Oceanic Enterprises, Inc.
Statements of Financial Position
As of 6/30/2010
(unaudited)
(in thousands)
Oceanic | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 260 | ||
Accounts receivable, trade | 2,166 | |||
Accounts receivable, related party | 4,471 | |||
Inventories | 15 | |||
Other current assets | 49 | |||
Total current assets | 6,961 | |||
Property and equipment, net | 97 | |||
Other assets | 547 | |||
Total assets | $ | 7,605 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Current liabilities: | ||||
Borrowings from shareholder | $ | 914 | ||
Accounts payable, trade | 231 | |||
Accounts payable to related parties | 4,902 | |||
Accrued liabilities | 19 | |||
Total current liabilities | 6,066 | |||
Long term notes payable | 1,021 | |||
Total liabilities | 7,087 | |||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Common stock | 10 | |||
Additional paid-in capital | 1,000 | |||
Retained earnings | (492 | ) | ||
Accumulated other comprehensive income | - | |||
Total Oceanic stockholders’ equity | 518 | |||
Total liabilities and stockholders’ equity | $ | 7,605 |
Oceanic Enterprises, Inc.
Statements of Operations
Six months ended 6/30/2010 and 6/30/2009
(unaudited)
(in thousands)
6/30/2010 | 6/30/2009 | |||||||
Net revenue | $ | 1,200 | $ | 9,907 | ||||
Cost of goods sold | - | (9,069 | ) | |||||
Gross profit | 1,200 | 838 | ||||||
Selling, general and administrative expenses | (912 | ) | (1,077 | ) | ||||
Operating income (loss) | 288 | (239 | ) | |||||
Exchange gains | - | 115 | ||||||
Interest expense | (69 | ) | (91 | ) | ||||
Income (loss) before provision for income taxes | 219 | (215 | ) | |||||
Income tax provision | - | - | ||||||
Net income (loss) | $ | 219 | $ | (215 | ) |
Oceanic Enterprises, Inc.
Statement of Cash Flow
Six months ended 6/30/2010 and 6/30/2009
(unaudited)
(in thousands)
Six months ended | Six months ended | |||||||
June 30, 2010 | June 30, 2009 | |||||||
Operating Activities | ||||||||
Net income (loss) | $ | 219 | $ | (215 | ) | |||
Adjustments to reconcile to net cash used in operating activities: | ||||||||
Depreciation | - | - | ||||||
Deferred income taxes | (431 | ) | (492 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, trade | (1,520 | ) | (364 | ) | ||||
Accounts receivable, shareholder and other related party | (1,614 | ) | 748 | |||||
Inventories | (9 | ) | (2 | ) | ||||
Other current assets | 391 | 500 | ||||||
Accounts payable, trade | (33 | ) | (160 | ) | ||||
Accounts payable to shareholder and other related parties | 3,418 | 1,177 | ||||||
Accrued liabilities | (161 | ) | (45 | ) | ||||
Net cash provided by operating activities | 260 | 1,147 | ||||||
Investing activities | ||||||||
Purchases of property and equipment | (3 | ) | (6 | ) | ||||
Sale of fixed assets | - | - | ||||||
Net cash used in investing activities | (3 | ) | (6 | ) | ||||
Financing activities | ||||||||
Borrowings from shareholder | 914 | - | ||||||
Borrowings from unrelated party | - | 100 | ||||||
Repayments of note payable to shareholder | (918 | ) | (1,394 | ) | ||||
Net cash used in financing activities | (4 | ) | (1,294 | ) | ||||
Subtotal | 253 | (153 | ) | |||||
Cash and cash equivalents at beginning of year | 7 | 2,995 | ||||||
Cash and cash equivalents at end of period | $ | 260 | $ | 2,842 |