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InstaCare Corp. Continues Turnaround & Reports 291% Revenues Increase in 2Q 2008

InstaCare Corp.

Condensed Consolidated Balance Sheets

June 30, December 31,

2008 2007


Current assets:

Cash $113,167 $4,353

Accounts receivable 966,126 669,041

Inventory 270,450 96,450

Prepaid expenses 4,131 3,816

Total current assets 1,353,874 773,660

Fixed assets, net of accumulated depreciation

of $163,126 and $145,000, respectively 18,124 36,250

Other assets:

Deposits 3,412 3,412

Amortizable loan fees 41,669

Total other assets 45,081 3,412

Total assets $1,417,079 $813,322

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $40,806 $120,107

Accrued expenses 195,905 199,265

Accrued interest 502,335 412,837

Line of credit 586,923 467,044

Demand note - related party 280 280

Notes payable, current portion 183,361 181,021

Convertible notes payable 1,452,688 1,377,689

Total current liabilities 2,962,298 2,758,243

Long-term debt, net of current portion 57,831 85,109

Total liabilities 3,020,129

SOURCE InstaCare Corp.
Copyright©2008 PR Newswire.
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