1 EXHIBIT 10.1 ASCHE TRANSPORTATION SERVICES, INC. PRO FORMA CONSOLIDATED BALANCE SHEETS August 31, 1999 (unaudited) (in thousands) AS ADJUSTED FOR PRIVATE ACTUAL PLACEMENT ------ ---------------- ASSETS Current assets: Cash and cash equivalents $ 2,724 $ 7,689 Trade receivables, net 19,023 19,023 Prepaid expenses and other assets 7,962 7,962 ------------- ------------- Total current assets 29,709 34,674 Property and equipment, at cost 60,220 60,220 Less accumulated depreciation and amortization (15,078) (15,078) ------------- ------------- Net property and equipment 45,142 45,142 ------------- ------------- Excess of cost over net assets acquired, net 13,677 13,677 Debt issuance cost, net 585 585 Other assets 284 284 ------------- ------------- TOTAL ASSETS $ 89,397 $ 94,362 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Cash overdraft $ 2,513 $ 2,513 Accounts payable 5,230 5,230 Accrued liabilities 491 385 Guaranteed obligation of Employee Stock Ownership Plan 154 154 Current maturities of long-term debt with unrelated parties 3,775 3,775 Current maturities of capital lease obligations with unrelated parties 2,122 2,122 Current maturities of capital lease obligations with related parties 6 6 Subordinated debt 461 --- ------------- ------------- Total current liabilities $ 14,752 $ 14,185 Line of credit 22,134 18,534 Long-term debt with unrelated parties, less current maturities 16,405 16,405 Long-term debt with related party, less current maturities 1,319 1,319 Capital lease obligations with unrelated parties, less current maturities 4,729 4,729 Deferred revenue 6,436 6,436 Accrued warrant accretion 1,318 1,318 Minority interest 711 711 Subordinated debt 1,640 500 Deferred income taxes 1,656 1,656 ------------- ------------- Total liabilities 71,100 65,793 Stockholders' equity: Common stock 1 1 Additional paid-in capital 23,520 34,141 Guarantee of Employee Stock Ownership Plan obligation (154) (154) Accumulated deficit (5,070) (5,419) ------------- ------------- Total stockholders' equity 18,297 28,569 ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 89,397 $ 94,362 ============= =============