NEWCARDIO, INC | |||||||
(a development stage company) | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
From September 7, 2004 | |||||||
Three months ended June 30, | Six months ended June 30, | (date of inception) through | |||||
2010 | 2009 | 2010 | 2009 | 6/30/2010 | |||
| Revenue | $ 21,077 | $ - | $ 70,118 | $ - | $ 70,118 | ||
| Cost of sales | 36,435 | - | 46,531 | - | 46,531 | ||
| Gross (loss) profit | (15,358) | - | 23,587 | - | 23,587 | ||
| Operating expenses: | |||||||
| Selling, general and administrative | 1,645,112 | 1,863,714 | 3,547,122 | 3,406,207 | 15,111,442 | ||
| Depreciation | 19,884 | 14,054 | 38,745 | 23,308 | 117,786 | ||
| Research and development | 1,037,614 | 749,549 | 1,925,688 | 1,542,421 | 8,258,792 | ||
| Total operating expenses | 2,702,610 | 2,627,317 | 5,511,555 | 4,971,936 | 23,488,020 | ||
| Net loss from operations | (2,717,968) | (2,627,317) | (5,487,968) | (4,971,936) | (23,464,433) | ||
| Other income (expense) | |||||||
| Gain on change in fair value of warrant liability and reset derivative | 1,880,553 | - | 614,233 | - | (3,490,776) | ||
| Amortization of commitment fees | (541,318) | - | (781,443) | - | (951,599) | ||
| Other financing costs | (60,000) | - | (85,000) | - | (5,033,296) | ||
| Interest, net | (27,408) | 8,042 | (41,113) | 22,933 | (953,837) | ||
| Other income (expense) | 1,251,827 | 8,042 | (293,323) | 22,933 | (10,429,508) | ||
| Net loss before income taxes | (1,466,141) | (2,619,275) | (5,781,291) | (4,949,003) | (33,893,941) | ||
| Provision for income taxes | - | - | - | - | - | ||
| Net loss | (1,466,141) | (2,619,275) | (5,781,291) | (4,949,003) | (33,893,941) | ||
| Preferred stock dividend | - | - | - | - | (4,356,048) | ||
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (1,466,141) | $(2,619,275) | $ (5,781,291) | $(4,949,003) | $ (38,249,989) | ||
| Net loss per share-basic and fully diluted | $ (0.05) | $ (0.11) | $ (0.21) | $ (0.21) | |||
| Weighted average number of shares-basic and fully diluted | 28,495,245 | 23,803,867 | 27,418,543 | 23,467,046 | |||
