Advanced Optics Electronics Inc. 1997 Results Exceed Forecast.ALBUQUERQUE Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. , N.M.--(BUSINESS WIRE)--Feb. 11, 1998--Advanced Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study Electronics Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ADOT ADOT Arizona Department Of Transportation ADOT Alaska Department of Transportation ADOT Fédération des Associations pour le Don d'Organes et de Tissus Humains ADOT Active Duty Other Than Training ADOT Automatic Digital Optical Tracker ADOT Advanced Display Optimization Tools ) reported audited results for 1997; 50 percent better than the March 4, 1997 Business Wire futilizing its patented technology. It recently Advanced Optics Electronics Inc. Balance Sheet Dec. 31, 1997 iation (4,483.00) Total property 5,000.00 Acc. amortization-goodwill 316,472.24 Total assets $544,936.13 Liabilities and Capital Current Liabilitlities 30,879.76 Capital Common stock, authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: 25 milli Thousandth (10 to the -3rd power). See space/time. $544,936.13 The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. notes are an integral part of these financial statements. Advanced Optics Electronics Income Statement For the Twelve Months Ended Dec. 31, 1997 Revenues Contract revenue $72,000.00 Total Revenues 72,000.00 Expenses Auto expenses 2,940.20 Insurance 568.04 Legal 958.40 Accounting 672.39 Printing 480.69 Maintenance and repairs 268.18 Postage POSTAGE. The money charged by law for carrying letters, packets and documents by mail. By act of congress of March 3, 1851, Minot's Statute at Large, U. S. 587, it is enacted as follows: 2.-Sec. 1. 194.40 .86 Amortization-goodwill 125.00 Rent-office 7,569.52 Telephone 4,711.48 Professional expense 32,013.39 License expense 1,870.00 Marketing 24,292.59 Taxes 409.07 Total Expenses 156,689.82 Net Income $(84,689.82) ws from Operating Activities Net income 12,941.00 Amortization-goodwill vable (11,493.38) Note payable 4,900.00 Employer tax payable 5,424.76 Note payable-Western Bank 9,305.00 Total adjustments (58,557.76) Net Cash Flows from Operating Activities $(143,247.58) Cash Flows from Investing Activities Used For: Furniture and fixtures $(829.02) Computers (2,626.28) Technical equipment (27,424.00) Organization costs (21,292.00) Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. (350.00) Net cash flows from investing activities (52,521.30) Cash Flows from Financing Activities Proceeds From: Notes payable $18,206.62 Common stock 2,656.21 Paid-in-capital 365,827.79 ____________ $386,690.62 Used For: Repayment of note $(14,016.62) ____________ (14,016.62) Net cash used in financing 372,674.00 Net increase (decrease) in cash $176,905.12 Summary Cash balance at end of period $74,421.21 Cash balance at beginning of period (960.02) Net increase (decrease) in cash $73,461.19 The accompanying notes are an integral part of these financial statements. Notes to 1997 Financial Statements Note A Summary of Significant Accounting Policies Because of the merger activity of Advanced Optical Electronics Inc. and PLZTech Inc. and the resulting equity structure, the purchase method of accounting was used to record the transaction. The corporation is using a percentage-of-completion method percentage-of-completion method A method of recognizing revenues and costs from a long-term project in relation to the percentage completed during the course of the project. of accounting for recording revenues for contractual work. The percentage-of-completion method used is the cost-to-cost method. Note B Related Party Transactions There is a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from an officer in the amount $11,493.38. Note C Intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. period of 60 months. Patents are amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. Balance Sheet Dec. 31, 1996 Ass Property zational costs $21,292.00 Accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. $10,000.00 Total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 306,096.71 Net income (76,901.81) Total capital 233,694.19 Total Liabilities and Capital 0.00 Total revenues 35.00 Postage Amortization-patent 2,157.00 Rent-office 2,422.00 Telephone h/development 30,473.66 Marketing $(76,901.81) Adjus.00 Amortization goodwill 21.00 Amortization patents 2,157.00 Note payable 44,571.62 Total adjustments 48,149.62 Net Cash Flows from Operating Activities $(28,752.19) Cash Flows from Investing Activities Used For: Furniture and fixtures $(12,303.00) Organization costs (21,292.00) Goodwill (5,000.00) Patents (242,288.79) Net cash flows from investing activities (280,883.79) Cash Flows from Financing Activities Proceeds From: Note payable-Western Bank $17,386.17 Note payable 8,206.62 Common stock 4,499.29 Paid-in-capital 306,096.71 Dividends paid 250.00 ___________ $336,438.79 Used For: Repayment of note- Western Bank $(2,271.17) ___________ (2,271.17) Net cash used in financing 334,167.62 Net increase (decrease) in cash $24,531.64 Summary Cash balance at end of period $960.02 Cash balance at beginning of period 0.00 Net increase (decrease) in cash $960.02 The accompanying notes are an integral part of these financial statements. Notes 1996 Financial Statements Note A Summary of Significant Accounting Policies Because of the merger activity of Advanced Optical Electronics Inc. and PLZTech Inc. and the resulting equity structure, the purchase method of accounting was used to record the transaction. Note B Related Party Transactions There are note payables Payables Related: Accounts payable from officers in the amount $18,206.62. Note C Intangibles Organization costs were capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and amortized over a period of 60 months. Patents are amortized over the life of the patent. Goodwill is amortized over 40 years. Note D Contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. and Commitments The corporation has entered a contract to produce flat panel displays. The amount of the contract is $1.7 million. This contract was entered into as of Jan. 3, 1997. Management estimates that the contract will be completed by July July: see month. of 1998. CONTACT: Advanced Optics Electronics Inc., Albuquerque 505/797-7878; fax: 505/858-1871 |
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