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EURO
TREND, INC. and SUBSIDIARY
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UNAUDTIED
PRO FORMA CONDENSED BALANCE SHEET
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JUNE
30, 2008
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Historical
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Proforma
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Data
Storage
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Euro
Trend,
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Corporation
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Inc.
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Adjustments
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Notes
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Combined
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ASSETS:
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CURRENT
ASSETS:
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Cash
and cash equivalents
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$ | 35,772 | $ | 15 | $ | 1,300,000 |
(b)
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$ | 1,335,787 | ||||||||
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Accounts
receivable, net
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56,620 | - | - | 56,620 | |||||||||||||
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Prepaids
and Other Assets
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- | - | |||||||||||||||
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TOTAL
CURRENT ASSETS
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92,392 | 15 | 1,300,000 | 1,392,407 | |||||||||||||
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Property
and Equipment
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Property
and equipment
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1,115,984 | 1,115,984 | |||||||||||||||
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Less:
- Accumulated depreciation
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(730,896 | ) | (730,896 | ) | |||||||||||||
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Net
Property and Equipment
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385,088 | - | - | 385,088 | |||||||||||||
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Other
assets
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- | - | |||||||||||||||
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Other
Assets
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443 | - | 443 | ||||||||||||||
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Employee
loan
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23,000 | 23,000 | |||||||||||||||
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Total
other assets
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23,443 | - | - | 23,443 | |||||||||||||
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TOTAL
ASSETS
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$ | 500,923 | $ | 15 | $ | 1,300,000 | $ | 1,800,938 | |||||||||
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LIABILIATIES
AND STOCKHOLDERS' EQUITY
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CURRENT
LIABILITIES:
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Accounts
payable
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$ | 92,022 | $ | 2,600 | $ | 94,622 | |||||||||||
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Accrued
expenses
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2,542 | - | 2,542 | ||||||||||||||
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Credit
line payable
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99,970 | - | 99,970 | ||||||||||||||
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Due
to related party
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9,000 | 10,528 | (10,528 | ) |
(c)
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9,000 | |||||||||||
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TOTAL
CURRENT LIABILITIES
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203,534 | 13,128 | (10,528 | ) | 206,134 | ||||||||||||
| - | |||||||||||||||||
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Due
to Shareholder
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1,836,097 | - | (1,836,097 | ) |
(d)
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- | |||||||||||
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TOTAL
LIABILITIES
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2,039,631 | 13,128 | (1,846,625 | ) | 206,134 | ||||||||||||
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STOCKHOLDERS'
EQUITY:
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Preferred
stock
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9,812 | 9,812 | |||||||||||||||
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Common
stock
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20 | 6,625 | 77,042 |
(a)(b)(d)
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83,687 | ||||||||||||
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Additional
paid-in capital
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1,813,974 | 15,975 | 3,024,057 |
(a)(b)(c)
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4,854,006 | ||||||||||||
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Retained
earnings
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(3,352,702 | ) | (35,713 | ) | 35,713 | (3,352,702 | ) | ||||||||||
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TOTAL
STOCKHOLDERS' EQUITY
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(1,538,708 | ) | (13,113 | ) | 3,146,625 | 1,594,804 | |||||||||||
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TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 500,923 | $ | 15 | $ | 1,300,000 | $ | 1,800,938 | |||||||||
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Earnings
per share, assuming the transaction had occurred on January 1, 2006 are as
follows:
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Six
Months Ended June 30, 2008
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Year
ended December 31,
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2007
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2006
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Net
income (loss)
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$ | (244,507.00 | ) | $ | (383,400.00 | ) | $ | (118,499.00 | ) | ||||||||
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Weighted
average shares outstanding
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93,500,000 | 93,500,000 | 93,500,000 | ||||||||||||||
| Earings (loss) per share | $ | (0.0026 | ) | $ | (0.0041 | ) | $ | (0.0013 | ) | ||||||||
| (a) Issuance of 93,500,000 shares to Data Storage Corporation shareholders in consideration for Share Exchange and cancellation of 3,000,000 shares of the former directors of Euro Trend, Inc. | ||
| (b) In connection with the Share Exchange Data Storage Corporation issued $1,00,000 in common and preferred stock. | ||
| (c) In connection with the share exchange the $10,528 which was due to a director of Euro Trend was forgiven. | ||
| (d) On July 3, 2008 a shareholder of DSC converted $1,836,097 of debt to common stock | ||