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Exhibit 99.1
3:48 PM
04/27/06
ACCRUAL BASIS
VERITEC, INC.
BALANCE SHEET
AS OF APRIL 26,2006
APR 26, 06
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ASSETS
CURRENT ASSETS
CHECKING/SAVINGS
10017 - VERITEC SAVING, 3/8/06 1,366,564.26
10007 - VERITEC CHECKING, 3/8/06 37,958.57
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TOTAL CHECKING/SAVINGS 1,404,522.83
ACCOUNTS RECEIVABLE
10020 - ACCOUNT RECEIVABLE 145,690.93
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TOTAL ACCOUNTS RECEIVABLE 145,690.93
OTHER CURRENT ASSETS
10045 - ALLOWANCE FOR DOUBTFUL ACCOUNTS -585.00
10065 - NOTE RECEIVABLE - EVERYDAY HERO 25,451.51
10066 - ALLOWANCE - EVERYDAY HERO -25,451.51
10070 - PREPAID EXPENSE 11,162.02
10060 - PREPAID INSURANCE -277.00
10065 - SECURITY DEPOSITS 4,650.00
10090 - INVENTORY 27,077.21
10091 - INVENTORY VALUATION ALLOWANCE -26,678.50
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TOTAL OTHER CURRENT ASSETS 15,348.73
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TOTAL CURRENT ASSETS 1,565,562.49
FIXED ASSETS
11000 - FIXED ASSETS 91,458.47
11200 - ACCUMULATED DEPRECIATION -72,159.76
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TOTAL FIXED ASSETS 19,298.71
OTHER ASSETS
12000 - PATENTS 11,232.77
12010 - INVESTMENTS - VERITEC JAPAN -15,221.97
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TOTAL OTHER ASSETS -3,989.20
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TOTAL ASSETS 1,580,872.00
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LIABILITIES & EQUITY
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE
20000 - ACCOUNTS PAYABLE 105,504.13
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TOTAL ACCOUNTS PAYABLE 105,504.13
OTHER CURRENT LIABILITIES
20050 - ACCRUED PAYROLL 30,571.86
20060 - ACCRUED VACATION 11,000.00
20075 - ACCRUED EXPENSE PAYABLE 300,000.00
20100 - INTERCOMPANY PAYABLE - VIVI 21,047.77
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TOTAL OTHER CURRENT LIABILITIES 362,619.63
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TOTAL CURRENT LIABILITIES 468,123.76
LONG TERM LIABILITIES
22010 - PREPAYMENT ON SUB RECEIVABLE 222,887.73
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TOTAL LONG TERM LIABILITIES 222,887.73
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TOTAL LIABILITIES 691,011.49
PAGE 1
3.48 PM
04/27/06
ACCRUAL BASIS
VERITEC, INC.
BALANCE SHEET
AS OF APRIL 26, 2006
APR 26, 06
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EQUITY
30000 - CUMMULATIVE TRANSLATION ADJ 9,667.98
30010 - COMMON STOCK 150,785.98
30020 - PREFERRED SERIES H STOCK 7,273.00
30030 - ADDITIONAL PAID IN CAPITAL 13,374,291.57
30040 - SUBSCRIPTION RECEIVABLE -489,789.91
30050 - OPENING BAL EQUITY 210,303.21
3900 - RETAINED EARNINGS -13,451,091.95
NET INCOME 1,078,420.63
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TOTAL EQUITY 889,860.51
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TOTAL LIABILITIES & EQUITY 1,580,872.00
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