Accountant's Compilation Report Sample Clauses

Accountant's Compilation Report. Board of Directors Safe Alternatives of America, Inc. We have compiled the accompanying balance sheet of Safe of December 31, 1994, and the related statements of income and deficit accumulated during development stage and cash flows for the year then ended and for the period from January 1, 1992 (inception) to December 31, 1994, and the accompanying supplementary information contained in schedules I and II, which are presented only for supplementary analysis purposes, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. We are not independent with respect to Safe Alternatives of America, Inc. /▇▇▇▇▇ & ▇▇▇▇▇ Ridgefield, Connecticut July 31, 1995 SAFE ALTERNATIVES OF AMERICA, INC. (Developmental Stage Company) BALANCE SHEET December 31, 1994 ASSETS CURRENT ASSETS Cash $ 21,622 Accounts Receivable 15,888 Inventories 14,128 Prepaid Expenses 1,244 ---------- TOTAL CURRENT ASSETS 52,882 FIXED ASSETS Equipment 74,387 Leasehold improvements 61,315 Furniture and fixtures 101,344 ---------- 237,046 Less accumulated depreciation 58,696 ---------- 178,350 OTHER ASSETS Organization costs, less amortization of $28,384 32,439 License agreement, less amortization of $3,333 46,667 Deposits and advances 21,258 ---------- 100,364 ---------- $ 331,596 ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 39,877 Shareholders' loans 112,500 Accrued State income tax 453 ---------- TOTAL CURRENT LIABILITIES 152,830 SHAREHOLDERS' EQUITY Common stock, $.00025 par value, 30,000,000 shares authorized, 26,204,500 shares issued and outstanding 6,551 Additional paid-in capital 3,314,326 Deficit accumulated during developmental stage (3,142,111 ---------- 178,766 ---------- $ 331,596 ============ See accompanying notes and accountant's compilation report. SAFE ALTERNATIVES OF AMERICA, INC. (Developmental Stage Company) STATEMENT OF INCOME AND DEFICIT ACCUMULATED DURING THE DEVELOPMENT STAGE Period For the year Jan. 1, 1992 ended (inception) to Dec. 31, 1994 Dec. 31, 1994 -------------- --------------- REVENUES Sales $ 16,425 $ 16,425 Marketing rights 385,000 ------------ ------------ 16...