iGate Dev corp Financial Statements Dec 2018

iGATE Development Corporation Financial Statements For the Month Ended December 31, 2018 (unaudited)

iGATE Development Corporation Statements of Financial Position (unaudited)

Dec 31, 2018

June 30, 2018

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

$

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

Total Assets

112,151 (1,804) 48,164 158,511

$ 134,517 (1,804) 45,723 178,436

34,833 279,437 314,270 (12,187) 302,083

31,542 274,937 306,479 (12,187) 294,292

$

460,594

$

4,025 3,475 24,900

$ 472,728

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

Total Liabilities and Net Assets

$

$

2,730 3,066 -

32,400

5,796

180,027 248,386

208,819 248,386

(219)

9,727

(219)

9,727

460,594

$ 472,728

iGATE Development Corporation Statements of Activities For the Month and Year Ended December 31, 2018 (unaudited)

Year-to-Date

Month Revenue Government Grant Corporate Sponsorship Membership Dues Gross Margin

$

16,563 16,563

$

100,000 95,158 195,158

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

719 23,679 4,364 647 90 696 5,065 35,260

5,002 145,915 14,292 4,559 535 2,218 31,114 203,635

Income (Loss) before interest and taxes

(18,697)

(8,477)

Expenses

Taxes and interest Other Losses Increase (Decrease) in Net Assets

32

1,469

$

(18,729)

$

(9,946)

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

$ $

18,510 (219)

$ $

9,727 (219)

iGATE Development Corporation Statement of Functional Expenses For the Month and Year Ended December 31, 2018 (unaudited)

Year-to-Date

Month Consulting & Outside Services Accounting and other Contract servcies Total Consulting & Outside Services

$

Facilities & Other Expenses Janitorial Repairs & Maintenance Expensed Furniture

719 719

$

5,002 5,002

1,125

7,211

95

2,035

-

1,203

Rent

13,903

83,416

Building Opex Telecommunications IT Services Water Sanitation Internet Electricity & Gas Online Subscriptions Security Total Facilities & Other Expenses

4,879 471 127 203 2,593 263 20 23,679

29,275 2,816 714 1,202 47 708 15,607 1,561 120 145,915

480 111 175 3,400 198 4,364

2,430 543 257 1,975 7,899 1,188 14,292

Other Types of Expenses Membership and Dues Total Program Events

-

-

Program Events Catering Other Expenses Total Program Events

647 647

4,519 40 4,559

90 90

535 535

696 696

2,218 2,218

232 4,833 5,065

1,356 29,758 31,114

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

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

$

35,260

$

203,635

iGATE Development Corporation Statements of Cash Flows For the Month and Year Ended December 31, 2018 (unaudited)

Month Cash flows from operating activities Increase (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 Deferred Rent Changes in expenses and other current assets: Intercompany - iGate Nest Deferred Revenue Other assets

$

Year-to-Date

(18,729)

$

1,151 356 (4,982)

1,295 409 (28,793) 24,900 (2,441)

829

Net cash from (used in) operating activities

(9,946)

(21,375)

(14,576)

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

-

(7,790) (7,790)

