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Microcap & Penny Stocks : MIDL .... A Real Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: James A. Cole Jr. who wrote (5121)	3/21/1999 6:42:00 PM
From: Ga Bard	Respond to of 7039

I do not know for sure ... I would have to read the lastest Q and I must admit I have not done that yet ... Within the Q should be the answer. Will pull it now and see what it says. Gary

To: James A. Cole Jr. who wrote (5121)	3/21/1999 7:02:00 PM
From: Ga Bard	Read Replies (1) \| Respond to of 7039

Item 1. Financial Statements MIDLAND, INC. BALANCE SHEETS September 30, December 31, ASSETS 1998 1997 ------ ---- ---- (Unaudited)CURRENT ASSETS Cash $ 233,036 $ 7,984 LIABILITIES AND STOCKHOLDERS' EQUITY------------------------------------ CURRENT LIABILITIES Accounts payable $ 207,626 $ 245,223 Accounts payable: related parties 0 274,000 Notes payable 45,000 45,000 Accrued expenses 25,029 21,991 Accrued payroll taxes 8,510 8,510 TOTAL CURRENT LIABILITIES 286,165 594,724 At November 30, 1998, there were 301,821 shares of Series A Preferred Stock and no shares of Series B Preferred Stock outstanding. As of November 30, 1998, there were 3,489,957 shares of common stock outstanding and 16,270,077 common share equivalents.I guess this 16M is the warrants) Pending Acquisition: The Company, during August, 1998, announced to the public that it had reached an agreement in principal to acquire several entities based in Greece which are involved in shipping and trading in the Mediterranean and Black Sea regions. These entities are affiliated with Mr. Traios, the individual discussed above in this item under Mega Hell and Mill Agro Acquisitions. Since the previous recision of these acquisitions, Mr. Traios has expanded his businesses and has obtained additional equity funding. Due to the cessation of trading occasioned by the Commission, the pursuit of this acquisition was placed in abeyance until such time as the Company could assure Mr. Traios that the filings by the Company with the Commission under the Securities Exchange Act of 1934 were current and accurate. The Company is now current in its reports and is again pursuing the announced acquisition, although definitive terms and conditions have not been reached. There can be no assurance the Company will be successful in this endeavor. Please note this is my own analysis and should not be taken as fact but merely an interpretation of the information in the filings. Gary