Baja Aqua Farms, S.A.
Statements of Financial Position
As of 9/30/2010
(unaudited)
(in thousands)
| Baja | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 2,867 | ||
| Accounts receivable, trade | 2,315 | |||
| Accounts receivable, shareholder and other related party | 115 | |||
| Inventories | 22,692 | |||
| Other current assets | 221 | |||
| Total current assets | 28,210 | |||
| Property and equipment, net | 3,759 | |||
| Other assets | 421 | |||
| Total assets | $ | 32,390 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable, trade | $ | 2,298 | ||
| Accounts payable to shareholder and other related parties | 36,510 | |||
| Total current liabilities | 38,808 | |||
| Long term debt | 3,200 | |||
| Total liabilities | 42,008 | |||
| Commitments and contingencies | ||||
| Stockholders’ equity: | ||||
| Common stock | 7,707 | |||
| Additional paid-in capital | 68 | |||
| Retained earnings | (17,393 | ) | ||
| Accumulated other comprehensive income | - | |||
| Total Baja stockholders’ equity | (9,618 | ) | ||
| Total liabilities and stockholders’ equity | $ | 32,390 | ||
Baja Aqua Farms S.A. de C.V.
Statements of Operations
Nine months ended 9/30/2010 and 9/30/2009
(unaudited)
(in thousands)
| 9/30/2010 | 9/30/2009 | |||||||
| Net revenue | $ | 6,043 | $ | 7,839 | ||||
| Cost of goods sold | (7,339 | ) | (4,968 | ) | ||||
| Gross profit | (1,296 | ) | 2,871 | |||||
| Selling, general and administrative expenses | (3,318 | ) | (3,283 | ) | ||||
| Operating loss | (4,614 | ) | (412 | ) | ||||
| Other income (expenses), net | 1,246 | 2,035 | ||||||
| Financing (cost) income | (1,840 | ) | (522 | ) | ||||
| Income (loss) before provision for income taxes | (5,208 | ) | 1,101 | |||||
| Income tax provision | - | - | ||||||
| Net income (loss) from continuing operations | (5,208 | ) | 1,101 | |||||
| Net loss from discontinued operations | (144 | ) | (486 | ) | ||||
| Net income (loss) | $ | (5,352 | ) | $ | 615 | |||
Baja Aqua Farms S.A. de C.V.
Statements of Cash Flow
Nine months ended 9/30/2010 and 9/30/2009
(unaudited)
(in thousands)
| Nine months ended | Nine months ended | |||||||
| September 30, 2010 | September 30, 2009 | |||||||
| Operating Activities | ||||||||
| Net gain / (loss) | $ | (5,208 | ) | $ | 1,101 | |||
| Net (loss) from discontinued operations | (144 | ) | (486 | ) | ||||
| Adjustments to reconcile to net cash used in operating activities: | ||||||||
| Depreciation | 366 | 305 | ||||||
| Deferred income taxes | (18 | ) | (4 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable, trade | 3,503 | (131 | ) | |||||
| Accounts receivable, related parties | (197 | ) | 501 | |||||
| Inventories | (10,362 | ) | (2,591 | ) | ||||
| Other current assets | 360 | (161 | ) | |||||
| Accounts payable, trade | (376 | ) | 3,929 | |||||
| Accounts payable to related parties | 33,082 | 2,729 | ||||||
| Net cash from / (used in) operating activities of continuing operations | 21,006 | 5,192 | ||||||
| Net cash from / (used in) operating activities of discontinued operations | (4,893 | ) | (5,546 | ) | ||||
| Net cash from / (used in) operating activities | 16,113 | (354 | ) | |||||
| Investing activities | ||||||||
| Purchases of property and equipment | (952 | ) | (423 | ) | ||||
| Sale of fixed assets | - | 454 | ||||||
| Net cash from / (used in) investing activities of continuing operations | (952 | ) | 31 | |||||
| Net cash from / (used in) investing activities of discontinued operations | 23 | 664 | ||||||
| Net cash from / (used in) investing activities | (929 | ) | 695 | |||||
| Financing activities | ||||||||
| Reclassification of equity to accounts payable to related parties | (29,453 | ) | - | |||||
| Repayments of note payable to financial institution | (1,381 | ) | (1,313 | ) | ||||
| Issuance of LT Debt | 3,200 | - | ||||||
| Net cash from / (used in) financing activities of continuing operations | (27,634 | ) | (1,313 | ) | ||||
| Net cash from / (used in) financing activities of discontinued operations | 14,648 | 1,365 | ||||||
| Net cash from / (used in) financing activities | (12,986 | ) | 52 | |||||
| Subtotal | 2,198 | 393 | ||||||
| Cash and cash equivalents at beginning of year | 669 | 66 | ||||||
| Cash and cash equivalents at end of period | $ | 2,867 | $ | 459 | ||||