Weighted average common shares
outstanding, basic and diluted 15,334,533 10,753,350
XELR8 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 2008 and 2007
2008 2007
Cash flows from operating activities:
Net income (loss) $(749,362) $(1,364,109)
Adjustments to reconcile
Depreciation and amortization 11,844 11,779
Stock and stock options issued
for services 275,375 474,912
Expense related to anti-dilution
of warrants 13,770 -
Loss on asset disposal 1,130 -
Interest expense and amortization
related to bridge loan financing - 428,889
Change in allowance for doubtful
accounts 1,848 2,368
Change in allowance for inventory
obsolescence (14,716) 81,450
Change in allowance for product
returns 10,092 30,866
Changes in assets and liabilities:
Accounts receivable 4,392 (4,052)
Inventory 94,736 (40,488)
Other current assets 3,808 79,511
Accounts payable and accrued
expenses 131,383 122,355
Net cash (used) by operating
activities (215,700)
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