Total operating expenses were $2.7 million for the quarter, compared to $2.6 million in the second quarter last year. The Company has taken steps to strengthen its financial position by reducing cash usage from the first half level of $505,000 per month by 30-35%. In connection with his promotion to CEO, Mr. Renz implemented Company-wide salary reductions of up to 30%, negotiating similar reductions from its external consultants and vendors, and reducing discretionary spending. The measures went into effect on July 1 and are planned to be in effect for at least six months, and longer if required by the Company's cash position. For the quarter, the Company reported a net loss of $(1.5 million), or $(0.05) per fully diluted share (based on 28.5 million shares outstanding) compared to a loss of $(2.6 million), or $(0.11) per share (based on 23.8 million shares outstanding) for the same quarter last year.
"While the economic situation has had a significant impact on Phase 1 study activity, we remain well positioned to benefit once the trial activity, especially for TQT studies, returns to the pre-2009 levels and in fact believe there is a building pent-up demand for this work," Mr. Renz continued. "The efforts of the last year have yet to positively impact our financial results, but I am encouraged by our progress and believe it is only a matter of time before the industry transition to automated trials takes hold, and when it does, QTinno will be the solution of choice."
Year-to-date, the Company reported revenue of $70,118, compared to no revenue in the prior year. Year-to-date operating expenses were $5.5 million, compared to $5.0 million last year. Year-to-date, the Company's net loss $(5.8 million), or $(0.21) per share, compared to a net loss of $(4.9 million), or $(0.21) per share last year.
NewCardio entered into a new, $1.5 million, line of credit with three of its existing shareholders, one of which is represented on the Board of DirectoPage: 1 2 3 4 5 6 7 8 9 10 Related medicine technology :1
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