1
Exhibit 10.1
AASCHE TRANSPORTATION SERVICES, INC.
PRO FORMA CONSOLIDATED BALANCE SHEETS
May 31, 1997
(Unaudited)
As adjusted for
Private Placement
Actual ($1,890,000 net)
----------- ----------------
ASSETS
Current assets:
Trade receivables, net $ 6,201,822 $ 6,201,822
Prepaid expenses and other current assets 2,488,581 2,488,581
----------- -----------
Total current assets 8,690,403 8,690,403
Property and equipment, at cost 36,538,961 36,538,961
Less accumulated depreciation and amortization (13,127,229) (13,127,229)
----------- -----------
Net property and equipment 23,411,732 23,411,732
----------- -----------
Excess of cost over net assets acquired, net 7,504,756 7,504,756
Deferred income taxes 3,022,000 3,022,000
Other assets 394,729 394,729
----------- -----------
TOTAL ASSETS $43,023,620 $43,023,620
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Cash overdraft $ 325,950 $ -
Accounts payable 1,173,050 1,173,050
Accrued liabilities 2,311,325 2,311,325
Guaranteed obligation of Employee Stock Ownership Plan 230,628 230,628
Line of credit 4,817,247 3,253,197
Current maturities of long-term debt with unrelated parties 3,289,842 3,289,842
Current maturities of long-term debt with related party 995,000 995,000
Current maturities of capital lease obligations with unrelated parties 2,372,791 2,372,791
Current maturities of capital lease obligations with related parties 1,325,508 1,325,508
----------- -----------
Total current liabilities 16,841,341 14,951,341
Long-term debt with unrelated parties, less current maturities 4,805,607 4,805,607
Long-term debt with related party, less current maturities 2,193,204 2,193,204
Capital lease obligations with unrelated parties, less current maturities 4,596,993 4,596,993
Deferred income taxes 3,677,000 3,677,000
----------- -----------
Total liabilities 32,114,145 30,224,145
Stockholders' equity:
Common stock 263 317
Additional paid-in capital 14,697,660 16,587,606
Guarantee of Employee Stock Ownership Plan obligation (230,628) (230,628)
Accumulated deficit (3,557,820) (3,557,820)
----------- -----------
Total stockholders' equity 10,909,475 12,799,475
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $43,023,620 $43,023,620
=========== ===========