Exhibit 99.1
NeoGenomics, Inc.
CONSOLIDATED BALANCE SHEET AS OF
December 31, 2008 and December 31, 2007
(unaudited)
ASSETS | December 31, 2008 | December 31, 2007 | ||||||
Cash and cash equivalents | $ | 468,171 | $ | 210,573 | ||||
Accounts Receivable (net of allowance for doubtful accounts of $358,642 and $414,548, respectively) | 2,913,531 | 3,236,751 | ||||||
Other Current Assets | 973,867 | 704,918 | ||||||
TOTAL CURRENT ASSETS | 4,355,569 | 4,152,242 | ||||||
PROPERTY AND EQUIPMENT (net of accumulated depreciation of $1,602,594 and $862,030, respectively) | 2,875,297 | 2,108,083 | ||||||
OTHER ASSETS | 64,509 | 260,575 | ||||||
TOTAL | $ | 7,295,375 | $ | 6,520,900 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | $ | 4,390,994 | $ | 3,361,705 | ||||
LONG TERM LIABILITIES | 1,403,271 | 837,081 | ||||||
TOTAL LIABILITIES | 5,794,265 | 4,198,786 | ||||||
STOCKHOLDERS’ EQUITY | 1,501,110 | 2,322,114 | ||||||
TOTAL | $ | 7,295,375 | $ | 6,520,900 | ||||
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NeoGenomics, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Twelve- Months Ended December 31, 2008 | For the Twelve- Months Ended December 31, 2007 | For the Three- Months Ended December 31, 2008 | For the Three- Months Ended December 31, 2007 | |||||||||||||
REVENUE | $ | 20,015,319 | $ | 11,504,725 | $ | 5,920,360 | $ | 3,795,316 | ||||||||
COST OF REVENUE | 9,353,852 | 5,522,775 | 2,776,302 | 1,898,914 | ||||||||||||
GROSS PROFIT | 10,661,467 | 5,981,950 | 3,144,058 | 1,896,402 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Selling, general and administrative | 11,545,456 | 9,122,922 | 3,839,172 | 3,458,869 | ||||||||||||
Total operating expenses | 11,545,456 | 9,122,922 | 3,839,172 | 3,458,869 | ||||||||||||
Income (loss) from operations | (883,989 | ) | (3,140,972 | ) | (695,114 | ) | (1,562,467 | ) | ||||||||
Other income (loss) | ||||||||||||||||
Interest income/(expense), net | (298,597 | ) | (239,200 | ) | (99,261 | ) | (33,395 | ) | ||||||||
Loss on investments | (200,000 | ) | - | (200,000 | ) | - | ||||||||||
Other Income (loss) | (498,597 | ) | (239,200 | ) | (299,261 | ) | (33,395 | ) | ||||||||
NET INCOME (LOSS) | $ | (1,382,586 | ) | $ | (3,380,172 | ) | $ | (994,375 | ) | $ | (1,595,862 | ) | ||||
NET INCOME (LOSS) PER SHARE - Basic and Diluted | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.03 | ) | $ | (0.05 | ) | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – Basic and Diluted | 31,506,824 | 29,764,289 | 31,870,605 | 31,374,096 |
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NeoGenomics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the Twelve-Months Ended December 31, 2008 | For the Twelve-Months Ended December 31, 2007 | |||||||
NET CASH USED IN OPERATING ACTIVITIES | $ | (138,306 | ) | $ | (2,642,591 | ) | ||
NET CASH USED IN INVESTING ACTIVITIES | (501,781 | ) | (716,144 | ) | ||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 897,685 | 3,443,042 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 257,598 | 84,307 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 210,573 | 126,266 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 468,171 | $ | 210,573 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Interest paid | $ | 256,323 | $ | 204,670 | ||||
Income taxes paid | $ | - | $ | - | ||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Equipment leased under capital lease | $ | 1,207,863 | $ | 703,145 | ||||
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