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NewCardio Announces Financial Results for Its 2010 Third Quarter
Date:11/15/2010

ng statements.

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NEWCARDIO, INC(a development stage company) CONDENSED CONSOLIDATED BALANCE SHEETSSeptember 30,

December 31,2010

2009(unaudited)ASSETSCurrent assets:Cash

$
,005,320

$
,386,007Short term investment

-

25,010Accounts receivable, trade

86,053

-Prepaid expenses

97,484

111,871Prepaid commitment fees

2,451,754

556,875  Total current assets

3,640,611

2,079,763Property, plant and equipment, net of accumulated depreciation of $138,231 and $79,041 as of September 30, 2010 and  December 31, 2009, respectively

173,315

198,955Other assets:Patent costs, net

15,986

-Deposits

22,600

22,600$
3,852,512

$
2,301,318LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities:Accounts payable and accrued expenses

$
482,297

$
480,152Unearned revenue

1,500

-Line of credit

3,000,000

-Put liability

-

744,280  Total current liabilities

3,483,797

1,224,432Warrant liability

1,683,102

1,078,292Reset derivative

-

687,958  Total liabilities

5,166,899

2,990,682Preferred shares subject to liability conversion

-

784,010Stockholders' deficit:Preferred stock, $0.001 par value; 1,000,000 shares authorized:Preferred stock Series B, $0.001 par value; 18,000 shares designated; 12,250 and 16,435 shares issued and outstanding as of  September 30, 2010 and December 31, 2009, respectively

12

16Preferred stock Series C, $0.001 par value; 7,000 shares desi
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SOURCE NewCardio, Inc.
Copyright©2010 PR Newswire.
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