Full Press Release Details
AUDITED FINANCIAL STATEMENTS
1095 Evergreen Circle,
Ste 200, The Woodlands, Texas 77380 | (832) 482-4611 | Fax: (832) 442-5077
To the Partners LAT Pharma LLC
Street, Unit B Chicago, IL 60605
We have audited the accompanying comparative statement
of assets, liabilities and equity of LAT Pharma LLC as of December 31, 2014 and December
31, 2015, and the related statements of income and retained earnings, and cash flows for the twelve months then ended. 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 audit.
We conducted our audit in accordance with auditing
standards generally accepted in the United States of America. 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.
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of LAT
Pharma as of December 31, 2014 and December 31, 2015, and the results of its operations and its cash flows for the twelve months
then ended in conformity with accounting principles generally accepted in the United States of America.
Melissa Rascon, CPA March 22, 2016
STATEMENT OF ASSETS,
LIABILITIES, AND STOCKHOLDERS' EQUITY
DECEMBER 31, 2014 and December
| ASSETS | 2014 | 2015 | ||||||
| CURRENT ASSETS | (Audited) | (Audited) | ||||||
| Cash & Cash Equivalents | $ | 18,154 | $ | 5,347 | ||||
| Loans to Partners | 648 | 648 | ||||||
| TOTAL CURRENT ASSETS: | $ | 18,802 | $ | 5,995 | ||||
| TOTAL ASSETS: PARMA LLC | $ | 18.802 | $ | 5,995 | ||||
| LIABILITIES AND EQUITY | ||||||||
| 2014 | 2015 | |||||||
| (Audited) | (Audited) | |||||||
| CURRENT LIABILITIES | ||||||||
| Loans from Partners (See Note 3) | $ | 5,000 | $ | 10,000 | ||||
| TOTAL CURRENT LIABILITIES: | $ | 5,000 | $ | 10,000 | ||||
| Equity | ||||||||
| Partner Capital Accounts | $ | 13,802 | $ | (4,005 | ) | |||
| TOTAL EQUITY: | $ | 13,802 | $ | (4,005 | ) | |||
| TOTAL LIABILITIES AND CAPITAL | $ | 18,802 | $ | 5,995 |
AND RETAINED EARNINGS
DECEMBER 31, 2014 and December
| 2,014 | 2,015 | |||||||
| (Audited) | (Audited) | |||||||
| Sales | $ | - | $ | - | ||||
| Cost of Goods Sold | $ | - | $ | - | ||||
| GROSS PROFIT: | $ | - | $ | - | ||||
| General and Administrative Expenses: | ||||||||
| Bank Charges | $ | 329 | $ | 526 | ||||
| Legal & Professional Fees (See Note 4) | $ | 7,735 | $ | 11,924 | ||||
| Office Expenses | $ | 574 | $ | - | ||||
| Lab Fees | $ | 10,989 | $ | - | ||||
| Conference Fee | $ | 1,080 | $ | - | ||||
| Website Hosting | $ | 173 | $ | 185 | ||||
| Telephone | $ | - | $ | 187 | ||||
| Travel | $ | - | $ | 5,821 | ||||
| Taxes & Licenses | $ | - | $ | 250 | ||||
| Outside Services (See Note 5) | $ | - | $ | 95,921 | ||||
| General and Administrative Expenses: | $ | 20,880 | 114,814 | |||||
| Other Income | ||||||||
| Interest Income | $ | - | $ | 7 | ||||
| Total Other Income | $ | - | $ | 7 | ||||
| NET INCOME | $ | (20,880 | ) | $ | (114,807 | ) | ||
| Partnership Capital, Beginning | $ | 4,682 | $ | 13,802 | ||||
| Partner Contributions (See Note 6) | $ | 30,000 | $ | 97,000 | ||||
| Partnership Capital, ENDING | $ | 13,802 | $ | (4,005 | ) |
DECEMBER 31, 2014 and December
| 2014 | 2015 | |||||||
| (Audited) | (Audited) | |||||||
| Cash Flows from financing Activities: | ||||||||
| Net Income | $ | (20,880 | ) | $ | (114,807 | ) | ||
| Partner Contributions | $ | 30,000 | $ | 97,000 | ||||
| Loan from Partners | $ | - | $ | 5,000 | ||||
| Net cash provided by financing activities | $ | 9,120 | $ | 102,000 | ||||
| Net increase in cash and cash equivalents | $ | 9,120 | $ | (12,807 | ) | |||
| Cash and cash equivalents beginning of period | $ | 9,034 | $ | 18,154 | ||||
| Cash and cash equivalents end of period | $ | 18,154 | $ | 5,347 |
DECEMBER 31, 2014 and December
NOTE 1: NATURE OF OPERATIONS
LAT Pharma LLC ("LAT Pharma" or "The
Company") was created in 2006 with the goal of inventing, developing, and commercializing a lifesaving new therapy for people
afflicted with advanced liver disease and cirrhosis of the liver and its deadly complications. The company works to develop and
commercialize a novel treatment for ascites.
Approximately 60% of people with liver cirrhosis (more
than 400,000 Americans and millions worldwide) will develop this poorly controlled and frequently fatal condition. Therefore, the
company is working to design a new drug to become the first long-acting pain management for the chronic administration of ascites-and
the only agent that targets its root cause: portal hypertension.
Since the company's inception, it has not incurred
any revenue and only expenses while the company works to develop the treatment as such described. Therefore, the company has applied
for a provisional U.S. patent for its work thus far, but has not yet applied for a permanent Patent.
NOTE 2: BASIS OF ACCOUNTING
The accompanying financial statements present financial
results on the accrual basis of accounting required under generally accepted accounting principles.
The preparation of the company's financial
statements, conforming with generally accepted accounting principles in the United States of America, requires management to make
estimates and assumptions that can affect certain reported amounts and disclosures. Therefore, actual results could differ from
NOTE 3: LOANS FROM PARTNERS
LAT Pharma was given a zero-interest bearing loan
by the company's General Partner, Jonathan Adams in the amount of $5,000 in June 2013 that was repaid in January 2015. Thus,
the ending balance of the loan at December 31, 2014 was $5,000. Jonathan then made a partner contribution of that same amount to
the company in August 2015. In November 2015 he once again loaned the company $10,000 that was unpaid as of December 31, 2015.
The company incurred an expense for legal fees in
the amount of $7,735 for the calendar year ended December 31, 2014, and $11,924 for the calendar year ended December 31, 2015 for
general legal advice and help with the provision patent application filing.
NOTE 5: OUTSIDE SERVICES
For the year ended December 31, 2015 the company's
largest expense was Outside Services. This expense was for independent consultants that included physician experts, European orphan
drug consultants, and contract research.
NOTE 6: PARTNERSHIP CONTRIBUTIONS
As of December 31, 2014 the company
had thirty-eight partners with a total contribution to the company of $430,300. Two partners owned nearly 20%. By December 31,
2015 the company recruited two additional partners increasing the total number to forty, and increased its contributions another
$97,000, bringing the cumulative capital contributed to the partnership to $527,300.