EXHIBIT 99.1
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View Tech, Inc.
Consolidated Balance Sheets
ASSETS
December 31, December 31,
1998 1997
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CURRENT ASSETS:
Cash and cash equivalents $ 661,158 $ 1,204,690
Accounts receivable (net of reserves of $869,304
and $658,656, respectively) 14,091,912 13,326,667
Inventory 4,410,166 2,532,456
Other current assets 544,860 428,889
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Total Current Assets 19,708,096 17,492,702
PROPERTY AND EQUIPMENT, net 3,548,993 3,423,838
GOODWILL, net 2,300,064 4,198,927
OTHER ASSETS 688,365 696,701
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$26,245,518 $25,812,168
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 7,669,229 $ 7,168,763
Current portion of long-term debt 336,193 661,290
Accrued payroll and related costs 2,348,421 1,904,506
Deferred revenue 1,940,579 1,087,161
Accrued restructuring costs 1,026,496 --
Other current liabilities 657,432 1,371,248
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Total Current Liabilities 13,978,350 12,192,968
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LONG-TERM DEBT 5,196,653 5,342,368
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, par value $.0001, authorized
5,000,000 shares, none issued or outstanding
Common stock, par value $.0001, authorized
20,000,000 shares, issued and outstanding
7,722,277 and 6,589,571 shares at December 31, 1998
and December 31, 1997, respectively 772 659
Additional paid-in capital 15,261,591 13,653,624
Accumulated deficit (8,191,848) (5,377,451)
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7,070,515 8,276,832
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$26,245,518 $25,812,168
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