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Previous: PRE CELL SOLUTIONS INC/, 8-K/A, EX-99.3, 2000-06-19 |
Next: PRE CELL SOLUTIONS INC/, 8-K/A, EX-99.5, 2000-06-19 |
US Intellicom, Inc.
Unaudited Interim Financial Statements
Periods Ended March 31, 2000 and December 31, 1999
<PAGE>
<TABLE>
<CAPTION>
US Intellicom, Inc.
Balance Sheets
March 31, 2000 December 31, 1999
-------------- -----------------
(unaudited)
ASSETS
Current assets:
<S> <C> <C>
Cash $ 63,761 $ 13,787
Accounts receivable 269,348 197,807
Inventory 2,778 6,284
Prepaid expenses 18,167 18,417
-------------- -------------
Total current assets 354,054 236,295
Long-lives assets 57,547 59,683
Other assets 1,250 1,250
-------------- -------------
Total assets $ 412,851 $ 297,228
============== =============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Notes payable $ 1,550,380 $ 1,204,356
Accounts Payable 508,090 437,353
Accrued expenses 103,135 107,211
-------------- -------------
Total current liabilities 2,161,605 1,748,920
-------------- -------------
Stockholders' deficiency:
Common stock, no par value, 10,000,000 shares
authorized; 1,300,000 and 1,300,000 shares
issued and outstanding 154,609 154,609
Stock subscription receivable (4,500) (4,500)
Accumulated deficit (1,898,863) (1,601,801)
-------------- -------------
Total stockholders' deficiency (1,748,754) (1,451,692)
-------------- -------------
Total liabilities and stockholders' deficiency $ 412,851 $ 297,228
============== =============
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
US Intellicom, Inc.
Statements of Operations
and Comprehensive Income (Loss)
Three months ended March 31, Year ended
---------------------------- December 31,
2000 1999 1999
---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C>
Revenues $ 363,441 $ 107,273 $ 1,413,282
Cost of goods and services 36,249 19,356 305,446
Other operating expenses 559,815 329,089 1,841,412
------------ ------------ ------------
Operating loss (232,623) (241,172) (733,576)
Interest and other expense 64,439 15,121 136,835
------------ ------------ ------------
Net loss $ (297,062) $ (256,293) $ (870,411)
============ ============ ============
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
US Intellicom, Inc.
Statements of Stockholders' Deficiency
Common Stock
------------ Stock
Number Subscription Accumulated
Of Shares Amount Receivables Deficit Total
--------- ------ ----------- ------- -----
<S> <C> <C> <C> <C> <C>
Balance December 31,
1998 1,308,333 $ 117,109 $ - $ (731,390) $ (614,281)
Net loss - - - (256,293) (256,293)
--------- --------- ------------ ------------- --------------
Balance March 31, 1999 1,308,333 117,109 - (987,683) (870,574)
Common stock issued
under subscription 45,000 4,500 (4,500) - -
Recapitalization of
common stock (53,333) 33,000 - - 33,000
Net loss - - - (614,118) (614,118)
--------- --------- ------------ ------------- --------------
Balance December 31,
1999 1,300,000 $ 154,609 $ (4,500) $ (1,601,801) $ (1,451,692)
Net loss - - - (297,062) (297,062)
--------- --------- ------------ ------------- --------------
Balance March 31, 2000 1,300,000 $ 154,609 $ (4,500) $ (1,898,863) $ (1,748,754)
========= ========= ============ ============= ==============
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
US Intellicom, Inc.
Statements of Cash Flows
Three months ended March 31,
2000 1999
------------ ------------
(unaudited) (unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net loss $ (297,062) $ (256,293)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 3,028 2,330
(Increase) in accounts receivable (71,541) (51,148)
Decrease (increase) in inventory 3,506 (2,480)
Decrease (increase) in prepaid expenses 250 (13,150)
Increase in accounts payable and accrued expenses 66,661 259,722
------------ ------------
Net cash used by operating activities (295,158) (61,019)
------------ ------------
Cash flows from investing activities:
Payments for purchase of long-lived assets (892) (9,677)
------------ ------------
Net cash used by investing activities (892) (9,677)
------------ ------------
Cash flows from financing activities:
Proceeds from borrowing under Line of Credit 346,024 62,231
Repayment against debt instruments - (850,000)
------------ ------------
Net cash provided by financing activities 346,024 (787,769)
------------ ------------
Net increase (decrease) in cash 49,974 (858,465)
Cash at beginning of period 13,787 858,765
------------ ------------
Cash at end of period $ 63,761 $ 300
============ ============
</TABLE>
4
<PAGE>
US Intellicom, Inc.
Notes to Unaudited Financial Statements
1 Subsequent Event:
Merger
Subsequent to March 31, 2000 US Intellicom, Inc. ("USI") entered into a
Merger Agreement with Pre-Cell Solutions, Inc. ("Pre-Cell") a Colorado
corporation.
In connection with the merger, Pre-Cell issued an aggregate of
11,440,000 shares of Pre-Cell common stock to the stockholders of USI
determined on the basis of a negotiated value of the business and
proprietary technology developed by USI and the market value of
Pre-Cell's common stock. Pre-Cell will also establish an option pool in
the aggregate of 2,133,333 shares of common stock whereby certain
stockholders of USI that had guaranteed USI's line of credit shall,
until December 31, 2000, have the right to acquire Pre-Cell common
stock by repaying approximately $1,600,000 borrowed on USI's line of
credit as of the Closing Date. Additionally, all outstanding options to
purchase USI shares will be fully vested and will automatically be
converted into options to purchase Pre-Cell shares on a basis of 8.8
Pre-cell shares for each USI share entitled to be purchased under the
USI options, at the per share price equal to the quotient of (i) the
price contained in the USI options, divided by (ii) 8.8.
Pursuant to the Merger Agreement, Pre-Cell agreed to file a
registration statement, as soon as practicable after the Closing Date,
but no later than October 31, 2000, with the United States Securities
and Exchange Commission ("SEC") to register (i) the Pre-Cell Shares
issued to USI Stockholders and (ii) those Pre-Cell Shares to be issued
to the holders of converted options upon the exercise of the option
pool. Notwithstanding the foregoing, each stockholder receiving any
Pre-cell shares executed a "lock-up" agreement (i) prohibiting his/her
sale of such shares for a period of six months after the Closing Date
and (ii) limiting the number of shares he/she can sell to an amount to
be determined by the Pre-Cell Board of Directors during any three-month
period beginning six months after the Closing Date and ending eighteen
months after the Closing Date.
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