Union Dental Reports Its Audited Financial Statement for the Year Ending 2010
09 June 2011 - 9:56PM
Union Dental Holdings, Inc. (Pink Sheets:UDHI)
www.uniondental.com/ir -- a provider of multi-state dental services
for union members, announced today its audited financial statement
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 from $3,148,724 to $3,857,434 for the year
ending 12/31/2010.
The Company's Consolidated Statements of Operations for the
quarter ending December 31, 2010 reflects an operating income from
operations in the 4th Quarter of $210,118 as compared to a loss of
$36,481during the comparable period in 2009. The Company's Audited
Consolidated Statements of Operations for year end December 31,
2010 reflects income from operations of $576,399 as compared to
$329,200 or a 75% increase.
Dr. Green, President and CEO, commented: "Our investment
bankers, J&C Global Securities, LLC have commented that
auditing our financial statements gives us better shareholder
awareness and prepares us for the future if we decide to have our
stock quoted on a more recognized stock exchange. Having
audited financial statements is one of the prerequisites we will
need in this process. This is not a statement that we will move to
a better recognized stock exchange however I want our shareholders
to realize I say this with guarded optimism as there are many
financial factors as well as corporate structure matters which need
to be addressed before we can make any decision regarding this
stock exchange issue."
Contact Information
jhough@jcglobalsecurities.com
MALCOLM L.
POLLARD,
Inc.
4845 W. LAKE ROAD, #
119
ERIE, PA
16505
(814)838-8258 FAX
(814)838-8452
Report of Independent Registered Public Accounting
Firm
Board of Directors
Union Dental Holdings Inc. and Subsidiaries
Coral Springs, Florida
We have audited the accompanying balance sheet of Union Dental
Holdings Inc. and Subsidiaries as of December 31, 2010 and the
related statements of operations, changes in stockholders' equity,
and cash flows for the year ended December 31, 2010. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conduct our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of
the Company at December 31, 2010 , the results of its operations,
changes in stockholders' equity, and its cash flows for the
year ended December 31, 2010, in conformity with U.S. generally
accepted accounting standards.
Malcolm L. Pollard, Inc.
Erie, Pennsylvania
May 31, 2011
Income Statement and Balance Sheet as of
12/31/2010
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
AUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
For the Three Months Ended |
For the Year Ended |
|
December 31, |
December 31, |
|
2010 |
2009 |
2010 |
2009 |
|
Audited |
Unaudited |
Audited |
Unaudited |
Revenues, net |
$ 1,000,933 |
$ 613,860 |
$ 3,857,434 |
$ 3,148,724 |
|
|
|
|
|
Total Revenues |
1,000,933 |
613,860 |
3,857,434 |
3,148,724 |
Operating expenses: |
|
|
|
|
Cost of services
performed |
206,718 |
138,508 |
808,043 |
478,954 |
Salaries and related taxes and
stock-based compensation |
411,135 |
349,584 |
1,608,010 |
1,453,597 |
Depreciation and
amortization |
25,038 |
(4,284) |
106,081 |
126,201 |
Professional fees |
346 |
11,105 |
23,067 |
57,431 |
Consulting fees |
-- |
-- |
-- |
22,600 |
Other general and
administrative |
147,578 |
155,428 |
735,834 |
680,741 |
Total operating expenses |
790,815 |
650,341 |
3,281,035 |
2,819,524 |
Income from operations |
210,118 |
(36,481) |
576,399 |
329,200 |
Other income (expense): |
|
|
|
|
Gain from cancellation of
debt |
|
198,991 |
-- |
198,991 |
Gain from settlement of
litigation |
-- |
-- |
-- |
3,000 |
Gain (loss) from valuation of
derivatives liability |
|
330,368 |
(66,745) |
(44,979) |
Interest income |
-- |
-- |
-- |
17 |
Interest expense |
(10,398) |
(15,586) |
(38,960) |
(98,016) |
Total other income
(expense) |
(10,398) |
513,773 |
(105,705) |
59,013 |
|
|
|
|
|
Income before provision for income taxes |
199,720 |
477,292 |
470,694 |
388,213 |
Income tax expense |
-- |
-- |
-- |
-- |
Net Income |
199,720 |
477,292 |
470,694 |
388,213 |
Net Income (loss) per common share: |
|
|
|
|
Net Income (loss) per
common share - basic |
$ 0.00 |
0 |
$ .00 |
$ 0.00 |
Net Income (loss) per
common share - diluted |
$ 0.00 |
0 |
$ 0.00 |
$ 0.00 |
|
|
|
|
|
Weighted average common
shares outstanding - basic |
203,658,932 |
144,844,732 |
203,658,932 |
139,104,150 |
Weighted average common
shares outstanding - diluted |
203,658,932 |
144,844,732 |
203,658,932 |
139,104,150 |
|
|
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
AUDITED CONSOLIDATED
BALANCE SHEET |
|
|
December 31, |
December 31, |
|
2010 |
2009 |
ASSETS |
Audited |
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 Pipe Fitters (UA), the National Association 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
WEBSITE: www.uniondental.com/ir
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