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The following is an excerpt from a 10-K SEC Filing, filed by TARGET LOGISTICS INC on 9/28/2000.
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TARGET LOGISTICS INC - 10-K - 20000928 - BALANCE_SHEET

ARTHUR ANDERSEN LLP

New York, New York
September 6, 2000


F-2

                             TARGET LOGISTICS, INC.
                          CONSOLIDATED BALANCE SHEETS


                                     ASSETS                                        June 30, 2000      June 30, 1999
                                                                                   -------------      -------------
CURRENT ASSETS:

Cash and cash equivalents                                                           $ 6,055,104         $7,881,595
Accounts receivable, net of allowance for doubtful accounts of
   $1,630,768 and $1,318,109, respectively                                           15,149,824         10,853,316
Deferred income taxes (Note 9)                                                        1,972,411          2,080,105
Prepaid expenses and other current assets                                                32,361            152,940
                                                                                     ----------         ----------
                                 Total current assets                                23,209,700         20,967,956
PROPERTY AND EQUIPMENT, NET (Note 4)                                                    575,186            473,398
OTHER ASSETS                                                                            268,615            278,382
DEFERRED INCOME TAXES (Note 9)                                                          183,694            184,895
GOODWILL, net of accumulated amortization of $2,523,371
   and $1,927,504, respectively (Note 3)                                             12,431,652         13,027,520
                                                                                    -----------         ----------
                                 Total assets                                       $36,668,847         34,932,151
                                                                                    ===========         ==========

                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable                                                                    $ 3,908,883         $4,413,792
Accrued expenses                                                                      2,030,224          2,360,211
Accrued transportation expenses                                                       7,614,884          6,745,613
Reserve for restructuring                                                                     -             21,567
Note payable to bank (Note 5)                                                         4,636,821          1,349,978
Current portion of long-term debt (Note 5)                                                    -             10,500
Dividends payable                                                                       116,064            168,680
Taxes payable                                                                            78,830             77,245
Lease obligation - current portion (Note 7)                                             103,385             88,600
                                                                                    -----------         ----------
                                 Total current liabilities                           18,474,306         15,250,971
LEASE OBLIGATION -- LONG TERM (Note 7)                                                   92,374             24,116
                                                                                    -----------        -----------
                                 Total liabilities                                  $18,566,680        $15,275,087
                                                                                    -----------        -----------

COMMITMENT AND CONTINGENCIES (Note 7)

SHAREHOLDERS EQUITY (Note 6):
Preferred Stock, $10 par value; 2,500,00 shares authorized,
   320,696 and 427,207 shares issued and outstanding, respectively                    3,206,960          4,272,070
Common Stock, $.01 par value; 30,000,000 shares authorized,
   12,613,953 and 10,031,868 shares issued and outstanding,
   respectively                                                                         126,139            100,318
Paid-in capital                                                                      23,905,248         22,877,209
Accumulated deficit                                                                  (8,491,375)        (6,937,598)
Less:  Treasury stock, 734,951 and 839,855 shares held at cost, respectively           (644,805)          (654,935)
                                                                                    -----------        -----------
                                 Total shareholders' equity                          18,102,167         19,657,064
                                                                                    -----------        -----------
                                 Total liabilities and shareholders' equity         $36,668,847        $34,932,151
                                                                                    ===========        ===========

              The accompanying notes are an integral part of these
                          consolidated balance sheets.

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