TNGN had no revenue in Q1/11. R&D expanses were $3.34M with G&A logging in at $1.775M offset by depreciation of $1.12M for total operating expense of $7.19M. Depreciation was $1.12M and other expense was $$942K. Interest income was $13.7K while interest expense was to $2.71.9K. The change in the fair value of warrant liability was $419K. For Q1/11, TNGN reported an (adjusted) net loss of $6.5M, or $0.41 share, compared with an (adjusted) net loss of $6.6M, or $1.04 for Q1/10. The decreased (adjusted) net loss for the 2011 period was primarily due to lower interest expense of $0.4M resulting from lower average debt balances and lower depreciation expense of $0.1M due to an increased number of fully depreciated assets. These decreases were offset in part by an increase of $0.4M of G&A expense, of which $0.3M was due to professional fees associated with the potential acquisition and $0.1M was due to increased compensation costs of $0.1M. The loss for Q1/11 was significantly affected by an equity financings completed in 4/10 and 3/11. TNGN sold securities in a private placement transaction with registration rights with TNGN receiving net proceeds of $28.9M. In 3/11, TNGN refinanced the outstanding debt owed to one of its lenders. Pursuant to the terms of the refinancing, TNGN repaid the outstanding principal amount of $4.5M and borrowed $4.9M, net of issuance costs, from the lender. The weighted average of common shares basic and diluted outstanding was 15.71M.
- As of 3/31/11, cash and cash equivalents were $31.5M.
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