EXHIBIT 99.1

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED BALANCE SHEETS

AS AT JUNE 30, 2016 AND SEPTEMBER 30, 2015

(Unaudited)

(All amounts in US Dollars)

         

 

 

June 30,

 

 

September30,

 

 

 

2016

 

 

2015

 

 

 (Unaudited)

 

 

 (Audited)

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$49,823

 

 

$351,058

 

Accounts Receivable

 

 

275

 

 

 

262

 

Deposit

 

 

8,965

 

 

 

9,357

 

Prepayment

 

 

20,953

 

 

 

30,842

 

TOTAL CURRENT ASSETS

 

 

80,016

 

 

 

391,519

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

7,026

 

 

 

10,874

 

Deferred Charges

 

 

363,940

 

 

 

423,380

 

TOTAL NON-CURRENT ASSETS

 

 

370,966

 

 

 

434,254

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

450,982

 

 

 

825,773

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

 

696,812

 

 

 

598,229

 

Unearned Revenue

 

 

377,518

 

 

 

394,724

 

TOTAL CURRENT LIABILITIES

 

 

1,074,330

 

 

 

992,953

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Notes Payable

 

 

1,921,705

 

 

 

1,556,318

 

 TOTAL LIABILITIES

 

 

2,996,035

 

 

 

2,549,271

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIENCY

 

 

 

 

 

 

 

 

Common Stock: $ 0.0001 par value,

 

 

 

 

 

 

 

 

Authorized: 250,000,000 shares; Issued and outstanding

 

 

 

 

 

 

 

 

September 30, 2015; June 30, 2016 - 89,336,000

 

 

8,934

 

 

 

8,904

 

Additional paid-in capital

 

 

25,620,579

 

 

 

25,213,365

 

Deficit

 

 

(28,386,994)

 

 

(27,147,910)

Accumulated Other Comprehensive Loss

 

 

(2,424)

 

 

(1,286)

Non-controlling Interest  

 

 

214,852

 

 

 

230,429

 

TOTAL STOCKHOLDERS’ EQUITY/(DEFICIENCY)

 

 

(2,545,053)

 

 

(1,723,498)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY/DEFICIENCY

 

$450,982

 

 

$825,773

 

 

 
1
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED AND NINE MONTHS ENDED JUNE 30, 2016 AND 2015

(UNAUDITED)

(All amounts in US Dollars)

 

 

 

3 months ended

June 30,

2016

 

 

3 months ended

June 30,

2015

 

 

9 months ended

June 30,

2016

 

 

9 months ended

June 30,

2015

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenue

 

$0

 

 

$0

 

 

$0

 

 

$0

 

Total Revenue

 

$0

 

 

$0

 

 

$0

 

 

$0

 

General and Administrative Expenses

 

 

313,205

 

 

 

222,118

 

 

 

802,882

 

 

 

551,325

 

Depreciation

 

 

1,144

 

 

 

1,211

 

 

 

3,457

 

 

 

3,615

 

Stock-based compensation

 

 

242,362

 

 

 

220,058

 

 

 

317,244

 

 

 

341,736

 

Gain/(Loss) from Operations

 

 

(556,711)

 

 

(443,387)

 

 

(1,123,583)

 

 

(896,676)

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Interest Income,

 

 

10

 

 

 

15

 

 

 

50

 

 

 

119

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, net

 

(37,693

 

 

(31,378)

 

 

(103,844)

 

 

(87,724)

Gain/(Loss) before Income Taxes

 

(594,394

 

 

(474,750)

 

 

(1,227,377)

 

 

(984,281)

Income Tax

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net Gain/(Loss)

 

(594,394

 

 

(474,750)

 

 

(1,227,377)

 

 

(984,281)

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

 

(3,903

 

 

(3,907)

 

 

(11,707)

 

 

(11,718)

Net Gain/(Loss) attributable toUMeWorld Stockholders

 

(598,297

 

 

(478,657)

 

 

(1,239,084)

 

 

(995,999)

Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Gain/(Loss)

 

(598,297

 

 

(478,657)

 

 

(1,239,084)

 

 

(995,999)

Translation Adjustment

 

(703

 

 

(325)

 

 

(1,422)

 

 

(1,751)

Comprehensive Gain/(Loss)

 

 

(599,000)

 

 

(478,982)

 

 

(1,240,506)

 

 

(997,750)

Less: Comprehensive Loss Attributable to Non-Controlling Interests

 

 

140

 

 

 

(65)

 

