| Current Financial Statement for: Smart Rx Systems, Inc (Reviewed but Unaudited) Date of incorporation: 08/16/2013 Current number of employees: 7 | |||
| Fiscal Year: | Prior Fiscal Year end: 2014 |
Most recent Fiscal Year end: 2015 |
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|---|---|---|---|
| Balance Sheet Highlights | |||
| Total Assets: | $20,785,028 | $21,276,644 | |
| Cash and Cash Equivalents: | $60,149 | $146,809 | |
| Accounts Receivable: | $0 | $31,035 | |
| Short-term Debt: | $168,011 | $169,329 | |
| Long Term Debt*: | $1,094,892 | $2,304,137 | |
| Income Statement Highlights | |||
| Revenue/Sales**: | $182,141 | ||
| Cost of Goods or Services Sold: | $86,907 | ||
| Taxes Paid: | |||
| Net Income: | $-2,313,241 | $-2,978,447 | |
| Prior Year Notes:
2014: Company was operating and developing its offerings. |
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| Recent Year Notes:
2015: DEVELOPMENT STAGE ACTIVITIES. ALL LONG TERM DEBT IS RELATED PARTY CEO & CFO ACCRUALS--NO 3RD PARTY DEBT--NONE OF CEO & CFO SALARY ACCRUALS ARE PAID FROM PROCEEDS OF FCFO OR REG A--ONLY PAID FROM EARNED EBITDA, WHEN EARNED, SUBJECT TO CONTINGENT AMOUNTS. Revenue was from ancillary sources , not from core business. |
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| *Debt Statement (for all long term debts describe the terms, and debt holder):
WAGES & BONUSES DEFERRED FOR CEO & CFO, WILL BE PAID UPON CONTINGENT EVENTS of & from EBITDA, NOT FCFO PROCEEDS. |
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| **Describe Revenue/Sales (Services or product revenue, #of customers, average sale):
Sale of Kiosks and on-going revenue |
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| Fiscal Year and for # of Employees | |||
| Fiscal Year: | 2016 | 2017 | 2018 |
|---|---|---|---|
| Expected # of Employees: | 7 | 35 | 130 |
| Balance Sheet Highlights | |||
| Total Assets: | $22,250,000 | $42,000,000 | $68,000,000 |
| Cash and Cash Equivalents: | $50,000 | $9,000,000 | $51,000,000 |
| Accounts Receivable: | $30,000 | $35,000 | $140,000 |
| Short-term Debt: | $180,000 | ||
| Long Term Debt: * | $3,200,000 | $4,500,000 | $6,000,000 |
| Income Statement Highlights: | |||
| Revenue/Sales: ** | $377,000 | $16,257,763 | $128,303,725 |
| Cost of Goods or Services Sold: | $199,580 | $9,469,355 | $74,697,755 |
| Taxes Paid: | $4,658,903 | ||
| Net Income: | $-3,500,000 | $2,575,233 | $32,794,514 |
| Cash Flow Highlights | |||
| Beginning Cash: | $114,659 | $50,000 | $14,019 |
| Ending Cash: | $50,000 | $13,519,875 | $33,314,389 |
| Basis: | accrual | accrual | accrual |
| Notes for Year 1 | 2016: ALL LONG TERM DEBT IS RELATED PARTY CEO & CFO ACCRUALS--NO 3RD PARTY DEBT--NONE OF CEO & CFO SALARY ACCRUALS ARE PAID FROM PROCEEDS OF FCFO OR REG A--ONLY PAID FROM EARNED EBITDA, WHEN EARNED, SUBJECT TO CONTINGENT AMOUNTS. Revenue was from Kiosks installed during last half of 2016. |
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| Notes for Year 2 | 2017: Expect both proposed FCFO & REG A OFFERINGS DURING 2017; EXPECT EBITDA to be sufficient to pay down some salary accruals; expect 25 to 28 Kiosks by end of 2017, more if FCFO is successful; more if REG A 1st Tranche closes in 4th Q; TAX LOSS CARRY-FORWARD FROM PRIOR YEARS ELIMINATES ANY TAX DUE. CASH IN BANK > $2MM as of APRIL 2017. |
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| Notes for Year 3 | 2018: Long Term Debt Includes a proposed 50% to 65% 1st mortgage on the headquarters and regional faciilities WE EXPECT TO BUILD in 2018. EXPECT more facilities and Kiosks which have on-site employees vs. remote employees. EXPECT most or all of accrued salaries to be paid off from eligible EBITDA produced cash flow, with regular salary payments to management to begin by 4th Q. EXPECT all Central Processing capabilities to be at least installed and finished testing periods in 1st Q 2019. EXPECT to initiate installations of BETA retail Kiosks with full deployment vs. contracts in 2019. Tax loss carry-forward from early years reduces taxable income and taxes to be paid |
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| Debt Statement (for all long term debts, describe the terms, and debt holder): *
WAGES & BONUSES DEFERRED FOR CEO & CFO, WILL BE PAID UPON CONTINGENT EVENTS of & from EBITDA |
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| Describe Revenue/Sales (Services or product revenue, #of customers, average sale): **
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| Project Audit | Status |
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| Proof of Identification: | |
| Representative of your Financial Reports: | |
| Corporation or LLC Certificate: | |
| Tax Form IRS W9: | |
| Copies of 2 years of tax returns: | |
| Financial Statements: | |
| Business Plan: | |