EXHIBIT 99.1
MEDICAL SCIENCE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
UNAUDITED UNAUDITED
UNAUDITED UNAUDITED PROFORMA PROFORMA
DECEMBER 31, 1998 MARCH 31, 1999 MAY 31, 1999 ADJUSTMENTS MAY 31, 1999
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ASSETS
CURRENT ASSETS
Cash and cash equivalents ..................... $ 2,432,271 $ 1,183,787 $ 590,080 4,903,000 (1) $ 5,493,080
Accounts receivable, net of allowance
for doubtful accounts ....................... 125,086 113,785 109,184 109,184
Prepaid expenses .............................. 127,426 145,286 182,375 182,375
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Total current assets ........................ 2,684,783 1,442,858 881,639 5,784,639
FURNITURE AND EQUIPMENT, NET .................... 458,107 412,695 380,217 380,217
OTHER ASSETS .................................... 530,000 530,000 530,000 530,000
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TOTAL ASSETS ................................ $ 3,672,890 $ 2,385,553 $ 1,791,856 $ 6,694,856
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LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable .............................. $ 278,773 $ 232,567 $ 363,492 $ 363,492
Accrued expenses .............................. 433,859 450,550 435,132 88,000 (1) 523,132
Notes payable ................................. 47,813 26,111 19,729 19,729
Deferred income ............................... 275,321 274,439 274,646 274,646
Current portion of long-term debt ............. 81,432 81,432 81,432 81,432
Current portion of capitalized lease
obligations ................................. 104,837 102,379 102,379 102,379
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Total current liabilities ................... 1,222,035 1,167,478 1,276,810 1,364,810
LONG-TERM DEBT, LESS CURRENT PORTION ............ 447,856 427,498 413,926 413,926
CAPITALIZED LEASE OBLIGATIONS,
LESS CURRENT PORTION .......................... 156,651 138,891 121,003 121,003
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Total liabilities ........................... 1,826,542 1,733,867 1,811,739 1,899,739
SHAREHOLDERS' EQUITY
Preferred stock, no par value ................. -- -- -- -- (1) --
5,000,000 shares authorized
2,200,000 issued and outstanding
Common stock, no par value .................... 16,719,933 16,730,396 16,730,396 4,815,000 (1) 21,545,396
10,000,000 shares authorized
5,548,470 shares issued and outstanding
Accumulated deficit ........................... (14,873,585) (16,078,710) (16,750,279) (16,750,279)
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Total shareholders' equity .................. 1,846,348 651,686 (19,883) 4,795,117
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Total liabilities and shareholders' equity $ 3,672,890 $ 2,385,553 $ 1,791,856 $ 6,694,856
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Notes to Proforma Adjustments
(1) Recognizes issuance of $5 million of preferred stock with a beneficial
conversion feature netted by offering costs