Exhibit 99.1
Effect of the restatements on the consolidated statements of operations
(in thousands of dollars except per share amounts)
(per share information reported on a post 20:1 stock consolidation basis for all periods shown. Stock consolidation enacted in the fourth quarter of 2003)
| Three months | Three months | Three months | Three months | Three months | Three months | |||||||||||||||||||
| ended | ended | ended | ended | ended | ended | |||||||||||||||||||
| Dec. 31, 2002 | March 31, 2003 | June 30, 2003 | Sept. 30, 2003 | Dec. 31, 2003 | March 31, 2004 | |||||||||||||||||||
| Net income (loss) as currently reported on Form 10-K or 10-Q | $ | (11,117 | ) | $ | (14,895 | ) | $ | (3,713 | ) | $ | (3,257 | ) | $ | (4,456 | ) | $ | 594 | |||||||
| Correction of EITF 00-27 errors | (301 | ) | (902 | ) | (1,089 | ) | (1,337 | ) | (1,779 | ) | (1,801 | ) | ||||||||||||
| Net loss as expected to be reported on revised Form 10-K or 10-Q | $ | (11,418 | ) | $ | (15,797 | ) | $ | (4,802 | ) | $ | (4,594 | ) | $ | (6,235 | ) | $ | (1,207 | ) | ||||||
| Net income (loss) per share as currently reported on Form 10-K or 10-Q | $ | (1.92 | ) | $ | (2.55 | ) | $ | (0.64 | ) | $ | (0.56 | ) | $ | (0.44 | ) | $ | 0.03 | |||||||
| Net loss per share as expected to be reported on revised Form 10-K or 10-Q | $ | (1.96 | ) | $ | (2.71 | ) | $ | (0.82 | ) | $ | (0.79 | ) | $ | (0.59 | ) | $ | (0.06 | ) | ||||||
Effect of the restatements on the consolidated balance sheets
(in thousands of dollars)
| As at | As at | As at | As at | As at | As at | |||||||||||||||||||
| Dec. 31, 2002 | March 31, 2003 | June 30, 2003 | Sept. 30, 2003 | Dec. 31, 2003 | March 31, 2004 | |||||||||||||||||||
Notes payable to a related party: | ||||||||||||||||||||||||
| As currently reported on Form 10-K or 10-Q | $ | 30,058 | $ | 30,496 | $ | 30,985 | $ | 33,483 | $ | 35,073 | $ | 41,060 | ||||||||||||
| Correction of EITF 00-27 errors | (6,109 | ) | (5,364 | ) | (4,437 | ) | (3,265 | ) | (6,356 | ) | (4,834 | ) | ||||||||||||
| As expected to be reported on revised Form 10-K or 10-Q | $ | 23,949 | $ | 25,132 | $ | 26,548 | $ | 30,218 | $ | 28,717 | $ | 36,226 | ||||||||||||
Additional paid-in capital: | ||||||||||||||||||||||||
| As currently reported on Form 10-K or 10-Q | $ | 129,553 | $ | 129,553 | $ | 129,618 | $ | 129,618 | $ | 171,115 | $ | 171,192 | ||||||||||||
| Correction of EITF 00-27 errors | 6,410 | 6,567 | 6,729 | 6,894 | 11,764 | 12,043 | ||||||||||||||||||
| As expected to be reported on revised Form 10-K or 10-Q | $ | 135,963 | $ | 136,120 | $ | 136,347 | $ | 136,512 | $ | 182,879 | $ | 183,235 | ||||||||||||
Accumulated deficit As currently reported on Form 10-K or 10-Q | $ | (194,301 | ) | $ | (209,196 | ) | $ | (212,909 | ) | $ | (216,166 | ) | $ | (220,622 | ) | $ | (220,028 | ) | ||||||
| Correction of EITF 00-27 errors | (301 | ) | (1,203 | ) | (2,292 | ) | (3,629 | ) | (5,408 | ) | (7,209 | ) | ||||||||||||
| As expected to be reported on revised Form 10-K or 10-Q | $ | (194,602 | ) | $ | (210,399 | ) | $ | (215,201 | ) | $ | (219,795 | ) | $ | (226,030 | ) | $ | (227,237 | ) | ||||||
Stockholders’ equity (deficit): | ||||||||||||||||||||||||
| As currently reported on Form 10-K or 10-Q | $ | (63,925 | ) | $ | (78,820 | ) | $ | (82,468 | ) | $ | (85,725 | ) | $ | (49,309 | ) | $ | (47,292 | ) | ||||||
| Correction of EITF 00-27 errors | 6,109 | 5,364 | 4,437 | 3,265 | 6,356 | 4,834 | ||||||||||||||||||
| As expected to be reported on revised Form 10-K or 10-Q | $ | (57,816 | ) | $ | (73,456 | ) | $ | (78,031 | ) | $ | (82,460 | ) | $ | (42,953 | ) | $ | (42,458 | ) | ||||||