EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1
INNOTRAC CORPORATION
CONDENSED BALANCE SHEETS
(in thousands, except share data)


ASSETS
 
   
June 30, 2009
   
December 31, 2008
 
       
(unaudited)
       
                 
Current assets:
               
Cash and cash equivalents
      $ 1,690     $ 1,056  
Accounts receivable (net of allowance for doubtful accounts of $248 at
                 
June 30, 2009 and $271 at December 31, 2008)
      16,824       25,793  
Inventories, net
        1,114       1,855  
Prepaid expenses and other
        1,356       1,262  
Total current assets
        20,984       29,966  
                     
Property and equipment:
                   
Rental equipment
        185       207  
Computer software and equipment
        42,662       41,388  
Furniture, fixtures and leasehold improvements
      9,071       9,061  
          51,918       50,656  
Less accumulated depreciation and amortization
      (37,108 )     (34,814 )
          14,810       15,842  
                     
Goodwill
        25,169       25,169  
Other assets, net
        981       822  
                     
Total assets
      $ 61,944     $ 71,799  
                     
                     
LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
                     
                     
                     
Current liabilities:
                   
Accounts payable
      $ 5,203     $ 9,259  
Line of credit
        -       10,055  
Accrued salaries
        1,512       2,111  
Accrued expenses and other
        3,631       3,142  
Total current liabilities
        10,346       24,567  
                     
Noncurrent liabilities:
                   
Equipment lease payable
        503       -  
Deferred compensation
        571       547  
Other noncurrent liabilities
        227       206  
Total noncurrent liabilities
        1,301       753  
                     
Commitments and contingencies (see Note 5)
                 
                     
Shareholders’ equity:
                   
Preferred stock: 10,000,000 shares authorized, $0.10 par value,
                 
no shares issued or outstanding
        -       -  
Common stock: 50,000,000 shares authorized, $0.10 par value,
                 
12,600,759 shares issued and 12,334,804 shares outstanding
      1,260       1,260  
Additional paid-in capital
        66,482       66,439  
Accumulated deficit
        (17,445 )     (21,220 )
Total shareholders’ equity
        50,297       46,479  
                     
Total liabilities and shareholders’ equity
    $ 61,944     $ 71,799  
 
 
See notes to condensed financial statements.