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WaferGen Reports First Quarter 2011 Financial Results

Monday, May 16, 2011 General News J E 4
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Condensed Consolidated Statements of Operations (Unaudited)

Period From

October 22, 2002

Three Months Ended March 31,

(Inception) to

2011

2010

March 31, 2011

Revenue

$

351,032

$

389,785

$

3,813,828

Cost of revenue

140,949

135,855

1,607,955

Gross profit

210,083

253,930

2,205,873

Operating expenses:

Sales and marketing

765,912

249,806

5,620,782

Research and development

2,060,715

1,542,268

24,613,528

General and administrative

1,413,581

1,043,905

18,284,614

Total operating expenses

4,240,208

2,835,979

48,518,924

Operating loss

(4,030,125)

(2,582,049)

(46,313,051)

Other income and (expenses):

Interest income

745

5,158

278,139

Interest expense

(108,883)

(607)

(461,666)

Unrealized loss on fair value of put option, net

(108,759)

––

(20,192)

Unrealized gain (loss) on fair value of warrants, net

490,588

(1,886,692)

481,610

Miscellaneous expense

(47,395)

(65,075)

(314,884)

Total other income and (expenses)

226,296

(1,947,216)

(36,993)

Net loss before provision for income taxes

(3,803,829)

(4,529,265)

(46,350,044)

Provision for income taxes

Net loss

(3,803,829)

(4,529,265)

(46,350,044)

Cumulative effect of reclassification of warrants

368,627

Accretion on Series A and B Redeemable Convertible Preference Shares of subsidiary associated with premium

(64,120)

(65,523)

(567,146)

Accretion on Series B Redeemable Convertible Preference Shares of subsidiary associated with beneficial conversion feature

––

(428,787)

Accretion on Series B Preferred Stock

(155,998)

Net loss applicable to common stockholders

$

(3,867,949)

$

(4,594,788)

$

(47,133,348)

Net loss per share - basic and diluted

$

(0.09)

$

(0.14)

Shares used to compute net loss per share - basic and diluted

41,181,493

33,503,316

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