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Previous: MANGOSOFT INC, 8-K/A, EX-99.3, 2000-08-31 |
Next: UMB SCOUT BALANCED FUND INC, NSAR-B, 2000-08-31 |
<PAGE>
Exhibit 99.4
MANGOSOFT, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
MangoSoft, MangoSoft Pro Forma Pro Forma
Inc. Corporation Adjustments Combined
---- ----------- ----------- --------
<S> <C> <C> <C> <C>
Revenues $ -- $ 245,406 $ -- $ 245,406
Cost of revenues -- 91,529 -- 91,529
-------- ------------ ---------- ------------
Gross margin -- 153,877 -- 153,877
Costs and expenses:
Research and development -- 6,615,558 -- 6,615,558
Selling and marketing -- 2,608,190 -- 2,608,190
General and administrative 27,402 3,388,312 (200) A 3,415,514
Consulting fees to related parties -- 647,795 -- 647,795
-------- ------------ ---------- ------------
Total costs and expenses 27,402 13,259,855 (200) 13,287,057
Loss from operations (27,402) (13,105,978) 200 (13,133,180)
Interest income -- 168,498 -- 168,498
Interest expense:
Related parties -- (19,726) 19,726 B --
Other parties (274) (49,507) -- (49,781)
-------- ------------ ---------- ------------
Total interest expense (274) (69,233) 19,726 (49,781)
Other expense, net -- (67,200) -- (67,200)
-------- ------------ ---------- ------------
Net loss (income) (27,676) (13,073,913) 19,926 (13,081,663)
Accretion of redeemable preferred stock -- (2,634,482) 2,634,482 C --
-------- ------------ ---------- ------------
Net loss applicable to common stockholders $(27,676) $(15,708,395) $2,654,408 $(13,081,663)
======== ============ ========== ============
Net loss per common share - basic and diluted $ (0.03) $ (20.74) $ (1.14)
======== ============ ============
Weighted average shares outstanding - basic and
diluted 908,300 757,500 11,428,073
======== ============ ============
</TABLE>
<PAGE>
NOTES TO THE DECEMBER 31, 1998 UNAUDITED PRO FORMA CONDENSED COMBINED INCOME
STATEMENTS
A To eliminate MangoSoft, Inc.'s amortization of organizational costs.
B To eliminate the related party interest expense as a result of the
conversion of related party debt into common stock at the time of the
merger.
C To eliminate the accretion of the redeemable convertible preferred stock,
which was converted into common shares of MangoSoft, Inc. at the time of the
merger.
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