This company's got no cash, nothing:
GLOBAL PC, INC.
(a development stage company)
BALANCE SHEETS
JUNE 30, 1999 AND DECEMBER 31, 1998
June 30, December 31,
1999 1998
------- -----------
ASSETS
CURRENT ASSETS:
Cash $ 62,022 $ 945,572
Accounts receivable 52,994 -
Licenses 415,000 415,000
Software development costs 1,339,017 419,261
Prepaid expenses 66,000 12,600
Total current assets 1,935,033 1,792,433
PROPERTY AND EQUIPMENT:
Equipment and tooling 192,627 117,618
Software 9,395 11,306
Furniture and fixtures 10,975 11,175
------------- ------------
212,997 140,009
Less accumulated depreciation 22,130 7,517
------------- ------------
Net property and equipment 190,867 132,582
------------- ------------
$ 2,125,900 $ 1,925,015
============= =============
/TABLE>
F-4
<PAGE>
GLOBAL PC, INC.
(a development stage company)
BALANCE SHEETS
JUNE 30, 1999 AND DECEMBER 31, 1998
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
---- ----
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
CURRENT LIABILITIES:
<S> <C> <C>
Accounts payable $ 1,469,936 $ 502,772
Accrued expenses 568,125 543,272
Income taxes payable 1,600 800
Convertible promissory notes 324,407 -
Note payable 120,000 -
-------------- --------------
Total current liabilities 2,484,068 1,046,844
SHAREHOLDERS' EQUITY:
Preferred stock - Series A, $0.85 par value;
4,705,882 shares authorized; 3,458,826 and
3,400,002 shares issued and outstanding 2,909,986 2,859,986
Common stock, $0.001 par value; 20,000,000 shares
authorized; 6,547,812 and 6,540,000 issued
andoutstanding 6,931 6,540
Deficit accumulated during the development stage (3,275,085) (1,988,355)
-------------- ---------------
Total shareholders' (deficit) equity (358,168) 878,171
--------------- -------------
$ 2,125,900 $ 1,925,015 |
