| Schedule of Discontinued Operations |
|
Biozone Pharmaceuticals, Inc.
Assets and Liabilities
of Discontinued Operations
|
|
| |
|
|
|
|
|
|
| |
|
Year Ended |
|
|
Year Ended |
|
| |
|
December 31, 2013 |
|
|
December 31, 2012 |
|
| CURRENT ASSETS |
|
|
|
|
|
|
| Cash |
|
$ |
128,394 |
|
|
$ |
54,195 |
|
| Accounts Receivable |
|
|
139,235 |
|
|
|
834,998 |
|
| Inventories |
|
|
1,393,050 |
|
|
|
1,651,087 |
|
| Prepaid & Other |
|
|
474,800 |
|
|
|
104,198 |
|
| Total Current Assets |
|
$ |
2,135,479 |
|
|
$ |
2,644,478 |
|
| |
|
|
|
|
|
|
|
|
| PROPERTY AND EQUIPMENT, NET |
|
$ |
2,530,689 |
|
|
$ |
2,781,366 |
|
| |
|
|
|
|
|
|
|
|
| OTHER ASSETS |
|
|
|
|
|
|
|
|
| Deferred financing, net |
|
$ |
10,035 |
|
|
$ |
17,677 |
|
| Goodwill |
|
|
1,026,984 |
|
|
|
1,026,984 |
|
| Intangibles, etc |
|
|
134,338 |
|
|
|
190,894 |
|
| |
|
|
|
|
|
|
|
|
| Assets of discontinued operations |
|
$ |
5,837,525 |
|
|
$ |
6,661,399 |
|
| |
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
254,903 |
|
|
$ |
736,279 |
|
| Accrued expenses |
|
|
692,357 |
|
|
|
2,658,904 |
|
| Accrued interest |
|
|
|
|
|
|
|
|
| Note payable shareholder |
|
|
|
|
|
|
1,099,715 |
|
| Convertible notes |
|
|
|
|
|
|
|
|
| Deferred income taxes |
|
|
102,022 |
|
|
|
102,022 |
|
| Derivative instruments |
|
|
|
|
|
|
|
|
| Current portion of Long Term Debt |
|
|
156,420 |
|
|
|
181,752 |
|
| TOTAL CURRENT LIABILITIES |
|
$ |
1,205,702 |
|
|
$ |
4,778,672 |
|
| |
|
|
|
|
|
|
|
|
| Long term debt |
|
$ |
2,710,666 |
|
|
$ |
2,894,579 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities of discontinued operations |
|
$ |
3,916,368 |
|
|
$ |
7,673,251 |
|
|
Biozone Pharmaceuticals, Inc.
Results of Operations
of Discontinued Operations
|
|
| |
|
|
|
|
|
|
| |
|
Year Ended |
|
|
Year Ended |
|
| |
|
December 31, 2013 |
|
|
December 31, 2012 |
|
| |
|
|
|
|
|
|
| Revenue |
|
$ |
8,429,828 |
|
|
$ |
17,190,720 |
|
| Cost of sales |
|
|
5,629,446 |
|
|
|
9,969,068 |
|
| Gross profit |
|
$ |
2,800,382 |
|
|
$ |
7,221,652 |
|
| |
|
|
|
|
|
|
|
|
| SG&A expense |
|
$ |
9,765,539 |
|
|
$ |
6,276,190 |
|
| Selling expense |
|
|
521,646 |
|
|
|
774,778 |
|
| R&D Expense |
|
|
542,591 |
|
|
|
253,746 |
|
| |
|
|
|
|
|
|
|
|
| Earnings from Operations |
|
$ |
(8,029,394 |
) |
|
$ |
(83,062 |
) |
| |
|
|
|
|
|
|
|
|
| Interest income (expense) |
|
$ |
(609,552 |
) |
|
$ |
(250,350 |
) |
| Earnings before income taxes |
|
$ |
(8.638,946 |
) |
|
$ |
(333,412 |
) |
| |
|
|
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of taxes |
|
$ |
(8,638,946 |
) |
|
$ |
(333,412 |
) |
|