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

$

(21,375) 133,526 112,151

$

(22,366) 134,517 112,151

i-GATE Development Corporation Profit and Loss July - December, 2018 Jul 2018

Aug 2018

Sep 2018

Oct 2018

Income 25,000.00

25,000.00

14,671.23

16,018.72

$ 14,671.23

$ 16,018.72

Total Income

$ 39,671.23

Gross Profit

$ 39,671.23

753.75

647.50

43390 Government Sponsorship

25,000.00

47200 Program Revenue 47230 Membership Dues

15,047.26

16,110.04

$

15,047.26

$ 16,110.04

$ 41,018.72

$

15,047.26

$ 41,110.04

$ 41,018.72

$

15,047.26

$ 41,110.04

600.00

647.50

47231 Non Member Dues Total 47200 Program Revenue

Expenses 62100 Consulting & Outside Services 62110 Accounting Fees

939.20

62150 Outside Contract Services Total 62100 Consulting & Outside Services

$

753.75

$

647.50

$

600.00

$

1,586.70

62805 Facilities & Other Expenses 1,365.16

62801 Janitorial

1,165.16

1,165.16

1,165.16 177.25

802.50

552.00

218.15

2,372.59

-1,370.72

201.28

13,902.68

13,902.68

13,902.68

13,902.68

4,879.20

4,879.20

4,879.20

4,879.20

62894 Telecomunication

481.67

430.58

62895 IT Services

186.16

62897 Water

206.02

62802 Repairs & Maintenance 62842 Expensed Furniture 62890 Rent 62892 Building Opex 62893 Utilities

20.17

201.11

200.95

195.82

2,719.17

3,094.26

2,675.67

2,390.92

258.56

258.72

258.48

258.64

707.88

62899 Internet 65070 Electricity & Gas 65080 Online Subscriptions $

4,606.14

$

3,984.67

20.00

20.00

$ 27,948.27

$ 23,132.99

62896 Security Total 62805 Facilities & Other Expenses

478.58

46.68

62898 Sanitation

Total 62893 Utilities

483.40 216.00

$

3,834.50

$

3,344.13

20.00

20.00

$

24,220.97

$ 23,488.42

452.95

494.00

65000 Office/General Administrative Expenses -0.01

60930 Bank & Other Fees 60931 Merchant Fee

491.62

62841 Expensed Equipment

542.95 37.00

65010 Books, Subscriptions, Reference

145.55

65020 Postage, Mailing Service 65030 Printing and Copying 65040 Office Supplies 65120 Insurance - Liability, D and O Total 65000 Office/General Administrative Expenses 65500 Program Events

$

595.52

269.75

385.02

375.16

1,022.31

676.23

407.40

1,090.72

198.00

198.00

198.00

198.00

1,815.83

$

2,178.55

$

1,443.37

$

2,340.42

853.21

65521 Catering

783.24

1,022.94 40.00

65522 Program Sponsorship Total 65500 Program Events

661.92

$

853.21

$

783.24

$

1,062.94

$

661.92

65520 Advertising & Marketing 31.00

65501 Marketing Total 65520 Advertising & Marketing

$

31.00

414.25 $

0.00

$

0.00

$

414.25

$

160.00

68300 Travel and Meetings 400.96

68340 Meals Total 68300 Travel and Meetings

$

400.96

502.51 $

502.51

457.82 $

457.82

160.00

70000 Personnel 70010 Payroll Fees & Other Expenses

230.00

311.61

173.48

176.42

432.04

356.94

302.94

366.75

70020 Salaries & Related Expenses 70021 Employer Taxes

5,192.00

70022 Salaries & Wages Total 70020 Salaries & Related Expenses Total 70000 Personnel

4,609.00

3,960.00

4,794.08

$

5,624.04

$

4,965.94

$

4,262.94

$

5,160.83

$

5,854.04

$

5,277.55

$

4,436.42

$

5,337.25

Total Expenses

$ 37,657.06

$ 32,522.34

$

32,221.52

$ 33,988.96

Net Operating Income

$

$

-$

17,174.26

$

2,014.17

8,496.38

7,121.08

Other Income 0.02

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

$

0.02

0.03 $

0.03

0.03 $

0.03

0.03 $

0.03

Other Expenses 65300 Tax & Fees 1,374.71

65331 County Taxes Total 65300 Tax & Fees

31.59

$

0.00

$

0.00

$

1,374.71

$

31.59

Total Other Expenses

$

0.00

$

0.00

$

1,374.71

$

31.59

Net Other Income (Loss)

