Attached files
| file | filename |
|---|---|
| 8-K/A - MARIZYME INC | v223711_8ka.htm |
Exhibit 99.1
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Group Business Software AG
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Consolidated balance sheets US-GAAP
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December 31, 2010
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December 31, 2009
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Assets
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$ | $ | ||||||
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Cash and cash equivalents
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unrestricted
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1,870,811 | 1,719,001 | ||||||
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Debtors (Accounts receivable)
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5,708,320 | 2,821,958 | ||||||
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Inventories
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- | 114,170 | ||||||
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Deferred tax assets
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- | 12,284 | ||||||
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Prepaid expenses
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1,419,707 | 1,550,634 | ||||||
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Other receivables
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1,981,887 | 332,812 | ||||||
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Assets held for sale
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- | 12,372,600 | ||||||
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Total current assets
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10,980,726 | 18,923,459 | ||||||
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Property, plant and equipment
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296,812 | 275,856 | ||||||
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Financial assets
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1,369,454 | 475,845 | ||||||
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Deferred tax assets
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1,136,135 | 4,968,740 | ||||||
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Goodwill
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30,983,438 | 27,061,745 | ||||||
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Software
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16,349,896 | 12,863,820 | ||||||
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Other assets
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223,630 | 175,900 | ||||||
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Total non-current assets
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50,359,364 | 45,821,906 | ||||||
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Total assets
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61,340,089 | 64,745,365 | ||||||
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Liabilities and shareholders' equity
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Liabilities
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Notes payable
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1,440,295 | - | ||||||
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Liabilities to banks
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50,324 | 83,793 | ||||||
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Creditors (Trade payables)
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1,891,405 | 1,383,340 | ||||||
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Tax accruals
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112,350 | 45,159 | ||||||
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Other accruals
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2,797,452 | 2,083,842 | ||||||
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Other liabilities
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2,820,002 | 1,222,992 | ||||||
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Deferred income
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6,208,458 | 5,919,527 | ||||||
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Liabilities held for sale
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- | 2,013,729 | ||||||
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Total current liabilities
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15,320,287 | 12,752,382 | ||||||
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Notes payable
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- | 1,549,490 | ||||||
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Liabilities to banks
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780,277 | 3,231,405 | ||||||
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Deferred tax liabilities
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878,450 | 926,357 | ||||||
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Retirement benefit obligation
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153,962 | 150,276 | ||||||
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Other liabilities
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6,127,373 | 4,426,326 | ||||||
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Total non-current liabilities
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7,940,061 | 10,283,853 | ||||||
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Total liabilities
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23,260,349 | 23,036,235 | ||||||
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Shareholders' equity
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Paid-in capital
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33,788,171 | 33,788,171 | ||||||
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Retained earnings
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(53,508 | ) | 3,395,102 | |||||
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Additional paid in capital
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4,378,197 | 4,378,197 | ||||||
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Other comprehensive income
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(27,224 | ) | 144,116 | |||||
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Total shareholders' equity
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38,085,636.30 | 41,705,586 | ||||||
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Noncontrolling interest in subsidiaries
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(5,896 | ) | 3,545 | |||||
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Total equity and liabilities
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61,340,089 | 64,745,365 | ||||||
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GROUP Business Software AG
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Consolidated Statement of operations US-GAAP
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for the years ended December 31, 2010 and December 31, 2009
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Total
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Total
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2 0 1 0
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2 0 0 9
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Net sales
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27,707,226 | 31,584,732 | ||||||
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Cost of goods sold
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14,082,494 | 11,323,991 | ||||||
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Gross profit
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13,624,731 | 20,260,741 | ||||||
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Operating expenses
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Selling expenses
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10,610,545 | 13,847,697 | ||||||
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Administrative expenses
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3,853,532 | 4,481,893 | ||||||
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General expenses
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1,158,495 | 703,129 | ||||||
| 15,622,572 | 19,032,719 | |||||||
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Operating income
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(1,997,841 | ) | 1,228,022 | |||||
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Other Income (expense)
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Other Income (expense)
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2,393,821 | 454,486 | ||||||
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Interest income
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16,798 | 44,626 | ||||||
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Interest expense
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(471,282 | ) | (263,590 | ) | ||||
| 1,939,338 | 235,522 | |||||||
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Income (loss) before income taxes
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(58,503 | ) | 1,463,544 | |||||
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Income tax expense
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3,283,091 | 44,106 | ||||||
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Net income (loss)
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(3,341,594 | ) | 1,419,438 | |||||
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Net loss attributable to non controlling interest
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(9,188 | ) | (533 | ) | ||||
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Net income attibutable to shareholders
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(3,332,406 | ) | 1,419,971.34 | |||||
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Group Business Software AG
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STATEMENTS OF CASH FLOWS US-GAAP
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for the year ended December 31, 2010 and
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for the year ended December 31, 2009
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2010
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2009
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Cash flow from operating activties
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Net loss / net income
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(3,341,594 | ) | 1,419,438 | |||||
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Adjustments to reconcile net income to
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net cash provided by operating activities
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Deferred income taxes
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3,239,283 | (73,651 | ) | |||||
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Depreciation and amortization
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4,036,047 | 2,893,795 | ||||||
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Gain on disposal of property, plant and equipment
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- | |||||||
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Minority interest losses
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(9,188 | ) | (714 | ) | ||||
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Changes in operating assets and liabilities
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Accounts receivable and other assets
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(5,306,853 | ) | 1,959,103 | |||||
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Retirement benefit obligation
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14,730 | 6,696 | ||||||
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Inventories
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(9,374 | ) | ||||||
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Accounts payable and other liabilities
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3,264,726 | (2,804,075 | ) | |||||
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Net cash provided by operating activities
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1,897,151 | 3,391,219 | ||||||
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Cash flow from investing activties
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Purchase of intangible assets
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(3,865,982 | ) | (4,566,331 | ) | ||||
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Purchase of property, plant and equipment
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(159,353 | ) | (479,398 | ) | ||||
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Purchase of subsidiaries
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(251,751 | ) | - | |||||
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Proceeds from sale of subsidaries
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5,052,424 | - | ||||||
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Purchase of financial assets
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- | 42,851 | ||||||
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Net cash used in investing activities
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775,339 | (5,002,878 | ) | |||||
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Cash flow from financing activties
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Net borrowings - banks
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(2,221,567 | ) | 739,183 | |||||
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Net cash used in financing activities
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(2,221,567 | ) | 739,183 | |||||
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Effect of exchange rate changes on cash
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(299,113 | ) | 151,108 | |||||
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| - | ||||||||
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Net increase in cash
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151,810 | (721,368 | ) | |||||
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Cash and cash equivalents - Beginning of the year
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1,719,001 | 3,563,874 | ||||||
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Reclassification to Assets held for sale
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- | (1,123,505 | ) | |||||
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Cash and cash equivalents - End of year
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1,870,811 | 1,719,001 | ||||||