EX-2 3 ex2.htm FIRST QUARTER FINANCIAL DATA First Quarter Financial Data
 
Exhibit 2
 

Northcore Technologies Inc. (formerly ADB Systems International Ltd.)
  
Consolidated Statement of Operations
  
(expressed in thousands of Canadian dollars, except per share amounts)
  
(Canadian GAAP, Unaudited)
  
               
               
   
Three Months Ended
 
   
March 31
  
   
2007
  
2007
  
2006
  
               
       
translated
     
       
into US$ at
     
       
Cdn$ 1.1530
     
       
for
     
       
convenience
     
               
Revenue
  
$
322
  
$
279
  
$
372
  
                     
General and administrative
    
447
   
388
   
443
 
Customer service and technology
   
172
   
149
   
165
 
Sales and marketing
    
71
   
61
   
137
 
Employee stock options
    
7
   
6
   
35
 
Depreciation and amortization
    
9
   
8
   
25
 
    Total operating expenses
    
706
   
612
   
805
 
                     
Loss from continuing operations before the under-noted
    
(384
)
  
(333
)
  
(433
)
                     
Interest expense:
                    
    Cash interest expense
    
64
   
56
   
107
 
    Accretion of secured subordinated notes
    
103
   
89
   
145
 
Interest income
    
(1
)
  
(1
)
  
-
 
     
166
   
144
   
252
 
                     
Loss from continuing operations
    
(550
)
  
(477
)
  
(685
)
Income from discontinued operations
    
-
   
-
   
205
 
Net loss for the period
  
$
(550
)
$
(477
)
$
(480
)
                     
Loss per share:
                    
    From continuing operations, basic and diluted
  
$
(0.01
)
$
(0.01
)
$
(0.01
)
    Net loss per share, basic and diluted
  
$
(0.01
)
$
(0.01
)
$
(0.01
)
                     
Weighted average common shares (000's)
    
83,834
   
83,834
   
74,208
 
 
 
 
 
 
 



Northcore Technologies Inc. (formerly ADB Systems International Ltd.)
  
Consolidated Balance Sheet
 
(expressed in thousands of Canadian dollars)
  
(Canadian GAAP, Unaudited)
  
               
               
   
March 31
  
March 31
  
December 31
  
   
2007
  
2007
  
2006
  
   
(unaudited)
  
(unaudited)
  
(audited)
  
       
(in US$)
     
               
       
translated
     
       
into US$ at
     
       
Cdn$ 1.1530
     
       
for
     
       
convenience
     
               
Cash
  
$
93
  
$
81
  
$
475
  
Other current assets
    
337
   
292
   
217
 
Other assets
    
80
   
69
   
121
 
Total assets
  
$
510
  
$
442
  
$
813
  
                     
Accounts payable and accrued liabilities
  
$
1,285
  
$
1,114
  
$
1,074
  
Deferred revenue
    
36
   
31
   
68
 
Current portion of secured subordinated notes
    
1,690
   
1,466
   
1,682
 
Non-current portion of secured subordinated notes
    
181
   
157
   
244
 
Total shareholders' deficiency
    
(2,682
)
  
(2,326
)
  
(2,255
)
Total liabilities and shareholders' equity
  
$
510
  
$
442
  
$
813