Singing Machine (SMD) Balance Sheet

Current Assets
Cash	948.51K
Accounts receivable, net of allowances of $283,689 and $51,179, respectively	18.14M
Due from PNC Bank	0
Accounts receivable related parties - other	2.97K
Inventories, net	8.63M
Prepaid expenses and other current assets	77.36K
Deferred financing costs	58.64K
Total Current Assets	28.49M
Property and equipment, net	419.44K
Other non-current assets	11.52K
Deferred financing costs, net of current portion	0
Deferred tax asset	1.74M
Total Assets	30.66M
Current Liabilities
Accounts payable	10.14M
Accrued expenses	1.97M
Revolving line of credit	8.1M
Current portion of capital lease	0
Obligations to customers for returns and allowances	19.89K
Warranty provisions	859.87K
Total Current Liabilities	23.59M
Total Liabilities	23.59M
Commitments and Contingencies	0
Shareholders' Equity
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding	0
Additional paid-in capital	19.37M
Subscriptions receivable	0
Accumulated deficit	-12.69M
Total Shareholders' Equity	7.07M
Total Liabilities and Shareholders' Equity	30.66M
Current Liabilities
Due to related party	1.92M
Subordinated related party debt	0
Current Assets
Accounts receivable related party	375.87K
Current Assets
Accounts receivable related party	257.91K
Current Liabilities
Note payable related party	467.45K
Due to related party	0
Current Liabilities
Due to related party	87.07K
Current Liabilities
Due to related party	15.6K
Shareholders' Equity
Common stock, value	0
Shareholders' Equity
Common stock, value	382.23K

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