Micro Imaging Technology, Inc. and Success Mater | |||||||||
Investment Limited | |||||||||
Consolidated (Unaudited) Condensed Pro Forma Balance Sheet | |||||||||
As of April 30, 2007 | |||||||||
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Success | Micro | (Unaudited) | |||||||
Mater Investment | Imaging | (Unaudited) | ProForma | ||||||
Limited | Technology, Inc. | ProForma | Consolidated | ||||||
and Subsidiaries | and Subsidiaries | Adjustments | Total | ||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash | $ 970,680 | $ 325,673 | $ (805,673) | $ 490,680 | |||||
Trade accounts receivabe | - | 20,000 | (20,000) | - | |||||
Prepaid expenses | 30,639 | 12,587 | (12,587) | 30,639 | |||||
Supplies | 3,907 | - | - | 3,907 | |||||
Total current assets | 1,005,226 | 358,260 | (838,260) | 525,226 | |||||
Fixed assets | 768,061 | 98,362 | (98,362) | 768,061 | |||||
Land use right, net | 51,289 | - | - | 51,289 | |||||
Prepaid taxes | 27,889 | - | - | 27,889 | |||||
Total assets | $ 1,852,465 | $ 456,622 | $ (936,622) | $ 1,372,465 | |||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||
Current liabilities: | |||||||||
Trade accounts payable | 68,860 | 77,023 | (77,023) | 68,860 | |||||
Accounts payable to officers | 0 | 32,000 | (32,000) | - | |||||
Accrued payroll | 0 | 116,200 | (116,200) | - | |||||
Other accrued expenses | 6,361 | 36,421 | (36,421) | 6,361 | |||||
Security deposit | 34,879 | - | - | 34,879 | |||||
Redeemable convertible preferred stock, $0.01 par value; 2,600,000shares authorized, issued and outstanding at April 30, 2007. | - | 26,000 | (26,000) | - | |||||
Total liabilities | 110,100 | 287,644 | (287,644) | 110,100 | |||||
Minority interest | 129,351 | - | - | 129,351 | |||||
Commitments and contingencies | |||||||||
Stockholders' deficit: | |||||||||
Common stock, $0.01 par value; 100,000,000 shares authorized;29,554,666 and 81,800,000 shares issued and outstanding atApril 30, 2007 and April 30, 2007 (proforma), respectively. | - | 295,547 | (213,747) | 81,800 | |||||
Common stock, $0.13 par value; 10,000 shares authorized;10 shares issued and outstanding at March 31, 2007. | 1 | - | (1) | - | |||||
Additional paid-in capital | 3,874,539 | 32,194,964 | (32,756,763) | 3,312,740 | |||||
Notes receivable on common stock | - | (37,620) | 37,620 | - | |||||
Accumulated deficit from previous operating activities | (27,809,201) | 27,809,201 | - | ||||||
Accumlated other comprehensive income | (57,180) | - | - | (57,180) | |||||
Deficit accumulated during the development stage | (2,204,346) | (4,474,712) | 4,474,712 | (2,204,346) | |||||
Total stockholders' deficit | 1,613,014 | 168,978 | (648,978) | 1,133,014 |
Total liabilities and stockholders' deficit | $ 1,852,465 | $ 456,622 | $ (936,622) | $ 1,372,465 |
Micro Imaging Technology, Inc. and Success Mater | |||||||||
Investment Limited | |||||||||
Consolidated (Unaudited) Condensed Pro Forma Statement of Operations | |||||||||
For the Six Months Ended April 30, 2007 | |||||||||
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Success | Micro | (Unaudited) | |||||||
Mater Investment | Imaging | (Unaudited) | ProForma | ||||||
Limited | Technology, Inc. | ProForma | Consolidated | ||||||
and Subsidiaries | and Subsidiaries | Adjustments | Total | ||||||
Net Sales | $ - | $ 40,000 | $ (40,000) | $ - | |||||
Cost of Sales | - | 15,810 | (15,810) | - | |||||
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Gross profit | - | 24,190 | (24,190) | - | |||||
Operating costs and expenses: | |||||||||
Research and development | 6,635 | 505,008 | (505,008) | 6,635 | |||||
Sales, general and administrative | 225,381 | 73,650 | (73,650) | 225,381 | |||||
Total operating expenses | 232,016 | 578,658 | (578,658) | 232,016 | |||||
Loss from operations | (232,016) | (554,468) | 554,468 | (232,016) | |||||
Other income (expense): | |||||||||
Interest income | 212 | 1,980 | (1,980) | 212 | |||||
Interest expense | - | (103,033) | 103,033 | - |
Other income (expense), net | - | (18,878) | 18,878 | - | |||||
Other income (expense), net | 212 | (119,931) | 119,931 | 212 | |||||
Loss from continuing operations before | |||||||||
provision for income tax and minority interest | (231,804) | (674,399) | 674,399 | (231,804) | |||||
Provision for income tax | - | (1,600) | 1,600 | - | |||||
Minority interest | 2,767 | - | 2,767 | ||||||
Net loss from continuing operations | (229,037) | (675,999) | 675,999 | (229,037) | |||||
Other Comprehensive Loss | |||||||||
Effects of Foreign Currency Conversion | 13,132 | - | - | 13,132 | |||||
Net loss | $ (215,905) | $ (675,999) | $ 675,999 | $ (215,905) |