For the Six
Months Ended
December 31,
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2000 1999
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Cash Flows Provided by Operating Activities:
Net loss $(231,972) $ (227,551)
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Adjustments to reconcile net loss
to net cash used by operating activities:
Depreciation and amortization 11,577 122
Non-cash expenses, including stock issued for
services & interest expense 239,272 -
Changes in assets and liabilities:
Decrease in accounts receivable 130,871 1,776
(Increase) decrease in inventory 634,258 (95,846)
Decrease in prepaid expenses (7,804) (18,000)
(Increase) in other assets 207 -
Increase in accounts payable 76,425 73,704
(Decrease) in factoring advances (85,710) -
(Decrease) in accrued expenses (298,865) -
(Decrease) in customer deposits (716,486) -
(Decrease) in liabilities of discontinued
operations (16,802) (269,988)
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Net Cash (Used) by Operating Activities (265,029) (535,783)
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Cash Flows Provided by Investing Activities:
Purchases of property and equipment (177,569) -
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Net Cash (Used) by Investing Activities (177,569) -
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Cash Flows Provided by Financing Activities:
Proceeds from Issuance of common stock - 538,396
Decrease in stock subscription receivable 125,000 -
Increase in notes payable - related party 271,973 -
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Net Cash Provided by Financing Activities 396,973 538,396
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Net Increase (Decrease) in Cash and Cash Equivalents (45,625) 2,613
Cash and Cash Equivalents at Beginning of Period 53,858 52,223
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Cash and Cash Equivalents at End of Period $ 8,233 $ 54,836
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