|
LAPOLLA
INDUSTRIES, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
June
30, 2008
|
|
|
December
31, 2007
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash
|
|
$ |
68,046 |
|
|
$ |
339,855 |
|
|
Trade
Receivables, Net
|
|
|
7,925,266 |
|
|
|
3,350,154 |
|
|
Inventories
|
|
|
3,090,730 |
|
|
|
2,698,097 |
|
|
Prepaid
Expenses and Other Current Assets
|
|
|
605,346 |
|
|
|
532,233 |
|
|
Total
Current Assets
|
|
|
11,689,388 |
|
|
|
6,920,339 |
|
|
|
|
|
|
|
|
|
|
|
|
Property,
Plant and Equipment, Net
|
|
|
2,477,864 |
|
|
|
2,626,068 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
1,951,000 |
|
|
|
1,951,000 |
|
|
Other
Intangible Assets
|
|
|
130,778 |
|
|
|
142,318 |
|
|
Deposits
and Other Non-Current Assets
|
|
|
207,160 |
|
|
|
226,320 |
|
|
Total
Other Assets
|
|
|
2,288,938 |
|
|
|
2,319,638 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$ |
16,456,190 |
|
|
$ |
11,866,045 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
Payable
|
|
$ |
5,307,044 |
|
|
$ |
2,422,625 |
|
|
Accrued
Expenses and Other Current Liabilities
|
|
|
1,761,859 |
|
|
|
1,266,533 |
|
|
Loan
Payable – Related Party
|
|
|
843,348 |
|
|
|
— |
|
|
Current
Portion of Convertible Term Note
|
|
|
— |
|
|
|
589,761 |
|
|
Current
Portion of Long-Term Debt
|
|
|
74,302 |
|
|
|
84,939 |
|
|
Total
Current Liabilities
|
|
|
7,986,553 |
|
|
|
4,363,858 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Liabilities:
|
|
|
|
|
|
|
|
|
|
Revolving
Credit Note
|
|
|
3,713,715 |
|
|
|
4,879,152 |
|
|
Non-Current
Portion of Convertible Term Note
|
|
|
565,260 |
|
|
|
775,185 |
|
|
Non
Current Portion of Long-Term Debt
|
|
|
57,871 |
|
|
|
107,255 |
|
|
Non
Current Portion of Liabilities from Discontinued
Operations
|
|
|
— |
|
|
|
848 |
|
|
Total
Other Liabilities
|
|
|
4,336,846 |
|
|
|
5,762,440 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
12,323,399 |
|
|
|
10,126,298 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
Preferred
Stock, $1.00 Par Value; 2,000,000 Shares Authorized, of which
Designations:
|
|
|
|
|
|
|
|
|
|
Series
A Convertible, 750,000 Shares Authorized; 62,500 Issued and Outstanding
(Less Offering Costs of $7,465) and $62,500 aggregate liquidation
preference at June 30, 2008 and December 31, 2007,
respectively
|
|
|
55,035 |
|
|
|
55,035 |
|
|
Series
D, 25,000 Shares Authorized; 8,176 Issued and Outstanding and
$8,176,000 aggregate liquidation preference at June 30, 2008 and December
31, 2007
|
|
|
8,176 |
|
|
|
8,176 |
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock, $.01 Par Value; 98,000,000 Shares Authorized; 61,944,803 and
59,125,700 Issued and Outstanding at June 30, 2008 and December 31, 2007,
respectively
|
|
|
619,448 |
|
|
|
591,257 |
|
|
Additional
Paid-In Capital
|
|
|
77,016,206 |
|
|
|
73,600,876 |
|
|
Accumulated
(Deficit)
|
|
|
(73,566,075 |
) |
|
|
(72,515,597 |
) |
|
Total
Stockholders' Equity
|
|
|
4,132,790 |
|
|
|
1,739,747 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
|
$ |
16,456,190 |
|
|
$ |
11,866,045 |
|
The
Accompanying Notes are an Integral Part of the Financial Statements
|
