Consolidated Statements of Operations
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December 31, 2010 |
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December 31, 2009 |
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December 31, 2008 |
Wizzard Statement of Operations |
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REVENUE |
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Software |
800,088 |
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806,163 |
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783,513 |
Healthcare |
3,099,092 |
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2,904,782 |
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3,932,505 |
Media Services |
1,640,942 |
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1,482,745 |
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1,392,122 |
Total Revenue |
5,540,122 |
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5,193,690 |
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6,108,140 |
COST OF GOODS SOLD |
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Software cost of goods sold |
328,943 |
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315,027 |
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351,981 |
Healthcare cost of goods sold |
2,089,811 |
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1,979,983 |
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2,708,337 |
Media Services cost of goods sold |
1,112,349 |
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1,058,421 |
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1,086,604 |
Total Cost of Goods Sold |
3,531,103 |
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3,353,431 |
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4,146,922 |
Gross Profit |
2,009,019 |
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1,840,259 |
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1,961,218 |
OPERATING EXPENSES |
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Selling expenses |
478,801 |
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592,064 |
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1,121,139 |
General and administrative |
1,299,982 |
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1,413,825 |
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1,687,986 |
Salaries, wages and related expenses |
1,987,649 |
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2,092,880 |
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2,874,713 |
Consulting fees |
727,845 |
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1,230,922 |
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2,472,232 |
Research and development |
320,600 |
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310,341 |
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66,825 |
Impairment of goodwill |
0 |
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84,512 |
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555,567 |
Total Operating Expenses |
4,814,877 |
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5,724,544 |
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8,778,462 |
LOSS FROM OPERATIONS |
(2,805,858) |
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(3,884,285) |
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(6,817,244) |
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OTHER INCOME (EXPENSE): |
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Loss on disposal of assets |
0 |
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0 |
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(7,207) |
Extension of notes payable |
(385,636) |
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0 |
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(263,483) |
Extension and re-pricing of warrants |
0 |
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(1,306,254) |
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0 |
Interest income |
1,727 |
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2,242 |
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60,918 |
Interest expense |
(757,006) |
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(1,323,828) |
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(669,526) |
Other income (expense) |
(163,686) |
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3,108 |
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4,664 |
Total Other Income (Expense) |
(1,304,601) |
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(2,624,732) |
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(874,634) |
LOSS BEFORE INCOME TAXES |
(4,110,459) |
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(6,509,017) |
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(7,691,878) |
CURRENT INCOME TAX EXPENSE |
0 |
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0 |
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0 |
DEFERRED INCOME TAX EXPENSE |
0 |
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0 |
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0 |
NET LOSS |
(4,110,459) |
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(6,509,017) |
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(7,691,878) |
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DIVIDEND |
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Preferred dividend |
0 |
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0 |
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(2,373,070) |
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NET LOSS AVAILABLE TO COMMON SHAREHOLDERS |
(4,110,459) |
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(6,509,017) |
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(10,064,948) |
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BASIC LOSS PER COMMON SHARE AVAILABLE TO COMMON SHAREHOLDERS |
(0.06) |
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(0.13) |
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(0.23) |
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
64,644,393 |
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50,024,587 |
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44,625,216 |
DILUTED LOSS PER COMMON SHARE AVAILABLE TO COMMON SHAREHOLDERS |
(0.06) |
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(0.13) |
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(0.23) |
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
64,644,393 |
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50,024,587 |
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44,625,216 |
See accompanying notes to these unaudited consolidated financial statements.
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