| (UNAUDITED) SUPPLEMENTAL PRO FORMA INFORMATION |
18. (UNAUDITED) SUPPLEMENTAL PRO FORMA
INFORMATION
The
table below summarizes net loss for the periods shown as
though the Acquisition occurred as of January 1, 2010:
| |
|
For the Nine Months Ended September 30,
|
|
|
For the Twelve
Months Ended
December 31,
|
|
| |
|
2011
|
|
|
2010
|
|
|
2010
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(5,290,519
|
)
|
|
$
|
(783,007
|
)
|
|
$
|
(1,704,966
|
)
|
The
pro forma net loss has been adjusted for the
following:
|
1)
|
Elimination
of $165,000, $266,000, and $361,000 of interest expense for the
nine months ended September 30, 2011 and 2010 and the twelve months
ended December 31, 2010, respectively; such amounts relate to
interest accrued on the Convertible Notes which were converted
immediately prior to the Acquisition (see Note 7) and the Bank Note
which was paid in full settlement of the note immediately prior to
the Acquisition (see Note 8).
|
|
|
Recognition
of a additional BCF of $463,000 in the nine months ended September
30, 2010 and the year ended December 31, 2010 and the elimination
of BCF of $258,000 in the nine months ended September 30, 2011 in
connection with the conversion of the Convertible Notes, which is
assumed to have occurred on January 1, 2010 for the purpose of pro
forma presentation (see Note 7).
|
|
|
Elimination
of Acquisition costs incurred during the nine months ended
September 30, 2011 and the twelve months ended December 31, 2010,
which are assumed to have been incurred prior to January 1, 2010
for the purpose of presentation in the pro forma statements of
operations.
|
|
|
Elimination
of $450,000 of investment banking fees incurred upon the
consummation of the Acquisition on April 8, 2011 from the nine
months ended September 30, 2011.
|
|
|
Elimination
of dividends and deemed dividends on Novelos’ preferred
convertible stock, which is assumed to have been exchanged for
common stock at January 1, 2010 in order to reflect the
post-acquisition capital structure for the purpose of pro forma
presentation.
|
|
|
Elimination of Novelos historical revenue related to the
amortization of deferred revenue that was determined to have no
fair value in purchase accounting.
|
|
7)
|
Elimination
of liquidated damages accrued in 2010 related to
Novelos’
convertible preferred stock. The liquidated damages are assumed not
to have accrued as the preferred stock is assumed to have
been exchanged for common stock at January 1, 2010 in order to
reflect the post-acquisition capital structure for the purpose of
pro forma presentation.
|
|