Date:8/14/2012

166664,706Sales and marketing311,393307,618642,465609,714General and administrative615,159687,9691,269,8991,288,181Stock-based compensation expense119,249203,729295,185437,934Depreciation and amortization106,991113,224218,610250,448Total operating expenses1,510,6311,662,9893,140,3253,250,983Operating (loss) income (166,694)158,029(385,475)169,776Other income (expense)Interest income71513,0061,13014,232Other expense(5,446)(16,720)(5,713)(17,940)Unrealized gain (loss) on change in   fair value of derivative liabilities108,459173,335(286,453)(38,799)Total other income (expense)103,728169,621(291,036)(42,507)Net (loss) income(62,966)327,650(676,511)127,269Preferred stock deemed dividend1,806,919-1,806,919-Preferred stock dividends41,33312,00053,33324,989Net (loss) income attributable to common stockholders$
(1,911,218)$
315,650$
(2,536,763)$
2,280Basic and diluted net (loss) income per common share$
(0.06)$
.01$
(0.09)$
.00Weighted average number of common shares outstandingbasic 29,706,07429,045,42829,538,38128,544,856diluted29,706,07436,964,76029,538,38136,738,762*

Cost of revenues includes non-cash stock-based compensation expense of $13,427 and $14,252 for thethree months ended June 30, 2012 and 2011, respectively and $26,758 and $24,019 for the six months ended June 30, 2012 and 2011, respectively. 

 VirtualScopics, Inc. and SubsidiaryCondensed Consolidated Balance SheetsJune 30,December 31,20122011Assets(unaudited)Current assets  Cash 

$
7,778,559$   5,737,009  Accounts receivable, net

2,823,9562,435,496  Prepaid expenses and other current assets

378,923361,376Total current assets

10,981,4388,533,881Patents, net

1,525,8211,582,938Property and equipment, net

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SOURCE VirtualScopics, Inc. Copyright©2012 PR Newswire. All rights reserved

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