i am confused... i must be missing something... i read about all these multi-million dollar contracts and then i read the 31 dec 98 financial statement.
this has to be a mistake Cash on Hand = $400
this company should be commended...their charitable contribution was $150. that 37 1/2% of their cash... sure makes me feel like a cheap skate with my contributions...hahahaha
GENESIS MEDIA GROUP, INC.
Financial Statement (Unaudited)
December 31, 1998
Genesis Media Group, Inc.
Balance Sheet
December 31, 1998
(Unaudited)
ASSETS
Current Assets
Cash on hand and in banks $400
Accounts receivable -- trade 186,437
Loan receivable -- D. Jacobson 50,000
Contract receivables (Note 2) 1,800,000
Inventory (Notes 1, 3) 41,068,329
Prepaid expenses and misc.
receivables (Note 4) 111,030
43,216,196
Property & Equipment (Net of $37,333
accumulated depreciation) (Notes 1, 5) 661,666
Marketable Securities (Note 9) 235,168
Other Assets (Notes 2, 4, 6) 3,744,338
$47,857,368
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $17,286
Payroll taxes payable & other accrued taxes 46,735
Current portion of long term debt (Note 7) 934,873
998,894
Long Term Debt (Note 7) 1,843,822
Total Liabilities 2,842,716
Stockholders' Equity
Common Stock - Par value $0.0001, Authorized
50,000,000 shares, issued and outstanding
29,330,607 shares 2,933
Additional paid in capital (Note 3) 42,202,314
Retained earnings - December 31, 1998 2,809,405
45,014,652
$47,857,368
See accompanying footnotes.
Genesis Media Group, Inc.
Statement of Income and Retained Earnings
For the Year Ended Dec. 31, 1998
(Unaudited)
Gross Sales & Other Income
(Net of cost of sales of $81,564) $439,998
Operating Expenses
Advertising 6,420
Alarm expense 28
Amortization of copyrights 1,384
Automobile & parking 5,249
Bank charges 1,089
Commissions 1,000
Charitable contributions 150
Delivery & freight 316
Depreciation (Note 1) 28,362
Dues & subscriptions 1,101
Employee reimbursed expenses 55,980
Entertainment & meals 8,199
Insurance 10,730
Interest 28,062
Janitorial 3,360
Legal & accounting 92,833
Maintenance & repairs 3,482
Miscellaneous 24,103
Office expense & supplies 5,943
Outside services 43,181
Postage 6,253
Printing & reproductions 3,544
Rent & storage (Note 8) 106,327
Salaries & wages 266,640
Taxes & licenses
principally payroll taxes 13,929
Telephone 16,090
Travel 4,623
Utilities 226
Web site expense 1,500
740,104
Net (Loss) before Taxes (300,106)
Provision for Taxes 800
Net (Loss) (300,906)
Net (Loss) per common share (Note 10) $0.0103
Retained Earnings -- December 31, 1997 3,110,311
Retained Earnings -- December 31, 1998 $2,809,405 |
