EXHIBIT 99.1

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED BALANCE SHEETS 

AS AT MARCH 31, 2016 AND SEPTEMBER 30, 2015

(Unaudited)

(All amounts in US Dollars)

 

March 31,

September 30,

 

 

2016

 

 

2015

 

CURRENT ASSETS

 

 (Unaudited)

 

 

(Audited)

 

Cash and Cash Equivalents

 

$38,674

 

 

$351,058

 

Accounts Receivable

 

 

357

 

 

 

262

 

Deposit

 

 

9,225

 

 

 

9,357

 

Prepayment

 

 

28,526

 

 

 

30,842

 

TOTAL CURRENT ASSETS

 

 

76,782

 

 

 

391,519

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

8,398

 

 

 

10,874

 

Loan Receivables

 

 

0

 

 

 

0

 

Deferred Charges

 

 

389,050

 

 

 

423,380

 

TOTAL NON-CURRENT ASSETS

 

 

397,448

 

 

 

434,254

 

TOTAL ASSETS

 

 

474,230

 

 

 

825,773

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

 

666,401

 

 

 

598,229

 

Unearned Revenue

 

 

388,964

 

 

 

394,724

 

TOTAL CURRENT LIABILITIES

 

 

1,055,365

 

 

 

992,953

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Notes Payable

 

 

1,701,183

 

 

 

1,556,318

 

TOTAL LIABILITIES

 

 

2,756,548

 

 

 

2,549,271

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIENCY

 

 

 

 

 

 

 

 

Common Stock: $ 0.0001 par value, Authorized: 250,000,000 shares; Issued and outstanding September 30, 2015; March 31, 2016 - 89,036,000

 

 

8,904

 

 

 

8,904

 

Additional paid-in capital

 

 

25,288,247

 

 

 

25,213,365

 

Deficit

 

 

(27,788,697)

 

 

(27,147,910)

Accumulated Other Comprehensive Loss

 

 

(1,861)

 

 

(1,286)

Non-controlling Interest

 

 

211,089

 

 

 

230,429

 

TOTAL STOCKHOLDERS' EQUITY/ (DEFICIENCY)

 

 

(2,282,318)

 

 

(1,723,498)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/DEFICIENCY

 

$474,230

 

 

$825,773

 

 

 
1
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED AND SIX MONTHS ENDED MARCH 31, 2016 AND 2015

(UNAUDITED)

(All amounts in US Dollars)

 

 

 

3 months ended

March 31,

2016

 

 

3 months ended

March 31,

2015

 

 

6 months ended

March 31,

2016

 

 

6 months ended

March 31,

2015

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Subscription & Online Products

 

$0

 

 

$0

 

 

$0

 

 

$0

 

Total Revenues

 

$0

 

 

$0

 

 

$0

 

 

$0

 

General and Administrative Expenses

 

 

288,999

 

 

 

165,536

 

 

 

489,677

 

 

 

329,207

 

Depreciation

 

 

1,143

 

 

 

1,202

 

 

 

2,313

 

 

 

2,404

 

Stock-based compensation

 

 

69,052

 

 

 

101,694

 

 

 

74,882

 

 

 

121,678

 

Gain/(Loss) from Operations

 

 

(359,194)

 

 

(268,432)

 

 

(566,872)

 

 

(453,289)

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Interest Income,

 

 

18

 

 

 

39

 

 

 

40

 

 

 

104

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, net

 

 

(32,548)

 

 

(28,202)

 

 

(66,151)

 

 

(56,346)

Gain/(Loss) before Income Taxes

 

 

(391,724)

 

 

(296,595)

 

 

(632,983)

 

 

(509,531)

Income Tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net Gain/(Loss)

 

 

(391,724)

 

 

(296,595)

 

 

(632,983)

 

 

(509,531)

Net Income/(Loss) attributable to Non-controlling interests

 

 

(3,896)

 

 

(3,905)

 

 

(7,804)

 

 

(7,811)

Net Gain/(Loss) attributable to UMeWorld Stockholders

 

 

(395,620)

 

 

(300,500)

 

 

(640,787)

 

 

(517,342)

Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Gain/(Loss)

 

 

(395,620)

 

 

(300,500)

 

 

(640,787)

 

 

(517,342)

Translation Adjustment

 

 

(653)

 

 

(516)

 

 

(719)

 

 

(1,426)

Comprehensive Gain/(Loss)

 

 

(396,273)

 

 

(301,016)

 

 

(641,506)

 

 

(518,768)

Less: Comprehensive Loss Attributable to Non-Controlling Interests

 

 

131

 

 

 

(103)

 

 

144

 

 

 

(285)

Comprehensive Gain/(Loss) Attributable to UMeWorld Stockholders

 

 

(396,142)

 

 

(301,119)

 

 

(641,362)

 

 

(519,053)

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share, basic and diluted

 

$(0.0044)

 

$(0.0034)

 

$(0.0072)

 

$(0.0058)

Weighted Average Number of Common Shares Outstanding

 

 

89,036,000

 

 

 

89,036,000

 

 

 

89,036,000

 

 

 

89,036,000

 

 

 
2
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY

AS OF MARCH 31, 2016 AND SEPTEMBER 30, 2015

(UNAUDITED)

(All amounts in US Dollars) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Other Com-

 

 

 

 

 

AlphaRx Inc.

