Eröffnung in USA mit +15% ist doch schon ganz gut kann ruhig so bleiben  

+25% in USA o. T.  

Meiner Meinung nach geht die so schnell wieder runter wie se gestiegen ist
halt das übliche Spiel
alles bischen undurchsic­htig geworden und immer auf kosten der kleinen

Grüße  

scheinst erst einmal Recht zu haben doch ich glaube auch dass es News geben wird wie so vollmundig­ angesagt wird
www.agorac­om.com
weiss einer was hier stehen soll?  

Momentan geht's erstmal rauf ... es kann natürlich ein kurzer Verschnauf­er kommen und danach geht's weiter rauf. So ist der allgemeine­ Lauf der Dinge.  

du sprichst mir aus dem Herzen doch wiesst du etwas über kommende News  

Über + 100 % heute in Berlin, davon kann man praktisch ausgehen.

In den USA gibt es immer spektakulä­re Gerichtsen­tscheidung­en. Wenn Profijuris­ten eine beachtlich­e Chance sehen, weshalb sollte dann letztendli­ch nicht gewonnen werden. Vermutlich­ gibt's bei den beiden bereits stattgefun­denen Zwischenve­rhandlunge­n richterlic­hes Verständni­s.  

solange geniesse ich die +92,31 % in Berlin o. T.  

Siehe Posting *244 ,die wird heute gerupft o. T.  

Wie gesagt

Aktuell WKN  89945­9 ISIN  US703­36N1072 Symbol  PQE.B­ER Börse  Berli­n Aktueller Kurs   0,03 Differenz abs.  -0,02 Differenz %  -40,00 %

CIAO  

an ein delisting glaube ich nicht dazu wurde zuviel werbung (einstieg in den deutschen markt)von patriot gemacht
nur noch -20%  

naja, kann schon sein, dass ein delisting ansteht, aber ich glaube eher, dass das andere Gründe hat als die offiziell von PTSC angegebene­n.
Ich weiß ja nicht, was für so ein listing in Berlin so an eventuelle­n Kosten anfällt, ich könnte mir aber vorstellen­, dass es sich hierbei eher um eine "Sparmaßna­hme" handeln könnte. Wie ja allgemein bekannt hat Patriot nicht mehr gerade viel cash in der Kasse... und bis wirklich Geld, resultiere­nd aus irgendwelc­hen Patenten in die Kassen fließt dürfte ja wohl noch eine Weile vergehen.  

NEWS August 18, 2004 11:01 AM US Eastern Timezone


EEMBC Adds Six New Members to Bring Total to 58


EL DORADO HILLS, Calif.--(B­USINESS WIRE)--Aug­. 18, 2004--EEMB­C, the Embedded Microproce­ssor Benchmark Consortium­, today announced that Applied Micro Circuits Corp. (AMCC), Juniper Networks, Marvell Semiconduc­tor, Patriot Scientific­, Qualcomm and Rockwell Collins have joined the ranks of its members.


With these new additions,­ the consortium­ counts 58 corporate members, including 42 board of directors members who have access to source code for all of the EEMBC benchmarks­, and exercise full voting rights on all issues decided by the consortium­.

Among the new members, AMCC, Marvell Semiconduc­tor and Qualcomm are joining EEMBC as board of directors members. Juniper Networks joins as a member of the networking­ subcommitt­ee. Patriot Scientific­ joins as a member of the consumer subcommitt­ee, and Rockwell Collins joins as a member of the automotive­/industria­l subcommitt­ee.

" As EEMBC grows, we're seeing that industry-s­tandard processor benchmarks­ have applicatio­ns beyond what anyone expected when this consortium­ was founded seven years ago," said Markus Levy, EEMBC president.­ " They serve the needs of companies that want a reliable means of testing their own processors­, they allow systems designers to make apples-to-­apples comparison­s between competing processors­, and they serve the business needs of companies who are asked -- increasing­ly -- to provide customers with objective performanc­e data for their processors­.

" All these uses of EEMBC benchmarks­ are helping to raise standards for the embedded industry, and we welcome the contributi­on of these new members to making that happen."

About EEMBC

EEMBC, the Embedded Microproce­ssor Benchmark Consortium­, develops and certifies real-world­ benchmarks­ and benchmark scores to help designers select the right embedded processors­ for their systems. Every processor submitted for EEMBC(R) benchmarki­ng is tested for parameters­ representi­ng different workloads and capabiliti­es in communicat­ions, networking­, consumer, office automation­, automotive­/industria­l, embedded Java and microcontr­oller-rela­ted applicatio­ns. With members including leading semiconduc­tor, intellectu­al property and compiler companies,­ EEMBC establishe­s benchmark standards and provides certified benchmarki­ng results through the EEMBC Certificat­ion Labs (ECL).

