XELR8 Holdings, Inc. Announces Fourth Quarter and 2008 Annual Financi...(for product returns 58643 ...),Health

Date:3/31/2009

for product returns 58,643 30,866 Changes in assets and liabilities: Accounts receivable 9,795 (4,200) Inventory 267,915 (107,227) Other current assets (180,362) (69,723) Accounts payable and accrued expenses 82,777 205,915 Net cash (used) by operating activities (1,103,846) (1,178,996) Cash flows from investing activities: Proceeds from sale of equipment - 1,500 Capital expenditures and patent expenses (4,705) (22,242) Net cash (used) provided by investing activities (4,705) (20,742) Cash flow from financing activities: Proceeds from bridge loan financing - 250,000 Repayments of bridge financing - (500,000) Issuance of common stock, net of offering costs 439,203 3,619,449 Net cash provided by financing activities 439,203 3,369,449 NET INCREASE (DECREASE) IN CASH (669,348) 2,169,711 CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 2,245,858 76,147 CASH AND CASH EQUIVALENTS, END OF THE PERIOD $1,576,510 $2,245,858 SUPPLEMENTAL CASH FLOW DISCLOSURE Cash paid for interest $- $13,425 Stock issued for satisfaction of accrued compensation expense $- $540,000 Deferred offering costs applied against proceeds from offering $- $25,000 Expiration of call feature liability on options reclassified to equity
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