EX-99
9
ex993.htm
EXHIBIT 99.3 - MY EDGAR, INC. AND SUBSIDIARIES UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2007
ex993
Main 8-K
Exhibit 99.3
DOCUCON INCORPORATED AND MY EDGAR INC & SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma condensed Consolidated financial statements are based on the unaudited historical financial statements of Docucon Incorporated ("Docucon") and My EDGAR, Inc. ("My EDGAR") along with its sole subsidiary Bassett Press, Inc., ("Bassett Press") have been prepared to illustrate the effects of the Docucon acquisition of My EDGAR and its subsidiaries under the terms of the Merger Agreement dated December 13, 2007. The following unaudited pro forma condensed consolidated balance sheet as of September 30, 2007, and unaudited pro forma condensed consolidated statements of operations as of and for the nine months ended September 30, 2007 are presented as if the merger of Docucon and My EDGAR (the "merger") was effective as of January 1, 2007.
On December 13, 2007, Docucon consummated an Agreement and Plan of Merger ("Merger") with My EDGAR, Inc., a Florida corporation, whereby Docucon acquired all the outstanding capital of My EDGAR in exchange of 16,439,938 shares of Docucon's common stock. Immediately following the Merger, Docucon Acquisitions Corp ("DAC") changed its name to My EDGAR, Inc. For accounting purposes, My EDGAR is treated as the acquirer in the merger, which is accounted for as a recapitalization in which the assets and liabilities of My EDGAR and Docucon have been recorded at their historical values and the outstanding capital stock and additional paid in capital have been restated to give effect to the shares of common stock issued in connection with the transaction.
The pro forma adjustments represent, in the opinion of management, all adjustments necessary to present the Company's pro forma results of operations and financial position in accordance with Article 11 of SEC Regulation S-X based upon available information and certain assumptions considered reasonable under the circumstances.
The unaudited pro forma financial statements presented herein do not purport to present what the Company's financial position or results of operations would actually have been had the events leading to the pro forma adjustments in fact occurred on the date or at the beginning of the periods operations for any future date or period.
The pro forma data presented herein is for informational purposes only and is not intended to represent or be indicative of the results of operations or financial condition of the consolidated entities that would have been reported had the proposed transaction been completed as of the dates presented, and should not be taken as representative of future results of operations or financial condition of the consolidated group.
Pro Forma Adjustments
Pro forma adjustments as of September 30, 2007 include the following:
(1)
$9,500 credit adjustment of common stock increasing the par value balance as a result of the Merger;
(2)
$10,642,099 debit adjustment of additional paid in capital giving effect for eliminating Docucon's additional paid in capital balance and liabilities acquired in the Merger transaction;
(3)
$10,071,822 credit adjustment of accumulated deficit related to Docucon's balance.
P-1
Unaudited Historical
Unadjusted
Adjusted
September 30, 2007
September 30, 2007
Condensed Consolidated
Pro-Forma
Condensed Consolidated
Docucon
My EDGAR
Pro-Forma
Adjustments
Pro-Forma
Assets
Current assets:
Cash and cash equivalents
$
--
$
68,177
$
68,177
$
$
68,177
Accounts receivable
--
132,014
132,014
132,014
Security deposits
--
7,617
7,617
7,617
Other current assets
--
948
948
948
Total current assets
--
208,756
208,756
208,756
Property & equipment, net
--
18,364
18,364
18,364
Intangible assets
--
311,821
311,821
311,821
Total Assets
$
--
$
538,941
$
538,941
$
538,941
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable
$
95,655
$
22,826
$
118,481
$
118,481
Other current liabilities
37,834
22,058
59,892
59,892
Line of Credit
--
--
--
--
Due to related party
--
--
--
--
Notes payable
127,334
109,733
237,067
237,067
Total current liabilities
260,823
154,617
415,440
415,440
Total liabilities
260,823
154,617
415,440
415,440
Stockholders' deficit:
Preferred stock, $1.00 par value, 10,000,000 shares authorized -
7
--
7
7
Series A, 60 shares designated, 7 shares issued and outstanding,
Liquidation preference of $175,000.
