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VirtualScopics Reports 2nd Quarter 2011 Results; Revenues Rise 20%
Date:8/9/2011

ed average number of common shares outstandingBasic 29,045,42826,081,48728,544,85625,804,026Diluted36,964,76031,017,40636,738,76230,632,898*  Cost of services includes non-cash stock-based compensation expense of $14,252 and $8,154 for the    three months ended June 30, 2011 and 2010, respectively, and $24,019 and $15,659 for the six months ended    June 30, 2011 and 2010, respectively.   VirtualScopics, Inc. and SubsidiaryCondensed Consolidated Balance SheetsJune 30,December 31,20112010Assets(unaudited)Current assetsCash

$   4,571,031$
4,576,060Accounts receivable, net

3,192,8652,727,525Prepaid expenses and other current assets

367,545305,079Total current assets

8,131,4417,608,664Patents, net

1,651,0501,711,501Property and equipment, net

614,032404,426Total assets

$ 10,396,523$
9,724,591Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable and accrued expenses

$
803,590$
,099,838Accrued payroll

667,654821,107Unearned revenue

599,565214,508   Derivative liability

864,7972,609,708Total current liabilities

2,935,6064,745,161Commitments and Contingencies

--Stockholders' EquityConvertible preferred stock, $0.001 par value; 15,000,000 shares authorized; Series A 8,400 shares authorized; issued and outstanding, 2,290 and 3,188 at June 30, 2011 and December 31, 2010, respectively; liquidation preference $1,000 per share

23Series B 6,000 shares authorized; issued and outstanding, 600 and 800 at June 30, 2011 and December 31, 2010, respectively; liquidation preference $1,000 per share

11Common Stock, $0.001 par value; 85,000,000 shares authorized; issued and outstanding, 29,188,861 and 27,414,620 shares at June 30, 2011 and December 31, 2010, respectively

29,18927,415Additional paid-in capital

17,442,69915,090,254Accumulated deficit

(10,010,974)(10,138,243)Total stockhold
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SOURCE VirtualScopics, Inc.
Copyright©2010 PR Newswire.
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