NATURAL HEALTH TRENDS CORP./KAIRE INTERNATIONAL, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
Natural Health Kaire Trends, Corp. International, Inc. Pro Forma November 30, November 30, Adjustments --------------- ------------------- ----------- 1998 1998 DR(CR) Total --------------- ------------------- ----------- ----------- ASSETS ------ CURRENT ASSETS: Cash $ 661,371 $ 488,091 $ (8,032) $ 1,141,430 Restricted cash -- 125,000 -- 125,000 Accounts receivable, net 23,148 272,304 -- 295,452 Inventory 414,963 914,206 (230,216) 1,098,953 Prepaid expenses and other current assets 575,395 61,115 (775) 635,735 ------------ ------------ -------------- ----------- TOTAL CURRENT ASSETS 1,674,877 1,860,716 (239,023) 3,296,570 PROPERTY AND EQUIPMENT, net 44,265 612,185 (69,468) 586,982 PATENTS AND CUSTOMER LISTS 4,654,487 -- 4,501,059 9,155,546 GOODWILL 834,572 -- -- 834,572 DEPOSITS AND OTHER ASSETS 20,350 248,930 (24,406) 244,874 ------------ ------------ -------------- ----------- TOTAL ASSETS $ 7,228,551 $ 2,721,831 $ 4,168,162 $14,118,544 ============ ============ ============== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Cash overdraft $ -- $ 1,394,566 $ -- $ 1,394,566 Accounts payable and accrued expenses 1,774,262 4,705,932 3,276,402 3,203,792 Accrued expenses for discontinued operations 314,593 -- -- 314,593 Accrued consulting contract 360,131 -- -- 360,131 Notes payable -- 2,220,521 2,035,521 185,000 Notes payable - related parties -- 2,106,574 2,106,574 -- Current portion of long-term debt, net of discount 314,684 48,897 -- 363,581 Other current liabilities 87,916 538,916 538,916 87,916 ------------ ------------ -------------- ----------- TOTAL CURRENT LIABILITIES 2,851,586 11,015,406 7,957,413 5,909,579 MINORITY INTEREST -- (49,194) (49,194) -- COMMON STOCK SUBJECT TO PUT 380,000 -- -- 380,000 STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value, 1,500,000 shares authorized, 3,354 shares issued and outstanding (actual) and (pro forma) 2,934,572 -- (3,150,000) 6,084,572 Common stock, $.0001 par value, 50,000,000 shares authorized, 4,873,455 shares issued and outstanding (actual) and (pro forma) 4,873 22,312 22,312 4,873 Additional paid-in capital 15,385,032 1,365,537 683,537 16,067,032 Cumulative translation adjustment -- (435,078) (435,078) -- Retained earnings (deficit) (13,947,512) (9,197,152) (9,197,152) (13,947,512) Common stock subject to put (380,000) -- -- (380,000) ------------ ------------ -------------- ----------- TOTAL STOCKHOLDERS' EQUITY 3,996,965 (8,244,381) (12,076,381) 7,828,965 ------------ ------------ -------------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,228,551 $ 2,721,831 $ (4,168,162) $14,118,544 ============ ============ ============== ===========