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NewCardio Announces Financial Results for the First Half of 2010 and Commercialization Progress

Friday, August 13, 2010 Corporate News J E 4
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Company Achieves Initial Revenue, Reduces Burn Rate, Strengthens Balance Sheet

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

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