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Spherix Announces Third Quarter Financial Results

ease or to reflect the occurrence of unanticipated events.

- Tables Follow -Condensed Consolidated Statements of Operations(Unaudited) Three Months Ended Sept. 30, Nine Months Ended Sept. 30, 2011 2010 2011 2010 Revenue$
,028,268Operating expensesDirect costs

(87,399)(121,841)(336,714)(353,740)Research and development expense

(371,327)(1,453,987)(1,131,329)(4,310,471)Selling, general and administrative expense

(653,651)(933,507)(2,271,369)(3,214,257)Total operating expenses

(1,112,377)(2,509,335)(3,739,412)(7,878,468)Loss from operations(913,913)(2,140,497)(3,048,595)(6,850,200)Interest income

5951,0542,6805,270Other income

--53,007-Gain on settlement of obligations

--845,000-Loss before taxes

(913,318)(2,139,443)(2,147,908)(6,844,930)Income tax expense

--(14,485)-Net loss$
(913,318)$  (2,139,443)$  (2,162,393)$  (6,844,930)Net loss per share, basic

(0.36)(1.25)(0.86)(3.99)Net loss per share, diluted

(0.36)(1.25)(0.86)(3.99)Weighted average shares outstanding, basic

2,562,4881,715,0652,524,5411,715,065Weighted average shares outstanding, diluted

2,562,4881,715,0652,524,5411,715,065Condensed Consolidated Balance SheetsASSETS Sept. 30, 2011
(Unaudited) December 31,
2010 Current assetsCash and cash equivalents

5,575,310Trade accounts receivable, net of allowance of $8,174 and $65,000

167,045285,859Grants receivable

-270,128Other receivables

81,97574,110Prepaid research expenses

211,934464,322Prepaid expenses and other assets

3,140155,261Total current assets

5,486,2596,824,990Property and equipment, net of accumulated depreciation of $248,642 and $197,971

108,342154,161Patents, net of accumulated amortization of $2,044 and $50,725


35,62535,625Total assets


SOURCE Spherix Incorporated
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