Attached files
AMERICAN BIOCARE, INC.
(A Development Stage Company)
Pro Forma Consolidated Financial Statements
(Unaudited)
December 31, 2010 and 2009
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AMERICAN BIOCARE, INC.
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(A Development Stage Company)
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Pre Forma Consolidated Balance Sheets
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(Unaudited)
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December 31, 2010
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December 31, 2009
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Assets
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Current Assets
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Cash
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$ | 277,496 | $ | 1,732 | ||||
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Receivables
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471,744 | - | ||||||
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Other current assets
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1,084 | - | ||||||
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Total Current Assets
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750,324 | 1,732 | ||||||
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Fixed Assets
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Fixed assets (net)
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74,200 | - | ||||||
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Total Fixed Assets
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74,200 | - | ||||||
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Other Assets
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Deposits
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200 | - | ||||||
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Acquisition of Subsidiaries
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- | - | ||||||
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Goodwill
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- | - | ||||||
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Total Other Assets
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200 | - | ||||||
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Total Assets
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$ | 824,724 | $ | 1,732 | ||||
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Liabilities & Stockholders' Equity
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Current Liabilities
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Accounts payable and accrued expenses
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$ | 332,034 | $ | 102,669 | ||||
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Accrued interest
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3,198 | 799 | ||||||
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Notes payable related party (net of discount of $0 and $6,813)
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26,646 | 19,833 | ||||||
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Due to affiliate
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3,550 | 3,550 | ||||||
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Due to officers
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318,083 | 60,000 | ||||||
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Total Current Liabilities
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683,511 | 186,851 | ||||||
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Other Liabilities
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Notes payable
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- | - | ||||||
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Total Liabilities
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683,511 | 186,851 | ||||||
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Stockholders' Equity (Deficit)
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Common Stock, $0.001 par value, 146,000,000 Series A Common shares
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authorized and none issued; and 4,000,000 Series B common shares issued and
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outstanding authorized and 3,512,139 and 3,069,111 shares issued at December 31, 2010 and 2009
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3,512 | 3,069 | ||||||
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Preferred Stock, $0.001 par value, 5,000,000 shares authorized, none issued
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- | - | ||||||
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Additional paid in capital
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1,362,317 | 605,787 | ||||||
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Deficit accumulated during the development stage
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(1,224,616 | ) | (793,975 | ) | ||||
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Total Equity
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141,213 | (185,119 | ) | |||||
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Total Liabilities and Stockholders' Equity
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$ | 824,724 | $ | 1,732 | ||||
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AMERICAN BIOCARE, INC.
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(A Development Stage Company)
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Pre Forma Consolidated Statement of Operations
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(Unaudited)
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For the Period from February 28, 1997 (Inception) to December 31, 2010
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December 31, 2010
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December 31, 2009
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Revenues
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$ | 4,410,211 | $ | - | $ | 4,410,211 | ||||
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Cost of Sales
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3,381,480 | - | 3,381,480 | |||||||
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Gross Margin
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1,028,731 | - | 1,028,731 | |||||||
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General & Administrative
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Consulting fees-related parties
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974,000 | 456,500 | 1,600,902 | |||||||
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Professional fees
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172,142 | 59,965 | 288,058 | |||||||
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Salaries and wages
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- | - | - | |||||||
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Rent
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35,092 | 6,600 | 56,792 | |||||||
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Other general and administrative
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650,478 | 11,541 | 682,082 | |||||||
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Total Expenses
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1,831,712 | 534,606 | 2,627,834 | |||||||
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Net operating loss
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(802,981 | ) | (534,606 | (1,599,103 | ) | |||||
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Other income and expenses
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Cancellation of accounts payable
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65,000 | - | 65,000 | |||||||
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Interest expense
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(9,504 | ) | (4,718 | (14,222 | ) | |||||
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Net loss
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$ | (747,485 | ) | $ | (539,324 | $ | (1,548,325 | ) | ||