Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CADUS CORP | v365627_8k.htm |
| EX-21 - EXHIBIT 21 - CADUS CORP | v365627_ex21.htm |
| EX-23 - EXHIBIT 23 - CADUS CORP | v365627_ex23.htm |
| EX-10.11 - EXHIBIT 10.11 - CADUS CORP | v365627_ex10-11.htm |
| EX-10.12 - EXHIBIT 10.12 - CADUS CORP | v365627_ex10-12.htm |
Exhibit 99.1
CADUS CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma consolidated financial statements give effect to the purchase for cash on February 4, 2014 of two homes in the State of Florida for purposes of renovation or construction and resale.
The following unaudited pro forma consolidated statement of operations for the nine months ended September 30, 2013 gives effect to the above as if the transactions had occurred at the beginning of the period. The unaudited consolidated pro forma balance sheet at September 30, 2013 assumes the effects of the above as if these transactions had occurred as of September 30, 2013.
CADUS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2013
| As Filed | Adjustments | Pro Forma | ||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | $ | 22,323,333 | (B) | $ | (5,650,000 | ) | $ | 16,591,448 | ||||
| (A) | (81,885 | ) | ||||||||||
| Interest receivable | 182 | 182 | ||||||||||
| Prepaid and other current assets | 27,606 | 27,606 | ||||||||||
| Property held for sale | (B) | 5,650,000 | 5,650,000 | |||||||||
| Total current assets | 22,351,121 | 22,269,236 | ||||||||||
| Investments in other ventures | 193,444 | 193,444 | ||||||||||
| Patents, net | 53,845 | 53,845 | ||||||||||
| Total assets | $ | 22,598,410 | $ | 22,516,525 | ||||||||
| Current liabilities | ||||||||||||
| Accrued expenses | $ | 9,234 | $ | 9,234 | ||||||||
| Total current liabilities | 9,234 | 9,234 | ||||||||||
| Stockholders’ equity | ||||||||||||
| Common stock | 132,857 | 132,857 | ||||||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | ||||||||||
| Accumulated deficit | (37,091,049 | ) | (A) | (81,885 | ) | (37,172,934 | ) | |||||
| Treasury stock - at cost | (300,075 | ) | (300,075 | ) | ||||||||
| Total stockholders’ equity | 22,589,176 | 22,507,291 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 22,598,410 | $ | 22,516,525 | ||||||||
(A) Represents real estate taxes, property insurance and utilities for properties held for renovation or construction and resale.
(B) Represents cost of the two properties purchased for renovation or construction and resale.
CADUS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2013
| As Filed | Adjustments | Pro Forma | ||||||||||
| License and maintenance fees | $ | -- | $ | -- | $ | -- | ||||||
| Costs and expenses | ||||||||||||
| General and administrative | 251,976 | (A) | 81,885 | $ | 333,861 | |||||||
| Amortization of patent costs | 64,825 | -- | 64,825 | |||||||||
| Loss from equity in other ventures | 367 | -- | 367 | |||||||||
| 317,168 | 81,885 | 399,053 | ||||||||||
| Operating Loss | (317,168 | ) | (81,885 | ) | (399,053 | ) | ||||||
| Interest Income | 1,842 | -- | 1,842 | |||||||||
| Loss before provision for income | (315,326 | ) | (81,885 | ) | (397,211 | ) | ||||||
| Provision for income taxes | -- | -- | -- | |||||||||
| Net loss | $ | (315,326 | ) | $ | (81,885 | ) | $ | (397,211 | ) | |||
| Basic and diluted loss per common stock outstanding | $ | (0.02 | ) | $ | -- | $ | (0.03 | ) | ||||
| Weighted average shares of common stock outstanding | 13,144,040 | 13,144,040 | ||||||||||
| (A) | Represents real estate taxes, property insurance and utilities for properties held for resale. |