First Choice Healthcare Solutions, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - August 22, 2011

Attached files

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8-K - MEDICAL BILLING ASSISTANCE, INC. FORM 8-K - First Choice Healthcare Solutions, Inc.form8k.htm
EX-10.3 - EXHIBIT 10.3 - First Choice Healthcare Solutions, Inc.ex103.htm
EX-10.1 - EXHIBIT 10.1 - First Choice Healthcare Solutions, Inc.ex101.htm
EX-10.2 - EXHIBIT 10.2 - First Choice Healthcare Solutions, Inc.ex102.htm
Exhibit 99.1
 
 
MEDICAL BILLING ASSISTANCE, INC.
  
CONDENSED CONSOLIDATED BALANCE SHEETS
  
             
   
June 30, 2011
  
   
(unaudited)
  
   
Pro forma
    
As reported
  
             
             
ASSETS
            
Current assets
            
Cash
   $ 1,836,762     $ 87,913  
Accounts receivable
     43,526       43,526  
Prepaid expenses
     13,673       43,673  
Escrows and deposits
     232,162       -  
  Total current assets
     2,126,123       175,112  
                 
Property, plant and equipment, net of accumulated depreciation of $1,099,701 and $1,018,970
     4,617,829       4,617,829  
                 
Other assets
                
Capitalized financing costs
     169,283          
Deposits
     2,415       2,415  
                 
Total assets
   $ 6,915,650     $ 4,795,356  
                 
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
                
Current liabilities
                
Accounts payable and accrued expenses
   $ 222,463     $ 305,817  
Notes payable, current portion
     67,727       5,346,352  
Notes payable- related party, current portion
     19,301       19,301  
Convertible note payable
     53,000       53,000  
Unearned revenue
     23,586       23,586  
Deferred income taxes
     50,019       50,019  
Other liabilities
     -       -  
  Total current liabilities
     436,095       5,798,075  
                 
Long term debt:
                
Deposits held
     47,399       47,399  
Notes payable, long term portion
     7,482,274       -  
  Total long term debt
     7,529,673       47,399  
                 
Total liabilities
     7,965,768       5,845,474  
                 
Stockholders' deficit
                
Preferred stock, $0.01 par value; 1,000,000 shares authorized, Nil issued and outstanding
     -       -  
Common stock, $0.001 par value; 100,000,000 shares authorized, 49,716,000 shares issued and outstanding as of June 30, 2011 and December 31, 2010
     49,716       49,716  
Additional paid in capital
     40,915       40,915  
Accumulated deficit
     (1,140,749 )     (1,140,749 )
  Total stockholders' deficit
     (1,050,118 )     (1,050,118 )
                 
Total liabilities and stockholders' deficit
   $ 6,915,651     $ 4,795,356  

First Choice Healthcare Solutions, Inc. Reports