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8-K - FORM 8-K - LENCO MOBILE INC. | lenco_8k.htm |
Exhibit 99.1
ARCHER USA INC.
BALANCE SHEET
As of
unaudited
April 30, 2015 | March 31, 2015 | February 28, 2015 | January 31, 2015 | December 31, 2014 | November 30, 2014 | October 31, 2014 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 2,105,148 | $ | 2,199,193 | $ | 2,236,441 | $ | 2,466,025 | $ | 2,503,751 | $ | 2,691,823 | $ | 334,759 | ||||||||||||||
Accounts Receivable, Net | 444,007 | 439,110 | 442,854 | 452,091 | 443,737 | 510,796 | 285,498 | |||||||||||||||||||||
Prepaid Expenses | 61,394 | 64,357 | 58,432 | 61,396 | 64,359 | 58,435 | 58,491 | |||||||||||||||||||||
Intercompany Receivable | 1,200,070 | 1,200,070 | 1,200,070 | 1,200,069 | 1,200,070 | 1,100,070 | 110,070 | |||||||||||||||||||||
Other Current Assets | 11,653 | 11,653 | 11,653 | 11,653 | 11,653 | 11,653 | 18,955 | |||||||||||||||||||||
Total Current Assets | 3,822,271 | 3,914,383 | 3,949,450 | 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 | 82,652 | 82,652 | 82,652 | |||||||||||||||||||||
Accumulated Depreciation | 82,652 | 82,652 | 82,652 | (82,652 | ) | (82,652 | ) | (82,652 | ) | (82,652 | ) | |||||||||||||||||
Total Fixed Assets, Net | (1 | ) | (1 | ) | 0 | – | – | – | – | |||||||||||||||||||
Intangible Assets, Net | ||||||||||||||||||||||||||||
Intangible Assets | 2,128,199 | 2,128,199 | 2,128,199 | 2,128,199 | 2,128,199 | 2,128,199 | 5,004,100 | |||||||||||||||||||||
Amortization | 2,128,199 | 2,128,199 | 2,128,199 | (2,128,199 | ) | (2,171,043 | ) | (2,144,811 | ) | (2,118,579 | ) | |||||||||||||||||
Total Intangible Assets, Net | (0 | ) | (0 | ) | (0 | ) | – | (42,844 | ) | (16,612 | ) | 2,885,521 | ||||||||||||||||
Total Assets | $ | 3,822,271 | $ | 3,914,383 | $ | 3,949,450 | $ | 4,191,235 | $ | 4,180,726 | $ | 4,356,165 | $ | 4,683,294 | ||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||
Accounts Payable | $ | 3,160,809 | $ | 3,151,060 | $ | 3,138,468 | $ | 3,195,378 | $ | 3,236,810 | $ | 3,236,965 | $ | 3,068,651 | ||||||||||||||
Accrued Liabilities | 3,517,211 | 3,453,563 | 3,402,382 | 3,398,218 | 3,363,131 | 3,155,748 | 3,053,228 | |||||||||||||||||||||
Deferred Revenue | 275,192 | 279,692 | 291,025 | 298,358 | 294,191 | 301,692 | 348,205 | |||||||||||||||||||||
Intercompany Payable | 21,332,249 | 21,273,185 | 21,177,172 | 21,177,172 | 21,020,297 | 21,020,297 | 21,020,297 | |||||||||||||||||||||
Note Payable - Current Portion | 795,812 | 786,213 | 776,614 | 767,015 | 757,416 | 747,817 | 738,218 | |||||||||||||||||||||
Total Current Liabilities | 29,081,273 | 28,943,713 | 28,785,661 | 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 | 19,413,194 | 19,413,194 | 19,413,194 | |||||||||||||||||||||
Retained Earnings | (44,442,524 | ) | (44,249,304 | ) | (44,059,056 | ) | (43,861,471 | ) | (43,554,434 | ) | (42,960,391 | ) | (42,521,277 | ) | ||||||||||||||
Net Income (Loss) | (229,673 | ) | (193,220 | ) | (190,349 | ) | (196,630 | ) | (349,880 | ) | (559,156 | ) | (437,223 | ) | ||||||||||||||
Total Stockholders Equity | (25,259,003 | ) | (25,029,330 | ) | (24,836,212 | ) | (24,644,906 | ) | (24,491,120 | ) | (24,106,354 | ) | (23,545,306 | ) | ||||||||||||||
Total Liabilities and Equity | $ | 3,822,271 | $ | 3,914,383 | $ | 3,949,450 | $ | 4,191,235 | $ | 4,180,726 | $ | 4,356,165 | $ | 4,683,294 |
1 |
ARCHER USA INC.
