XELR8 Holdings, Inc. Announces Fourth Quarter and 2008 Annual Financi...(shares $.001 par value none issued or ...),Health

Date:3/31/2009

shares, $.001 par value, none issued or outstanding - - Common stock, authorized 50,000,000 shares, $.001 par value, 15,697,170 and 15,197,170 shares issued and outstanding respectively 15,697 15,197 Additional paid in capital 23,958,422 22,696,657 Accumulated (deficit) (22,602,045) (20,492,011) Total shareholders' equity 1,372,074 2,219,843 Total liabilities and shareholders' equity $2,326,191 $3,052,540 The notes are an integral part of these consolidated financial statements.

                                    XELR8 HOLDINGS, INC.
                          CONSOLIDATED STATEMENTS OF OPERATIONS
                    For the Years Ended December 31, 2008 and 2007

                                                     2008          2007
     Net revenue                                  $7,416,372    $4,853,046
     Cost of goods sold                            1,677,035     1,380,663
     Gross profit                                  5,739,337     3,472,383

     Operating expenses:
       Selling and marketing expenses              4,950,718     3,180,392
       General and administrative expenses         2,878,156     3,107,469
       Research and development expenses              12,962        17,828
       Depreciation and amortization                  45,696        58,033
          Total operating expenses                 7,887,532     6,363,722

     Net (loss) from operations                   (2,148,195)   (2,891,339)
     Other income (expense)
       Interest income                                53,061        87,646
       Other expenses                                (13,770)            -
       Gain (Loss) on disposial of asset  
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SOURCE  XELR8 Holdings, Inc.
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