EX-99.15 2 septfinance.txt FINANCIAL STATEMENTS MASTERPIECE TECHNOLOGY GROUP, INC. BALANCE SHEETS ASSETS
(Unaudited) September 30, March 31, 2000 2000 -------------------- -------------------- Current Assets Accounts Receivable $ 292,075 $ 447,491 Other Current Assets 775,108 303,531 -------------------- -------------------- Total Current Assets 1,067,183 751,022 -------------------- -------------------- Property and Equipment Building and Improvements 257,786 257,786 Equipment, Furniture and Fixtures 834,787 834,787 -------------------- -------------------- 1,092,573 1,092,573 Less Accumulated Depreciation 741,023 680,368 -------------------- -------------------- Total Property and Equipment 351,550 412,205 -------------------- -------------------- Other Assets Capitalized Software Cost 6,113,680 6,532,125 Deposits and Other Assets 27,183 29,774 -------------------- -------------------- Total Other Assets 6,140,863 6,561,899 -------------------- -------------------- Total Assets $ 7,559,596 $ 7,725,126 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Bank Overdraft $ 58,099 $ 72,720 Current Portion of Mortgage Note 1,131 1,131 Notes Payable - Banks 1,421,955 1,491,428 Notes Payable - Officers and Related Parties 136,376 1,402,375 Notes Payable - Others 1,043,311 1,247,171 Capital Lease Obligations - Current 39,938 49,048 Accounts Payable 1,080,237 1,096,824 Accrued Expenses 654,606 1,153,610 -------------------- -------------------- Total Current Liabilities 4,435,653 6,514,307 -------------------- -------------------- Long-Term Liabilities Mortgage Payable - Bank (Less Current Portion) 150,550 150,550 Capital Lease Obligations (Less Current Portion) 34,342 35,842 -------------------- -------------------- Total Long-Term Liabilities 184,892 186,392 -------------------- -------------------- Stockholders' Equity Common Stock, No Par Value; 50,000,000 Shares Authorized 14,237,758 and 5,672,416, Issued and Outstanding as of September 30, 2000 14,237 5,672 and March 31, 2000, respectively Paid-in Capital 12,104,952 7,698,043 Accumulated Deficit (9,180,138) (6,679,288) -------------------- -------------------- Total Stockholders' Equity 2,939,051 1,024,427 -------------------- -------------------- Total Liabilities and Stockholders' Equity $ 7,559,596 $ 7,725,126 ============ ============
MASTERPIECE TECHNOLOGY GROUP, INC. STATEMENTS OF INCOME
(Unaudited) (Unaudited) Three Months Ended Sept. 30, Six Months Ended Sept. 30, ------------------------------------ --------------------------------- 2000 1999 2000 1999 ---------------- -------------- ---------------- -------------- Sales $ 255,853 $ - $ 594,628 $ - Cost of Sales 2,100 45,517 7,247 67,119 ---------------- -------------- ---------------- -------------- Gross Profit 253,753 (45,517) 587,381 (67,119) ---------------- -------------- ---------------- -------------- Administrative Expenses Payroll, Fees, Taxes and 1,368,052 413,037 1,671,329 582,288 Related Benefits Rent 19,966 - 38,456 - Interest Expense 361 - 3,378 - Professional Fees 353,647 - 797,772 - Depreciation 30,327 - 63,962 - Amortization 311,533 - 432,166 - Utilities and Telephone 30,008 - 74,705 - Travel and Entertainment 15,990 - 47,278 - Other 22,501 - 51,322 - ---------------- -------------- ---------------- -------------- Total Administrative Expenses 2,152,385 413,037 3,180,368 582,288 ---------------- -------------- ---------------- -------------- Loss from Operations (1,898,632) (458,554) (2,592,987) (649,407) Other Income and (Expenses) 52,517 - 52,860 - ---------------- -------------- ---------------- -------------- Loss Before Taxes (1,846,115) (458,554) (2,540,127) (649,407) Income Taxes - - - - ---------------- -------------- ---------------- -------------- Net Loss $(1,846,115) $ (458,554) $ (2,540,127) $ (649,407) ========== ========= ========== ========= Net Loss Per Share $ (0.14) $ (0.01) $ (0.25) $ (0.02) ========== ========= ========== =========
MASTERPIECE TECHNOLOGY GROUP, INC. STATEMENTS OF CASH FLOWS
(Unaudited) (Unaudited) Three Months Six Months Ended Sept. 30, Ended Sept. 30, 2000 2000 --------------------- ------------------- Cash Flows From Operating Activities Net Loss $ (1,846,115) $ (2,540,127) Reconciliation of Net Loss with Cash Flows from Operations Depreciation 30,327 63,962 Amortization 311,533 432,166 Stock Issued for Services 2,018,466 4,470,997 Changes In Accounts Receivable (63,257) 155,416 Other Current Assets (536,351) (471,577) Deposits and Other Assets 1,264 2,591 Accounts Payable (6,721) (16,587) Accrued Expenses 3,222 (499,004) --------------------- ------------------- Cash Provided (Used) by Operations (87,632) 1,597,837 --------------------- ------------------- Cash Flows From Investing Activities Capitalized Software Costs (8,839) (8,839) --------------------- ------------------- Cash Used by Investing Activities (8,839) (8,839) --------------------- ------------------- Cash Flows From Financing Activities Increase (Decrease) in Bank Overdraft 22,875 (14,621) Increase (Decrease) in Notes Payable 75,096 (1,563,767) Payments on Capital Lease Obligations (1,500) (10,610) --------------------- ------------------- Cash Provided by Financing Activities 96,471 (1,588,998) --------------------- ------------------- Net Change in Cash - - Beginning Cash Balance - - --------------------- ------------------- Ending Cash Balance $ - $ -