I am having trouble finding where the $50 million is coming from.
Even the most recent information that I can find only shows $425,000 in cash.
August 31, November 30,
1997 1996
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Current Assets
Cash in bank ............................. $ 425,662 $ 156,432
Inventory ................................ 703,996 551,603
Accounts receivable, net of allowance
for doubtful accounts .................. 777,302 992,379
Other current assets ..................... 209,542 105,180
------------ ------------
Total Current Assets ................... 2,116,502 1,805,594
Property and equipment, net of accumulated
depreciation ................................. 392,897 1,241,273
Goodwill, net of accumulated amortization ...... 749,766 868,152
Other assets ................................... 67,353 47,544
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Total Assets ................................... $ 3,326,518 $ 3,962,563
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses .... $ 664,565 $ 861,279
Notes payable, current portion ........... 536,134 698,960
Mortgage payable, current portion ........ -- 9,229
Other current liabilities ................ 37,605 46,816
------------ ------------
Total Current Liabilities .............. 1,238,304 1,616,284
Notes payable, net of current portion .......... 3,676 --
Mortgage payable, net of current portion ....... -- 602,878
Other liabilities .............................. -- 20,544
------------ ------------
Total Liabilities ...................... 1,241,980 2,239,706
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I don't see any reporting of capital raising by ESVS.
Also ESVS only has a market cap of $5 million. See:
biz.yahoo.com |
