SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 10, 2005
(June 11, 2004)
Bio Solutions Manufacturing, Inc.
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(Exact Name of Registrant as Specified in its Charter)
New York 000-33229 16-1576984
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
1161 James Street, Hattiesburg, MS 39401
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (601) 582-4000
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13(e)-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
SECTION 1- REGISTRANT'S BUSINESS AND OPERATIONS
Not Applicable
SECTION 2 - FINANCIAL INFORMATION
Not Applicable
SECTION 3 - SECURITIES AND TRADING MARKETS
Not Applicable
SECTION 4 - MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL INFORMATION
Not Applicable
SECTION 5 - CORPORATE GOVERNANCE AND MANAGEMENT
Not Applicable
SECTION 6 - [Reserved]
Not Applicable
SECTION 7 - REGULATION FD
Not Applicable
SECTION 8 - OTHER EVENTS
Not Applicable
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
(a) Pro Forma Financial Information
On March 18, 2004, Bio Solutions Manufacturing, Inc. (the "Registrant", a
New York corporation, formerly named Single Source Financial Services
Corporation), acquired all of the outstanding common stock of Bio Solutions
Production, Inc. ("Production", a Nevada corporation, formerly named Bio
Solutions Manufacturing, Inc.) for 12,645,000 shares of the Registrant's common
stock. On March 1, 2004, Production acquired certain operating assets and
assumed certain liabilities of Bio Solutions International, Inc. pursuant to the
terms of an Asset Purchase Agreement.
2
The accompanying unaudited pro forma financial statements includes the
Registrant (titled "Single Source Financial Services"), Production (titled "Bio
Solutions Manufacturing") and Bio Solutions International, Inc. (titled "Bio
Solutions International"), and pro forma adjustments. The balance sheet has been
presented as of January 31, 2004 for the Registrant, and December 31, 2003 for
Production. The pro forma annual statement of operations are for the years
ending October 31, 2003 for the Registrant, and December 31, 2003 for
Production.
The condensed pro forma financial statements should be read in conjunction
with the audited financial statement and related notes for the Registrant.
(b) Pro Forma Consolidated Financial Data
The unaudited pro forma consolidated balance sheet of the Registrant, which
incorporates its wholly owned subsidiary, Production as of January 31, 2004 is
based on historical balance sheets. The adjustments are provided to reflect, on
a pro forma basis, the allocation of the purchase price of the Production assets
to fair market value and the deletion of discontinued operations of the
Registrant.
The unaudited pro forma statements of operations are the historical
financial statements of the Registrant and allocated historical results of
Production. The pro forma information is not necessarily indicative of the
results of operations that would have been reported had such events occurred on
the dates indicated, nor is it indicative of the results of Registrant's future
operations.
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3
Bio Solutions Manufacturing Inc.
Proforma Consolidated Balance Sheet
Unaudited
Proforma Single Source Proforma
Bio Solutions Adjustments Financial Adjustments Proforma
International Non Sub Total Services Proforma Single Consolidated
December 31, Transfered Bio Solutions January 31, Adjustments Source Balance
2003 Items (a) Manufacturing 2004 Manufacturing Financial Sheet
-------------- ------------ -------------- ------------- ------------- ------------- ------------
ASSETS
CURRENT ASSETS
Cash $ 16,487 $ 16,487 $ - $ 3,128 $ - (c)$ (3,128) $ -
Accounts Receivable 64,247 64,247 - 0
Inventory 41,968 - 41,968 - - 41,968
Loans Receivable
Related Party - - - 266,500 - (c) (266,500) 0
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total current assets 122,702 80,734 41,968 269,628 - (269,628) 41,968
PROPERTY AND EQUIPMENT
Property & equipment 416,972 - 416,972 13,648 - (c) (13,648) 416,972
Accumulated depreciation 79,427 - 79,427 10,429 (b) (12,455) (c) (10,429) 66,972
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Net property & Equipment 337,545 - 337,545 3,219 12,455 (3,219) 350,000
-------------- ------------ -------------- ------------- ------------- ------------- ------------
OTHER NON-CURRENT ASSETS
Security Deposit 3,000 - 3,000 - - - 3,000
Product Formulation 50,000 - 50,000 - (b) 200,000 - 250,000
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total non-current assets 53,000 - 53,000 - 200,000 - 253,000
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total assets $ 513,247 $ 80,734 $ 432,513 $ 272,847 $ 212,455 $(272,847) $ 644,968
============== ============ ============== ============= ============= ============= ============
Bio Solutions Manufacturing Inc.
Proforma Consolidated Balance Sheet
Unaudited (Continued)
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable
and accruals $ 508,816 $ 194,289 $ 314,527 $ 32,884 $ - (c)$ (32,884) $ 314,527
Capitalized lease payable 4,818 4,818 - - 0
Income taxes payable - - - 1,644 - (c) (1,644) 0
Loans Payable-other 409,067 409,067 - 206,961 - (c) (206,961) 0
Loans Payable-Bio Mfg.
