8-K/A 1 bsmi-8k_062004.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 10, 2005 (June 11, 2004) Bio Solutions Manufacturing, Inc. -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) New York 000-33229 16-1576984 ---------------------- ------------------------ --------------------- (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 1161 James Street, Hattiesburg, MS 39401 ------------------------------------------ (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (601) 582-4000 N/A ------------------------------------------ (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12) [_] Pre-commencement communications pursuant to Rule 14-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13(e)-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) SECTION 1- REGISTRANT'S BUSINESS AND OPERATIONS Not Applicable SECTION 2 - FINANCIAL INFORMATION Not Applicable SECTION 3 - SECURITIES AND TRADING MARKETS Not Applicable SECTION 4 - MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL INFORMATION Not Applicable SECTION 5 - CORPORATE GOVERNANCE AND MANAGEMENT Not Applicable SECTION 6 - [Reserved] Not Applicable SECTION 7 - REGULATION FD Not Applicable SECTION 8 - OTHER EVENTS Not Applicable SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS (a) Pro Forma Financial Information On March 18, 2004, Bio Solutions Manufacturing, Inc. (the "Registrant", a New York corporation, formerly named Single Source Financial Services Corporation), acquired all of the outstanding common stock of Bio Solutions Production, Inc. ("Production", a Nevada corporation, formerly named Bio Solutions Manufacturing, Inc.) for 12,645,000 shares of the Registrant's common stock. On March 1, 2004, Production acquired certain operating assets and assumed certain liabilities of Bio Solutions International, Inc. pursuant to the terms of an Asset Purchase Agreement. 2 The accompanying unaudited pro forma financial statements includes the Registrant (titled "Single Source Financial Services"), Production (titled "Bio Solutions Manufacturing") and Bio Solutions International, Inc. (titled "Bio Solutions International"), and pro forma adjustments. The balance sheet has been presented as of January 31, 2004 for the Registrant, and December 31, 2003 for Production. The pro forma annual statement of operations are for the years ending October 31, 2003 for the Registrant, and December 31, 2003 for Production. The condensed pro forma financial statements should be read in conjunction with the audited financial statement and related notes for the Registrant. (b) Pro Forma Consolidated Financial Data The unaudited pro forma consolidated balance sheet of the Registrant, which incorporates its wholly owned subsidiary, Production as of January 31, 2004 is based on historical balance sheets. The adjustments are provided to reflect, on a pro forma basis, the allocation of the purchase price of the Production assets to fair market value and the deletion of discontinued operations of the Registrant. The unaudited pro forma statements of operations are the historical financial statements of the Registrant and allocated historical results of Production. The pro forma information is not necessarily indicative of the results of operations that would have been reported had such events occurred on the dates indicated, nor is it indicative of the results of Registrant's future operations. [Balance of this page intentionally left blank.] 3
Bio Solutions Manufacturing Inc. Proforma Consolidated Balance Sheet Unaudited Proforma Single Source Proforma Bio Solutions Adjustments Financial Adjustments Proforma International Non Sub Total Services Proforma Single Consolidated December 31, Transfered Bio Solutions January 31, Adjustments Source Balance 2003 Items (a) Manufacturing 2004 Manufacturing Financial Sheet -------------- ------------ -------------- ------------- ------------- ------------- ------------ ASSETS CURRENT ASSETS Cash $ 16,487 $ 16,487 $ - $ 3,128 $ - (c)$ (3,128) $ - Accounts Receivable 64,247 64,247 - 0 Inventory 41,968 - 41,968 - - 41,968 Loans Receivable Related Party - - - 266,500 - (c) (266,500) 0 -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total current assets 122,702 80,734 41,968 269,628 - (269,628) 41,968 PROPERTY AND EQUIPMENT Property & equipment 416,972 - 416,972 13,648 - (c) (13,648) 416,972 Accumulated depreciation 79,427 - 79,427 10,429 (b) (12,455) (c) (10,429) 66,972 -------------- ------------ -------------- ------------- ------------- ------------- ------------ Net property & Equipment 337,545 - 337,545 3,219 12,455 (3,219) 350,000 -------------- ------------ -------------- ------------- ------------- ------------- ------------ OTHER NON-CURRENT ASSETS Security Deposit 3,000 - 3,000 - - - 3,000 Product Formulation 50,000 - 50,000 - (b) 200,000 - 250,000 -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total non-current assets 53,000 - 53,000 - 200,000 - 253,000 -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total assets $ 513,247 $ 80,734 $ 432,513 $ 272,847 $ 212,455 $(272,847) $ 644,968 ============== ============ ============== ============= ============= ============= ============
