PROCYON CORPORATION & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | | | | | | |
June 30, 2011 and 2010 | | | | | | |
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| | | 2011 | | | 2010 | |
ASSETS | | | | | | | |
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CURRENT ASSETS | | | | | | |
| Cash | | $ | 721,054 | | | $ | 827,512 | |
| Certificate of Deposits, and accrued interest | | | 155,142 | | | | 54,028 | |
| Accounts receivable, less allowance for doubtful | | | | | | | | |
| accounts of $1,000. | | | 311,493 | | | | 184,130 | |
| Inventories | | | 204,733 | | | | 188,287 | |
| Prepaid expenses | | | 147,449 | | | | 116,815 | |
| Other Receivable | | | 8,762 | | | | - | |
| Deferred tax asset | | | 140,577 | | | | 121,391 | |
| TOTAL CURRENT ASSETS | | | 1,689,210 | | | | 1,492,163 | |
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PROPERTY AND EQUIPMENT, NET | | | 535,040 | | | | 513,925 | |
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OTHER ASSETS | | | | | | | | |
| Deposits | | | 792 | | | | 1,854 | |
| Deferred tax asset | | | 724,681 | | | | 861,945 | |
| | | | 725,473 | | | | 863,799 | |
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TOTAL ASSETS | | $ | 2,949,723 | | | $ | 2,869,887 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
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CURRENT LIABILITIES | | | | | | | | |
| Accounts Payable | | $ | 130,453 | | | $ | 184,942 | |
| Accrued Expenses and Other | | | 146,753 | | | | 128,006 | |
| Current Portion of Mortgage Payable | | | 32,211 | | | | 26,335 | |
| TOTAL CURRENT LIABILITIES | | | 309,417 | | | | 339,283 | |
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LONG-TERM LIABILITIES | | | | | | | | |
| Mortgage Payable | | | 314,173 | | | | 397,367 | |
| TOTAL LONG TERM LIABILITIES | | | 314,173 | | | | 397,367 | |
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STOCKHOLDERS' EQUITY | | | | | | | | |
| Preferred stock, 496,000,000 shares authorized, | | | | | | | | |
| none issued | | | - | | | | - | |
| Series A Cumulative Convertible Preferred stock, | | | | | | | | |
| no par value; 4,000,000 shares authorized; 199,100 | | | | | | | | |
| shares issued and outstanding | | | 154,950 | | | | 154,950 | |
| Common stock, no par value, 80,000,000 shares | | | | | | | | |
| authorized; 8,055,388 shares issued and outstanding | | | 4,416,676 | | | | 4,416,676 | |
| Paid-in Capital | | | 6,000 | | | | 6,000 | |
| Accumulated deficit | | | (2,251,493 | ) | | | (2,444,389 | ) |
| TOTAL STOCKHOLDERS' EQUITY | | | 2,326,133 | | | | 2,133,237 | |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 2,949,723 | | | $ | 2,869,887 | |
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The accompanying notes are an integral part of these financial statements. | |
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F - 2 | |