Common stock, $0.001 par value, 100,000,000 shares
authorized, 17,124,842 shares issued and outstanding
2,439
5,186
7,625
(9,500)
(1)
17,125
Additional paid-in capital
10,373,566
693,510
11,067,076
10,642,099
(2)
424,977
Treasury stock
(4,236)
(4,236)
(4,236)
Accumulated deficit
(10,071,822)
(314,372)
(10,386,194)
(10,071,822)
(3)
(314,372)
Accumulated deficit - during development stage
(560,777)
--
(560,777)
(560,777)
(3)
--
Total stockholders' deficit
(260,823)
384,324
123,501
123,501
Total Liabilities and Stockholders' Deficit
$
--
$
538,941
$
538,941
$
--
$
538,941
P-2
September 30, 2007
September 30, 2007
Pro-Forma
Condensed Combined
Docucon
My EDGAR
Adjustments
Pro-Forma
Revenues
$
$
767,011
$
$
767,011
Cost of services
352,665
352,665
Gross profit
414,346
414,346
Operating costs and expenses:
General and administrative
185,709
185,709
Payroll Expenses
270,335
270,335
Depreciation
7,767
7,767
Total operating costs and expenses
463,811
463,811
Net operating income (loss)
(49,465)
(49,465)
Other (expense):
Interest expense
(8,570)
(8,570)
total other income/ expense
806
806
Total other (expense)
(7,763)
(7,763)
Net loss
$
$
(57,228)
$
$
(57,228)
P-3

EX - 99 9 ex993 . htm EXHIBIT 99 . 3 - MY EDGAR , INC . AND SUBSIDIARIES UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30 , 2007 ex993 Main 8 - K Exhibit 99 . 3 DOCUCON INCORPORATED AND MY EDGAR INC & SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following unaudited pro forma condensed Consolidated financial statements are based on the unaudited historical financial statements of Docucon Incorporated ( " Docucon " ) and My EDGAR , Inc . ( " My EDGAR " ) along with its sole subsidiary Bassett Press , Inc . , ( " Bassett Press " ) have been prepared to illustrate the effects of the Docucon acquisition of My EDGAR and its subsidiaries under the terms of the Merger Agreement dated December 13 , 2007 . The following unaudited pro forma condensed consolidated balance sheet as of September 30 , 2007 , and unaudited pro forma condensed consolidated statements of operations as of and for the nine months ended September 30 , 2007 are presented as if the merger of Docucon and My EDGAR ( the " merger " ) was effective as of January 1 , 2007 . On December 13 , 2007 , Docucon consummated an Agreement and Plan of Merger ( " Merger " ) with My EDGAR , Inc . , a Florida corporation , whereby Docucon acquired all the outstanding capital of My EDGAR in exchange of 16,439,938 shares of Docucon 's common stock . Immediately following the Merger , Docucon Acquisitions Corp ( " DAC " ) changed its name to My EDGAR , Inc . For accounting purposes , My EDGAR is treated as the acquirer in the merger , which is accounted for as a recapitalization in which the assets and liabilities of My EDGAR and Docucon have been recorded at their historical values and the outstanding capital stock and additional paid in capital have been restated to give effect to the shares of common stock issued in connection with the transaction . The pro forma adjustments represent , in the opinion of management , all adjustments necessary to present the Company 's pro forma results of operations and financial position in accordance with Article 11 of SEC Regulation S - X based upon available information and certain assumptions considered reasonable under the circumstances . The unaudited pro forma financial statements presented herein do not purport to present what the Company 's financial position or results of operations would actually have been had the events leading to the pro forma adjustments in fact occurred on the date or at the beginning of