FUTRONIX, INC.
Balance Sheet
March 31, 2002
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ASSETS
CURRENT ASSETS
FG Holding Account 26,000
SunTrust Payroll Account 29
SunTrust Money Market (1)
SunTrust Operating Account 95
Citrus Bank - Operating Acct (127,685)
Petty Cash 339
Restricted Cash 193,388
Accounts Receivable 1,183,412
A/R Advanced (963,780)
Other Receivables (76,906)
Deposits on Purchases 4,569
Deferred Expenses 55,883
Due from Nevin Jenkins 42
Due from Rande Newberry 48
Due from Employees 790
Payroll Deduction-LifeIns 78
Allowance for Bad Debts (55,117)
Payroll Deduction-Dental 255
FG Intercompany Receivables 61,000
Inventory - Finished Goods 73
Inventory - Work in process 139,877
Inventory - Raw Materials 763,333
Inventory - Consumable Items 17,612
Prepaid Dues 90,000
Refundable Bond for Trident 5,055
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TOTAL CURRENT ASSETS 1,318,388
PROPERTY AND EQUIPMENT
Shop Equipment 1,527,805
Computer Equipment 103,932
Test Equipment 130,239
Office Furniture/Equip 23,291
Leasehold Improvements 206,885
Factory Land Cost 25,000
Building & Land 809,401
Equipment & Capital Lease 1,763
Vehicles 18,319
Accumulated Depreciation (1,636,057)
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TOTAL PROPERTY AND EQUIPMENT 1,210,579
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OTHER ASSETS
Mortgage Loan Costs 32,590
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TOTAL OTHER ASSETS 32,590
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TOTAL ASSETS $ 2,561,557
LIABILITIES AND CAPITAL
Current Liabilities
AmSouth Equip - Current 200,000
Current Pay't Sales Tax Assess 875
Accounts Payable 826,292
Accrued Property Taxes 19,225
Accrued-vacation & sick 12,500
N/P Nations Credit Line 4,032
N/P Nations Bank Visa 3,986
Loan - Nevin Jenkins (432)
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TOTAL CURRENT LIABILITIES 1,066,478
LONG-TERM LIABILITIES
AmSouth Equip.L/Term 200,250
Note Payable - GE Capital 719,280
NP-SPORTS RADAR 17,278
Note Payable -SunTrust B 35,776
Note Payable-SunTrust T 165,158
Note Payable- P. Houchin 22,912
Intercompany Payable 61,000
Note Payable - Sharon Davis 91,749
FG Notes Payable 122,000
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TOTAL LONG-TERM LIABILITIES 1,435,403
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TOTAL LIABILITIES 2,501,880
CAPITAL
Common Stock 9,100
Addit'l Paid-in Capital 1,662,026
Retained Earnings (1,970,063)
Net Income 358,614
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TOTAL CAPITAL 59,677
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TOTAL LIABILITIES & CAPITAL $ 2,561,557
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FUTRONIX GROUP, INC.
