Exhibit 99.3
MEDICAL BILLING ASSISTANCE, INC.
(A Development Stage Company)
PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009 &
September 30, 2010 (Unaudited)
1
MEDICAL BILLING ASSISTANCE, INC. AND FCID HOLDINGS, INC. | |||||||||||||||||
PRO FORMA CONSOLIDATED BALANCE SHEET | |||||||||||||||||
September 30, 2010 | |||||||||||||||||
(Unaudited) | |||||||||||||||||
MEDICAL | Adjustments | Consolidated | |||||||||||||||
BILLING | FCID | (See Notes) | Balance | ||||||||||||||
ASSETS | |||||||||||||||||
Current assets | |||||||||||||||||
Cash | $ | 766 | $ | 64,877 | $ | - | $ | 65,643 | |||||||||
Accounts receivable | 67,748 | 67,748 | |||||||||||||||
Prepaid expenses | 7,658 | 7,658 | |||||||||||||||
Total current assets | 766 | 140,283 | - | 141,049 | |||||||||||||
Fixed assets - net | 4,738,924 | 4,738,924 | |||||||||||||||
Deposits | 4,415 | 4,415 | |||||||||||||||
Total Assets | $ | 766 | $ | 4,883,622 | $ | - | $ | 4,884,388 | |||||||||
LIABILITIES | |||||||||||||||||
& STOCKHOLDERS' EQUITY | |||||||||||||||||
Current liabilities | |||||||||||||||||
Accounts payable | $ | 882 | $ | 49,297 | $ | - | $ | 50,179 | |||||||||
Related party payables | 50,248 | 50,248 | |||||||||||||||
Property taxes payable | 60,300 | 60,300 | |||||||||||||||
Tenant deposits | 47,399 | 47,399 | |||||||||||||||
Notes payable - current | 32,600 | 32,600 | |||||||||||||||
Other liabilities | 10,978 | 10,978 | |||||||||||||||
Total current liabilties | 83,730 | 167,974 | - | 251,704 | |||||||||||||
Notes payable | 5,433,295 | 5,433,295 | |||||||||||||||
Total Liabilities | 83,730 | 5,601,269 | - | 5,684,999 | |||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock, $.10 par value; | |||||||||||||||||
1,000,000 shares authorized; | |||||||||||||||||
none issued and outstanding | - | - | - | - | |||||||||||||
Common stock, $.001 par value; | |||||||||||||||||
100,000,000 shares authorized; | |||||||||||||||||
49,716,000 shares issued and | |||||||||||||||||
outstanding | 9,716 | 1,000 | 39,000 | A | 49,716 | ||||||||||||
Additional paid in capital | 35,836 | (2,563,891 | ) | (167,516 | ) | A | (2,695,571 | ) | |||||||||
Retained earnings | (128,516 | ) | 1,845,244 | 128,516 | A | 1,845,244 | |||||||||||
Total Stockholders' Equity | (82,964 | ) | (717,647 | ) | - | (800,611 | ) | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 766 | $ | 4,883,622 | $ | - | $ | 4,884,388 |
2
MEDICAL BILLING ASSISTANCE, INC. AND FCID HOLDINGS, INC. | ||||||||||||||||
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
MEDICAL | ||||||||||||||||
BILLING | FCID | |||||||||||||||
Year Ended | Year Ended | Adjustments | Consolidated | |||||||||||||
Dec. 31, 2009 | Dec. 31, 2009 | (See Notes) | Balance | |||||||||||||
Sales | $ | 4,632 | $ | 1,029,725 | $ | - | $ | 1,034,357 | ||||||||
Other revenue | 43,683 | 43,683 | ||||||||||||||
Cost of goods sold | 4,027 | 4,027 | ||||||||||||||
Gross profit | 605 | 1,073,408 | - | 1,074,013 | ||||||||||||
Operating expenses: | ||||||||||||||||
Depreciation | 159,588 | - | 159,588 | |||||||||||||
General and administrative | 21,661 | 477,574 | - | 499,235 | ||||||||||||
21,661 | 637,162 | - | 658,823 | |||||||||||||
Income (loss) from operations | (21,056 | ) | 436,246 | - | 415,190 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest revenue | 459 | 459 | ||||||||||||||
Interest expense | (841 | ) | (281,109 | ) | (281,950 | ) | ||||||||||
(841 | ) | (280,650 | ) | - | (281,491 | ) | ||||||||||
Income (loss) before provision | ||||||||||||||||
for income taxes | (21,897 | ) | 155,596 | - | 133,699 | |||||||||||
