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EXHIBIT 10.1
ASCHE TRANSPORTATION SERVICES, INC.
PRO FORMA CONSOLIDATED BALANCE SHEETS
JUNE 30, 1999
(UNAUDITED)
(IN THOUSANDS)
AS ADJUSTED FOR
PRIVATE PLACEMENT
ACTUAL & DEBT CONVERSION
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ASSETS
Current assets:
Cash and cash equivalents $ 786 $ 786
Trade receivables, net 19,969 19,969
Prepaid expenses and other current assets 6,604 6,604
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Total current assets 27,359 27,359
Property and equipment, at cost 60,077 60,077
Less accumulated depreciation and amortization (14,568) (14,568)
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Net property and equipment 45,509 45,509
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Excess of cost over net assets acquired, net 13,870 13,870
Debt issuance cost, net 596 596
Other assets 292 292
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TOTAL ASSETS $ 87,626 $ 87,626
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Cash overdraft $ 1,437 $ 1,437
Accounts payable 2,952 2,952
Accrued liabilities 905 732
Guaranteed obligation of Employee Stock Ownership Plan 155 155
Line of credit 5,790 4,277
Current maturities of long-term debt with unrelated parties 3,897 3,897
Current maturities of capital lease obligations with unrelated parties 2,248 2,248
Current maturities of capital lease obligations with related parties 33 33
Subordinated debt, less unamortized debt discount of $9 2,261 461
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Total current liabilities 19,678 16,192
Line of credit 18,636 18,636
Long-term debt with unrelated parties, less current maturities 16,593 16,593
Long-term debt with related party, less current maturities 1,319 1,319
Capital lease obligations with unrelated parties, less current maturities 4,894 4,894
Deferred revenue 6,540 6,540
Minority interest 683 683
Subordinated debt, less unamortized debt discount of $387 1,613 1,613
Deferred income taxes 1,656 1,656
Accrued warrant accretion 1,309 1,309
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Total liabilities 72,921 69,435
Stockholders' equity:
Common stock 1 1
Additional paid-in capital 20,144 23,630
Guarantee of Employee Stock Ownership Plan obligation (155) (155)
Accumulated deficit (5,285) (5,285)
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Total stockholders' equity 14,705 18,191
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 87,626 $ 87,626
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