DGIV's fundamentals:
Digitcom Interactive Video Network
Combined Balance Sheet
Feruary 28, 1997
Audited Financials
ASSETS
Current Assets
Cash $127,835
Accounts Rec.-net of allowance for doubtful
accounts of $9,830 49,682
Inventory 3,988
TOTAL CURRENT ASSETS $181,505
Property and Eqiopment
Land $303,161 Building 188,983
Computer Equipment 125,808
Furniture and Fixtures 88,597
Leasehole Improvements 66,763
776,312
Less: Accumulated Depreciation 37,994
738,318
PROPERTY AND EQUIPMENT: NET
Other Assets
Notes Receivable $5,463,564
Capitalized Softwares-Net 621,319
Deposits 3,200
License Agreement-Net 1,225
Goodwill-Net 485
TOTAL OTHER ASSETS 6,089,793
TOTAL ASSETS 7,009,616
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Income Taxes Payable $ 6,993
Short-term Borrowings 518,327
Accounts Payable 35,921
Accrued Interest Payment 35,678
Payroll Taxes Payable 13,459
TOTAL CURRENT LIABILITIES 610,378
Deferred Income Tax Payable 1,710,906
Stockholders' Equity
Common Stock-$0.01 par value
Authorized-20,000 shares
Issued and outstanding-11,727,6600 11,728
Additional paid-in capital 2,226,993
Retained Earnings 2,449,611 4,688,332
TOTAL LIABILITIES AND STOCKHOKDERS' EQUITY 7,009,616
Digitcom Interactive Video Network
Combined Statement of Income and Retained Earnings
For the Period January 1, 1997 Through February 28,1997
Sales 207,108
Cost of Sales 118,433
Gross Profit $88,675
Expenses
Adertising and Promotion 2,794
Amortization 49,761
Bank Charges 228
Commisions 15,000
Consulting 14,653
Depreciation 7,389
Internet Access Fees 3,313
Literature 1,193
Miscellaneous 72
Postage 238
Office Supplies 249
Rent 1,760
Repairs and Maintenance 474
Research and Development 595
Salaries 9,924
Taxes 1,186
Telephone 5,908
TOTAL EXPENSES 114,737
Income (Loss) From Operations Before Other Income (26,062)
Other Income
Interest Income-Net 62,814
Net Income Before Income Taxes 36,752
Provision for Income Taxes (6,193)
Net Income $ 30,559
Retained Earnings-January 1,1997 2,290,052
Adjustments for income taxes 128,507
Adjusted Balance-January 1997 2,419,052
Retained Earnings-February 28,1997 $2,449,611 |
