Published on March 31, 2009
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 | ||||
1
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 | ||||||||||||
2
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 | ||||
3