PRACTICEXPERT, INC. CONSOLIDATED BALANCE SHEET JUNE 30, 2005
ASSETS
06/30/05 CURRENT ASSETS: ------------
Cash & cash equivalents $ 307,615 Prepaid expenses 104,622 Inventory 150,144 Accounts receivable, net 3,802,260 Other receivables -- ------------ Total current assets 4,364,641
PROPERTY AND EQUIPMENT, NET 565,955
OTHER ASSETS Deposits 21,771
INTANGIBLES: Client list, net 6,531,281 Software, net 1,029,107 Goodwill 4,591,853 ------------ 12,152,241 ------------ $ 17,104,609 ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable & accrued expenses $ 3,352,089 Notes payable - related parties 114,633 Notes payable 4,203,248 Advances 422,781 Deferred Revenue 886,745 Other current liabilities, including related party debt of $139,703 193,748 Dividends payable 15,306 ------------ Total current liabilities 9,188,550
Notes Payable, related party - long term 40,928 Notes Payable - long term 100,000 Convertible note payable --
COMMITMENTS
STOCKHOLDERS' EQUITY Preferred stock - unclassified, authorized shares 36,000,000, no par value none issued -- Preferred stock convertible - Series C, 6%, $.001 par value 2,000,000 shares authorized; 41,170 issued and outstanding 41 Common stock, $.001 par value, 200,000,000 shares authorized; 131,591,329 issued and outstanding 131,591 Treasury Stock, 49,000 shares of common stock (285,000) Additional paid in capital 17,686,332 Shares to be issued 732,995 Accumulated deficit (10,490,828) ------------ Total stockholders' equity 7,775,131 ------------ $ 17,104,609 ============
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