| September 30, 2001 | December 31, 2000 | ||
(Unaudited) | |||
ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $ 1,950,621 | $ 1,911,224 | |
| Receivables, net | 2,105,893 | 1,866,565 | |
Inventories | 7,244,244 | 106,700 | |
| Prepaid expenses | 722,588 | 687,028 | |
| Other receivables | 484,820 | 298,751 | |
| Other current assets | 231,443 | 240,450 | |
| Deferred advertising – CBS | 18,845,194 | 19,131,714 | |
Total current assets | 31,584,803 | 24,242,432 | |
| PROPERTY AND EQUIPMENT, net | 2,747,604 | 2,802,840 | |
| INVESTMENTS | 1,270,482 | 1,814,214 | |
| NONCURRENT DEFERRED ADVERTISING – CBS | 77,580,123 | 91,714,019 | |
INTANGIBLE ASSETS, net | 2,766,667 | 3,745,579 | |
| GOODWILL, net | 42,163,814 | 44,231,378 | |
OTHER ASSETS | 747,040 | 727,620 | |
| TOTAL ASSETS | $ 158,860,533 | $ 169,278,082 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable | $ 1,940,529 | $ 3,194,105 | |
| Other accrued expenses | 2,243,403 | 2,444,113 | |
| Notes payable | 400,000 | 750,000 | |
Accrued reserve for closed stores | 324,089 | 798,362 | |
| Deferred revenue | 7,469,339 | 1,556,841 | |
| Current portion of capital lease obligations | 482,844 | 627,597 | |
| Total current liabilities | 12,860,204 | 9,371,018 | |
| CAPITAL LEASE OBLIGATIONS, less current portion | 260,930 | 721,521 | |
| DEFERRED REVENUE | 1,872,153 | 331,559 | |
| MINORITY INTEREST | – | 160,094 | |
| COMMITMENTS AND CONTINGENCIES | |||
| SHAREHOLDERS’ EQUITY: | |||
| Common stock | 270,437 | 247,309 | |
| Deferred compensation | – | (102,067) | |
| Additional paid-in capital | 280,954,184 | 271,339,954 | |
| Accumulated deficit | (137,357,375) | (112,791,306) | |
| Total shareholders’ equity | 143,867,246 | 158,693,890 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 158,860,533 | $ 169,278,082 | |
Click here to see CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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