EX-2 3 ex2.htm THIRD QUARTER FINANCIAL DATA Third Quarter Financial Data
Exhibit 2
Northcore Technologies Inc.
Consolidated Balance Sheets
(expressed in thousands of dollars)
(Canadian GAAP, Unaudited)
 
 
    
September 30
    
September 30
    
December 31
  
     
2006
    
2006
    
2005
  
 
    
(unaudited)
    
(unaudited)
 
  
(audited)
 
 
    
(in $C)
    
(in $US)
 
  
(in $C)
 
                   
   
 
translated
 
 
 
 
 
 
 
 
 
 
into $US at
 
 
 
 
 
 
 
 
 
 
Cdn$ 1.1151
 
 
 
 
 
 
 
 
 
 
for
 
 
 
 
 
 
 
 
 
 
convenience
      
 
                    
Cash
  
$
866
  
$
777
  
$
60
  
Restricted Cash
  
$
-
  
$
-
  
$
-
  
Marketable securities
    
14
   
12
   
13
 
Other current assets
    
177
   
159
   
399
 
Other assets
    
143
   
128
   
201
 
Assets from discontinued operations
    
-
   
-
   
1,170
 
Total assets
  
$
1,200
  
$
1,076
  
$
1,843
  
                     
Accounts payable and accrued liabilities
  
$
971
  
$
871
  
$
1,285
  
Due to related parties
    
7
   
6
   
137
 
Deferred revenue
    
101
   
90
   
91
 
Current portion of secured subordintated notes
    
1,476
   
1,324
   
343
 
Current assets from discontinued operations
    
-
   
-
   
894
 
Non-current portion of secured subordintated notes
    
418
   
375
   
1,800
 
Minority interest
    
-
   
-
   
3
 
Total shareholders' deficiency
    
(1,773
)
  
(1,590
)
  
(2,710
)
Total liabilities and shareholders' equity (deficiency)
  
$
1,200
  
$
1,076
  
$
1,843
  


Northcore Technologies Inc.
Consolidated Statements of Operations
(expressed in thousands of dollars, except per share amounts)
(Canadian GAAP, Unaudited)
 
                                       
 
    
Three Months Ended
    
Nine Months Ended       
  
 
    
September 30       
    
September 30      
  
     
2006
 
  
2006
    
2005
    
2006
    
2006
    
2005
  
 
    
($C)
    
($US)
 
  
($C)
 
  
($C)
 
  
($US)
 
  
($C)
 
                                       
 
          
translated
 
 
 
 
 
 
 
 
translated
 
 
 
 
 
 
 
 
 
 
into US$ at
 
 
 
 
 
 
 
 
into US$ at
 
 
 
 
 
 
 
 
 
 
Cdn$ 1.1151
 
 
 
 
 
 
 
 
Cdn$ 1.1151
 
 
 
 
 
 
 
 
 
 
for
 
 
 
 
 
 
 
 
for
 
 
 
 
 
 
 
 
 
 
convenience
 
 
 
 
 
 
 
 
convenience
        
                                       
Revenue
  
$
222
  
$
199
  
$
261
  
$
763
  
$
684
  
$
775
  
                                       
Operating expenses
                                      
 General and administrative
    
410
   
368
   
592
   
1,350
   
1,210
   
2,139
 
 Customer service and technology
    
151
   
135
   
205
   
476
   
427
   
620
 
 Sales and marketing costs
    
65
   
58
   
122
   
321
   
288
   
379
 
 Employee stock options
    
42
   
38
   
14
   
114
   
102
   
46
 
 Depreciation and amortization
    
23
   
21
   
24
   
68
   
61
   
68
 
 Other income
    
-
   
-
   
-
   
-
   
-
   
(44
)
   Total operating expenses
    
691
   
620
   
957
   
2,329
   
2,088
   
3,208
 
                                       
Loss from operations
    
(469
)
  
(421
)
  
(696
)
  
(1,566
)
  
(1,404
)
  
(2,433
)
                                       
Interest expense
                                      
 Cash interest expense
    
78
   
70
   
73
   
278
   
249
   
214
 
 Accretion of secured subordinated notes
    
99
   
88
   
91
   
367
   
329
   
277
 
Interest income
    
(6
)
  
(5
)
  
-
   
(12
)
  
(11
)
  
-
 
     
171
   
153
   
164
   
633
   
568
   
491
 
                                       
Loss from continuing operations
  
$
(640
)
$
(574
)
$
(860
)
$
(2,199
)
$
(1,972
)
$
(2,924
)
Income from discontinued operations
    
-
   
-
   
60
   
2,123
   
1,904
   
209
 
Net income (loss) for the period
    
(640
)
  
(574
)
  
(800
)
  
(76
)
  
(68
)
  
(2,715
)
                                       
Earnings (loss) per share:
                                      
 From continuing operations, basic and diluted
  
$
(0.01
)
$
(0.01
)
$
(0.01
)
$
(0.03
)
$
(0.03
)
$
(0.04
)
 Net earnings (loss) per share, basic and diluted
  
$
(0.01
)
$
(0.01
)
$
(0.01
)
$
(0.00
)
$
(0.00
)
$
(0.04
)
                                       
Weighted average common shares
    
82,545
   
82,545
   
73,895
   
78,686
   
78,686
   
72,494