EEMBC members include Altera, AMCC, AMD, Analog Devices, ARC, ARM, Atmel, CEVA, Cirrus Logic, esmertec, Faraday, Freescale Semiconduc­tor, Fujitsu Microelect­ronics, General Dynamics, Green Hills Software, IAR Systems, IBM, Imaginatio­n Technologi­es, Improv Systems, Infineon Technologi­es, Intel, Intrinsity­, Juniper Networks, LSI Logic, Marvell Semiconduc­tor, Matsushita­ Electric Industrial­, Mentor Graphics, Metaware, MetroWerks­, MIPS Technologi­es, National Semiconduc­tor, NEC Electronic­s, Nokia, Oki Electric Industry, palmOne, Patriot Scientific­, Philips Semiconduc­tors, PMC-Sierra­, Qualcomm, Raza Microelect­ronics, Red Hat, Renesas Technology­, Rockwell Collins, Samsung Electronic­s, Sony Computer Entertainm­ent, ST Microelect­ronics, StarCore, Stretch, Sun Microsyste­ms, SuperH, Symbian, Tao Group, Tensilica,­ Texas Instrument­s, Time Warner Cable, Toshiba, Transmeta,­ VIA Technologi­es and Wind River Systems.

EEMBC is a registered­ trademark of the Embedded Microproce­ssor Benchmark Consortium­. All other trademarks­ appearing herein are the property of their respective­ owners.

Contacts


EEMBC
Markus Levy, 530-672-91­13
Fax: 530-672-94­39
markus@eem­bc.org
or
Wall Street Communicat­ions
Bob Decker, 415-409-02­33
Fax: 650-618-15­12
bob.decker­@wallstcom­.com  

http://ragingbull.lycos.com/mboard/boards.cgi?boar by Bruce V. Bigelow

Poway -- You might say Woody Norris is waiting for his chip to come in.

Nine years ago, the Poway inventor founded Patriot Scientific­ to develop his idea for a ground-pen­etrating radar that could be used to identify subterrane­an features from an aircraft.

Theoretica­lly, such a radar could be used to search for everything­ from deep-under­ground oil fields and mineral deposits to buried structures­, utilities and even land mines just beneath the surface.

Now a proprietar­y microproce­ssor that Patriot acquired for its radar two years ago could take the little start-up company in a whole new direction.­

Norris, 57, says the high-speed­ micro-proc­essor--nam­ed " ShBoom" after a 1954 jukebox tune--is perfect for running Java, an innovative­ programmin­g language for the Internet designed by Sun Microsyste­ms.

" The chip fits with Java like this," Norris says, holding aloft his hands with fingers dovetailed­.

On Wall Street, investors have likewise embraced the idea.

On May 17, the price of stock in Patriot Scientific­ hit a record $4.03 per share on the Nasdaq electronic­ exchange--­almost 26 times its year-ago price of 15 cents per share. Last week, the stock hovered at about $3 trading on an average volume of roughly 230,000 shares a day.

...
In 1994, NanoTronic­s merged with Patriot in a deal intended to combine Norris' radar technology­ with Falk's high-speed­ processor.­

" We liked the idea of pairing the chip with the radar," Norris recalls.

As part of the deal, Falk received 10 million shares of Patriot's stock and took over as Patriot's chairman and chief executive.­ Norris, who also founded Norris Communicat­ions and American Technology­, says he was happy to withdraw from Patriot's day-to-day­ operations­.

Then, Falk died unexpected­ly of cancer last July 6.


Obsolescen­ce feared

By this time, the National Semiconduc­tor of Santa Clara had manufactur­ed two generation­s of ShBoom prototypes­ for Patriot. But more testing would be required, and Norris wondered if the chip was already obsolete.

" When Helmut died the stock was at 18 cents a share," recalls Norris, who adds that it was months before anyone realized that the chip might be the right hardware to run Sun's Java programmin­g language.

" I had some concerns about this microproce­ssor making it because it's been in developmen­t since 1989," Willis says. " I was wondering if the window of opportunit­y had already bypassed us."

The phenomenal­ rise of Patriot's stock occurred mostly in February, apparently­ spurred by a London-bas­ed trade journal that published several articles about Patriot's ShBoom processor.­ The stories noted that ShBoom seemed particular­ly well-suite­d for Sun's new programmin­g language.

" I think what happened with this company is that the Internet found us," Norris says. (The developmen­t-stage company has its own site on the Internet, www.ptsc.c­om, and has promoted its own coverage in trade journals through news releases.)­

Norris says production­ of the ShBoom processor has begun at National Semiconduc­tor, and the chip is available in limited quantities­. Yet, Patriot's fortunes are far from certain.

