EX-99 4 ex99_2.txt EXHIBIT 99.2 Unaudited Proforma Financial Data The following unaudited proforma financial data of Trudy Corporation and Studio Mouse, LLC represent the unaudited proforma consolidating balance sheet as of March 31, 2002, and the unaudited proforma consolidating statement of operations for the three months ended June 30, 2002. The unaudited proforma consolidating balance sheet as of March 31, 2002 gives effect to the change in ownership of Studio Mouse, LLC as if it occurred on June 1, 2001 and has been adjusted to give effect to the following transactions: 1. To record goodwill and the long-term loan payable to The Chart Studio (Pty) Ltd. arising from Studio Mouse, LLC's purchase of The Chart Studio (Pty) Ltd.'s and related party's ownership interest 2. To eliminate intercompany receivables and payables balances 3. To eliminate Trudy Corporation's initial investment in Studio Mouse, LLC and subsequent increases in such investment as a result of the inclusion of Trudy Corp.'s pro rata share of the earnings of Studio Mouse, LLC 4. To record a minority interest in the ownership of Studio Mouse, LLC 5. To record imputed interest on the long-term loan payable to The Chart Studio (Pty) Ltd. The unaudited proforma consolidating statement of operations for the three months ended June 30, 2002 gives effect to the change in ownership of Studio Mouse, LLC as if it occurred on June 1, 2001 and has been adjusted to give effect to the following transactions: 6. To eliminate intercompany sales and associated cost of sales 7. To eliminate intercompany operating expenses and other income 8. To eliminate the gain in Trudy Corporation's equity investment in Studio Mouse, LLC 9. To record imputed interest on the long-term loan payable to The Chart Studio (Pty) Ltd. 15
Trudy Corporation and Subsidiary Unaudited Proforma Consolidating Balance Sheet March 31, 2002 Trudy Studio Proforma Adjustments Total Corp. Mouse Subtotal Debit Credit Proforma ---------- ---------- ---------- ---------------------------------- ---------- Assets Current assets: Cash and cash equivalents 2,774 637 3,411 3,411 Accounts receivable, net 875,066 596,690 1,471,756 (2) 44,353 1,427,403 Inventories 1,169,653 498 1,170,151 1,170,151 Due from joint venture 31,445 31,445 (2) 31,445 -- Prepaid expenses and other current assets 201,870 36,886 238,756 (2) 13,761 224,995 ---------- ---------- ---------- ---------- Total current assets 2,280,808 634,711 2,915,519 2,825,960 Goodwill (1) 263,897 263,897 Equipment, net 134,610 14,714 149,324 149,324 Royalty advances, net 36,041 36,041 36,041 Investment in joint venture 66,315 66,315 (3) 66,315 -- Organization costs, net -- 4,608 4,608 4,608 Pre-publication costs and other assets, net 172,738 44,898 217,636 217,636 ---------- ---------- ---------- ---------- Total assets 2,690,512 698,931 3,389,443 3,497,466 ========== ========== ========== ========== Liabilities and shareholders' equity Current liabilities: Note payable - bank 300,000 300,000 300,000 Notes payable - shareholder/officer and related party 152,197 152,197 152,197 Accounts payable and accrued expenses 597,467 395,514 992,981 (2) 19,121 973,860 Royalties and commissions payable 231,319 49,875 281,194 (2) 38,993 242,201 Due to Trudy Corporation -- 31,445 31,445 (2) 31,445 -- Due to The Chart Studio (Pty) Ltd. -- 80,287 80,287 80,287 ---------- ---------- ---------- ---------- Total current liabilities 1,280,983 557,121 1,838,104 1,748,545 Long-term liabilities: Loan to The Chart Studio (Pty) Ltd. (1) 288,897 307,469 (5) 18,572 Notes payable to related parties 1,301,088 1,301,088 1,301,088 Royalties payable 63,737 63,737 63,737 ---------- ---------- ---------- ---------- Total long-term liabilities 1,364,825 -- 1,364,825 1,672,294 ---------- ---------- ---------- ---------- Total liabilities 2,645,808 557,121 3,202,929 3,420,839 Minority interest (4) 4,591 4,591 Shareholders' equity: Common stock: $.0001 par value 44,246 44,246 44,246 Common stock: No par value -- 50,000 50,000 (1) 25,000 -- (3) 25,000 Additional paid-in capital 4,945,264 4,945,264 4,945,264 Accumulated deficit (4,944,806) 91,810 (4,852,996) (3) 41,315 (4,917,474) (4) 4,591 (5) 18,572 ---------- ---------- ---------- ---------- Total shareholders' equity 44,704 141,810 186,514 72,036 ---------- ---------- ---------- ---------- ---------- ---------- Total liabilities and shareholders' equity 2,690,512 698,931 3,389,443 467,934 467,934 3,497,466 ========== ========== ========== ========== ========== ==========
See accompanying notes to Unaudited Proforma Consolidating Balance Sheet. 16
Trudy Corporation and Subsidiary Unaudited Proforma Consolidating Statement of Operations For the three months ended June 30, 2002 Trudy Studio Proforma Adjustments Total Corp. Mouse Subtotal Debit Credit Proforma ---------- ---------- ---------- ---------------------------------- ---------- Net Sales 595,204 223,678 818,881 (6) 128,208 688,707 (6) 1,966 Cost of Sales 347,280 141,738 489,018 (6) 41,207 (6) 128,208 400,051 (6) 1,966 ---------- ---------- ---------- ---------- Gross Profit 247,924 81,940 329,863 288,656 Operating expenses: Selling, general and administrative 401,449 74,523 475,972 (7) 4,233 (7) 11,038 464,934 (7) 4,233 Depreciation and amortization 14,167 1,816 15,983 15,983 ---------- ---------- ---------- ---------- (Loss) Income from operations (167,692) 5,601 (162,091) (192,260) Other income (expense) Interest, net (11,659) (11,659) (9) 5,801 (17,460) Royalties, net (7,921) (7,921) (7) 11,038 (18,959) Other income (expense) 271 271 271 Gain/(loss) in equity investment 2,521 2,521 (8) 2,521 -- ---------- ---------- ---------- ---------- ---------- ---------- Net (loss) income (184,480) 5,601 (178,879) 194,974 145,445 (228,408) ========== ========== ========== ========== ========== =========== Basic and diluted net loss per share: $ (0.00) =========== Basic and diluted weighted average shares outstanding: 442,460,249 ===========
See accompanying notes to Unaudited Consolidating Statement of Operations. 17