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Previous: BLUE RHINO CORP, 8-K/A, EX-99.1, 2001-01-12 |
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<PAGE> 1
Exhibit 99.2
QuickShip, Inc.
UNAUDITED BALANCE SHEETS
AS OF JULY 31, 2000
ASSETS
Current assets:
Cash and cash equivalents $ 2,941
Marketable securities, available-for-sale --
Accounts receivable, less allowance of $10,000 16,470
Employee receivables 87,165
Prepaid expenses and other assets 94,495
-----------
Total current assets 201,071
Property and equipment, net 1,073,629
Other assets 43,974
-----------
Total assets $ 1,318,674
===========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 473,196
Accrued liabilities 38,204
Notes payable 3,615,852
Current portion of long-term debt 3,827
Deferred revenue 7,006
-----------
Total current liabilities 4,138,085
Long-term debt, less current maturities 39,369
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4,177,454
Shareholders' Deficit:
Common stock, $1 par value, 200,000 shares authorized,
813 shares issued and outstanding 813
Additional paid-in-capital 2,316,504
Accumulated deficit (5,176,097)
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Total shareholders' deficit (2,858,780)
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Total liabilities and shareholders' deficit $ 1,318,674
===========
See accompanying notes to unaudited financial statements
1
<PAGE> 2
QuickShip, Inc.
Unaudited Statements of Operations
SEVEN-MONTH PERIOD
ENDED JULY 31,
------------------------------
2000 1999
----------- ----------
Net sales $ 216,845 $1,009,603
Cost of sales 6,375 85,104
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210,470 924,499
Selling, general and administrative expenses 1,023,310 804,547
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Operating (loss) income: (812,840) 119,952
Non-operating expenses: (266,315) (72,286)
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Net (loss) income (1,079,155) 47,666
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Preferred dividends -- (116,667)
----------- ----------
Loss to common shareholders $(1,079,155) $ (69,001)
=========== ==========
See accompanying notes to unaudited financial statements.
2
<PAGE> 3
QuickShip, Inc.
Unaudited Statements of Cash Flows
<TABLE>
<CAPTION>
SEVEN MONTH PERIOD ENDED
JULY 31,
-----------------------------
2000 1999
----------- ---------
<S> <C> <C>
OPERATING ACTIVITIES
Net (loss) income $(1,079,155) $ 47,666
Adjustments to reconcile net (loss) income to net
cash used in operating activities:
Depreciation and amortization 160,857 43,471
Changes in operating assets and liabilities:
Accounts receivable (911) (122,731)
Employee receivables (45,202) (17,103)
Prepaid expenses and other assets (17,613) (37,948)
Accounts payable 265,210 101,224
Accrued liabilities 2,844 (1,135)
Deferred revenue (1,015) (84,172)
----------- ---------
Net cash used in operating activities (714,985) (70,728)
INVESTING ACTIVITIES
Purchases of property and equipment (108,561) (261,210)
Proceeds from sale of marketable securities 25,368 --
Purchases of marketable securities -- (41,349)
Payments received on notes receivable 14,967 14,699
----------- ---------
Net cash used in investing activities (68,226) (287,860)
FINANCING ACTIVITIES
Proceeds from (payments on) line of credit, net 1,124,333 307,373
Proceeds from notes payable -- 46,599
Payments on notes payable (332,228) --
Proceeds from long-term debt -- --
Payments on long-term debt (7,880) (4,305)
----------- ---------
Net cash provided by financing activities 784,225 349,667
----------- ---------
Increase (decrease) in cash and cash equivalents 1,014 (8,921)
Cash and cash equivalents at beginning of period 1,927 27,700
----------- ---------
Cash and cash equivalents at end of period $ 2,941 $ 18,779
=========== =========
</TABLE>
See accompanying notes to unaudited financial statements.
3
<PAGE> 4
QuickShip, Inc.
Notes to Unaudited Condensed Financial Statements
(Unaudited)
July 31, 2000
NOTE A. BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the periods from January 1, 2000 through
July 31, 2000, are not necessarily indicative of the results that may be
expected for the year ended December 31, 2000.
For further information, refer to the financial statements and footnotes thereto
included in this Form 8-K/A for the year ended December 31, 1999.
4
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