NOTE F - BUSINESS ACQUISITIONS (continued)
The accompanying financial statements reflect operating activities of Beach
from date of acquisition, April 1, 2000, to December 31, 2000.
The following summarized proforma (unaudited) information assumes the
acquisition had occurred on January 1, 1999:
2000 1999
ASSETS
Current assets $ 1,155,067 $ 12,789
Other assets 1,829,699 1,046,232
$ 2,984,766$ 1,059,021
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 848,468 $ 235,892
Other liabilities 1,359,973 409,973
2,208,441 645,865
Stockholders' equity 776,325 413,156
$ 2,984,766$ 1,059,021
OPERATIONS
Revenues$ 497,885$ 76,336
Net loss$(2,196,743)$(2,038,458)
Net loss per common share$( .0044)$( .0048)
The above proforma amounts reflect adjustments for goodwill, amortization of
goodwill, an employment agreement entered into as part of the acquisition and
write off of a business acquisition that was not consummated.
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