Date:12/3/2008

apital structure now contains only common stock, preferred "B" stock with no voting rights and the "A" warrants, which have a $1.14 strike price, expire in four years (12/27/12) and have been amended to remove preferences. The following pro forma balance sheet is based on historical financial statements giving the effect of the transaction as if occurred on September 30, 2008: NewCardio, Inc. Pro forma Balance Sheet September 30, 2008 (unaudited) Pro forma As filed Adjustments Pro forma ASSETS Current assets: Cash and investments $3,329,443 (1) $2,800,000 $6,129,443 Other current assets 29,329 - 29,329 Total current assets 3,358,772 2,800,000 6,158,772 Property and equipment 90,471 - 90,471 Other assets 12,600 - 12,600 Total assets $3,461,843 $2,800,000 $6,261,843 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $1,024,023 $- $1,024,023 Warrant liability 21,653,301 (1),(2) (21,653,301) - Total liabilities 22,677,324 (21,653,301) 1,024,023 Preferred shares subject to redemption 2,020,226 (3) (2,020,226) - Equity (21,235,707)(4) 26,473,527 5,237,820 Total liabilities and stockholders' equity $3,461,843 $2,800,000 $6,261,843 (1) To record receipt of cash for exercise of warrants (2) To adjust for the reclassification of remaining warrants to equity
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SOURCE NewCardio, Inc. Copyright©2008 PR Newswire. All rights reserved

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