VirTra Systems, Inc.
VirTra Systems, Inc.
FINANCIAL STATEMENTS
For the year ended December 31, 2011
TABLE OF CONTENTS Report of Independent Registered Public Accounting Firm ........................................................................................... 2 Balance Sheet as of December 31, 2011.......................................................................................................................... 3 Statement of Operations for the year ended December 31, 2011.................................................................................... 4 Statement of Stockholders' Deficit for the year ended December 31, 2011................................................................... 5 Statement of Cash Flows for the year ended December 31, 2011 .................................................................................. 6 Notes to Financial Statements .......................................................................................................................................... 7
1
Report of Independent Registered Public Accounting Firm
Board of Directors and Stockholders VirTra Systems, Inc. We have audited the accompanying balance sheet of VirTra Systems, Inc. as of December 31, 2011 and the related statements of operations, stockholders' deficit, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of VirTra Systems, Inc. at December 31, 2011, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Phoenix, Arizona July 18, 2012
2
VIRTRA SYSTEMS, INC. BALANCE SHEET
AS OF DECEMBER 31, 2011
Assets Current assets:
Cash and cash equivalents....................................................................................... $ Accounts receivable, net.......................................................................................... Inventory............................................................................................................ Prepaid expenses and other current assets.....................................................................
144,051 365,720 804,548 157,180
Total current assets................................................................................................ 1,471,499
Property and equipment, net.......................................................................................... 799,189
Total assets............................................................................................................ $ 2,270,688
Liabilities and Stockholders' Deficit
Current liabilities: Accounts payable.................................................................................................. $ Accounts payable - related party................................................................................ Accrued compensation and related costs....................................................................... Accrued expenses and other current liabilities.................................................................. Deferred revenue..................................................................................................
271,734 35,048
292,028 131,437 1,987,162
Total current liabilities.......................................................................................... 2,717,409
Accrued rent liability - long-term.................................................................................... 114,023
Total liabilities......................................................................................................... 2,831,432
Commitments and contingencies
Stockholders' deficit:
Preferred stock $0.005 par value; 2,000,000 shares authorized;
no shares issued or outstanding as of December 31, 2011...................................................
-
Common stock $0.005 par value; 500,000,000 shares authorized; 158,328,245
shares issued and 158,285,045 shares outstanding as of December 31, 2011...........................
791,641
Additional paid-in capital.......................................................................................... 12,912,365
Treasury stock, at cost (43,200 common shares)...............................................................
(2,981)
Accumulated deficit................................................................................................... (14,261,769)
Total stockholders' deficit.......................................................................................... (560,744)
Total liabilities and stockholders' deficit...........................................................................$ 2,270,688
The accompanying notes are an integral part of the financial statements. 3
VIRTRA SYSTEMS, INC. STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2011
Net revenue............................................................................................................ $ 7,861,780
Cost of products sold................................................................................................ 3,797,377
Gross margin............................................................................................................ 4,064,403
General and administrative expenses................................................................................. 4,754,593
Loss from operations................................................................................................ (690,190)
Other income............................................................................................................
17,249
Other expense.......................................................................................................... (19,820)
Net loss..................................................................................................................$ (692,761)
Weighted average of shares outstanding -basic and fully diluted................................................................................................ 158,285,045
Net loss per share -basic and fully diluted................................................................................................ $
(0.00)
The accompanying notes are an integral part of the financial statements. 4
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- indoor shooting range for sale business real estate
- weapons and accessories catalog
- advisory opinion 11 04 exception 2011 2
- standard membership application archery trade
- exiting the european union 2019 no 792
- 2013 no 1719 overseas territories the syria restrictive
- thinking skills assessment oxford 4502 11
- national law enforcement and corrections technology center
- acts adopted under title v of the treaty on european union
- introduction to range safety and surface danger zones