General form of registration statement for all companies including face-amount certificate companies

Balance Sheets (Sound Concepts Inc.)

v3.19.1
Balance Sheets (Sound Concepts Inc.) - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Current assets:      
Cash and cash equivalents $ 634,000 $ 11,000  
Accounts receivable, net 1,000  
Prepaid expenses 83,000 41,000  
Total current assets 718,000 52,000  
Property and equipment, net 11,000 31,000  
TOTAL ASSETS 898,000 92,000  
Current liabilities:      
Total current liabilities 4,888,000 5,881,000  
TOTAL LIABILITIES 5,953,000 5,881,000  
Stockholders' Equity (Deficit):      
Common stock, $.001 par value; 129,000 shares authorized; 122,000 shares issued and outstanding 1,000 1,000  
Retained earnings (accumulated deficit) (40,667,000) (28,540,000)  
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (5,055,000) (5,789,000) $ (3,468,000)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 898,000 92,000  
Sound Concepts, Inc. [Member]      
Current assets:      
Cash and cash equivalents 84,000 78,000 226,000
Accounts receivable, net 974,000 911,000 647,000
Inventory, net 123,000 307,000 485,000
Prepaid expenses 158,000 95,000 84,000
Advances to related party 46,000 32,000
Total current assets 1,339,000 1,437,000 1,474,000
Property and equipment, net 112,000 46,000 100,000
Other assets 20,000 11,000 21,000
TOTAL ASSETS 1,471,000 1,494,000 1,595,000
Current liabilities:      
Accounts payable 730,000 679,000 1,191,000
Accrued expenses, payroll and other current liabilities 129,000 226,000 166,000
Customer deposits 169,000 145,000 224,000
Deferred revenue 327,000 472,000 287,000
Credit line payable 280,000
Total current liabilities 1,355,000 1,802,000 1,868,000
Note payable 32,000 6,000 26,000
TOTAL LIABILITIES 1,387,000 1,808,000 1,894,000
Commitments and contingencies
Stockholders' Equity (Deficit):      
Common stock, $.001 par value; 129,000 shares authorized; 122,000 shares issued and outstanding 3,000 3,000 3,000
Additional paid-in capital 465,000 465,000 465,000
Treasury stock (445,000) (445,000) (445,000)
Retained earnings (accumulated deficit) 61,000 (337,000) (322,000)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 84,000 (314,000) (299,000)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,471,000 $ 1,494,000 $ 1,595,000