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NewCardio Announces Financial Results for the First Half of 2010 and Commercialization Progress

-Prepaid expenses


111,871Prepaid commitment fees


556,875  Total current assets


2,079,763Property, plant and equipment, net of accumulated
depreciation of $117,786 and $79,041 as of June 30, 2010
and  December 31, 2009, respectively


198,955Other assets:Patent costs, net




22,600$   2,338,230

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


480,152Unearned revenue


-Line of credit


-Put liability


744,280  Total current liabilities


1,224,432Warrant liability


1,078,292Reset derivative


687,958  Total liabilities


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; 12,450 and 16,435 shares issued and outstanding
as of  June 30, 2010 and December 31, 2009, respectively


16Preferred stock Series C, $0.001 par value; 7,000 shares
designated; 2,920 shares issued and outstanding as of June
30, 2010 and December 31, 2009


-Common stock, $0.001 par value,  99,000,000 shares
authorized as of June 30, 2010 and December 31, 2009,
respectively; 29,303,817 and 24,290,279 shares issued and
outstanding as of June 30, 2010 and December 31, 2009,


24,290Additional paid in capital


29,432,680Deficit accumulated during development stage


(30,930,360)  Total stockholders' deficit


(1,473,374)$   2

SOURCE NewCardio, Inc.
Copyright©2010 PR Newswire.
All rights reserved

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