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

,338,230

$   2,301,318NEWCARDIO, INC(a development stage company) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSFrom September 7, 2004Three months ended June 30,

Six months ended June 30,

(date of inception) through2010

2009

2010

2009

6/30/2010Revenue

$
21,077

$
-

$
70,118

$
-

$
70,118Cost of sales

36,435

-

46,531

-

46,531Gross (loss) profit

(15,358)

-

23,587

-

23,587Operating expenses:Selling, general and administrative

1,645,112

1,863,714

3,547,122

3,406,207

15,111,442Depreciation

19,884

14,054

38,745

23,308

117,786Research and development

1,037,614

749,549

1,925,688

1,542,421

8,258,792Total operating expenses

2,702,610

2,627,317

5,511,555

4,971,936

23,488,020Net loss from operations

(2,717,968)

(2,627,317)

(5,487,968)

(4,971,936)

(23,464,433)Other income (expense)Gain on change in fair value of warrant liability and reset derivative

1,880,553

-

614,233

-

(3,490,776)Amortization of commitment fees

(541,318)

-

(781,443)

-

(951,599)Other financing costs

(60,000)

-

(85,000)

-

(5,033,296)Interest, net

(27,408)

8,042

(41,113)

22,933

(953,837)Other income (expense)

1,251,827

8,042

(293,323)

22,933

(10,429,508)Net loss before income taxes

(1,466,141)

(2,619,275)

(5,781,291)

(4,949,003)

(33,893,941)Provision for income taxes

-

-

-

-

-Net loss

(1,466,141)

(2,619,275)

(5,781,291)

(4,949,003)

(33,893,941)Preferred stock dividend

-

-

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

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