Last SEC filing, June 30,1999 data
------------- -------------
(unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $ 44,583 $ 153,608
Accounts receivable, net of allowances
for doubtful accounts of $12,500 and $12,500 87,873 31,243
Inventory 8,029 8,250
Other receivables 260,271 70,000
Advances related parties 789,640 -
Subscriptions receivable - 1,743,000
Marketable securities - 89,210
Other current assets 224,716 6,746
------------ -----------
Total current assets 1,415,112 2,102,057
------------ -----------
Product development costs, net 381,604 381,604
Property and equipment, net 11,261,742 18,500
Payment in excess of fair value for acquisition 2,370,000 -
Other investments 359,000 -
Other assets 493,630 1,400
------------ -----------
Total assets $ 16,281,088 $ 2,503,561
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 752,720 $ 129,968
Accrued expenses 170,268 16,685
Other current liabilities 72,919 -
Notes payable and current portion
of long-term debt 191,354 281,066
------------ -----------
Total current liabilities 1,187,261 427,719
------------ -----------
LONG-TERM DEBT, net of current portion 6,256,271 75,000
------------ -----------
Total Liabilities 7,443,532 502,719
------------ -----------
COMMITMENTS - -
STOCKHOLDERS' EQUITY
Preferred stock, par value $.001 per share, 25,000,000
shares authorized; 975,000 and -0- issued and outstanding 975 -
Common stock, par value $.001 per share, 100,000,000
shares authorized: 24,914,463 and 1,393,417 shares
issued and outstanding 24,914 1,393
Stock subscribed - 382
Additional paid in capital 21,022,012 10,000,719
Accumulated deficit (10,371,878) (7,829,760)
Accumulated other comprehensive loss 15,359 (14,892)
Stock subscriptions receivable (1,853,826) (157,000)
------------ -----------
Total stockholders' equity 8,837,556 2,000,842
------------ -----------
Total Liabilities and Stockholders' Equity $ 16,281,088 $ 2,503,561
============ ===========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
TALK VISUAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
---------------------------- --------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUE
Royalties $ 859 $ 63,601 $ 2,887 $ 192,510
Software sales - 7,687 - 15,810
Equipment sales, net 12,373 - 12,373 -
Corporate services - 19,500 - 61,500
Real estate revenue 96,985 - 116,248 -
---------- ---------- ------------ ----------
Total revenue 110,217 90,788 131,508 269,820
---------- ---------- ------------ ----------
COSTS AND EXPENSES
Cost of royalties - 9,560 3,204 26,781
Cost of software sales - 3,638 - 14,200
Depreciation 16,425 20,006 19,572 40,454
Research & product development 8,607 3,229 8,607 7,218
Real estate operations 41,416 - 50,182 -
General & administrative 201,564 138,430 244,728 277,205
Consulting services 51,726 12,699 1,535,613 52,631
Legal and Professional 631,389 27,007 726,699 56,466
Marketing 14,248 20,017 14,248 44,574
---------- ---------- ------------ ----------
Total costs and expenses 965,375 234,586 2,602,853 519,529
---------- ---------- ------------ ----------
LOSS FROM OPERATIONS (855,158) (143,798) (2,471,345) (249,709)
INTEREST EXPENSE (39,096) (31,495) (40,339) (44,140)
INTEREST INCOME 3 - 440 -
---------- ---------- ------------ ----------
NET LOSS ($894,251) ($175,293) ($2,511,244) ($293,849)
========== ========== ============ ==========
NET LOSS PER COMMON SHARE
BASIC ($0.12) ($0.07) ($0.37) ($0.11)
NET LOSS PER COMMON SHARE
DILUTED ($0.12) ($0.07) ($0.37) ($0.11)
WEIGHTED AVERAGE COMMON STOCK
SHARES OUTSTANDING
BASIC 7,453,662 2,655,002 6,821,992 2,655,002
DILUTED 7,453,662 2,655,002 6,821,992 2,655,002
I sure hate when BB stock never make a profit. Jack |
