Odyssey Marine Exploration (AMEX:OMR), a leader in the field of
deep-ocean shipwreck exploration, today reported full year 2005
financial results. For the full year 2005, Odyssey reported
revenues of $10.0 million, compared to $17.6 million in 2004. The
Company reported a net loss of $14.9 million for the full year
2005, compared to net income of $5.2 million in 2004. The net loss
per share for the full year 2005 was $.35, compared to earnings of
$.13 per share in 2004. Odyssey attributed the 2005 annual loss to
several factors. Revenues were lower than expected due to a smaller
customer base of independent coin dealers, diminishing availability
of high-value gold coins, lower than expected direct sales, and the
impact of Hurricane Katrina on Odyssey's first-ever shipwreck
attraction in New Orleans. Expenses for Operations and Research
increased $9.3 million primarily due to vessel recovery costs not
being capitalized during most of 2005 and the addition of a
chartered vessel for the Company's "Atlas" search project.
Marketing, general and administrative expenses increased $4.2
million primarily due to expansion of marketing and sales and
administrative expenses associated with Odyssey's
themed-attractions segment. In addition, the impact of tax
accounting standards resulted in a full valuation allowance against
the Company's deferred tax asset which reduced net income by $7.8
million. "While we're disappointed with this year's financial
results, we continue to make solid progress establishing direct and
indirect sales markets for our coins, artifacts, and shipwreck
merchandise. In addition, our business and our unique industry
makes us very different from traditional companies because our
bottom line is directly impacted by our ability to find and
excavate high-value shipwrecks. Therefore, as the HMS Sussex,
`Atlas' and `Bristol' projects move forward in 2006, and as we
continue to improve our direct and indirect sales channels for
products, we expect Odyssey's financial performance to improve,"
said Mike Barton, Odyssey's Chief Executive Officer. Full Year 2005
Results Note: For 2005, the fiscal year included a twelve-month
period which ended December 31, 2005. Fiscal year 2004 included a
ten-month transition period which ended December 31, 2004. -0- *T
REVENUE *T Revenues are generated primarily through the sale of
gold and silver coins, but also include other artifacts and
merchandise. Revenues for fiscal years 2005 and 2004 were $10.0
million and $17.6 million, respectively, representing sales volume
of approximately 2,500 gold and silver coins in 2005, and
approximately 9,000 gold and silver coins in 2004. In 2005, sales
were made through independent coin dealers at wholesale prices as
well as through the Company's direct retail sales. In 2004, sales
were made primarily through independent coin dealers. Odyssey
continues to sell numismatic coins to independent coin dealers.
During the latter half of 2005, the Company experienced a decrease
in numismatic gold coin revenue, relative to 2004, due to a lower
availability of high-value gold coins, a desire to maximize total
revenue from existing coin inventory, and sales to fewer
independent coin dealers. The number of independent dealers dropped
from thirteen in 2004, to six in 2005, of which two dealers
represented 57 percent of total sales. Odyssey's experience has
shown that many of these independent dealers are primarily
interested in the higher quality numismatic coin market. As
availability of high-quality coins diminishes, the Company expects
the number of independent dealers interested in its coins to be
reduced. In addition, the sale of silver half dollars was
significantly reduced from 2004 levels as Odyssey added direct
retail distribution, where margins are higher, to existing
independent coin dealer wholesale channels. In December 2004,
Odyssey opened a direct sales department to test distribution of
its products through retail sales channels where gross margins are
typically higher. Sales in 2005 were less than projected. However,
the Company continues to build a database of customers which it
anticipates will buy additional Odyssey products from various
shipwrecks. Odyssey believes sales volumes will increase as it
continues to build its client base for repeat sales, expand book
sales, and pursue leads generated by themed attractions,
advertising efforts in direct response print, television and radio
outlets, and other activities. Based on 2005 results, the Company
is investigating additional resources and strategic partnerships to
service direct response inquiries and orders. The Company also
continues to develop additional indirect sales channels to
supplement its coin dealer network for non-graded gold coins,
shipwreck-effect silver coins, and for other Odyssey merchandise.
