EXHIBIT 3
PART 1. FINANCIAL INFORMATION
UNICO, Inc.
CONSOLIDATED BALANCE SHEETS 1 of 2
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June 30, December 31
ASSETS 1996 1995
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CURRENT:
Cash and cash equivalents $234,097 $300,821
Accounts Receivable:
Trade (net of allowance for uncollectible
accounts of $882,820 and $377,793) 539,962 771,495
Inventory 188,969 254,505
Notes receivable 94,615 189,707
Notes receivable-Stockholders 280,000 280,000
Prepaid expenses 100,845 171,203
Accrued revenues 87,602 0
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Total current assets 1,526,091 1,967,731
PROPERTY:
Furniture, fixtures & equipment 4,415,402 4,285,322
Leasehold improvements 161,593 152,470
Less accumulated depreciation (1,779,622) (1,552,175)
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Property, net 2,797,373 2,885,617
GOODWILL (net of amortization of
$342,561 and $317,309) 1,682,461 1,707,713
DEPOSITS AND OTHER 186,912 200,619
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TOTAL $6,192,837 $6,761,680
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The accompanying notes are an integral part of the consolidated
financial statements.
UNICO, Inc.
CONSOLIDATED BALANCE SHEETS 2 of 2
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June 30, December 31
LIABILITIES AND STOCKHOLDER'S EQUITY 1996 1995
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CURRENT LIABILITIES:
Accounts payable $1,352,218 $1,258,768
Accrued liabilities 469,893 242,844
Notes payable, current portion 1,059,785 781,715
Deferred revenue 110,921
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Total current liabilities 2,881,896 2,394,248
LONG-TERM LIABILITIES
Notes payable, net of current portion 805,021
Convertible debenture-Affiliate 1,400,000 1,386,750
Subordinated debenture 1,010,000 996,750
Other 335,359 91,933
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Total long-term liabilities 2,745,359 3,280,454
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Total liabilities 5,627,255 5,874,702
REDEEMABLE PREFERRED STOCK:
Preferred stock - $.01 par value:
5,000,000 shares authorized;
Series A and B Redeemable Preferred stock -
280 shares issued and outstanding
(Redemption value of $280,000) 3 3
COMMITMENTS AND CONTINGENCIES (Note 2)
STOCKHOLDERS' EQUITY:
Preferred stock - $.01 par value;
5,000,000 shares authorized;
Series A Convertible Preferred Stock-
0 shares issued and outstanding -- --
Common stock-$.01 par value;
20,000,000 shares authorized;
8,158,095 shares outstanding 78,830 78,830
Additional paid in capital 4,974,034 4,974,034
Accumulated deficit (4,487,285) (3,965,889)
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Total stockholders' equity 565,579 1,086,975
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TOTAL $6,192,837 $6,761,680
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The accompanying notes are an integral part of the consolidated
financial statements.