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EXHIBIT 99.4
BENEFITS ADMINISTRATION, INC.
PRO FORMA BALANCE SHEETS
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BAI HARBOUR ELIMINATIONS TOTAL
APRIL 30, 1997 1997 (SEE FOOTNOTES BELOW.)
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ASSETS
CURRENT ASSETS
Cash $ 1,942 $ 70,267 $ $ 72,209
Accounts receivable - trade 17,201 -- 17,201
Notes receivable - officer 8,161 -- 8,161
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TOTAL CURRENT ASSETS 27,304 70,267 -- 97,571
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FURNITURE AND EQUIPMENT
Office furniture, fixtures and improvements 68,602 -- 68,602
Computer software 5,879 -- 5,879
Other Assets -- 80,416 (2) 80,416 --
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74,481 80,416 80,416 74,481
Less - accumulated depreciation and amortization 13,175 -- 13,175
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61,306 80,416 80,416 61,306
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$ 88,610 $ 150,683 $ 80,416 $ 158,877
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade $ 107,094 $ 1,159 $ (1) 40,000 $ 148,253
Accrued payroll and expenses 8,204 -- 8,204
Notes payable 287,000 -- 287,000
Current portion of capital lease obligations 14,754 -- 14,754
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TOTAL CURRENT LIABILITIES 417,052 1,159 40,000 458,211
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CAPITAL LEASE OBLIGATIONS 17,800 -- 17,800
SUBORDINATED CONVERTIBLE DEBT 150,000 -- 150,000
INTERESTS IN FUTURE REVENUES 135,000 -- 35,000
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TOTAL OTHER LIABILITIES 302,800 -- 302,800
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STOCKHOLDERS' EQUITY
Common stock, $0.00001 par value: 50,000,000
shares authorized; 3,380,462 shares issued and
outstanding at April 30, 1997 and 1996 -- 1 (3) 176 177
Preferred stock, $0.00001 par value; 20,000 shares
authorized; no shares issued and outstanding -- -- -- --
Common stock ($1 par value, 100 shares
authorized, issued and outstanding) 100 -- (3) 100 --
Additional paid-in capital -- 165,612 (2)&(3) 96,581 69,031
Accumulated deficit (631,342) (16,089) (1)&(3) 23,911 (671,342)
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TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (631,242) 149,524 (120,416) (602,134)
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$ 88,610 $ 150,683 $ (80,416) $ 158,877
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Footnotes: (1) Represents estimated direct and incremental costs of $40,000
associated with BAI's reverse acquisition of Harbour.
(2) Represents restricted cash distribution of $80,416 to
stockholders pursuant to Colorado securities law, which is
charged against additional paid-in capital.
(3) Represents the issuance of 2,386,210 shares issued in
connection with the reverse acquistion of Harbour, elimination
of BAI common stock and the accumulated deficit of Harbour,
and the seven-for- one stock split effected on September 16,
1997.
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BENEFITS ADMINISTRATION, INC.
PRO FORMA STATEMENTS OF OPERATIONS
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BAI HARBOUR ELIMINATIONS TOTAL
YEARS ENDED APRIL 30, 1996 1996
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Revenue
Revenue $ 297,018 $ 7,481 $ $ 304,499
Less - returns (6,475) -- (6,475)
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290,543 7,481 298,024
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Operating expenses
Salaries 154,753 -- 154,753
Printing 31,413 -- 31,413
Postage and shipping 4,664 -- 4,664
Rent 19,837 600 20,437
Taxes and licenses 4,854 1,020 5,874
Travel 19,804 351 20,155
Provider benefits expense 12,975 -- 12,975
Office supplies 5,826 180 6,006
Telephone 25,906 -- 25,906
Legal and professional 25,620 5,026 30,646
Depreciation and amortization 712 150 862
Advertising 16,088 -- 16,088
Commissions 7,850 -- 7,850
Miscellaneous 1,138 -- 1,138
Equipment rental 2,359 -- 2,359
Insurance 341 -- 341
Employee training 20,012 -- 20,012
Filing fees -- 250
Transfer agent -- 102
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354,152 7,679 361,831
Loss before income taxes (63,609) (198) (63,807)
Income tax benefit (expense) (4,599) -- (4,599)
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Net loss (68,208) (198) (68,406)
Weigted average shares outstanding 100 142,036 $ 17,555,586 17,697,722
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Loss per common share $($ 682.08) $ ($0.00) $ -- $ ($0.00)
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FOOTNOTE: Weighted average shares outstanding includes 2,386,210 shares
issued to stockholders of BAI in connection its reverse acquisition
of Harbour , and the seven-for-one stock split effected on
September 16, 1997.
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BENEFITS ADMINISTRATION, INC.
PRO FORMA STATEMENTS OF OPERATIONS
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BAI HARBOUR ELIMINATIONS TOTAL
YEARS ENDED APRIL 30, 1997 1997
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Revenue
Revenue $ 298,338 $ 7,366 $ $ 305,704
Less - returns (4,955) -- (4,955)
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293,383 7,366 300,749
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Operating expenses
Salaries 245,415 -- 245,415
Printing 240,229 -- 240,229
Postage and shipping 82,939 -- 82,939
Rent 65,876 -- 65,876
Interest expense, net of interest income 36,475 600 37,075
Taxes and licenses 33,774 1,020 34,794
Travel 26,369 1,155 27,524
Provider benefits expense 24,767 -- 24,767
Office supplies 24,065 2,212 26,277
Telephone 23,529 -- 23,529
Legal and professional 19,074 2,559 21,633
Depreciation and amortization 12,463 150 12,613
Advertising 6,877 -- 6,877
Penalties 5,117 -- 5,117
Commissions 3,698 -- 3,698
Repairs and maintenance 3,500 -- 3,500
Miscellaneous 2,216 -- 2,216
Equipment rental 1,939 -- 1,939
Insurance 1,420 -- 1,420
Employee training -- -- --
Filing fees -- 250 250
Transfer agent -- 1,695 1,695
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859,742 9,641 869,383
Loss before income taxes (566,359) (2,275) (568,634)
Income tax benefit (expense) 4,599 -- 4,599
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Net loss (561,760) (2,275) (564,035)
Weighted average share outstanding 100 142,036 17,555,586 17,697,722
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Loss per common share $ (5,617.60) $ (0.02) $ -- $ (0.03)
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FOOTNOTES: Weighted average shares outstanding includes 2,386,210 shares
issued to stockholders of BAI in connection with its reverse
acquisition of Harbour, and the seven-for-one stock split effected
on September 16, 1997.