MEDICAL CONNECTIONS HOLDINGS, INC.

CIK:0001140303|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Permanent placement	$ 77,105	$ 182,103	$ 252,436	$ 326,065
Contract appointments	1,545,632	1,597,835	3,033,622	3,484,512
	1,622,737	1,779,938	3,286,058	3,810,577
Permanent placement	1,000		1,500	500
Contract appointments	1,207,705	1,261,859	2,394,946	2,819,666
	1,208,705	1,261,859	2,396,446	2,820,166
Advertising and marketing expenses	92,884	39,736	201,591	86,847
Recruiting - salaries and costs	348,838	342,818	786,379	712,608
Professional and consulting fees	95,718	440,616	203,632	618,872
General and administrative expenses	586,137	568,885	1,691,249	1,198,104
Total operating expenses	1,123,577	1,392,055	2,882,851	2,616,431
Loss from operations	(709,545)	(873,976)	(1,993,239)	(1,626,020)
Other expenses, net	31,076	61,117	192,914	176,494
Loss before income taxes	(740,621)	(935,093)	(2,186,153)	(1,802,514)
Net loss	$ (740,621)	$ (935,093)	$ (2,186,153)	$ (1,802,514)
Net loss per common share - basic and diluted (in Dollars per share)	$ (0.03)	$ (0.08)	$ (0.10)	$ (0.16)
Weighted average common shares outstanding - basic and diluted (in Shares)	23,429,740	11,453,128	21,368,072	11,312,507

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Net loss	$ (2,186,153)	$ (1,802,514)
Depreciation and amortization	52,179	103,239
Loss on disposal of fixed assets	28,617
Stock options issued for compensation	459,665
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable	(218,103)	283,611
Prepaid expenses	1,278	1,997
Other assets	(16,457)
Accounts payable and accrued expenses	107,451	110,312
Deferred rent	2,480
Net cash used in operating activities	(1,769,043)	(1,303,355)
Acquisition of property and equipment	(9,285)	(5,192)
Net cash used in investing activities	(9,285)	(5,192)
Proceeds from issuance of common stock and warrant exercise	1,060,800	302,280
Proceeds from short-term notes payable	194,000
Proceeds from secured financing, net	411,924
Net cash provided by financing activities	1,666,724	302,280
Net decrease in cash and cash equivalents	(111,604)	(1,006,267)
Cash and cash equivalents at beginning of period	208,169	1,698,030
Cash and cash equivalents at end of period	$ 96,565	$ 691,763

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 96,565	$ 208,169
Accounts receivable, net	1,026,999	808,896
Prepaid expenses	1,718	2,996
Other assets	16,457
Total current assets	1,141,739	1,020,061
Property and equipment	820,435	839,767
Less: accumulated depreciation	364,505	312,326
	455,930	527,441
Security deposit	200,000	200,000
Total assets	1,797,669	1,747,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	490,004	418,870
Accrued expenses	269,256	232,939
Short-term notes payable	194,000
Secured financing	411,924
Total current liabilities	1,365,184	651,809
Deferred rent	29,425	26,945
Total liabilities	1,394,609	678,754
Stockholders’ equity
Additional paid-in capital	47,607,012	46,094,366
Accumulated deficit	(47,229,123)	(45,042,970)
Total stockholders’ equity	403,060	1,068,748
Total liabilities and stockholders’ equity	1,797,669	1,747,502
Preferred Stock - All Classes [Member]
Stockholders’ equity
Preferred stock	0	0
Preferred Class A [Member]
Stockholders’ equity
Preferred stock	5	5
Preferred Class B [Member]
Stockholders’ equity
Preferred stock	0	0
Preferred Class C Member
Stockholders’ equity
Preferred stock	665	215
Common Stock [Member]
Stockholders’ equity
Common stock, $.001 par value, 100,000,000 shares authorized, 24,500,678 and 17,131,998 issued and outstanding, respectively	$ 24,501	$ 17,132