Union Dental Reports 1st Quarter Revenues
June 21 2011 - 7:15AM
Union Dental Holdings, Inc. (Pink Sheets:UDHI) -
http://www.uniondental.com/ir - a Company that operates and manages
a network of dentists throughout the United States for union
members announced the financial results for the quarter ending
March 31, 2011. In the Consolidated Statement of earnings the
Company reported income from operations of $12,975 on revenues of
$1,110,356 as compared to a loss of $156,854 on revenues of
$611,160 during the same period in 2010.
Dr George Green, President and CEO stated: "We are extremely
pleased with our revenue growth over the prior year. Some of our
expenses were higher in this quarter due to onetime charges in
reference to audit and legal fees. All of these expenses are
warranted as we continue to work with J&C Global Securities,
LLC to explore our options going forward."
Jervis Hough, CEO of J&C Global Securities, LLC stated: "We
are pleased to be working closely with Union Dental Holdings, Inc.
to help create shareholder value and to better position the company
for future expansion. We will continue to evaluate the company and
help prepare them for reaching their goal of being listed on a more
recognized exchange."
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) 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 and IBEW 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.uniondental.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.
|
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEET |
UNAUDITED |
|
|
|
|
|
|
|
March 31, |
December 31, |
|
2011 |
2010 |
ASSETS |
Unaudited |
Audited |
|
|
|
CURRENT ASSETS: |
|
|
Cash |
$ 79,369 |
$ 27,573 |
Accounts receivable, net |
1,051,711 |
1,182,586 |
Inventory of supplies |
39,354 |
39,354 |
|
|
|
Total current assets |
1,170,434 |
1,249,513 |
|
|
|
Property and equipment, net |
387,302 |
411,302 |
|
|
|
Total Assets |
$ 1,557,736 |
$ 1,660,815 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Notes payable |
$ 511,777 |
$ 564,834 |
Loan payable - related party |
215,335 |
215,916 |
Line of credit |
50,650 |
50,650 |
Accounts payable |
69,424 |
62,462 |
Accrued expenses |
150,473 |
150,033 |
Unearned membership fees |
102,494 |
161,795 |
|
|
|
Total current liabilities |
1,100,153 |
1,205,690 |
|
|
|
Commitments and contingencies |
-- |
-- |
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
Preferred stock ($.0001 Par value;
25,000,000 shares authorized; |
|
|
8,000,000 shares issued and
outstanding) |
800 |
800 |
Common stock ($.0001 Par value;
300,000,000 share authorized; |
|
|
203,658,932 shares issued and
outstanding at March 31, 2011 |
|
|
and December 31, 2010, respectively) |
20,366 |
20,366 |
Common stock issuable (1,000,000
shares) |
|
|
Additional paid-in capital |
5,830,023 |
5,830,023 |
Accumulated deficit |
(3,903,895) |
(3,906,353) |
Shareholder transactions |
(1,489,711) |
(1,489,711) |
Less: Deferred compensation |
-- |
-- |
|
|
|
Total shareholders' equity |
457,583 |
455,125 |
|
|
|
Total liabilities and shareholders'
equity |
$ 1,557,736 |
$ 1,660,815 |
|
|
UNION DENTAL HOLDINGS,
INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
2011 |
2010 |
|
Unaudited |
Audited |
|
|
|
Revenues, net |
$ 1,110,356 |
$ 611,160 |
|
|
|
Total Revenues |
1,110,356 |
611,160 |
|
|
|
Operating expenses: |
|
|
Cost of services performed |
253,847 |
184,984 |
Salaries and related taxes and
stock-based compensation |
414,765 |
356,813 |
Depreciation and amortization |
25,000 |
35,968 |
Professional fees |
3,440 |
10,133 |
Consulting fees |
80,000 |
-- |
Other general and administrative |
320,329 |
180,116 |
|
|
|
Total operating expenses |
1,097,381 |
768,014 |
|
|
|
Income from operations |
12,975 |
(156,854) |
|
|
|
Other income (expense): |
|
|
Gain (loss) from valuation of derivatives
liability |
-- |
(165,512) |
Interest income |
-- |
-- |
Interest expense |
(10,517) |
(9,696) |
|
|
|
Total other income (expense) |
(10,517) |
(175,208) |
|
|
|
Income before provision for income taxes |
2,458 |
(332,063) |
|
|
|
Income tax expense |
-- |
-- |
|
|
|
Net Income |
$ 2,458 |
$ (332,063) |
|
|
|
Net Income (loss) per common share: |
|
|
Net Income (loss) per common share -
basic |
$ 0.00 |
$ (0.00) |
Net Income (loss) per common share -
diluted |
$ 0.00 |
$ (0.00) |
|
|
|
Weighted average common shares
outstanding - basic |
203,658,932 |
188,172,510 |
Weighted average common shares
outstanding - diluted |
203,658,932 |
188,172,510 |
CONTACT: Jervis B. Hough
CEO of J&C Global Securities, LLC
jhough@jcglobalsecurities.com
Dr. George D. Green, President
info@uniondentalcorp.com
Xcelerate (QB) (USOTC:XCRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Xcelerate (QB) (USOTC:XCRT)
Historical Stock Chart
From Jul 2023 to Jul 2024