First Choice Healthcare Solutions, Inc. - FORM 8-K/A - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
EX-99.2 - EXHIBIT 99.2 - First Choice Healthcare Solutions, Inc.	ex992.htm
8-K/A - MEDICAL BILLING ASSISTANCE, INC. FORM 8-K/A - First Choice Healthcare Solutions, Inc.	form8ka.htm

Exhibit 99.3

MEDICAL BILLING ASSISTANCE, INC.

(A Development Stage Company)

PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2009 &

September 30, 2010 (Unaudited)

MEDICAL BILLING ASSISTANCE, INC. AND FCID HOLDINGS, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
September 30, 2010
(Unaudited)


	MEDICAL						Adjustments				Consolidated
	BILLING			FCID			(See Notes)				Balance
ASSETS

Current assets
Cash	$	766		$	64,877		$	-			$	65,643
Accounts receivable					67,748							67,748
Prepaid expenses					7,658							7,658
Total current assets		766			140,283			-				141,049

Fixed assets - net					4,738,924							4,738,924
Deposits					4,415							4,415

Total Assets	$	766		$	4,883,622		$	-			$	4,884,388

LIABILITIES
& STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable	$	882		$	49,297		$	-			$	50,179
Related party payables		50,248										50,248
Property taxes payable					60,300							60,300
Tenant deposits					47,399							47,399
Notes payable - current		32,600										32,600
Other liabilities					10,978							10,978
Total current liabilties		83,730			167,974			-				251,704

Notes payable					5,433,295							5,433,295

Total Liabilities		83,730			5,601,269			-				5,684,999

Stockholders' Equity
Preferred stock, $.10 par value;
1,000,000 shares authorized;
none issued and outstanding		-			-			-				-
Common stock, $.001 par value;
100,000,000 shares authorized;
49,716,000 shares issued and
outstanding		9,716			1,000			39,000		A		49,716
Additional paid in capital		35,836			(2,563,891	)		(167,516	)	A		(2,695,571	)
Retained earnings		(128,516	)		1,845,244			128,516		A		1,845,244

Total Stockholders' Equity		(82,964	)		(717,647	)		-				(800,611	)

Total Liabilities and Stockholders' Equity	$	766		$	4,883,622		$	-			$	4,884,388

MEDICAL BILLING ASSISTANCE, INC. AND FCID HOLDINGS, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS


	MEDICAL
	BILLING			FCID
	Year Ended			Year Ended			Adjustments		Consolidated
	Dec. 31, 2009			Dec. 31, 2009			(See Notes)		Balance


Sales	$	4,632		$	1,029,725		$	-	$	1,034,357
Other revenue					43,683					43,683
Cost of goods sold		4,027								4,027

Gross profit		605			1,073,408			-		1,074,013

Operating expenses:
Depreciation					159,588			-		159,588
General and administrative		21,661			477,574			-		499,235
		21,661			637,162			-		658,823

Income (loss) from operations		(21,056	)		436,246			-		415,190

Other income (expense):
Interest revenue					459					459
Interest expense		(841	)		(281,109	)				(281,950	)
		(841	)		(280,650	)		-		(281,491	)

Income (loss) before provision
for income taxes		(21,897	)		155,596			-		133,699

Provision for income tax		-			-			-		-

Net income (loss)	$	(21,897	)	$	155,596		$	-	$	133,699

Net income (loss) per share
(Basic and fully diluted)	$	(0	)	$	0.00

Weighted average number of
common shares outstanding		49,716,000			49,716,000

MEDICAL BILLING ASSISTANCE, INC. AND FCID HOLDINGS, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

	MEDICAL
	BILLING			FCID
	Nine Months			Nine Months
	Ended			Ended
	Sept. 30, 2010			Sept. 30, 2010			Adjustments		Consolidated
	(Unaudited)			(Unaudited)			(See Notes)		Balance


Sales	$	-		$	944,425		$	-	$	944,425
Other revenue					3,329					3,329
Cost of goods sold										-

Gross profit		-			947,754			-		947,754

Operating expenses:
Depreciation					121,092			-		121,092
General and administrative		13,252			346,565			-		359,817
		13,252			467,657			-		480,909

Income (loss) from operations		(13,252	)		480,097			-		466,845

Other income (expense):
Interest revenue					93					93
Interest expense		(1,232	)		(228,386	)				(229,618	)
		(1,232	)		(228,293	)		-		(229,525	)

Income (loss) before provision
for income taxes		(14,484	)		251,804			-		237,320

Provision for income tax		-			-			-		-

Net income (loss)	$	(14,484	)	$	251,804		$	-	$	237,320

Net income (loss) per share
(Basic and fully diluted)	$	(0	)	$	0.01

Weighted average number of
common shares outstanding		49,716,000			49,716,000

MEDICAL BILLING ASSISTANCE, INC.

(A Development Stage Company)

NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2009 and September 30, 2010 (Unaudited)

Basis of Presentation

The following pro forma consolidated balance sheet as of September 30, 2010 and pro forma consolidated statements of operations for the year ended December 31, 2009 and for the nine months ended September 30, 2010 between Medical Billing Assistance, Inc. and FCID Holdings, Inc. are presented to show what effects the reverse acquisition of Medical Billing Assistance, Inc. by FCID Holdings, Inc., Inc. might have had on historical financial information had the transaction taken place on an earlier date. The pro forma consolidated financial statements are derived from the historical financial statements of Medical Billing Assistance, Inc. and FCID Holdings, Inc. and assume that for balance sheet purposes the transaction took place on September 30, 2010, and for statements of operations purposes on January 1, 2009 with resulting effects through December 31, 2009, and on January 1, 2010 with resulting effects through September 30, 2010. The pro forma consolidated financial statements should be read in conjunction with the historical financial information. The pro forma consolidated financial statements are not necessarily indicative of the result that would have been attained had the transaction actually taken place earlier.

Pro Forma Adjustments

Pro forma adjustments from the pro forma consolidated financial statements are referenced below.

(A) Adjustment to restate common stock to that of Medical Billing Assistance, Inc.

First Choice Healthcare Solutions, Inc. - FORM 8-K/A - EX-99.3 - EXHIBIT 99.3 - January 24, 2011

Attached files

First Choice Healthcare Solutions, Inc. Reports