EX-99.2 3 ex99-2.htm EXHIBIT 99.2 ex99-2.htm
Exhibit 99.2









SENSIVIDA MEDICAL TECHNOLOGIES, INC.

(FORMERLY MEDISCIENCE TECHNOLOGY CORP.)

UNAUDITED PROFORMA CONSOLIDATED FINANCIAL STATEMENTS

 
 

 
 
 
 
SENSIVIDA MEDICAL TECHNOLOGIES, INC.
(FORMERLY MEDISCIENCE TECHNOLOGY CORP.)
UNAUDITED PROFORMA CONSOLIDATED BALANCE SHEET
NOVEMBER 30, 2008

ASSETS
  
   
Mediscience
 Technology
Corp.
November 30,
 2008
    
SensiVida
Medical
 Systems,
Inc. September
30, 2008
    
Proforma
Adjustment
    
Proforma
Total
  
CURRENT ASSETS
                        
Cash
   $ 113,506     $ 558     $ -     $ 114,064  
Prepaid Expenses and Other Current Assets
     23,734       -       -       23,734  
           Total Current Assets
     137,240       558       -       137,798  
PROPERTY PLANT AND EQUIPMENT
                                
    Net of Accumulated Depreciation
     -       -       -       -  
OTHER ASSETS - Security Deposit
     1,800       -       -       1,800  
                                 - Deferred Costs
     138,252       -       -       138,252  
                 - Intellectual Property
     -       -       2,808,564       2,808,564  
TOTAL ASSETS
   $ 277,292     $ 558     $ 2,808,564     $ 3,086,414  
LIABILITIES AND STOCKHOLDERS' DEFICIT
  
CURRENT LIABILITIES
                                
Convertible Debt, Net of Discount of $254,365
   $ 1,402,135     $ -     $ -     $ 1,402,135  
Convertible Note Payable
     -       49,829       -       49,829  
Loan Payable - Officer
     -       5,523       -       5,523  
Accounts Payable
     72,066       -       -       72,066  
Accrued Liabilities
     4,052,033       2,437       -       4,054,470  
Total Current Liabilities
     5,526,234       57,789       -       5,584,023  
STOCKHOLDERS' DEFICIT
                                
Convertible Preferred Stock, $.01 Par Value, 50,000
                                
Shares Authorized; Issued and Outstanding -0- Shares
                                
November 30, 2008
     -       -       -       -  
Common Stock $.01 Par Value, Authorized 199,950,000
                                
Shares; Issued and Outstanding Shares - 70,932,406
                                
prior to merger; 104,265,739 upon completion of merger
     709,324       -       333,333       1,042,657  
Common Stock - Class A to be issued
             88               88  
Stockholders' Receivable
             (75 )             (75 )
Additonal Paid-in Capital
     27,116,504       -       2,475,231       29,591,735  
Accumulated Deficit
     (33,074,770 )     (57,244 )     -       (33,132,014 )
Total Stockholders' Deficit
     (5,248,942 )     (57,231 )     2,808,564       (2,497,609 )
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT
   $ 277,292     $ 558     $ 2,808,564     $ 3,086,414  

 

 
 
 
SENSIVIDA MEDICAL TECHNOLOGIES, INC.
(FORMERLY MEDISCIENCE TECHNOLOGY CORP.)
UNAUDITED PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED NOVEMBER 30, 2008

   
Mediscience
Technology
Corp.
November 30,
 2008
    
SensiVida
Medical
Systems,
 Inc. September
30, 2008
    
Proforma Adj.
    
Proforma Total
  
Net Sales
   $ -     $ -     $ -     $ -  
General and Administrative Expense
     870,700       5,492       -       876,192  
Product Development Expense
     136,999       7,978       -       144,977  
     Total Expenses
     1,007,699       13,470       -       1,021,169  
Loss from Operations
     (1,007,699 )     (13,470 )     -       (1,021,169 )
Other Income (Expense)
                                
Interest Income
     4,203       -       -       4,203  
Other Income
     -       5,000       -       5,000  
Interest Expense
     (141,058 )     (931 )     -       (141,989 )
Accretion of Interest on Convertible Debt
     (553,105 )     -       -       (553,105 )
     Total Other Income (Expense)
     (689,960 )     4,069       -       (685,891 )
Net Loss
   $ (1,697,659 )   $ (9,401 )   $ -     $ (1,707,060 )
Basic and Diluted Loss Per Common Share
                           $ (0.017 )
Weighted Average Common Shares
                                
   Outstanding
                             100,993,368  

 

 
 
 
SENSIVIDA MEDICAL TECHNOLOGIES, INC.
(FORMERLY MEDISCIENCE TECHNOLOGY CORP.)
UNAUDITED PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 29, 2008


                         
   
Mediscience
Technology
Corp. February
29, 2008
    
SensiVida
Medical
 Systems,
 Inc. December
31, 2007
    
Proforma Adj.
    
