Oceanic Enterprises, Inc.
Statements of Financial Position
As of 9/30/2010
(unaudited)
(in thousands)
Oceanic | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 78 | ||
Accounts receivable, trade | 32 | |||
Accounts receivable, shareholder and other related party | 2,922 | |||
Inventories | 36 | |||
Other current assets | 74 | |||
Total current assets | 3,142 | |||
Property and equipment, net | 173 | |||
Other assets | 548 | |||
Total assets | $ | 3,863 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Current liabilities: | ||||
Borrowings from shareholder | $ | - | ||
Accounts payable, trade | 187 | |||
Accounts payable to shareholder and other related parties | 3,502 | |||
Accrued liabilities | 15 | |||
Total current liabilities | 3,704 | |||
Long term notes payable | - | |||
Total liabilities | 3,704 | |||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Common stock | 10 | |||
Additional paid-in capital | 1,000 | |||
Retained earnings | (851 | ) | ||
Accumulated other comprehensive income | - | |||
Total Oceanic stockholders’ equity | 159 | |||
Total liabilities and stockholders’ equity | $ | 3,863 |
Oceanic Enterprises, Inc.
Statements of Operations
Nine months ended 9/30/2010 and 9/30/2009
(unaudited)
(in thousands)
9/30/2010 | 9/30/2009 | |||||||
Net revenue | $ | 1,800 | $ | 10,507 | ||||
Cost of goods sold | - | (9,069 | ) | |||||
Gross profit | 1,800 | 1,438 | ||||||
Selling, general and administrative expenses | (1,473 | ) | (1,583 | ) | ||||
Operating income (loss) | 327 | (145 | ) | |||||
Exchange gains | - | 115 | ||||||
Gain (loss) asset disposition | (2 | ) | - | |||||
Interest expense | (472 | ) | (91 | ) | ||||
Income (loss) before provision for income taxes | (147 | ) | (121 | ) | ||||
Income tax provision | - | - | ||||||
Net income (loss) | $ | (147 | ) | $ | (121 | ) |
Oceanic Enterprises, Inc.
Statement of Cash Flow
Nine months ended 9/30/2010 and 9/30/2009
(unaudited)
(in thousands)
Nine months ended | Nine months ended | |||||||
September 30, 2010 | September 30, 2009 | |||||||
Operating Activities | ||||||||
Net loss | $ | (147 | ) | $ | (121 | ) | ||
Adjustments to reconcile to net cash used in operating activities: | ||||||||
Depreciation | - | - | ||||||
Deferred income taxes | (432 | ) | (506 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, trade | 614 | (364 | ) | |||||
Accounts receivable, shareholder and other related party | (65 | ) | 110 | |||||
Inventories | (30 | ) | (6 | ) | ||||
Other current assets | 366 | 486 | ||||||
Accounts payable, trade | (77 | ) | (159 | ) | ||||
Accounts payable to shareholder and other related parties | 2,018 | (634 | ) | |||||
Accrued liabilities | (165 | ) | (49 | ) | ||||
Net cash used and provided in operating activities | 2,082 | (1,243 | ) | |||||
Investing activities | ||||||||
Purchases of property and equipment | (85 | ) | (11 | ) | ||||
Sale of fixed assets | 13 | - | ||||||
Net cash used in investing activities | (72 | ) | (11 | ) | ||||
Financing activities | ||||||||
Borrowings from unrelated parties | - | 100 | ||||||
Repayments of note payable to shareholder | (1,939 | ) | (1,464 | ) | ||||
Net cash used in financing activities | (1,939 | ) | (1,364 | ) | ||||
Subtotal | 71 | (2,618 | ) | |||||
Cash and cash equivalents at beginning of year | 7 | 2,995 | ||||||
Cash and cash equivalents at end of period | $ | 78 | $ | 377 |