XELR8 Holdings, Inc. Announces Fourth Quarter and 2008 Annual Financi...(ecurities and Exchange Commission. These...),Health

    Investor Relations
    David Elias
    516-967-0205

                                XELR8 HOLDINGS, INC.
                                CONSOLIDATED BALANCE SHEETS
                              As of December 31, 2008 and 2007

                                                   2008          2007
     ASSETS

     Current assets:
       Cash and cash equivalents                $1,576,510    $2,245,858
       Accounts receivable, net of allowance
        for doubtful accounts of $3,071 and
        $12,231, respectively                        6,825         7,460
       Inventory, net of allowance for
        obsolescence of $116,095 and $189,403,
        respectively                               176,236       370,843
       Prepaid expenses and other current
        assets                                     509,377       329,015
        Total current assets                     2,268,948     2,953,176

     Intangible assets, net                         21,411        17,959
     Property and equipment, net                    35,832        81,405

        Total assets                            $2,326,191    $3,052,540

     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities:
       Accounts payable                           $643,426      $574,413
       Return reserve                              134,836        76,193
       Accrued payroll and benefits                 71,193        61,475
       Other accrued expenses                      104,662       120,616

        Total Liabilities                          954,117       832,697

     Commitments and Contingencies (Note 7)

     SHAREHOLDERS' EQUITY (Note 2):
     Preferred stock, authorized 5,000,000
     
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SOURCE  XELR8 Holdings, Inc.
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