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XELR8 Holdings Announces Fiscal 2007 Financial Results
Date:3/26/2008

411,364

Prepaid expenses and other

current assets 329,015 259,292

Total current assets 2,953,176 751,588

Intangible assets, net 17,959 11,212

Property and equipment, net 81,405 123,943

Deferred offering and loan costs - 133,889

Total assets $3,052,540 $1,020,632

LIABILITIES AND SHAREHOLDERS' EQUITY

(DEFICIT)

Current liabilities:

Accounts payable and accrued

expenses $832,697 $1,160,916

Short-term note payable - 250,000

Total Liabilities 832,697 1,410,916

Commitments and Contingencies (Note 7)

SHAREHOLDERS' EQUITY (DEFICIT) (Note 2):

Preferred stock, authorized 5,000,000

shares, $.001 par value, none issued

or outstanding - -

Common stock, authorized 50,000,000

shares, $.001 par value, 15,197,170

and 10,097,170 shares issued and

outstanding, respectively 15,197 10,097

Additional paid in capital 22,696,657 16,849,900

Accumulated (deficit) (20,492,011) (17,250,281)

Total shareholders' equity

(deficit) 2,219,843 (390,284)

Total liabilities and

shareholders' equity $3,052,540 $1,020,632

XELR8 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Years Ended December 31, 2007 and 2006

2007
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SOURCE XELR8 Holdings, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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