the periods operations for any future date or period . The pro forma data presented herein is for informational purposes only and is not intended to represent or be indicative of the results of operations or financial condition of the consolidated entities that would have been reported had the proposed transaction been completed as of the dates presented , and should not be taken as representative of future results of operations or financial condition of the consolidated group . Pro Forma Adjustments Pro forma adjustments as of September 30 , 2007 include the following : ( 1 ) $ 9,500 credit adjustment of common stock increasing the par value balance as a result of the Merger ; ( 2 ) $ 10,642,099 debit adjustment of additional paid in capital giving effect for eliminating Docucon ' s additional paid in capital balance and liabilities acquired in the Merger transaction ; ( 3 ) $ 10,071,822 credit adjustment of accumulated deficit related to Docucon 's balance . P - 1 Unaudited Historical Unadjusted Adjusted September 30 , 2007 September 30 , 2007 Condensed Consolidated Pro - Forma Condensed Consolidated Docucon My EDGAR Pro - Forma Adjustments Pro - Forma Assets Current assets : Cash and cash equivalents $ -- $ 68,177 $ 68,177 $ $ 68,177 Accounts receivable -- 132,014 132,014 132,014 Security deposits -- 7,617 7,617 7,617 Other current assets -- 948 948 948 Total current assets -- 208,756 208,756 208,756 Property & equipment , net -- 18,364 18,364 18,364 Intangible assets -- 311,821 311,821 311,821 Total Assets $ -- $ 538,941 $ 538,941 $ 538,941 Liabilities and Stockholders ' Deficit Current liabilities : Accounts payable $ 95,655 $ 22,826 $ 118,481 $ 118,481 Other current liabilities 37,834 22,058 59,892 59,892 Line of Credit -- -- -- -- Due to related party -- -- -- -- Notes payable 127,334 109,733 237,067 237,067 Total current liabilities 260,823 154,617 415,440 415,440 Total liabilities 260,823 154,617 415,440 415,440 Stockholders ' deficit : Preferred stock , $ 1.00 par value , 10,000,000 shares authorized - 7 -- 7 7 Series A , 60 shares designated , 7 shares issued and outstanding , Liquidation preference of $ 175,000 . Common stock , $ 0.001 par value , 100,000,000 shares authorized , 17,124,842 shares issued and outstanding 2,439 5,186 7,625 ( 9,500 ) ( 1 ) 17,125 Additional paid - in capital 10,373,566 693,510 11,067,076 10,642,099 ( 2 ) 424,977 Treasury stock ( 4,236 ) ( 4,236 ) ( 4,236 ) Accumulated deficit ( 10,071,822 ) ( 314,372 ) ( 10,386,194 ) ( 10,071,822 ) ( 3 ) ( 314,372 ) Accumulated deficit - during development stage ( 560,777 ) -- ( 560,777 ) ( 560,777 ) ( 3 ) -- Total stockholders ' deficit ( 260,823 ) 384,324 123,501 123,501 Total Liabilities and Stockholders ' Deficit $ -- $ 538,941 $ 538,941 $ -- $ 538,941 P - 2 September 30 , 2007 September 30 , 2007 Pro - Forma Condensed Combined Docucon My EDGAR Adjustments Pro - Forma Revenues $ $ 767,011 $ $ 767,011 Cost of services 352,665 352,665 Gross profit 414,346 414,346 Operating costs and expenses : General and administrative 185,709 185,709 Payroll Expenses 270,335 270,335 Depreciation 7,767 7,767 Total operating costs and expenses 463,811 463,811 Net operating income ( loss ) ( 49,465 ) ( 49,465 ) Other ( expense ) : Interest expense ( 8,570 ) ( 8,570 ) total other income / expense 806 806 Total other ( expense ) ( 7,763 ) ( 7,763 ) Net loss $ $ ( 57,228 ) $ $ ( 57,228 ) P - 3
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY O O O O O O O O O O O O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O B-Parties.BUYING_COMPANY O O O O O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O