Unaudited Balance Sheet of the Company as of March 31, 2013

Summary

This document presents the unaudited balance sheet of the company as of March 31, 2013. It details the company's assets, liabilities, and stockholders' deficit, including current assets like cash and accounts receivable, as well as liabilities such as accounts payable and notes payable. The balance sheet shows the company's financial position at the specified date, including a significant stockholders' deficit and total liabilities exceeding total assets.

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EX-10.4 5 ex10_4.htm EXHIBIT 10.4 Unassociated Document
Exhibit 10.4
 
THE COMPANY’S UNAUDITED BALANCE SHEET DATED MARCH 31, 2013
 
   
March 31, 2013
(Unaudited)
  
ASSETS
      
Current assets:
      
Cash
   $ 242,000  
Accounts receivable, net of $8,000 allowance for doubtful accounts at March 31, 2013
and September 30, 2012
     286,000  
Costs and estimated earnings in excess of billings on uncompleted contracts
     91,000  
Inventories
     358,000  
Prepaid expenses and other current assets
     198,000  
Total current assets
     1,175,000  
Property and equipment, net
     867,000  
Patents and trademarks, net
     187,000  
Goodwill
     2,131,000  
Other assets
     557,000  
Total assets
   $ 4,917,000  
LIABILITIES AND STOCKHOLDERS’ DEFICIT
        
Liabilities not subject to compromise:
        
      Current liabilities:
        
Accounts payable
   $ 252,000  
Accrued liabilities
     585,000  
Customer deposits
     23,000  
Billing in excess of costs and estimated earnings
     56,000  
Notes payable, related party
     450,000  
     Total current liabilities
     1,366,000  
Other
     47,000  
Total liabilities not subject to compromise
     1,413,000  
Liabilities subject to compromise
     49,196,000  
Total liabilities
     50,609,000  
Commitments and contingencies
     —  
Stockholders’ deficit:
        
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and
outstanding
     —  
Common stock, $0.01 par value, 500,000,000 shares authorized; 146,510,818 and
146,436,893 issued and outstanding at March 31, 2013 and September 30, 2012
     1,465,000  
Additional paid-in capital
     131,396,000  
Accumulated deficit
     (178,553,000 )
Total stockholders’ deficit
     (45,692,000 )
Total liabilities and stockholders’ deficit
   $ 4,917,000