Cell-nique Corp - FORM 10-Q - EX-99.1 - UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR CHERRYBROOK KITCHEN, LLC - August 11, 2011

Attached files

file filename
10-Q - 10-Q - Cell-nique Corpform10q.htm
EX-31.2 - CFO 302 CERTIFICATE - Cell-nique Corpexh31-2.htm
EX-31.1 - CEO 302 CERTIFICATE - Cell-nique Corpexh31-1.htm
EX-32.1 - CEO 906 CERTIFICATE - Cell-nique Corpexh32-1.htm
EX-32.2 - CFO 906 CERTIFICATE - Cell-nique Corpexh32-2.htm
EXCEL - IDEA: XBRL DOCUMENT - Cell-nique CorpFinancial_Report.xls
EX-99.2 - UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CELL-NIQUE AND CHERRYBROOK KITCHEN - Cell-nique Corpexh99-2.htm

Exhibit 99.1

Cherrybrook Kitchen
Balance Sheets
Unaudited

       May 31,        December 31,   December 31,   December 31,
  2011   2010   2009   2008
Assets                
Current assets                
     Cash $ 56,418  $ 11,234  $ 319,253  $ 7,680 
     Accounts receivable   153,286    185,365    278,412    247,099 
     Inventory   137,338    181,316    108,263    150,904 
     Other   -     4,925    16,013    60,795 
          Total current assets   347,042    382,840    721,941    466,478 
                 
Machinery and equipment, net   -     101,978    43,274    71,430 
Other   -     -     -     -  
                 
          Total assets $ 347,042  $ 484,818  $ 765,215  $ 537,909 
                 
Liabilities and stockholders' equity                
Current liabilities                
     Accounts payable and accrued expenses $ 443,626  $ 218,411  $ 253,204  $ 362,510 
     Bank of America   94,605    69,756    83,601    99,806 
     Mellon Bank   469,550    469,550    499,550    499,550 
     Commerce Bank   190,000    91,000    -     -  
     Toyota   -     67,048    -     -  
     Accrued Interest   -     -     -     5,682 
          Total current liabilities   1,197,781    915,765    836,355    967,548 
                 
Long Term Liabilities                
     Village Bank   -     -     -     12,155 
     Republic   1,829,855    1,763,895    1,633,119    643,997 
          Total long term liabilities   1,829,855    1,763,895    1,633,119    656,153 
                 
Stockholders' equity                
     Membership Interest Paid-in Capital   1,252,946    1,252,946    1,252,946    1,252,946 
     Accumulated deficit   (3,933,540)   (3,447,789)   (2,957,205)   (2,338,738)
          Total stockholders' equity   (2,680,594)   (2,194,843)   (1,704,259)   (1,085,792)
                 
                 
          Total liabilities and stockholders' equity $ 347,042  $ 484,817  $ 765,215  $ 537,909 

1

Cherrybrook Kitchen
Statements of Operations
Unaudited

    For the period ended   For the years ended
    May 31,   December 31,
    2011   2010   2009
             
Sales, net $ 1,113,713  $ 3,330,309  $ 3,389,607 
             
Cost of sales   717,751    2,049,790    2,108,734 
             
Gross profit   395,962    1,280,519    1,280,873 
             
Expenses            
             
     Selling    337,592    913,971    941,675 
     General and administrative    308,164    666,218    797,692 
     Research and development   -     780    640 
     Depreciation   21,311    23,883    30,782 
             
Total expenses   667,067    1,604,852    1,770,789 
             
             
Loss from operations   (271,105)   (324,333)   (489,916)
             
Interest expense   (64,646)   (167,286)   (132,744)
Interest income   -     1,035    4,193 
Other - Transaction Exp   (150,000)   -     -  
             
Income tax   -     -     -  
             
Net loss $ (485,751) $ (490,584) $ (618,467)

2

Cherrybrook Kitchen
Statement of Stockholders' Deficit
Unaudited

    Membership        
    Interest        
    Paid-in   Accumulated    
    capital   Deficit   Total
             
Balance December 31, 2008 $ 1,252,946  $ (2,338,738) $ (1,085,792)
             
Net loss for the year ended December 31, 2009   -    (618,467)   (618,467)
Balance December 31, 2009   1,252,946    (2,957,205)   (1,704,259)
             
Net loss for the year ended December 31, 2010   -    (490,584)   (490,584)
Balance, December 31, 2010   1,252,946    (3,447,789)   (2,194,843)
             
Net loss for the period ended May 31, 2011   -    (485,751)   (485,751)
Balance, May 31, 2011 $ 1,252,946  $ (3,933,540) $ (2,680,594)

3

Cherrybrook Kitchen
Statements of Cash Flows
Unaudited

    For the period ended   For the years ended
    May 31,   December 31,
    2011   2010   2009
Cash flows from operating activities            
Net loss $ (485,751) $ (490,584) $ (618,467)
             
Adjustments to reconcile net income/(loss) to             
     net cash used in operating activities:            
     Accounts receivable   32,079    93,047    (31,313)
     Inventory   43,978    (72,993)   42,641 
     Accounts payable and accrued expenses   80,137    (23,762)   (86,411)
     Depreciation   21,311    23,883    30,782 
Net cash (used in)/provided by            
     operating activities   (308,246)   (470,409)   (662,768)
             
             
Cash flow from investing activities            
     Silverwood Transaction Fee   150,000    -    - 
     Acquisition of machinery and equipment   80,668    (82,588)   (2,626)
Net cash (used in) investing activities   230,668    (82,588)   (2,626)
             
Cash flow from financing activities            
     Village Bank   -    -    (12,155)
     Republic Principal   -    -    900,000 
     Republic Accured Interest   65,960    130,776    89,122 
     Commerce Bank   99,000    91,000    - 
     Mellon Bank   -    (30,000)   - 
     Toyota   (67,047)   67,047    - 
     Bank of America   24,849    (13,845)   - 
Net cash provided by financing activities   122,762    244,978    976,967 
             
Cash and cash equivalents:            
Net (decrease) increase   45,184    (308,019)   311,573 
Balance at beginning of period   11,234    319,253    7,680 
Balance at end of period $ 56,418  $ 11,234  $ 319,253 

4

Cell-nique Corp Reports