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Previous: VIDEO NETWORK COMMUNICATIONS INC, 8-K, 2000-09-01 |
Next: VION PHARMACEUTICALS INC, PRE 14A, 2000-09-01 |
<PAGE> 1
EXHIBIT 99.1
VIDEO NETWORK COMMUNICATIONS, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
Actual Pro Forma
(1)
June 30, June 30,
2000 2000
---- ----
Current assets: (Unaudited) (Unaudited)
<S> <C> <C>
Cash and cash equivalents $1,458,363 $3,579,787
Accounts receivable, net, 15,735 15,735
Inventory, net 4,630,813 4,630,813
Other current assets 122,110 122,110
-------------- ------------
Total current assets 6,227,021 8,348,445
Property and equipment, net 954,724 954,724
Trademarks and patents, net 257,841 257,841
Other assets 68,309 68,309
-------------- ------------
$7,507,895 $9,629,319
=============== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 60,872 $ 60,872
Accounts payable 746,740 746,740
Deferred revenue 1,092,632 1,092,632
Accrued liabilities 797,582 797,582
Current portion of long term debt 2,471,530 2,270,154
Obligations under capital lease, current portion 13,927 13,927
-------------- ------------
Total current liabilities 5,183,283 4,981,907
Long term debt 909,192 909,192
Obligations under capital lease 25,729 25,729
Commitments
Stockholders' equity :
Common stock 89,080 106,680
Additional paid-in capital 57,440,997 59,746,197
Accumulated deficit (56,140,386) (56,140,386)
-------------- ------------
Total stockholders' equity 1,389,691 3,712,491
-------------- ------------
$7,507,895 $9,629,319
=============== ============
Net Tangible Assets $ 1,389,691 $ 3,712,491
</TABLE>
(1) The pro forma column presents our unaudited financial information as of June
30, 2000 on a pro forma as adjusted basis to reflect: (i) the completion on
August 25, 2000 of the Private Placement of 1,760,000 Units, each Unit
consisting of one share of our common stock and one redeemable common stock
purchase warrant, at an offering price of $1.50 per Unit, and the receipt of the
net proceeds therefrom; and (ii) the repayment of $201,376 principal amount of
certain outstanding long-term debt using a portion of the net proceeds from the
Private Placement.
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