|
December 31,
|
December 31,
|
|||
|
2002
|
2001
|
|||
|
(Unaudited)
|
||||
| ASSETS |
|
|
||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents |
$2,342,238
|
$1,980,966
|
||
| Receivables, net |
1,845,063
|
1,507,199
|
||
| Inventories, net |
7,144,311
|
7,086,444
|
||
| Prepaid expenses |
1,026,454
|
746,482
|
||
| Other receivables |
510,532
|
600,537
|
||
| Other current assets |
247,532
|
–
|
||
| Deferred advertising – CBS |
924,780
|
13,054,321
|
||
| Total current assets |
14,040,910
|
24,975,949
|
||
| PROPERTY AND EQUIPMENT, net |
3,563,569
|
2,792,512
|
||
| INVESTMENTS IN AND ADVANCES TO EQUITY METHOD INVESTEES |
610,172
|
1,522,519
|
||
| NONCURRENT DEFERRED ADVERTISING – CBS |
–
|
70,120,029
|
||
| IDENTIFIABLE INTANGIBLE ASSETS, net |
2,342,807
|
2,344,089
|
||
| GOODWILL, net |
40,773,968
|
|
40,655,452
|
|
| OTHER ASSETS |
658,521
|
959,669
|
||
| TOTAL ASSETS |
$61,989,947
|
$143,370,219
|
||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||
| CURRENT LIABILITIES: | ||||
| Accounts payable |
$1,354,663
|
$1,668,494
|
||
| Accrued expenses and other |
3,372,793
|
2,529,281
|
||
| Notes payable |
250,000
|
350,000
|
||
| Loan from shareholder/officer |
–
|
450,000
|
||
| Accrued exit and retail closure costs |
509,588
|
42,144
|
||
| Deferred revenue |
8,890,002
|
8,968,641
|
||
| Current portion of capital lease obligations |
340,083
|
659,620
|
||
| Total current liabilities |
14,717,129
|
14,668,180
|
||
| CAPITAL LEASE OBLIGATIONS, less current portion |
238,546
|
458,390
|
||
| DEFERRED REVENUE |
214,626
|
1,072,153
|
||
| MINORITY INTEREST |
(78,710)
|
–
|
||
| OTHER DEFERRED LIABILITY |
2,381,863
|
–
|
||
| CONVERTIBLE DEBENTURES, NET |
3,223,988
|
–
|
||
| COMMITMENTS AND CONTINGENCIES | ||||
| SHAREHOLDERS’ EQUITY: | ||||
| Preferred Stock, $.01 par value, 539,127 shares authorized; none outstanding |
–
|
–
|
||
| Series A variable rate convertible preferred stock, $6.25 stated value, 217,600 |
||||
| shares authorized; 217,600 shares issued and outstanding at December 31,1998. |
–
|
–
|
||
| Series B variable rate convertible preferred stock, $5.21 stated value, 142,223 |
||||
| shares authorized; 122,846 shares issued and outstanding at December 31,1998. |
–
|
–
|
||
| Series C, 4% convertible preferred stock, $100 stated value, 100,000 shares |
||||
| authorized; 20,000 shares issued and outstanding at December 31,1998. |
–
|
–
|
||
| Series D, 7% convertible preferred stock, $10,000 stated value, 1,000 shares |
||||
| authorized; 250 shares issued and outstanding December 31,1998. |
–
|
–
|
||
| Series D-2, 7% convertible preferred stock, $10,000 stated value, 50 shares authorized; |
||||
| 50 shares issued and outstanding at December 31,1998. |
–
|
–
|
||
| Common stock, $.01 par value, 100,000,000 shares authorized; 20,253,863 |
||||
| and 27,971,409 shares issued and outstanding at December 31, 2002 and |
||||
| December 31, 2001, respectively |
202,539
|
279,714
|
||
| Additional paid-in capital |
277,261,293
|
283,687,361
|
||
| Deferred compensation |
–
|
(2,174,368)
|
||
| Accumulated deficit |
(236,171,327)
|
(154,621,211)
|
||
| Total shareholders’ equity |
41,292,505
|
127,171,496
|
||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$61,989,947
|
$143,370,219
|
||
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