ITEM 1. FINANCIAL STATEMENTS
E-DENTIST.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS EXCEPT SHARE DATA)
DECEMBER 31, MARCH 31,
2000 2000
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ASSETS
Current assets:
Cash and cash equivalents ................................................ $ 1,054 $ 553
Receivables from affiliated practices, net of allowance for doubtful
accounts of $1,686 and $3,269, respectively ............................. 294 2,966
Prepaid and other current assets ......................................... 166 499
Notes receivable from affiliated practices - current, net ................ 291 421
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Total current assets ................................................... 1,805 4,439
Property and equipment, net ................................................ 3,575 6,886
Intangible assets, net ..................................................... 3,325 25,786
Notes receivable from affiliated practices, net ............................ 1,102 709
Other assets ............................................................... 211 86
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Total assets ........................................................ $ 10,018 $ 37,906
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LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Credit facility .......................................................... $ 9,581 $ --
Current portion of long term debt ........................................ 98 492
Accounts payable and accrued liabilities ................................. 1,141 1,702
Current portion of deferred revenue ...................................... 1,026 206
Accrued employment agreement ............................................. 278 400
Current portion of capital leases ........................................ 333 309
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Total current liabilities ........................................... 12,457 3,109
Credit facility ............................................................ -- 10,100
Long term debt, less current maturities .................................... 3,119 4,729
Capital lease obligations .................................................. 743 961
Deferred revenue............................................................ 600 --
Commitment and contingencies
Shareholders' equity (deficit):
Common stock, $.001 par value 40,000,000 shares authorized, 11,570,783 and
10,820,783 issued, respectively ......................................... 11 11
Additional paid-in capital ............................................... 25,895 25,604
Accumulated deficit ...................................................... (31,647) (6,432)
Less: Treasury shares at cost, 1,085,453 and 154,748, respectively ....... (1,160) (176)
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Total shareholders' equity (deficit) ................................ (6,901) 19,007
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Total liabilities and shareholders' equity (deficit) ................ $ 10,018 $ 37,906
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Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
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