Exhibit 99.1
Key Tax Group
Balance Sheet
As of March 31, 2019
Total | ||||
ASSETS | ||||
Current Assets | ||||
Bank Accounts | ||||
Checking | ||||
Vystar 0023 | $ | 569.29 | ||
Vystar 7061 | 10.00 | |||
Total Checking | 579.29 | |||
Total Bank Accounts | 579.29 | |||
Total Current Assets | 579.29 | |||
Fixed Assets | ||||
Fixed Asset Furniture | 55,122.00 | |||
Accumulated Depreciation | (49,078.00 | ) | ||
Total Fixed Asset Furniture | 6,044.00 | |||
Total Fixed Assets | 6,044.00 | |||
Other Assets | ||||
Accounts Receivable | 119,583.00 | |||
Accounts Receivable_Reserve for Doubtful Accounts | (152,448.00 | ) | ||
Key Tax Group Trade Name | 250,000.00 | |||
Total Other Assets | 217,135.00 | |||
TOTAL ASSETS | $ | 223,758.29 | ||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Current Liabilities | ||||
Other Current Liabilities | ||||
Accr. Interest Payable | $ | 17,503.00 | ||
Client Unearned Income | 107,450.54 | |||
Income Tax Payable | 214,220.00 | |||
Line of Credit | ||||
American Express | 748.00 | |||
Bank of America Credit Line | 11,466.00 | |||
Bluevine | 71,100.00 | |||
Kabbage | 35,827.00 | |||
Total Line of Credit | 119,141.00 | |||
Loans to Shareholder | 32,558.00 | |||
Payroll Liability - Gibson & Gibson | 4,892.00 | |||
Trademark Liability | 3,153.00 | |||
Total Other Current Liabilities | 498,917.54 | |||
Total Current Liabilities | 498,917.54 | |||
Total Liabilities | 498,917.54 | |||
Equity | ||||
Capital Stock | 100.00 | |||
Owner's Pay & Personal Expenses | (4,013.26 | ) | ||
Kelly | (28,655.34 | ) | ||
Ron | (34,387.91 | ) | ||
Total Owner's Pay & Personal Expenses | (67,056.51 | ) | ||
Retained Earnings | (167,583.00 | ) | ||
Net Income | (40,619.74 | ) | ||
Total Equity | 275,159.25 | |||
TOTAL LIABILITIES AND EQUITY | $ | 223,758.29 |
1 |
Profit & Loss
March 31, 2019
Total | ||||
Income | ||||
Refunds | $ | (2,700.00 | ) | |
Sales | 155,047.30 | |||
Total Income | 152,347.30 | |||
Gross Profit | 152,347.30 | |||
Expenses | ||||
Advertising & Marketing | 61,502.46 | |||
Answering Service | 2,593.28 | |||
Attorneys Fees | 3,000.00 | |||
Bank Charges & Fees | 1,175.80 | |||
Charity | 206.00 | |||
Computer Service Technician | 1,828.93 | |||
Contractors | 34,159.75 | |||
Employee Net Pay | 47,257.08 | |||
Employee Reimbursement | 100.00 | |||
Employee/Employer Taxes | 1,132.72 | |||
Legal & Professional Services | 406.00 | |||
Malpractice Insurance | 1,016.14 | |||
Meals & Entertainment | 1,879.89 | |||
Merchant Fees | 8,738.66 | |||
Office Supplies & Software | 11,397.76 | |||
Payroll Fees | 67.60 | |||
Postage | 1,471.51 | |||
Rent & Lease | 8,023.35 | |||
Telephone | 7,010.11 | |||
Total Expenses | 192,967.04 | |||
Net Operating Income | (40,619.74 | ) | ||
Net Income | $ | (40,619.74 | ) |
2 |