Vringo, Inc. and Subsidiary

(a Development Stage Company)

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands except share and per share data)

Unaudited

	For the Year Ended December 31, 2011
	U.S.$
Revenue		718
Costs and Expenses
Cost of revenue		155
Research and development		2,017
Marketing		2,193
General and administrative		2,777
Total operating expenses		7,142
Operating loss		(6,424	)
Non-operating income		13
Non-operating expenses		(14	)
Interest and amortization of debt discount expense		(1,525	)
Loss on revaluation of warrants		(402	)
Gain on restructuring of venture loan		963
Loss before taxes on income		(7,389	)
Income tax expense		(90	)
Net loss		(7,479	)
Basic and diluted net loss per common share		(1.17	)
Weighted average number of shares used in computing basic and dilutive net loss per common share		6,372,659