Financial Statements:
Balance sheet 1997:
Assets
1997 1996
Current Assets
Cash........... $59,462 51,606
Trade Receivables 34,566 40,333
Inventories 156,455 130,446
Advances/prepaids 4,662 5,018
========= ==========
Total Current Assets $255,145 $227,403
Property& Equipment $540,660 $ 92,885
Intangible Assets $275,042 $307,494
Deposits $ 66,874 $ 15,280
=========== ==========
Total Assets ...... $1,137,721 $ 643,062
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LIABILITIES & STOCKHOLDERS EQUITY(DEFICIT)
Current Liabilities: 1997 1996
Accounts Payable/Accrues Expenses...$684,078 $573,383
Accured Officers' Salaries $ 1,232 26,026
Due to Related Parties $160,462 160,462
Loan Payable-Related parties $ 38,128 -0-
Current Portion Note Payable $ 81,500 162,500
Convertable Subordinated Debenture $ - 0 - $1,250,000
========== ===========
Total Current Liabilities.......... $965,400 $2,172,371
Long-term Liabilities:
Other.............................. $39,500 $39,500
========== ===========
Total Liabilities..................$1,004,900 $2,211,871
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STOCKHOLDERS' EQUITY(DEFICIT) 1997 1996
Common stock,$.001 Par Value,100,000,000
shares Authorized, 44,761,639 out(1997)
27,969,529 Out(1996)..................... $44,762 $27,970
Additional Paid-in-capital..............$16,321,392 $12,812,355
Accumulated Deficit....................($16,233,333) ($14,409,134)
============= =============
Total Stockholders' Equity(Deficit).... $132,821 ($1,568,809)
============= =============
Total Liabilities& Equity(Deficit).....$1,137,721 $643,062
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CONSOLIDATED STATEMENT OF OPERATIONS:
1997 1996 1995
REVENUE:
Sales.................$340,624 431,655 453,107
Sales of Discontinued
product................- 0- 208,419 -0-
======== =========== ==========
Total Sales $340,624 640,074 453,107
Cost of Good Sold... $592,544 705,707 910,207
========== ========== ==========
GROSS LOSS..........($251,920) (65,633) (457,100)
OPERATING EXPENSES:
General/Admins. $1,572,619 1,002,150 1,212,387
R&D 3,322 47,010 55,106
=========== =========== ==========
Total Operating
Expenses..........$1,575,941 1,049,160 1,267,493
=========== =========== ===========
Loss Operations ($1,827,861) (1,114,793) (1,724,593)
OTHER INCOME(EXPENSE):
Interest Expense..... ($17,934) (71,927) (98,820)
Interest Income...... 2,010 3,309 1,412
Other Income.......... $19,586 10,571 47,200
========= ========= ==========
Other Income(Expense) $3,662 (58,047) (50,208)
NET LOSS............ $(1,824,199) (1,172,840) (1,774,801)
LOSS PER SHARE....... ($.05) ($.05) ($.10)
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FINANCIAL DATA FIRST QTR 1998:
CONSOLIDATED BALANCE SHEET(Unaudited) 3-31-98 3-31-97
ASSETS:
Cash..................................$119,599 $25,803
Trade Receivable...................... 31,063 17,027
Inventory............................. 186,585 119,652
Advances/Prepaid...................... 11,480 13,152
========= ==========
Total Current Assets................. $348,727 $175,634
Property/Equipment................... $620,588 $ 71,488
Intangible Assets.................... $264,189 $290,499
Deposits............................. $ 60,100 $ 16,545
=========== ==========
Total Assets........................ $1,293,605 $554,166
----------------------------------------------------------------------
LIABILITIES & STOCKHOLDERS' EQUITY 3-31-98 3-31-97
Current Liabilities:
Account Payable/Accrued Expenses.....$586,593 $536,590
Accrued Offices Salary............... 1,510 15,907
Deferred Revenue..................... 880 5,753
Due to Related Party................. 191,962 191,962
Notes Payable........................ 80,500 47,500
Loan Payable......................... 38,128 38,128
Convertable Subordinate Debenture.... -0- 1,250,000
=========== ==============
Total Current Liabilities........... $899,573 $2,085,840
Total Long term Liabilities..........$ 39,500 $ 39,500
========== =============
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SHAREHOLDER EQUITY:
Commom Stock,$.001 Par Value
Authorized-100,000,000 Shares 3-31-98 3-31-97
Issued 46,074,139, 29,810,920
respectively....................... $46,074 $29,811
Paid-in-Capital................... $16,890,185 $13,163,837
Accumulated Deficit...............($16,581,727) ($14,764,822)
============ ================
Total Stockholder Equity(Deficit)..$354,532 $(1,571,174)
Total Liabilities & Stockholder
Equity............................$1,293,605 $554,166
----------------------------------------------------------------------
CONSOLIDIATED STATEMENT OF OPERATIONS(Unaudited):
3-31-98 3-31-97
NET SALES...................... $97,968 $44,996
Cost of good sold.............. $56,585 $80,398
======= =========
GROSS PROFIT(loss)............ $41,383 ($35,402)
General/Admin. Expense........$280,081 $273,853
Sales/Marketing Expense.......$107,707 $ 30,580
Foreign Currency converstion.. (330) (66)
Interest Expense...............$2,157 $12,694
============== =================
Income(loss) before Tax (348,394) (355,688)
Provision for Tax -0- -0-
============== =================
NetIncome Loss (348,394) (355,688)
----------------------------------------------------------------------
For complete Financial Packages... Please e-mail me
at rkaiser@series2000.com.
Take care and thank you for your shareholder support.
With Best Regards,
Rich
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