EX-99.1 5 v164402_ex99-1.htm Unassociated Document
Exhibti 99.1
 
THE IRUS GROUP, INC.
BALANCE SHEETS
AUGUST 31, 2009 (UNAUDITED)
 
ASSETS
     
   
AUGUST 31,
 
   
2009
 
   
(UNAUDITED)
 
Current Assets:
     
   Cash and cash equivalents
  $ 514,844  
   Accounts receivable, net
    898,853  
   Other current assets
    26,664  
         
      Total Current Assets
    1,440,361  
         
   Fixed assets, net of depreciation
    37,115  
         
Other Assets:
       
   Security deposit
    6,000  
   Note receivable
    18,255  
         
      Total Other Assets
    24,255  
         
TOTAL ASSETS
  $ 1,501,731  
         
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
       
         
LIABILITIES
       
Current Liabilities:
       
   Line of credit
  $ 810,000  
   Accounts payable and accrued expenses
    928,965  
         
      Total Current Liabilities
    1,738,965  
         
      Total Liabilities
    1,738,965  
         
STOCKHOLDERS’ EQUITY (DEFICIT)
       
   Common stock, $.00001 Par Value; 1,625,000 shares authorized
       
     and 1,500,000 shares issued and outstanding
    15  
   Additional paid-in capital
    80,085  
   Retained earnings (deficit)
    (317,334 )
         
      Total Stockholders’ Equity (Deficit)
    (237,234 )
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
  $ 1,501,731  
 
 
 

 
 
THE IRUS GROUP, INC.
STATEMENTS OF OPERATIONS
FOR THE EIGHT MONTHS ENDED AUGUST 31, 2009
 
   
EIGHT MONTHS ENDED
 
   
AUGUST 31,
 
   
2009
 
   
(UNAUDITED)
 
OPERATING REVENUES
     
   Revenues
  $ 4,973,172  
         
DIRECT COSTS
       
         
   Wages and wage related expenses
    612,207  
   Subcontractor fees
    2,911,133  
   Other direct costs
    103,644  
      Total Direct Costs
    3,626,984  
         
GROSS PROFIT
    1,346,188  
         
OPERATING EXPENSES
       
   Wages and wage related expenses
    439,390  
   Rent and utilities
    60,167  
   Advertising and promotion
    4,423  
   Professional fees
    67,023  
   Business development
    17,048  
   Other general and administrative expenses
    87,007  
   Depreciation
    24,635  
      Total Operating Expenses
    699,693  
         
         
INCOME (LOSS) BEFORE OTHER EXPENSE
    646,495  
         
   Interest expense, net
    14,112  
      Total Other Income (expense)
    14,112  
         
NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES
    632,383  
Provision for Income Taxes
    -  
         
NET INCOME (LOSS) APPLICABLE TO COMMON SHARES
  $ 632,383  
         
NET INCOME (LOSS) PER BASIC AND DILUTED SHARES
  $ 0.42  
         
WEIGHTED AVERAGE NUMBER OF COMMON
       
   SHARES OUTSTANDING
    1,500,000  
 
 
 

 
 
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE EIGHT MONTHS ENDED AUGUST 31, 2009 (UNAUDITED)
 
               
Additional
   
Retained
       
   
Common Stock
         
Paid-in
   
Earnings
       
   
Shares
   
Amount
   
Capital
   
(Deficit)
   
Total
 
                               
                               
Balance December 31, 2008
    1,500,000       15       80,085       (949,717 )     (869,617 )
                                         
Net income for the period
    -       -       -       632,383       632,383  
                                         
Balance August 31, 2009
    1,500,000     $ 15     $ 80,085     $ (317,334 )   $ (237,234 )
 
 
 

 
 
THE IRUS GROUP, INC.
 STATEMENTS OF CASH FLOWS
FOR THE EIGHT MONTHS ENDED AUGUST 31, 2009
 
   
EIGHT MONTHS ENDED
 
   
AUGUST 31,
 
   
2009
 
   
(UNAUDITED)
 
CASH FLOWS FROM OPERATING ACTIVITIES
     
   Net income (loss)
  $ 632,383  
         
   Adjustments to reconcile net income (loss) to net cash
       
     used in operating activities:
       
     Depreciation
    24,635  
         
  Changes in assets and liabilities
       
     (Increase) in accounts receivable
    (514,901 )
     (Increase) in other current assets
    (16,675 )
     Increase in accounts payable and
       
       and accrued expenses
    382,895  
     Total adjustments
    (124,046 )
         
     Net cash (used in) operating activities
    508,337  
         
CASH FLOWS FROM INVESTING ACTIVITIES
       
    Acquisition of fixed assets
    (6,688 )
   (Increase) in note receivable
    (18,255 )
         
      Net cash (used in) investing activities
    (24,943 )
         
CASH FLOWS FROM FINANCING ACTIVITES
       
    Proceeds from line of credit, net of repayments
    (40,000 )
         
       Net cash (used in) financing activities
    (40,000 )
         
NET INCREASE IN
       
    CASH AND CASH EQUIVALENTS
    443,394  
         
CASH AND CASH EQUIVALENTS -
       
    BEGINNING OF PERIOD
    71,450  
         
CASH AND CASH EQUIVALENTS - END OF PERIOD
  $ 514,844  
         
CASH PAID DURING THE PERIOD FOR:
       
    Income taxes
  $ -  
    Interest expense
  $ 14,112