Igate dev corp financial statements feb 2017

iGATE Development Corporation Financial Statements For the Month and Year-to-Date Period Ended February 28, 2017 (unaudited)

iGATE Development Corporation Statements of Financial Position (unaudited)

January 31, 2017

June 30, 2016

Assets Current Assets Cash Intercompany - iGate Nest Prepaid expenses Total current assets

$

Fixed Assets Furniture and Equipment Leasehold Improvements Total fixed assets Accumulated Depreciation Fixed assets -net

Total Assets

122,655 7,046 1,065 130,766

$

25,312 39,184 64,496 (14,083) 50,413 $

181,179

$

999 2,106

68,100 4,585 672 73,357

25,312 39,184 64,496 (14,083) 50,413 $ 123,770

Liabilities and Net Assets Current Liabilities Accounts payable Accrued Payroll and Expenses Total Current Liabilities Line of Credit Net Assets Unrestricted Temporarily restricted Permanently Restricted Total Net Assets

Total Liabilities and Net Assets

$

$

1,460 -

3,105

1,460

248,386

248,386

(70,312)

(126,076)

(70,312)

(126,076)

181,179

$ 123,770

iGATE Development Corporation Statements of Activities For the Month and Year-to-Date Period Ended February 28, 2017 (unaudited)

Year-to-Date

Month Revenue Government Grant Corporate Sponsorship Membership Dues Gross Margin

$

-

$

9,717 9,717

92,603 3,265 75,070 170,938

Consulting & Outside Services Facilities & Other Expenses General & Administrative Membership and Dues Program Events Advertising & Marketing Travel & Meetings Personnel Total expenses

600 5,782 646 348 678 38 4,282 12,374

13,146 46,808 13,297 467 6,193 250 750 33,394 114,305

Income (Loss) before interest and taxes

(2,657)

56,633

(0)

869

Expenses

Taxes and interest Decrease in Net Assets

$

(2,657)

$

55,764

Net Assets Beginning of the Period Net Assets End of the Period

$ $

(67,655) (70,312)

$ $

(126,076) (70,312)

iGATE Development Corporation Statement of Functional Expenses For the Month and Year-to-Date Period Ended February 28, 2017 (unaudited)

Year-to-Date

Month Consulting & Outside Services Accounting Fees Total Consulting & Outside Services

$

Facilities & Other Expenses Janitorial Repairs & Maintenance Expensed Furniture Telecommunications IT Services Water Sanitation Internet Electricity & Gas Online Subscriptions Security Total Facilities & Other Expenses

600 600

$

13,146 13,146

824 583 143 183 350 692 2,722 265 20 5,782

9,609 4,393 262 579 1,455 1,729 3,055 5,535 18,212 1,819 160 46,808

Office/General Administrative Expenses Bank & Other Fees Expensed Equipment Postage, Mailing Service Printing and Copying Office Supplies Insurance Total Office/General Administrative Expenses

12 12 349 273 646

164 4,443 46 1,102 5,559 1,983 13,297

Other Types of Expenses Membership and Dues Total Program Events

348 348

467 467

678

6,193

678

6,193

Program Events Catering Other Expenses Total Program Events Advertising and Marketing Marketing Total Advertising & marketing

-

Travel & Meetings Travel & Meals Total Travel and Meals Personnel Payroll Fee & Other Expense Salaries & Wages & Employer Tax Total Salaries & Related Expenses Total expenses

$

250 250

38 38

750 750

249 4,033 4,282

2,169 31,225 33,394

12,374

$

114,305

iGATE Development Corporation Statements of Cash Flows For the Month and Year- To- Date Period Ended February 28, 2017 (unaudited)

Month Cash flows from operating activities Decrease in net assets Adjustments to reconcile net loss to net cash used in operating activities: Accounts Receivable Trade Payables Depreciation and amortization Accrued Liability

$

Year-to-Date

(2,657)

$

(6,210) 1,189

Changes in expenses and other current assets: Intercompany - iGate Nest Other assets

(461) 2,106

(2,461) (393)

272

Net cash from (used in) operating activities

55,764

(7,406)

54,555

Cash flows from investing activities Purchase of equipment and leasehold improvements Net cash used in investing activities

-

-

Cash flow from financing activities Loan proceeds Net cash (used) provided by financing activities

-

-

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

$

(7,406) 130,061 122,655

$

54,555 68,100 122,655

i-GATE Development Corporation Profit and Loss July 2016 - February 2017 Jul 2016

