Pro Forma Condensed Consolidated Financial Statement for Calipso, Inc. and Knowledge Foundation, Inc.

Summary

This document presents a pro forma condensed consolidated financial statement for Calipso, Inc. and Knowledge Foundation, Inc. It combines historical financial data from both companies to show their financial position and results as if a merger had already occurred. The statement includes a balance sheet and statement of operations, highlighting assets, liabilities, equity, and net loss. The information is intended to provide a snapshot of the merged entity's finances as of the effective date of the merger, helping stakeholders understand the potential financial impact of the merger.

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EX-1.C 3 0003.txt PROFORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENT The summary financial information set forth below is derived from the audited financial statements of (i) KFI for the period April 6, 2000 through June 30, 3000 and (ii) Calipso for period ending March 31, 2000. This information should be read in conjunction with such financial statements, including the notes thereto. CALIPSO, INC. PROFORMA CONDENSED CONSOLIDATED BALANCE SHEET Historical Historical Pro forma Pro forma Calipso, Knowledge Adjustments Calipso, Inc. Inc. Audited as Foundation, Unaudited of Inc. Adjusted (1) March 31, Audited as 2000 of June 30, 2000 ASSETS Current assets: Cash and cash $55 $182,503 $- $182,558 equivalents Prepaid expenses and - 8,340 - 8,340 other current assets Other assets - 562 562 Total current assets 55 191,405 191,460 Property and equipment, - 2,622 - 2,622 net Total non-current - 2,622 2,622 assets Total assets $55 $194,027 $194,082
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $- 15,345 - $15,345 Related party not - 3,000 - 3,000 payable Payroll taxes payable - 2,398 - 2,398 Accrued interest expense - 4,867 - 4,867 Total current - 25,610 25,610 liabilities Non-current liabilities - 300,000 - 300,000 Convertible subordinated note payable Total Liabilities - 325,610 - 325,610 Stockholders' equity Common stock, $.001 par 6,696 3,362 (5,762) 4,296 value Additional paid in 11,904 - (12,783) (879) capital Accumulated (deficit) (18,545) (134,945) 18,545 (134,945) Total stockholders' 55 (131,583) (131,528) equity (deficit) Total liabilities and $55 $194,027 $- $194,082 stockholders' equity
(1) Adjusted to reflect the condensed consolidated balance sheet as of the Effective Date of the Merger. CALIPSO, INC. PROFORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Historical Knowledge Foundation, Inc. Audited as of June 30, 2000 Historical Pro forma Pro forma Calipso, Adjustments Calipso, Inc. Inc. Audited as Unaudited of March 31, Adjusted (1) 2000 Sales $- $- $- - Cost of sales - - - - Gross Profit - - - - - Selling general and administrative Expenses 8,159 130,832 - 138,991 Operating loss (8,159) (130,832) (138,991) Other income (expense) - Interest income - 754 754 Interest expense - (4,867) - (4,867) - (4,113) (4,113) Net loss $(8,159) $(134,945) $(143,104) Basic and diluted (loss) per $(0.001) $(0.012) $(0.003) common share Weighted average number of Common shares outstanding 6,696,000 33,618,500 42,398,000
(1) Adjusted to reflect the Condensed Consolidated Statement of Operations as of the Effective Date of the Merger.