Jamba Juice 2006 Annual Report Download - page 29
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Balances, at December 31, 2005 21,000,000 $21,000 $102,604,274 $1,171,279 $103,796,553
See accompanying notes to financial statements.
F-4
Net income $1,171,279
Increase (decrease) in cash attributable to change in
Prepaid expenses (56,772)
Accounts payable 1,234
Accrued accounting 30,000
Accrued franchise tax 53,685
Income taxes payable 84,933
1,284,359
Proceeds from notes payable, stockholders 160,000
Payment of notes payable, stockholders (160,000)
Proceeds from sale of stock 29,179
Gross proceeds of public offering 120,000,000
Payments of costs of public offering (9,082,632)
Gross proceeds of over-allotment option offering 18,000,000
Payments of costs of over-allotment option offering (1,080,000)
Proceeds from issuance of option 100
127,866,647
cash held in trust (128,174,091)
976,915
beginning of period —
end of period $976,915
See accompanying notes to financial statements.
F-5
Nature of Operations
Services Acquisition Corp. International (the “Company”) was incorporated in Delaware on January 6, 2005 as a blank check company whose objective is to
acquire through a merger, capital stock exchange, asset acquisition or other similar business combination a currently unidentified operating business. The
Company has selected December 31 as its fiscal year-end.
The registration statement for the Company’s initial public offering (the “Offering”) was declared effective June 29, 2005. The Company consummated the
offering on July 6, 2005 and received net proceeds of approximately $110,917,368 and executed the over-allotment option offering on July 7, 2005 and
received net proceeds of approximately $16,920,000. The Company’s management has broad discretion with respect to the specific application of the net
proceeds of the Offering, although substantially all of the net proceeds of the Offering are intended to be generally applied toward consummating a business