closed Friday at 16.5 cents. The 52-week high was $1.09 on Jan. 26, 2011. The 52-week low was 12 cents on Oct. 10, 2011.
http://www.bizjournals.com/southflorida/news/2011/12/19/positiveid-selling-verichip-to-former.html?page=all