Jake, I'm not bothered by that, although I believe Sprintcar is an accountant and can probably explain it better than I ever could. Looking at the company another way is by market capitalization. The market cap of AOXY is approximately $1.2 million based on 30 million shares times $.04. You can see by the total assets and total liabilities that the company is again a screaming bargain IMO.
Advanced Oxygen Technologies Inc.
Balance Sheet for the year ending
June 30, 1999
Assets
1999 1998
Current Assets
Cash 54,057 (56,835)
Receivables 61,203 161,064
Allowance for Doubtful Accounts (1,295) 0
Database Management Receivables 15,315 0
A/R Reserve 0 (45,554)
Inventory 6,759 3,525
Total Current Assets $136,039 $62,200
Property and Equipment
Furniture and Fixtures 31,869 31,869
Office Equipment 17,882 17,882
Equipment 98,858 98,858
Capitalized Equipment 125,352 25,406
Other Depreciable Property 911,391 911,391
Accumulated Depreciation (187,887) (84,438)
Total Property and Equipment $997,465 $1,000,968
Other Assets
Deposits 4,093 0
Total Other Assets $4,093 $0
Total Assets $1,137,597 $1,063,168
Liabilities and Capital
Current Liabilities
Accounts Payable 179,930 66,490
Accrued Expenses 0 41,305
Sales Tax Payable 2,577 1,649
Health Care Contributions 5,894 1,351
Due to Employees 6,375 0
Federal payroll Taxes Payable 46,546 27,161
State Payroll Taxes payable 5,436 1,641
SUTA Tax payable (140) (220)
IMA Short Term Note (1,800) 0
State Taxes Payable 800 800
Payable to Client 0 61,418
Deferred Commission Income 0 7,681
Total Current Liabilities $245,276 $209,276
Long Term Liabilities
Note Payable Olsen 0 1,741
Capital Leases Obligation 123,583 23,637
NOTE Payable Crossfield 20,199 17,925
Note payable IMA 0 528,466
Other Long Term Liabilities 11,886 0
401k T Account 58,226 15,001
Total Long Term Liabilities 213,895 586,770
Total Liabilities $459,512 $796,046 |
