ADD to BW1327, NY-VILLAGEWORLD.COM.Business Editors ADD ... --(BUSINESS WIRE) Adding Financial Tables to BW1327, (NY-VILLAGEWORLD.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. )(VILW) VillageWorld.com Announces Financial Results:
VILLAGEWORLD.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2000 Dec. 31, 1999
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(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 74,350 $ 800,561
Accounts receivable 500,472 494,820
Inventory 171,658 96,791
Refundable income taxes 126,000 126,000
Current assets attributable
to discontinued operations 23,073 21,891
Prepaid expenses and
other current assets 158,722 129,094
------- -------
Total Current Assets 1,054,275 1,669,157
Fixed assets, net of
accumulated depreciation 329,225 325,285
Intangible assets, net
of accumulated amortization 2,623,353 2,694,252
Deferred tax asset 28,400 28,400
Other assets attributable
to discontinued operations 101,371 101,371
Security deposits and other assets 102,815 13,230
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TOTAL $ 4,239,439 $ 4,831,695
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Note payable - bank $ 70,000 $ 200,000
Accounts payable and accrued expenses 514,966 411,693
Deferred income 54,022 49,520
Current liabilities attributable
to discontinued operations 278,165 615,489
Other current liabilities 37,063 63,551
------- -------
Total Current Liabilities 954,216 1,340,253
Loans payable 570,494 567,885
Accrued preferred stock
accumulative dividends 17,850 --
Security deposits payable 2,316 2,316
------- -------
Total Liabilities 1,544,876 1,910,454
----------- -----------
Stockholders' Equity:
Convertible Class B
preferred stock; $.001
par value;
1,000,000 shares authorized;
508,152 shares issued and
outstanding 508 508
Convertible (redeemable at
$117.50) Class C preferred
stock; $.001 par value;
25,000 shares authorized;
11,900 and 15,800
shares issued at March 31,
2000 and December 31, 1999.
(Note E) 12 16
Common stock; $.001 par value;
200,000,000 shares authorized;
18,737,815 and 17,404,584
shares issued at March 31, 2000 and
December 31, 1999. 18,738 17,405
Additional paid in capital 4,766,770 4,597,599
Stock subscription receivable (1,520) --
Accumulated deficit (2,025,321) (1,629,663)
Treasury stock (65,279 shares at cost) (64,624) (64,624)
------- -------
Total stockholders' equity 2,694,563 2,921,241
--------- ---------
TOTAL $ 4,239,439 $ 4,831,695
=========== ===========
VILLAGEWORLD.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
2000 1999
------- --------
REVENUES:
Subscription services $ 91,581 $ 87,754
Hardware sales 179,820 --
Installation services $ 122,024 --
Other 17,940 --
--------- ---------
Total Revenues 411,365 87,754
--------- ---------
COSTS AND EXPENSES:
Cost of sales 247,364 56,331
Selling, general and administrative 467,659 25,592
Amortization of excess of cost over
fair value of net assets acquired 70,879 --
Interest expense 3,271 887
--------- ---------
Total costs and expenses 789,173 82,810
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Income (loss) from operations
before income taxes (377,808) 4,944
Provision (credit) for income taxes -- 1,500
Net income (loss) $ (377,808) $ 3,444
--------- ---------
Basic and diluted net income (loss)
per common share $ -- $ --
--------- ---------
Basic and diluted weighted average
common shares outstanding, giving
effect to the conversion to common
stock of all Class B Preferred
Stock outstanding 88,583,627 39,372,221
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