Financial Data
SUMMARY CONSOLIDATED FINANCIAL INFORMATION
YEAR ENDED DECEMBER 31,
----------------------------------------
1997 1998 1999
----------- ----------- ------------
STATEMENT OF OPERATIONS DATA:
Revenues.............................................. $ -- $ -- $ 649,393
Cost of revenues...................................... -- -- 2,925,012
----------- ----------- ------------
Gross profit (loss)................................... -- -- (2,275,619)
Development expenses.................................. 243,295 253,898 1,481,357
Sales and marketing expenses.......................... 327,881 531,235 1,264,133
General and administrative expenses................... 970,153 1,476,877 5,159,580
Non-cash compensation and consulting services......... 20,751 40,384 1,794,270
Depreciation and amortization......................... -- 36,996 279,794
----------- ----------- ------------
Loss from operations.................................. (1,562,080) (2,339,390) (12,254,753)
Interest and other income (expense), net.............. (3,094) (121,771) 49,994
----------- ----------- ------------
Net loss (1).......................................... $(1,565,174) $(2,461,161) $(12,204,759)
=========== =========== ============
Net loss attributable to common stockholders (1)...... $(1,565,174) $(2,461,161) $(12,848,801)
=========== =========== ============
Basic and diluted net loss per share (1).............. $ (0.42) $ (0.66) $ (2.37)
=========== =========== ============
Weighted average common shares outstanding, basic
and diluted......................................... 3,725,400 3,725,400 5,422,278
Pro forma basic and diluted net loss per share (1)....
Pro forma weighted average common shares
outstanding, basic and diluted......................
------------------------
(1) Does not include income (loss) of ($221,352), $2,061,330 and ($2,699,086) in
1997, 1998 and 1999, respectively, related to discontinued operations.
DECEMBER 31, 1999
---------------------------------------
PRO FORMA
ACTUAL PRO FORMA AS ADJUSTED
----------- ----------- -----------
BALANCE SHEET DATA:
Cash and cash equivalents......................... $25,768,227 $51,398,763 $
Working capital................................... 19,678,842 45,309,378
Total assets...................................... 31,095,845 56,726,381
Capital lease obligations, less current portion... 813,232 813,232
Series A-1 convertible preferred
stock--redeemable............................... 6,150,810 --
Series B cumulative redeemable
senior preferred stock.......................... 15,182,365 --
Series C cumulative convertible senior
preferred stock--redeemable..................... 15,182,366 --
Series D convertible preferred stock.............. --
Total common stockholders' equity (deficiency).... (13,654,166) 48,491,911
The pro forma financial information gives effect to:
- the private placement of 2,120,228 shares of our Series D preferred stock
on March 7, 2000 for proceeds of approximately $41.0 million;
- the redemption of all 11,980,561 shares of our Series B preferred stock
for approximately $15.5 million upon the closing of this offering; and
- the conversion of all of our Series A-1, C and D preferred stock into an
aggregate of 19,225,775 shares of our common stock upon the closing of
this offering (excluding the conversion of accrued preferred dividends).
The pro forma as adjusted financial information gives effect to our sale of
shares of our common stock in this offering at an assumed initial public
offering price of $ per share and our receipt of the net proceeds of that
sale, after deducting our estimated offering expenses, including underwriting
discounts and commissions. |
