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)
 
14. Commitments and Contingencies

       The Company at times becomes a party to claims in the ordinary course of business. Management believes that the ultimate resolution of pending or threatened proceedings will not have a material effect on the financial position, results of operations, or liquidity of the Company.

 
15. Quarterly Data (Unaudited)

       The following tabulations reflect the unaudited quarterly results of operations for the years ended December 31, 2003 and 2002:

                                 
Diluted
Gross Earning Per
Net Sales Profit Net Loss Share




2003
                               
First quarter
  $ 386,073     $ (114,864 )   $ (4,905,670 )   $ (1.10 )
Second quarter
    1,742,967       660,400       (4,846,292 )     (1.05 )
Third quarter
    1,040,932       439,310       (6,194,112 )     (1.30 )
Fourth quarter
    1,844,905       (21,282 )     (8,090,763 )     (1.62 )
2002
                               
First quarter
                (5,300,282 )     (1.43 )
Second quarter
    9,000       6,596       (5,021,419 )     (1.27 )
Third quarter
    4,400       2,134       (4,717,678 )     (1.14 )
Fourth quarter
    5,500       (29,590 )     (6,419,279 )     (1.50 )
 
16.  Segment Information

       The Company considers reporting segments in accordance with SFAS 131, Disclosures about Segments of an Enterprise and Related Information. The Company’s system and disposable devices are developed and marketed to a broad base of hospitals in the United States and Europe. Management considers all such sales to be part of a single operating segment.

       Geographic revenues are as follows:

                                         
Year Ended Three Months Ended
December 31 March 31


2001 2002 2003 2003 2004





(Unaudited)
United States
  $     $ 18,900     $ 3,577,899     $ 386,073     $ 1,442,930  
Europe
              $ 1,436,978             1,630,961  
     
     
     
     
     
 
Total
  $     $ 18,900     $ 5,014,877     $ 386,073     $ 3,073,891  

       All of the Company’s long-lived assets are located in the United States.

 
17.  Subsequent Events (Unaudited)

       In April 2004, the Company executed a commitment letter with Silicon Valley Bank to obtain an additional $2.0 million of equipment financing and to increase the maximum availability under its Revolving Credit Agreement by $5.0 million to $8.0 million limited to the amount of qualifying receivable and inventory balances. The equipment financing will be repayable over 36 months

F-25


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