INFERX CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||
FOR THE YEAR ENDED ENDED DECEMBER 31, 2008 |
InferX | Irus | Adjustments | Consolidated | ||||||||||||||
REVENUE | $ | 80,934 | $ | 4,707,925 | $ | 4,788,859 | |||||||||||
COST OF REVENUES | |||||||||||||||||
Direct labor and other finges | 43,261 | 852,397 | 895,658 | ||||||||||||||
Subcontractor | 19,711 | 2,981,596 | 3,001,307 | ||||||||||||||
Other direct costs | 416 | 109,245 | 109,661 | ||||||||||||||
Amortization of computer software development costs | 209,996 | 209,996 | |||||||||||||||
Total costs of revenues | 273,384 | 3,943,238 | 4,216,622 | ||||||||||||||
GROSS PROFIT (LOSS) | (192,450 | ) | 764,687 | - | 572,237 | ||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Indirect and overhead labor and fringes | 633,884 | 521,548 | 1,155,432 | ||||||||||||||
Professional fees | 172,480 | 59,321 | 231,801 | ||||||||||||||
Advertising and promotion | 10,866 | 10,866 | |||||||||||||||
Travel related costs | 22,729 | 22,729 | |||||||||||||||
Business development | 109,848 | 109,848 | |||||||||||||||
Bad debts | 0 | ||||||||||||||||
Rent | 128,626 | 80,821 | 209,447 | ||||||||||||||
General and administrative | 221,875 | 82,636 | 304,511 | ||||||||||||||
Stock issued for services | 116,625 | 116,625 | |||||||||||||||
Stock based compensation | 48,345 | 48,345 | |||||||||||||||
Depreciation | 14,446 | 57,275 | 71,721 | ||||||||||||||
Total operating expenses | 1,359,010 | 922,315 | - | 2,281,325 | |||||||||||||
NET (LOSS) FROM OPERATIONS BEFORE OTHER EXPENSE AND | |||||||||||||||||
PROVISION FOR INCOME TAXES | (1,551,460 | ) | (157,628 | ) | - | (1,709,088 | ) | ||||||||||
OTHER EXPENSE | |||||||||||||||||
Interest expense, net of interest income | 1,176,238 | 46,518 | 1,222,756 | ||||||||||||||
NET (LOSS) FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (2,727,698 | ) | (204,146 | ) | - | (2,931,844 | ) | ||||||||||
Provision for income taxes | - | - | - | - | |||||||||||||
NET (LOSS) APPLICABLE TO SHARES | $ | (2,727,698 | ) | $ | (204,146 | ) | $ | - | $ | (2,931,844 | ) | ||||||
NET (LOSS) PER BASIC AND DILUTED SHARES | $ | (0.20 | ) | $ | (0.14 | ) | $ | (0.22 | ) | ||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 13,623,617 | 1,500,000 | 13,623,617 |