For what its worth, here is a portion of 10K (Note almost $0 cash)
Portion of 10K
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1997 AND 1996
ASSETS
1997 1996
Current Assets
Cash and Cash Equivalents $ 1,990 $ 63,151
Accounts Receivable, Net of Allowance for Doubtful Accounts of
$0 and $25,000, at 1997 and 1996, Respectively 0
73,600
Accounts Receivable, Other 0 5,626
Total Current Assets 1,990 142,377
Property and Equipment
Broadcast Resource Library 2,985,536 2,985,536
Computer, Production and Broadcast Equipment
261,398 224,582
Building and Improvements 469,153 469,153
3,716,087 3,679,271
Less Accumulated Depreciation
(1,996,179) (1,519,136)
Property and Equipment, Net 1,719,908 2,160,135
Total Assets $ 1,721,898 $ 2,302,512
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1997 AND 1996
LIABILITIES AND
STOCKHOLDERS' EQUITY
1997 1996
Current Liabilities
Mortgage Payable, Current Portion (Note 8)
$ 1,655 $ 1,484
Accounts Payable, Trade
17,500 72,500
Payroll Tax Liabilities
23,700 23,700
Total Current Liabilities
42,855 97,684
Long-Term Liabilities
Mortgage Payable, Noncurrent Portion (Note 8) 78,480 80,280
Notes Payable
0 27,000
Total Long-Term Liabilities 78,480 107,280
Total Liabilities 121,335 204,964
Stockholders' Equity
Preferred Stock: Authorized $0.01 Par Value, 5,000,000
Shares; Issued and Outstanding, None None None
Common Stock: Authorized $0.001 Par Value, 75,000,000 Shares;
Issued and Outstanding, 7,773,512 Shares and 5,203,512
Shares at December 31, 1997 and 1996 7,774
5,204
Additional Paid In Capital 11,090,530 8,711,100
Retained Earnings (Deficit) (9,497,741) (6,618,756)
Total Stockholders' Equity 1,600,563 2,097,548
Total Liabilities and Stockholders' Equity $ 1,721,898 $
2,302,512
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
1997 1996
Revenues $ 205,798 $ 24,995
Cost of Revenues 9,471 0
Gross Profit 196,327 24,995
Operating Expenses
General and Administrative 230,930 27,437
Consulting and Other Professional Fees 360,725 596,148
Research and Development 0 773,300
Depreciation and Amortization 477,043 867,724
Total Operating Expenses
1,068,698 2,264,609
Loss From Operations (872,371) (2,239,614)
Other Expense
Write-Off, Investment in Joint Venture
(2,000,000) 0
Interest Expense (6,614) (6,460)
Total Other Expense (2,006,614) (6,460)
Loss Before Income Taxes and Discontinued
Operations (2,878,985) (2,246,074)
Provision for Income Taxes 0 0
Loss From Continuing Operations
(2,878,985) (2,246,074)
Discontinued Operations
Disposal of Segment of a Business 0 (4,439,534)
Net Loss $ (2,878,985) $ (6,685,608)
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
1997 1996
Earnings Per Common Share and Common Stock Equivalents:
Loss Per Weighted Average Share of Common Stock
Primary
From Operations $ (0.38) $ (0.14)
From Discontinued Operations 0 (1.20)
Total Primary Earnings Per Share $ (0.38) $
(1.34)
Fully Diluted
From Operations $ (0.38) $ (0.14)
From Discontinued Operations 0 (1.20)
Total Fully Diluted Earnings Per Share $ (0.38) $
(1.34)
Weighted Average Number of Common Shares Outstanding:
Primary 7,601,011 5,002,398
Fully Diluted 7,601,011 5,002,398
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
Common Shares Stock Amount Additional Paid
In Capital Retained Earnings
(Deficit) Deferred Advertising
Credits Total
Balance, December 31, 1995 4,891,842 4,892 9,650,422
66,852 (1,753,122) 7,969,044
Issuance of Common Stock For Consulting Services
Rendered, July 1, 1996 190,000
190
534,185 534,375
Issuance of Common Stock For Legal Services
Rendered, December 22, 1996
100,000
100
900
1,000
Private Placement September 30, 1996
21,670 22
93,928 93,950
Net Tax Effect of Prior Period Adjustment in
1995 184,787
184,787
Correction of Error in Prior Period in Connection With
Discontinued Operations (1,568,335) (1,568,335) 0
Net Loss, Year Ended December 31, 1996
(6,685,608)
(6,685,608)
Balance, December 31, 1996 5,203,512 5,204 8,711,100
(6,618,756) 0 2,097,548
Issuance of Common Stock For Consulting Services
Rendered, February 3, 1997 640,000 640
255,360 256,000
Issuance of Common Stock For Investment in Joint
Venture, February 3, 1997 1,340,000 1,340 1,998,660
2,000,000
Issuance of Common Stock For Services Rendered,
February 28, 1997 40,000 40 15,960 16,000
Issuance of Common Stock For Legal Services
Rendered, June 3, 1997 250,000 250 49,750 50,000
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
Common Shares Stock Amount Additional Paid
In Capital Retained Earnings
(Deficit) Deferred Advertising
Credits Total
Issuance of Common Stock For Legal Services
Rendered, September 3, 1997 300,000 300
59,700 60,000
Net Loss, Year Ended December 31, 1997
(2,878,985)
(2,878,985)
Balance, December 31, 1997 7,773,512 $ 7,774 $ 11,090,530 $
(9,497,741) $ 0 $ 1,600,563
DEFINITION, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
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