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Previous: MASTERPIECE TECHNOLOGY GROUP INC, 10QSB, 2000-11-20 |
Next: SATTEL GLOBAL NETWORKS INC, 10QSB, 2000-11-20 |
MASTERPIECE TECHNOLOGY GROUP, INC.
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
(Unaudited)
September 30, March 31,
2000 2000
<S> <C> <C>
-------------------- --------------------
Current Assets
Accounts Receivable $ 292,075 $ 447,491
Other Current Assets 775,108 303,531
-------------------- --------------------
Total Current Assets 1,067,183 751,022
-------------------- --------------------
Property and Equipment
Building and Improvements 257,786 257,786
Equipment, Furniture and Fixtures 834,787 834,787
-------------------- --------------------
1,092,573 1,092,573
Less Accumulated Depreciation 741,023 680,368
-------------------- --------------------
Total Property and Equipment 351,550 412,205
-------------------- --------------------
Other Assets
Capitalized Software Cost 6,113,680 6,532,125
Deposits and Other Assets 27,183 29,774
-------------------- --------------------
Total Other Assets 6,140,863 6,561,899
-------------------- --------------------
Total Assets $ 7,559,596 $ 7,725,126
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Bank Overdraft $ 58,099 $ 72,720
Current Portion of Mortgage Note 1,131 1,131
Notes Payable - Banks 1,421,955 1,491,428
Notes Payable - Officers and Related Parties 136,376 1,402,375
Notes Payable - Others 1,043,311 1,247,171
Capital Lease Obligations - Current 39,938 49,048
Accounts Payable 1,080,237 1,096,824
Accrued Expenses 654,606 1,153,610
-------------------- --------------------
Total Current Liabilities 4,435,653 6,514,307
-------------------- --------------------
Long-Term Liabilities
Mortgage Payable - Bank (Less Current Portion) 150,550 150,550
Capital Lease Obligations (Less Current Portion) 34,342 35,842
-------------------- --------------------
Total Long-Term Liabilities 184,892 186,392
-------------------- --------------------
Stockholders' Equity
Common Stock, No Par Value; 50,000,000 Shares
Authorized 14,237,758 and 5,672,416, Issued
and Outstanding as of September 30, 2000 14,237 5,672
and March 31, 2000, respectively
Paid-in Capital 12,104,952 7,698,043
Accumulated Deficit (9,180,138) (6,679,288)
-------------------- --------------------
Total Stockholders' Equity 2,939,051 1,024,427
-------------------- --------------------
Total Liabilities and Stockholders' Equity $ 7,559,596 $ 7,725,126
============ ============
</TABLE>
<PAGE>
MASTERPIECE TECHNOLOGY GROUP, INC.
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Sept. 30, Six Months Ended Sept. 30,
------------------------------------ ---------------------------------
<S> <C> <C> <C> <C>
2000 1999 2000 1999
---------------- -------------- ---------------- --------------
Sales $ 255,853 $ - $ 594,628 $ -
Cost of Sales 2,100 45,517 7,247 67,119
---------------- -------------- ---------------- --------------
Gross Profit 253,753 (45,517) 587,381 (67,119)
---------------- -------------- ---------------- --------------
Administrative Expenses
Payroll, Fees, Taxes and 1,368,052 413,037 1,671,329 582,288
Related Benefits
Rent 19,966 - 38,456 -
Interest Expense 361 - 3,378 -
Professional Fees 353,647 - 797,772 -
Depreciation 30,327 - 63,962 -
Amortization 311,533 - 432,166 -
Utilities and Telephone 30,008 - 74,705 -
Travel and Entertainment 15,990 - 47,278 -
Other 22,501 - 51,322 -
---------------- -------------- ---------------- --------------
Total Administrative
Expenses 2,152,385 413,037 3,180,368 582,288
---------------- -------------- ---------------- --------------
Loss from Operations (1,898,632) (458,554) (2,592,987) (649,407)
Other Income and (Expenses) 52,517 - 52,860 -
---------------- -------------- ---------------- --------------
Loss Before Taxes (1,846,115) (458,554) (2,540,127) (649,407)
Income Taxes - - - -
---------------- -------------- ---------------- --------------
Net Loss $(1,846,115) $ (458,554) $ (2,540,127) $ (649,407)
========== ========= ========== =========
Net Loss Per Share $ (0.14) $ (0.01) $ (0.25) $ (0.02)
========== ========= ========== =========
</TABLE>
<PAGE>
MASTERPIECE TECHNOLOGY GROUP, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Six Months
Ended Sept. 30, Ended Sept. 30,
2000 2000
--------------------- -------------------
<S> <C> <C>
Cash Flows From Operating Activities
Net Loss $ (1,846,115) $ (2,540,127)
Reconciliation of Net Loss with
Cash Flows from Operations
Depreciation 30,327 63,962
Amortization 311,533 432,166
Stock Issued for Services 2,018,466 4,470,997
Changes In
Accounts Receivable (63,257) 155,416
Other Current Assets (536,351) (471,577)
Deposits and Other Assets 1,264 2,591
Accounts Payable (6,721) (16,587)
Accrued Expenses 3,222 (499,004)
--------------------- -------------------
Cash Provided (Used) by Operations (87,632) 1,597,837
--------------------- -------------------
Cash Flows From Investing Activities
Capitalized Software Costs (8,839) (8,839)
--------------------- -------------------
Cash Used by Investing Activities (8,839) (8,839)
--------------------- -------------------
Cash Flows From Financing Activities
Increase (Decrease) in Bank Overdraft 22,875 (14,621)
Increase (Decrease) in Notes Payable 75,096 (1,563,767)
Payments on Capital Lease Obligations (1,500) (10,610)
--------------------- -------------------
Cash Provided by Financing Activities 96,471 (1,588,998)
--------------------- -------------------
Net Change in Cash - -
Beginning Cash Balance - -
--------------------- -------------------
Ending Cash Balance $ - $ -
</TABLE>
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