THE BEARD COMPANY AND SUBSIDIARIES |
Balance Sheets |
May 31, 2009 (Unaudited) and December 31, 2008 |
| | | | | |
| | | May 31, | | December 31, |
| | Assets | 2009 | | 2008 |
Current assets: | | | |
| Cash and cash equivalents | $ 2,572,000 | | $ 182,000 |
| Accounts receivable, less allowance for doubtful | | | |
| receivables of $31,000 in 2009 and 2008 | 86,000 | | 185,000 |
| Prepaid expense and other assets | 5,000 | | 5,000 |
| Assets of discontinued operations held for resale | 21,000 | | 26,000 |
| | Total current assets | 2,684,000 | | 398,000 |
| | | | | |
| | | | | |
Restricted certificate of deposit | 50,000 | | 50,000 |
| | | | | |
Investments and other assets | 814,000 | | 87,000 |
| | | | | |
Property, plant and equipment, at cost | 2,074,000 | | 2,561,000 |
| Less accumulated depreciation, depletion and amortization | 1,095,000 | | 1,340,000 |
| | Net property, plant and equipment | 979,000 | | 1,221,000 |
| | | | | |
Intangible assets, at cost | 75,000 | | 75,000 |
| Less accumulated amortization | 69,000 | | 66,000 |
| | Net intangible assets | 6,000 | | 9,000 |
| | | | | |
| | | $ 4,533,000 | | $ 1,765,000 |
| | | | | |
| | Liabilities and Shareholders' Equity (Deficiency) | | | |
| | | | | |
Current liabilities: | | | |
| Trade accounts payable | $ 94,000 | | $ 97,000 |
| Accrued expense and other liabilities | 231,000 | | 431,000 |
| Short-term debt | 45,000 | | - |
| Short-term debt - related entities | 47,000 | | 57,000 |
| Current maturities of long-term debt | 95,000 | | 895,000 |
| Current maturities of long-term debt - related entities | - | | 390,000 |
| Liabilities of discontinued operations held for resale | 51,000 | | 65,000 |
| | Total current liabilities | 563,000 | | 1,935,000 |
| | | | | |
Long-term debt less current maturities | 413,000 | | 420,000 |
| | | | | |
Long-term debt - related entities | 2,165,000 | | 2,250,000 |
| | | | | |
Other long-term liabilities | 168,000 | | 172,000 |
| | | | | |
Shareholders' equity (deficiency): | | | |
| Convertible preferred stock of $100 stated value; 5,000,000 | | | |
| shares authorized; 27,838 shares issued and outstanding | 889,000 | | 889,000 |
| Common stock of $.0006665 par value per share; 15,000,000 | | | |
| shares authorized; 9,912,457 and 9,830,586 shares issued | | | |
| and outstanding in 2009 and 2008, respectively | 7,000 | | 7,000 |
