|
LAPOLLA INDUSTRIES, INC.
CONDENSED BALANCE SHEETS
(UNAUDITED)
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As of
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June 30, 2011
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December 31, 2010
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Assets
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Current Assets:
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Cash
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$ |
— |
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|
$ |
298 |
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Trade Receivables, Net
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13,345,203 |
|
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11,013,824 |
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Inventories
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6,615,686 |
|
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5,353,015 |
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Prepaid Expenses and Other Current Assets
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1,133,266 |
|
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1,259,498 |
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Total Current Assets
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21,094,155 |
|
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17,626,635 |
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Property, Plant and Equipment
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2,545,829 |
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2,547,148 |
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Other Assets:
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Goodwill
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4,234,828 |
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4,234,828 |
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Other Intangible Assets, Net
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1,802,998 |
|
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1,733,449 |
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Deposits and Other Non-Current Assets, Net
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430,684 |
|
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365,930 |
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Total Other Assets
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6,468,510 |
|
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6,334,207 |
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Total Assets
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$ |
30,108,494 |
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|
$ |
26,507,990 |
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Liabilities and Stockholders' Equity
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Current Liabilities:
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Accounts Payable
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$ |
11,449,162 |
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$ |
8,398,341 |
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Accrued Expenses and Other Current Liabilities
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1,343,395 |
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1,626,541 |
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Current Portion of Term Loan
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1,250,000 |
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1,250,000 |
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Current Portion of Derivate Liability
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274,369 |
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292,240 |
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Current Portion of Long-Term Debt
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46,481 |
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45,464 |
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Total Current Liabilities
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14,363,407 |
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11,612,586 |
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Other Liabilities:
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Non-Current Portion of Term Loan
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312,500 |
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937,500 |
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Non-Current Portion of Revolver Loan
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9,656,175 |
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7,578,262 |
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Non Current Portion of Long-Term Debt
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46,525 |
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70,062 |
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Total Other Liabilities
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10,015,200 |
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8,585,824 |
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Total Liabilities
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24,378,607 |
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20,198,410 |
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Stockholders' Equity:
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Preferred Stock, $1.00 Par Value; 2,000,000 Shares Authorized, of which Designation:
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Series D, 25,000 Shares Authorized; 7,210 and 5,242 Issued and Outstanding for June 30, 2011 and December 31, 2010, respectively; $7,210,000 and $5,242,000 aggregate liquidation preference for June 30, 2011 and December 31, 2010, respectively.
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7,210 |
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5,242 |
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Common Stock, $.01 Par Value; 140,000,000 Shares Authorized; 81,393,878 and 83,705,376 Issued and Outstanding for June 30, 2011 and December 31, 2010, respectively.
|
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|
813,939 |
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|
837,054 |
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Additional Paid-In Capital
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82,555,572 |
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82,081,100 |
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Accumulated (Deficit)
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|
(77,705,047 |
) |
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|
(76,587,648 |
) |
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Accumulated Other Comprehensive Gain (Loss)
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58,213 |
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(26,168 |
) |
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Total Stockholders' Equity
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|
5,729,887 |
|
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6,309,580 |
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Total Liabilities and Stockholders' Equity
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$ |
30,108,494 |
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|
$ |
26,507,990 |
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The Accompanying Notes are an Integral Part of the Financial Statements
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