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Previous: ANTHEM RECORDING WEST INC, 8-K/A, EX-99.2, 2000-08-14 |
Next: ANTHEM RECORDING WEST INC, 10QSB, 2000-08-14 |
<PAGE>
Exhibit 99.3
<TABLE>
<CAPTION>
Udate.com Udate.com Proforma
Inc Limited adjustments Combined
<S> <C> <C> <C> <C>
PROFORMA CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2000 $ $ $ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 4,055,182 2,364,471 - 6,419,653
Accounts receivable - 9,229 - 9,229
Intercompany loan 1,226,708 - (1,226,708) - A
Due from officers and employees - 20,504 - 20,504
Prepaid expenses and other assets - 178,334 - 178,334
---------------------------------------------------
Total current assets 5,281,890 2,572,538 (1,226,708) 6,627,720
Fixed assets - 355,063 - 355,063
Investment in subsidiary 13,209,750 - (13,209,750) - B
Goodwill
Other assets
---------------------------------------------------
Total assets 18,491,640 2,927,601 (14,436,458) 5,982,783
===================================================
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses 40,174 493,922 - 534,096
Deferred income - 147,140 - 147,140
Intercompany loan - 1,226,708 (1,226,708) - A
Promissory note 150,000 - - 150,000
Current installments of obligations under
capital leases - 74,178 - 74,178
Payroll creditors - 214,341 - 214,341
----------------------------------------------------
Total current liabilities 190,174 2,156,289 (1,226,708) 1,119,755
Obligations under capital leases, excluding
current obligations - 45,637 - 45,637
----------------------------------------------------
Total liabilities 190,174 2,201,926 (1,226,708) 1,165,392
----------------------------------------------------
STOCKHOLDERS EQUITY
Capital Stock 18,255 2,284,917 (2,284,917) 18,255 C
Additional paid in capital 18,300,987 135,580 (10,924,833) 7,511,734 B/C
Retained earnings (17,776) (1,713,299) (23,116) (1,754,191)D
Accumulated other comprehensive income - 18,477 23,116 41,593
Exchange difference on transaltion of
UK operations
----------------------------------------------------
Total Stockholders' equity 18,301,466 725,675 (13,209,750) 5,817,391
----------------------------------------------------
Total liabilities and stockholders equity 18,491,640 2,927,601 (14,436,458) 6,982,783
====================================================
- - - -
</TABLE>
<TABLE>
<S> <C>
Proforma adjustments
A To remove intercompany balances
B To remove investment in Udate.com Limited held by Udate.com Inc.
C To remove share capital of Udate.com Limited
D To adjust exchange difference on Udate.com Limited's historical retained earnings
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Udate.com Udate.com Pro forma
Inc Limited adjustments Combined
PROFORMA CONSOLIDATED
STATEMENT OF OPERATIONS $ $ $ $
6 MONTHS TO 30 JUNE 2000
<S> <C> <C> <C> <C>
Sales -- 233,912 -- 233,912
-- -- --
Selling, general and admin expenses 149,767 1,620,109 (118,700) 1,651,176 A
Write off of intangible assets 51,000 -- (51,000) B
-- -- --
--------- ---------- --------- -----------
Operating Loss (200,767) (1,368,197) 118,700 (1,468,264)
Interest paid -- 5,684 -- 5,684
Interest received 22,859 -- -- 22,859
--------- ---------- --------- -----------
Income before provision from income taxes (177,908) (1,380,513) 118,700 (1,439,721)
Income tax provision -- -- --
--------- ---------- --------- -----------
Net loss (177,908) (1,380,513) 118,700 (1,439,721)
========= ========== ========= ===========
-- -- --
Net loss per share, basic and diluted -- -- -- (0.08)
Shares used in per share calculation -- -- -- 18,255,000
-- -- --
YEAR TO 31 DECEMBER 1999 -- -- --
Sales -- 135,379 -- 135,379
Cost of sales -- -- --
--------- ---------- --------- -----------
Gross profit -- 135,379 -- 135,379
-- -- --
Selling, general and admin expenses 42,752 364,882 (42,752) 364,882 B
Other -- -- --
-- -- --
--------- ---------- --------- -----------
Operating loss (42,752) (229,503) 42,752 (229,503)
Interest paid -- 1,712 -- 1,712
Interest received -- -- -- --
--------- ---------- --------- -----------
Income before provision from income taxes (42,752) (227,791) 42,752 (227,791)
-- -- --
Income tax provision -- -- --
-- -- --
--------- ---------- --------- -----------
Net income (42,752) (227,791) 42,752 (227,791)
========= ========== ========= ===========
Net loss per share, basic and diluted (0.01)
Shares used in per share calculation 18,255,000
</TABLE>
<TABLE>
<S> <C>
PROFORMA ADJUSTMENTS
A To remove costs of the transactions
B To remove the results of discontinued operations
</TABLE>
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