Echo Therapeutics, Inc. Condensed Consolidated Statements of Operation | |||
Three Months Ended March 31 | |||
2011 | 2010 | ||
Licensing revenue | $ 121,455 | $ 13,972 | |
Other revenue | 108,087 | — | |
Total revenues | 229,542 | 13,972 | |
Operating Expenses: Research and development | 865,950 | 1,113,485 | |
Selling, general and administrative | 918,750 | 1,277,623 | |
Total operating expenses | 1,784,700 | 2,391,108 | |
Loss from Operations | (1,555,158) | (2,377,136) | |
Other Income (Expense): | |||
Interest expense, net | (10,671) | (398) | |
Loss on extinguishment of debt | (1,514) | — | |
Gain on extinguishment of financial advisor fee payable | — | 200,000 | |
Derivatives (loss) gain | (3,029,897) | 295,988 | |
Other income (expense), net | (3,042,082) | 495,590 | |
Net loss | (4,597,240) | (1,881,546) | |
Accretion of dividends on Convertible Perpetual Redeemable Preferred Stock | (45,684) | (27,859) | |
Deemed dividend on beneficial conversion feature of Series D Convertible Preferred Stock | (1,975,211) | — | |
Net loss applicable to common shareholders | $ (6,618,135) | $ (1,909,405) | |
Net loss per common share, basic and diluted | $ (0.20) | $ (0.07) | |
Basic and diluted weighted average common shares outstanding | 32,637,146 | 28,242,669 | |
