200 What do you think of these statements?
Note the sales trending downwards 1999 to 2000
ASSETS
Current Assets:
Cash $ 9,880
Charge card receivables 9,054
Inventories 289,683
Other current assets 7,255
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Total Current Assets 315,872
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Property and Equipment - Net 9,681
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TOTAL ASSETS $ 325,553
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LIABILITIES AND STOCKHOLDERS' DEFICIENCY
LIABILITIES
Current Liabilities:
Accounts payable and accrued expenses $ 467,837
Customer deposits and other advances 413,137
Payroll and sales tax payable 65,923
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Total Current Liabilities $ 946,897
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Commitments and Contingencies
STOCKHOLDERS' DEFICIENCY
Common Stock
Par value $.001 - 10,000,000 shares authorized,
4,663,891 shares issued and outstanding 4,664
Additional paid in capital 332,211
Deficit (958,219)
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Total Stockholders' Deficency (621,344)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 325,553
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See notes to the consolidated financial statements (unaudited).
xxxxxxxxxxxxxxx, inc. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2000 1999 2000 1999
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Sales $ 442,332 $ 886,351 $1,301,937 $2,085,743
Cost of sales 354,384 678,349 1,038,417 1,596,320
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Gross profit 87,948 208,002 263,520 489,423
Selling, General
and Administrative 180,900 231,039 471,088 484,403
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Net Earnings (loss) $ (92,952) $ (23,037) $ (207,568) $ 5,020
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