EX-2 3 ex2.htm SECOND QUARTER FINANCIAL DATA Second Quarter Financial Data
 
Exhibit 2
 
Northcore Technologies Inc.
  
Consolidated Balance Sheets
 
(expressed in thousands of dollars)
  
(Canadian GAAP, Unaudited)
  
               
               
   
June 30
  
June 30
  
December 31
  
   
2006
  
2006
  
2005
  
   
(unaudited)
  
(unaudited)
  
(audited)
  
   
(in $C)
 
(in $US)
 
(in $C)
 
               
       
1.1150
     
       
translated
     
       
into $US at
     
       
Cdn$ 1.1150
     
       
for
     
       
convenience
     
Cash
  
$
2,035
  
$
1,825
  
$
60
  
Restricted Cash
  
$
-
  
$
-
  
$
-
  
Marketable securities
    
13
   
12
   
13
 
Other current assets
    
324
   
290
   
399
 
Other assets
    
108
   
97
   
201
 
Assets from discontinued operations
    
-
   
-
   
1,170
 
Total assets
  
$
2,480
  
$
2,224
  
$
1,843
  
                     
Accounts payable and accrued liabilities
  
$
1,220
  
$
1,094
  
$
1,285
  
Due to related parties
    
70
   
63
   
137
 
Deferred revenue
    
197
   
177
   
91
 
Current portion of secured subordintated notes
    
1,786
   
1,602
   
343
 
Current assets from discontinued operations
    
-
   
-
   
894
 
Non-current portion of secured subordintated notes
    
391
   
351
   
1,800
 
Minority interest
    
-
   
-
   
3
 
Total shareholders' deficiency
    
(1,184
)
  
(1,063
)
  
(2,710
)
Total liabilities and shareholders' equity (deficiency)
  
$
2,480
  
$
2,224
  
$
1,843
  


 
 
 


Northcore Technologies Inc.
Consolidated Statements of Operations
(expressed in thousands of dollars, except per share amounts)
(Canadian GAAP, Unaudited)
 
   
Three Months Ended
 
Six Months Ended
 
   
June 30
  
June 30
 
   
2006
  
2006
  
2005
  
2006
  
2006
  
2005
  
   
($C)
  
($US)
  
($C)
  
($C)
  
($US)
  
($C)
  
                           
       
translated
         
translated
     
       
into US$ at
         
into US$ at
     
       
Cdn$ 1.1150
         
Cdn$ 1.1150
     
       
for
         
for
     
       
convenience
         
convenience
     
Revenue
  
$
170
  
$
152
  
$
244
  
$
541
  
$
485
  
$
514
  
                                       
Operating expenses
                                      
    General and administrative
    
498
   
447
   
841
   
940
   
844
   
1,548
 
    Customer service and technology
    
159
   
143
   
200
   
325
   
291
   
414
 
    Sales and marketing costs
    
120
   
108
   
127
   
256
   
230
   
257
 
    Employee stock options
    
37
   
33
   
16
   
72
   
65
   
32
 
    Depreciation and amortization
    
20
   
18
   
23
   
45
   
40
   
44
 
    Other income
    
-
   
-
   
(2
)
  
-
   
-
   
(44
)
        Total operating expenses
    
834
   
749
   
1,205
   
1,638
   
1,471
   
2,251
 
                                       
Loss from operations
    
(664
)
  
(597
)
  
(961
)
  
(1,097
)
  
(986
)
  
(1,737
)
                                       
Interest expense
                                      
    Cash interest expense
    
93
   
83
   
70
   
200
   
179
   
141
 
    Accretion of secured subordinated notes
    
123
   
110
   
91
   
268
   
240
   
186
 
Interest income
    
(5
)
  
(4
)
  
-
   
(5
)
  
(4
)
  
-
 
     
211
   
189
   
161
   
463
   
415
   
327
 
                                       
Loss from continuing operations
  
$
(875
)
$
(786
)
$
(1,122
)
$
(1,560
)
$
(1,401
)
$
(2,064
)
Income from discontinued operations
    
1,918
   
1,720
   
(58
)
  
2,123
   
1,904
   
148
 
Net income (loss) for the period
    
1,043
   
934
   
(1,180
)
  
563
   
503
   
(1,916
)
                                       
Earnings (loss) per share:
                                      
    From continuing operations, basic and diluted
  
$
(0.01
)
$
(0.01
)
$
(0.02
)
$
(0.02
)
$
(0.02
)
$
(0.03
)
    Net earnings (loss) per share, basic and diluted
  
$
0.01
  
$
0.01
  
$
(0.02
)
$
0.01
  
$
0.01
  
$
(0.03
)
                                       
Weighted average common shares
    
79,212
   
79,212
   
72,683
   
76,724
   
76,724
   
71,782