STATEMENT OF OPERATIONS
As of
unaudited
April 30, 2015 | March 31, 2015 | February 28, 2015 | January 31, 2015 | December 31, 2014 | November 30, 2014 | October 31, 2014 | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||
Revenue - Sales | $ | 1,366 | $ | 1,225 | $ | 1,302 | $ | 1,098 | $ | 873 | $ | 835 | $ | 168,185 | ||||||||||||||
Revenue - Services | 3,237 | 13,094 | 12,082 | 17,333 | 24,270 | 418,236 | 159,405 | |||||||||||||||||||||
Revenue - Other | 4,793 | 4,787 | 10,305 | 312 | 221 | 16,702 | 88,495 | |||||||||||||||||||||
Sales Returns and Discounts | 9,509 | 4,558 | 3,149 | (1,056 | ) | (197 | ) | (2,353 | ) | (4,138 | ) | |||||||||||||||||
Total Revenue | (113 | ) | 14,548 | 20,540 | 17,687 | 25,167 | 433,420 | 411,947 | ||||||||||||||||||||
Cost of Revenue | ||||||||||||||||||||||||||||
Cost of Sales Revenue | 34,831 | (22,611 | ) | 8,608 | (32,972 | ) | 82,203 | 127,660 | 114,356 | |||||||||||||||||||
Cost of Goods Sold | 0 | 4,000 | 2,000 | 2,000 | (32,965 | ) | 2,000 | (35,452 | ) | |||||||||||||||||||
Cost of Other Revenue | 6,667 | 17,167 | 3,775 | 14,167 | 12,054 | 12,054 | 52,861 | |||||||||||||||||||||
Total Cost of Revenue | 41,497 | (1,445 | ) | 14,383 | (16,806 | ) | 58,787 | 141,714 | 131,764 | |||||||||||||||||||
Gross Profit | (41,610 | ) | 15,993 | 6,157 | 34,493 | (33,620 | ) | 291,706 | 280,182 | |||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||
General and Administrative Expenses | 80,551 | 84,084 | 92,033 | 108,199 | 132,299 | 197,194 | 257,294 | |||||||||||||||||||||
Marketing and Advertising Expenses | 1,399 | 1,695 | 858 | 2,660 | 2,711 | 5,198 | 7,947 | |||||||||||||||||||||
Depreciation and Amortization Expenses | 0 | – | – | 26,232 | 26,232 | 32,441 | ||||||||||||||||||||||
Payroll and Related Expenses | 80,796 | 73,222 | 75,344 | 94,837 | 138,921 | 164,995 | 248,703 | |||||||||||||||||||||
Utilities and Facilities | 2,852 | 2,853 | 2,857 | 2,858 | 1,909 | 11,856 | 11,699 | |||||||||||||||||||||
Operating and Maintenance Expenses | 702 | 25,890 | 3,745 | 1,082 | (4,384 | ) | 449,933 | 122,876 | ||||||||||||||||||||
Taxes and Insurance | 11,397 | 11,397 | 11,397 | 11,407 | 11,397 | 19,196 | 21,566 | |||||||||||||||||||||
Total Operating Expenses | 177,698 | 199,141 | 186,233 | 221,042 | 309,084 | 874,604 | 702,526 | |||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||||||
Interest Income | 17 | 18 | 17 | 20 | 21 | 13 | 0 | |||||||||||||||||||||
Other Income | (782 | ) | (490 | ) | (690 | ) | (502 | ) | (610 | ) | (1,558 | ) | (3,434 | ) | ||||||||||||||
Interest Expenses | (9,599 | ) | (9,599 | ) | (9,599 | ) | (9,599 | ) | (9,599 | ) | (9,599 | ) | (14,295 | ) | ||||||||||||||
Other Expense | – | – | 3,012 | 0 | 0 | |||||||||||||||||||||||
Total Other Income (Expense) | (10,365 | ) | (10,071 | ) | (10,272 | ) | (10,080 | ) | (7,176 | ) | (11,144 | ) | (17,729 | ) | ||||||||||||||
Net Income (Loss) | $ | (229,673 | ) | $ | (193,220 | ) | $ | (190,349 | ) | $ | (196,630 | ) | $ | (349,880 | ) | $ | (594,042 | ) | $ | (440,072 | ) |
2 |
ARCHER USA INC.
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
As of
unaudited
April 30, 2015 | ||||
Beginning Cash | $ | 2,199,193 | ||
Transfer in from other estate bank accounts | 150,701 | |||
Cash receipts deposited to this account | 59,628 | |||
Financing or other loaned funds | 0 | |||
Total cash available this month | 2,409,522 | |||
Transfers out to other estate bank accounts | (150,701 | ) | ||
Cash disbursements from this account | (153,673 | ) | ||
Adjustments | 0 | |||
Ending cash balance | $ | 2,105,148 | ||
3 |
LENCO MOBILE, INC.
