Exhibit 99.1
MEDICAL BILLING ASSISTANCE, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
June 30, 2011 | ||||||||
(unaudited) | ||||||||
Pro forma | As reported | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 1,836,762 | $ | 87,913 | ||||
Accounts receivable | 43,526 | 43,526 | ||||||
Prepaid expenses | 13,673 | 43,673 | ||||||
Escrows and deposits | 232,162 | - | ||||||
Total current assets | 2,126,123 | 175,112 | ||||||
Property, plant and equipment, net of accumulated depreciation of $1,099,701 and $1,018,970 | 4,617,829 | 4,617,829 | ||||||
Other assets | ||||||||
Capitalized financing costs | 169,283 | |||||||
Deposits | 2,415 | 2,415 | ||||||
Total assets | $ | 6,915,650 | $ | 4,795,356 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 222,463 | $ | 305,817 | ||||
Notes payable, current portion | 67,727 | 5,346,352 | ||||||
Notes payable- related party, current portion | 19,301 | 19,301 | ||||||
Convertible note payable | 53,000 | 53,000 | ||||||
Unearned revenue | 23,586 | 23,586 | ||||||
Deferred income taxes | 50,019 | 50,019 | ||||||
Other liabilities | - | - | ||||||
Total current liabilities | 436,095 | 5,798,075 | ||||||
Long term debt: | ||||||||
Deposits held | 47,399 | 47,399 | ||||||
Notes payable, long term portion | 7,482,274 | - | ||||||
Total long term debt | 7,529,673 | 47,399 | ||||||
Total liabilities | 7,965,768 | 5,845,474 | ||||||
Stockholders' deficit | ||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized, Nil issued and outstanding | - | - | ||||||
Common stock, $0.001 par value; 100,000,000 shares authorized, 49,716,000 shares issued and outstanding as of June 30, 2011 and December 31, 2010 | 49,716 | 49,716 | ||||||
Additional paid in capital | 40,915 | 40,915 | ||||||
Accumulated deficit | (1,140,749 | ) | (1,140,749 | ) | ||||
Total stockholders' deficit | (1,050,118 | ) | (1,050,118 | ) | ||||
Total liabilities and stockholders' deficit | $ | 6,915,651 | $ | 4,795,356 |