Applied DNA Sciences Inc (APDN)

[Shail]

Hi Mike,

Some observations from my side.

The Dr. mentioned that they had renewed 3 and initiated 4 new contracts this qtr as compared to 3 last quarter.

Then he goes on to add that they have 28 customers who have renewed agreements, including the 7 OCMs and 2 Distributors.

My question is what is the difference between the 3 + 4 contracts and the 28 customers. Not clear to me. Just confusing.

Again, as you rightly pointed out, we were counting 58 customers as having signed on. How did this come down to 28.

The Dr never bothers to speak about partnerships in other verticals or revenue potential from those partnerships. Are we at all getting any revenue from our tie up with Nisha or Markem Image or Disc for eg.

I am not so convinced about the deferred revenue part. That was there last qtr too but we did not speak about it then. To me that looks like us trying to console ourselves. The fact remains that the revenue was significantly lower than what we all expected. Is the increase in manpower and capital expenses justified for these kind of revenue increases. They should at least give us an impression of the expected revenue ramp up for the year.

APDN's conference calls have never been very informative or enlightening. Might as well not have them.