While significant revenue has not yet been realized from these new
indirect sales channels, Odyssey is building additional
distribution for its shipwreck products, which should begin
producing revenue in 2006. -0- *T EXPENSES *T Operations and
research expenses were $11.3 million in 2005, compared to $2.0
million in 2004. Of the $9.3 million increase in 2005, $4.2 million
was a result of not capitalizing vessel recovery costs since
February 2005, when Odyssey's archaeological recovery ship left the
SS Republic shipwreck site. Vessel recovery costs of $4.8 million
were capitalized in 2004, versus $.6 million in 2005. Additionally,
$3.3 million was attributable to vessel operations (which includes
$1.8 million for a chartered vessel for the "Atlas" search
project); $.5 million to ongoing research and conservation efforts;
$1.0 million for start-up operations of Odyssey's themed-attraction
segment; and $.3 million to the write-off of an investment in
developing a second attraction location, due to a realignment in
attraction development strategy resulting from hurricane Katrina
and other factors. Marketing, general and administrative expenses
were $9.3 million in 2005, as compared to $5.1 million in 2004. Of
the $4.2 million increase, $2.3 million resulted from expansion of
marketing and sales associated with the development of a direct
sales effort, $.6 million related to general and administrative
expenses associated with the themed-attractions segment, and $1.3
million to other general and administration expenses, corporate
communications, information technology, and professional and audit
services related to Sarbanes-Oxley implementation. -0- *T NET LOSS
*T The Company reported a net loss of $14.9 million for the full
year 2005, compared to net income of $5.2 million in 2004. The net
loss per share for the full year 2005 was $.35, compared to
earnings of $.13 per share in 2004. Included in the net loss for
fiscal year 2005 is a full valuation allowance of $7.8 million
placed on the deferred tax assets. The Company recorded this full
valuation allowance due to uncertainty surrounding the realization
of these deferred tax assets, which resulted from net operating
loss carry-forwards from previous years. The full valuation
allowance adjustment is a non-cash adjustment. The income tax
provisions for the fiscal years 2005 and 2004 are $3.3 million and
$3.5 million, respectively. -0- *T ANNUAL OPERATIONAL OVERVIEW *T
SS Republic Project The SS Republic was a side-wheel steamer lost
in deep water in 1865 after battling a hurricane for several days.
The ship, en-route from New York to New Orleans, was reportedly
carrying $400,000 in specie (1865 face value) when it sank. The
ship's history includes service in both the Confederate and Union
navies during the American Civil War. Odyssey discovered the
shipwreck in the summer of 2003 nearly 1,700 feet below the surface
of the Atlantic Ocean approximately 100 miles off the Georgia
coast. The archaeological excavation and recovery was completed in
February 2005. During the SS Republic excavation, more than 51,000
gold and silver coins and approximately 14,000 artifacts were
recovered. The Company's remotely operated vehicle (ROV) ZEUS,
completed 262 dives to the shipwreck site and debris field, logging
almost 3,500 hours of bottom time. The coins recovered represent
approximately 25 percent of the "$400,000 in specie" (1865 face
value) that historical research indicated was on board the Republic
when she sank. In March 2004, the Company was awarded title and
ownership to the SS Republic shipwreck and cargo, including the
hull, artifacts and the specie on board. In February 2005, the
Odyssey Explorer left the SS Republic shipwreck site to steam to
the Western Mediterranean. Western Mediterranean Project In April
2005, the Odyssey Explorer performed survey and archaeological work
in the western Mediterranean. The Company located 23 shipwreck
sites, produced 14 pre-disturbance photomosaics, and completed
preliminary excavations on seven sites. The archaeological work
resulted in the recovery of approximately 400 artifacts plus a
substantial number of trading beads undergoing conservation and
study by Odyssey's research and conservation departments. "Atlas"
Search Project On May 4, 2005, Odyssey announced that search
operations had begun on its 2005 shipwreck search program,
code-named the "Atlas" project, with a chartered side-scan survey
vessel. The "Atlas" project is the result of an extensive target
development program and consists of a minimum of five target
shipwrecks. It is believed to be the most extensive shipwreck
search operation ever launched. Utilizing an advanced side-scan
system allowed the Company to map the seafloor twice as fast as
previous searches. The Odyssey Explorer joined the Company's
chartered side-scan survey vessel in the "Atlas" search area in
June 2005 to inspect promising side-scan targets utilizing ZEUS.
