Stereotaxis
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S-1/A
STEREOTAXIS, INC. filed this Form S-1/A on 06/17/2004
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       The following table summarizes our cash flow by operating, investing and financing activities for each of the last three years and for the three month periods ended March 31, 2003 and 2004:

                                         
For the year ended Three months
December 31, ended March 31,


2001 2002 2003 2003 2004





(unaudited)
(in thousands)
Net cash used in operating activities
  $ (14,161 )   $ (22,029 )   $ (24,469 )   $ (5,359 )   $ (8,991 )
Net cash (used in) provided by investing activities
    17,239       1,480       (7,182 )     (123 )     (390 )
Net cash provided by financing activities
    20,567       20,719       24,173       6,173       15,639  
     
     
     
     
     
 
Increase (decrease) in cash and cash equivalents
    23,645       170       (7,478 )     691       6,258  
Cash and cash equivalents at the beginning of period
    5,019       28,664       28,834       28,834       21,356  
     
     
     
     
     
 
Cash and cash equivalents at the end of period
  $ 28,664     $ 28,834     $ 21,356     $ 29,525     $ 27,614  
     
     
     
     
     
 

       Net cash used in operating activities. We used approximately $9.0 million of cash in operating activities during the three months ended March 31, 2004, compared to $5.4 million during the three months ended March 31, 2003, primarily as a result of operating losses during these periods. Cash used for working capital purposes increased from $453,000 during the three months ended March 31, 2003 to $1.1 million during the three months ended March 31, 2004 primarily as a result of an increase in accounts receivable from increased sales and billings for sales deposits from customers offset by an increase in deferred revenue related to installed systems on which revenue has not yet been recognized and deposits received from customers. We used approximately $24.5 million, $22.0 million and $14.2 million of cash in operating activities during 2003, 2002 and 2001, respectively, primarily as a result of operating losses during these years.

       Net cash (used in) provided by investment activities. We used approximately $0.4 million of cash for investing activities during the three months ended March 31, 2004, primarily for the purchase of equipment, compared to $0.1 million during the three months ended March 31, 2003. We used approximately $7.2 million of cash for investing activities during 2003 to purchase short-term corporate debt securities and equipment. Our purchases of equipment increased to $2.1 million in 2003 from $0.3 million in 2002 and $0.7 million in 2001. This increase resulted from purchases of machinery, laboratory equipment and computer equipment needed to meet our operating requirements. We used cash for investing activities of approximately $5.1 million during 2003 for the purchase of corporate debt securities and realized cash from investing activities of $1.8 million during 2002 and approximately $17.9 million during 2001, from the sale of short-term investments.

       Net cash provided by financing activities. We received approximately $15.6 million from financing activities during the three months ended March 31, 2004, primarily as a result of the sale of our Series E-2 preferred stock and related common stock warrants in January and February 2004. We received approximately $24.2 million from financing activities during 2003, primarily as a result of the sale of our Series D-2 preferred stock and related common stock warrants and from the sale of our Series E and E-1 preferred stock in January, June and December 2003. We received approximately $20.7 million from financing activities during 2002, primarily as a result of the sale of our Series D-1 and D-2 preferred stock and related common stock warrants in January and December 2002. We received approximately $20.6 million of cash for financing activities during 2001 as a result of our sale of Series D preferred stock in November and December 2001.

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