Exhibit 99.2
E-MED FUTURE, INC.
Formerly Micro-Economics, Inc.
(A Development Stage Company)
December 31, 2003
The below pro-forma statement combines the balance sheets of E-Med Future, Inc. at December 31, 2003 and Medical Safety Technologies, Inc. which was acquired on December 30, 2003 in exchange for 1,250,000 shares of E-Med common stock.
PRO-FORMA BALANCE SHEET
| Medical Safety Technologies, Inc. |
E-Med Future, Inc. |
Pro-Forma Adjustments |
Pro-Forma Sheet |
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| ASSETS |
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| CURRENT ASSETS |
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| Cash |
$ | 200,000 | $ | 4,443 | $ | 204,443 | |||||||||
| Accounts receivable |
99,562 | 99,562 | |||||||||||||
| Inventory |
312,268 | 312,268 | |||||||||||||
| Prepaid expenses |
14,026 | 14,026 | |||||||||||||
| Total Current Assets |
200,000 | 430,299 | 630,299 | ||||||||||||
| EQUIPMENT, net of depreciation |
128,717 | 128,717 | |||||||||||||
| PATENTS AND LICENSES |
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| Patents, net of amortization, $34,300 and $21,828 in 2003 and 2002 respectively |
13,000 | 152,789 | $ | 175,00 | (A) | 341,289 | |||||||||
| Total Assets |
$ | 213,000 | $ | 711,805 | $ | 175,500 | $ | 1,100,305 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| CURRENT LIABILITIES |
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| Notes payable to bank |
$ | 141,098 | $ | 141,098 | |||||||||||
| Accounts payable |
250,923 | 250,923 | |||||||||||||
| Notes payable to related party |
66,976 | 66,976 | |||||||||||||
| Accrued expenses |
43,830 | 43,830 | |||||||||||||
| Total Current Liabilities |
502,827 | 502,827 | |||||||||||||
| LONG-TERM DEBT |
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| Notes payable to related party |
320,585 | 320,585 | |||||||||||||
| STOCKHOLDERS’ EQUITY |
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| Common stock, $0.001 par value 50,000,000 authorized, 26,134,000 shares issued and outstanding |
$ | 1,000 | 24,884 | $ | 250 | (B) | 26,134 | ||||||||
| Additional paid-in-capital |
212,000 | 1,112,382 | 175,250 | (C) | 1,499,632 | ||||||||||
| Deficit accumulated during development stage |
(1,248,873 | ) | (1,248,873 | ) | |||||||||||
| 213,000 | (111,607 | ) | 175,500 | 276,893 | |||||||||||
| $ | 213,000 | $ | 711,805 | $ | 175,500 | $ | 1,100,305 | ||||||||
| (A) | Remainder of Fair value of allocated asset value of license-see Note - Acquisition |
| (B) | Par value of shares issued in transaction less value of acquired company |
| (C) | Excess of fair value of shares issued over par value |
E-MED FUTURE, INC.
Formerly Micro-Economics, Inc.
(A Development Stage Company)
December 31, 2003
NOTE TO PRO-FORMA FINANCIAL STATEMENT
NOTE - ACQUISITION
On December 30, 2003, the Company acquired 100% of the issued and outstanding stock of Medical Safety Technologies, Inc. (“MSTI”), a wholly owned subsidiary of UTEK Corporation, a publicly-held technology transfer company, in exchange for 1,250,000 shares of the Company’s common stock. MSTI holds the license to a patented invention known as the Safe Receptacle for Sharps, designed to aid in the safe transport of sterile and used sharp medical instruments. The Company expects the Safe Receptacle for Sharps product to provide complimentary technology to its “NeedleZap” portable needle destruction device.
Allocation of the purchase price was as follows:
| Value of 1,250,000 shares of common stock at $.074 per share |
$ | 925,000 | |
| Less: Write down of Fair Market Value due to small market “float” and volatility of the company’s stock |
536,500 | ||
| Adjusted purchase price of $0.3108 per share |
$ | 388,500 | |
| Fair value of net assets allocated as follows: |
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| Cash |
$ | 200,000 | |
| License |
188,500 | ||
| $ | 388,500 | ||