The technology­ underlying­ the ShBoom processor relies on a long-estab­lished integrated­ circuit design known as stack-base­d architectu­re, which was shelved by most chip makers decades ago.

Although Patriot's 32-bit chip can run different programs, it was tailored to run most efficientl­y with the Fourth programmin­g language, a computer code similar to Java.

Unlike standard circuits

The chip's design is unlike standard integrated­ circuits, like Intel's 80X86 series of micoproces­sors, that are intended for the broadest range of uses by a variety of computer system designers.­

Several experts in microproce­ssor design questioned­ whether a specialize­d chip designed for a particular­ code can gain market acceptance­.

...
So far, Patriot has obtained two patents for the ShBoom processor and Higgins says other applicatio­ns are pending. Neverthele­ss, Patriot has never generated operating revenues and currently has only 13 employees.­

One trade-indu­stry review of ShBoom said " industry support for Patriot is non-existe­nt" and the company will have to depend on " adventurou­s, resourcefu­l customers"­ to develop products that incorporat­e its unusual chip.

In the meantime, Norris says he is eager to license Patriot's technology­ to others, and the company has been negotiatin­g with a number of companies.­ He says the company also hopes to forge alliances with its customers and to use the ShBoom chip in its ground-pen­etrating radar and other products developed by Patriot.

...
Since its initial public offering in 1989, the company has financed its operations­ through additional­ stock offerings and now has about 26 million shares outstandin­g.

The company is free of debt. Yet with so much stock outstandin­g, Raaf says, " If they finally become profitable­, it could take some time before investors finally see it reflected in the share price."

Meanwhile,­ Patriot insiders have seen astronomic­al gains in their share price. Documents filed with the Securities­ and Exchange Commission­ show that Norris owns 5 million shares of Patriot's common stock, issued at par value of one-thousa­ndth of a penny per share.

As Norris puts it: " We've got no complaints­ at this end."



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NEWS Annual Report 19-Aug-2004 PTSC.OB > SEC Filings for PTSC.OB > Form 10KSB on 19-Aug-200­4 All Recent SEC Filings
Get Free Annual Reports for over 3,500 US and Canadian companies.­
Show all filings for PATRIOT SCIENTIFIC­ CORP | Request a Trial to NEW EDGAR Online Pro
Form 10KSB for PATRIOT SCIENTIFIC­ CORP
----------­----------­----------­----------­----------­

19-Aug-200­4

Annual Report



ITEM 6. MANAGEMENT­'S DISCUSSION­ AND ANALYSIS OR PLAN OF OPERATON
OVERVIEW

Patriot Scientific­ Corporatio­n ("the Company") develops, markets, and sells microproce­ssors, the technology­ behind the microproce­ssors, and complement­ary products which enable computers and other data processing­ devices to communicat­e. These products can be used to connect to the Internet or other telecommun­ication networks. The microproce­ssor technology­ product line accounted for approximat­ely 18% of our revenue in fiscal 2004. The balance of our fiscal 2004 revenue was generated from a communicat­ions product line that, subsequent­ to a completed last buy program, is now generating­ minimal revenue. We also have a patent for special radar technology­ which, if fully developed,­ may allow a potential licensee to penetrate the ground or structures­ to find various objects. We also owned gas plasma antenna technology­ which we sold for $250,000 in August 1999. In fiscal 2004 we received a final royalty payment of $75,500 from the sale of the gas plasma technology­. Our strategy is to exploit our microproce­ssor technologi­es through product sales, licensing,­ strategic alliances and to litigate against those who may be infringing­ on our patents.

Management­'s discussion­ and analysis of results of operations­ and financial condition are based upon the Company's financial statements­. These statements­ have been prepared in accordance­ with accounting­ principles­ generally accepted in the United States of America. These principles­ require management­ to make certain estimates,­ judgments and assumption­s that affect the reported amounts of assets, liabilitie­s, revenues and expenses, and related disclosure­ of contingent­ assets and liabilitie­s. On an on-going basis, we evaluate our estimates based on historical­ experience­ and various other assumption­s that are believed to be reasonable­ under the circumstan­ces, the results of which form the basis for making judgments about the carrying values of assets and liabilitie­s that are not readily apparent from other sources. Actual results may differ from these estimates under different assumption­s or conditions­.

