UNIVERSAL EXPRESS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2003
ASSETS
CURRENT ASSETS:
Cash $ 539,894
Accounts Receivable 15,504
Other Receivables 7,700
Other Current Assets 133,300
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Total Current Assets 696,398
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PROPERTY AND EQUIPMENT, net 122,311
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OTHER ASSETS:
Loan to Officer 810,562
Related Party Receivables 906,000
Goodwill 397,107
Other Assets 16,099
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Total Other Assets 2,129,768
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Total Assets $ 2,948,477
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts Payable $ 547,434
Accrued Expenses 177,347
Accrued Officers' Salary 965,113
Accrued Interest 206,958
Bank Line of Credit 32,269
Current Maturities of Long-Term Debt 83,716
Notes Payable 68,500
Convertible Debentures 100,000
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Total Current Liabilities 2,181,337
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Long-Term Debt, Net of Current Maturities 98,350
------------
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Total Liabilities 2,279,687
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STOCKHOLDERS' EQUITY:
Common Stock, $.005 par value; Authorized 650,000,000 Shares
552,027,232 Shares Issued, 551,987,232 Shares Outstanding 2,760,136
Class B Common Stock, $.005 par value; Authorized 3,000,000
shares 1,280,000 shares issued and outstanding 6,400
Additional Paid-in Capital 42,319,147
Accumulated Deficit (41,904,247)
Accumulated Other Comprehensive Income (119,700)
Stock Rights 4,722,962
Common Stock in Treasury, at cost, 40,000 shares (14,350)
Deferred Costs Related to Stock Issued for Services (7,101,558)
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Total Stockholders' Equity 668,790
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 2,948,477
============
See notes to consolidated financial statements
-3-
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UNIVERSAL EXPRESS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THREE MONTHS ENDING SEPTEMBER 30, 2003 AND 2002
2003 2002
---- ----
Revenue $ 183,049 $ 1,224,290
Cost of Goods Sold 162,486 1,207,820
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Gross Profit 20,563 16,470
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Selling, General and Administrative 2,021,637 1,153,077
Depreciation 7,487 6,403
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Total Operating Expenses 2,029,124 1,159,480
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LOSS FROM OPERATIONS (2,008,561) (1,143,010)
Other Income (Expense)
Interest Expense (8,817) (7,958)
Interest Income 12,039 12,490
------------------------------
Net Income (Loss) $ (2,005,339) $ (1,138,478)
LOSS PER COMMON SHARES $ (0.00) $ (0.00)
==============================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 532,931,005 244,436,911
==============================
NET INCOME (LOSS) $ (2,005,339) $ (1,138,478)
OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized loss of marketable securities --
------------------------------
COMPREHENSIVE INCOME (LOSS) $ (2,005,339) $ (1,138,478)
==============================
See notes to consolidated financial statements.
-4-
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Universal Express Inc, and Subsidiaries
Consolidated Statements of Cash Flows - Unaudited
For the Three Months Ended September 2003 and 2002
2003 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $(2,005,339) $(1,138,478)
Adjustment to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 7,487 6,403
Amortization Of Deferred Compensation 837,540 373,189
Common shares issued for services 57,160 --
Write-down Officer Loan 8,498 33,719
Changes in assets and liabilities:
Accounts receivable 13,426 3,999
Other receivables -- --
Other assets (91,411) (1,070)
Accounts payable an accrued expenses (140,959) 42,894
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Total adjustments 691,741 459,134
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NET CASH USED IN OPERATING ACTIVITIES (1,313,598) (679,344)
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CASH FLOWS FROM INVESTING ACTIVITIES
Related Party Receivables -- (14,576)
Acquisition of property and equipment (23,101) (8,874)
--------------------------
Net Cash Used In Investing Activities (23,101) (23,450)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Bank Line of Credit (2,772) (6,760)
Repayments of Notes Payable (1,500) (1,000)
Repayment Long Term Debt (9,172) (15,059)
Proceeds from stock rights 1,648,000 731,000
NET CASH PROVIDED BY FINANCING ACTIVITIES $ 1,634,556 $ 708,181
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NET INCREASE (DECREASE) IN CASH 297,857 5,387
CASH - BEGINNING OF YEAR 242,037 31,342
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CASH - END OF PERIOD $ 539,894 $ 36,729
==========================
Non cash investing and financing activities for three months ended September 30, 2003:
The company issued 48,700,000 shares of common
stock valued at $2,959,400 for deferred services
See notes to consolidated financial statements
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