$

0.02

$

0.03

-$

Net Income

$

2,014.19

$

8,496.41

-$

1,374.68 -$ 18,548.94

$

31.56 7,089.52

Nov 2018

Dec 2018

Total

25,000.00

100,000.00 0.00

16,748.00

16,525.50

95,120.75

37.50

37.50

$ 16,748.00

$

16,563.00

$

95,158.25

$ 41,748.00

$

16,563.00

$ 195,158.25

$ 41,748.00

$

16,563.00

$ 195,158.25

718.75

4,062.50

0.00 695.00

939.20 $

695.00

$

718.75

$

5,001.70 0.00

1,225.15

1,125.15

7,210.94

190.00

95.00

2,034.90 1,203.15

13,902.68

13,902.68

83,416.08

4,879.20

4,879.20

29,275.20 0.00

470.80

470.58

2,815.61

164.17

127.50

714.00

194.81

203.07

1,201.78 46.68 707.88

$

2,134.17

2,592.85

15,607.04

263.60

263.20

1,561.20

3,227.55

$

3,657.20 20.00

120.00

$

23,679.23

$ 145,914.46

20.00 $ 23,444.58

$

22,654.19

0.00 -0.01 511.59

479.47

2,429.63

37.00

37.00

111.00

111.25

256.80

542.95

$

175.00

175.00

1,975.45

1,228.58

3,362.80

7,788.04

198.00

198.00

1,188.00

2,150.17

$

4,363.52

$

14,291.86 0.00

550.23

647.34

4,518.88 40.00

$

550.23

$

647.34

$

4,558.88 0.00

89.94 $

0.00

$

89.94

535.19 $

535.19 0.00

696.49 $

0.00

$

696.49

2,217.78 $

2,217.78 0.00

232.14

232.14

1,355.79 0.00

349.08

385.39

4,563.04

2,193.14

4,447.52

27,565.64

$

4,912.12

$

4,832.91

$

29,758.78

$

5,144.26

$

5,065.05

$

31,114.57

$ 31,984.24

$

35,260.32

$ 203,634.44

$

-$

18,697.32

-$

9,763.76

0.02 $

0.02

0.03 $

0.03

8,476.19

0.16 $

0.16

0.00 31.59

31.59

1,469.48

$

31.59

$

31.59

$

1,469.48

$

31.59

$

31.59

$

1,469.48

-$

31.57

-$

31.56

-$

1,469.32

$

9,732.19

-$

18,728.88

-$

9,945.51

Gross Membership fee reported effective Aug 18. Stripe fee booked under Merchant Fee. Non Member Fee received, tracked separately from Dec 18 onwards.

