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Previous: NETWORK SYSTEMS INTERNATIONAL INC, 8-K/A, EX-99.1, 2001-01-19 |
Next: NETWORK SYSTEMS INTERNATIONAL INC, 8-K/A, EX-99.3, 2001-01-19 |
<PAGE> 1
NETWORK SYSTEMS INTERNATIONAL, INC.
PRO FORMA COMBINING BALANCE SHEET
AS OF SEPTEMBER 30, 2000
EXHIBIT 99.2
<TABLE>
<CAPTION>
Historical interLAN Adjust Eliminate Pro forma
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 750,000 $ 337,235 A (150,000) $ 937,235
Accounts receivable, net -- 608,365 608,365
Notes receivable 1,500,000 -- 1,500,000
Income taxes receivable 106,417 -- 106,417
Other -- 1,160 1,160
----------- --------- -----------
Total current assets 2,356,417 946,760 3,153,177
Property and equipment, net -- 8,219 8,219
Investment in interLAN A 637,500 (637,500) --
--
Goodwill, net -- -- B 394,248 354,823
C (39,425)
----------- --------- -----------
$ 2,356,417 $ 954,979 $ 3,516,219
=========== ========= ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 750,000 $ 30,107 A 150,000 $ 930,107
Accounts payable 81,000 554,609 635,609
Accrued income taxes payable -- 83,000 83,000
Accrued expenses and other -- 33,400 33,400
Amounts due to purchaser of discontinued operations 106,417 -- 106,417
----------- --------- -----------
937,417 701,116 1,788,533
Long-term debt, less current -- 10,611 10,611
Stockholders' equity:
Preferred stock 3 -- 3
Common stock 9,989 14,000 A 250 (14,000) 10,239
Additional paid-in capital 6,410,620 86,244 A 337,250 (480,492) 6,747,870
B 394,248
Retained deficit (5,001,612) 143,008 C (39,425) (143,008) (5,041,037)
----------- --------- -----------
1,419,000 243,252 1,717,075
----------- --------- -----------
$ 2,356,417 $ 954,979 $ 3,516,219
=========== ========= ===========
</TABLE>
15
<PAGE> 2
NETWORK SYSTEMS INTERNATIONAL, INC.
PRO FORMA COMBINING BALANCE SHEET
AS OF SEPTEMBER 30, 2000
EXHIBIT 99.2
(Continued)
<TABLE>
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
[A]
Cash 150,000
Notes payable 150,000
Common stock 250
Additional paid in capital 337,250
Investment in interLAN 637,500
To record acquisition of interLAN
[B]
Goodwill 394,248
Additional paid in capital 394,248
To record goodwill on subsidiary's books
[C]
Amortization expense 39,425
Accumulated amortization, goodwill 39,425
</TABLE>
To record amortization of goodwill for one year
16
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