from 8-K
1 page
<page> 1 Exhibit 1 Viragen (Europe) Ltd. and Subsidiaries Proforma Consolidated Condensed Balance Sheet (Unaudited) <table> <caption> Proforma February 28, Proforma February 28, 1999 Adjustment 1999 <s> <c> <c> <c> Assets Current Assets Cash and Cash Equivalents $ 33,997 $1,362,000 $1,395,997 Subscription Receivable -- 500,000 500,000 Other Current Assets 163,220 163,220 Total Current Assets 197,217 $1,862,000 2,059,217 Property, Plant and Equipment Leasehold Improvements 1,905,298 1,905,298 Equipment and Furniture 2,406,950 2,406,950 Construction in Progress 139,839 139,839 4,452,087 4,452,087 Less Accumulated Depreciation (455,893) (455,893) 3,996,194 3,996,194 $ 4,193,411 $1,862,000 $6,055,411 ============ ========== ========== Liabilities and Stockholders' Equity Current Liabilities Accounts Payable and Accrued Expenses $ 314,950 $ 314,950 Current Portion of Long-Term Debt 2,863 2,863 Total Current Liabilities 317,813 317,813 Licensing Fee Payable 666,667 666,667 Long-Term Debt, Less Current Portion 151,771 151,771 Commitments and Contingencies Stockholders' Equity Common Stock, $.01 Par Value. Authorized 20,000,000 Shares; Issued and Outstanding 12,098,425 and 14,663,397 Shares at February 28, 1999 and February 28, 1999 (Proforma), Respectively 120,984 $ 25,650 146,634 Additional Paid-In Capital 11,356,854 1,336,350 12,693,204 Common Stock Subscribed -- 500,000 500,000 Retained Deficit (8,511,172) (8,511,172) Accumulated Other Comprehensive Income 90,494 90,494 Total Stockholders' Equity 3,057,160 1,862,000 4,919,160 ============ ========== ========== $ 4,193,411 $1,862,000 $6,055,411 ============ ========== ========== </Table>
