Allezoe Medical Holdings, Inc. and Subsidiaries
Proforma Financial Statements
August 31, 2010
Unaudited
Allezoe Medical Holdings, Inc. and Subsidiaries | ||||||||||||||||||
Balance Sheet | ||||||||||||||||||
Unaudited | ||||||||||||||||||
August 31, 2010 | August 31, 2009 | |||||||||||||||||
Assets | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash | $ 17,647 | $ - | ||||||||||||||||
Prepaid expenses | 6,181 | 6,181 | ||||||||||||||||
Advances | - | 3,500 | ||||||||||||||||
Total Current Assets | 23,828 | 9,681 | ||||||||||||||||
Fixed Assets | ||||||||||||||||||
Electronic Equipment | 73,288 | 73,288 | ||||||||||||||||
Furniture and Equipment | 5,612 | 5,612 | ||||||||||||||||
Accumulated Depreciation | (73,233) | (66,796) | ||||||||||||||||
Total Other Assets | 5,667 | 12,103 | ||||||||||||||||
Other Assets | ||||||||||||||||||
Patents | 320,551 | 271,730 | ||||||||||||||||
Total Other Assets | 320,551 | 271,730 | ||||||||||||||||
Total Assets | 350,046 | 293,514 | ||||||||||||||||
Liabilities & Stock holders' Equity | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts Payable | 289,316 | 251,024 | ||||||||||||||||
Bank overdraft | - | 476 | ||||||||||||||||
Notes Payable | 1,503,490 | 1,012,784 | ||||||||||||||||
Accrued Liabilities | 1,608,639 | 734,895 | ||||||||||||||||
Total Current Liabilities | 3,401,445 | 1,999,179 | ||||||||||||||||
Other Liabilities | ||||||||||||||||||
Long-term Notes Payable | - | 354,244 | ||||||||||||||||
Total Other Liabilities | - | �� | 354,244 | |||||||||||||||
Stockholder's Equity (Deficit) | ||||||||||||||||||
Common Stock 1,000,000 and 18,561,000 par value $.001 shares issued at, shares authorized | ||||||||||||||||||
at December 31, 2009 and September 30, 2010 | 18,718 | 18,561 | ||||||||||||||||
Additional paid in capital | 21,981,583 | 19,880,631 | ||||||||||||||||
Deficit accumulated during the development stage | (25,051,699) | (21,959,101) | ||||||||||||||||
Total Equity | (3,051,399) | (2,059,909) | ||||||||||||||||
Total Liabilities and Stockholders' Equity | $ 350,046 | $ 293,514 |
Allezoe Medical Holdings, Inc. and Subsidiaries | ||||||||
Statement of Operations | ||||||||
Unaudited | ||||||||
For the Period from August 16, 1999 (Inception) to | ||||||||
August 31, 2010 | August 31, 2009 | August 31, 2010 | ||||||
Revenues | $ - | $ - | $ - | |||||
General & Administrative | ||||||||
Advisor Fees | 145,522 | 62,421 | 340,764 | |||||
Non-Cash Equity Compensation | - | 1 | 2,146,252 | |||||
Internet Expense | 5,478 | 10,326 | 42,965 | |||||
Marketing | - | - | 762 | |||||
Regulatory Expenses | 250 | - | 10,338 | |||||
Directors Fees | 1,160,236 | 419,200 | 2,329,667 | |||||
Bad Debt Expense | - | - | 11,996 | |||||
Amortization Expense | - | - | 14,819 | |||||
Automobile Expense | - | 30 | 1,718 | |||||
Bank Service Charges | 473 | 543 | 3,079 | |||||
Business Meals | - | - | 575 | |||||
Compensation | - | - | 351,513 | |||||
Computer and Networks | - | - | 14,195 | |||||
Conference Registration | 65 | - | 59,188 | |||||
Contract Labor | 67,310 | 50,129 | 214,800 | |||||
Contributions | - | - | 9,700 | |||||
Depreciation Expense | 6,436 | 7,107 | 58,414 | |||||
Dues and Subscriptions | 599 | - | 47,232 | |||||
Equipment Rental | - | - | 548 | |||||
Expense Reimbursement | - | - | 10,530 | |||||
Fees and Filings | - | - | 2,066 | |||||
Insurance | 24,924 | 30,720 | 185,923 | |||||
