EXHIBIT 99.1
UMEWORLD LIMITED
INTERIM CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31, 2016 AND SEPTEMBER 30, 2016
(Unaudited)
(All amounts in US Dollars)
|
| December 31, |
|
| September 30, |
| ||
|
| 2016 |
|
| 2016 |
| ||
| (Unaudited) |
|
| (Audited) |
| |||
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
| $ | 20,357 |
|
| $ | 46,301 |
|
Accounts Receivable |
|
| 245 |
|
|
| 265 |
|
Deposit |
|
| 8,406 |
|
|
| 8,749 |
|
Prepayment |
|
| 37,561 |
|
|
| 27,472 |
|
TOTAL CURRENT ASSETS |
|
| 66,569 |
|
|
| 82,787 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
| 4,569 |
|
|
| 5,879 |
|
Deferred Charges |
|
| 321,897 |
|
|
| 348,913 |
|
TOTAL NON-CURRENT ASSETS |
|
| 326,466 |
|
|
| 354,792 |
|
TOTAL ASSETS |
|
| 393,035 |
|
|
| 437,579 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts Payable and Accrued Liabilities |
|
| 845,554 |
|
|
| 769,405 |
|
Unearned Revenue |
|
| 361,008 |
|
|
| 376,046 |
|
TOTAL CURRENT LIABILITIES |
|
| 1,206,562 |
|
|
| 1,145,451 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Notes Payable |
|
| 2,245,346 |
|
|
| 2,112,101 |
|
TOTAL LIABILITIES |
|
| 3,451,908 |
|
|
| 3,257,552 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ DEFICIENCY |
|
|
|
|
|
|
|
|
Common Stock: $ 0.0001 par value, |
|
|
|
|
|
|
|
|
Authorized: 250,000,000 shares; Issued and outstanding |
|
|
|
|
|
|
|
|
September 30, 2016; December 31, 2016 - 89,336,000 |
|
| 8,934 |
|
|
| 8,934 |
|
Additional paid-in capital |
|
| 25,987,649 |
|
|
| 25,870,095 |
|
Deficit |
|
| (29,276,405 | ) |
|
| (28,916,005 | ) |
Accumulated Other Comprehensive Loss |
|
| (1,854 | ) |
|
| (1,888 | ) |
Non-controlling Interest |
|
| 222,803 |
|
|
| 218,891 |
|
TOTAL STOCKHOLDERS’ EQUITY/ (DEFICIENCY) |
|
| (3,058,873 | ) |
|
| (2,819,973 | ) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY/DEFICIENCY |
| $ | 393,035 |
|
| $ | 437,579 |
|
1 |
UMEWORLD LIMITED
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015
(UNAUDITED)
(All amounts in US Dollars)
|
| 3 months ended December 31, 2016 |
|
| 3 months ended December 31, 2015 |
| ||
|
| (Unaudited) |
|
| (Unaudited) |
| ||
Revenue |
| $ | 0 |
|
| $ | 0 |
|
Other Income |
|
|
|
|
|
|
|
|
Total Revenues |
| $ | 0 |
|
| $ | 0 |
|
General and Administrative Expenses |
|
| 191,371 |
|
|
| 200,678 |
|
Depreciation |
|
| 1,094 |
|
|
| 1,170 |
|
Stock-based compensation |
|
| 117,554 |
|
|
| 5,830 |
|
Gain/(Loss) from Operations |
|
| (310,019 | ) |
|
| (207,678 | ) |
OTHER INCOME |
|
|
|
|
|
|
|
|
Other Income |
|
| 0 |
|
|
| 0 |
|
Interest Income |
|
| 18 |
|
|
| 22 |
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
Interest Expense, net |
|
| 46,495 |
|
|
| 33,603 |
|
Gain/(Loss) before Income Taxes |
|
| (356,496 | ) |
|
| (241,259 | ) |
Income Tax |
|
| - |
|
|
| - |
|
Net Gain/(Loss) |
|
| (356,496 | ) |
|
| (241,259 | ) |
Net Income/(Loss) attributable to Non-controlling interests |
|
| (3,904 | ) |
|
| (3,908 | ) |
Net Gain/(Loss) attributable toUMeWorld Stockholders |
|
| (360,400 | ) |
|
| (245,167 | ) |
Comprehensive Loss |
|
|
|
|
|
|
|
|
Net Gain/(Loss) |
|
| (360,400 | ) |
|
| (245,167 | ) |
Translation Adjustment |
|
| 42 |
|
|
| (66 | ) |
Comprehensive Gain/(Loss) |
|
| (360,358 | ) |
|
| (245,233 | ) |
Less: Comprehensive Loss Attributable to Non-Controlling Interests |
|
| (8 | ) |
|
| 13 |
|
Comprehensive Gain/(Loss) Attributable to UMeWorld Stockholders |
|
| (360,366 | ) |
|
| (245,220 | ) |
Per Share Data |
|
|
|
|
|
|
|
|
Net Loss Per Share, basic and diluted |
| $ | 0.0040 |
|
| $ | 0.0028 |
|
Weighted Average Number of Common Shares Outstanding |
|
| 89,336,000 |
|
|
| 89,036,000 |
|
2 |
UMEWORLD LIMITED
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY
AS OF DECEMBER 31, 2016 AND SEPTEMBER 30, 2016
(UNAUDITED)
(All amounts in US Dollars)
|
| Common Stock |
|
| Additional |
|
| Accumulated Other Com- |
|
|
|
|
| Total AlphaRx Inc. |
|
| Non- |
|
|
|
| |||||||||||
|
| Number of |
|
|
|
|
| Paid in |
|
| prehensive |
|
|
|
|
| Stockholders’ |
|
| controlling |
|
| Total Gain/ |