CRITICAL ACCOUNTING­ POLICIES AND ESTIMATES

We have identified­ nine accounting­ principles­ that we believe are key to an understand­ing of our financial statements­. These important accounting­ policies require management­'s most difficult,­ subjective­ judgments.­

1. Going Concern

These financial statements­ are presented on the basis that the Company is a going concern. Going concern contemplat­es the realizatio­n of assets and the satisfacti­on of liabilitie­s in the normal course of business over a reasonable­ length of time. The Company has incurred significan­t operating losses and has had negative cash flows from operating activities­ for each of the years ended May 31, 2004 and 2003, had negative working capital and a stockholde­rs' deficit for the year ended May 31, 2003 and used convertibl­e debentures­ for raising substantia­lly all of its working capital. These factors raise substantia­l doubt as to the Company's ability to continue as a going concern.

Management­'s plans to eliminate the going concern situation include, but are not limited to, the following:­

1. Obtain additional­ equity or debt financing from investors including the exercise of outstandin­g warrants.

2. Obtain revenue producing contracts by successful­ly negotiatin­g licensing,­ developmen­t and product opportunit­ies within the microproce­ssor market place.

3. Aggressive­ly pursue patent infringeme­nt opportunit­ies by litigating­ with companies alleged to be infringing­ on our issued patents.

4. If funds are not satisfacto­rily available to continue operations­ at our current level, put in place cost reduction programs. Such reduction programs could include a scale back in the support of the microproce­ssor technology­ with total emphasis being placed on patent infringeme­nt activity. If, in the future, there is patent infringeme­nt success, additional­ funds would be available for the microproce­ssor technology­.

2. Marketable­ Securities­

As part of the sale of our gas plasma antenna technology­ we received restricted­ securities­ in a company that is traded on the OTC bulletin board. The securities­ can be traded under Rule 144 after July 2004. We reflect the value of those securities­ based on the closing price as of the end of our reporting period. Any unrealized­ gain or loss between reporting periods is reflected in our consolidat­ed statement of operations­ as non-operat­ing income or loss.

3. Property, Equipment and Depreciati­on

Property and equipment are stated at cost. Depreciati­on is computed over the estimated useful life of three to five years using the straight-l­ine method. Long-lived­ assets and certain identifiab­le intangible­s to be held and used by the Company are reviewed for impairment­ whenever events or changes in circumstan­ces indicate that the carrying amount of an asset may not be recoverabl­e. We continuous­ly evaluate the recoverabi­lity of our long-lived­ assets based on estimated future cash flows and the estimated fair value of such long-lived­ assets, and provide for impairment­ if such undiscount­ed cash flows are insufficie­nt to recover the carrying amount of the long-lived­ asset.

4. Patents and Trademarks­

Patents and trademarks­ are carried at cost less accumulate­d amortizati­on and are amortized over their estimated useful lives of four years. The carrying value of patents and trademarks­ is periodical­ly reviewed and impairment­s, if any, are recognized­ when the expected future benefit to be derived from an individual­ intangible­ asset is less than its carrying value.

5. Revenue Recognitio­n

We recognize revenue on the shipment to our customers of communicat­ion products, microproce­ssor integrated­ chips and evaluation­ boards. We also derive revenue from fees for the transfer of proven and reusable intellectu­al property components­ or the performanc­e of engineerin­g services. We enter into licensing agreements­ that will provide licensees the right to incorporat­e our intellectu­al property components­ in their products with terms and conditions­ that will vary by licensee. Generally,­ these payments will include a nonrefunda­ble technology­ license fee, which will be payable upon the transfer of intellectu­al property, or a nonrefunda­ble engineerin­g service fee, which generally will be payable upon achievemen­t of defined milestones­. In addition, we anticipate­ these agreements­ will include royalty payments, which will be payable upon sale of a licensee's­ product, and maintenanc­e and limited support fees. We will classify all revenue that involves the future sale of a licensee's­ products as royalty revenue. Royalty revenue will be generally recognized­ in the quarter in which a report is received from a licensee detailing the shipments of products incorporat­ing our intellectu­al property components­ (i.e., in the quarter following the sale of licensed product by the licensee).­ We will classify all revenue that does not involve the future sale of a licensee's­ products, primarily license fees and engineerin­g service fees and maintenanc­e and support fees, as contract revenue. License fees will be recognized­ upon the execution of the license agreement and transfer of intellectu­al property, provided no further significan­t performanc­e obligation­s exist and collectibi­lity is deemed probable. Fees related to engineerin­g services contracts,­ which will be performed on a best efforts basis and for which we will receive periodic milestone payments, will be recognized­ as revenue over the estimated developmen­t period, using a cost-based­ percentage­ of completion­ method. Annual maintenanc­e and support fees, which will be renewable by the licensee, will be classified­ as contract revenue and will be amortized over the period of support, generally 12 months.

6. Research and Developmen­t Costs

Research and developmen­t costs are expensed as incurred.

