FINANCIAL STATEMENTS
The Ashton Technology Group, Inc. and Subsidiaries
Consolidated Balance Sheets
March 31, September 30,
1999 1999
(Audited) (Unaudited)
ASSETS
Cash and cash equivalents................................................... $ 2,667,347 $ 18,026,173
Investments available for sale.............................................. --- 9,969,740
Accounts receivable and prepayments......................................... 308,249 1,451,429
Current portion of notes receivable......................................... 112,499 116,418
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Total current assets.............................................. 3,088,095 29,563,760
Notes receivable, net of current portion.................................... 717,284 667,612
Property and equipment, net of accumulated depreciation..................... 1,017,179 2,083,928
Exchange Membership......................................................... 196,900 196,900
Capitalized software development costs...................................... 95,354 ---
Intangible assets........................................................... 58,563 39,042
Other assets................................................................ 480,362 379,837
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Total Assets $ 5,653,737 $ 32,931,079
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LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses....................................... $ 675,841 $ 1,007,900
Other liabilities........................................................... 532,918 873,202
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Total current liabilities......................................... 1,208,759 1,881,102
Minority Interest........................................................... --- 7,500,000
Stockholders' equity:
Preferred stock - shares authorized: 3,000,000
250,000 shares designated as Series A - (liquidation preference $10 per
share); shares issued and outstanding; 125,219 and none................... 1,252,188 ---
590,000 shares designated as Series B - (liquidation preference $10 per
share); shares issued and outstanding; 417,500 and 145,200................ 4,175,000 1,452,000
10 shares designated as Series D $.01 par value - (liquidation preference
equals stated value); shares issued and outstanding; none................. --- ---
10 shares designated as Series E $.01 par value - (liquidation preference
$1,000,000 per share); shares issued and outstanding; none................ --- ---
20,000 shares designated as Series F $.01 par value - (liquidation
preference equals stated value of $1,000 per share); shares issued and
outstanding; none and 20,000.............................................. --- 20,000,000
Common stock - par value: $.01; shares authorized: 60,000,000;
Shares issued and outstanding; 20,569,172 and 25,142,348................. 205,692 251,423
Additional paid-in capital.................................................. 39,133,830 50,366,747
Deferred consulting expense................................................. (285,208) ---
Accumulated deficit......................................................... (40,036,524) (48,520,295)
Accumulated other comprehensive income...................................... --- 102
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Total stockholders' equity.................................................. 4,444,978 23,549,977
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Total Liabilities and Stockholders' Equity $ 5,653,737 $ 32,931,079
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