PROMET THERAPEUTICS, LLC


FINANCIAL STATEMENTS


June 30, 2017





























PROMET THERAPEUTICS, LLC


FINANCIAL STATEMENTS


June 30, 2017






TABLE OF CONTENTS





 

Page(s)

 

 

ACCOUNTANTS' COMPILATION REPORT FINANCIAL STATEMENTS

1

Balance Sheet

2

Statement of Operations

3

Statement of Members' Equity

4

Statement of Cash Flow

5

















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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

 

 

 

CURRENT ASSETS

 

 

  Cash

$

714,999

  Certificates of deposit

 

1,019,765

  Accounts  receivable

 

7,722

  Prepaid expenses

 

18,658

    Total current assets

 

1,761,144

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

 

  Website

 

15,330

  Equipment

 

9,327

 

 

24,657

  Less accumulated depreciation

 

(2,314)

    Prope1iy and equipment - net

 

22,343

 

 

 

OTHER ASSETS

 

 

  Security deposit

 

5,535

 

 

 

 

 

 

TOTAL ASSETS

$

1,789,022

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

CURRENT LIABILITIES

 

 

  Accounts payable

$

10,763

  Cred it card payable

 

5,055

  Accrued expenses

 

6,985

    Total current liabilities

 

22,803

 

 

 

    Total liabilities

 

22,803

 

 

 

MEMBERS' EQUITY

 

1,766,219

 

 

 

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

 

 

 

 

OPERATING EXPENSES

 

 

 

Bank and investment fees

 

 

169

Depreciation expense

 

 

933

Employee benefit programs

 

 

56,754

Equipment lease expense

 

 

2,782

Guaranteed payments

 

 

151,667

Insurance

 

 

4,023

License maintenance fees

 

 

733

Office expenses

 

 

21,507

Professional fees

 

 

66,483

Program expenses

 

 

875

Rent

 

 

44,003

Repairs and maintenance

 

 

5,096

Salaries and wages

 

 

161,880

Payroll taxes

 

 

13,880

Taxes and licenses

 

 

760

Telephone

 

 

5,260

Testing and related expenses

 

 

19,240

Travel, meals, and entertainment

 

 

1,790

Utilities

 

 

3,288

Total operating expenses

 

 

561,123

Loss from operations

 

 

(504,312)

 

 

 

 

OTHER INCOME

 

 

 

Interest income

 

 

3,388

Total other income

 

 

3,388

 

 

 

 

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



 

Class A

 

Class B

 

Total

 

 

 

 

 

 

MEMBERS' EQUITY - December 31, 2017

$

1,284,789

 

$

982,440

 

$

2,267,229

 

 

 

 

 

 

 

 

 

  Net loss

 

(425,785)

 

 

(75,139)

 

 

(500,924)

  Other comprehensive  income:

 

 

 

 

 

 

 

 

  Net unrealized loss on available - for-sale securities

 

(73)

 

 

(13)

 

 

(86)

    Total comprehensive  income

 

(425,859)

 

 

(75, 152)

 

 

(501,01 0)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

  Net loss

 

$

(500,924)

  Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

    Depreciation

 

 

933

    Accrued interest on investments

 

 

(556)

  Changes in operating assets and liabilities:

 

 

 

    Accounts receivable

 

 

(7,722)

    Prepaid expenses

 

 

(511)

    Vendor deposits

 

 

227,657

    Accounts payable

 

 

(447)

    Cred it card payable

 

 

1,672

    Due to related parties

 

 

(95)

    Accrued liabilities

 

 

(76,019)

      Net cash used in operating activities

 

 

(356,012)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

  Purchases of property and equipment

 

 

(883)

      Net cash used in investing activities

 

 

(883)

 

 

 

 

NET DECREASE IN CASH

 

 

(356,895)

 

 

 

 

CASH, BEGINNING OF PERIOD

 

 

1,071,894

 

 

 

 

CASH, END OF PERIOD

 

$

714,999













See accountants’ compilation report.



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