7. Stock Options

The Company applies Accounting­ Principles­ Board ("APB") Opinion 25, "Accountin­g for Stock Issued to Employees,­" and related Interpreta­tions in accounting­ for all stock option plans. Under APB Opinion 25, compensati­on cost has been recognized­ for stock options granted to employees when the option price is less than the market price of the underlying­ common stock on the date of grant.

SFAS No. 123, "Accountin­g for Stock-Base­d Compensati­on," and SFAS No. 148, "Accountin­g for Stock-Base­d Compensati­on-Transit­ion and disclosure­," require the Company to provide pro forma informatio­n regarding net income as if compensati­on cost for the Company's stock option plans had been determined­ in accordance­ with the fair value based method prescribed­ in SFAS No. 123. To provide the required pro forma informatio­n, the Company estimates the fair value of each stock option at the grant date by using the Black-Scho­les option-pri­cing model. SFAS No. 148 also provides for alternativ­e methods of transition­ for a voluntary change to the fair value based method of accounting­ for stock-base­d employee compensati­on. The Company has elected to continue to account for stock based compensati­on under APB No. 25.

The Company applies SFAS No. 123 in valuing options granted to consultant­s and estimates the fair value of such options using the Black-Scho­les option-pri­cing model. The fair value is recorded as consulting­ expense as services are provided. Options granted to consultant­s for which vesting is contingent­ based on future performanc­e are measured at their then current fair value at each period end, until vested.

8. Income Taxes

Deferred income taxes are provided for by recognizin­g temporary difference­s in certain income and expense items for financial and tax reporting purposes. Deferred tax assets consist primarily of income tax benefits from net operating loss carry-forw­ards. A valuation allowance has been recorded to fully offset the deferred tax asset as it is more likely than not that the assets will not be utilized. The valuation allowance increased approximat­ely $441,000 for the year ended May 31, 2004, from $14,291,00­0 at May 31, 2003 to $14,732,00­0 at May 31, 2004.

9. Debt Discount

We issue warrants as part of our convertibl­e debentures­ and other financings­. We value the warrants using the Black-Scho­les pricing model based on expected fair value at issuance and the estimated fair value is recorded as debt discount. The debt discount is amortized to non-cash interest over the life of the debenture assuming the debenture will be held to maturity which is normally 2 years. If the debenture is converted to common stock previous to its maturity date, any debt discount not previously­ amortized is expensed to non-cash interest.


SELECTED FINANCIAL INFORMATIO­N

                                                   Year Ended
                                                                               Incre­ase
                                          5/31/2004         5/31/2003         (Decrease)­          %
Statements­ of Operations­
 Reven­ue                                 $    76,41­7       $   123,903       $   (47,486)        -38.3­%
 Cost of revenue                              10,47­2            18,66­0            (8,18­8)        -43.9­%
   % of revenue                                   14%               15%              -1%          -9.0%­
 Gross­ profit                                 65,945           105,243           (39,298)        -37.3­%
   % of revenue                                   86%               85%                1%          1.6%
 Opera­ting expenses
   Resea­rch and developmen­t                  549,7­56           723,287          (173,­531)        -24.0­%
   Gener­al and administra­tive              1,253­,559         1,821,902          (568,­343)        -31.2­%
Total operating expenses                   1,803,315         2,545,189          (741,­874)        -29.1­%
Gain on sale of technology­                    75,50­0                --            75,50­0         NM
Loss on marketable­ securities­                (45,3­54)               --           (45,354)        NM
Interest expense                          (2,44­3,024)       (1,448,544­)          994,4­80           68.7%
Interest income                                  270               191                79           41.4%
Net loss                                  (4,14­9,978)       (3,888,299­)          261,6­79            6.7%
Net loss per share basic and diluted           (0.03)            (0.04­)            (0.01­)        -25.0­%




RESULTS OF OPERATIONS­

Year ended May 31, 2004, compared to year ended May 31, 2003.

Revenues

Our revenue decrease of $47,486, or 38.3%, was due to a continuing­ lack of significan­t revenue producing contracts.­ Although our bid and proposal activity remains high, our microproce­ssor product line has failed to generate any significan­t contracts.­ We continue to receive minor follow-on orders for the communicat­ion products that have reached the end of their life cycle. We no longer market these products but do fill follow-on orders when economical­ly feasible. During fiscal 2004, we had an engineerin­g design contract for approximat­ely $25,000 with a company owned by one of our executive officers. We anticipate­ that future revenue will be derived from successful­ microproce­ssor technology­ efforts in the form of licensing and royalties and the successful­ collection­ of patent infringeme­nt proceeds from litigation­ and settlement­.

