Exhibit 99.3
UNAUDITED PRO FORMA FINANCIAL INFORMATION
The Unaudited Pro Forma Financial Information reflects financial information,
which gives effect to the acquisition of all of the outstanding common shares
of IT&E Corporation (?ITE?) (a California Corporation) in exchange for
11,000,000 shares of common stock of Clinical Trials Assistance Corporation
(?CTAC?) (a Nevada Corporation).
The Pro Forma Statements included herein reflect the use of the purchase method
of accounting for the above transaction. The acquisition of ITE, which closed
on April 14, 2004 was accounted for as a reverse acquisition as the former
stockholders of ITE controlled the voting common shares of the Company
immediately after the acquisition. Such financial information has been prepared
from, and should be read in conjunction with, the historical unaudited financial
statements of CTAC and ITE included in this memorandum.
The Pro Forma Balance Sheet gives effect to the transaction as if it had
occurred on December 31, 2003. The Pro Forma Statement of Operations gives
effect to the transaction as if it had occurred at the beginning of the earliest
period presented, combining the results of CTAC for the quarter ended March 31,
2004 and ITE for the quarter ended March 31, 2004.
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Clinical Trials Assistance Corporation (CTAC)
Pro Forma Condensed Consolidated Balance Sheet
As of December 31, 2003
Historical (Unaudited)
Historical IT&E Pro forma Pro forma
ASSETS CTAC Corporation Adjustments CTAC
- -------------------------------------------------------------------------------
Current assets:
Cash and cash equivalents $ 62,619 $ 173,236 - $ 235,855
Accounts receivable, net - 1,639,907 1,639,907
Unbilled revenue - 195,607 195,607
Prepaid and other
current assets - 24,971 - 24,971
Advances to employees - 46,971 46,971
Investments - 16,000 16,000
------------------------- ------------
Total current assets 62,619 2,096.714 2,159,333
------------------------- ------------
Fixed assets, net 66,619 66,619
Deposits - 23,382 23,382
------------------------- ------------
Total non-current assets - 90.001 90,001
------------------------- ------------
Total assets $ 62,619 $ 2,186,715 $ 2,249,334
========================= ============
LIABILITIES AND STOCKHOLERS? EQUITY
Current liabilities
Line of credit ? bank $ - $ 855,015 $ 855,015
Accounts payable - 254,855 254,855
Accrued payroll and
employee benefits - 168,296 168,296
State payroll taxes
payable - 24,731 24,731
State income tax
payable - 3,000 3,000
------------------------- ------------
Total current liabilities - 1,305,897 1,305,897
------------------------- ------------
Total Liabilities - 1,305,897 1,305,897
------------------------- ------------
Redeemable common stock - - -
Shareholders? equity
Preferred stock, Series A,
$.001 par value - - -
Preferred stock, Series B,
$.001 par value - - -
Preferred stock, Series C,
$.001 par value - - 2,820 2,820
Common stock, $.001 par value 12,000 100,750 5,000
(100,750) 17,000
Additional paid in capital 47,000 273,930 96,549 417,479
Retained earnings 3,619 506,138 (3,619) 506,138
------------------------- ------------
Total shareholders?
equity (deficit) 62,619 880,818 943,437
------------------------- ------------
Total liabilities and
shareholders? equity $ 62,619 $ 2,186,715 - $ 2,249,334
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Clinical Trials Assistance Corporation (CTAC)
Pro Forma Condensed Consolidated Statements of Operations
As of March 31, 2004
Historical (Unaudited)
Historical IT&E Pro forma Pro forma
CTAC Corporation Adjustments CTAC
- -------------------------------------------------------------------------------
Revenue, net $ 7,375 $ 3,145,018 $ 3,152,393
Cost of revenue 1,941 1,997,354 1,999,295
--------------------------------------------------
Gross Profit 5,434 1,147,664 1,153,098
Officer compensation 26,000 55,000 -
Selling general and
administrative expenses 9,250 816,370 825,620
--------------------------------------------------
Operating income (loss) (29,816) 276,294 327,478
--------------------------------------------------
Other income (expense)
Other income - 14,490 14,490
Interest expense - (21,686) (21,686)
--------------------------------------------------
- (7,196) (7,196)
--------------------------------------------------
Net income (loss) $ (29,816) $ 269,098 $ - $ 320,282
==================================================
Basic and diluted income
(loss) per common share $ (0.001) $ 0.56 $ 0.02
========================= ==========
Weighted average number
of common shares
outstanding 36,000,000 481,500 19,000,000
========================= ==========
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