EX-99.1 4 f8k082409ex99_310.htm PRO FORMA f8k082409ex99_310.htm
 
Exhibit 99.1
 
 
310 HOLDINGS, INC.
(unaudited consolidated proforma)
BALANCE SHEET
As of August 24, 2009
 
   
   
ASSETS
 
       
CURRENT ASSETS
 
8/24/2009
 
       
Cash
  $ 142,935  
Accounts Receivable
    737,606  
Prepaid Expenses
    25,075  
Inventory
    574,306  
         
    Total Current Assets
    1,479,922  
         
         
FIXED ASSETS
       
         
Property & Equipment, Net
    602,259  
             
    Total Fixed Assets
    602,259  
         
         
         
OTHER  ASSETS
       
         
Deposits
    4,333  
Prepaid Media
    9,997,134  
Goodwill
    3,036,947  
         
    Total Other Assets
    13,038,414  
         
    TOTAL ASSETS
  $ 15,120,595  
 
 
The accompanying notes are an integral part of these financial statements.
 
-1-

 
 
 
310 HOLDINGS, INC.
(unaudited consolidated proforma)
BALANCE SHEET
As of August 24, 2009
 
   
LIABILITIES AND STOCKHOLDERS' EQUITY
 
       
   
8/24/2009
 
CURRENT LIABILITIES
 
(unaudited)
 
       
  Accounts Payable
  $ 345,454  
  Accrued Expenses
    61,214  
  Notes payable and Line of Credit
    206,352  
         
    Total Current Liabilities
    613,020  
         
LONG-TERM LIABILITIES
       
         
Loans Payable
    157,549  
         
    Total Long-Term Liabilities
    157,549  
         
         
TOTAL LIABILITIES
    770,569  
         
STOCKHOLDERS' EQUITY
       
         
Preferred stock, $.001 par value,
       
    Authorized: 5,000,000
       
    Issued & Outstanding: None
    -  
Common Stock, $.001 par value
       
    Authorized: 70,000,000
       
    Issued: 68,100,106
    68,101  
Treasury Stock - returned to company at no value, 10,000,000 shares
    -  
Additional paid in capital
    13,740,493  
Accumulated income/(deficit)
    541,432  
         
Total Stockholders' Equity
    14,350,026  
         
TOTAL LIABILITIES AND EQUITY
  $ 15,120,595  
         
 
 
The accompanying notes are an integral part of these financial statements.
 
-2-

 
 
310 HOLDINGS, INC.
 
STATEMENT OF OPERATIONS
 
(unaudited consolidated proforma)
 
For the 236 days ending August 24, 2009
 
       
       
    236  
   
days ending
 
   
8/24/2009
 
   
(unaudited)
 
         
REVENUE
  $ 3,595,624  
         
COST OF SERVICES
    2,900,574  
         
GROSS PROFIT OR (LOSS)
    695,050  
         
GENERAL AND ADMINISTRATIVE EXPENSES
    591,964  
         
OPERATING INCOME/(LOSS)
    103,086  
         
INTEREST EXPENSE
    (17,110 )
         
INCOME/(LOSS) BEFORE INCOME TAXES
    85,976  
         
PROVISION FOR INCOME TAXES
       
Federal
    -  
State
    -  
         
NET INCOME/(LOSS)
  $ 85,976  
         
         
Earnings (loss) per share, basic and diluted
  $ 0.002  
         
Weighted average common shares outstanding
    53,721,094  
         
 
 
The accompanying notes are an integral part of these financial statements.
 
-3-

 
 
 
310 HOLDINGS, INC.
(unaudited consolidated proforma)
STATEMENT OF STOCKHOLDERS' EQUITY
As of August 24, 2009
 
                                     
                     
ADDITIONAL
             
   
PREFERRED
   
COMMON
   
PAR
   
PAID IN
   
ACCUM
   
TOTAL
 
   
STOCK
   
STOCK
   
VALUE
   
CAPITAL
   
DEFICIT
   
EQUITY
 
                                     
Balance, December 31, 2007
            63,700,000       63,700       41,800       694,397       799,897  
                                                 
Net income (loss), December 31, 2008
                                    (238,941 )     (238,941 )
                                                 
Balance, December 31, 2008
            63,700,000       63,700       41,800       455,456       560,956  
                                                 
In Kind Contribution
                    -       3,390               3,390  
                                                 
Common Stock returned to treasury stock
            (10,000,000 )     -       -               -  
    at no value on June 16, 2009
                                               
                                                 
Common stock issued for cash
            66,667       67       199,933               200,000  
    on June 30, 2009 at $3.00 per share
                                               
                                                 
Common stock issued for debt cancellation
            23,846       24       71,514               71,538  
    on June 30, 2009 at $3.00 per share
                                               
                                                 
Common Stock issued for assets
            809,593       810       930,222               931,032  
    on July 15, 2009 at $1.15 per share
                                               
                                                 
Common stock issued for media credits
            1,000,000       1,000       9,996,134               9,997,134  
                                                 
Common stock issued for acquisition
            2,500,000       2,500       2,497,500               2,500,000  
   on August 24, 2009
                                               
                                                 
Net Income/(loss) for 236 days
                                    85,976       85,976  
    ended August 24, 2009
                                               
                                                 
                                                 
Balance, August 24, 2009
            58,100,106       68,101       13,740,493       541,432       14,350,026  
                                                 
 
 
The accompanying notes are an integral part of these financial statements.
 
-4-

 
 
310 HOLDINGS, INC.
(unaudited consolidated proforma)
STATEMENT OF CASH FLOWS
For the 236 days ending August 24, 2009
 
       
       
    236  
   
days ending
 
   
8/24/2009
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
(unaudited)
 
         
Net income (loss)
  $ 85,976  
         
Adjustments to reconcile net income to net cash
       
  provided by (used in) operating activities:
       
Adjustments for charges not requiring outlay of cash:
       
       In Kind Contribution
    3,390  
       Stock issued for debt cancellation
    71,538  
       Common stock issued as compensation and for expenses
       
         
Changes in operating assets and liabilitites:
       
       (Increase)/Decrease in Accounts Receivable
    392,097  
       (Increase)/Decrease in Inventory
    79,540  
       Prepaid Expenses and other current assets
    (23,631 )
       (Increase)/Decrease in stock proceeds receivable
    -  
       Increase/(Decrease) in Accounts Payable
    (467,677 )
       Accrued Expense
    (16,089 )
       Notes Payable and Lines of Credit
    (55,127 )
         
    Total adjustments to net income
    (15,959 )
         
Net cash provided by (used in) operating activities
    70,017  
         
CASH FLOWS FROM INVESTING ACTIVITIES
       
         
Acquisition of subsidiaries, investments, and intangibles
       
Cash Received/(Paid) Furniture & Equipment
    (153,769 )
         
Net cash flows provided by (used in) investing activities
    (153,769 )
         
CASH FLOWS FROM FINANCING ACTIVITIES
       
         
Cash Proceeds from stock issuance
    200,000  
         
Net cash provided by (used in) financing activities
    200,000  
         
CASH RECONCILIATION
       
         
Net increase (decrease) in cash and cash equivalents
    116,248  
Cash and cash equivalents - beginning balance
    26,687  
         
CASH AND CASH EQUIVALENTS BALANCE END OF PERIOD
  $ 142,935  
 
The accompanying notes are an integral part of these financial statements.
 
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