BALANCE SHEET
As of
unaudited
April 30, 2015 | March 31, 2015 | February 28, 2015 | 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 | $ | 19,501,316 | $ | 19,501,316 | $ | 19,501,316 | ||||||||||||||
Total Current Assets | 19,501,316 | 19,501,316 | 19,501,316 | 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 | 93,568 | 93,568 | 93,568 | |||||||||||||||||||||
Accumulated Depreciation | 93,568 | 93,568 | 93,568 | (93,568 | ) | (93,568 | ) | (93,568 | ) | (93,568 | ) | |||||||||||||||||
Total Fixed Assets, Net | (0 | ) | (0 | ) | (0 | ) | – | – | – | – | ||||||||||||||||||
Intangible Assets, Net | ||||||||||||||||||||||||||||
Intangible Assets | 21,735,747 | 21,735,747 | 21,735,747 | 21,735,747 | 21,735,747 | 21,735,747 | 21,735,747 | |||||||||||||||||||||
Amortization | 419,048 | 419,048 | 419,048 | (419,048 | ) | (419,048 | ) | (419,048 | ) | (419,048 | ) | |||||||||||||||||
Total Intangible Assets, Net | 21,316,699 | 21,316,699 | 21,316,699 | 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 | $ | 40,818,015 | $ | 40,818,015 | $ | 40,818,015 | ||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||
Accrued Liabilities | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | $ | 4,031,681 | ||||||||||||||
Accrued Taxes | (0 | ) | (0 | ) | (0 | ) | – | 4,000 | 4,000 | 4,000 | ||||||||||||||||||
Dividend Payable | 7,072,637 | 6,907,164 | 6,738,146 | 6,585,484 | 6,416,466 | 6,249,431 | 6,087,784 | |||||||||||||||||||||
Intercompany Payable | 667,699 | 667,699 | 667,699 | 667,699 | 667,699 | 613,699 | 613,669 | |||||||||||||||||||||
Note Payable - Current Portion | 17,507,280 | 17,417,494 | 17,326,758 | 17,238,985 | 17,148,306 | 17,158,661 | 17,069,016 | |||||||||||||||||||||
Total Current Liabilities | 29,279,297 | 29,024,038 | 28,764,284 | 28,523,848 | 28,268,152 | 28,057,472 | 27,806,180 | |||||||||||||||||||||
Stockholders Equity | ||||||||||||||||||||||||||||
Preferred Stock | 348 | 348 | 348 | 348 | 348 | 348 | 348 | |||||||||||||||||||||
Common Stock | (218,111 | ) | (218,111 | ) | (218,111 | ) | (218,111 | ) | (218,111 | ) | (218,111 | ) | (218,111 | ) | ||||||||||||||
Additional Paid In Capital | 95,931,225 | 95,809,392 | 95,687,559 | 95,565,726 | 95,443,893 | 95,322,060 | 95,200,227 | |||||||||||||||||||||
Retained Earnings | (83,963,124 | ) | (83,585,083 | ) | (83,206,458 | ) | (82,845,284 | ) | (82,510,788 | ) | (82,132,275 | ) | (80,756,200 | ) | ||||||||||||||
Net Income (Loss) | (211,620 | ) | (212,568 | ) | (209,607 | ) | (208,512 | ) | (165,478 | ) | (211,478 | ) | (1,214,428 | ) | ||||||||||||||
Total Stockholders Equity | 11,538,718 | 11,793,977 | 12,053,731 | 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 | $ | 40,818,015 | $ | 40,818,015 | $ | 40,818,015 |
4 |
LENCO MOBILE, INC.
STATEMENT OF OPERATIONS
As of
unaudited
April 30, 2015 | March 31, 2015 | February 28, 2015 | 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 | $ | 121,833 | $ | 121,833 | $ | 121,833 | ||||||||||||||
Total Operating Expenses | 121,833 | 121,833 | 121,833 | 121,833 | 121,833 | 121,833 | 121,833 | |||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||||||
Interest Expenses | (89,787 | ) | (90,735 | ) | (87,774 | ) | (90,679 | ) | (43,645 | ) | (89,645 | ) | (1,092,595 | ) | ||||||||||||||
Other Income | 0 | 0 | 0 | 4,000 | ||||||||||||||||||||||||
Total Other Income (Expense) | (89,787 | ) | (90,735 | ) | (87,774 | ) | 86,679 | (43,645 | ) | (89,645 | ) | (1,092,595 | ) | |||||||||||||||
Net Income (Loss) | $ | (211,620 | ) | $ | (212,568 | ) | $ | (209,607 | ) | $ | (208,512 | ) | $ | (165,478 | ) | $ | (211,478 | ) | $ | (1,214,428 | ) |
5 |