EXHIBIT 99.1

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED BALANCE SHEETS

AS AT DECEMBER 31, 2016 AND SEPTEMBER 30, 2016

(Unaudited)

(All amounts in US Dollars)

  

 

 

 December 31,

 

 

September 30,

 

 

 

2016

 

 

2016

 

 

 (Unaudited)

 

 

(Audited)

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$ 20,357

 

 

$ 46,301

 

Accounts Receivable

 

 

245

 

 

 

265

 

Deposit

 

 

8,406

 

 

 

8,749

 

Prepayment

 

 

37,561

 

 

 

27,472

 

TOTAL CURRENT ASSETS

 

 

66,569

 

 

 

82,787

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

4,569

 

 

 

5,879

 

Deferred Charges

 

 

321,897

 

 

 

348,913

 

TOTAL NON-CURRENT ASSETS

 

 

326,466

 

 

 

354,792

 

TOTAL ASSETS

 

 

393,035

 

 

 

437,579

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

 

845,554

 

 

 

769,405

 

Unearned Revenue

 

 

361,008

 

 

 

376,046

 

TOTAL CURRENT LIABILITIES

 

 

1,206,562

 

 

 

1,145,451

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Notes Payable

 

 

2,245,346

 

 

 

2,112,101

 

TOTAL LIABILITIES

 

 

3,451,908

 

 

 

3,257,552

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIENCY

 

 

 

 

 

 

 

 

Common Stock: $ 0.0001 par value,

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

September 30, 2016; December 31, 2016 - 89,336,000

 

 

8,934

 

 

 

8,934

 

Additional paid-in capital

 

 

25,987,649

 

 

 

25,870,095

 

Deficit

 

 

(29,276,405 )

 

 

(28,916,005 )

Accumulated Other Comprehensive Loss

 

 

(1,854 )

 

 

(1,888 )

Non-controlling Interest

 

 

222,803

 

 

 

218,891

 

TOTAL STOCKHOLDERS’ EQUITY/ (DEFICIENCY)

 

 

(3,058,873 )

 

 

(2,819,973 )

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY/DEFICIENCY

 

$ 393,035

 

 

$ 437,579

 

 
 
1
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015

(UNAUDITED)

(All amounts in US Dollars)

 

 

 

3 months ended

December 31,

2016

 

 

3 months ended

December 31,

2015

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenue

 

$ 0

 

 

$ 0

 

Other Income

 

 

 

 

 

 

 

 

Total Revenues

 

$ 0

 

 

$ 0

 

General and Administrative Expenses

 

 

191,371

 

 

 

200,678

 

Depreciation

 

 

1,094

 

 

 

1,170

 

Stock-based compensation

 

 

117,554

 

 

 

5,830

 

Gain/(Loss) from Operations

 

 

(310,019 )

 

 

(207,678 )

OTHER INCOME

 

 

 

 

 

 

 

 

Other Income

 

 

0

 

 

 

0

 

Interest Income

 

 

18

 

 

 

22

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

Interest Expense, net

 

 

46,495

 

 

 

33,603

 

Gain/(Loss) before Income Taxes

 

 

(356,496 )

 

 

(241,259 )

Income Tax

 

 

-

 

 

 

-

 

Net Gain/(Loss)

 

 

(356,496 )

 

 

(241,259 )

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

 

 

(3,904 )

 

 

(3,908 )

Net Gain/(Loss) attributable toUMeWorld Stockholders

 

 

(360,400 )

 

 

(245,167 )

Comprehensive Loss

 

 

 

 

 

 

 

 

Net Gain/(Loss)

 

 

(360,400 )

 

 

(245,167 )

Translation Adjustment

 

 

42

 

 

 

(66 )

Comprehensive Gain/(Loss)

 

 

(360,358 )

 

 

(245,233 )

Less: Comprehensive Loss Attributable to Non-Controlling Interests

 

 

(8 )

 

 

13

 

Comprehensive Gain/(Loss) Attributable to UMeWorld Stockholders

 

 

(360,366 )

 

 

(245,220 )

Per Share Data

 

 

 

 

 

 

 

 

Net Loss Per Share, basic and diluted

 

$ 0.0040

 

 

$ 0.0028

 

Weighted Average Number of Common Shares Outstanding

 

 

89,336,000

 

 

 

89,036,000

 

 
 
