WORLD HEART CORP

CIK:0001024520|SEC Filings

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Operations
Revenue, net	$ 0	$ (136,000)
Cost of goods sold	0	(647,603)
Gross loss	0	(783,603)
Operating expenses
Research and development	979,421	2,564,543
Selling, general and administrative	954,340	873,314
Restructuring charges	907,101	0
Total operating expenses	2,840,862	3,437,857
Operating loss	(2,840,862)	(4,221,460)
Other income (expenses)
Foreign exchange loss	(103)	0
Investment and other income	7,070	15,745
Gain (Loss) on change in fair value of warrant liability	(415,079)	8,298,751
Interest expense	(23,359)	(31,430)
Net income (loss)	(3,272,333)	4,061,606
Other comprehensive income:
Net unrealized gain in marketable investment securities	6,113	11,257
Comprehensive income (loss)	$ (3,266,220)	$ 4,072,863
Weighted average number of common shares outstanding:
Basic	27,517,749	26,682,332
Diluted	27,517,749	26,682,332
Basic net income (loss) per common share	$ (0.12)	$ 0.15
Diluted net income (loss) per common share	$ (0.12)	$ 0.15

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
Operating activities:
Net income (loss) for the period	$ (3,272,333)	$ 4,061,606
Adjustments to reconcile net loss to net cash used in operations:
Amortization and depreciation	52,024	54,505
Non-cash stock compensation expense	103,276	326,676
Imputed interest on debt	23,165	20,624
Non-cash loss (gain) on change in fair value of warrant liability	415,079	(8,298,751)
Amortization of premium on marketable investment securities	24,410	87,350
Change in operating components of working capital:
Other receivables	122,895	(57,254)
Inventory	0	(835,098)
Prepaid expenses and other current assets	25,838	146,360
Accounts payable, accrued liabilities and accrued royalties	225,787	87,128
Accrued compensation	(2,563)	(77,145)
Accrued restructuring charges	292,046	0
Cash used in operating activities	(1,990,376)	(4,483,999)
Investing activities:
Purchase of marketable investment securities	0	(4,528,784)
Sales of marketable investment securities	2,160,000	1,290,000
Purchase of property and equipment	0	(167,733)
Cash provided by (used in) investing activities	2,160,000	(3,406,517)
Financing activities:
Private placement fees	0	(3,698)
Capital lease repayments	(1,854)	(14,804)
Cash used in financing activities	(1,854)	(18,502)
Increase (decrease) in cash and cash equivalents for the period	167,770	(7,909,018)
Cash and cash equivalents, beginning of the period	5,413,782	9,500,921
Cash and cash equivalents, end of the period	5,581,552	1,591,903
Supplementary cash flow information:
Interest paid on financing	163	1,805
Non-cash financing activities:
Change in unrealized gain on marketable securities	$ 6,113	$ 11,257

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 5,581,552	$ 5,413,782
Marketable investment securities	1,670,113	3,848,408
Other receivables	1,483,594	1,606,489
Prepaid expenses	130,482	156,320
Total current assets	8,865,741	11,024,999
Long-term assets
Property and equipment, net	588,193	640,217
Other long-term assets	14,756	14,756
Total long-term assets	602,949	654,973
Total assets	9,468,690	11,679,972
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	175,288	195,796
Accrued liabilities	370,232	171,840
Accrued royalties	162,558	126,213
Accrued compensation	161,561	146,966
Accrued restructuring charges	667,219	375,173
Note payable - short term, net	156,149	139,703
Total current liabilities	1,693,007	1,155,691
Long-term liabilities
Warrant liability	1,520,969	1,105,890
Note payable - long term, net	328,400	328,400
Other long term liabilities	10,434	11,167
Total liabilities	3,552,810	2,601,148
Commitments and Contingencies (Note 12)
Shareholders' equity (deficit)
Preferred stock $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding
Common stock $.001 par value, 50,000,000 shares authorized,	27,517	27,517
Additional paid-in-capital	366,235,402	366,132,126
Cumulative other comprehensive loss	1,360	(4,753)
Cumulative translation adjustment	0	0
Accumulated deficit	(360,348,399)	(357,076,066)
Total shareholders' equity	5,915,880	9,078,824
Total liabilities and shareholders' equity	$ 9,468,690	$ 11,679,972