Using one ship for survey, and a second ship with an ROV for
inspections, resulted in a highly efficient search process. The
2005 "Atlas" search operations resulted in the mapping of over
4,600 square miles of the search area. Results included the
discovery of 2,421 anomalies on the sea floor using advanced
high-resolution, side-scan sonar system. After processing data,
over 1,100 of those anomalies were selected for further
examination. Of those, 577 sites were inspected and at least 180
are believed to be manmade or shipwreck sites. Of the shipwrecks
inspected by ZEUS, several exhibit key characteristics of some of
the target shipwrecks being sought as part of the "Atlas" project.
To date, however, Odyssey has not positively identified any of its
primary targets. The Company continues to analyze the "Atlas"
project's high-definition video, digital photos and collected
artifacts to determine the potential identity, cultural
significance, and economic value of inspected sites. On November 7,
2005, the Company announced that operations on the "Atlas" search
project would be suspended through the winter months due to
inclement weather while the Odyssey Explorer was deployed to the
western Mediterranean to begin operations on the Sussex project.
Odyssey intends to complete the search of the "Atlas" area in 2006
when the weather window re-opens. (For reasons of security and
strategic confidentiality, the Company does not disclose the
location of the "Atlas" project area.) HMS Sussex Project The
Sussex project is an expedition to locate and recover artifacts and
cargo of a large colonial-period British warship, HMS Sussex, which
was lost in a severe storm in 1694. Based on documentary research
conducted by contract researchers and our in-house research team in
libraries and historical archives in Great Britain, France and
other countries, Odyssey believes that there is a high probability
the ship was carrying a cargo of coins with a substantial
numismatic value. On September 27, 2002, Odyssey entered into an
agreement with the Government of the United Kingdom of Great
Britain and Northern Ireland, which we refer to as "Her Majesty's
Government" (HMG), which allows the Company to conduct an
archaeologically sensitive exploration of the shipwreck believed to
be HMS Sussex and to recover artifacts from the shipwreck site. The
agreement provided for Odyssey to submit a Project Plan to HMG
concerning the equipment, personnel and methodologies the Company
will use in the exploration of the shipwreck, and the conservation
and documentation of any artifacts and cargo that may be recovered.
This Plan was submitted and approved in 2004. In December 2005,
Odyssey's 251' deep-ocean archaeological platform, the Odyssey
Explorer, returned to the western Mediterranean from the "Atlas"
search area. The ship and crew conducted the initial phases of
Odyssey's Sussex project plan approved by HMG. During January 2006,
Odyssey announced it had completed archaeological and environmental
survey operations believed to fulfill the requirements of Phase 1A,
and a substantial portion of Phase 1B. A report was submitted to
HMG, which detailed the work completed by Odyssey to satisfy Phase
1A requirements of the Sussex project plan. The report was reviewed
by the Ministry of Defence (MoD) and the Sussex Archaeological
Executive committee. HMG notified Odyssey that the work detailed in
the report met or exceeded all requirements of Phase 1A of the
Sussex Project plan and Odyssey is authorized to proceed to
complete Phase 1B of the project. (A public version of the project
plan is available at http://www.shipwreck.net.) Odyssey's
archaeological team has also completed a report detailing results
of Phase 1B accomplished during the month of January, which was
submitted to HMG in March 2006. On January 26, 2006, a nota verbal
was communicated to Odyssey through diplomatic channels requesting
the Company suspend operations until the Junta of Andalucia - the
regional government of the Spanish state of Andalucia - appointed
an expert to observe operations on the site believed to be the
Sussex. It was further declared the Junta did not appoint an expert
because they believed Odyssey was working without appropriate
authorization and that the Project Plan presented by the Company
did not comply with the applicable Andalucian legislation as
requested by the Spanish Ministry of Foreign Affairs. Odyssey did,
in fact, submit a Project Plan to the Spanish Government through
diplomatic channels that was believed to comply with all applicable
requirements. In good faith, the Company began operations on the
Sussex after submission of the Project Plan and subsequent
assurance by the Spanish Government through diplomatic channels
that failure of the Junta to appoint an expert to join the
operation would not be considered a failure of Odyssey to comply
with the cooperative agreement pursuant to the nota verbal. In
addition, assurances were provided to Odyssey through diplomatic
channels during January 2006 that there would be no interference
with Sussex operations. The January 2006 nota verbal from Spain
appears to have been a contradiction of that position, and Odyssey
trusts the inconsistency resulted from ambiguity and possible
miscommunication relative to jurisdictional issues. When operating
in territorial waters of any country, Odyssey has always done so
with the appropriate authorizations. In the case of the Sussex
project, because of regional sensitivities over the issue of the
territorial status of the waters, and in accordance with diplomatic
requests, the Company's agreements of cooperation were made without
prejudice to any jurisdictional claims relative to the territorial
status of waters. Thus, the assertion of any claim to those waters
or the assertion of any rights based on such claims is not
consistent with the diplomatic discussions relative to the project.
