UNIVERSAL GUARDIAN HOLDINGS, INC.
AND STRATEGIC SECURITY SOLUTIONS INTERNATIONAL LIMITED
Pro Forma Combined Financial Statements
(unaudited)
Contents
<TABLE>
<CAPTION>
Page
----
Pro Forma Financial Statements:
<S>
<C>
Combined
Balance Sheet as of June 30, 2004 (unaudited)
F-2
Combined
Statements of Operations for the six months ended June 30, 2004
(unaudited) F-3
Combined
Statements of Operations for the year ended December 31, 2003
(unaudited)
F-4
Notes to
Combined Financial Statements (unaudited)
F-5
</TABLE>
F-1
<PAGE>
UNIVERSAL GUARDIAN HOLDINGS, INC.
AND STRATEGIC SECURITY SOLUTIONS INTERNATIONAL LIMITED
Pro Forma Combined Balance Sheet
June 30, 2004
(Unaudited)
<TABLE>
<CAPTION>
UGHO
SSSI
Adjustments Pro forma
-------------
------------ ------------
------------
ASSETS
CURRENT ASSETS
<S>
<C>
<C>
<C>
<C>
Cash and cash
equivalents
$ 1,331,858
$ 127,034 $
$ 1,458,892
Accounts receivable,
net
-
220,767
220,767
Deposits and other
current assets
77,603
24,499
102,102
-------------
------------ ------------
------------
TOTAL CURRENT ASSETS
1,409,461
372,300
-
1,781,761
PROPERTY AND EQUIPMENT, net
16,989
177,847
194,836
Customer lists
-
a 3,525,092
3,525,092
OTHER ASSETS
20,447
20,447
-------------
------------ ------------
------------
TOTAL ASSETS
$ 1,446,897
$ 550,147 $
3,525,092 $
5,522,136
=============
============ ============
============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable
$ 691,161
$ 361,140 $
$ 1,052,301
Accrued expenses
445,115
325,894
771,009
Accrued expenses -
related parties
20,181
20,181
Accrued registration
obligation
135,000
135,000
Accrued warrant
liability
449,706
449,706
Deferred revenue
50,001
50,001
Income tax payable
60,524
60,524
Accrued obligation
under abandoned lease
200,000
200,000
Capital lease
obligation, current portion
5,235
5,235
Notes payable, related
parties
30,633
30,633
-------------
------------ ------------
------------
TOTAL CURRENT LIABILITIES
1,977,031
797,559
-
2,774,590
CAPITAL LEASE OBLIGATION, less current
portion
3,873
3,873
-------------
------------ ------------
------------
TOTAL LIABILITIES
1,980,904
797,559
-
2,778,463
-------------
------------ ------------
------------
SERIES 'A' PREFERRED STOCK OF SUBSIDIARY -
UNIVERSAL GUARDIAN
CORPORATION
41,368
41,368
COMMITMENTS AND CONTINGENCIES
-
-
-
-
STOCKHOLDERS' DEFICIT
Series 'A' convertible
preferred stock, cumulative 7%
$0.001 par
value, 5,000,000 shares authorized:
600 shares
issued and outstanding ($96,250 of
dividends
in arrears)
1
1
Common stock; $0.001
par value; 50,000,000 shares authrized;
31,279,879
and 35,381,373 (pro forma) shares issued and
outstanding
31,280
379 a
3,722
35,381
Additional paid-in
capital
7,442,850
a 3,273,579
10,716,429
Prepaid consulting fee
(100,000)
(100,000)
Other comprehensive
loss
(476) a
476
-
Accumulated deficit
(7,949,506) (247,315)
a 247,315
(7,949,506)
-------------
------------
------------
------------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)
(575,375) (247,412)
3,525,092 2,702,305
-------------
------------ ------------
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
$ 1,446,897
$ 550,147 $
3,525,092 $
5,522,136
=============
============ ============
============
-
-
-
-
</TABLE>
See notes to pro forma combined financial statements
F-2
<PAGE>
UNIVERSAL GUARDIAN HOLDINGS, INC.
AND STRATEGIC SECURITY SOLUTIONS INTERNATIONAL LIMITED
Pro Forma Combined Statement of Operations
For the Six Months E