Related party - - - 457,988 - - 457,988
Current portion of long
term debt- related parties - - - 728,773 - (c) (728,773) 0
Deposits Held 249,600 249,600 - - - - 0
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total current liabilities 1,172,301 857,774 314,527 1,428,250 - (970,262) 772,515
LONG TERM LIABILITIES
Long term debt-
related parties - - - 174,001 - (c) (174,001) -
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Total long term
liabilities - - - 174,001 - (174,001) -
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total liabilities 1,172,301 857,774 314,527 1,602,251 - (1,144,263) 772,515
-------------- ------------ -------------- ------------- ------------- ------------- ------------
STOCKHOLDERS' EQUITY
Preferred stock no par value,
10,000,000 authorized, 0 issued - - - - - -
Common stock 5,775 4,510 1,265 1,000 (d) 12,380 (c) (1,000) 13,645
Additional Paid In Capital 1,694,508 1,577,787 116,721 1,180,164 (b/d) 200,075 (c)(1,180,164) 316,796
(Accumulated Deficit) (2,359,337) (2,359,337) - (2,510,568) - (c) 2,052,580 (457,988)
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total Stockholders'
Equity (Deficit) (659,054) (777,040) 117,986 (1,329,404) 212,455 871,416 (127,547)
-------------- ------------ -------------- ------------- ------------- ------------- ------------
Total Liabilities and
Stockholders'
Equity (Deficit) $ 513,247 $ 80,734 $ 432,513 $ 272,847 $ 212,455 $ (272,847) $ 644,968
============== ============ ============== ============= ============= ============= ============
Bio Solutions Manufacturing, Inc.
Pro Forma Adjustements
a) Proforma deletion of balance sheet items not transferred to Bio Solutions
Manufacturing.
b) Purchase from Bio Solutions International for $ 709,708 (consisting of
$250,000 cash, note payable of $100,000, and the assumption of $359,708 in
liabilities) the net assets of $ 117,986 of Bio Solutions manufacturing.
The assets were revalued to FMV to reflect this asset purchase.
c) Elimination of all non Bio Solutions Manufacturing related assets,
liabilities and equity of Single Source Financial Services, as BioSolutions
Manufacturing Inc.is the surviving reporting entity, and the distribution
of Single Source to its control stockholders.
d) Adjustment for issuance by Bio Solutions Manufacturing, Inc of 12,645,000
shares of $.001 par value common stock to reflect the acquition
Bio Solutions Manufacturing Inc.
Proforma Consolidated Statement of Operations
For the Year Ended December 31, 2004
Unaudited
Proforma SubTotal Single Source Proforma
BioSolutions Adjustments Bio Financial Proforma Adjustments Proforma
International Non Solutions Services Adjustments Single Consolidated
December Transfered Manu- January 31, Bio Solutions Source Income
31, 2003 Items (a) facturing 2004 Manufacturing Financial Statement
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REVENUES $ 428,539 $ 180,415 $ 248,124 $ 16,855 $ - (c)$ (16,855) $ 248,124
COST OF GOODS SOLD 142,445 - 142,445 - (b) 25,000 - 167,445
------------ ---------- ------------ ------------ -------------- ------------ -----------
Gross profit 286,094 180,415 105,679 16,855 (25,000) (c) (16,855) 80,679
OPERATING EXPENSES 487,815 243,907 243,908 230,577 - (c) (230,577) 243,908
------------ ---------- ------------ ----------- -------------- ------------ -----------
Net income (loss) before
other income (expenses)
and provision for income taxes (201,721) (63,492) (138,229) (213,722) (25,000) (c) 213,722 (163,229)
OTHER INCOME (EXPENSE)
Interest expense (29,204) 29,204 - (71,094) - (c) 71,094 -
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Total other income (expense) (29,204) 29,204 - (71,094) - (c) 71,094 -
------------ ---------- ------------ ----------- -------------- ------------ -----------
Net income (loss) before provision
for income taxes (230,925) (34,288) (138,229) (284,816) (25,000) (c) 284,816 (163,229)
Provision for income taxes - - - 1,800 - (c) (1,800) -
------------ ---------- ------------ ----------- -------------- ------------ -----------
Net income (loss) $ (230,925) $ (34,288) $ (138,229)$ (286,616) $ (25,000) (c)$ 286,616 $ (163,229)
============ ========== ============ =========== ============== ============ ===========
Net income (loss) per weighted
average share ($0.01) ($0.01)
============ ============ ===========
Weighted average number of shares
13,645,000 13,645,000
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Bio Solutions Manufacturing, Inc.
Pro Forma Adjustements
a) Proforma deletion of income statement items not transferred to Bio
Solutions Manufacturing.
b) Proforma amortization of product formulation
c) Elimination of all non Bio Solutions Manufacturing related income statement
items of Single Source Financial Services, as BioSolutions Manufacturing
Inc.is the surviving reporting entity, and the distribution of Single
Source to its control stockholders.
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(c) Exhibits.
Exhibit No. Description
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31.1 * Certification pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
31.2 * Certification pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
32.1 * Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
32.2 * Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
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* Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Bio Solutions Manufacturing, Inc..
(Registrant)
Date: April 25, 2005 By: /s/ Michael O'Gorman
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Michael O'Gorman
Chief Executive Officer
Date: April 25, 2005 By: /s/ Patricia Spreitzer
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Patricia Spreitzer
Chief Financial Officer