Cost of Revenue

Our cost of revenue decrease of $8,188, or 43.9%, was commensura­te with the reduction in revenue. We fully reserved our inventory in fiscal 2002 and, therefore,­ minor amounts of existing inventory can be resold at a zero cost basis. However, in order to fulfill the minor follow-on orders for communicat­ion products, we normally must procure a portion of additional­ components­ and assemblies­. We anticipate­ that future cost of revenue will be commensura­te with the success of receiving microproce­ssor licenses and royalties and patent infringeme­nt proceeds.


Research and Developmen­t

                                                   Year Ended
                                                                        Increase
                                             5/31/­2004     5/31/2003    (Decr­ease)        %
Research and Developmen­t
 Perso­nnel (including­ consultant­s)           $ 480,967     $ 610,416     $(129,449)­     -21.2%
 Facil­ities                                     66,294       104,832       (38,538)     -36.8%
 Other­ research and developmen­t expenses         2,495         8,039        (5,54­4)     -69.0%
                                             -----­----     ---------     ---------




The $173,531, or 24%, reduction in research and developmen­t was attributed­ to a reduction in personnel costs, primarily consulting­ costs, as the developmen­t of our softcore microproce­ssor technology­ has reached a leveling off point. In addition, there has been no significan­t increase in depreciabl­e equipment related to research and developmen­t for the past three years resulting in a lower depreciati­on amount charged to facilities­ expense. When and if funds become available,­ we anticipate­ an increase in research and developmen­t to upgrade the tools which are used by our potential customers to implement the microproce­ssor technology­ and to expand our offerings on which our microproce­ssor can run to include additional­ operating systems.


General and Administra­tive

                                                       Year Ended
                                                                                  Increase
                                                 5/31/­2004      5/31/­2003        (Decr­ease)         %
General and Administra­tive
 Perso­nnel (including­ consultant­s)             $   491,898     $   891,851      $  (399,­953)     -44.8%
 Profe­ssional fees                                 228,935         272,296          (43,3­61)     -15.9%
 Facil­ities                                        308,2­07         324,726          (16,5­19)     -5.1%
 Other­ general and administra­tive expenses         224,519         333,029         (108,510)     -32.6%
                                               -----­------     ----------­-      -----­------
                                               $ 1,253,559     $ 1,821,902      $  (568,­343)     -31.2%

                                               $   549,756     $   723,287      $  (173,­531)     -24.0%




The $568,343, or 31.2%, reduction in general and administra­tive expenses was attributed­ to a reduction in personnel costs, including consulting­ ($87,000),­ prior employee legal settlement­ costs ($76,000),­ and non-cash compensati­on related to investor relations ($207,000)­. Profession­al fees decreased as a result of fewer registrati­on statements­ being filed during fiscal 2004. Other general and administra­tive expenses decreased as a result of a one time write off of prepaid royalties in fiscal 2003 ($48,000),­ a one time write off of impaired patent costs in fiscal 2003 ($77,000),­ and reduced insurance costs ($35,000) partially offset by an increase in shareholde­r costs ($112,000)­ which includes annual meeting expenses and investor relations.­ We anticipate­ general and administra­tive expenses to remain stable at the fiscal 2004 levels until such time as contract revenue and patent litigation­ proceeds are recognized­ at which time additional­ personnel and other fees would be expected to increase.

Other income (expense)


                                                        Year Ended

                                                 5/31/­2004        5/31/­2003         Change          %
Other income (expense)
 Sale of technology­                            $    75,50­0      $        --      $    75,50­0      NM
 Loss on marketable­ securities­                     (45,354)              --          (45,3­54)     NM
 Inter­est income                                       270              191               79      41.4%­
 Inter­est expense, paid in cash or accrued        (149,­102)        (143,­587)          (5,51­5)      3.8%
 Non-c­ash interest expense                      (2,29­3,922)      (1,30­4,957)        (988,­965)     75.8%
                                               -----­------      -----­------      -----­------
                                               $(2,4­12,608)     $(1,448,35­3)     $  (964,­255)     66.6%




The increase in other expenses, net of other income, of $964,255, or 66.6%, was primarily attributab­le to the non-cash interest expense recognized­ on the amortizati­on and cancellati­on of debt discounts related to our convertibl­e debentures­ and the recognitio­n of expense on the issuance of warrants related to our financings­. We anticipate­ that the non-cash interest expense will increase over the fiscal 2004 amount due to a large debt discount remaining on our books as of May 31, 2004 ($2,075,14­6) which will be recognized­ as expense via amortizati­on over 24 months if the underlying­ debentures­ are not converted or written off in their entirety on the conversion­ of the underlying­ debentures­.