Income Statement
For the One Month Ending March 31, 2002
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Current Month Year to Date
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Revenues
Sales 680,000.00 96.81 1,911,956.15 98.59
Sales-Labor 0.00 0.00 5,402.00 0.28
Returns & Allowances (43,494.32) (6.19) (58,275.08) (3.01)
Sales-Parts Invoices 7,870.08 1.12 19,542.02 1.01
Sales Discount (2,135.82) (0.30) (5,891.08) (0.30)
Miscellaneous Income 8,149.43 1.16 8,172.36 0.42
Services - Engineer & Clerical 17,031.46 2.42 23,356.86 1.20
Gain/Loss on Equip. Sales 35,000.00 4.98 35,000.00 1.80
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Total Revenues 702,420.83 100.00 1,939,263.23 100.00
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Cost of Sales
Freight In 11,315.09 1.61 32,513.66 1.68
Salaries and Wages 100,471.11 14.30 317,575.22 16.38
Direct Labor Applied 15,920.48 2.27 (27,790.19) (1.43)
Shop Materials 10,225.68 1.46 18,605.97 0.96
Packaging Materials 3,004.81 0.43 8,546.27 0.44
Plant Manager Salary 7,367.45 1.05 22,183.37 1.14
Plant Supervisor Salaries 10,540.85 1.50 28,854.59 1.49
Storeroom Salaries 4,999.26 0.71 19,171.27 0.99
Purchasing Dept. Salaries 9,181.94 1.31 27,236.68 1.40
Janitoral Salaries 255.33 0.04 255.33 0.01
Quality Control Salaries 70.44 0.01 8,244.46 0.43
Engineer Salary 4,212.51 0.60 12,603.37 0.65
Document Control Salaries 3,619.98 0.52 10,641.31 0.55
Contract Services 406.08 0.06 1,768.61 0.09
Plant Utilities 5,101.10 0.73 14,751.09 0.76
Propty.& Casualty Insurance 0.00 0.00 11,877.67 0.61
Property Taxes 3,171.36 0.45 3,171.36 0.16
Equipment Repair & Maint 131.79 0.02 131.79 0.01
Building Repairs & Maint 266.98 0.04 266.98 0.01
Safety Supplies 53.45 0.01 53.45 0.00
Production Supplies 1,489.44 0.21 4,334.56 0.22
ISO Audit Expense 498.07 0.07 996.14 0.05
Hazardous Waste Disposal 414.53 0.06 833.53 0.04
Mfg. Overhead Applied 5,837.50 0.83 (10,189.74) (0.53)
Raw Materials - At Standard 294,501.19 41.93 889,499.10 45.87
Manufacturing Over Head 141.47 0.02 (54,970.72) (2.83)
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Total Cost of Sales 493,197.89 70.21 1,341,165.13 69.16
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Gross Profit 209,222.94 29.79 598,098.10 30.84
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Expenses
Salaries-Office 7,571.19 1.08 26,659.00 1.37
Salaries-Shipping 10,503.78 1.50 25,732.20 1.33
Salaries-Officers 20,352.63 2.90 82,919.16 4.28
Amortization 1,291.74 0.18 1,291.74 0.07
Auto Expense 961.59 0.14 3,680.19 0.19
LSQ FACTORING WIRE FEE 224.00 0.03 688.00 0.04
Cash Management Fees 11,526.29 1.64 32,983.75 1.70
Commissions 1,965.37 0.28 3,630.31 0.19
Equip Commissions/Expense 0.00 0.00 200.00 0.01
Computer expense 1,947.14 0.28 3,227.55 0.17
Contract Computer Support 4,440.00 0.63 10,920.00 0.56
Copier Expense 821.84 0.12 1,431.46 0.07
Freight-Out 1,644.15 0.23 3,547.24 0.18
Employee Benefits (1,659.73) (0.24) (6,478.99) (0.33)
Employee Appreciation 383.78 0.05 1,285.34 0.07
Entertainment 1,154.21 0.16 2,445.08 0.13
Insurance F/Building 3,024.00 0.43 3,024.00 0.16
Insurance F/Life 613.00 0.09 1,725.00 0.09
Interest Expense (872.88) (0.12) (32,855.75) (1.69)
Janitorial Supplies 16.42 0.00 729.94 0.04
Non Recurring Expense 332.92 0.05 4,358.92 0.22
Professional Fees 24,368.23 3.47 29,687.06 1.53
Lawn Maintenance 43.10 0.01 163.10 0.01
Marketing & Sales Consult 0.00 0.00 858.25 0.04
Office Expense 1,705.98 0.24 3,897.39 0.20
Postage 4.17 0.00 8.86 0.00
Property Taxes 4,407.49 0.63 4,407.49 0.23
Rent Expense 1,373.86 0.20 4,121.58 0.21
Repairs & Maintenance 396.49 0.06 5,426.37 0.28
Sales Tax 99.48 0.01 207.07 0.01
Telephone 3,977.08 0.57 5,819.04 0.30
Travel Expense - Other 10,065.36 1.43 12,049.32 0.62
Utilities Expense 565.83 0.08 565.83 0.03
Waste Disposal Service 394.55 0.06 1,128.61 0.06
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Total Expenses 113,643.06 16.18 239,484.11 12.35
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Net Income 95,579.88 13.61 358,613.99 18.49
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