Thanks, SSP! Look at that Financial Statement!
freeedgar.com
ITEM 1. FINANCIAL STATEMENTS
PACE HEALTH MANAGEMENT SYSTEMS, INC.
CONDENSED BALANCE SHEETS
---------------------------------------------------------------------
SEPT. 30, 1999 DEC. 31, 1998
-------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,802,522 $ 1,312,984
Restricted escrow account 194,712 725,000
Accounts receivable, net 800 2,798
Other current 17,414 29,366
------------ ------------
TOTAL CURRENT ASSETS 2,015,448 2,070,148
------------ ------------
FURNITURE AND EQUIPMENT -- --
------------ ------------
COMPUTER SOFTWARE DEVELOPMENT COSTS -- --
------------ ------------
OTHER ASSETS -- --
------------ ------------
$ 2,015,448 $ 2,070,148
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 1,300 $ 12,096
------------ ------------
TOTAL CURRENT LIABILITIES 1,300 12,096
------------ ------------
LONG-TERM OBLIGATIONS, less current maturities -- --
------------ ------------
SHAREHOLDERS' EQUITY:
Convertible participating preferred
stock, Series A, no par value;
issued and outstanding
2,875,000 shares 2,875,000 2,875,000
Common stock, issued and outstanding
5,393,146 shares 16,917,680 16,910,544
Additional paid-in capital 673,486 673,486
Accumulated deficit (18,452,018) (18,400,978)
------------ ------------
2,014,148 2,058,052
------------ ------------
$ 2,015,448 $ 2,070,148
============ ============
(From ITEM 2. Page 7)
"The Company believes that with the cash on hand and net
operating loss carryforwards, subject to the limitation of such
carryforwards under the Internal Revenue Code, such a combination may
be attractive to potential partners and would better serve the
interests of the Company's shareholders."
(Mr. Pappajohn has bought $420,000 worth of PCES in July and October
so he now owns effectively 44.73%. Interesting!) |
