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PROMET THERAPEUTICS, LLC
FINANCIAL STATEMENTS
June 30, 2017
PROMET THERAPEUTICS, LLC
FINANCIAL STATEMENTS
June 30, 2017
TABLE OF CONTENTS
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ACCOUNTANTS’ COMPILATION REPORT
To the Members
Promet Therapeutics, LLC Hanover, Maryland
Management is responsible for the accompanying financial statements of Promet Therapeutics, LLC (a Limited Liability Company), which comprise the balance sheet as of June 30, 2017, and the related statements of operations, members’ equity and cash flows for the six months then ended in accordance with accounting principles generally accepted in the United States of America. We have perfumed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
Management has elected to omit substantially all the disclosures required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters.
We are not independent with respect to Promet Therapeutics, LLC.
/s/ J.L. Kenneally & Company, P.A.
Towson, Maryland
July 21, 2017
660 Kenilworth Drive Suite 104
Towson, MD 21204
T: (410) 321-9558 F: (410) 321-9809
www.jlkcpas.com
Members of the American Institute of Certified Public Accountants & the Maryland Association of Certified Public Accountants
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PROMET THERAPEUTICS, LLC
BALANCE SHEET
June 30, 2017
| ASSETS | ||
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CURRENT ASSETS |
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| Cash | $ | 714,999 |
Certificates of deposit |
| 1,019,765 |
| Accounts receivable |
| 7,722 |
Prepaid expenses |
| 18,658 |
| Total current assets |
| 1,761,144 |
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PROPERTY AND EQUIPMENT |
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| Website |
| 15,330 |
Equipment |
| 9,327 |
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| 24,657 |
Less accumulated depreciation |
| (2,314) |
| Prope1iy and equipment - net |
| 22,343 |
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| OTHER ASSETS |
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Security deposit |
| 5,535 |
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| TOTAL ASSETS | $ | 1,789,022 |
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| LIABILITIES AND EQUITY | ||
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CURRENT LIABILITIES |
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| Accounts payable | $ | 10,763 |
Cred it card payable |
| 5,055 |
| Accrued expenses |
| 6,985 |
Total current liabilities |
| 22,803 |
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Total liabilities |
| 22,803 |
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MEMBERS' EQUITY |
| 1,766,219 |
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TOTAL LIABILITIES AND EQUITY | $ | 1,789,022 |
See accountants’ compilation report.
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PROMET THERAPEUTICS, LLC
STATEMENT OF OPERATIONS
For the six months ended June 30, 2017
OPERATING REVENUES |
| $ | 56,811 |
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OPERATING EXPENSES |
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| Bank and investment fees |
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| 169 |
Depreciation expense |
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| 933 |
| Employee benefit programs |
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| 56,754 |
Equipment lease expense |
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| 2,782 |
| Guaranteed payments |
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| 151,667 |
Insurance |
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| 4,023 |
| License maintenance fees |
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| 733 |
Office expenses |
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| 21,507 |
| Professional fees |
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| 66,483 |
Program expenses |
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| 875 |
| Rent |
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| 44,003 |
Repairs and maintenance |
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| 5,096 |
| Salaries and wages |
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| 161,880 |
Payroll taxes |
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| 13,880 |
| Taxes and licenses |
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| 760 |
Telephone |
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| 5,260 |
| Testing and related expenses |
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| 19,240 |
Travel, meals, and entertainment |
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| 1,790 |
| Utilities |
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| 3,288 |
Total operating expenses |
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| 561,123 |
| Loss from operations |
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| (504,312) |
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| OTHER INCOME |
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Interest income |
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| 3,388 |
| Total other income |
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| 3,388 |
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| NET LOSS |
| $ | (500,924) |
See accountants’ compilation report.
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PROMET THERAPEUTICS, LLC
STATEMENT OF MEMBERS' EQUITY
For the six months ended June 30, 2017
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| Class B |
| Total | |||
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MEMBERS' EQUITY - December 31, 2017 | $ | 1,284,789 |
| $ | 982,440 |
| $ | 2,267,229 |
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Net loss |
| (425,785) |
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| (75,139) |
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| (500,924) |
| Other comprehensive income: |
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Net unrealized loss on available - for-sale securities |
| (73) |
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| (13) |
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| (86) |
| Total comprehensive income |
| (425,859) |
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| (75, 152) |
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| (501,01 0) |
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| MEMBERS' EQUITY - June 30, 2017 | $ | 858,931 |
| $ | 907,289 |
| $ | 1,766,219 |
See accountants’ compilation report.
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PROMET THERAPEUTICS, LLC
STATEMENT OF CASH FLOWS
For the six months ended June 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
| $ | (500,924) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation |
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| 933 |
| Accrued interest on investments |
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| (556) |
Changes in operating assets and liabilities: |
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| Accounts receivable |
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| (7,722) |
Prepaid expenses |
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| (511) |
| Vendor deposits |
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| 227,657 |
Accounts payable |
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| (447) |
| Cred it card payable |
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| 1,672 |
Due to related parties |
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| (95) |
| Accrued liabilities |
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| (76,019) |
Net cash used in operating activities |
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| (356,012) |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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| Purchases of property and equipment |
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| (883) |
Net cash used in investing activities |
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| (883) |
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NET DECREASE IN CASH |
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| (356,895) |
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CASH, BEGINNING OF PERIOD |
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| 1,071,894 |
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CASH, END OF PERIOD |
| $ | 714,999 |
See accountants’ compilation report.
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