Condensed Consolidated Financial Statements of Ingenuus Corporation for 2002 and Q1 2003
Summary
This document presents the unaudited condensed consolidated financial statements of Ingenuus Corporation for the year ended November 30, 2002, and the quarter ended February 28, 2003. It includes statements of operations and balance sheets, detailing the company's revenues, expenses, profits or losses, assets, liabilities, and stockholders' equity. The statements provide a financial overview of Ingenuus Corporation's performance and position during these periods, but do not represent a contract or agreement between parties.
EX-2.1 3 p16769_ex21.txt FINANCIAL STATEMENTS Exhibit 2.1 Financial Statements of the Registrant INGENUUS CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands) (Unaudited) Quarter ended February 28, --------------- 2003 --------------- Revenue $ 78 Cost of revenue $ 32 --------------- Gross profit(loss) 46 --------------- Operating expenses: Research and development $ 49 Sales and marketing $ 188 General and administrative $ 649 Lease impairment $ 250 --------------- Total operating expenses 1,136 --------------- (Loss) from operations (1,090) Gain(loss) on sale of Chip & Chip $ 553 Gain(loss) on sale of Shares of Slim Tech $ 134 Interest and other, net $ 2 --------------- (Loss) from continuing operations (401) Extraordinary Income - IRS Tax Refunds 776 - --------------- Income (Loss) before income taxes $ 375 Income tax provision 3 --------------- Net income(loss) $ 372 =============== INGENUUS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (in thousands) (Unaudited) Febuary 28, -------------- 2003 -------------- ASSETS Current assets: Cash and cash equivalents $ 178 Loan to related party and other receivable, (net of allowance) 26 Prepaid expenses and other current assets 172 -------------- Total current assets 376 Property and equipment, net 50 Investments and other assets 42 -------------- Total assets $ 468 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 48 Accrued liabilities 3 Deferred revenue 3 -------------- Total current liabilities 54 -------------- Total liabilities 54 -------------- Commitments and contingencies Stockholders' equity: Common stock 103,473 Treasury stock (3,254) Accumulated deficit (99,805) -------------- Total stockholders' equity 414 -------------- Total liabilities and stockholders' equity $ 468 ============== INGENUUS CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands) (Unaudited) Year ended November 30, -------------- 2002 -------------- Revenue $ 396 Cost of revenue 1,116 -------------- Gross profit(loss) (720) -------------- Operating expenses: Research and development 1,409 Sales and marketing 1,894 General and administrative 575 Amortization of goodwill and other intangible assets 1,730 Impairment of assets 8,210 Loss on sale of Japan subsidiary 24 -------------- Total operating expenses 13,842 -------------- (Loss) from operations (14,562) Gain(loss) on sale of investment -Slim Technology 119 Gain(loss) on sale of Chip & Chip 300 Interest and other, net 228 -------------- (Loss) from continuing operations (13,915) (Loss) on disposal of discontinued operation Income from discontinued operations 97 -------------- (Loss) before income taxes (13,818) Income tax provision - -------------- Net income(loss) (13,818) ============== INGENUUS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) November 30, -------------- 2002 -------------- (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 47 Accounts receivable, (net of allowance) - Income taxes receivable - Loan to related party and other receivable, (net of allowance) 12 Prepaid expenses and other current assets 199 -------------- Total current assets 258 Property and equipment, net 48 Goodwill and other intangible assets - Restricted cash - Investments and other assets 71 -------------- Total assets $ 377 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 143 Accrued liabilities 183 Deferred revenue 9 -------------- Total current liabilities 335 Long term liabilities: Lease liabilities - -------------- Total liabilities 335 -------------- Commitments and contingencies Stockholders' equity: Common stock 103,473 Treasury stock (3,254) Accumulated deficit (100,177) -------------- Total stockholders' equity 42 -------------- Total liabilities and stockholders' equity $ 377 ==============