Engine Room

Stripe fee

Associated Services ($1.9K), Amazon ($907) and various others

i-GATE Development Corporation Balance Sheet As of December 31, 2018 Jul 2018

Aug 2018

Sep 2018

Oct 2018

Nov 2018

ASSETS Current Assets Bank Accounts 128,945.81

10200 i-GATE Dev Corp Checking

127,655.74

129,672.87

132,455.20

1,070.68

1,070.71

1,070.74

1,070.77

1,070.79

$ 130,016.49

$ 156,777.51

$ 128,726.48

$ 130,743.64

$ 133,525.99

0.00

0.00

0.00

0.00

0.00

10300 i-GATE Dev Corp Savings Total Bank Accounts

155,706.80

Accounts Receivable 11000 Accounts Receivable Trade Total Accounts Receivable

$

0.00

$

0.00

$

0.00

$

0.00

$

0.00

Other Current Assets -1,803.69

19000 Payable\\Receivable - Nest Total Other Current Assets Total Current Assets

-$

1,803.69

$ 128,212.80

-1,803.69 -$

1,803.69

-1,803.69 -$

1,803.69

-1,803.69 -$

1,803.69

-1,803.69 -$

1,803.69

$ 154,973.82

$ 126,922.79

$ 128,939.95

$ 131,722.30

0.00

0.00

0.00

0.00

33,269.40

33,269.40

33,269.40

33,269.40

0.00

0.00

0.00

1,563.91

Fixed Assets 15000 Property and Equipment 31,542.54

15100 Furniture and Equipment 15200 Computer

279,436.67

279,436.67

279,436.67

279,436.67

279,436.67

$ 310,979.21

$ 312,706.07

$ 312,706.07

$ 312,706.07

$ 314,269.98

-12,187.50

-12,187.50

-12,187.50

-12,187.50

-12,187.50

$ 298,791.71

$ 300,518.57

$ 300,518.57

$ 300,518.57

$ 302,082.48

24,888.92

24,776.42

28,816.90

28,587.31

28,357.72

15300 Leasehold Improvement Total 15000 Property and Equipment 16000 Accumulated Depreciation Total Fixed Assets Other Assets 18600 Prepaids & Other Assets

20,635.91

18700 Security Deposits Asset Total Other Assets TOTAL ASSETS

$

45,524.83

20,635.91 $

45,412.33

20,635.91 $

49,452.81

20,635.91

20,635.91 $

49,223.22

$

48,993.63

$ 472,529.34

$ 500,904.72

$ 476,894.17

$ 478,681.74

$ 482,798.41

4,217.09

3,294.90

2,815.40

3,943.06

2,874.39

LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 21000 Payables Total Accounts Payable

$

4,217.09

$

3,294.90

$

2,815.40

$

3,943.06

$

2,874.39

Other Current Liabilities 0.00

0.00

0.00

0.00

22001 Accrued Payroll

1,798.24

2,131.47

2,131.47

683.97

1,119.23

22002 Accrued Expenses

2,000.00

2,000.00

2,000.00

2,000.00

2,000.00

22000 Accrued Liability

24,900.00

22003 Deferred Revenue Total 22000 Accrued Liability Total Other Current Liabilities Total Current Liabilities Long-Term Liabilities

24,900.00

24,900.00

24,900.00

$

3,798.24

$

29,031.47

$

29,031.47

$

27,583.97

$

28,019.23

$

3,798.24

$

29,031.47

$

29,031.47

$

27,583.97

$

28,019.23

$

8,015.33

$

32,326.37

$

31,846.87

$

31,527.03

$

30,893.62

27200 Balance of Credit Line

248,385.99

248,385.99

248,385.99

248,385.99

248,385.99

27210 Deferred Rent

204,387.29

199,955.22

194,973.11

189,991.00

185,008.89

$ 452,773.28

$ 448,341.21

$ 443,359.10

$ 438,376.99

$ 433,394.88

$ 460,788.61

$ 480,667.58

$ 475,205.97

$ 469,904.02

$ 464,288.50

Total Long-Term Liabilities Total Liabilities Equity 30000 Opening Balance Equity

100.00

100.00

100.00

100.00

100.00

32000 Unrestricted Net Assets

9,626.54

9,626.54

9,626.54

9,626.54

9,626.54

2,014.19

Net Income Total Equity TOTAL LIABILITIES AND EQUITY

$

11,740.73

$ 472,529.34

10,510.60 $

20,237.14

$ 500,904.72

-8,038.34 $

1,688.20

$ 476,894.17

-948.82 $

8,777.72

$ 478,681.74

8,783.37 $

18,509.91

$ 482,798.41

Dec 2018

111,080.71 1,070.82 $ 112,151.53

0.00 $

0.00

-1,803.69 -$

1,803.69

$ 110,347.84

0.00 33,269.40 1,563.91 279,436.67 $ 314,269.98 -12,187.50 $ 302,082.48

27,528.13 20,635.91 $

48,164.04

$ 460,594.36

4,025.28 $

4,025.28

0.00 1,475.28 2,000.00 24,900.00 $

28,375.28

$

28,375.28

$

32,400.56

Sandia National Lab. paid 2019 contribution in advance

248,385.99 180,026.78 $ 428,412.77 $ 460,813.33

100.00 9,626.54 -9,945.51 -$

218.97

$ 460,594.36