UNIVERSAL GUARDIAN HOLDINGS, INC. AND STRATEGIC SECURITY SOLUTIONS INTERNATIONAL LIMITEDStrategic Alliance Agreement |
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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
