sleeper... or should be put to sleep!
------------------------------------------------------------
MIDLAND, INC.
BALANCE SHEETS
June 30, December 31,
1997 1996
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ - $ 2,688
Accounts receivable, no
allowance deemed necessary - 58,424
Inventories - 5,000
Prepaid expense and other - 27,487
TOTAL CURRENT ASSETS - 93,599
PROPERTY AND EQUIPMENT, net - 25,795
OTHER ASSETS
License agreement, net - 131,250
Slotting fee, net - 41,448
TOTAL OTHER ASSETS - 172,698
$ - $ 292,092
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable $ 301,030 $ 512,500
Bank overdraft - 76,822
Accrued expenses - 239,194
Current portion of long term debt - 109,614
TOTAL CURRENT LIABILITIES 301,030 938,130
LONG TERM DEBT, less
current portion - 25,375
STOCKHOLDERS' DEFICIT
Preferred stock, $0.40 par value
(1,000,000 shares authorized,
54,000 and 63,000 issued and
outstanding on December 31, 1996,
and June 30, 1997, respectively) 25,200 21,600
Common stock - $.40 par value
(10,000,000 shares authorized,
845,565 and 1,739,170 issued and
outstanding as of December 31,
1996, and June 30, 1997,
respectively) 695,668 338,226
Additional paid-in-capital 1,183,146 940,366
Accumulated deficit (2,205,044) (1,971,605)
TOTAL STOCKHOLDERS' DEFICIT ( -) (671,413)
$ - $ 292,092
MIDLAND, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
For the six months ended June 30, 1997, and June 30, 1996,
respectively
SALES $ - $ 1,193,686
COST OF SALES - 474,060
Gross profit - 719,627
OPERATING EXPENSES
General and administrative
expenses 118,709 1,169,716
Depreciation - 28,859
TOTAL OPERATING EXPENSES 118,709 1,198,575
LOSS FROM OPERATIONS (118,709) (478,948)
OTHER INCOME (EXPENSES)
Interest - (11,800)
Other - (2,185)
TOTAL OTHER INCOME (EXPENSES) - (13,985)
LOSS BEFORE INCOME TAXES (118,709) (492,933)
Provision for income tax - -
NET LOSS $(118,709) $(492,933)
Net loss per common share $ (.09) $ (.57)
Weighted average number of
shares outstanding 1,298,087 857,005
---------------------------------------------------------------------
... less than curious ... |