 

 

Non-

 

 

 

 

 

 

Number of

 

 

 

 

 

Paid in

 

 

prehensive

 

 

 

 

 

Stockholders'

 

 

controlling

 

 

Total Gain/

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

 (Deficiency)

 

 

Deficiency

 

 

 Interest

 

 

(Deficiency)

 

Balance as of September 30, 2014 (Audited)

 

 

89,036,000

 

 

$8,904

 

 

$24,727,453

 

 

$(2,980)

 

$(25,777,160)

 

$(1,043,783)

 

$187,380

 

 

$(856,403)

Warrants Issued

 

 

 

 

 

 

 

 

 

 

485,912

 

 

 

 

 

 

 

 

 

 

 

485,912

 

 

 

 

 

 

 

485,912

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,694

 

 

 

 

 

 

 

1,694

 

 

 

424

 

 

 

2,118

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,625

 

 

 

15,625

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,370,750)

 

 

(1,370,750)

 

 

 

 

 

 

(1,370,750)

Balance as of September 30, 2015 (Audited)

 

 

89,036,000

 

 

$8,904

 

 

$25,213,365

 

 

$(1,286)

 

$(27,147,910)

 

$(1,926,927)

 

$203,429

 

 

$(1,723,498)

Warrants Issued

 

 

 

 

 

 

 

 

 

 

74,882

 

 

 

 

 

 

 

 

 

 

 

74,882

 

 

 

 

 

 

 

74,882

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(575)

 

 

 

 

 

 

(575)

 

 

(144)

 

 

(719)

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,804

 

 

 

7,804

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(640,787)

 

 

(640,787)

 

 

 

 

 

 

(640,787)

Balance as of March 31, 2016

 

 

89,036,000

 

 

$8,904

 

 

$25,288,247

 

 

$(1,861)

 

$(27,788,697)

 

$(2,493,407)

 

$211,089

 

 

$(2,282,318)

 

 
3
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED AND SIX MONTHS ENDED MARCH 31, 2016 AND 2015

(UNAUDITED)

(All amounts in US Dollars)

 

 

 

3 months ended

March 31,

2016

 

 

3 months ended

March 31,

2015

 

 

6 months ended

March 31,

2016

 

 

6 months ended

March 31,

2015

 

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Net Gain/(Loss)

 

$(391,724)

 

$(296,594)

 

$(632,983)

 

$(509,531)
Noncash item:

Non-Controlling Interest

 

 

3,765

 

 

 

4,009

 

 

 

7,660

 

 

 

8,096

 

Adjustments to reconcile net income/(loss) to net cash used in operating activities:

Depreciation and amortization

 

 

1,143

 

 

 

1,202

 

 

 

2,313

 

 

 

2,404

 

Stock based compensation

 

 

69,052

 

 

 

101,694

 

 

 

74,882

 

 

 

121,678

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease/(Increase) in Prepayment

 

 

(4,581)

 

 

4

 

 

 

2,316

 

 

 

(6)

Decrease/(Increase) in Deferred

 

 

11,418

 

 

 

12,534

 

 

 

34,330

 

 

 

26,115

 

Decrease/(Increase) in Accounts Receivable

 

 

(97)

 

 

(6)

 

 

(95)

 

 

44

 

Decrease/(Increase) in Loans Receivable

 

 

0

 

 

 

(1)

 

 

0

 

 

 

(1)

(Decrease)/Increase in Accounts Payable and Accrued Liabilities

 

 

42,252

 

 

 

11,862

 

 

 

68,172

 

 

 

42,175

 

(Decrease)/Increase in Accrued Interest on Notes Payable

 

 

32,230

 

 

 

(3,241)

 

 

80,520

 

 

 

8,602

 

Decrease/(Increase) in Deposit

 

 

(58)

 

 

346

 

 

 

132

 

 

 

520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES

 

 

(236,600)

 

 

(168,191)

 

 

(362,753)

 

 

(299,904)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Purchase) / Sold of Machinery and Equipment

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

NET CASH PROVIDED BY INVESTING ACTIVITIES

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Paid-In Capital

 

 

0

 

 

 

19,984

 

 

 

0

 

 

 

0

 

Issuance / (cancellation) of Common Stock

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Issuance (repayment) of Notes Payable, net

 

 

43,050

 

 

 

72,470

 

 

 

46,771

 

 

 

95,050

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

43,050

 

 

 

92,454

 

 

 

46,771

 

 

 

95,050

 

Effect of exchange rate changes on cash and cash equivalents

 

 

60,084

 

 

 

(65,044)

 

 

3,598

 

 

 

(72,218)

NET (DECREASE)/INCREASE IN CASH

 

 

(133,466)

 

 

(140,781)

 

 

(312,384)

 

 

(277,072)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, beginning of period

 

 

172,140

 

 

 

708,793

 

 

 

351,058

 

 

 

845,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, end of period

 

$38,674

 

 

$568,012

 

 

$38,674

 

 

$568,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTARY INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes Paid

 

$0

 

 

$0

 

 

$0

 

 

$0

 

Interest Paid

 

$0

 

 

$0

 

 

$0

 

 

$0

 

 

 

 

4