EX-99.5 4 v150686_ex99-5.htm Unassociated Document
EXHIBIT 99.5

HEALTHWAREHOUSE.COM, INC.
PRO FORMA COMBINED
FINANCIAL STATEMENTS
(UNAUDITED)

INTRODUCTORY NOTE

On May 14, 2009, HealthWarehouse.com, Inc. (“HealthWarehouse”) completed a share exchange transaction (the “Exchange”) with Clacendix, Inc. (“Clacendix”), a public shell corporation. As a result of the Exchange, the former owners of HealthWarehouse became the controlling stockholders of Clacendix.

The following sets forth the combined statements of operations of HealthWarehouse on a pro forma basis for the three months ended March 31, 2009. The pro forma statements of operations data give effect to the transactions as if they had occurred at the beginning of the period. The pro forma balance sheet gives effect to the transactions as if they had occurred March 31, 2009. The pro forma financial statements are provided for informational purposes only, are unaudited, and not necessarily indicative of future results or what the operating results or financial condition of the Company would have been had the Exchange been consummated on the dates assumed. The following pro forma financial statements should be read in conjunction with the historical financial statements and the accompanying notes thereto, of HealthWarehouse included elsewhere in this filing and the historical condensed financial statements and the accompanying notes there to of Clacendix for the three months ended March 31, 2009, filed with the Securities Exchange Commission on May 12, 2009.

 
 
 

HealthWarehouse.com, Inc.
Pro Forma Combined Balance Sheet
As of March 31, 2009
(Unaudited)

               
Pro forma
adjustments
          
Pro forma
adjustments
              
   
Clacendix
    
HealthWarehouse
    
Clacendix
          
HealthWarehouse
          
Combined
  
                                               
Current Assets
  
(b)
    
(a)
                          
 
        
                                     
 
          
Cash and cash equivalents
   $ 1,247,173     $ 423,776                 $ (21,000 )     
k
     $ 2,849,949  
                                  1,200,000      
d
          
Accounts receivable
     -       23,596                                   23,596  
Inventory
     -       111,987                                   111,987  
Other receivables
     1,033       -                                   1,033  
Prepaid expenses and other current assets
     534       -                   -               534  
      1,248,740       559,359       -             1,179,000               2,987,099  
                                                       
Property and equipment, net
     -       376,383                                     376,383  
Deferred transaction costs             265,000                                     265,000  
Other assets
     -       48,441                                     48,441  
                                                       
TOTAL ASSETS
   $ 1,248,740     $ 1,249,183     $ -           $ 1,179,000             $ 3,676,923  
                                                       
Current Liabilities
                                                  
Accounts payable - trade    $ 146,120     $ 326,089                                   $ 472,209  
Accounts payable - related 
             745,567                                     745,567  
  
                                                 
Accrued expenses
     140,034                           $ 299,013      
h
       439,047  
                                                       
Convertible promissory notes
                                   1,200,000      
d
       1,025,000  
                                    (200,000 )    
d
          
                                    25,000      
d
          
Accrued payroll and related liabilities
     17,262                                             17,262  
Accrued interest - related party
     15,814                                             15,814  
      319,230       1,071,656       -             1,324,013               2,714,899  
                                                       
Stockholders’ Equity
                                                      
Preferred stock
     156       -                                     156  
Common stock
     33,057       1,032,528                     154,876      
i 
       1,220,461  
                                                       
Additional paid in capital
     45,873,892       -       (44,721,320 )  
e
       (299,013 )    
h 
       454,475  
                      (256,275 )  
f
       200,000      
d 
          
                                    (154,876 )    
i
          
                                                         
Accumulated deficit
     (44,721,320 )     (855,002 )     44,721,320    
e
                       (855,002 )
                                                         
Deficit accumulated during the development stage
     (256,275 )             256,275    
f
                       -  
                                                         
Total Stockholders' Equity
     929,510       177,526                       (98,695 )             1,008,341  
                                                         
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
   $ 1,248,740     $ 1,249,183     $ -             $ 1,225,318             $ 3,723,241  
 
 
2
 

HealthWarehouse.com, Inc.
Notes to Pro Forma Combined Balance Sheet
(Unaudited)

NOTE 1 – Share Exchange Transaction

HealthWarehouse.com, Inc. (“HealthWarehouse”) entered into a securities exchange agreement with Clacendix, Inc. (“Clacendix”), a public shell corporation, whereby 100% of the outstanding shares of class A and class B common stock of HealthWarehouse were exchanged for 155,194,563 shares of Clacendix common stock. As a result of the share exchange transaction (the “Exchange”), the former owners of HealthWarehouse became the controlling stockholders of Clacendix. Accordingly, the share exchange transaction of HealthWarehouse and Clacendix has been accounted for as a reverse recapitalization of Healthwarehouse.

