FLORHAM CONSULTING CORP - FORM 8-K/A - EX-99.11

EDUCATIONAL TRAINING INSTITUTE INC.

BALANCE SHEET

SEPTEMBER 30, 2009

ASSETS

Current Assets
Cash	$	8,559
Student tuition receivable, net of allowance for uncollectables of $1,716		169,916
Deferred corporate income tax		481
Total current assets		178,956

Machinery, Equipment and Leasehold Improvements, at cost, net of accumulated depreciation of $17,098		2,471

Other Assets
Related party receivable		16,802

Total assets	$	198,229

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued expenses	$	50,453
Payroll taxes payable		33,660
Corporate income tax payable		38,642
Bank loan payable		27,618
Deferred tuition revenue		98,544
Total current liabilities		248,917

Stockholders' Equity
Common stock - no par value; 200 shares authorized;
100 shares issued and outstanding		2,500
Retained earnings (deficit)		(53,188	)
Total stockholders' equity (deficiency)		(50,688	)

Total liabilities and stockholders' equity	$	198,229

EDUCATIONAL TRAININNG INSTITUTE INC.

STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

Revenues
Tuition and student fees	$	2,545,497
Management fees		131,700
Total revenues		2,677,197

Operating Costs and Expenses
Student instructional costs		518,996
Recruitment costs		61,715
Occupancy costs		205,050
General and administrative expenses		1,068,915
Total operating costs and expenses		1,854,676

Operating income before interest and depreciation		822,521

Interest expense		2,924

Income before depreciation		819,597

Depreciation expense		877

Income before income taxes		818,720

Corporate income tax		34,741

Net income	$	783,979

EDUCATIONAL TRAINING INSTITUTE, INC.

STATEMENT OF STOCKHOLDERS' EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

	Common Stock				Retained			Total
	Issued				Earnings			Stockholders'
	Shares		Amount		(Deficit)			Equity (Deficiency)


Beginning balance - December 31, 2008		100	$	2,500	$	141,158		$	143,658

Net income for the nine months ended September 30, 2009						783,979			783,979

Distribution of S Corp income						(978,325	)		(978,325	)

Ending balance - September 30, 2009		100	$	2,500	$	(53,188	)	$	(50,688	)

EDUCATIONAL TRAINING INSTITUTE INC.

STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

Cash Flows from Operating Activities
Net income	$	783,979
Noncash items included in net income:
Depreciation expense		877
		784,856

Changes in operating assets and liabilities
Decrease (increase) in assets:
Student tuition receivable		1,536,714
Deferred corporate income tax		(481	)
Security deposits		3,523
Increase (decrease) in liabilities:
Accounts payable and accrued expenses		(165,018	)
Payroll taxes payable		(194,573	)
Corporate income tax payable		33,972
Deferred tuition revenue		(1,028,123	)
		186,014

Net cash provided by operating activities		970,870

Cash Flows from Investing Activities:		0

Cash Flows from Financing Activities:
Increase in bank loan payable		2,591
Increase in receivables due from related company		(16,802	)
Distribution of S Corp income to stockholders		(978,325	)

Net decrease in cash		(21,666	)

Cash - January 1, 2009		30,225

Cash - September 30, 2009	$	8,559

Supplemental disclosure of cash flow information:
Cash paid during the nine months for interest	$	1,873
Cash paid during the nine months for income taxes	$	1,250

FLORHAM CONSULTING CORP - FORM 8-K/A - EX-99.11 - February 16, 2011