During meetings held in Spain in February 2006 with the Spanish
Government, the Junta de Andalucia and the Government of the United
Kingdom, Odyssey agreed to re-submit an archaeological project plan
pursuant to specific requirements requested by Spanish authorities
to move the project forward. This plan, which would include
collaboration with Spanish archaeologists, will be delivered to the
appropriate authorities in March 2006. Odyssey understands the
geographic and political sensitivities surrounding this project and
is willing to go to great efforts to show willingness to work in a
cooperative fashion with all governments involved. Both Odyssey and
HMG have been assured by the Andalucian and Spanish central
government authorities that they will expeditiously examine the
archaeological project plan when it is re-submitted, in order to
allow Odyssey to proceed with the operation in a collaborative
manner. As a Sovereign warship, the HMS Sussex remains the property
of the Government of the United Kingdom and has not been contested
by the Spanish government or other entities, to the Company's
knowledge. About Odyssey Marine Exploration Odyssey Marine
Exploration is an American Stock Exchange Company with several
shipwreck projects in various stages of development throughout the
world. Additional information about Odyssey, its projects and
archaeological methodologies, is available at
http://www.shipwreck.net. For additional information, please
contact John McNeilly, Odyssey's Manager of Corporate
Communications, at 813-876-1776 (ext. 2553). Odyssey Marine
Exploration believes the information set forth in this Press
Release may include "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934. Certain factors that could cause results to differ
materially from those projected in the forward-looking statements
are set forth in "Risk Factors," and "Business" in the Company's
annual report on Form 10-K for the year ended December 31, 2005,
which has been filed with the Securities and Exchange Commission.
-0- *T ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS December 31, December 31, 2005 2004
------------ ------------ ASSETS CURRENT ASSETS Cash and cash
equivalents $ 3,283,331 $ 3,050,721 Accounts receivable, net
1,527,913 2,104,914 Inventory 4,728,394 3,759,552 Deferred tax
asset -- 1,651,604 Other current assets 729,678 640,150
------------ ------------ Total current assets 10,269,316
11,206,941 ------------ ------------ PROPERTY AND EQUIPMENT
Equipment and office fixtures 10,745,738 6,612,764 Building and
land 3,973,988 3,333,481 Accumulated depreciation (2,738,572)
(1,328,202) ------------ ------------ Total property and equipment
11,981,154 8,618,043 ------------ ------------ OTHER ASSETS
Inventory (non current) 5,839,914 5,945,177 Deferred tax asset --
1,176,796 Attraction development 1,172,475 569,634 Other long term
assets 927,599 404,209 ------------ ------------ Total other assets
7,939,988 8,095,816 ------------ ------------ Total assets $
30,190,458 $ 27,920,800 ============ ============ LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 601,129
$ 591,138 Accrued expenses 1,843,261 2,024,882 Mortgage and loans
payable 111,433 173,700 Deposits 103,069 19,098 ------------
------------ Total current liabilities 2,658,892 2,808,818
------------ ------------ LONG TERM LIABILITIES Mortgage payable
1,758,333 1,858,333 Deferred income from Revenue Participation
Certificates 887,500 887,500 ------------ ------------ Total long
term liabilities 2,645,833 2,745,833 ------------ ------------
Total liabilities 5,304,725 5,554,651 ------------ ------------
STOCKHOLDERS' EQUITY Preferred stock - $.0001 par value; 9,300,000
shares authorized; none outstanding -- -- Preferred stock series A
convertible - $.0001 par value; 510,000 shares authorized; none
issued or outstanding -- -- Common stock - $.0001 par value;
100,000,000 shares authorized; 45,823,224 and 38,530,599 issued and
outstanding 4,582 3,853 Additional paid-in capital 43,870,228
