Solar Enertech Corp (PINK:SOEN)

Company Description

Consolidated Statements of Operations

(Unaudited)

	Quarter Ended December 31,
	2011			2010

Sales	$	2,107,000		$	15,507,000
Cost of sales		(3,091,000	)		(14,391,000	)
Gross profit (loss)		(984,000	)		1,116,000

Operating expenses:
Selling, general and administrative		1,017,000			2,351,000
Research and development		26,000			69,000
Gain on debt extinguishment		—			(32,000	)
Reversal of payroll related tax accrual		—			(5,817,000	)
Total operating expenses		1,043,000			(3,429,000	)

Operating income (loss)		(2,027,000	)		4,545,000

Other income (expense):
Interest income		1,000			3,000
Interest expense		(59,000	)		(71,000	)
Gain on change in fair market value of compound embedded derivative		—			202,000
Gain on change in fair market value of warrant liability		—			466,000
Other expense		(107,000	)		(158,000	)
Net income (loss)	$	(2,192,000	)	$	4,987,000


Net income (loss) per share - basic		(0.01	)	$	0.03
Net income (loss) per share - diluted	$	(0.01	)	$	0.03

Weighted average shares outstanding - basic		173,838,226			160,416,534
Weighted average shares outstanding - diluted		173,838,226			171,351,607

Web site: http://www.solarenertech.com/

Last updated February 14, 2012