Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT TO FORM 8-K - LENCO MOBILE INC. | lenco_8ka-122311.htm |
Exhibit 99.1
iLoop, Inc.
Unaudited Balance Sheet
Nine months ended September 30, 2011
| September 30, | ||||
| 2011 | ||||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 1,069,129 | ||
| Accounts receivable, net of allowances | 964,176 | |||
| Other current assets | 76,565 | |||
| Total current assets | 2,109,870 | |||
| Property and equipment, net | 111,681 | |||
| Other noncurrent assets: | ||||
| Intangible assets - other, net | 118,750 | |||
| Other noncurrent assets | 19,013 | |||
| Total other noncurrent assets | 137,763 | |||
| Total assets | $ | 2,359,314 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Line of credit | $ | 276,715 | ||
| Accounts payable and accrued expenses | 2,803,397 | |||
| Deferred revenue | 612,271 | |||
| Current portion of long-term obligations, net of debt discount | 4,128,561 | |||
| Total current liabilities | 7,820,944 | |||
| Long-term obligations, less current portion | 2,208,425 | |||
| Total liabilities | 10,029,369 | |||
| Shareholders' equity: | ||||
| Preferred Stock, Series A | 1,666 | |||
| Common stock | 167 | |||
| Additional paid in capital | 25,867,752 | |||
| Accumulated other comprehensive income | (8,776 | ) | ||
| Accumulated deficit | (33,530,864 | ) | ||
| Total shareholders’ equity | (7,670,055 | ) | ||
| Total liabilities and shareholders' equity | $ | 2,359,314 | ||
iLoop, Inc.
Unaudited Condensed Statements of Operations
Nine months ended September 30, 2011
Nine Months ended September 30, 2011 | ||||
| (unaudited) | ||||
| Net Revenue | $ | 4,687,076 | ||
| Cost of sales | 2,246,731 | |||
| Gross profit | 2,440,345 | |||
| Operating expense: | ||||
| Sales and marketing | 895,314 | |||
| General and administrative | 5,529,024 | |||
| Depreciation and amortization | 64,896 | |||
| Total operating expense | 6,489,234 | |||
| Loss from operations | (4,048,889 | ) | ||
| Other income (expense): | ||||
| Interest expense, net | (265,049 | ) | ||
| Other income | – | |||
| Total other income (expense) | (265,049 | ) | ||
| Loss from operations before provision for (benefit from) income taxes | (4,313,938 | ) | ||
| Provision for (benefit from) income taxes | 4,192 | |||
| Net loss | $ | (4,318,130 | ) | |
| Foreign currency translation adjustment | 10,536 | |||
| Total comprehensive loss | $ | (4,307,594 | ) | |
| -2- |