Exhibit 99.2 |
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IGI, INC. AND SUBSIDIARIES |
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Year to Date | ||
Revenues: | ||
Product sales, net | $ 2,750 | |
R&D Revenues | 822 | |
Licensing and royalty income | 867 | |
Total revenues | 4,439 | |
Cost and expenses: | ||
Cost of sales | 2,339 | |
Selling, general and administrative expenses | 2,167 | |
Product development and research expenses | 484 | |
Operating loss | (551) | |
Interest expense (net) | (47) | |
Other income | 69 | |
Loss from operations before (benefit) for income taxes | (529) | |
(Benefit) for income taxes | 523 | |
Net loss | $ (6) | |
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IGI, INC. AND SUBSIDIARIES |
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December 12, 2007 | ||
(unaudited) | ||
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 1,114 | |
Restricted cash | 50 | |
Accounts receivable, less allowance for doubtful accounts | ||
of $60 in 2007 | 442 | |
Accounts receivable- related party | 54 | |
Licensing and royalty income receivable | 60 | |
Inventories | 372 | |
Prepaid expenses and other current assets | 29 | |
Total current assets | 2,121 | |
Property, plant and equipment, net | 2,329 | |
License fee, net | 801 | |
Total assets | $ 5,251 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Note payable - related party | $ 500 | |
Accounts payable | 280 | |
Accrued expenses | 174 | |
Deferred income, current | 23 | |
Total current liabilities | 977 | |
Deferred income | 57 | |
Total liabilities | 1,034 | |
Stockholders' equity: | ||
Stock Subscribed (preferred stock to be issued) | 500 | |
Common stock $.01 par value, 50,000,000 shares |
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Additional paid-in capital | 27,084 | |
Accumulated deficit | (22,138) | |
Less treasury stock, 1,965,740 shares at cost | (1,395) | |
Total stockholders' equity | 4,217 | |
Total liabilities and stockholders' equity | $ 5,251 | |
The income statement and balance sheet above are presented on a pro forma basis at the date of our AMEX compliance plan period end date of December 12, 2007 to give effect to the following events: | |
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- | results of operations of the Company from January 1, 2007 through December 12, 2007 |
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- | our receipt of the proceeds from the sale of 50 convertible preferred shares of the Company which are listed as stock subscribed on the balance sheet. |