Operating expenses for Q3 2009 were US$ 3.6 million compared to US$ 0.5 million in Q3 2008. Total Q3 2009 expenses included an inventory valuation adjustment of US$ 2.2 million related to the completion of Vindicator LWS beta units, and salaries and benefits, general and administrative costs, professional engineering fees, and sales and marketing costs associated with the development and commercialization of the system totalling US$ 1.4 million.
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On a year-to-date basis, operating expenses for 2009 totalled US$ 7.4 million compared to US$ 0.8 million for 2008, and included a? US$ 2.8 million inventory valuation adjustment. Net loss for Q3 2009 was US$ 3.6 million, or US$ 0.07 per basic share, compared to a net loss of US$ 0.5 million, or US$ 0.02 per share, for the same period of 2008.? Net loss for the nine-month period of 2009 was US$ 7.4 million, or US$ 0.16 per share, compared to a net loss of US$ 0.8 million, or US$ 0.03 per share, for the same period of 2008.? Excluding the inventory valuation adjustment, the adjusted net loss for Q3 2009 was US$ 1.4 million, or US$ 0.03 per basic share.? The adjusted net loss for the nine-month period of 2009 was US$ 4.6 million, or US$ 0.10 per share. Net cash usage for Q3 2009 was US$ 4.3 million, consistent with company expectations. At September 30 2009, the company held cash and cash equivalents of US$ 14.7 million.? This compares to US$ 9.1 million at December 31, 2008.
