EXHIBIT 2.3
Transfusion Technologies Corporation
Consolidated Balance Sheet
September 15, 2000
09/15/2000
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ASSETS
Current assets:
Cash and cash equivalents $ 9,046,421
Accounts receivable, net of allowance for
doubtful accounts of $34,500 at September 15, 2000
and December 31, 1999 159,279
Inventory 533,045
Prepaid and other current assets 524,559
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Total current assets 10,263,304
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Property and equipment 6,264,175
Less accumulated depreciation and amortization (3,022,707)
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Property and equipment, net 3,241,468
Other assets 14,390
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Total assets 13,519,162
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 340,050
Accrued expenses 682,552
Deferred revenues 1,666,667
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Total current liabilities 2,689,269
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Mandatorily redeemable preferred stock,
Series A Convertible 365,000
Mandatorily redeemable preferred stock,
Series B Convertible 4,661,670
Mandatorily redeemable preferred stock,
Series C Convertible 9,980,108
Mandatorily redeemable preferred stock,
Series D Convertible 16,118,121
Mandatorily redeemable preferred stock,
Series E Convertible 6,059,292
Mandatorily redeemable preferred stock 12,659,578
Stockholders' equity:
Common stock 6,359
Additional paid-in capital 8,232
Accumulated Deficit (39,012,188)
Accumulated other comprehensive loss (16,103)
Less treasury stock 156 shares at cost at
September 15, 2000 (176)
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Total stockholders' equity (39,013,876)
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Total liabilities and stockholders' equity $ 13,519,162
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Transfusion Technologies Corporation
Consolidated Statement of Operations
For the Nine Months Ending September 15, 2000
2000
----
Net revenues 2,033,307
Operating expenses:
Cost of goods sold 2,001,874
Research and development 2,944,085
Selling, General and administrative 6,343,766
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Total operating expenses 11,289,725
Operating income (loss) (9,256,418)
Interest income 676,460
Net loss $ (8,579,958)
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Transfusion Technologies Corporation
Consolidated Statement of Cash Flows
For the nine months ended September 15, 2000
2000
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Cash flows from operating activities:
Net loss $ (8,579,958)
Adjustments to reconcile net loss to net cash used
for operating activities:
Depreciation and amortization 699,616
Changes in assets and liabilities:
Accounts receivable, net (50,573)
Inventory 313,105
Prepaid expenses and other current assets (447,871)
Other assets 3,557
Accounts payable (340,937)
Accrued expenses and other current liabilities (827,739)
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Net cash used for operating activities (9,230,800)
Cash flows for investing activities:
Purchases of property and equipment (1,843,113)
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Net cash used for investing activities (1,843,113)
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Cash flows from financing activities:
Proceeds from issuance of common stock, net 8,310
Buy-back of preferred stock, net (28,126)
Purchase of treasury stock (176)
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Net cash provided from financing activities (19,992)
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Currency translation adjustment (4,413)
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Net increase (decrease) in cash and cash equivalents (11,098,318)
Cash and equivalents, beginning of period 20,144,739
Cash and equivalents, end of period $ 9,046,421
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