Baja Aqua Farms, S.A.
Statements of Financial Position
As of 6/30/2010
(unaudited)
(in thousands)
| Baja | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 86 | ||
| Accounts receivable, trade | 5,884 | |||
| Accounts receivable, related party | 17 | |||
| Inventories | 15,124 | |||
| Other current assets | 2,019 | |||
| Total current assets | 23,130 | |||
| Property and equipment, net | 3,489 | |||
| Other assets | 416 | |||
| Total assets | $ | 27,035 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable, trade | 1,844 | |||
| Accounts payable to related parties | 5,122 | |||
| Total current liabilities | 6,966 | |||
| Long term notes payable | - | |||
| Total liabilities | 6,966 | |||
| Commitments and contingencies | ||||
| Stockholders’ equity: | ||||
| Common stock | 33,913 | |||
| Additional paid-in capital | 68 | |||
| Retained earnings | (13,912 | ) | ||
| Accumulated other comprehensive income | - | |||
| Total Baja stockholders’ equity | 20,069 | |||
| Total liabilities and stockholders’ equity | $ | 27,035 | ||
Baja Aqua Farms S.A. de C.V.
Statements of Operations
Six months ended 6/30/2010 and 6/30/2009
(unaudited)
(in thousands)
| 6/30/2010 | 6/30/2009 | |||||||
| Net revenue | $ | 5,106 | $ | 7,637 | ||||
| Cost of goods sold | (4,628 | ) | (4,438 | ) | ||||
| Gross profit | 478 | 3,199 | ||||||
| Selling, general and administrative expenses | (5,181 | ) | (1,996 | ) | ||||
| Operating income (loss) | (4,703 | ) | 1,203 | |||||
| Other income (expenses), net | (82 | ) | 2,421 | |||||
| Financing cost | (501 | ) | (705 | ) | ||||
| Income (loss) before provision for income taxes | (5,286 | ) | 2,919 | |||||
| Income tax provision | - | - | ||||||
| Net income (loss) from continuing operations | (5,286 | ) | 2,919 | |||||
| Net loss from discontinued operations | (144 | ) | (319 | ) | ||||
| Net income (loss) | $ | (5,430 | ) | $ | 2,600 | |||
Baja Aqua Farms S.A. de C.V.
Statements of Cash Flow
Six months ended 6/30/2010 and 6/30/2009
(unaudited)
(in thousands)
| Six months ended | Six months ended | |||||||
| June 30, 2010 | June 30, 2009 | |||||||
| Operating Activities | ||||||||
| Net gain / (loss) | $ | (5,286 | ) | $ | 2,919 | |||
| Net (loss) from discontinued operations | (144 | ) | (319 | ) | ||||
| Adjustments to reconcile to net cash used in operating activities: | ||||||||
| Depreciation | 246 | 214 | ||||||
| Deferred income taxes | (13 | ) | (2 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable, trade | 922 | 269 | ||||||
| Accounts receivable, related parties | (1,087 | ) | (3,721 | ) | ||||
| Inventories | (2,793 | ) | 1,142 | |||||
| Other current assets | (1,438 | ) | (1,180 | ) | ||||
| Accounts payable, trade | (830 | ) | (8,210 | ) | ||||
| Accounts payable to related parties | 1,693 | (7,274 | ) | |||||
| Net cash from / (used in) operating activities of continuing operations | (8,730 | ) | (16,162 | ) | ||||
| Net cash from / (used in) operating activities of discontinued operations | (4,893 | ) | 6,694 | |||||
| Net cash from / (used in) operating activities | (13,623 | ) | (9,468 | ) | ||||
| Investing activities | ||||||||
| Purchases of property and equipment | (562 | ) | - | |||||
| Sale of fixed assets | - | 454 | ||||||
| Net cash from / (used in) investing activities of continuing operations | (562 | ) | 454 | |||||
| Net cash from / (used in) investing activities of discontinued operations | 23 | 664 | ||||||
| Net cash from / (used in) investing activities | (539 | ) | 1,118 | |||||
| Financing activities | ||||||||
| Change in common stock due to recapitalization | 312 | (1,289 | ) | |||||
| Repayments of note payable to financial institution | (1,381 | ) | 1,650 | |||||
| Net cash from / (used in) financing activities of continuing operations | (1,069 | ) | 361 | |||||
| Net cash from / (used in) financing activities of discontinued operations | 14,648 | 8,879 | ||||||
| Net cash from / (used in) financing activities | 13,579 | 9,240 | ||||||
| Subtotal | (583 | ) | 890 | |||||
| Cash and cash equivalents at beginning of year | 669 | 66 | ||||||
| Cash and cash equivalents at end of period | $ | 86 | $ | 956 | ||||