page 4
F-13
EXECUTIVE LAN MANAGEMENT, INC.,
dba MICROVISIONS
BALANCE SHEETS
(See basis of presentation - Note 1)
(All amounts stated in $U.S.)
MARCH 31
--------------------------
1999 1998
UNAUDITED $ $
-------------------------------------------------- ---------- ----------
ASSETS
CURRENT
Cash 49,000 1,125,000
Accounts receivable, net 2,358,000 961,000
Inventory 422,000 129,000
Other current assets 62,000 35,000
---------- ----------
TOTAL CURRENT ASSETS 2,891,000 2,250,000
---------- ----------
Capital assets, net 441,000 102,000
Other assets 155,000 104,000
---------- ----------
596,000 206,000
---------- ----------
TOTAL ASSETS 3,487,000 2,456,000
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT
Line of credit 158,000 223,000
Accounts payable 713,000 78,000
Income taxes payable 242,000 237,000
Deferred income taxes 435,000 374,000
Accrued expenses and other liabilities 319,000 268,000
Deferred revenues 83,000 144,000
---------- ----------
TOTAL CURRENT LIABILITIES 1,950,000 1,324,000
---------- ----------
STOCKHOLDERS' EQUITY
Common stock, no par value:
Authorized
Authorized shares - 1,000,000
Issued and outstanding - 200 in 1999 and 1998 10,000 10,000
Retained earnings 1,527,000 1,122,000
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 1,537,000 1,132,000
---------- ----------
3,487,000 2,456,000
========== ==========
See accompanying notes
F-14
EXECUTIVE LAN MANAGEMENT, INC.,
dba MICROVISIONS
STATEMENTS OF INCOME AND RETAINED EARNINGS
(All amounts stated in $U.S.)
3 month period ended
March 31
--------------------------
1999 1998
UNAUDITED $ $
---------------------------------------------- ---------- ----------
REVENUE
Consulting services 1,838,000 1,146,000
Hardware and software sales 2,013,000 1,451,000
Other 181,000 56,000
---------- ----------
4,032,000 2,653,000
---------- ----------
EXPENSES
Hardware and software purchases 1,678,000 1,240,000
Consulting 609,000 420,000
Selling, general and administrative 1,500,000 520,000
Interest 2,000 --
Depreciation 20,000 2,000
---------- ----------
3,809,000 2,182,000
---------- ----------
INCOME BEFORE INCOME TAXES 223,000 471,000
Provision for income taxes [note 2] 90,000 188,000
---------- ----------
INCOME FOR THE PERIOD 133,000 283,000
========== ==========
RETAINED EARNINGS, BEGINNING OF PERIOD 1,394,000 839,000
RETAINED EARNINGS, END OF PERIOD 1,527,000 1,122,000
========== ==========
See accompanying notes
F-15
EXECUTIVE LAN MANAGEMENT, INC.,
dba MICROVISIONS
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(All amounts stated in $U.S.)
RETAINED
COMMON STOCK EARNINGS
--------------------- ---------
UNAUDITED SHARES $ $
-------------------------------- -------- ------ ---------
BALANCE, DECEMBER 31, 1997 200 10,000 839,000
Net income 283,000
-------- ------ ---------
BALANCE, MARCH 31, 1998 200 10,000 1,122,000
Net income 394,000
Distributions to stockholders (122,000)
-------- ------ ---------
BALANCE, DECEMBER 31, 1998 200 10,000 1,394,000
Net income 133,000
-------- ------ ---------
BALANCE, MARCH 31, 1999 200 10,000 1,527,000
======== ====== =========
See accompanying notes
F-16
EXECUTIVE LAN MANAGEMENT, INC.,
dba MICROVISIONS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts stated in $U.S.)
3 MONTH PERIOD ENDED
MARCH 31
-------------------------
1999 1998
UNAUDITED $ $
----------------------------------------------------------- -------- ----------
CASH FLOWS USED IN OPERATING ACTIVITIES
Net income for the period 133,000 283,000
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 20,000 2,000
Changes in operating assets and liabilities:
Accounts receivable (295,000) 92,000
Inventories 393,000 102,000
Other current assets (45,000) 38,000
Other assets (9,000) (71,000)
Accounts payable and accrued expenses (137,000) (117,000)
Deferred revenues 10,000 54,000
-------- ----------
70,000 383,000
-------- ----------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital assets purchased (75,000) (21,000)
-------- ----------
(75,000) (21,000)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (repayment) from/of line of credit (103,000) 73,000
-------- ----------
(103,000) 73,000
-------- ----------
INCREASE/(DECREASE) IN CASH (108,000) 435,000
Cash, beginning of period 157,000 690,000
-------- ----------
CASH, END OF PERIOD 49,000 1,125,000
======== ==========
See accompanying notes |
