EXHIBIT 99.3
Nutek, Inc.
CONSOLIDATED PRO FORMA
FINANCIAL STATEMENTS
for the period ending
June 30, 2000
TABLE OF CONTENTS
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PAGE
BALANCE SHEET.......................................................... 1-2
STATEMENT OF OPERATIONS................................................ 3
NOTES TO FINANCIAL STATEMENTS.......................................... 4
NUTEK, INC.
1110 MARY CREST ROAD
HENDERSON, NV 89014
The following financial statements set forth summary pro forma financial
Data of the Company. The Company has prepared pro forma balance sheets and
statements of operations for the periods ending June 30, 2001. The pro
forma financial statements are based on historical financial statements
of Nutek, Inc., and Datascension, Inc. adjusted to give effect to the
combination resulting from the purchase agreement of Datascension, Inc.
in July of 2001. The pro forma balance sheet has been prepared based on
the assumption that the transactions occurred on January 1,2001. The
pro forma statements of operation are based on the assumption that the
transaction occurred on January 1, 2001.
Nutek, Inc.
CONSOLIDATED PRO FORMA
BALANCE SHEET
AS AT
June 30, 2001
BALANCE SHEET - ASSETS
Proforma Proforma Proforma Proforma
Nutek, Inc. Datascension Adjustments Combined
ASSETS
CURRENT ASSETS
Cash 284,576 29,137 0.00 313,713
Marketable Securities 72,000 0.00 0.00 72,000
Accounts Receivable
(Net of Reserves) 69,985 374,131 0.00 444,116
Accrued Income 11,200 0.00 0.00 11,200
Inventory 137,901 0.00 0.00 137,901
Prepaid Expenses 3,029 0.00 0.00 3,029
---------------------------------------------
Total Current Assets 578,691 403,268 0.00 981,959
PLANT AND EQUIPMENT
Plant and Equipment
(less Depreciation) 2,733,877 291,968 0.00 3,206,377
---------------------------------------------
Total Plant and
Equipment 2,733,877 291,968 0.00 3,206,377
OTHER ASSETS
Prepaid Expenses 170,000 0.00 0.00 170,000
Deposits 51,686 0.00 0.00 51,686
Patent Rights Acquired
(net of amortization) 1,163,655 0.00 0.00 1,163,655
Web Sites
(net of amortization) 41,045 0.00 0.00 41,045
Packaging Design
(net of amortization) 52,023 0.00 0.00 52,023
Other Assets
(net of amortization) 111,245 4,651 0.00 115,896
Investments 0.00 9,600 0.00 9,600
Goodwill 0.00 0.00 1,431,407 1,431,407
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Total Other Assets 1,589,654 14,251 1,431,407 3,035,312
TOTAL ASSETS 4,902,222 709,487 1,611,939 7,223,648
See accompanying notes to financial statements
F-1
Nutek, Inc.
CONSOLIDATED PRO FORMA
BALANCE SHEET
AS AT
June 30, 2001
BALANCE SHEET - LIABILITIES & EQUITY
Proforma Proforma Proforma Proforma
Nutek, Inc. Datascension Adjustments Combined
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable 101,712 0.00 0.00 101,712
Payroll Taxes Payable 52 0.00 0.00 52
Long Term Liabilities 566,431 0.00 0.00 566,431
Notes Payable 110,000 369,500 (369,500) 110,000
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Total
Current Liabilities 778,195 509,500 (369,500) 918,195
Long Term Liabilities 1,341,948 0.00 0.00 1,341,948
Total Liabilities 2,120,143 509,500 (369,500) 2,260,143
EQUITY
Capital Stock 49,440 3,125 26,592 79,157
Additional Paid
in Capital 7,740,268 0.00 1,942,572 9,682,840
Preferred Stock 794 0.00 0.00 794
Royalty Investors 20,000 0.00 0.00 20,000
Treasury Stock (49,263) 0.00 0.00 (49,263)
Retained Earnings
or (Deficit) (4,979,160) 196,862 12,275 (4,782,298)
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Total Stockholders'
Equity 2,782,079 199,987 1,981,439 2,982,066
TOTAL LIABILITIES &
OWNER'S EQUITY 4,902,222 709,487 1,611,939 7,223,648
See accompanying notes to financial statements
F-2
Nutek, Inc.
CONSOLIDATED PRO FORMA
STATEMENT OF OPERATIONS
For Year Ended June 30, 2001
STATEMENT OF OPERATIONS
Proforma Proforma Proforma Proforma
Nutek, Inc. Datascension Adjustments Combined
REVENUE
Net Sales 612,556 1,729,565 0.00 2,342,121
COSTS AND EXPENSES
Cost of Sales 225,925 990,905 0.00 1,216,830
Selling, General and
Administrative 351,131 547,461 0.00 898,592
Depreciation Expense 71,997 12,275 (12,275) 71,997
Interest Expense 15,000 24,782 0.00 39,782
Amortization of
Intangible Assets 38,247 582 0.00 38,829
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Total Costs and Expenses 476,375 585,100 (12,275) 1,049,200
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Net Income or (Loss) before
Income Taxes (89,744) 153,560 12,275 76,091
See accompanying notes to financial statements
F-3
Nutek, Inc.
NOTES TO CONSOLIDATED PRO FORMA FINANCIAL STATEMENTS
NOTE 1 - PRO FORMA FINANCIAL STATEMENTS
The following financial statements set forth summary pro forma financial
Data of the Company. The Company has prepared pro forma balance sheets and
statements of operations for the periods ending June 30, 2001. The pro
forma financial statements are based on historical financial statements
of Nutek, Inc., and Datascension Inc. adjusted to give effect to the
combination resulting from the purchase agreement of July of 2001, under
the following assumptions. The pro forma balance sheet has been
prepared based on the assumption that the transactions occurred on
January 1, 2001. The pro forma statements of operation are based on the
assumption that the transaction occurred on January 1, 2001. The
following adjustments were made to arrive at the combined company.
The Note payable to the shareholders in Datascensions in the amount of
$369,500 was adjusted, the issuance of the capital stock was adjusted
and goodwill in the amount of $1,431,407 was included.
Datascension Inc., was acquired 07/02/2001 for $2,2 million. The
business combination has been accounted for under the purchase method of
accounting for business combinations.
F-4