MEDLINK INTERNATIONAL INC. AND ANYWHERE MD., INC | |||||||||||||
PROFORMA COMBINED BALANCE SHEET | |||||||||||||
December 31, 2006 | |||||||||||||
Effect of | |||||||||||||
Medlink | Anywhere | Anywhere MD, Inc. | Post | ||||||||||
International, Inc. | MD, Inc | Acquistion | Acquisition | ||||||||||
ASSETS | |||||||||||||
Current asssets: | |||||||||||||
Cash | $ | - | $ | 3,552 | $ | (100,000 | ) | $ | (96,448 | ) | |||
Loan receivable from shareholder | - | 39,372 | - | 39,372 | |||||||||
Inventory | - | 2,000 | - | 2,000 | |||||||||
Total current assets | - | 44,924 | (100,000 | ) | (55,076 | ) | |||||||
- | - | ||||||||||||
Property and equipment, net | 56,734 | 16,208 | - | 72,942 | |||||||||
Investment in Anywhere MD | 1,162,582 | ||||||||||||
1,162,582 | |||||||||||||
Deposits | 5,400 | - | - | 5,400 | |||||||||
Total Assets | $ | 62,134 | $ | 61,132 | $ | 1,062,582 | $ | 1,185,848 | |||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | |||||||||||||
Current Liabilities: | |||||||||||||
Cash overdraft | $ | 11,047 | $ | - | $ | 11,047 | |||||||
Accounts payable and accrued expenses | 382,509 | 61,730 | - | 444,239 | |||||||||
Deferred revenue | - | 70,384 | - | 70,384 | |||||||||
Minority interest | 70,437 | 70,437 | |||||||||||
Current portion of lease payable | 0 | 5,500 | - | 5,500 | |||||||||
Due to prior owner | 875,000 | 875,000 | |||||||||||
Loans payable to shareholders | 56,281 | 102,850 | - | 159,131 | |||||||||
449,837 | 240,464 | 945,437 | 1,635,738 | ||||||||||
- | |||||||||||||
Long term lease payable | - | 8,250 | - | 8,250 | |||||||||
- | |||||||||||||
Commitments and contingencies | - | ||||||||||||
- | |||||||||||||
Shareholders' Equity: | - | ||||||||||||
Preferred stock; $0.001 par value | |||||||||||||
5,000,0000 shares authorized, none issued | |||||||||||||
Common stock: | |||||||||||||
Class A; $0.001 par value, 150,000,000 shares | |||||||||||||
authorized , 14,396,822 shares issued and outstanding | 14,397 | 14,397 | |||||||||||
Class B; $0.001 par value, 50,000,000 shares | |||||||||||||
authorized , 2,250,000 shares issued and outstanding | 2,250 | 2,250 | |||||||||||
250,000,000 shares authorized; 208,875,000 and | 208,875 | (208,875 | ) | - | |||||||||
206,375,000 shares issued and outstanding at | |||||||||||||
December 31, 2006 and 2005, respectively | |||||||||||||
Deferred charges | (159,538 | ) | - | (159,538 | ) | ||||||||
Subscriptions receivable | (19,783 | ) | - | (19,783 | ) | ||||||||
Treasury stock (183,446 shares), at cost | (130,551 | ) | - | (130,551 | ) | ||||||||
Additional paid-in capital | 10,730,163 | (116,373 | ) | 116,373 | 10,730,163 | ||||||||
Accumulated deficit | (10,824,641 | ) | (280,084 | ) | 280,084 | (10,824,641 | ) | ||||||
Accumulated deficit | - | - | (70,437 | ) | (70,437 | ) | |||||||
Total shareholders' deficit | (387,703 | ) | (187,582 | ) | 117,145 | (458,140 | ) | ||||||
Total Liabilities and Shareholders' Deficit | $ | 62,134 | $ | 61,132 | $ | 1,062,582 | $ | 1,185,848 |
The accompanying notes are an integral part of these financial statements.
F-2
MEDLINK INTERNATIONAL INC. AND ANYWHERE MD., INC PROFORMA COMBINED BALANCE SHEET December 31, 2006 Effect of Medlink Anywhere MD Anywhere MD Post 2006 2006 Acquistion Acquisition Revenues $ 11,364 $ 578,710 $ 590,074 Cost of goods sold 0 31,073 31,073 Gross profit 11,364 547,637 559,001 Operating expense: Selling expense 0 59,929 59,929 General and administrative expense 1,550,458 551,114 2,101,572 1,550,458 611,043 2,161,501 Net loss from operations before impairment of assets (1,539,094 ) (63,406 ) (1,602,500 ) Loss on impairment of assets (49,814 ) - (49,814 ) Loss from continuing operations before minority interest (1,588,908 ) (63,406 ) (1,652,314 ) Minority interest - 23,809 23,809 Net income (loss) $ (1,539,094 ) $ (63,406 ) $ 23,809 $ (1,578,691 ) Weighted average common shares outstanding - basic and diluted 13,119,076 0 0 13,119,076 Net loss per share – basic and diluted ($0.12 ) $0.00 ($0.12 ) The accompanying notes are an integral part of these financial statements.F-3