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8-K - FORM 8-K - LENCO MOBILE INC. | lenco_8k-030315.htm |
Exhibit 99.1
ARCHER USA INC.
BALANCE SHEET
As of
unaudited
January 31, 2015 | December 31, 2014 | November 30, 2014 | October 31, 2014 | |||||||||||||
Assets | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 2,466,025 | $ | 2,503,751 | $ | 2,691,823 | $ | 334,759 | ||||||||
Accounts Receivable, Net | 452,091 | 443,737 | 510,796 | 285,498 | ||||||||||||
Prepaid Expenses | 61,396 | 64,359 | 58,435 | 58,491 | ||||||||||||
Intercompany Receivable | 1,200,069 | 1,200,070 | 1,100,070 | 110,070 | ||||||||||||
Other Current Assets | 11,653 | 11,653 | 11,653 | 18,955 | ||||||||||||
Total Current Assets | 4,191,235 | 4,223,570 | 4,372,777 | 1,797,773 | ||||||||||||
Fixed Assets, Net | ||||||||||||||||
Fixed Assets | 82,652 | 82,652 | 82,652 | 82,652 | ||||||||||||
Accumulated Depreciation | (82,652 | ) | (82,652 | ) | (82,652 | ) | (82,652 | ) | ||||||||
Total Fixed Assets, Net | – | – | – | – | ||||||||||||
Intangible Assets, Net | ||||||||||||||||
Intangible Assets | 2,128,199 | 2,128,199 | 2,128,199 | 5,004,100 | ||||||||||||
Amortization | (2,128,199 | ) | (2,171,043 | ) | (2,144,811 | ) | (2,118,579 | ) | ||||||||
Total Intangible Assets, Net | – | (42,844 | ) | (16,612 | ) | 2,885,521 | ||||||||||
Total Assets | $ | 4,191,235 | $ | 4,180,726 | $ | 4,356,165 | $ | 4,683,294 | ||||||||
Liabilities and Equity | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts Payable | $ | 3,195,378 | $ | 3,236,810 | $ | 3,236,965 | $ | 3,068,651 | ||||||||
Accrued Liabilities | 3,398,218 | 3,363,131 | 3,155,748 | 3,053,228 | ||||||||||||
Deferred Revenue | 298,358 | 294,191 | 301,692 | 348,205 | ||||||||||||
Intercompany Payable | 21,177,172 | 21,020,297 | 21,020,297 | 21,020,297 | ||||||||||||
Note Payable - Current Portion | 767,015 | 757,416 | 747,817 | 738,218 | ||||||||||||
Total Current Liabilities | 28,836,141 | 28,671,846 | 28,462,519 | 28,228,600 | ||||||||||||
Stockholders Equity | ||||||||||||||||
Additional Paid In Capital | 19,413,194 | 19,413,194 | 19,413,194 | 19,413,194 | ||||||||||||
Retained Earnings | (43,861,471 | ) | (43,554,434 | ) | (42,960,391 | ) | (42,521,277 | ) | ||||||||
Net Income (Loss) | (196,630 | ) | (349,880 | ) | (559,156 | ) | (437,223 | ) | ||||||||
Total Stockholders Equity | (24,644,906 | ) | (24,491,120 | ) | (24,106,354 | ) | (23,545,306 | ) | ||||||||
Total Liabilities and Equity | $ | 4,191,235 | $ | 4,180,726 | $ | 4,356,165 | $ | 4,683,294 |
1 |
ARCHER USA INC.
STATEMENT OF OPERATIONS
As of
unaudited
January 31, 2015 | December 31, 2014 | November 30, 2014 | October 31, 2014 | |||||||||||||
Revenue | ||||||||||||||||
Revenue - Sales | $ | 1,098 | $ | 873 | $ | 835 | $ | 168,185 | ||||||||
Revenue - Services | 17,333 | 24,270 | 418,236 | 159,405 | ||||||||||||
Revenue - Other | 312 | 221 | 16,702 | 88,495 | ||||||||||||
Sales Returns and Discounts | (1,056 | ) | (197 | ) | (2,353 | ) | (4,138 | ) | ||||||||
Total Revenue | 17,687 | 25,167 | 433,420 | 411,947 | ||||||||||||
Cost of Revenue | ||||||||||||||||
Cost of Sales Revenue | (32,972 | ) | 82,203 | 127,660 | 114,356 | |||||||||||
Cost of Goods Sold | 2,000 | (32,965 | ) | 2,000 | (35,452 | ) | ||||||||||
Cost of Other Revenue | 14,167 | 12,054 | 12,054 | 52,861 | ||||||||||||
Total Cost of Revenue | (16,806 | ) | 58,787 | 141,714 | 131,764 | |||||||||||
Gross Profit | 34,493 | (33,620 | ) | 291,706 | 280,182 | |||||||||||
Operating Expenses | ||||||||||||||||
General and Administrative Expenses | 108,199 | 132,299 | 197,194 | 257,294 | ||||||||||||
Marketing and Advertising Expenses | 2,660 | 2,711 | 5,198 | 7,947 | ||||||||||||
Depreciation and Amortization Expenses | – | 26,232 | 26,232 | 32,441 | ||||||||||||
Payroll and Related Expenses | 94,837 | 138,921 | 164,995 | 248,703 | ||||||||||||
Utilities and Facilities | 2,858 | 1,909 | 11,856 | 11,699 | ||||||||||||
Operating and Maintenance Expenses | 1,082 | (4,384 | ) | 449,933 | 122,876 | |||||||||||
Taxes and Insurance | 11,407 | 11,397 | 19,196 | 21,566 | ||||||||||||
Total Operating Expenses | 221,042 | 309,084 | 874,604 | 702,526 | ||||||||||||
Other Income (Expense) | ||||||||||||||||
Interest Income | 20 | 21 | 13 | 0 | ||||||||||||
Other Income | (502 | ) | (610 | ) | (1,558 | ) | (3,434 | ) | ||||||||
Interest Expenses | (9,599 | ) | (9,599 | ) | (9,599 | ) | (14,295 | ) | ||||||||
Other Expense | – | 3,012 | 0 | 0 | ||||||||||||
Total Other Income (Expense) | (10,080 | ) | (7,176 | ) | (11,144 | ) | (17,729 | ) | ||||||||
Net Income (Loss) | $ | (196,630 | ) | $ | (349,880 | ) | $ | (594,042 | ) | $ | (440,072 | ) |
2 |
ARCHER USA INC.
