EX-99.1 3 file002.txt PROFORMA BALANCE SHEET 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 ------------------------------------------------- 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 ------------ ------------ 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 ------------ ------------ 371,850 371,850 Less: Accumulated depreciation (225,931) (225,931) ------------ ------------ 145,919 145,919 ------------ ------------ OTHER ASSETS: Licensing costs, net 1,431,141 1,431,141 Other 223,956 223,956 ------------ ------------ Total other assets 1,655,097 1,655,097 ------------ ------------ Total assets $ 5,619,990 $8,794,990 ============ ============
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 ------------ ------------ 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) ------------ ------------ Total shareholders' (deficit) equity (212,053) 2,706,947 Total liabilities and shareholders' (deficit) equity $ 5,619,990 $8,794,990 ============= =============