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As Of Filer Filing For·On·As Docs:Size Issuer Agent 3/08/07 Riptide Worldwide, Inc. 8-K:1,2,3,5 3/02/07 13:2.4M Merrill Corp-MD/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report of Material Events or Corporate HTML 300K Changes 2: EX-2.1 EX-2.1 Merger Agreement HTML 263K 3: EX-3.1 EX-3.1 Terms of Preferred Stock HTML 73K 4: EX-4.1 EX-4.1 Form of Warrant Agreement HTML 60K 5: EX-4.2 EX-4.2 Form of Preferred Stock Purchase Agreement HTML 111K 6: EX-4.3 EX-4.3 Form of Registration Rights Agreement HTML 103K 7: EX-10.1 EX-10.1 Employment Agreement - Francis E. Wilde HTML 89K 8: EX-10.2 EX-10.2 Employment Agreement - Tom E. Wheeler HTML 78K 9: EX-10.3 EX-10.3 Employment Agreement - Mark Hulsizer HTML 83K 10: EX-10.4 EX-10.4 Employment Agreement - Jon Boaz HTML 83K 11: EX-10.5 EX-10.5 Employment Agreement - E. Joseph Vitetta HTML 80K 12: EX-99.1 EX-99.1 Information Intellect, Inc. Financial HTML 421K Statements 13: EX-99.2 EX-99.2 Pro Forma Financial Information HTML 109K
Exhibit 99.2 Pro Forma Financial Information
Pro Forma Balance Sheet
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Shea |
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Development |
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Information |
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Corp. |
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Pro Forma |
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Intellect December |
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November 30, |
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Pro Forma Adjustments |
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Consolidated Shea |
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31, 2006 |
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2006 |
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Recapitalization (1) |
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Financing (2) |
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Development Corp. |
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Cash and cash equivalents |
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$ |
404,209 |
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$ |
382 |
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$ |
2,800,000 |
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$ |
3,204,591 |
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Accounts recievable |
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413,699 |
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413,699 |
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Inventory |
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861,136 |
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861,136 |
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Prepaid expenses |
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25,729 |
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25,729 |
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Total Current Assets |
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1,704,773 |
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382 |
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— |
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2,800,000 |
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4,505,155 |
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Property and equipment, net |
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188,476 |
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188,476 |
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Intangible assets, net |
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2,359,909 |
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2,359,909 |
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Other assets |
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98,362 |
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98,362 |
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Total Assets |
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$ |
4,351,520 |
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$ |
382 |
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$ |
— |
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$ |
2,800,000 |
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$ |
7,151,902 |
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Current maturities of notes payable |
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$ |
395,400 |
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$ |
395,400 |
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Current maturities of capital lease obligations |
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4,443 |
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4,443 |
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Accounts payable and accrued exepnses |
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214,487 |
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$ |
6,890 |
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— |
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— |
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221,377 |
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Payble to related party |
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— |
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11,514 |
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— |
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— |
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11,514 |
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Deferred revenue |
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515,723 |
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515,723 |
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Total current liabilities |
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1,130,053 |
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18,404 |
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— |
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— |
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1,148,457 |
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Long-term notes payable |
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935,349 |
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935,349 |
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Long-term capital lease obligations |
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44,836 |
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44,836 |
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Dividends payable in shares of common stock |
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301,875 |
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301,875 |
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Series A preferred stock |
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2,967 |
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(2,967 |
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2,800 |
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2,800 |
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Common stock |
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6,873 |
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8,100 |
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(12,801 |
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— |
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2,172 |
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Pending issuance of preferred stock |
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250,000 |
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(250,000 |
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— |
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Additional paid-in capital |
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6,523,624 |
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32,700 |
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206,946 |
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2,797,200 |
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9,560,470 |
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Donated capital |
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17,000 |
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(17,000 |
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— |
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— |
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Accumulated deficit |
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(4,844,057 |
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(75,822 |
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75,822 |
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— |
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(4,844,057 |
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Total stockholders’ equity |
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1,939,407 |
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(18,022 |
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— |
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2,800,000 |
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4,721,385 |
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Total Liabilities and Stockholders’ Equity |
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$ |
4,351,520 |
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$ |
382 |
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$ |
— |
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$ |
2,800,000 |
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$ |
7,151,902 |
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(1) The recapitalization reflects the following transactions
· the effects of a one for 12.2 reverse stock split of Shea Development Corp. shares of common stock,
· an increase in authorized shares to 800,000,000 shares of Shea Development Corp. common stock, $.001 par value per share
· authorization of 20,000,000 shares of Shea Development Corp. preferred stock, $.001 par value per share
· exchange of all the outstanding shares of common stock and preferred stock of Information Intellect for 18,900,000 shares of common stock of Shea Development Corp. and the issuance of 1,575,000 shares of common stock to the promoters of the transaction. The Shea Development Corp. Shareholders prior to the merger retained 1,245,000 shares of common stock. There were 21,720,000 shares of common stock issued and outstanding following the merger.
(2) Reflects the issuance of 2,800,000 shares of Series A Convertible Preferred Stock at $1.00 per share issued in conjunction with the merger of Shea Development Corp. and Information Intellect on March 2, 2007.
Pro Forma Income Statement
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Shea Development |
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Information Intellect |
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Corp. for the Twelve |
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Pro Forma |
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Year Ended December 31, |
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Months Ended |
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Pro Forma |
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Consolidated Shea |
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2006 |
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Adjustments (3) |
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Development Corp. |
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Revenue |
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$ |
3,259,859 |
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$ |
3,259,859 |
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Costs of revenue |
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1,039,619 |
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1,039,619 |
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Gross profit |
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2,220,240 |
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— |
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— |
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2,220,240 |
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SG&A |
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3,030,752 |
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$ |
55,146 |
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$ |
(55,146 |
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3,030,752 |
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Product development expense |
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1,360,330 |
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1,360,330 |
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Depreciation and amortization |
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29,780 |
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29,780 |
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Amortization of intangible assets |
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988,544 |
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988,544 |
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Total operating expenses |
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5,409,406 |
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55,146 |
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(55,146 |
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5,409,406 |
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Operating Loss |
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(3,189,166 |
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(55,146 |
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55,146 |
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(3,189,166 |
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Interest income |
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24,987 |
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24,987 |
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Interest expense |
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(109,086 |
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(109,086 |
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Other income (expense) |
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2,582 |
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2,582 |
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Income before taxes |
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(3,270,683 |
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(55,146 |
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55,146 |
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(3,270,683 |
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Provision for income taxes |
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— |
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— |
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— |
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— |
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Net loss |
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(3,270,683 |
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(55,146 |
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55,146 |
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(3,270,683 |
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Preferred dividends |
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(241,500 |
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— |
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— |
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(241,500 |
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Net loss to common shareholders |
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$ |
(3,512,183 |
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$ |
(55,146 |
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$ |
55,146 |
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$ |
(3,512,183 |
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Weighted average shares |
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21,720,000 |
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Net loss per share to common shareholders |
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$ |
(0.16 |
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(3) The acquisition is accounted for as a reverse merger and under the purchase method of accounting, the results of operations prior to the acquisition are excluded from the operations of the combined company. Following the merger the combined company will not continue any activities of Shea Development Corp.’s prior business activities.
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 3/8/07 | 8-K | ||
For Period End: | 3/2/07 | 3, 4, 8-K | ||
11/30/06 | 10QSB | |||
List all Filings |