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VirtualScopics Reports First Quarter 2013 Results
Date:5/15/2013

common share$
(0.04)$
(0.02)Weighted average number of common shares outstandingbasic and diluted29,799,52329,370,687*

Cost of revenues includes non-cash stock-based compensation expense of $12,842 and $13,331 for thethree months ended March 31, 2013 and 2012, respectively. 

 VirtualScopics, Inc. and SubsidiaryCondensed Consolidated Balance SheetsMarch 31,December 31,20132012Assets(unaudited)Current assetsCash 

$
7,265,060$   8,523,807Accounts receivable, net

2,168,9841,762,507Prepaid expenses and other current assets

460,116437,698Total current assets

9,894,16010,724,012Patents, net

1,428,5111,470,436Property and equipment, net

360,416399,569Other assets

-5,428Total assets

$
,683,087$ 12,599,445Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable and accrued expenses

$
991,762$
856,702Accrued payroll

431,484481,661Unearned revenue

248,299272,509Dividends payable

167,333125,333Derivative liabilities

11,08015,950Total current liabilities

1,849,9581,752,155Commitments and Contingencies

--Stockholders' EquityConvertible preferred stock, $0.001 par value; 15,000,000 shares authorized; Series C-1; 3,000 shares authorized; issued and outstanding, 3,000 at
March 31, 2013 and December 31, 2012; liquidation preference $1,000 per
share

33Series B 6,000 shares authorized; issued and outstanding, 600 at March 31,
2013 and December 31, 2012; liquidation preference $1,000 per share

11Series A 8,400 shares authorized; issued and outstanding, 2,190 at March
31, 2013 and December 31, 2012; liquidation preference $1,000 per share

22Series C-2 3,000 shares authorized; none issued and outstanding, at March
31, 2013 and December 31, 2012; liquidation preference $1,000 per share

--Common Stock, $0.001 par value; 85,000,0
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SOURCE VirtualScopics, Inc.
Copyright©2012 PR Newswire.
All rights reserved

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