Apple (Nasdaq: AAPL) spent nearly as much on development of the iPhone as it did on its new Leopard OS, according the company’s 10Q filed with the SEC Wednesday. From the notes: “In the second quarter of 2007, the Company determined that both Mac OS X version 10.5 Leopard (“Leopard”) and iPhone achieved technological feasibility. During the second and third quarters of 2007, the Company capitalized approximately $27 million and $26 million, respectively, of costs associated with the development of Leopard and iPhone.”

—Net sales of the iPhone and related products and services were $5 million during the third quarter of 2007. The net is only the portion of sales recognized under the kind of accounting Apple uses for subscription products over a24 months.  Unit sales in the quarter ending June 20 were 270,000.

—From the iPhone section in risk factors: “This is a highly competitive industry with several large, well funded, and experienced competitors, and the Company may not be able to compete successfully. This industry has aggressive pricing practices, frequent product introductions, evolving technologies, rapid adoption of technological and product advancements by competitors, price sensitivity on the part of consumers, and a large number of competitors with substantial experience and technological and financial resources. The Company’s operating results and financial condition may be materially adversely affected should it be unable to effectively compete in this industry.”

—Another risk factor: the reliance on a single carrier in the U.S.: “If AT&T Mobility cannot successfully compete with other wireless carriers in areas such as quality and coverage of wireless voice and data services, performance and timely build-out of advanced wireless networks, and pricing and terms of end user contracts, or if for any reason AT&T Mobility customers experience service interruptions, future sales of iPhone may be materially adversely impacted.”