26,430,934 Unrealized gain on investments, net of tax -- 554
Accumulated deficit (18,989,077) (4,069,192) ------------
------------ Total stockholders' equity 24,885,733 22,366,149
------------ ------------ Total liabilities and stockholders'
equity $ 30,190,458 $ 27,920,800 ============ ============ The
accompanying notes are an integral part of these financial
statements. *T -0- *T ODYSSEY MARINE EXPLORATION, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME 12 Month 10 Month 12
Month Period Ended Period Ended Period Ended December 31, December
31, February 29, 2005 2004 2004 ------------ ------------
------------ REVENUE $ 10,036,575 $ 17,622,092 $ 73,879 OPERATING
EXPENSES Cost of sales 1,098,014 1,883,912 -- Operations and
research 11,294,015 1,962,186 2,590,666 Marketing, general &
administrative 9,294,056 5,072,681 2,620,180 ------------
------------ ------------ Total operating expenses 21,686,085
8,918,779 5,210,846 ------------ ------------ ------------ INCOME
(LOSS) FROM OPERATIONS (11,649,510) 8,703,313 (5,136,967) OTHER
INCOME OR (EXPENSE) Interest income 57,882 6,011 23,958 Interest
expense (121,439) (57,842) (109,227) Other income 74,692 40,667
40,000 Revenue participation -- -- (12,986) ------------
------------ ------------ Total other income or (expense) 11,135
(11,164) (58,255) ------------ ------------ ------------ INCOME
(LOSS) BEFORE INCOME TAXES (11,638,375) 8,692,149 (5,195,222)
Income tax (provision) benefit (3,281,510) (3,462,911) 5,762,103
------------ ------------ ------------ NET INCOME (LOSS)
$(14,919,885) $ 5,229,238 $ 566,881 ============ ============
============ EARNINGS (LOSS) PER SHARE Basic $ (.35) $ 0.14 $ 0.02
Diluted $ (.35) $ 0.13 $ 0.02 Weighted average number of common
shares outstanding Basic 42,373,217 38,400,329 32,952,161 Diluted
42,373,217 40,254,049 34,278,545 The accompanying notes are an
integral part of these financial statements. *T -0- *T ODYSSEY
MARINE EXPLORATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME 12
Month 10 Month 12 Month Period Ended Period Ended Period Ended
December 31, December 31, February 29, 2005 2004 2004 Preferred
Stock - Shares At beginning of year -- -- 1 Common stock issued for
conversion of Series C Preferred stock -- -- (1)
----------------------------------------------------------------------
At end of year -- -- --
----------------------------------------------------------------------
Common Stock - Shares At beginning of year 38,530,599 37,993,099
28,721,886 Common stock issued for conversion of Series C Preferred
stock -- -- 400,000 Common stock issued for cash 7,252,625 537,500
8,731,435 Common stock issued for services 40,000 -- 139,778
----------------------------------------------------------------------
At end of year 45,823,224 38,530,599 37,993,099
----------------------------------------------------------------------
Common Stock At beginning of year $ 3,853 $ 3,799 $ 2,872 Common
stock issued for conversion of Series C Preferred stock -- -- 40
Common stock issued for cash 729 54 873 Common stock issued for
services -- -- 14
----------------------------------------------------------------------
At end of year 4,582 3,853 3,799
----------------------------------------------------------------------
Paid-in Capital At beginning of year 26,430,934 25,147,839
10,664,706 Common stock issued for conversion of Series C Preferred
stock -- -- (40) Common stock issued for cash 16,848,083 1,030,259
14,109,564 Common stock issued for services 100,000 -- 97,237 Stock
options issued for services 38,101 -- -- Tax benefit on exercised
employee stock options 453,110 252,836 276,372
----------------------------------------------------------------------
At end of year 43,870,228 26,430,934 25,147,839
----------------------------------------------------------------------
Accumulated Unrealized Loss in Investment At beginning of year 554
2,988 -- Net change in unrealized gain on investments, net of tax
(554) (2,434) 2,988
----------------------------------------------------------------------
