Union Dental Reports an Increase in Income for 4th Quarter and a 75% Income Increase for the Year Ending 2010 -- Income Statemen
03 March 2011 - 11:35PM
Union Dental Holdings, Inc. (Pink Sheets:UDHI)
www.uniondental.com/ir -- a provider of multi-state dental services
for union members, announced today its revenues for the quarter and
year ending December 31, 2010. The revenues from operations as
compared for the same period for 2009 for the quarter increased 63%
from $613,860 to $1,000,933 and also increased 22.5 percent for the
year ending 12/31/2010 from $3,148,724 to $3,857,434.
The Company's Consolidated Statements of Operations for December
31, 2010 reflects an operating income in the 4th Quarter of
$210,118 as compared to a loss of $36,481during the comparable
period in 2009. The Company's Consolidated Statements of Operations
for year end December 31, 2010 reflects income of $576,399 as
compared to $329,200 or a 75% increase.
Dr. George D. Green, President and CEO, commented: "I am pleased
we are again profitable, especially in this dramatic worldwide
economic downturn we are facing. Again, a majority of our losses in
the past were related to the interest expense, increased IR
consulting fees, Professional Fees and a derivative issue for some
of our financing. We now have converted a good portion of debt into
equity showing the confidence our debt holders have in the
Company's future."
Income Statement and Balance Sheet as of
12/31/2010
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF CASH FLOWS |
UNAUDITED |
|
|
|
|
For the Year Ended
December 31, |
|
2010 |
2009 |
|
Unaudited |
Unaudited |
|
|
|
Cash Flows From Operating Activities: |
|
|
Net income |
$ 470,694 |
$ 388,213 |
Adjustments to reconcile net loss to net
cash used in operating activities: |
|
|
Depreciation and amortization |
106,081 |
126,201 |
Stock-based compensation and
consulting |
26,500 |
224,650 |
Common stock issued for interest |
-- |
-- |
(Gain) loss from valuation of
derivatives |
66,745 |
44,979 |
Changes in assets and liabilities: |
|
|
Accounts receivable |
(263,140) |
(534,694) |
Inventory of supplies |
-- |
(1,874) |
Prepaid expenses and other current
assets |
-- |
27,724 |
Accounts payable |
(2,526) |
(25,891) |
Accrued expenses |
9,051 |
(23,752) |
Unearned membership fees |
(146,624) |
124,240 |
|
|
|
Net cash provided by operating
activities |
266,781 |
349,796 |
|
|
|
Cash Flows From Investing Activities: |
|
|
Purchase of property and equipment |
(4,215) |
(200,014) |
|
|
|
Net cash provided by (used in) investing
activities |
(4,215) |
(200,014) |
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
Proceeds from note payable |
-- |
-- |
Cash overdraft |
-- |
(67,236) |
Payments on loans payable - related
party |
(47,951) |
(2,361) |
Payments on notes payable |
(238,716) |
(41,997) |
|
|
|
Net cash provided by (used
in) financing activities |
(286,667) |
(111,594) |
|
|
|
Net increase (decrease) in cash |
(24,101) |
38,188 |
|
|
|
Cash - beginning of period |
51,674 |
13,486 |
|
|
|
Cash - end of period |
$ 27,573 |
$ 51,674 |
|
|
|
|
|
|
Non-cash investing and financing
activities: |
|
|
Issuance of common stock for debt and
accrued interest |
$ 659,261 |
$ 72,000 |
Reclassification of derivative liability
to equity |
$ 800,975 |
$ 130,341 |
|
|
UNION DENTAL
HOLDINGS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEET |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
December 31, 2010 |
December 31, 2009 |
ASSETS |
Unaudited |
Unaudited |
|
|
|
CURRENT ASSETS: |
|
|
Cash |
$ 27,573 |
$ 51,674 |
Accounts receivable, net |
1,182,586 |
919,446 |
Inventory of supplies |
39,354 |
39,354 |
|
|
|
Total current assets |
1,249,513 |
1,010,474 |
|
|
|
Property and equipment, net |
411,302 |
513,168 |
|
|
|
Total Assets |
$ 1,660,815 |
$ 1,523,642 |
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIT) |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Convertible notes payable |
$ -- |
$ 467,413 |
Convertible debenture payable |
-- |
226,873 |
Notes payable |
564,834 |
768,524 |
Loan payable - related party |
215,916 |
263,867 |
Line of credit |
50,650 |
50,650 |
Accounts payable |
62,462 |
64,988 |
Accrued expenses |
150,033 |
239,749 |
Unearned membership fees |
161,795 |
308,419 |
Derivative liability |
-- |
635,463 |
|
|
|
Total current liabilities |
1,205,690 |
3,025,946 |
|
|
|
Commitments and contingencies |
-- |
-- |
|
|
|
SHAREHOLDERS' EQUITY (DEFICIT): |
|
|
Preferred stock ($.0001 Par value;
25,000,000 shares authorized; 8,000,000 shares issued and
outstanding) |
800 |
300 |
Common stock ($.0001 Par value;
300,000,000 share authorized; 203,658,932 shares and
177,572,510 issued and outstanding at September 30, 2010 and
December 31, 2009, respectively) |
20,366 |
17,757 |
Common stock issuable (1,000,000
shares) |
|
|
Additional paid-in capital |
5,830,023 |
4,346,396 |
Accumulated deficit |
(3,906,353) |
(4,377,046) |
Shareholder transactions |
(1,489,711) |
(1,489,711) |
Less: Deferred compensation |
-- |
-- |
|
|
|
Total shareholders' equity (deficit) |
455,125 |
(1,502,304) |
|
|
|
Total liabilities and shareholders'
equity (deficit) |
$ 1,660,815 |
$ 1,523,642 |
About Union Dental Holdings, Inc., Direct Dental
Services, Inc. and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned
subsidiaries. Direct Dental Services provides dentists with "areas
of exclusivity" to participate with various unions including the
Communications Workers of America (CWA) and the International
Brotherhood of Electrical Workers (IBEW), United Association of
Plumbers and Pipefitters (UA), the National Federation of
Public and Private Employees (NFOPAPE), and The Association of
Flight Attendants - Communications Workers of America (AFA-CWA).
Direct Dental Services receives annual management fees from the
dentists in exchange for practicing in these "areas of exclusivity"
where CWA, IBEW and all other union members use the dentists'
services. Union Dental manages a dental practice in Coral Springs,
Florida.
The Union Dental Holdings Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8310
WEBSITE: www.uniondentalcorp.com/ir
"Safe-Harbor" Statement: Under the Private Securities Litigation
Reform Act of 1995. This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), including
all statements that are not statements of historical fact regarding
the intent, belief or current expectations of the Company, its
directors or its officers with respect to, among other things: (i)
the Company's financing plans; (ii) trends affecting the Company's
financial condition or results of operations; (iii) the Company's
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend," and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
Company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors.
CONTACT: Dr. George D. Green, President
info@uniondentalcorp.com
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