Proforma Total
  
Sales
   $ -     $ -     $ -     $ -  
                                 
Cost of Sales
     -       -       -       -  
                                 
Gross Profit
     -       -       -       -  
                                 
General and Administrative Expense
     1,231,814       4,544       -       1,236,358  
                                 
Product Development Expense
     853,774       3,100       -       856,874  
                                 
Total Expense
     2,085,588       7,644       -       2,093,232  
                                 
Loss from Operations
     (2,085,588 )     (7,644 )     -       (2,093,232 )
                                 
Other Income (Expense)
                                
Interest Income
     9,172       -       -       9,172  
Interest Expense
     (87,231 )     (862 )     -       (88,093 )
Accretion of Discount on Convertible Debt
     (849,030 )     -       -       (849,030 )
     Total Other Income (Expense)
     (927,089 )     (862 )     -       (927,951 )
                                 
                                 
Net Loss
   $ (3,012,677 )   $ (8,506 )   $ -     $ (3,021,183 )
                                 
Basic and Diluted Net Loss per Common Share
                           $ (0.030 )
Basic and Diluted Weighted Average Number of
                                
Shares Outstanding
                             99,142,643  


 
 
 
SENSIVIDA MEDICAL TECHNOLOGIES, INC.
(FORMERLY MEDISCIENCE TECHNOLOGY CORP.)
NOTES TO UNAUDITED PROFORMA CONSOLIDATED FINANCIAL STATEMENTS



BASIS OF PRESENTATION

The following unaudited proforma financial statements for Mediscience Technology Corp. (“MTC” or “The Company”) have been prepared to illustrate the acquisition of SensiVida Medical Systems, Inc. (“SensiVida”) in a merger transaction.

THE ACQUISITION OF SENSIVIDA MEDICAL SYSTEMS, INC.

The following proforma consolidated condensed statements of operations for the nine months ended November 30, 2008 and for the year ended February 29, 2008 reflects the financial results of the Company and SensiVida as if the acquisition had occurred on March 1, 2007.

On March 3, 2009, the Company completed its acquisition of 100% of SensiVida in a stock transaction valued at approximately $2.8 million.  Under the terms of the merger agreement, the consideration consists of 33,333,333 newly issued shares of the Company’s common stock, which were divided proportionally among the SensiVida stockholders in accordance with their respective ownership interests in SensiVida immediately before the closing of the transaction.

UNAUDITED FINANCIAL INFORMATION

The unaudited proforma financial information combines the historical financial information of the Company and SensiVida for the nine months ended November 30, 2008 and for the year ended February 29, 2008.  The unaudited proforma balance sheet assumes the acquisitions were completed on that date.  The unaudited proforma statements of operations give effect to the merger and acquisitions as if the merger and acquisition had been completed on March 1, 2007.

These unaudited proforma financial statements are for information purposes only.  They do not purport to indicate the results that would have actually been obtained had the merger and acquisition been completed on the assumed dates or for the periods presented, or which may be realized in the future.  The accounting adjustments reflected in these unaudited proforma consolidated financial statements included herein are preliminary and are subject to change pending the final valuation of the intangible assets.  The accompanying notes are an integral part of these pro forms consolidated financial statements.

The following adjustments to the unaudited proforma financial statements are based on the assumption that the acquisition was consummated as of November 30, 2008:
 
                   
Intellectual Property
         $ 2,808,564        
Common Stock
                 $ 333,333.33  
Paid in Capital
                   2,475,230.67  
To recognize Acquisition consisting of
Intellectual Property and other assets and
liabilities for 33,333,333 shares of
common stock with a weighted (prior and forward)
average value of 8.2540¢ per share
  
33,333,333 x .082540 = 2,751,333
     2,751,333                  
Plus Liabilities
     57,789                  
Less Cash
     (558 )                
    $ 2,808,564