VIRTUAL MEDICAL CENTRE INC

VIRTUAL MEDICAL CENTRE, INC.
Consolidated Statements of Operations
For the Year Ended
June 30,
2010 2009
REVENUES $ 842,589 $ 487,619
OPERATING EXPENSES
Depreciation expense 15,810 26,215
Impairment of investments - 95,976
Employment expenses 1,121,854 851,963
Professional fees 562,622 329,768
Marketing expenses 419,360 250,729
General and administrative expenses 436,204 298,830
Total Operating Expenses 2,555,850 1,853,481
LOSS FROM OPERATIONS (1,713,261) (1,365,862)
OTHER INCOME AND EXPENSE
Interest income 2,704 -
Research and development income 277,663 231,239
Interest expense (33,034) (14,609)
Total Other Income and Expense 247,333 216,630
NET LOSS BEFORE INCOME TAXES (1,465,928) (1,149,232)
Income taxes - -
NET LOSS $ (1,465,928) $ (1,149,232)
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) 15,235 (35,922 )
TOTAL COMPREHENSIVE INCOME $ (1,450,693 ) $ (1,185,154 )
BASIC AND DILUTED LOSS PER COMMON SHARE $ (0.02 ) $ (0.02 )
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 62,265,090 57,504,382
The accompanying notes are an integral part of these consolidated financial statements.
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