At end of year -- 554 2,988
----------------------------------------------------------------------
Accumulated Deficit At beginning of year (4,069,192) (9,298,430)
(9,865,311) Net income (loss) (14,919,885) 5,229,238 566,881
----------------------------------------------------------------------
At end of year (18,989,077) (4,069,192) (9,298,430)
----------------------------------------------------------------------
Total shareholders' equity $ 24,885,733 $ 22,366,149 $ 15,856,196
----------------------------------------------------------------------
Comprehensive Income (Loss) Net income (Loss) (14,919,885)
5,229,238 566,881 Net change in unrealized gain on investments, net
of tax (554) (2,434) 2,988
----------------------------------------------------------------------
At end year $(14,920,439) $ 5,226,804 $ 569,869
----------------------------------------------------------------------
The accompanying notes are an integral part of these financial
statements. *T -0- *T ODYSSEY MARINE EXPLORATION, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS 12 Month 10
Month 12 Month Period Ended Period Ended Period Ended December 31,
December 31, February 29, 2005 2004 2004 ------------ ------------
------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income
(Loss) $(14,919,885) $ 5,229,238 $ 566,881 Adjustments to reconcile
net income to net cash used by operating activity: Effect of
unrealized gain on investments -- (2,434) (1,877) Tax benefit
related to exercise of employee stock options 453,110 252,836
276,372 Common stock issued for services 38,101 -- 124,750
Depreciation 1,445,551 362,114 380,013 Loss on disposal of
equipment 43,528 20,000 31,927 (Increase) decrease in: Accounts
receivable 210,004 (2,092,438) -- Inventory (717,110) (5,658,105)
(4,049,689) Advances, prepaids, deposits (687,797) (82,646)
(475,295) Deferred tax asset 2,828,400 3,208,198 (6,036,598)
Increase (decrease) in: Accounts payable 9,988 (402,388) 953,372
Accrued expenses and other 319,041 1,926,773 189,625 ------------
------------ ------------ NET CASH PROVIDED (USED)IN OPERATING
ACTIVITIES (10,977,069) 2,761,148 (8,040,519) ------------
------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, equipment and improvements (1,869,532)
(2,217,418) (3,607,691) Attractions and exhibits (3,656,982)
(569,634) -- Purchase of U.S. Treasury bills -- -- (1,991,555)
Proceeds from sale of equipment 49,647 -- -- Purchase of building
and land -- (1,333,481) -- ------------ ------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (5,476,867) (4,120,533)
(5,599,246) ------------ ------------ ------------ CASH FLOWS FROM
FINANCING ACTIVITIES: Proceeds from related party loans receivable
-- 292,627 Proceeds from issuance of common stock 16,848,813
1,030,313 12,936,313 Proceeds from issuance of loan payable 11,433
1,523,700 978,750 Proceeds from sale of marketable securities --
1,996,420 -- Repayment of note payable to related party -- --
(2,144) Repayment of loan payable -- (1,450,000) -- Repayment of
mortgage payable (173,700) (41,667) -- ------------ ------------
------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 16,686,546
3,058,766 14,205,546 ------------ ------------ ------------ NET
INCREASE IN CASH AND CASH EQUIVALENTS 232,610 1,699,381 565,781
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,050,721 1,351,340
785,559 ------------ ------------ ------------ CASH AND CASH
EQUIVALENTS AT END OF YEAR $ 3,283,331 $ 3,050,721 $ 1,351,340
------------ ------------ ------------ SUPPLEMENTARY INFORMATION:
Interest paid $ 119,174 $ 53,051 $ 11,229 Income taxes paid $ -- $
-- $ -- NON CASH TRANSACTIONS: Depreciation reclassified as
inventory $ 72,912 $ 374,123 $ 115,235 Accrued compensation paid by
common stock $ 100,000 $ -- $ -- Accounts receivable paid by
services $ 317,350 $ 40,000 $ -- Building purchase paid by mortgage
loan $ -- $ 2,000,000 $ -- Loan principle converted to common stock
$ -- $ -- $ 1,032,750 *T
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