Business & Finance
Business and Finance
Business and Finance 
Thu, December 24, 2009
Wed, December 23, 2009
XcelPlus Global Holdings Releases November 2009 YTD Financial Results
DOTHAN, Ala--([ BUSINESS WIRE ])--[ XcelPlus Global Holdings, Inc. ] (Pink Sheets: XPGH) submits the following financial statements for the eleven months ended November 30, 2009:
XCELPLUS GLOBAL HOLDINGS, INC.
FINANCIAL STATEMENTS
Eleven Months Ended November 30, 2009
ACCOUNTANTS' COMPILATION REPORT
To the Board of Directors
XcelPlus Global Holdings, Inc.
Dothan, Alabama
We have compiled the accompanying balance sheet of XcelPlus Global Holdings, Inc. as of November 30, 2009, and the related statements of income and retained earnings and cash flows for the eleven months then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting, in the form of financial statements and supplementary schedules, information that is the representation of management. We have not audited or reviewed the accompanying financial statements and supplementary schedules and, accordingly, do not express an opinion or any other form of assurance on them.
Bevis, Eberhart, Browning, Walker & Stewart, PC is not independent with respect to this client.
Dothan, Alabama
December 22, 2009
| XCELPLUS GLOBAL HOLDINGS, INC. | |||||
| BALANCE SHEET | |||||
| November 30, 2009 | |||||
| ASSETS | |||||
| CURRENT ASSETS | |||||
| Cash | $ | 266,559 | |||
| Accounts receivable | 2,126,266 | ||||
| Inventory | 114,985 | ||||
| TOTAL CURRENT ASSETS | 2,507,810 | ||||
| FURNITURE, FIXTURES AND EQUIPMENT, net | 6,499 | ||||
| DEPOSITS | 30,274 | ||||
| INTANGIBLES | 155,000 | ||||
| $ | 2,699,583 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES | |||||
| Trade accounts payable | $ | 557,994 | |||
| Provision for income taxes | 556,181 | ||||
| TOTAL CURRENT LIABILITIES | 1,114,175 | ||||
| LONG-TERM DEBT | - | ||||
| STOCKHOLDERS' EQUITY | |||||
Common stock, $.001 par value, 190,000,000 authorized, | 49,709 | ||||
Preferred stock, $.001 par value, 10,000,000 authorized, | 7,400 | ||||
| Additional paid-in capital | 594,309 | ||||
| Retained earnings (deficit) | 933,990 | ||||
| 1,585,408 | |||||
| $ | 2,699,583 | ||||
See accountants' compilation report. | |||||
| XCELPLUS GLOBAL HOLDINGS, INC. | |||
| STATEMENT OF INCOME AND RETAINED EARNINGS | |||
| For the Eleven Months Ended November 30, 2009 | |||
| Eleven Months Ended | |||
| November 30, 2009 | |||
| REVENUE | $ | 7,830,350 | |
| COST OF GOODS SOLD | 5,031,850 | ||
| GROSS PROFIT | 2,798,500 | ||
| OPERATING EXPENSES | |||
| Advertising and promotion | 47,793 | ||
| Automobile | 18,108 | ||
| Bank charges | 1,811 | ||
| Computer and internet | 19,129 | ||
| Commissions | 2,400 | ||
| Contracted services | 658,370 | ||
| Customer relations | 23,500 | ||
| Corporate fees | 5,624 | ||
| Depreciation | 334 | ||
| Dues and subscriptions | 6,998 | ||
| Insurance | 24,332 | ||
| Interest | 3 | ||
| Investor relations | 51,500 | ||
| Logistics fees | 900 | ||
| Meals and entertainment | 7,010 | ||
| Office supplies | 2,567 | ||
| Postage and delivery | 1,417 | ||
| Product development | 24,122 | ||
| Professional fees | 125,551 | ||
| Rent | 89,855 | ||
| Repairs and maintenance | 17,600 | ||
| Supplies | 17,978 | ||
| Taxes and licenses | 100 | ||
| Telephone | 8,222 | ||
| Travel | 66,396 | ||
| Waste disposal | 11,956 | ||
| Worthless technologies | 56,000 | ||
| 1,289,576 | |||
See accountants' compilation report. | |||
| XCELPLUS GLOBAL HOLDINGS, INC. | ||||
| STATEMENT OF INCOME AND RETAINED EARNINGS | ||||
| For the Eleven Months Ended November 30, 2009 | ||||
| Eleven Months Ended | ||||
| November 30, 2009 | ||||
| NET INCOME BEFORE TAXES | $ | 1,508,924 | ||
| PROVISION FOR INCOME TAXES | 556,181 | |||
| NET INCOME | 952,743 | |||
| BEGINNING RETAINED EARNINGS (DEFICIT) | (18,753 | ) | ||
| Prior month and prior year adjustments | - | |||
| ENDING RETAINED EARNINGS | $ | 933,990 | ||
See accountants' compilation report. | ||||
| XCELPLUS GLOBAL HOLDINGS, INC | ||||
| STATEMENT OF CASH FLOWS | ||||
| For the Eleven Months Ended November 30, 2009 | ||||
| Eleven Months Ended | ||||
| November 30, 2009 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net income | $ | 952,743 | ||
Adjustments to reconcile net income to net cash | ||||
| Depreciation | 334 | |||
| Worthless technology | 56,000 | |||
| Issuance of stock | 25,151 | |||
| (Increase) decrease in: | ||||
| Accounts receivable | (2,126,266 | ) | ||
| Inventory | (114,985 | ) | ||
| Increase (decrease) in: | ||||
| Accounts payable | 521,626 | |||
| Provision for income taxes | 556,181 | |||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | (129,216 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Deposit on computer system | (30,274 | ) | ||
| Purchase of equipment | (6,833 | ) | ||
| NET CASH USED BY INVESTING ACTIVITIES | (37,107 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Short-term financing | - | |||
| Issuance of stock | 432,875 | |||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 432,875 | |||
| NET CHANGE IN CASH | 266,552 | |||
| CASH, beginning of period | 7 | |||
| CASH, end of period | $ | 266,559 | ||
See accountants' compilation report. | ||||