SpectRx, Inc. unaudited pro forma condensed combined statements of operations for the year ended December 31, 2001 and unaudited pro forma condensed combined statements of operations and the unaudited pro forma condensed combined balance sheet as of and for the nine months ended September 30, 2002.
THE UNAUDITED PRO FORMA FINANCIAL INFORMATION HAS BEEN PREPARED BY THE MANAGEMENT OF SPECTRX BASED ON THE HISTORICAL FINANCIAL STATEMENTS OF SPECTRX THE UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL INFORMATION IS PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS OR OF ACTUAL RESULTS THAT WOULD HAVE BEEN ACHIEVED HAD THE SALE BEEN CONSUMMATED AT THE BEGINNING OF THE PERIODS PRESENTED, NOR IS IT INDICATIVE OF FUTURE FINANCIAL POSITION OR RESULTS OF OPERATIONS.
THE UNAUDITED PRO FORMA FINANCIAL INFORMATION SHOULD BE READ IN CONJUNCTION WITH SPECTRX'S HISTORICAL FINANCIAL STATEMENTS AND RELATED NOTES CONTAINED IN IT'S ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT QUARTERLY REPORTS ON FORM 10-Q, OTHER INFORMATION FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS WELL AS HISTORICAL FINANCIAL STATEMENTS AND NOTES IN THE FORM 8-K TO WHICH THIS INFORMATION IS FILED AS AN EXHIBIT.
SpectRx, Inc | |||||||||
Unaudited Pro Forma Consolidated Statements of Operations | |||||||||
(in thousands, except per share data) | |||||||||
Pro forma | Pro forma | ||||||||
Year Ended | Adjustments | 1 | Year Ended | ||||||
December 31, | December 31, | ||||||||
2001 | 2001 | ||||||||
| REVENUE | |||||||||
| Product Sales | $2,358 | ($2,194) | $164 | ||||||
| Collaborative agreements | 100 | (100) | 0 | ||||||
| Total | 2,458 | (2,294) | 164 | ||||||
| COST OF SALES | 2,064 | (2,025) | 39 | ||||||
| GROSS MARGIN | 394 | (269) | 125 | ||||||
| EXPENSES | |||||||||
| Research & development | 3,842 | 3,842 | |||||||
| Sales & marketing | 846 | (609) | 237 | ||||||
| General & administrative | 2,941 | 2,941 | |||||||
| Total | 7,629 | (609) | 7,020 | ||||||
| Operating loss | (7,235) | 340 | (6,895) | ||||||
| OTHER INCOME | 14 | 14 | |||||||
| INTEREST INCOME | 255 | 255 | |||||||
| NET LOSS | (6,966) | 340 | (6,656) | ||||||
| PREFERRED STOCK DIVIDENDS | (315) | (315) | |||||||
| LOSS AVAILABLE TO COMMON STOCKHOLDERS | ($7,281) | $340 | ($6,971) | ||||||
| Net Loss Per Share | |||||||||
| Basic & Diluted | ($0.75) | ($0.75) | |||||||
| Common Equivalent Shares Outstanding | |||||||||
| Basic & Diluted | 9,646 | 9,336 | |||||||
SpectRx, Inc | ||||||
Unaudited Pro Forma Consolidated Statements of Operations | ||||||
(in thousands, except per share data) | ||||||
Pro forma | ||||||
Nine Months | Pro forma | Nine Months | ||||
Ended September 30, | Adjustment | 2 | Ended September 30, | |||
2002 | 2002 | |||||
| REVENUE | ||||||
| Product Sales | $1,924 | ($1,642) | $282 | |||
| Collaborative agreements | 1,100 | (100) | 1,000 | |||
| Total | 3,024 | (1,742) | 1,282 | |||
| COST OF SALES | 1,173 | (933) | 240 | |||
| GROSS MARGIN | 1,851 | (809) | 1,042 | |||
| EXPENSES | ||||||
| Research & development | 4,658 | (258) | 4,400 | |||
| Sales & marketing | 1,454 | (325) | 1,129 | |||
| General & administrative | 2,414 | 2,414 | ||||
| Total | 8,526 | (583) | 7,943 | |||
| Operating loss | (6,675) | (226) | (6,901) | |||
| OTHER INCOME | 0 | 0 | ||||
| INTEREST INCOME | 81 | 81 | ||||
| NET LOSS | (6,594) | (226) | (6,820) | |||
| PREFERRED STOCK DIVIDENDS | (236) | (236) | ||||
| LOSS AVAILABLE TO COMMON STOCKHOLDERS | ($6,830) | ($226) | ($7,056) | |||
| Net Loss Per Share | ||||||
| Basic & Diluted | ($0.61) | ($0.63) | ||||
| Common Equivalent Shares Outstanding | ||||||
| Basic & Diluted | 11,196 | 11,196 | ||||
SpectRx, Inc | ||||||
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEETS | ||||||
(IN THOUSANDS) | ||||||
Pro forma | ||||||
September 30, | Pro forma | September 30, | ||||
2002 | Adjustments | 2002 | ||||
ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash & Cash Equivalents | $2,290 | $3,883 | 3 | $6,173 | ||
| Accounts Receivable | 430 | 430 | ||||
| Inventory | 775 | (775) | 0 | |||
| Other Current Assets | 1,076 | 1,076 | ||||
| Total Current Assets | 4,571 | 3,108 | 7,679 | |||
| PROPERTY & EQUIPMENT | ||||||
| Property & Equipment, Net | 463 | 463 | ||||
| Intangibles | 3,925 | 3,925 | ||||
| Due from related parties | 579 | 579 | ||||
| Total Non-Current Asset | 4,967 | 0 | 4,967 | |||
| TOTAL ASSETS | $9,538 | $3,108 | $12,646 | |||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts Payable | $565 |
| $565 | |||
| Accrued Liabilities | 865 | 865 | ||||
| Short Term Debt | 1,917 | 1,917 | ||||
| Total Current Liabilities | 3,347 | 3,347 | ||||
| COLLABORATIE PARTNER ADVANCE | 381 | 381 | ||||
| REDEEMABLE CONVERTIBLE PREFERRED STOCK | 3,043 | 3,043 | ||||
| STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
| Preferred stock | 1,170 | 1,170 | ||||
| Common stock | 11 | 11 | ||||
| Additional paid-in-capital | 47,845 | 47,845 | ||||
| Treasury stock | (38) | (38) | ||||
| Deferred compensation | (80) | (80) | ||||
| Accumulated deficit | (46,110) | 3,108 | 3 | (43,002) | ||
| Notes Receivable from officers | (31) | (31) | ||||
| Total Stockholdrers' Equity | 2,767 | 3,108 | 5,875 | |||
| TOTAL LIABILITIES & EQUITY | $9,538 | $3,108 | $12,646 | |||
The unaudited pro forma financial statements, reflect the assumed consummation of the sale as of September 30, 2002 for pro forma balance sheet and January 1, 2001 for the pro forma statements of income.
Note 1:
Reflects changes directly attributed to revenue and expenses of the BiliCheck(R) product line. Assuming the investment of cash proceeds from the sale, additional interest income earned would be approximately $78,000.
Note 2:
Reflects changes directly attributable to revenue and expenses of the BiliCheck(R) product line. Assuming the investment of cash proceeds from the sale additional interest income earned would be approximately $59,000.
Note 3:
Reflects $4,000,000 cash received less $117,000 in transaction related costs from the sale