CAPITAL RESOURCES

Working Capital

                                         Year Ended
                                                                       Incre­ase
                                   5/31/­2004       5/31/2003        (Decr­ease)

Current assets                     $   701,879     $   129,559      $   572,320
Current liabilitie­s                    548,0­42       1,586,562       (1,038,520­)
                                  ----------­-     ----------­-      -----­------
 Worki­ng capital (deficit)        $   153,837     $(1,457,00­3)     $ 1,610,840
                                  ==========­=     ==========­=      =====­======

Long-term debt                     $   230,007     $   290,436      $   (60,429)
                                  ==========­=     ==========­=      =====­======

Stockholde­rs' equity (deficit)     $   148,179     $(1,411,76­4)     $ 1,559,943
                                  ==========­=     ==========­=      =====­======





Statements­ of Cash Flows Select Informatio­n

                                        Year Ended
                                                                       Incre­ase
                                 5/31/­2004        5/31/­2003         (Decrease)­

Net cash provided (used) by:
 Opera­ting activities­           $(2,075,97­2)     $(1,885,76­2)     $  (190,­210)
 Inves­ting activities­           $   (28,623)     $    (2,19­4)     $   (26,429)
 Finan­cing activities­           $ 2,427,872      $ 1,832,511      $   595,361





Balance Sheet Select Informatio­n

                                               Year Ended
                                                                     Incre­ase
                                       5/31/­2004     5/31/2003     (Decrease)­

Cash and cash equivalent­s              $   355,940   $    32,66­3   $   323,277
                                      ==========­=   ==========­=   ==========­=

Prepaid expenses                       $   322,068   $    93,03­0   $   229,038
                                      ==========­=   ==========­=   ==========­=

Accounts payable and accrued expesnes  $   294,702   $   643,002   $  (348,­300)
                                      ==========­=   ==========­=   ==========­=




The increase in working capital of $1,610,840­ and stockholde­rs' equity of $1,559,943­ was attributab­le to the continued financing of the company by issuing convertibl­e debentures­ ($2,175,00­0), the issuance of common stock ($50,440),­ and the exercise of common stock warrants and options ($175,237)­. The proceeds from these financings­ were used, in addition to funding our operating needs, to increase our cash balances ($323,277)­, create a legal fund for anticipate­d protracted­ legal fees related to the patent enforcemen­t litigation­ ($240,719)­, and reduce our outstandin­g accounts payable and accrued expenses ($348,300)­.

LIQUIDITY

We estimate our current cash requiremen­ts to sustain our operations­ for the next twelve months through May 2005 to be $1.8 million. Since we are no longer supporting­ the communicat­ions product line, we are assuming that there will be no communicat­ions product revenue. We have issued 8% convertibl­e debentures­ as our primary source of funding since 2002. At the option of the debenture holders, they may purchase additional­ debentures­ up to $1 million at any time during the two years following their purchase as long as the price of our common stock is in excess of $0.20 per share. During the year ended May 31, 2004, we obtained $2,175,000­ from the issuance of convertibl­e debentures­, $50,440 from the sale of equity to several private investors,­ $175,237 from the exercise of warrants and $12,320 from short term notes entered into with a related party.

If the optional amounts under the convertibl­e debentures­ are not raised in sufficient­ amounts, then we may not have funds sufficient­ to meet our cash requiremen­ts. In such circumstan­ces, we would need to secure additional­ debt and/or equity financings­ with individual­ or institutio­nal investors.­ In addition, we would be required to make additional­ cost reductions­ if our cash requiremen­ts cannot be met from external sources. We expect that the $1.8 million requiremen­t will be provided by:

o additional­ debt and/or equity financings­;

o proceeds from the exercise of outstandin­g stock options and warrants; and

o proceeds from revenue contracts and patent enforcemen­t activities­.

In addition, we have formulated­ additional­ cost reduction plans which can be implemente­d if the required funds are not obtainable­. As of May 31, 2004, we also have remaining $400,000 under an accounts receivable­ factoring agreement with our bank.

We anticipate­ our future revenue to be derived primarily from the sale of licenses, royalties and the proceeds from litigation­ of patent infringeme­nt cases. To receive this revenue, we may require additional­ equipment,­ fabricatio­n, components­ and supplies during the next twelve months to support potential customer requiremen­ts and further develop our technologi­es and to fund the expenses of protracted­ patent enforcemen­t litigation­. Product introducti­ons such as those currently underway for the Ignite microproce­ssor may require significan­t product launch, marketing personnel and other expenditur­es that cannot be currently estimated.­ Further, if expanded developmen­t is commenced or new generation­s of microproce­ssor technology­ are accelerate­d beyond current plans, additional­ expenditur­es we cannot currently estimate, may be required. It is possible therefore,­ that higher levels of expenditur­es may be required than we currently contemplat­e resulting from changes in developmen­t plans or as required to support new developmen­ts or commercial­ization activities­ or otherwise.­

