MADERA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1998 ASSETSCURRENT ASSETS
Cash $ 47,186
Accounts receivable, net (Note B) 3,041,123
Inventory, net (Note C) 3,121,978
Other receivables 2,000
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TOTAL CURRENT ASSETS 6,212,287
PROPERTY AND EQUIPMENT, net (Note D) 2,215,859
OTHER ASSETS Investment in timber producing
property (Note E) 27,972,394
Other investment (Note F) 1,500,000
Deposits 5,794
-----------
TOTAL OTHER ASSETS 29,478,188
-----------
TOTAL ASSETS $37,906,334
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The accompanying notes are an integral part of these consolidated financial
statements. F-2<PAGE>
MADERA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1998
(Continued)
LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES
Accounts payable $ 215,097
Letter of credit (Note H) 165,000
Stock subscriptions payable (Note F) 423,750
Accrued expenses 49,803
Income taxes payable (Note I) 28,000
Notes payable - related parties (Note G) 566,395
TOTAL CURRENT LIABILITIES 1,448,045
TOTAL LIABILITIES 1,448,045
COMMITMENTS AND CONTINGENCIES (Note M) -
STOCKHOLDERS' EQUITY (Note J) Preferred stock, convertible Series D
$0.01 par value, 100,000,000 shares
authorized, 1,000,000 shares issued
and outstanding 10,000 Common stock,
$0.01 par value, 250,000,000 shares
authorized, 72,905,669 shares issued
and outstanding 729,056
Additional paid-in capital 38,142,505
Accumulated deficit (2,423,272)
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TOTAL STOCKHOLDERS' EQUITY 36,458,289
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $37,906,334
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