Restoragen, Inc. Balance Sheet as of April 30, 2003
This document is a balance sheet for Restoragen, Inc. as of April 30, 2003. It details the company's assets, liabilities, redeemable preferred stock, and shareholders' deficit. The balance sheet shows the company's financial position, including cash, receivables, prepaid expenses, property and equipment, loan origination fees, accounts payable, accrued liabilities, notes payable, and equity structure. The document provides a snapshot of Restoragen, Inc.'s financial health at a specific point in time.
Exhibit 2.2
Restoragen, Inc.
Balance Sheet
As of April 30, 2003
| ASSETS |
|
|
| |
| Current Assets |
|
|
| |
| Cash and cash equivalents |
| $ | 3,173,573 |
|
|
|
|
|
| |
| Accounts Receivable |
|
|
| |
| Accounts Receivable |
| — |
| |
|
|
|
|
| |
| Other Current Assets |
|
|
| |
| Prepaid Insurance |
| 133,094 |
| |
| Prepaid Legal Fees |
| 90,111 |
| |
| Total Other Current Assets |
| 223,205 |
| |
|
|
|
|
| |
| Total Current Assets |
| 3,396,778 |
| |
|
|
|
|
| |
| Fixed Assets |
|
|
| |
| Property and equipment, net of accumulated depreciation $14,700 |
| 13,230 |
| |
| Total Fixed Assets |
| 13,230 |
| |
|
|
|
|
| |
| Other Assets |
|
|
| |
| Loan Origination Fees |
| 166,667 |
| |
| Total Other Assets |
| 166,667 |
| |
|
|
|
|
| |
| TOTAL ASSETS |
| $ | 3,576,675 |
|
1
| LIABILITIES & SHAREHOLDERS’ DEFICIT |
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| |
| Liabilities |
|
|
| |
| Current Liabilities |
|
|
| |
| Accounts Payable |
|
|
| |
| Accounts Payable |
| $ | 522,560 |
|
| Total Accounts Payable |
| 522,560 |
| |
|
|
|
|
| |
| Other Current Liabilities |
|
|
| |
| Accrued Corporate Restructuring - Current |
| 610,027 |
| |
| Accrued Interest - Current |
| 1,905,780 |
| |
| Note Payable - Current |
| 18,000,000 |
| |
| Equipment Purchase Financing - Current |
| 229,788 |
| |
| Note Payable Transamerica - Current |
| 451,285 |
| |
| Total Other Current Liabilities |
| 21,196,880 |
| |
|
|
|
|
| |
| Total Current Liabilities |
| 21,719,440 |
| |
|
|
|
|
| |
| Long Term Liabilities |
|
|
| |
| Accrued Corporate Restructuring - LT |
| 412,320 |
| |
| Equipment Purchase Financing - LT |
| 459,388 |
| |
| Note Payable Transamerica - LT |
| 498,396 |
| |
| Total Long Term Liabilities |
| 1,370,104 |
| |
|
|
|
|
| |
| Total Liabilities |
| 23,089,544 |
| |
|
|
|
|
| |
| Redeemable preferred stock |
|
|
| |
| Series A and A,F ($0.01 par value, 11,750 and 211,750 shares authorized, 11,750 and 20,092 issued and outstanding, at redemption value) |
| 2,048,906 |
| |
|
|
|
|
| |
| Shareholders’ deficit |
|
|
| |
| Common stock, ($0.01 par value, 40,000,000 shares authorized, 7,379,415 shares issued and outstanding) |
| 73,794 |
| |
| Convertible preferred stock, Series B,C,D,E,F,G,H ($0.01 par value, 706,500 shares authorized, 354,442 shares issued and outstanding) |
| 3,544 |
| |
| Additional paid-in capital |
| 81,316,926 |
| |
| Deficit accumulated during development stage |
| (102,956,039 | ) | |
| Total Shareholders’ deficit |
| (21,561,775 | ) | |
|
|
|
|
| |
| TOTAL LIABILITIES, PREFERRED STOCK & SHAREHOLDERS’ DEFICIT |
| $ | 3,576,675 |
|
2
