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Solos Endoscopy Posts Total Assets of $2,426,883 for Period Ended June 30, 2012
Date:8/16/2012

er was less severe than in the first quarter of 2011 where operations were closed for eighteen days.

The Company's net loss from operations during the six months ended June 30, 2012 was $458,665 which was an improvement from the six months ended June 30, 2011 where the Company posted a loss of $589,748.  The Company substantially reduced its overhead and other general and administrative expenses in 2012.  Solos Endoscopy operated at a near breakeven for the six months ended June 30, 2012 with the exception of a $450,000 expense that was booked for the issuance of Preferred Stock pursuant to a pledge agreement. 

In the second quarter of 2012, the Company executed a pledge agreement to secure the services of the President to be performed under the employment agreement.  As a result, the Board of Directors issued 450,000 shares of Series B Preferred stock as additional security.  As long as there is no Event of Default (as defined in the Agreement(s)) respecting to the payments under the Employment Agreement, and no default shall have occurred under the Amended Agreement, the Company shall be entitled to exercise any and all of the President's voting and other consensual rights pertaining to the Pledged Collateral pursuant to the directions of Board of Directors of Solos Endoscopy. The Company has elected to book the security issued pursuant to the employment contract as an additional $450,000 expense based upon 450,000 shares issued at a rate of $1.00 per share.  If the Company satisfies its obligations under the employment agreement and corresponding pledge agreement, the Company will then make the appropriate adjustments to the accounts.  

Solos Management believes its long term success is contingent upon its efforts to strengthen its balance sheet, its ability to obtain proper certifications of its product line, and the development of distribution channels for its endoscopic instruments.  Mana
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SOURCE Solos Endoscopy, Inc.
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