| ||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| Loss |
|
| (Deficiency) |
|
| Deficiency |
|
| Interest |
|
| (Deficiency) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Balance as of September 30, 2015 |
|
| 89,036,000 |
|
| $ | 8,904 |
|
| $ | 25,213,365 |
|
| $ | (1,286 | ) |
| $ | (27,147,910 | ) |
| $ | (1,926,927 | ) |
| $ | 203,429 |
|
| $ | (1,723,498 | ) |
Warrants Issued |
|
|
|
|
|
|
|
|
|
| 566,760 |
|
|
|
|
|
|
|
|
|
|
| 566,760 |
|
|
|
|
|
|
| 566,760 |
|
Stock issued for Services |
|
| 300,000 |
|
|
| 30 |
|
|
| 89,970 |
|
|
|
|
|
|
|
|
|
|
| 90,000 |
|
|
|
|
|
|
| 90,000 |
|
Foreign Currency Translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (602 | ) |
|
|
|
|
|
| (602 | ) |
|
| (150 | ) |
|
| (752 | ) |
Non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15,612 |
|
|
| 15,612 |
|
Net Gain/(Loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1,768,095 | ) |
|
| (1,768,095 | ) |
|
|
|
|
|
| (1,768,095 | ) |
Balance as of September 30, 2016 (Audited) |
|
| 89,336,000 |
|
| $ | 8,934 |
|
| $ | 25,870,095 |
|
| $ | (1,888 | ) |
| $ | (28,916,005 | ) |
| $ | (3,038,864 | ) |
| $ | 218,891 |
|
| $ | (2,819,973 | ) |
Warrants Issued |
|
|
|
|
|
|
|
|
|
| 117,554 |
|
|
|
|
|
|
|
|
|
|
| 117,554 |
|
|
|
|
|
|
| 117,554 |
|
Foreign Currency Translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 34 |
|
|
|
|
|
|
| 34 |
|
|
| 8 |
|
|
| 42 |
|
Non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,904 |
|
|
| 3,904 |
|
Net Gain/(Loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (360,400 | ) |
|
| (360,400 | ) |
|
|
|
|
|
| (360,400 | ) |
Balance as of December 31, 2016 |
|
| 89,336,000 |
|
| $ | 8,934 |
|
| $ | 25,987,649 |
|
| $ | (1,854 | ) |
| $ | (29,276,405 | ) |
| $ | (3,281,676 | ) |
| $ | 222,803 |
|
| $ | (3,058,873 | ) |
3 |
UMEWORLD LIMITED
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015
(UNAUDITED)
(All amounts in US Dollars)
|
| 3 months ended December 31, 2016 |
|
| 3 months ended December 31, 2015 |
| ||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| ||
Net Gain/(Loss) |
| $ | (356,496 | ) |
| $ | (241,259 | ) |
Noncash item: |
|
|
|
|
|
|
|
|
Non-Controlling Interest |
|
| 3,912 |
|
|
| 3,895 |
|
Adjustments to reconcile net income/(loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 1,094 |
|
|
| 1,170 |
|
Stock based compensation |
|
| 117,554 |
|
|
| 5,830 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease/(Increase) in Prepayment |
|
| (10,089 | ) |
|
| 6,897 |
|
Decrease/(Increase) in Deferred Charges |
|
| 27,016 |
|
|
| 22,912 |
|
Decrease/(Increase) in Accounts Receivable |
|
| 20 |
|
|
| 2 |
|
Decrease/(Increase) in Loans Receivable |
|
| 0 |
|
|
| 0 |
|
(Decrease)/Increase in Accounts Payable and Accrued Liabilities |
|
| 76,149 |
|
|
| 25,920 |
|
(Decrease)/Increase in Accrued Interest and Notes Payable |
|
| 35,578 |
|
|
| 48,290 |
|
Decrease/(Increase) in Deposit |
|
| 343 |
|
|
| 190 |
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES |
|
| (104,919 | ) |
|
| (126,153 | ) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
(Purchase) / Sale of Machinery and Equipment |
|
| 0 |
|
|
| 0 |
|
NET CASH PROVIDED BY INVESTING ACTIVITIES |
|
| 0 |
|
|
| 0 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Additional Paid-in Capital |
|
| 0 |
|
|
| 0 |
|
Issuance / (cancellation) of Common Stock |
|
| 0 |
|
|
| 0 |
|
Issuance (repayment) of Notes Payable, net |
|
| 97,667 |
|
|
| 3,721 |
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
| 97,667 |
|
|
| 3,721 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
| (18,692 | ) |
|
| (56,486 | ) |
NET (DECREASE)/INCREASE IN CASH |
|
| (25,944 | ) |
|
| (178,918 | ) |
|
|
|
|
|
|
|
|
|
CASH, and cash equivalents, beginning of period |
|
| 46,301 |
|
|
| 351,058 |
|
|
|
|
|
|
|
|
|
|
CASH, and cash equivalents, end of period |
| $ | 20,357 |
|
| $ | 172,140 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY INFORMATION |
|
|
|
|
|
|
|
|
Taxes Paid |
| $ | 0 |
|
| $ | 0 |
|
Interest Paid |
| $ | 0 |
|
| $ | 0 |
|
4 |