Aug 2016

Sep 2016

Oct 2016

Nov 2016

Dec 2016

Jan 2017

Feb 2017

Total

Income 1,969

43320 Corporate Sponsorship 43390 Government Sponsorship

648

648

3,265

67,603

25,000

92,603

6,838

12,638

9,547

9,819

7,072

9,643

9,795

9,710

75,063

6,838

12,638

9,547

9,819

7,072

9,643

9,795

9,710

75,063

7

7

-

47200 Program Revenue 47230 Membership Dues Total 47200 Program Revenue

-

49000 Special Events Income 49020 Special Events Sales (Nongift) -

-

-

-

-

-

-

7

7

Total Income

Total 49000 Special Events Income

74,442

39,607

10,195

9,819

7,720

9,643

9,795

9,717

170,938

Gross Profit

74,442

39,607

10,195

9,819

7,720

9,643

9,795

9,717

170,938

1,060

4,749

901

790

2,959

648

1,440

600

13,146

1,060

4,749

901

790

2,959

648

1,440

600

13,146

1,285

1,271

1,282

1,275

1,271

1,574

824

824

9,609

740

288

368

112

810

1,492

582

4,393

Expenses -

62100 Consulting & Outside Services 62110 Accounting Fees Total 62100 Consulting & Outside Services

-

62805 Facilities & Other Expenses 62801 Janitorial 62802 Repairs & Maintenance

263

62842 Expensed Furniture

263 -

62893 Utilities 81

83

84

42

62895 IT Services

161

425

216

185

62897 Water

184

263

206

62898 Sanitation

603

350

62899 Internet

692 2,362

62894 Telecomunication

65070 Electricity & Gas 65080 Online Subscriptions Total 62893 Utilities 62896 Security Total 62805 Facilities & Other Expenses

128

9

9

143

259

225

219

191

183

1,729

350

350

350

350

350

350

3,055

692

692

692

692

692

692

692

5,535

2,670

2,272

1,843

1,685

1,789

2,867

2,722

18,212

468

1,455

145

145

145

165

305

285

364

265

1,819

4,228

4,629

3,965

3,536

3,385

3,345

4,941

4,355

32,384

20

20

20

20

20

20

20

20

160

6,274

6,471

5,635

4,832

4,789

5,749

7,277

5,782

46,808

20

41

36

18

12

12

12

12

164

1,325

1,403

197

508

1,011

-

65000 Office/General Administrative Expenses 60930 Bank & Other Fees 62841 Expensed Equipment

Total 65000 Office/General Administrative Expenses

46

413

65030 Printing and Copying

65120 Insurance - Liability, D and O

4,443

46

65020 Postage, Mailing Service

65040 Office Supplies

318

259

100

12

1,102 5,559

566

563

90

962

1,130

1,780

119

349

75

273

273

273

273

273

273

273

1,983

1,986

2,739

596

1,570

1,922

3,335

504

646

13,297

24

55

349

467

-

65100 Other Types of Expenses 40

65150 Memberships and Dues Total 65100 Other Types of Expenses

-

-

40

-

-

24

55

349

467

895

1,136

584

854

724

451

872

678

6,193

895

1,136

584

854

724

451

872

678

6,193

-

65500 Program Events 65521 Catering Total 65500 Program Events

-

65520 Advertising & Marketing 250

65501 Marketing Total 65520 Advertising & Marketing

579

-

-

-

-

-

250

250 -

-

250

i-GATE Development Corporation Profit and Loss July 2016 - February 2017 Jul 2016

Aug 2016

Sep 2016

Oct 2016

Nov 2016

Dec 2016

Jan 2017

Feb 2017

Total -

68300 Travel and Meetings 68320 Travel

15

15 38

735

15

27 27

-

-

-

670

-

38

750

244

246

354

249

268

355

205

249

2,169

287

285

278

267

278

311

362

403

2,470

3,750

3,720

3,630

3,493

3,630

3,658

3,245

3,630

28,755

4,037

4,005

3,908

3,760

3,908

3,968

3,607

4,033

31,225

4,281

4,250

4,262

4,009

4,176

4,323

3,811

4,282

33,394

Total Expenses

14,511

19,371

12,017

12,055

14,569

15,450

13,959

12,374

114,305

Net Operating Income

59,931

20,237

(1,821)

(2,236)

(6,849)

(5,807)

(4,165)

(2,657)

