Q1 Financials Financial Highlights for Q1 Fiscal 2012:
-- Revenue totaled $6,504 (Q1 2011 - $33,434) for the fiscal quarter ended September 30, 2011, an overall decrease of 81%. Subscription rental fees from B-CAD-FOR-LIFE™ accounted for all quarterly revenue (Q1 2011 - $17,002) as the Company continued to focus its core R&D resources and marketing expertise on meeting its deadlines for completion of internal development and commercialization of its new vascular software Visualize:Vascular™ which was rolled out on a limited basis in June 2011. In Q1 2011 the Company also generated $16,432 in B-CAD™ licensing revenue, while no professional fees were earning in either period;-- Non-interest operating expenses in Q1 2012 totaled $588,823 versus $561,938 in Q1 2011, an overall increase of 4.8%. Despite modest increases in R&D expenses associated with the final development of Visualize:Vascular™, the Company remains committed to controlling all discretionary spending until operating cash flow improves in response to its ongoing commercialization of its award winning software products. Total interest expense (including accreted interest on Convertible Debt) for Q1 2012 increased to $102,097 (Q1 2011 - $55,324) as a result of its late fiscal 2011 Convertible Debt financing, while a fair value gain of $39,287 was recognized in Q1 2012 (Q1 2011 - loss of $2,116) on embedded conversion options in its Convertible Notes;-- Resulting net loss for Q1 2012 was $653,096 (
.01 per share) versus $587,761 (
.01 per share) for Q1 2011;-- As at September 30, 2011, cash and cash equivalents totaled $192,786 (June 30, 2011 - $201,703), current assets, including highly liquid short-term investments of $2,101,582 (June 30, 2011 - $2,567,619), were $2,678,753 (June 30, 2011 - $3,313,658) and current liabilities were $337,180 (June 30, 2011 - $352,104). Working capital at September 30, 2011 totaled $2,341,573 (June 30, 2011 - $2,961,554). At November 30, 2011, the Company estimates working capital at $1,750,000.
Results of Operations:
THE MEDIPATTERN CORPORATION UNAUDITED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 Three Month Period Ended -------------------------------------------- September 30, September 30, 2011 2010 Increase (Unaudited) (Unaudited) (Decrease)----------------------------------------------------------------------------REVENUES Licensing fees $ - $ 16,432 $ (16,432) Professional fees - - - Subscription rental fees 6,504 17,002 (10,498) -------------------------------------------- 6,504 33,434 (26,930) --------------------------------------------EXPENSES Research and development 260,530 230,064 30,466 Administration and product support 209,910 219,925 (10,015) Sales and marketing 110,589 103,590 6,999 Interest on convertible debt 49,943 41,690 8,253 Accreted interest on convertible debt 70,154 13,634 56,520 Convertible debt conversion option (gain) loss (39,287) 2,116 (41,403) Foreign exchange loss (gain) (271) 4,680 (4,951) Investment income (9,762) (2,862) (6,900) Depreciation of property and equipment 7,794 8,358 (564) -------------------------------------------- 659,600 621,195 38,405 --------------------------------------------NET LOSS AND TOTAL COMPREHENSIVE LOSS $ (653,096) $ (587,761) $ (65,335)----------------------------------------------------------------------------Weighted Average # of Common Shares Outstanding - Basic and Diluted 57,404,579 57,154,579--------------------------------------------------------------Loss Per Share - Basic and Diluted $ (0.01) $ (0.01)--------------------------------------------------------------