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VirtualScopics Reports Record Third Quarter 2008 Revenue and Gross Profit


Assets (unaudited)

Current assets

Cash and cash equivalents $3,058,561 $3,955,835

Restricted cash 102,429 455,583

Accounts receivable 831,376 648,300

Prepaid expenses and other current assets 292,477 306,301

Total current assets 4,284,843 5,366,019

Patents, net 1,920,666 1,948,785

Property and equipment, net 402,660 542,679

Other assets 187,670 323,533

Total assets $6,795,839 $8,181,016

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable and accrued expenses $584,153 $626,693

Accrued payroll 390,756 221,013

Unearned revenue 297,272 279,275

Total current liabilities 1,272,181 1,126,981

Commitments and Contingencies - -

Stockholders' Equity

Convertible preferred stock, $0.001

par value; 15,000,000 shares


8,400 series A shares; issued and

outstanding: 3,976 at September 30,

2008, 4,001 at December 31, 2007 4 4

6,000 series B shares; issued and

outstanding: 4,226 at September 30,

2008, 4,230 at December 31, 2007 4 4

Common Stock, $0.001 par value;

85,000,000 shares authorized; issued

and outstanding: 23,459,852 at

September 30, 2008 and 23,225,664 at

December 31, 2007 23,460 23,226


SOURCE VirtualScopics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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