56,633

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

68340 Meals Total 68300 Travel and Meetings

670

-

70000 Personnel 70010 Payroll Fees & Other Expenses

-

70020 Salaries & Related Expenses 70021 Employer Taxes 70022 Salaries & Wages Total 70020 Salaries & Related Expenses Total 70000 Personnel

Other Income 45030 Interest-Savings, Short-term CD Total Other Income Other Expenses -

65300 Tax & Fees 50

65330 State Taxes

50

65331 County Taxes

819

Total 65300 Tax & Fees

819

50

-

-

-

-

-

-

819

50

-

-

-

-

-

-

869

(819)

(50)

0

0

0

0

0

0

(869)

59,112

20,187

(1,821)

(2,236)

(6,849)

(5,807)

(4,165)

(2,657)

55,764

Total Other Expenses Net Other Income Net Income

819 869

i-GATE Development Corporation Balance Sheet As of February 28, 2017 Jul 2016

Aug 2016

Sep 2016

Oct 2016

Nov 2016

Dec 2016

Jan 2017

Feb 2017

ASSETS Current Assets Bank Accounts 10200 i-GATE Dev Corp Checking

128,332

144,515

142,752

141,639

136,219

130,070

128,991

1,070

1,070

1,070

1,070

1,070

1,070

1,070

1,070

129,402

145,586

143,822

142,709

137,289

131,140

130,061

122,656

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,867

5,938

6,944

7,046

7,046

7,046

7,046

7,046

4,867

5,938

6,944

7,046

7,046

7,046

7,046

7,046

134,269

151,524

150,766

149,755

144,335

138,186

137,107

129,702

-

-

-

-

-

-

-

15100 Furniture and Equipment

25,312

25,312

25,312

25,312

25,312

25,312

25,312

25,312

15300 Leasehold Improvement

39,184

39,184

39,184

39,184

39,184

39,184

39,184

39,184

64,495

64,495

64,495

64,495

64,495

64,495

64,495

64,495

(14,083)

(14,083)

(14,083)

(14,083)

(14,083)

(14,083)

(14,083)

(14,083)

50,412

50,412

50,412

50,412

50,412

50,412

50,412

50,412

597

3,301

3,028

2,155

1,883

1,610

1,337

1,065

597

3,301

3,028

2,155

1,883

1,610

1,337

1,065

185,278

205,237

204,207

202,323

196,630

190,208

188,857

181,179

3,049

2,207

1,361

2,788

5,365

4,335

7,209

999

3,049

2,207

1,361

2,788

5,365

4,335

7,209

999

-

-

-

-

-

-

-

807

1,421

1,776

1,983

562

978

917

1,282

-

1,282

-

-

-

-

824

807

1,421

3,059

1,983

562

978

917

2,106

10300 i-GATE Dev Corp Savings Total Bank Accounts

121,585

Accounts Receivable 11000 Accounts Receivable Trade Total Accounts Receivable Other Current Assets 19000 Payable\\Receivable - Nest Total Other Current Assets Total Current Assets Fixed Assets 15000 Property and Equipment

Total 15000 Property and Equipment 16000 Accumulated Depreciation Total Fixed Assets Other Assets 18600 Prepaids & Other Assets Total Other Assets TOTAL ASSETS LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 21000 Payables Total Accounts Payable Other Current Liabilities 22000 Accrued Liability 22001 Accrued Payroll 22002 Accrued Expenses Total 22000 Accrued Liability Total Other Current Liabilities Total Current Liabilities

807

1,421

3,059

1,983

562

978

917

2,106

3,857

3,628

4,419

4,771

5,928

5,313

8,126

3,105

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

248,386

252,243

252,014

252,805

253,157

254,314

253,699

256,512

251,491

Long-Term Liabilities 27200 Balance of Credit Line Total Long-Term Liabilities Total Liabilities Equity 30000 Opening Balance Equity

100

100

100

100

100

100

100

100

32000 Unrestricted Net Assets

(126,176)

(126,176)

(126,176)

(126,176)

(126,176)

(126,176)

(126,176)

(126,176)

Net Income Total Equity TOTAL LIABILITIES AND EQUITY

59,112

79,298

77,477

75,241

68,393

62,586

58,421

55,764

(66,964)

(46,778)

(48,599)

(50,834)

(57,683)

(63,490)

(67,655)

(70,312)

185,278

205,237

204,207

202,323

196,630

190,208

188,857

181,179