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Previous: KNOWLEDGE FOUNDATIONS INC/DE, 8-K, EX-1.A, 2000-09-27 |
Next: KNOWLEDGE FOUNDATIONS INC/DE, 8-K, EX-2.1, 2000-09-27 |
PROFORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENT
The summary financial information set forth below is derived from the
audited financial statements of (i) KFI for the period April 6, 2000 through
June 30, 3000 and (ii) Calipso for period ending March 31, 2000. This
information should be read in conjunction with such financial statements,
including the notes thereto.
<TABLE>
CALIPSO, INC.
PROFORMA CONDENSED
CONSOLIDATED
BALANCE SHEET
Historical Historical Pro forma Pro forma
Calipso, Knowledge Adjustments Calipso,
Inc. Inc.
Audited as Foundation, Unaudited
of Inc. Adjusted (1)
March 31, Audited as
2000 of
June 30,
2000
<S> <C> <C> <C> <C>
ASSETS
Current assets:
Cash and cash $55 $182,503 $- $182,558
equivalents
Prepaid expenses and - 8,340 - 8,340
other current assets
Other assets - 562 562
Total current assets 55 191,405 191,460
Property and equipment, - 2,622 - 2,622
net
Total non-current - 2,622 2,622
assets
Total assets $55 $194,027 $194,082
</TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<S> <C> <C> <C> <C>
Current liabilities
Accounts payable $- 15,345 - $15,345
Related party not - 3,000 - 3,000
payable
Payroll taxes payable - 2,398 - 2,398
Accrued interest expense - 4,867 - 4,867
Total current - 25,610 25,610
liabilities
Non-current liabilities
- 300,000 - 300,000
Convertible subordinated
note payable
Total Liabilities - 325,610 - 325,610
Stockholders' equity
Common stock, $.001 par 6,696 3,362 (5,762) 4,296
value
Additional paid in 11,904 - (12,783) (879)
capital
Accumulated (deficit) (18,545) (134,945) 18,545 (134,945)
Total stockholders' 55 (131,583) (131,528)
equity (deficit)
Total liabilities and $55 $194,027 $- $194,082
stockholders' equity
</TABLE>
<PAGE>
(1) Adjusted to reflect the condensed consolidated balance sheet as of the
Effective Date of the Merger.
<PAGE>
<TABLE>
CALIPSO, INC.
PROFORMA CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
Historical
Knowledge
Foundation,
Inc.
Audited as
of June 30,
2000
Historical Pro forma Pro forma
Calipso, Adjustments Calipso,
Inc. Inc.
Audited as Unaudited
of March 31, Adjusted (1)
2000
<S> <C> <C> <C> <C>
Sales $- $- $-
-
Cost of sales - - -
-
Gross Profit - - -
-
-
Selling general and
administrative
Expenses 8,159 130,832 - 138,991
Operating loss (8,159) (130,832) (138,991)
Other income (expense) -
Interest income - 754 754
Interest expense - (4,867) - (4,867)
- (4,113) (4,113)
Net loss $(8,159) $(134,945) $(143,104)
Basic and diluted (loss) per $(0.001) $(0.012) $(0.003)
common share
Weighted average number of
Common shares outstanding 6,696,000 33,618,500 42,398,000
</TABLE>
(1) Adjusted to reflect the Condensed Consolidated Statement of Operations as
of the Effective Date of the Merger.
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