Bio Solutions Manufacturing Inc. Proforma Consolidated Balance Sheet Unaudited (Continued) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accruals $ 508,816 $ 194,289 $ 314,527 $ 32,884 $ - (c)$ (32,884) $ 314,527 Capitalized lease payable 4,818 4,818 - - 0 Income taxes payable - - - 1,644 - (c) (1,644) 0 Loans Payable-other 409,067 409,067 - 206,961 - (c) (206,961) 0 Loans Payable-Bio Mfg. Related party - - - 457,988 - - 457,988 Current portion of long term debt- related parties - - - 728,773 - (c) (728,773) 0 Deposits Held 249,600 249,600 - - - - 0 -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total current liabilities 1,172,301 857,774 314,527 1,428,250 - (970,262) 772,515 LONG TERM LIABILITIES Long term debt- related parties - - - 174,001 - (c) (174,001) - -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total long term liabilities - - - 174,001 - (174,001) - -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total liabilities 1,172,301 857,774 314,527 1,602,251 - (1,144,263) 772,515 -------------- ------------ -------------- ------------- ------------- ------------- ------------ STOCKHOLDERS' EQUITY Preferred stock no par value, 10,000,000 authorized, 0 issued - - - - - - Common stock 5,775 4,510 1,265 1,000 (d) 12,380 (c) (1,000) 13,645 Additional Paid In Capital 1,694,508 1,577,787 116,721 1,180,164 (b/d) 200,075 (c)(1,180,164) 316,796 (Accumulated Deficit) (2,359,337) (2,359,337) - (2,510,568) - (c) 2,052,580 (457,988) -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total Stockholders' Equity (Deficit) (659,054) (777,040) 117,986 (1,329,404) 212,455 871,416 (127,547) -------------- ------------ -------------- ------------- ------------- ------------- ------------ Total Liabilities and Stockholders' Equity (Deficit) $ 513,247 $ 80,734 $ 432,513 $ 272,847 $ 212,455 $ (272,847) $ 644,968 ============== ============ ============== ============= ============= ============= ============
Bio Solutions Manufacturing, Inc. Pro Forma Adjustements a) Proforma deletion of balance sheet items not transferred to Bio Solutions Manufacturing. b) Purchase from Bio Solutions International for $ 709,708 (consisting of $250,000 cash, note payable of $100,000, and the assumption of $359,708 in liabilities) the net assets of $ 117,986 of Bio Solutions manufacturing. The assets were revalued to FMV to reflect this asset purchase. c) Elimination of all non Bio Solutions Manufacturing related assets, liabilities and equity of Single Source Financial Services, as BioSolutions Manufacturing Inc.is the surviving reporting entity, and the distribution of Single Source to its control stockholders. d) Adjustment for issuance by Bio Solutions Manufacturing, Inc of 12,645,000 shares of $.001 par value common stock to reflect the acquition
Bio Solutions Manufacturing Inc. Proforma Consolidated Statement of Operations For the Year Ended December 31, 2004 Unaudited Proforma SubTotal Single Source Proforma BioSolutions Adjustments Bio Financial Proforma Adjustments Proforma International Non Solutions Services Adjustments Single Consolidated December Transfered Manu- January 31, Bio Solutions Source Income 31, 2003 Items (a) facturing 2004 Manufacturing Financial Statement ------------ ---------- ------------ ----------- -------------- ------------ ----------- REVENUES $ 428,539 $ 180,415 $ 248,124 $ 16,855 $ - (c)$ (16,855) $ 248,124 COST OF GOODS SOLD 142,445 - 142,445 - (b) 25,000 - 167,445 ------------ ---------- ------------ ------------ -------------- ------------ ----------- Gross profit 286,094 180,415 105,679 16,855 (25,000) (c) (16,855) 80,679 OPERATING EXPENSES 487,815 243,907 243,908 230,577 - (c) (230,577) 243,908 ------------ ---------- ------------ ----------- -------------- ------------ ----------- Net income (loss) before other income (expenses) and provision for income taxes (201,721) (63,492) (138,229) (213,722) (25,000) (c) 213,722 (163,229) OTHER INCOME (EXPENSE) Interest expense (29,204) 29,204 - (71,094) - (c) 71,094 - ------------ ---------- ------------ ----------- -------------- ------------ ----------- Total other income (expense) (29,204) 29,204 - (71,094) - (c) 71,094 - ------------ ---------- ------------ ----------- -------------- ------------ ----------- Net income (loss) before provision for income taxes (230,925) (34,288) (138,229) (284,816) (25,000) (c) 284,816 (163,229) Provision for income taxes - - - 1,800 - (c) (1,800) - ------------ ---------- ------------ ----------- -------------- ------------ ----------- Net income (loss) $ (230,925) $ (34,288) $ (138,229)$ (286,616) $ (25,000) (c)$ 286,616 $ (163,229) ============ ========== ============ =========== ============== ============ =========== Net income (loss) per weighted average share ($0.01) ($0.01) ============ ============ =========== Weighted average number of shares 13,645,000 13,645,000 ============ ============
Bio Solutions Manufacturing, Inc. Pro Forma Adjustements a) Proforma deletion of income statement items not transferred to Bio Solutions Manufacturing. b) Proforma amortization of product formulation c) Elimination of all non Bio Solutions Manufacturing related income statement items of Single Source Financial Services, as BioSolutions Manufacturing Inc.is the surviving reporting entity, and the distribution of Single Source to its control stockholders. [Balance of this page intentionally left blank.] (c) Exhibits. Exhibit No. Description ----------------------------------------- 31.1 * Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 * Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 * Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 * Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. -------------------------- * Filed herewith SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Bio Solutions Manufacturing, Inc.. (Registrant) Date: April 25, 2005 By: /s/ Michael O'Gorman ---------------------- ------------------------------- Michael O'Gorman Chief Executive Officer Date: April 25, 2005 By: /s/ Patricia Spreitzer ---------------------- ------------------------------- Patricia Spreitzer Chief Financial Officer