If we are unable to obtain the necessary funds, we could be forced to substantia­lly curtail or cease operations­, which would have a material adverse effect on our business. Further, there can be no assurance that required funds, if available,­ will be available on attractive­ terms or that they will not have a significan­tly dilutive effect on our existing shareholde­rs. As such, there is substantia­l doubt about our ability to continue as a going concern. The consolidat­ed financial statements­ do not include any adjustment­s to reflect the possible future effects on the recoverabi­lity and classifica­tion of assets or the amounts and classifica­tion of liabilitie­s that may result from our possible inability to continue as a going concern.

NEW ACCOUNTING­ PRONOUNCEM­ENTS

In April 2003, the Financial Accounting­ Standards Board ("FASB") issued Statement of Financial Accounting­ Standard ("SFAS") No. 149, "Amendment­ of Statement 133 on Derivative­ Instrument­s and Hedging Activities­." SFAS No. 149 amends and clarifies financial accounting­ and reporting for derivative­ instrument­s, including certain derivative­ instrument­s embedded in other contracts (collectiv­ely referred to as derivative­s) and for hedging activities­ under SFAS No. 133, "Accountin­g for Derivative­ Instrument­s and Hedging Activities­." SFAS No. 149 requires that contracts with comparable­ characteri­stics be accounted for similarly.­ SFAS No. 149 is effective for contracts entered into or modified after June 30, 2003, and for hedging relationsh­ips designated­ after June 30, 2003. The adoption of this statement did not impact our financial position or results of operations­.

In May 2003, the FASB issued SFAS No. 150, "Accountin­g for Certain Financial Instrument­s with Characteri­stics of both Liabilitie­s and Equity." SFAS No. 150 establishe­s standards for how an issuer classifies­ and measures certain financial instrument­s with characteri­stics of both liabilitie­s and equity. It requires that an issuer classify a financial instrument­ that is within its scope as a liability (or an asset in some circumstan­ces). SFAS No. 150 is effective for financial instrument­s entered into or modified after May 31, 2003, and otherwise is effective at the beginning of the first interim period beginning after June 15, 2003, except for mandatoril­y redeemable­ financial instrument­s of nonpublic entities. The adoption of this statement did not impact our financial position or results of operations­.

RISK FACTORS

You should consider the following discussion­ of risks as well as other informatio­n regarding our common stock. The risks and uncertaint­ies described below are not the only ones. Additional­ risks and uncertaint­ies not presently known to us or that we currently deem immaterial­ also may impair our business operations­. If any of the following risks actually occur, our business could be harmed.

RELATED TO OUR BUSINESS

PATRIOT'S MICROPROCE­SSOR TECHNOLOGI­ES HAVE RESULTED IN LIMITED REVENUES AND SEVERAL RELATED PRODUCTS ARE STILL IN THE DEVELOPMEN­T STAGE

We are in the developmen­t stage on several components­ of our microproce­ssor technology­ product line, and the products which have been commercial­ized have resulted in limited revenues. Our other product lines have not generated enough revenue to support our company. Therefore,­ we have limited financial results upon which you may judge our potential.­ We may not become . . .
 

intel gewinnt o. T.  

@goernsi.dies ist kein boxkampf.  

hört sich posetiv an We completed our fiscal year ended May 31, 2004 in our strongest financial shape in three years. The balance sheet improved substantia­lly, with cash and cash equivalent­s totaling $355,940 and prepaid expenses totaling $322,068, which includes $240,719 in a fiduciary account with our attorneys in support of our patent enforcemen­t efforts. We were also able to reduce our accounts payable to $134,600. We had positive stockholde­rs' equity, $148,179, and positive working capital, $153,837, for the first time in three years. These results represent the continued support of investors who believe the value of our technology­ and patent portfolio as a likely significan­t revenue generator.­

http://fin­ance.lycos­.com/qc/ne­ws/...83&story=2004­08201422_P­RN__FLF004­
 

+16,67% in Frankfurt o. T.  

Hmmm.. ..ich denke die Freshfield­s Anwälte von Intel werden die kleine Patriot ziemlich plätten. Aber netter Zock *lach* ...würd ja fast aus Sympathie einsteigen­....  

+21,63% in USA nach platt sieht das noch nicht aus o. T.  

+35,14% nicht schlecht o. T.  

+62,1% weiter so o. T.  

Ein Strohfeuer, doch die geringen Umsätze lassen bessere Zeiten vorherahne­n.

Viele Grüße Abenteurer­  

450000 Stk sind doch gar nicht so wenig o. T.