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Previous: DERMA SCIENCES INC, 8-K, EX-10.3, 2000-07-27 |
Next: JP MORGAN INSTITUTIONAL FUNDS, NSAR-B, 2000-07-27 |
EXHIBIT 99-1
DERMA SCIENCES, INC.
BALANCE SHEETS
June 30, 2000
<TABLE>
<CAPTION>
*
ACTUAL ADJUSTMENTS PROFORMA
----------------------------------------------
<S> <C> <C> <C>
Current Assets
Cash and cash equivalents 870,511 400,000 1,270,511
Accounts Receivable, net 1,867,298 1,772,990
Inventories 1,299,750 1,327,789
Current portion of officer's note receivable 19,330 19,330
Prepaid expenses and other current assets 420,427 445,449
--------------- ------------- ------------
Total Current Assets 4,477,316 400,000 4,836,069
Property and equipment, net 330,637 340,651
Long-term Assets
Goodwill and other intangibles, net 1,485,601 1,496,042
Officer's note receivable 76,034 76,034
--------------- ------------- ------------
6,369,588 400,000 6,748,796
--------------- ------------- ------------
Current Liabilities
Accounts payable 1,038,258 1,139,980
Accrued expenses 413,496 431,443
Bank Line of credit 950,000 1,000,000
--------------- ------------- ------------
Total Current Liabilities 2,401,754 - 2,571,423
Long-term Liabilities
Convertible Bonds 850,000 (375,000) 475,000
--------------- ------------- ------------
3,251,754 (375,000) 3,046,423
--------------- ------------- ------------
Stockholders Equity
Common Stock 14,092 5,667 19,759
Convertible Preferred Stock 14,809 3,750 18,559
Additional Paid-in Capital 11,416,947 765,583 12,182,530
Accumulated Deficit (8,328,014) (8,322,450)
--------------- ------------- ------------
Total Stockholders Equity 3,117,834 775,000 3,898,398
--------------- ------------- ------------
6,369,588 400,000 6,944,821
--------------- ------------- ------------
TOTAL STOCKHOLDERS' EQUITY 3,117,834 3,898,398
Less: Net Goodwill at June 30, 2000 1,301,058 1,301,058
---------------- --------------
Net Tangible Assets 1,816,776 2,597,340
================ ==============
</TABLE>
* PROFORMA ADJUSTMENTS REFLECT THE PURCHASE OF 533,333 SHARES ($400,000) OF
COMMON STOCK AT $0.75 PER SHARE AND CONVERSION OF $375,000 IN PRINCIPAL
AMOUNT OF CONVERTIBLE BONDS.
<PAGE>
DERMA SCIENCES, INC.
SCHEDULE OF GOODWILL - NET
BALANCE LESS BALANCE
BEGINNING AMORTIZATION ENDING
------------------------------------------------
Balance as of:
31-Mar-00 $1,354,690 $ 26,816 $1,327,874
30-Jun-00 1,327,874 26,816 1,301,058
30-Sep-00 1,301,058 26,816 1,274,242
31-Dec-00 1,274,242 26,816 1,247,426
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