XELR8 Holdings, Inc. Announces Fourth Quarter and 2008 Annual Financi...(97170 $15197 $22696657 $(20492011) $221...),Health

Date:3/31/2009

97,170 $15,197 $22,696,657 $(20,492,011) $2,219,843 Issuance of Common Stock in Private Offering, net of offering costs of $60,797 500,000 500 438,703 - 439,203 Anti-dilution of Series E & F Common Stock Warrants - - 13,770 - 13,770 Stock-based compensation - - 809,292 - 809,292 Net (loss) - - - (2,110,034) (2,110,034) Balances, December 31, 2008 15,697,170 $15,697 $23,958,422 $(22,602,045) $1,372,074 The notes are an integral part of these consolidated financial statements.

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

                                                       2008          2007
     Cash flows from operating activities:
       Net income (loss)                          $(2,110,034 ) $(3,241,730)
       Adjustments to reconcile
        Depreciation and amortization                  45,696        58,033
        Loss (Gain) on sale of equipment                1,130        (1,500)
        Stock and stock options issued for
         services                                     789,292     1,372,408
        Expense related to anti-dilution of
         warrants                                      13,770             -
        Interest expense and amortization related
         to bridge loan financing                           -       428,889
        Change in allowance for doubtful accounts      (9,160)        1,525
        Change in allowance for inventory
         obsolescence                                 (73,308)      147,748
        Change in allowance 
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SOURCE  XELR8 Holdings, Inc.
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