Consolidated Statement of Operations

Year ended March 31, 2012, with comparative figures for 2011

	2012	2011
Revenue:
Amortization of deferred contributions (note 6)	19,480,520	20,845,810
Interest and other revenue	150,754	84,373
	19,631,274	20,930,183
Expenses:
Genomics research projects	16,499,834	18,197,613
General and administrative	2,113,877	2,205,161
Commercialization (note 3)	452,535	291,243
Research advisory	324,746	203,042
Outreach, communications and GE3LS	226,093	123,650
Amortization of capital assets	17,206	62,575
Loss on disposal of capital assets	—	1,416
	19,634,291	21,084,700
Deficiency of revenue over expenses	(3,017)	(154,517)

See accompanying notes to consolidated financial statements.