RMS TITANIC, INC.
Balance Sheets
November 30, February 28,
1999 1998
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(unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 3,641,530 $ 719,929
Accounts receivable 571,004 1,645,373
Refundable withholding tax 166,475 429,022
Prepaid expenses and other current assets 1,187,468 179,024
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Total current assets 5,566,477 2,973,348
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Artifacts recovered, at cost 9,178,839 9,181,340
Deferred income tax asset, net 509,000 509,000
Property and equipment, net of accumulated depreciation
of $564,486 and $319,013, respectively 1,372,848 1,207,331
Other assets 99,224 38,694
Total assets $ 16,726,388 $ 13,909,713
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities $ 2,100,227 $ 1,909,926
Income taxes payable 1,083,947 -
Deferred revenue 729,167 500,000
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Total current liabilities 3,913,341 2,409,926
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Commitments and contingencies - -
Stockholders' Equity:
Common stock, par value $.0001
authorized 30,000,000 shares,
16,187,128 issued and outstanding 1,619 1,619
Additional paid-in capital 13,915,748 13,915,748
Accumulated deficit (1,104,320) (2,417,580)
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Total stockholders' equity 12,813,047 11,499,787
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Total liabilities and stockholders' equity $ 16,726,388 $ 13,909,713
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