SPIN $1.20 Earnings.. 10Q has been posted to I-Box.. hank
SPINE PAIN MANAGEMENT, INC.
CONDENSED BALANCE SHEETS
JUNE 30, DECEMBER 31,
2011 2010
ASSETS (Unaudited)
Current assets:
Cash $ 177,985 $ 177,203
Accounts receivable, net 1,779,894 1,254,618
Related party receivable - 23,597
Prepaid expenses 99,333 151,333
Total current assets 2,057,212 1,606,751
Accounts receivable, net 2,457,948 1,721,520
Note receivable from a related party 163,703 -
Total assets $ 4,678,863 $ 3,328,271
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 736,109 $ 367,497
Due to related parties 1,140,999 1,051,199
Total current liabilities 1,877,108 1,418,696
Debentures payable 285,891 136,586
Total liabilities 2,162,999 1,555,282
Commitments and contingencies
Stockholders’ equity
Common stock: $0.001 par value, 50,000,000 shares
authorized; 17,403,396 shares issued and outstanding
at June 30, 2011 and December 31, 2010 17,403 17,403
Additional paid-in capital 15,796,557 15,658,734
Accumulated deficit (13,298,096 ) (13,903,148 )
Total stockholders’ equity 2,515,864 1,772,989
Total liabilities and stockholders’ equity $ 4,678,863 $ 3,328,271
The accompanying notes are an integral part of the unaudited condensed financial statements
3
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SPINE PAIN MANAGEMENT, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
FOR THE
THREE MONTHS ENDED
JUNE 30, FOR THE
SIX MONTHS ENDED
JUNE 30,
2011 2010 2011 2010
Net revenue $ 1,253,049 $ 785,833 $ 2,092,495 $ 1,689,643
Cost of providing services 521,000 368,400 821,600 687,100
Gross profit 732,049 417,433 1,270,895 1,002,543
Operating, general and administrative expenses 556,745 150,691 787,719 382,178
Income from operations 175,304 266,742 483,176 620,365
Other income and (expense):
Other income 156,213 3,490 162,980 4,990
Interest expense (24,614 ) - (41,104 ) -
Total other income 131,599 3,490 121,876 4,990
Net income $ 306,903 $ 270,232 $ 605,052 $ 625,355
Net income per common share
Basic and diluted $ 0.02 $ 0.02 $ 0.03 $ 0.04
Weighted average number of common shares outstanding:
Basic and diluted 17,403,396 17,118,467 17,403,396 16,993,767
The accompanying notes are an integral part of the unaudited condensed financial statements
4
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SPINE PAIN MANAGEMENT, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE
SIX MONTHS ENDED
JUNE 30,
2011 2010
Cash flows from operating activities:
Net income $ 605,052 $ 625,355
Adjustments to reconcile net income to net cash
used in operating activities:
Issuance of common stock towards payable to NSO - 200,000
Issuance of common stock for consulting services and stock
based compensation - 210,000
Interest expense related to warrant amortization 23,543 -
Stock based compensation 63,585 -
Changes in operating assets and liabilities:
Accounts receivable, net (1,261,704 ) (1,480,009 )
Related party receivable (140,106 ) -
Prepaid expenses 52,000 -
Accounts payable and accrued liabilities 368,612 (56,800 )
Net cash used in operating activities (289,018 ) (501,454 )
Cash flows from financing activities:
Proceeds from issuance of debentures and warrants 200,000 -
Proceeds from related party notes payable 359,800 748,304
Repayments on related party notes payable (270,000 ) (266,000 )
Net cash provided by financing activities 289,800 482,304
Net increase (decrease) in cash and cash equivalents 782 (19,150 )
Cash and cash equivalents at beginning of period 177,203 32,789
Cash and cash equivalents at end of period $ 177,985 $ 13,639
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