|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE> 1
<TABLE>
<CAPTION>
UNITREND, INC AND SUBSIDIARY
(Development Stage Companies)
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Three Months Ended
March 31, 2000 March 31, 1999
------------------ ------------------
<S> <C> <C>
Sales $ -- $ --
Research and Development Expenses (16,680)
Selling, General and Administrative
Expenses (354,317) (220,378)
------------ ------------
Operating Loss (370,997) (220,378)
Interest Income 405 --
Interest Expense (6,950) (6,148)
------------ ------------
Net Loss $ (377,542) $ (226,526)
------------ ------------
Basic and Diluted Loss Per Share:
Net Loss $ (0.01) --
------------ ------------
Weighted Average Shares Outstanding
Used to Compute Basic and Diluted
Loss Per Share 69,383,580 68,014,229
------------ ------------
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
UNITREND, INC AND SUBSIDIARY
(Development Stage Companies)
CONSOLIDATED BALANCE SHEETS
ASSETS Unaudited Audited
March 31, 2000 December 31, 1999
------------------ -------------------
<S> <C> <C>
CURRENT ASSETS
Cash $ 7,191 $ 8,779
Current portion of notes receivable 22,458 22,458
Prepaid Expenses 19,830 19,830
------------------ -------------------
Total current assets 49,479 51,067
------------------ -------------------
PROPERTY AND EQUIPMENT, at cost
Land 67,485 67,485
Building and improvements 376,385 376,385
Furniture and fixtures 82,395 72,295
Computer equipment 149,906 125,054
Computer software 46,718 45,328
Automobiles 15,937 15,937
Tooling and dies under construction 1,449,430 1,429,429
------------------ -------------------
2,188,256 2,131,913
Less accumulated depreciation (208,128) (198,879)
------------------ -------------------
Net property and equipment 1,980,128 1,933,034
------------------ -------------------
OTHER ASSETS
Patent licensing costs, net of accumulated amortization 30,323 30,790
Loan costs, net of accumulated amortization 3,541 3,813
Notes Receivable 11,955 11,550
------------------ -------------------
Total other assets 45,819 46,153
------------------ -------------------
TOTAL ASSETS $ 2,075,426 $ 2,030,254
================== ===================
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 239,149 $ 292,143
Current portion of long-term debt 19,332 19,332
Accrued payroll and sundry taxes 22,416 14,922
------------------ -------------------
Total current liabilities 280,897 326,397
------------------ -------------------
LONG-TERM LIABILITIES
Accrued interest 2,291 72,215
Note payable - bank 240,059 244,892
Note payable - stockholder - 1,703,854
------------------ -------------------
Total long-term liabilities 242,350 2,020,961
------------------ -------------------
STOCKHOLDERS EQUITY (DEFICIT)
Common stock, no par value 3,301,503 3,301,503
Additional paid-in-capital 8,016,880 5,770,055
Deficit accumulated in the development stage (9,766,204) (9,388,662)
------------------ -------------------
Total stockholders equity (deficit) 1,552,179 (317,104)
------------------ -------------------
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) $ 2,075,426 $ 2,030,254
================== ===================
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
UNITREND, INC AND SUBSIDIARY
(Development Stage Companies)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Unaudited
Three Months Ended Three Months Ended
March 31, 2000 March 31, 1999
------------------- -------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (377,542) $ (226,526)
------------------- -------------------
Adjustments to reconcile net loss to net
cash used in operating activities
Options issued for services 5,029 -
Depreciation & amortization 9,988 6,650
Accrued interest income (405) -
Increase (decrease) in operating assets
Notes receivable - 15,458
Other assets - (18,459)
Increase (decrease) in operating liabilities:
Accounts payable (52,994) (82,805)
Accrued payroll and sundry taxes 7,494 (42,503)
Accrued interest 18 (1,245)
------------------- -------------------
Total adjustments (30,870) (122,904)
------------------- -------------------
Net cash used in operating activities
(408,412) (349,430)
------------------- -------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (56,343) (25,241)
------------------- -------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payment on notes (4,833) (1,611)
Loans from shareholder 468,000 394,711
------------------- -------------------
Net cash provided by financing activities 463,167 393,100
------------------- -------------------
Net increase (decrease) in cash (1,588) 18,429
Cash - beginning of year 8,779 1,891
------------------- -------------------
Cash - end of period $ 7,191 $ 20,320
=================== ===================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the quarter
Interest $ 6,932 $ -
Income Taxes $ 2,000 $ -
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES:
During the first quarter ended March 31, 2000 the majority
shareholder forgave loans to the company of $2,171,854, and
accrued interest of $69,942, this was accounted for as
contributed capital.
</TABLE>
|
|