SYEV.. 10Q
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
November 30, 2009 February 28, 2009
ASSETS
Current assets:
Cash and cash equivalents $ 433,217 160,415
Accounts receivable, net of allowance for doubtful accounts
of $13,264 and $3,986, respectively 201,830 61,447
Inventory, net 239,871 409,353
Prepaid expenses and other current assets 47,117 77,827
Total current assets 922,035 709,042
Property and equipment, net 104,378 129,964
Intangible assets, net 11,646 16,374
Other assets 8,515 6,624
Total assets $ 1,046,574 862,004
LIABILITIES AND STOCKHOLDERS' EQUITY/( DEFICIT)
Current liabilities:
Accounts payable and accrued expenses $ 114,929 92,818
Customer deposits 124,882 177,325
Accrued interest due to related party 42,554 76,359
Capital lease obligation 18,221 26,802
Notes payable 100,000 100,000
Total current liabilities 400,586 473,304
Long-term related party notes payable 471,088 471,088
Total liabilities 871,674 944,392
Commitments and contingencies - -
Stockholders' equity/(deficit):
Preferred stock, 6,000,000 shares authorized, none issued or outstanding - -
Common stock $0.001 par value, 50,000,000 shares authorized, 25,854,146 and 25,824,146 shares issued and outstanding, respectively 25,854 25,824
Additional paid-in capital 6,923,404 6,907,637
Accumulated deficit (6,774,358 ) (7,015,849 )
Total stockholders' equity/(deficit) 174,900 (82,388 )
Total liabilities and stockholders'/equity (deficit) $ 1,046,574 862,004
See accompanying notes to consolidated financial statements.
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For The Nine-Month
Periods Ended
November 30, November 30,
2009 2008
Revenues $ 1,829,641 $ 908,621
Cost of sales 997,779 523,238
Gross profit 831,862 385,383
Operating Expenses
Selling, general, and administrative expenses 508,647 724,403
Depreciation and amortization 41,061 36,317
Total Operating Expenses 549,708 760,720
Income (Loss) from operations 282,154 (375,337 )
Other Income(Expense)
Interest income 443 123
Interest expense-related parties (28,869 ) (143,856 )
Interest expense-other (9,624 ) (8,693 )
Other income (expense) (2,613 ) 62,256
Total other income(expense) (40,663 ) (90,170 )
Net income (loss) before income taxes 241,491 (465,507 )
Provision for income taxes - -
Net Income (Loss) $ 241,491 $ (465,507 )
BASIC INCOME (LOSS) PER SHARE $ 0.01 $ (0.02 )
DILUTED INCOME (LOSS) PER SHARE $ 0.01 $ (0.02 )
BASIC WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING 25,826,219 25,769,295
DILUTED WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 32,273,172 25,769,295
