EXHIBIT 99.1
UNAUDITED BALANCE SHEET AS OF JULY 31, 2005
|
| July 31, 2005 |
| |
|
| (Unaudited) |
| |
ASSETS |
|
|
| |
Current assets |
|
|
| |
Cash and cash equivalents |
| $ | 3,640,349 |
|
Restricted investments |
| 2,000,000 |
| |
Trade accounts receivable, net of allowance for doubtful accounts of $15,000 |
| 3,104,675 |
| |
Other receivables |
| 31,510 |
| |
Prepaid expenses and other assets |
| 737,360 |
| |
Total current assets |
| 9,513,894 |
| |
|
|
|
| |
Property and equipment, net of accumulated depreciation of $6,175,500 |
| 4,665,325 |
| |
Patents and other intangible assets, net of accumulated amortization of $341,060 |
| 935,142 |
| |
Total assets |
| $ | 15,114,361 |
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
| |
Current liabilities |
|
|
| |
Bank line of credit |
| $ | 1,278,776 |
|
Accounts payable and accrued expenses |
| 2,035,830 |
| |
Accrued salaries and benefits |
| 1,151,020 |
| |
Capital lease obligations |
| 16,746 |
| |
Deferred revenue |
| 34,632 |
| |
Total current liabilities |
| 4,517,004 |
| |
|
|
|
| |
Capital lease obligations |
| 17,746 |
| |
Deferred compensation |
| 125,959 |
| |
Deferred rent |
| 206,486 |
| |
Total liabilities |
| 4,867,195 |
| |
|
|
|
| |
Commitments and contingencies |
| — |
| |
|
|
|
| |
Stockholders’ equity |
|
|
| |
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued and outstanding |
| — |
| |
Common stock, $.005 par value, 50,000,000 shares authorized; 12,138,380 issued and 12,057,942 shares outstanding |
| 60,669 |
| |
Paid-in capital in excess of par value |
| 23,387,882 |
| |
Treasury stock, 80,438 shares at cost |
| (464,786 | ) | |
Accumulated deficit |
| (12,736,599 | ) | |
Total stockholders’ equity |
| 10,247,166 |
| |
Total liabilities and stockholders’ equity |
| $ | 15,114,361 |
|