EX-99 4 mitproforma0430.htm PRO FORMA 4-30-2007 Micro Imaging Technology, Inc


Micro Imaging Technology, Inc. and Success Mater

Investment Limited

Consolidated (Unaudited) Condensed Pro Forma Balance Sheet

As of April 30, 2007

 

 

 

 

 

 

 

 

 

 

          
   

Success

 

Micro

   

(Unaudited)

   

Mater Investment

 

Imaging

 

(Unaudited)

 

ProForma

   

Limited

 

Technology, Inc.

 

ProForma

 

Consolidated

   

and Subsidiaries

 

and Subsidiaries

 

Adjustments

 

Total

          

ASSETS

Current assets:

         

Cash

  

 $               970,680

 

 $               325,673

 

 $             (805,673)

 

 $             490,680

Trade accounts receivabe

  

                             -

 

                    20,000

 

                  (20,000)

 

                           -

Prepaid expenses

  

                    30,639

 

                    12,587

 

                  (12,587)

 

                  30,639

Supplies

  

3,907

 

                             -

 

                             -

 

                    3,907

Total current assets

  

               1,005,226

 

                  358,260

 

                (838,260)

 

                525,226

                 

Fixed assets

  

768,061

 

98,362

 

                  (98,362)

 

                768,061

                 

Land use right, net

  

51,289

 

                             -

 

                             -

 

                  51,289

                 

Prepaid taxes

  

27,889

 

                             -

 

                             -

 

                  27,889

                 

Total assets

  

 $            1,852,465

 

 $               456,622

 

 $             (936,622)

 

 $          1,372,465

          

LIABILITIES AND STOCKHOLDERS' DEFICIT

          

Current liabilities:

         

Trade accounts payable

  

68,860

 

                    77,023

 

(77,023)

 

                  68,860

Accounts payable to officers

  

0

 

                    32,000

 

(32,000)

 

                           -

Accrued payroll

  

0

 

                  116,200

 

(116,200)

 

                           -

Other accrued expenses

  

6,361

 

                    36,421

 

(36,421)

 

                    6,361

Security deposit

  

                    34,879

 

                             -

 

                             -

 

                  34,879

   Redeemable convertible preferred stock, $0.01 par value; 2,600,000shares authorized, issued and outstanding at April 30, 2007.

 

                             -

 

                    26,000

 

(26,000)

 

                           -

Total liabilities

  

                  110,100

 

                  287,644

 

                (287,644)

 

                110,100

                 

Minority interest

  

                  129,351

 

                             -

 

                             -

 

                129,351

          

Commitments and contingencies

         
          

Stockholders' deficit:

         

Common stock, $0.01 par value; 100,000,000 shares authorized;29,554,666 and 81,800,000 shares issued and outstanding atApril 30, 2007 and April 30, 2007 (proforma), respectively.

 

                             -

 

295,547

 

(213,747)

 

                  81,800

Common stock, $0.13 par value; 10,000 shares authorized;10 shares issued and outstanding at March 31, 2007.

 

                             1

 

                             -

 

                           (1)

 

                           -

Additional paid-in capital

  

               3,874,539

 

32,194,964

 

(32,756,763)

 

             3,312,740

Notes receivable on common stock

  

                             -

 

(37,620)

 

37,620

 

                           -

Accumulated deficit from previous operating activities

     

(27,809,201)

 

27,809,201

 

                           -

Accumlated other comprehensive income

  

                  (57,180)

 

                             -

 

                             -

 

                (57,180)

Deficit accumulated during the development stage

  

             (2,204,346)

 

(4,474,712)

 

4,474,712

 

           (2,204,346)

Total stockholders' deficit

  

               1,613,014

 

                  168,978

 

                (648,978)

 

             1,133,014

Total liabilities and stockholders' deficit

  

 $            1,852,465

 

 $               456,622

 

 $             (936,622)

 

 $          1,372,465



Micro Imaging Technology, Inc. and Success Mater

Investment Limited

Consolidated (Unaudited) Condensed Pro Forma Statement of Operations

For the Six Months Ended April 30, 2007

 

 

 

 

 

 

 

 

 

 

          
 

Success

 

Micro

   

(Unaudited)

  
 

Mater Investment

 

Imaging

 

(Unaudited)

 

ProForma

  
 

Limited

 

Technology, Inc.

 

ProForma

 

Consolidated

  
 

and Subsidiaries

 

and Subsidiaries

 

Adjustments

 

Total

  
          

Net Sales

 $                          -

 

 $                 40,000

 

 $                       (40,000)

 

 $                          -

  

Cost of Sales

                             -

 

                    15,810

 

                          (15,810)

 

                             -

  
 

 

 

 

 

 

 

 

  

     Gross profit

                             -

 

                    24,190

 

                  (24,190)

 

                             -

  
                 

Operating costs and expenses:

               

Research and development

                      6,635

 

                  505,008

 

                (505,008)

 

                      6,635

  

Sales, general and administrative

                  225,381

 

                    73,650

 

                  (73,650)

 

                  225,381

  
                 

Total operating expenses

                  232,016

 

                  578,658

 

                (578,658)

 

                  232,016

  
                 

Loss from operations

(232,016)

 

(554,468)

 

                  554,468

 

(232,016)

  
                 

Other income (expense):

               

Interest income

                         212

 

                      1,980

 

                    (1,980)

 

                         212

  

Interest expense

                             -

 

                (103,033)

 

                  103,033

 

                             -

  

Other income (expense), net

                             -

 

                  (18,878)

 

                    18,878

 

                             -

  

Other income (expense), net

                         212

 

                (119,931)

 

                  119,931

 

                         212

  
                 

Loss from continuing operations before

               

provision for income tax and minority interest

                (231,804)

 

                (674,399)

 

                  674,399

 

                (231,804)

  

Provision for income tax

                             -

 

                    (1,600)

 

                      1,600

 

                             -

  

Minority interest

                      2,767

 

                             -

     

                      2,767

  

Net loss from continuing operations

                (229,037)

 

                (675,999)

 

                  675,999

 

                (229,037)

  
                 

Other Comprehensive Loss

               

Effects of Foreign Currency Conversion

                    13,132

 

                         -     

 

                         -     

 

                    13,132

  
                 

Net loss

 $             (215,905)

 

 $             (675,999)

 

 $               675,999

 

 $             (215,905)