Library Loan Charges | - | - | 45 | |||||
Licenses and Permits | - | - | 767 | |||||
Loss on Equipment | - | - | 1,459 | |||||
Management Contract | - | - | 160,350 | |||||
Miscellaneous | - | - | 1,648 | |||||
Moving Expenses | - | - | 5,413 | |||||
Office Expense | - | - | 5,172 | |||||
Office Supplies | 3,315 | 3,392 | 105,943 | |||||
Organizational Costs | - | - | 287,344 | |||||
Payroll Expenses | 1,286,435 | 692,117 | 9,437,121 | |||||
Postage and Delivery | 3,149 | 606 | 34,591 | |||||
Printing and Reproduction | 1,599 | 625 | 33,084 | |||||
Professional Development | - | - | 75 | |||||
Professional Fees | 145,128 | 164,523 | 2,958,763 | |||||
Publications | - | - | 177 | |||||
Rent | 74,616 | 57,431 | 315,670 | |||||
Repair | - | - | 9,758 | |||||
Research & Development | (193) | (149,074) | 4,214,200 | |||||
Safe Deposit Box Rental | - | - | 135 | |||||
Storage Fees | - | - | 3,325 | |||||
Sublease - Office Space | - | - | 26,198 | |||||
Suspense | - | - | 520 | |||||
Taxes | 489 | 714 | 2,329 | |||||
Telephone | (1,395) | 1,969 | 97,721 | |||||
Transplant Supplies | - | - | 32,961 | |||||
Travel & Entertainment | 13,166 | 8,668 | 830,752 | |||||
Utilities | - | - | 151 | |||||
Interest Income | - | (2) | (5,584) | |||||
Interest Expense | 154,995 | 45,763 | 634,569 | |||||
Total Expenses | $ 3,092,598 | $ 1,407,208 | $ 25,051,699 | |||||
Net Income (Deficit) | $ (3,092,598) | $ (1,407,208) | $ (25,051,699) | |||||
Net loss per share - basic and diluted | $ - | $ - | $ - | |||||
Weighted average number of shares outstanding during the period - basic and diluted | 18,616,084 | 18,564,253 | 18,616,084 |
Allezoe Medical Holdings, Inc. and Subsidiaries | |||||||||
Statements of Cash Flows | |||||||||
Unaudited | |||||||||
August 31, 2010 | August 31, 2009 | For the Period from August 16, 1999 (Inception) to August 31, 2010 | |||||||
CASH FLOWS FROM OEPRATING ACTIVITIES: | |||||||||
Net Income | $ (3,092,598) | $ (1,407,208) | $ (25,051,699) | ||||||
Adjustments to reconcile net income to net cash | |||||||||
used in operating activities: | |||||||||
Services paid with common stock | - | - | - | ||||||
Services paid with warrants | 1,951,321 | 1,510,667 | 10,316,970 | ||||||
Changes in assets and liabilities | |||||||||
Increase (Decrease) in prepaid expenses | 3,500 | - | (6,181) | ||||||
Increase (Decrease) accounts payable | 38,292 | (185,819) | 289,316 | ||||||
Increase (Decrease) in notes payable | 136,462 | 471,754 | 1,503,490 | ||||||
Increase (Decrease) in accrued liabilities | 873,744 | (415,602) | 1,608,639 | ||||||
Net Cash Provided By Operating Activities | (89,280) | (26,208) | (11,339,465) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
(Increase) Decrease in fixed assets | (78,900) | ||||||||
Increase (Decrease) in depreciation | 6,436 | 7,107 | 73,233 | ||||||
(Increase) Decrease in patents | (48,822) | (26,293) | (320,551) | ||||||
Net Cash Provided by Investing Activities | (42,385) | (19,186) | (326,218) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of stock | 149,787 | 21,120 | 11,683,330 | ||||||
Net Cash Provided by Financing Activities | 149,787 | 21,120 | 11,683,330 | ||||||
Net Increase in Cash | 18,123 | (24,274) | 17,647 | ||||||
Cash and cash equivalents, beginning of period | (476) | 23,798 | - | ||||||
Cash and cash equivalents, end of period | $ 17,647 | $ (476) | $ 17,647 |