Stereotaxis
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S-1/A
STEREOTAXIS, INC. filed this Form S-1/A on 06/17/2004
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STEREOTAXIS, INC.

NOTES TO FINANCIAL STATEMENTS — (Continued)

(Information as of March 31, 2004 and for the three months ended
March 31, 2003 and 2004 is unaudited)
 
8. Lease Obligations

       The Company leases its facilities under operating leases. For the years ended December 31, 2001, 2002, and 2003, rent expense was $389,424, $569,079, and $660,901, respectively, and for the three month periods ended March 31, 2003 and 2004, rent expense was $122,206 and $166,030, respectively.

       The future minimum lease payments under noncancelable leases as of December 31, 2003 are as follows:

         
Operating
Year Leases


2004
  $ 596,910  
2005
    111,856  
2006
    110,838  
2007
    34,656  
2008
    34,656  
     
 
Total minimum lease payments
  $ 888,916  
     
 
 
9. Stockholders’ Equity
 
Common Stock

       The Board of Directors is comprised of the chief executive officer and nine other members elected by the holders of common and preferred stock.

       The holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors subject to the prior rights of holders of all classes of stock having priority rights as dividends. No dividends have been declared or paid as of March 31, 2004.

       The Company has reserved shares of common stock for the conversion of preferred stock, the exercise of warrants, and the issuance of options granted under the Company’s stock option plan as follows:

                         
December 31

March 31
2002 2003 2004



(Unaudited)
Convertible preferred stock
    51,635,017       61,055,286       66,436,116  
Warrants
    2,804,480       3,219,225       4,295,395  
Stock option plan
    5,735,984       7,045,018       9,111,567  
     
     
     
 
      60,175,481       71,319,529       79,843,078  
     
     
     
 

       The Company has outstanding shares of common stock that are subject to the Company’s right to repurchase at the original issuance price upon the occurrence of certain events as defined in the agreements related to the sale of such stock. As of December 31, 2002 and 2003, and March 31, 2004 shares subject to repurchase were 605,699, 199,792, and 133,646, respectively.

F-18


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