Exhibit 99.1
FUTRONIX GROUP , INC
Balance Sheet
March 31, 2002
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ASSETS
CURRENT ASSETS
Cash & Liquid Equivelent 92,165
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
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
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FUTRONIX GROUP , INC
Balance Sheet
March 31, 2002
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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.
Consolidated Operating Statement
For the Three Months Ending March 31, 2002
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FOR THE FOR THE FOR THE
MONTH ENDING MONTH ENDING MONTH ENDING
JANUARY 31, 2002 % FEBRUARY 28, 2002 % MARCH 31, 2002 % Q1 2002 %
---------------- ---- ----------------- ---- -------------- ---- ------- ----
Revenues
Sales $591,956 $640,000 $680,000 $1,911,956
Sales-Labor 7,548 (2,146) -- 5,402
Returns & Allowances (5,032) (9,748) (43,494) (58,275)
Sales-Parts Invoices 189 11,483 7,870 19,542
Sales Discount (967) (2,789) (2,136) (5,891)
Miscellaneous Income -- 23 8,149 8,172
Services - Engineer & Clerical 2,788 3,537 17,031 23,357
------- --- ------- --- ------- --- --------- ---
TOTAL REVENUES 596,482 100% 640,360 100% 667,421 100% 1,904,263 100%
------- --- ------- --- ------- --- --------- ---
COST OF SALES
Freight In 14,227 6,972 11,315 32,514
Direct Labor 103,030 114,074 100,471 317,575
Packaging Materials 1,345 4,196 3,005 8,546
Production Supplies 1,549 1,296 1,489 4,335
Freight-Out 205 1,698 1,644 3,547
Raw Materials - At Standard 204,707 390,290 294,501 889,499
------- --- ------- --- ------- --- --------- ---
TOTAL COST OF SALES 325,064 54% 518,527 81% 412,426 62% 1,256,016 66%
------- --- ------- --- ------- --- --------- ---
Gross Profit 271,419 46% 121,834 19% 254,995 38% 648,247 34%
------- --- ------- --- ------- --- --------- ---
MANUFACTURING OVER HEAD
Shop Materials 4,757 3,623 10,226 18,606
Plant Manager Salary 8,023 6,792 7,367 22,183
Plant Supervisor Salaries 9,326 8,988 10,541 28,855
Storeroom Salaries 7,765 6,407 4,999 19,171
Purchasing Dept. Salaries 9,078 8,977 9,182 27,237
Janitoral Salaries -- -- 255 255
Quality Control Salaries 3,466 4,708 70 8,244
Engineer Salary 4,513 3,878 4,213 12,603
Document Control Salaries 3,729 3,292 3,620 10,641
Salaries-Shipping 5,947 9,282 10,504 25,732
Contract Services 820 543 406 1,769
Plant Utilities 4,823 4,827 5,101 14,751
Equipment Repair & Maint 4,736 294 132 5,162
Building Repairs & Maint -- -- 267 267
Safety Supplies -- -- 53 53
ISO Audit Expense -- 498 498 996
Hazardous Waste Disposal -- 419 415 834
Mfg. Overhead Applied -- (16,027) 5,838 (10,190)
Direct Labor Applied -- (43,711) 15,920 (27,790)
Manufacturing Over Head -- (55,112) 141 (54,971)
------- --- ------- --- ------- --- --------- ---
TOTAL MANUFACTURING OVER HEAD 66,982 11% (52,322) -8% 89,749 13% 104,409 5%
------- --- ------- --- ------- --- --------- ---
G & A EXPENSES
Salaries-Office Staff 9,942 9,146 7,571 26,659
Salaries-Officers & Sr. Management 32,723 29,843 20,353 82,919
Auto Expense 1,739 980 962 3,680
AR Factoring Wire Fees 264 200 224 688
Cash Management Fees 10,001 11,457 11,526 32,984
Commissions 446 1,219 1,965 3,630
Equip Commissions/Expense 200 -- -- 200
Computer Expense 762 518 1,947 3,228
Contract Computer Support 3,200 3,280 4,440 10,920
Copier Expense 610 -- 822 1,431
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FUTRONIX GROUP, INC.
Consolidated Operating Statement
For the Three Months Ending March 31, 2002
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FOR THE FOR THE FOR THE
MONTH ENDING MONTH ENDING MONTH ENDING
JANUARY 31, 2002 % FEBRUARY 28, 2002 % MARCH 31, 2002 % Q1 2002 %
---------------- ---- ----------------- ---- -------------- ---- ------- ----
Employee Benefits (2,188) (2,631) (1,660) (6,479)
Employee Appreciation 454 448 384 1,285
Entertainment 777 514 1,154 2,445
Insurance F/Building -- -- 3,024 3,024
Insurance F/Package&Liab 11,878 -- -- 11,878
Insurance F/Life 556 556 613 1,725
Janitorial Supplies 471 242 16 730
Non Recurring Expense 2,200 1,826 333 4,359
Professional Fees 5,319 -- 24,368 29,687
Lawn Maintenance -- 120 43 163
Marketing & Sales Consult 965 (107) -- 858
Office Expense 422 1,770 1,706 3,897
Postage 5 -- 4 9
Property Taxes -- -- 7,579 7,579
Rent Expense 1,374 1,374 1,374 4,122
Repairs & Maintenance -- -- 396 396
Sales Tax 90 18 99 207
Telephone 1,611 231 3,977 5,819
Travel Expense - Other 702 1,282 10,065 12,049
Utilities Expense -- -- 566 566
Waste Disposal Service -- 734 395 1,129
-------- --- -------- --- -------- --- -------- ---
TOTAL G & A EXPENSES 84,522 14% 63,018 10% 104,248 16% 251,788 13%
-------- --- -------- --- -------- --- -------- ---
EBITDA 119,914 20% 111,137 17% 60,999 9% 292,050 15%
-------- --- -------- --- -------- --- -------- ---
DEPRECIATION & AMORITIZATION
Amortization - - 1,292 1,292
Interest Expense 9,154 (41,137) (873) (32,856)
-------- --- -------- --- -------- --- -------- ---
TOTAL DEPRECIATION & AMORITIZATION 9,154 2% (41,137) -6% 419 0% (31,564) -2%
-------- --- -------- --- -------- --- -------- ---
OTHER INCOME
Gain/Loss on Equip. Sales - - 35,000 35,000
-------- --- -------- --- -------- --- -------- ---
TOTAL OTHER INCOME - - 35,000 35,000
-------- --- -------- --- -------- --- -------- ---
EBIT $110,760 19% $152,274 24% $ 95,580 14% $358,614 19%
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