Provision for income tax | - | - | - | - | ||||||||||||
Net income (loss) | $ | (21,897 | ) | $ | 155,596 | $ | - | $ | 133,699 | |||||||
Net income (loss) per share | ||||||||||||||||
(Basic and fully diluted) | $ | (0 | ) | $ | 0.00 | |||||||||||
Weighted average number of | ||||||||||||||||
common shares outstanding | 49,716,000 | 49,716,000 |
3
MEDICAL BILLING ASSISTANCE, INC. AND FCID HOLDINGS, INC. | ||||||||||||||||
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
MEDICAL | ||||||||||||||||
BILLING | FCID | |||||||||||||||
Nine Months | Nine Months | |||||||||||||||
Ended | Ended | |||||||||||||||
Sept. 30, 2010 | Sept. 30, 2010 | Adjustments | Consolidated | |||||||||||||
(Unaudited) | (Unaudited) | (See Notes) | Balance | |||||||||||||
Sales | $ | - | $ | 944,425 | $ | - | $ | 944,425 | ||||||||
Other revenue | 3,329 | 3,329 | ||||||||||||||
Cost of goods sold | - | |||||||||||||||
Gross profit | - | 947,754 | - | 947,754 | ||||||||||||
Operating expenses: | ||||||||||||||||
Depreciation | 121,092 | - | 121,092 | |||||||||||||
General and administrative | 13,252 | 346,565 | - | 359,817 | ||||||||||||
13,252 | 467,657 | - | 480,909 | |||||||||||||
Income (loss) from operations | (13,252 | ) | 480,097 | - | 466,845 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest revenue | 93 | 93 | ||||||||||||||
Interest expense | (1,232 | ) | (228,386 | ) | (229,618 | ) | ||||||||||
(1,232 | ) | (228,293 | ) | - | (229,525 | ) | ||||||||||
Income (loss) before provision | ||||||||||||||||
for income taxes | (14,484 | ) | 251,804 | - | 237,320 | |||||||||||
Provision for income tax | - | - | - | - | ||||||||||||
Net income (loss) | $ | (14,484 | ) | $ | 251,804 | $ | - | $ | 237,320 | |||||||
Net income (loss) per share | ||||||||||||||||
(Basic and fully diluted) | $ | (0 | ) | $ | 0.01 | |||||||||||
Weighted average number of | ||||||||||||||||
common shares outstanding | 49,716,000 | 49,716,000 |
4
MEDICAL BILLING ASSISTANCE, INC.
(A Development Stage Company)
NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009 and September 30, 2010 (Unaudited)
Basis of Presentation
The following pro forma consolidated balance sheet as of September 30, 2010 and pro forma consolidated statements of operations for the year ended December 31, 2009 and for the nine months ended September 30, 2010 between Medical Billing Assistance, Inc. and FCID Holdings, Inc. are presented to show what effects the reverse acquisition of Medical Billing Assistance, Inc. by FCID Holdings, Inc., Inc. might have had on historical financial information had the transaction taken place on an earlier date. The pro forma consolidated financial statements are derived from the historical financial statements of Medical Billing Assistance, Inc. and FCID Holdings, Inc. and assume that for balance sheet purposes the transaction took place on September 30, 2010, and for statements of operations purposes on January 1, 2009 with resulting effects thr ough December 31, 2009, and on January 1, 2010 with resulting effects through September 30, 2010. The pro forma consolidated financial statements should be read in conjunction with the historical financial information. The pro forma consolidated financial statements are not necessarily indicative of the result that would have been attained had the transaction actually taken place earlier.
Pro Forma Adjustments
Pro forma adjustments from the pro forma consolidated financial statements are referenced below.
(A) Adjustment to restate common stock to that of Medical Billing Assistance, Inc.
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