EXHIBIT N0. 99.1
WORLD WIRELESS COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
2000 1999
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ASSETS
Current Assets
Cash and cash equivalents $ 8,886,709 $ 893,849
Investment in securities available-for-sale 195,605 130,403
Trade receivables, net of allowance for doubtful
accounts 440,726 723,355
Other receivables 58,052 584
Inventory 53,196 201,815
Prepaid expenses 65,180 10,924
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Total Current Assets 9,699,468 1,960,930
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Equipment, net of accumulated depreciation and
impairments 121,024 192,252
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Goodwill, net of accumulated amortization 342,860 385,718
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Other Assets, net of accumulated amortization 51,051 39,314
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Total Assets $10,214,403 $ 2,578,214
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(Continued)
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WORLD WIRELESS COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(UNAUDITED)
March 31, December 31,
2000 1999
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Trade accounts payable $ 312,466 $ 547,978
Accrued liabilities 378,423 338,112
Accrued lease obligation on abandoned office and
manufacturing facility 1,674,364 1,756,924
Notes payable 43,333 3,324,827
Obligation under capital leases - current portion 86,775 119,226
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Total Current Liabilities 2,495,361 6,087,067
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Long-Term Obligation Under Capital Leases 17,394 84,968
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Mandatorily Redeemable 10% Preferred Stock,
$0.001 par value; 1,000,000 shares authorized;
950 shares designated mandatorily redeemable;
0 and 950 shares issued and outstanding;
liquidation preference of $1,000,658 - 950,000
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Stockholders' Equity (Deficit)
Common stock - $0.001 par value; 50,000,000
shares authorized; issued and outstanding:
30,517,049 shares at March 31, 2000 and
21,250,015 shares at December 31, 1999 30,516 21,250
Additional paid-in capital 48,672,406 35,242,864
Unrealized gain on marketable equity securities 120,605 55,403
Unearned compensation (48,294) (48,294)
Receivable from shareholder (66,828) (66,828)
Accumulated deficit (41,006,757) (39,684,707)
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Total Stockholders' Equity (Deficit) 7,701,648 (4,480,312)
------------ -----------
Total Liabilities and Stockholders' Equity $ 10,214,403 $ 2,578,214
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WORLD WIRELESS COMMUNICATIONS, INC.
NOTE TO CONDENSED CONSOLIDATED BALANCE SHEETS
The accompanying condensed consolidated balance sheets are prepared
by the Company without review or audit by the Company's independent
certified public accountants. Certain information and note disclosure
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted.
These condensed consolidated balance sheets should be read in conjunction
with the audited financial statements and notes thereto included in the
annual report on Form 10-K filed for the period ended December 31, 1999.
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