Revenue was $725K with the cost of revenue being $216.6K with a gross profit of $508K. R&D expense was $8.4M. R&D consists mainly of facility costs, payroll and payroll related expenses, research supplies and costs incurred in connection with specific research grants, and for scientific research. R&D expenditures increased from $3.5M in 2009 to $8.4M for 2010. The increase in R&D expenditures during the 2010 as compared to 2009 because during 2010, the FDA cleared the IND application. G&A logged in at $15.5M. The increase was primarily a result of shares issued to the CEO and directors, and stock options issued to employees, for a total increase in G&A salaries, bonuses and option compensation of $10.8M. Further, legal fees were higher in 2010 to defend legal matter(s). Change in estimates of accrued liabilities was $1.28M and the loss on settlement(s) was $11.1M. Non-operating income (loss) was $22M which included $11.7M of interest expense and late fees while finance charges were $4.3M and adjustments to fair value of derivatives were $6.2M. net loss was $54.3M based on basic and diluted 1.218B shares.
- Cash and cash equivalents were $15.9M