MDP Corporation Unaudited Financial Statements for the Quarter Ended March 31, 2001

Summary

This document presents the unaudited financial statements of MDP Corporation for the three months ending March 31, 2001. It includes the balance sheet, statement of operations, and statement of cash flows. The statements detail the company's assets, liabilities, equity, revenues, expenses, and cash movements during the period. These financials provide a snapshot of MDP Corporation's financial position and performance for the specified quarter.

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EX-2.3 3 dex23.txt UNAUDITED FINANCIAL STATEMENTS FOR MDP MDP CORPORATION BALANCE SHEET MARCH 31, 2001 (unaudited)
ASSETS Current assets Cash $ 484,031 Accounts receivable, net of $18,600 allowance 669,995 Inventories 53,505 Prepaid expenses 31,506 ---------- Total current assets 1,239,037 Property and equipment, Net 268,637 Other assets Deposits 5,750 Employee loan 17,000 ---------- Total other assets 22,750 ---------- TOTAL ASSETS $1,530,424 ========== LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities Current portion of long term debt $ 23,387 Accounts payable 239,854 Accrued liabilities 33,097 Customer postage deposits 167,554 ---------- Total current liabilities 463,892 Long term liabilities Note payable 180,739 Installment note 40,380 ---------- Total long term liabilities 221,119 ---------- Total liabilities 685,011 Stockholder's equity Common stock, $1 par value, 100,000 authorized shares, 1 share issued and outstanding 1 Additional paid in capital 819,199 Retained earnings 26,213 ---------- Total stockholder's equity 845,413 ---------- TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,530,424 ==========
MDP CORPORATION STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2001 (unaudited) Revenue $1,706,786 Cost of sales 1,106,884 ---------- Gross profit 599,902 Operating expenses 317,675 ---------- Income from operations 282,227 Other expenses Interest expense 2,724 Depreciation and amortization 25,057 ---------- Total other expenses 27,781 ---------- Net income $ 254,446 ========== MDP CORPORATION STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2001 (unaudited) CASH FLOW FROM OPERATING ACTIVITIES: Net income $ 254,446 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 25,057 Change in operating assets & liabilities: Decrease in accounts receivable 9,379 Decrease in prepaid postage 209,859 Decrease in accounts payable and accrued expenses (137,416) Increase in customer postage deposits 2,691 --------- Net cash provided by operating activities 364,016 --------- CASH FLOW FROM INVESTING ACTIVITIES: Capital expenditures (12,149) --------- Net cash used by investing activities (12,149) --------- CASH FLOW FROM FINANCING ACTIVITIES: Payment of notes payable (5,509) Stockholder distributions (8,620) --------- Net cash used by financing activities (14,129) --------- Net increase in cash and cash equivalents 337,738 Cash and cash equivalents at beginning of period 146,293 --------- Cash and cash equivalents at end of period $ 484,031 ========= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period: Interest $ 4,409 =========