EXHIBIT 99.1
PRO FORMA BALANCE SHEET
MDI ENTERTAINMENT, INC. AND SUBSIDIARY
PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2001
ADJUSTMENTS
AS PREVIOUSLY AND
REPORTED ELIMINATIONS PROFORMA
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ASSETS (unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 749,900 $ 3,200,000 $3,949,900
Investment securities
available-for-sale at market 145,152 145,152
Accounts receivable 2,315,410 2,315,410
Inventory 234,474 234,474
Other current assets 374,038 (25,000) 349,038
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Total current assets 3,818,974 6,993,974
PROPERTY AND EQUIPMENT, AT COST:
Equipment 251,489 251,489
Furniture and fixtures 120,361 120,361
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371,850 371,850
Less: Accumulated depreciation (225,931) (225,931)
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145,919 145,919
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OTHER ASSETS:
Licensing costs, net 1,431,141 1,431,141
Other 223,956 223,956
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Total other assets 1,655,097 1,655,097
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Total assets $ 5,619,990 $8,794,990
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LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES:
Billings in excess of costs and estimated earnings
on uncompleted contracts $ 3,102,413 $3,102,413
Current portion of long term debt 939,990 939,990
Accounts payable 1,094,354 256,000 1,350,354
Accrued expenses 695,286 695,286
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Total current liabilities 5,832,043 6,088,043
SHAREHOLDERS' DEFICIT:
Common stock 11,172 42 11,214
Convertible preferred stock-Series B 1 1
Paid in Capital from Series C convertible
preferred stock and warrants - $ 2,918,958 2,918,958
Additional paid-in capital 5,755,227 5,755,227
Accumulated deficit (5,978,453) (5,978,453)
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Total shareholders' (deficit) equity (212,053) 2,706,947
Total liabilities and
shareholders' (deficit) equity $ 5,619,990 $8,794,990
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