NOTE 2 - Pro Forma Adjustments

The pro forma adjustments to the condensed balance sheet give effect to the recapitalization of HealthWarehouse as if the Exchange had occurred at the beginning of the   period.

Balance Sheet – March 31, 2009:

 
a.
Derived from the unaudited balance sheet of HealthWarehouse as of March 31, 2009.

 
b.
Derived from the unaudited balance sheet of Clacendix as of March 31, 2009.

 
c.
Note left blank intentionally.

 
d.
HealthWarehouse sale of $1,200,000 in convertible promissory notes closed on May 12, 2009.

 
e.
Elimination of Clacendix accumulated deficit.

 
f.
Elimination of Clacendix accumulated deficit during development stage.
 
 
h.
Estimated cost to complete Exchange to HealthWarehouse.

 
i.
Exchange of HealthWarehouse shares for, and issuance of 155,194,563 of Clacendix shares.

 
j.
The 188,250,744 shares of Clacendix common stock issued and outstanding consist of 155,194,563 shares issued in the Exchange to the former stockholders of HealthWarehouse and 33,056,161 shares outstanding held by the pre-Exchange stockholders of Clacendix.

 
k.
Record expense of Chief Financial Officer as if hired on January 1, 2009.
 
 
3
 

HealthWarehouse.com, Inc.
Pro Forma Combined Statement of Operations
For the three months  ended March 31, 2009
(Unaudited)

               
Pro forma
adjustments
          
Pro forma
adjustments
              
   
Clacendix
    
HealthWarehouse
    
Clacendix
          
HealthWarehouse
          
Combined
  
Revenues
   $ -     $ 756,171    
$ 
              
$
               $ 756,171  
Cost of Sales
     -       573,689                                   573,689  
Gross Profit
     -       182,482                                   182,482  
                      (259,309 )    
c 
                          
Selling,General, and Administrative Expenses
     259,309       359,899       180,800      
 h
       21,000      
d
       561,699  
                                                       
Operating Loss
     (259,309 )     (177,417 )     259,309       c                       (379,217 )
                                                         
Interest Income
     3,033       375       (3,033 )    
c
                       375  
Amortization of debt discount
    -       -       -               25,000      
f
       25,000  
                                                         
Net loss
   $ ( 256,276 )   $ (177,042 )   $ 75,476             $ ( 46,000 )           $ ( 403,842 )
   
(b)
    
(a)
                                          
                                                         
Net loss per common share - Basic and Diluted
   $ (0.00 )   $ (0.40 )                                   $ (0.00 )
                                                         
Weighted average number of common
                                      155,194,563      
e,g
          
shares outstanding- Basic and Diluted
     33,056,161       1,098,352                       (1,098,352 )    
e,g
       188,250,724  
 
 
4
 


HealthWarehouse.com, Inc.
Notes to Pro Forma Combined Statement of Operations
(Unaudited)

Statement of Operations - March 31, 2009:

 
a.
Derived from the unaudited Statement of Operations of HealthWarehouse for the three months ended March 31, 2009.

 
b.
Derived from the unaudited Statement of Operations of Clacendix for the three months ended March 31, 2009.

 
c.
Elimination of Clacendix unaudited Statement of Operations for the three months ended March 31, 2009.

 
d.
Record expense of Chief Financial Officer as if hired January 1, 2009.

 
e.
Exchange of HealthWarehouse shares for, and issuance of, 155,194,563 of Clacendix shares.

 
f.
To account for the amortization of deferred debt discount for the three months ended March 31, 2009.
 
 
g.
Does not give effect to the contingent issuance of common shares under certain rights and obligations of HW.

 
h.
Estimated cost to complete exchange to Clacendix.

 
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