HOLLYWOOD PRODUCTIONS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1998
ASSETSCurrent assets:
Cash $ 159,526
Cash - restricted 1,150,000
Accounts receivable 53,228
Prepaid expenses 52,668
Inventory 2,663,003
Advances to officer 18,000
Deferred tax asset 55,000
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Total current assets 4,151,425
Furniture, computer equipment, and leasehold improvements, net 78,875
Film production and distribution costs, net 1,901,222
Costs in excess of net assets of business acquired 904,641
Investments in joint venture and affiliate 1,177,270
Advances to officer - non-current portion 22,000
Organizational costs, net 50,000
Deferred tax asset - non current 173,658
Other assets 20,635
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Total assets $8,479,726
LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:
Accounts payable $ 70,202
Accrued expenses 540,204
Due to factor 2,063,554
Capital lease obligations 13,589
Deferred tax liability 50,159
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Total current liabilities 2,737,708
Capital lease obligations, net of current portion 43,683
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Total liabilities 2,781,391
Commitments and contingencies (Note 9) -
Stockholders' equity:
Common stock - $.001 par value, 20,000,000 shares authorized,
5,373,388 shares issued and outstanding (Notes 1 and 13) 5,374
Additional paid-in capital 6,307,416
Accumulated deficit (614,455)
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Total stockholders' equity 5,698,335
Total liabilities and stockholders' equity $ 8,479,726
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