 

284

 

 

 

(350)

Comprehensive Gain/(Loss) Attributable to UMeWorld Stockholders

 

(598,860

 

 

(479,047)

 

 

(1,240,222)

 

 

(998,100)

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share, basic and diluted

 

$(0.0067)

 

$(0.0054)

 

$(0.0139)

 

$(0.0112)

Weighted Average Number of Common Shares Outstanding

 

 

89,336,000

 

 

 

89,036,000

 

 

 

89,336,000

 

 

 

89,036,000

 

 

 
2
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY

AS OF JUNE 30, 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

 

 

300,000

 

 

 

30

 

 

 

317,244

 

 

 

 

 

 

 

 

 

 

 

317,274

 

 

 

 

 

 

 

317,274

 

Stock Issued for Services

 

 

 

 

 

 

 

 

 

 

89,970

 

 

 

 

 

 

 

 

 

 

 

89,970

 

 

 

 

 

 

 

89,970

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,138)

 

 

 

 

 

 

(1,138)

 

 

(284)

 

 

(1,422)

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,707

 

 

 

11,707

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,239,084)

 

 

(1,239,084)

 

 

 

 

 

 

(1,239,084)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2016

 

 

89,336,000

 

 

$8,934

 

 

$25,620,579

 

 

$(2,424)

 

$(28,386,994)

 

$(2,759,905)

 

$214,852

 

 

$(2,545,053)

 

 
3
 

 

UMEWORLD LIMITED 

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED AND NINE MONTHS ENDED JUNE 30, 2016 AND 2015

(UNAUDITED)

(All amounts in US Dollars)

 

 

 

3 months ended

June 30,

2016

 

 

3 months ended

June 30,

2015

 

 

9 months ended

June 30,

2016

 

 

9 months ended

June 30,

2015

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Net Gain/(Loss)

 

$(594,394)

 

$(474,750)

 

$(1,227,377)

 

$(984,281)

Noncash item:

Non-Controlling Interest

 

 

3,763

 

 

 

3,972

 

 

 

11,423

 

 

 

12,068

 

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

Depreciation and amortization

 

 

1,144

 

 

 

1,211

 

 

 

3,457

 

 

 

3,615

 

Stock based compensation

 

 

332,362

 

 

 

220,058

 

 

 

407,244

 

 

 

341,736

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease/(Increase) in Prepayment

 

 

7,573

 

 

 

(9,838)

 

 

9,889

 

 

 

(9,832)

Decrease/(Increase) in Deferred

 

 

25,110

 

 

 

13,338

 

 

 

59,440

 

 

 

39,453

 

Decrease/(Increase) in Accounts Receivable

 

 

82

 

 

 

(66)

 

 

(13)

 

 

(22)

Decrease/(Increase) in Loans Receivable

 

 

0

 

 

 

1,015

 

 

 

0

 

 

 

1,016

 

(Decrease)/Increase in Accounts Payable and Accrued Liabilities

 

 

30,411

 

 

 

8,279

 

 

 

98,583

 

 

 

50,454

 

(Decrease)/Increase in Accrued Interest on Notes Payable

 

 

(22,686)

 

 

39,688

 

 

 

57,834

 

 

 

48,290

 

Decrease/(Increase) in Deposit

 

 

260

 

 

 

18

 

 

 

392

 

 

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES

 

 

(216,375)

 

 

(197,075)

 

(579,128)

 

 

 

(496,965)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

0

 

 

 

0

 

 

 

0

 

Issuance / (cancellation) of Common Stock

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Issuance (repayment) of Notes Payable, net

 

 

182,212

 

 

 

44,105

 

 

 

228,983

 

 

 

139,155

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

182,212

 

 

 

44,105

 

 

 

228,983

 

 

 

139,155

 

Effect of exchange rate changes on cash and cash equivalents

 

 

45,312

 

 

 

66,091

 

 

 

48,910

 

 

 

(6,141)

NET (DECREASE)/INCREASE IN CASH

 

 

11,149

 

 

 

(86,879)

 

(301,235)

 

 

 

(363,951)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, beginning of period

 

 

38,674

 

 

 

568,012

 

 

 

351,058

 

 

 

845,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, end of period

 

$49,823

 

 

$481,133

 

 

$49,823

 

 

$481,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTARY INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes Paid

 

$0

 

 

$0

 

 

$0

 

 

$0

 

Interest Paid

 

$0

 

 

$0

 

 

$0

 

 

$0

 

 

 

4