2
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY

AS OF DECEMBER 31, 2016 AND SEPTEMBER 30, 2016

(UNAUDITED)

(All amounts in US Dollars)

 

 

Common Stock

 

 

Additional

 

 

Accumulated

Other Com-

 

 

 

 

 

Total

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, 2015

 

 

89,036,000

 

 

$ 8,904

 

 

$ 25,213,365

 

 

$ (1,286 )

 

$ (27,147,910 )

 

$ (1,926,927 )

 

$ 203,429

 

 

$ (1,723,498 )

Warrants Issued

 

 

 

 

 

 

 

 

 

 

566,760

 

 

 

 

 

 

 

 

 

 

 

566,760

 

 

 

 

 

 

 

566,760

 

Stock issued for Services

 

 

300,000

 

 

 

30

 

 

 

89,970

 

 

 

 

 

 

 

 

 

 

 

90,000

 

 

 

 

 

 

 

90,000

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(602 )

 

 

 

 

 

 

(602 )

 

 

(150 )

 

 

(752 )

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,612

 

 

 

15,612

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,768,095 )

 

 

(1,768,095 )

 

 

 

 

 

 

(1,768,095 )

Balance as of September 30, 2016 (Audited)

 

 

89,336,000

 

 

$ 8,934

 

 

$ 25,870,095

 

 

$ (1,888 )

 

$ (28,916,005 )

 

$ (3,038,864 )

 

$ 218,891

 

 

$ (2,819,973 )

Warrants Issued

 

 

 

 

 

 

 

 

 

 

117,554

 

 

 

 

 

 

 

 

 

 

 

117,554

 

 

 

 

 

 

 

117,554

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34

 

 

 

 

 

 

 

34

 

 

 

8

 

 

 

42

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,904

 

 

 

3,904

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(360,400 )

 

 

(360,400 )

 

 

 

 

 

 

(360,400 )

Balance as of December 31, 2016

 

 

89,336,000

 

 

$ 8,934

 

 

$ 25,987,649

 

 

$ (1,854 )

 

$ (29,276,405 )

 

$ (3,281,676 )

 

$ 222,803

 

 

$ (3,058,873 )
  
 
3
 

 

UMEWORLD LIMITED

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015

(UNAUDITED)

(All amounts in US Dollars)

 

 

 

3 months ended

December 31,

2016

 

 

3 months ended

December 31,

2015

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net Gain/(Loss)

 

$ (356,496 )

 

$ (241,259 )

Noncash item:

 

 

 

 

 

 

 

 

Non-Controlling Interest

 

 

3,912

 

 

 

3,895

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,094

 

 

 

1,170

 

Stock based compensation

 

 

117,554

 

 

 

5,830

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Decrease/(Increase) in Prepayment

 

 

(10,089 )

 

 

6,897

 

Decrease/(Increase) in Deferred Charges

 

 

27,016

 

 

 

22,912

 

Decrease/(Increase) in Accounts Receivable

 

 

20

 

 

 

2

 

Decrease/(Increase) in Loans Receivable

 

 

0

 

 

 

0

 

(Decrease)/Increase in Accounts Payable and Accrued Liabilities

 

 

76,149

 

 

 

25,920

 

(Decrease)/Increase in Accrued Interest and Notes Payable

 

 

35,578

 

 

 

48,290

 

Decrease/(Increase) in Deposit

 

 

343

 

 

 

190

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES

 

 

(104,919 )

 

 

(126,153 )

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

(Purchase) / Sale of Machinery and Equipment

 

 

0

 

 

 

0

 

NET CASH PROVIDED BY INVESTING ACTIVITIES

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

 

0

 

 

 

0

 

Issuance / (cancellation) of Common Stock

 

 

0

 

 

 

0

 

Issuance (repayment) of Notes Payable, net

 

 

97,667

 

 

 

3,721

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

97,667

 

 

 

3,721

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(18,692 )

 

 

(56,486 )

NET (DECREASE)/INCREASE IN CASH

 

 

(25,944 )

 

 

(178,918 )

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, beginning of period

 

 

46,301

 

 

 

351,058

 

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, end of period

 

$ 20,357

 

 

$ 172,140

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTARY INFORMATION

 

 

 

 

 

 

 

 

Taxes Paid

 

$ 0

 

 

$ 0

 

Interest Paid

 

$ 0

 

 

$ 0

 

 

 

4