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NewCardio Announces Financial Results for the First Half of 2010 and Commercialization Progress
Date:8/14/2010

-Prepaid expenses

174,877

111,871Prepaid commitment fees

1,728,660

556,875  Total current assets

2,123,655

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

181,261

198,955Other assets:Patent costs, net

10,714

-Deposits

22,600

22,600$   2,338,230

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

$
598,959

$
480,152Unearned revenue

9,450

-Line of credit

1,816,667

-Put liability

-

744,280  Total current liabilities

2,425,076

1,224,432Warrant liability

2,551,648

1,078,292Reset derivative

553,597

687,958  Total liabilities

5,530,321

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

12

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

3

-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,
respectively

29,304

24,290Additional paid in capital

33,490,241

29,432,680Deficit accumulated during development stage

(36,711,651)

(30,930,360)  Total stockholders' deficit

(3,192,091)

(1,473,374)$   2
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SOURCE NewCardio, Inc.
Copyright©2010 PR Newswire.
All rights reserved

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