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
As of
unaudited
January 31, 2015 | ||||
Beginning Cash | $ | 2,503,751 | ||
Transfer in from other estate bank accounts | 200,000 | |||
Cash receipts deposited to this account | 220,014 | |||
Financing or other loanded funds | 0 | |||
Total cash available this month | 2,923,765 | |||
Transfers out to other estate bank accounts | (200,000 | ) | ||
Cash disbursments from this account | (257,740 | ) | ||
Adjustments | 0 | |||
Ending cash balance | $ | 2,466,025 |
3 |
LENCO MOBILE, INC.
BALANCE SHEET
As of
unaudited
January 31, 2015 | December 31, 2014 | November 30, 2014 | October 31, 2014 | |||||||||||||
Assets | ||||||||||||||||
Current Assets | ||||||||||||||||
Intercompany Receivable | 19,501,316 | $ | 19,501,316 | $ | 19,501,316 | $ | 19,501,316 | |||||||||
Total Current Assets | 19,501,316 | 19,501,316 | 19,501,316 | 19,501,316 | ||||||||||||
Fixed Assets, Net | ||||||||||||||||
Fixed Assets | 93,568 | 93,568 | 93,568 | 93,568 | ||||||||||||
Accumulated Depreciation | (93,568 | ) | (93,568 | ) | (93,568 | ) | (93,568 | ) | ||||||||
Total Fixed Assets, Net | – | – | – | – | ||||||||||||
Intangible Assets, Net | ||||||||||||||||
Intangible Assets | 21,735,747 | 21,735,747 | 21,735,747 | 21,735,747 | ||||||||||||
Amortization | (419,048 | ) | (419,048 | ) | (419,048 | ) | (419,048 | ) | ||||||||
Total Intangible Assets, Net | 21,316,699 | 21,316,699 | 21,316,699 | 21,316,699 | ||||||||||||
Total Assets | $ | 40,818,015 | $ | 40,818,015 | $ | 40,818,015 | $ | 40,818,015 | ||||||||
Liabilities and Equity | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts Payable | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | ||||||||
Accrued Liabilities | – | 4,000 | 4,000 | 4,000 | ||||||||||||
Deferred Revenue | 6,585,484 | 6,416,466 | 6,249,431 | 6,087,784 | ||||||||||||
Intercompany Payable | 667,699 | 667,699 | 613,699 | 613,669 | ||||||||||||
Note Payable - Current Portion | 17,238,985 | 17,148,306 | 17,158,661 | 17,069,016 | ||||||||||||
Total Current Liabilities | 28,523,848 | 28,268,152 | 28,057,472 | 27,806,180 | ||||||||||||
Stockholders Equity | ||||||||||||||||
Preferred Stock | 348 | 348 | 348 | 348 | ||||||||||||
Common Stock | (218,111 | ) | (218,111 | ) | (218,111 | ) | (218,111 | ) | ||||||||
Additional Paid In Capital | 95,565,726 | 95,443,893 | 95,322,060 | 95,200,227 | ||||||||||||
Retained Earnings | (82,845,284 | ) | (82,510,788 | ) | (82,132,275 | ) | (80,756,200 | ) | ||||||||
Net Income (Loss) | (208,512 | ) | (165,478 | ) | (211,478 | ) | (1,214,428 | ) | ||||||||
Total Stockholders Equity | 12,294,166 | 12,549,863 | 12,760,543 | 13,011,835 | ||||||||||||
Total Liabilities and Equity | $ | 40,818,015 | $ | 40,818,015 | $ | 40,818,015 | $ | 40,818,015 |
4 |
LENCO MOBILE, INC.
STATEMENT OF OPERATIONS
As of
unaudited
January 31, 2015 | December 31, 2014 | November 30, 2014 | October 31, 2014 | |||||||||||||
Operating Expenses | ||||||||||||||||
Payroll and Related Expenses - Stock Option (non-cash) | $ | 121,833 | $ | 121,833 | $ | 121,833 | $ | 121,833 | ||||||||
Total Operating Expenses | 121,833 | 121,833 | 121,833 | 121,833 | ||||||||||||
Other Income (Expense) | ||||||||||||||||
Interest Expenses | (90,679 | ) | (43,645 | ) | (89,645 | ) | (1,092,595 | ) | ||||||||
Other Income | 4,000 | |||||||||||||||
Total Other Income (Expense) | 86,679 | (43,645 | ) | (89,645 | ) | (1,092,595 | ) | |||||||||
Net Income (Loss) | $ | (208,512 | ) | $ | (165,478 | ) | $ | (211,478 | ) | $ | (1,214,428 | ) |
5 |