Facts from the most recent MDVX.OB 10-Q, dated 5/31/2009.
Three Months Ended May 31, 2009 vs. 2008
For the quarter ended May 31, 2009, revenues were $521,325 compared to $860,635 for the quarter ended May 31, 2008, a decrease of 39%.
uring the quarter ended May 31, 2009, the Company incurred a net loss of $1,258,750 compared to a net loss of $327,142 in the prior year quarter. The $931,608 increase in the net loss is a result of decreased revenues and the increased expenses as described above.
Liquidity and Capital Resources
During quarter ending May 31, 2009, we raised $889,227 of capital through the sale of unregistered shares of common stock and the issuance of common stock in connection with the exercise of options and warrants by the holders of those securities.
As of May 31, 2009, we had a cash balance of $371,980 and we used cash of $838,487 to fund our operating activities during the quarter. We do not believe that our current liquidity is adequate to fund our current operations and we will need to raise additional funds from the sale of shares of our common stock.
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