For additional information on the structure of the company's new Statement of Operations
, please visit the investor section of Onyx's website at http://www.
Investment companies present their results of operations in a statement of operations
as specified in the Guide.
The total impact of the restatement on the Company's statement of operations
was to increase the net loss applicable to common stockholders for the year ended December 31, 2003 by $445,000 and decrease it by $3,222,000 for the year ended December 31, 2004.
For the fiscal year ended January 1, 2006, the pro-forma net loss attributable to common shareholders on the Company's Statement of Operations
will increase to ($3,587,000), or ($0.
Consequently, the Statement of Operations
and Cash Flow reflects the ongoing administrative expenditures of the Company, net of royalty and interest income.
The decision to accelerate vesting of these stock options was made primarily to avoid recognizing compensation cost in the Consolidated Statement of Operations
in future financial statements upon the adoption of Statement of Financial Accounting Standards No.
Adoption of SFAS 123R is required on or before January 1, 2006, and will require that compensation expense associated with stock options unvested at December 31, 2005 be recognized in the Company's consolidated statement of operations
over the remaining vesting period of the options.
The financial information released today did not include a statement of operations
, a statement of cash flows and any related discussion by management, as Shellbridge did not commence commercial operations until October 1, 2005.
The Company will restate its consolidated balance sheet and consolidated statement of operations
and cash flows to reclassify the operations of and gain on sale of assets related to a certain discontinued business component.