EX-99.1 7 v159821_ex99-1.htm
Exhibit 99.1

Collexis Holdings, Inc and Subsidiaries
Pro-forma Consolidated Balance Sheet
For the Nine Months Ended March 31, 2009 (Unaudited)

               
Consolidated
 
   
Consolidated
   
Lawriter
   
less Lawriter
 
Current Assets:
                 
Cash and cash equivalents
  $ 220,093     $ 69,753     $ 150,340  
Accounts receivable (net)
    707,060       193,208       513,852  
Prepaid expenses and other current assets
    156,284       16,069       140,215  
Total current assets
    1,083,437       279,030       804,407  
                         
Fixed assets
    650,493       217,575       432,918  
Accumulated depreciation
    (268,815 )     (60,846 )     (207,969 )
Net fixed assets
    381,678       156,729       224,949  
                         
Intangibles
    7,796,431       3,060,866       4,735,565  
Accumulated amortization
    (1,934,639 )     (559,267 )     (1,375,372 )
Net intangibles
    5,861,792       2,501,599       3,360,193  
                         
Trade name
    1,090,594       1,090,594       -  
Goodwill
    8,904,142       5,272,269       3,631,873  
                               
Total assets
  $ 17,321,643     $ 9,300,221     $ 8,021,422  
                         
Current liabilities:
                       
Accounts payable trade
  $ 1,482,570     $ 53,705     $ 1,428,865  
Accrueed expenses
    1,019,814       30,016       989,798  
Deferred revenue
    1,157,695       211,572       946,123  
Deferred gain
    224,935               224,935  
Deferred tax liability net
    12,490               12,490  
Note payable
    184,594               184,594  
Current portion of deferred purchase price
    3,434,070                3,434,070  
Total current liabilities
    7,516,168       295,293       7,220,875  
                         
Non-current liabilities:
                       
Deferred tax liabilities
    1,057,960               1,057,960  
Deferred purchase price
    5,595,034                5,595,034  
Total non-current liabilities
    6,652,994       -       6,652,994  
                         
Stockholders' equity
                       
Common stock
    123,170               123,170  
Additional paid in capital
    33,333,426       9,006,552       24,326,874  
Stock warrants outstanding
    323,909               323,909  
Accunulated other comprehensive income/(loss)
    (418,627 )             (418,627 )
Accumulated deficit
    (30,209,397 )     (1,624 )     (30,207,773 )
Total stockholders' equity
    3,152,481       9,004,928       (5,852,447 )
                               
Total liabilities and stockholders' equity
  $ 17,321,643     $ 9,300,221     $ 8,021,422  

 
 

 
 
Exhibit 99.1

Collexis Holdings, Inc and Subsidiaries
Pro-forma Consolidated Statement of Operations
For the Nine Months Ended March 31, 2009 (Unaudited)

               
Consolidated
 
   
Consolidated
   
Lawriter
   
less Lawriter
 
Total revenue
  $ 4,776,645     $ 2,266,655     $ 2,509,990  
                         
Cost of revenue
    1,924,839       572,149       1,352,690  
                               
Gross Profit
    2,851,806       1,694,506       1,157,300  
                         
Operating expenses:
                       
Sales and marketing
    2,148,984       288,108       1,860,876  
Research and development
    469,923               469,923  
General and administrative
    6,210,229       1,497,046       4,713,183  
Total operating expenses
    8,829,136       1,785,154       7,043,982  
                         
Income/(loss) before other income, interest and income taxes
    (5,977,330 )     (90,648 )     5,886,682-  
                         
(Gain)/loss on foreign exchange
    (764,573 )             764,573-  
Other (income) expense
    (4,703 )     (15,392 )     10,689  
Interest (income) expense
    487,734               487,734  
                         
Income/(Loss) before income taxes
    (5,695,788 )     (75,256 )     (5,620,532 )
                         
Tax benefit
    240,139               240,139  
                               
Net income/(loss)
  $ (5,455,649 )   $ (75,256 )   $ (5,380,393 )
                         
Basic common shares outstanding
    111,586,068                 111,586,068  
Basic net loss per share
  $ (0.05 )           $ (0.05 )

 
 

 

Exhibit 99.1

Collexis Holdings, Inc and Subsidiaries
Pro-forma Consolidated Statement of Operations
For the Year Ended June 30, 2008 (Audited)

               
Consolidated
 
   
Consolidated
   
Lawriter
   
less Lawriter
 
Total revenue
  $ 4,105,321     $ 1,250,998     $ 2,854,323  
                         
Cost of revenue
    1,653,617       394,692       1,258,925  
                               
Gross Profit
    2,451,704       856,306       1,595,398  
                         
Operating expenses:
                       
Sales and marketing
    3,065,257       129,302       2,935,955  
Research and development
    1,446,208       -       1,446,208  
General and administrative
    7,815,540       659,508       7,156,033  
Total operating expenses
    12,327,006       788,810       11,538,196  
                         
Income/(loss) before other income, interest and income taxes
    (9,875,302 )     67,496       9,942,798-  
                         
(Gain)/loss on foreign exchange
    1,156,826               1,156,826  
Other (income) expense
    (2,263 )     (6,136 )     3,873  
Interest (income) expense
    553,148               553,148  
                         
Income/(Loss) before income taxes
    (11,583,012 )     73,632       (11,656,644 )
                         
Tax benefit
    323,255               323,255  
                               
Net income/(loss)
  $ (11,259,758 )   $ 73,632     $ (11,333,389 )
                         
Basic common shares outstanding
    74,996,816                 74,996,816  
Basic net loss per share
  $ (0.15 )           $ (0.15 )