From the 10-Q
Filed today.
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DAUPHIN TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2000 AND DECEMBER 31, 1999
(Unaudited)
March 31, December 31,
2000 1999
--------------- ---------------
CURRENT ASSETS:
Cash $ 4,227,963 $ 31,087
Accounts receivable-
Trade, net of allowance for bad debt
of $428,599 at March 31, 2000 and
December 31, 1999 112,034 124,844
Employee receivables 118 118
Inventory, net of reserve for obsolescence
of $1,945,296 at March 31, 2000 and
December 31, 1999 1,521,886 1,521,886
Prepaid expenses 119,094 38,779
--------------- ---------------
Total current assets 5,981,095 1,716,714
INVESTMENT IN RELATED PARTY 290,000 290,000
PROPERTY AND EQUIPMENT, net of accumulated
depreciation of $812,461 at March 31,
2000 and $712,192 at December 31, 1999 1,267,366 1,365,440
--------------- ---------------
Total assets $ 7,538,461 $ 3,372,154
=============== ===============
CURRENT LIABILITIES:
Accounts payable $ 243,739 $ 1,894,663
Accrued expenses 15,513 26,719
Current portion of long-term debt 127,249 127,249
Short-term borrowings 100,000 286,000
Unearned revenue - 300,000
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Total current liabilities 486,501 2,634,631
LONG-TERM DEBT 159,444 185,179
COMMITMENTS AND CONTINGENCIES - -
--------------- ---------------
Total liabilities 645,945 2,819,810
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value,
10,000,000 shares authorized but unissued - -
Common stock, $0.001 par value,
100,000,000 shares authorized; 57,604,853
and 51,671,582 shares issued and
outstanding at March 31, 2000 and at
December 31, 1999 respectively 57,605 51,671
Warrants 1,751,041 1,238,089
Paid-in capital 46,642,583 38,089,320
Accumulated deficit (41,558,713) (38,826,736)
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Total shareholders' equity 6,892,516 552,344
--------------- ---------------
Total liabilities and shareholders' equity $ 7,538,461 $ 3,372,154
=============== ===============
Footnotes attached are an integral part of these financial statements.
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DAUPHIN TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------------- --------------
NET SALES $ 4,736 $ 1,246,061
COST OF SALES (234,150) 1,420,237
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Gross loss 238,886 (174,176)
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSE 1,093,184 926,863
RESEARCH AND DEVELOPMENT EXPENSE 84,714 291,249
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Loss before interest and income taxes (939,012) (1,392,288)
INTEREST EXPENSE 1,792,965 660,557
INTEREST INCOME - 4,292
-------------- --------------
Loss before income taxes (2,731,977) (2,048,553)
INCOME TAXES - -
-------------- --------------
Net loss $ (2,731,977) $ (2,048,553)
============== ==============
BASIC AND DILUTED (LOSS) PER SHARE $ (0.05) $ (0.05)
============== ==============
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 56,276,124 41,043,203 |
