12,610,740Liabilities and Shareholders' EquityCurrent Liabilities:Current portion of notes payable -other$
9,000Accounts payable and accrued liabilities836,190657,650Customer advances441,987346,429Total Current Liabilities1,287,1771,013,079Related Party Convertible Notes Payable2,500,0002,500,000Accrued Interest on Related Party Convertible Note Payable1,125,000975,000Notes Payable – Other, net of current portion335,874344,946Total Liabilities5,248,0514,833,025Commitments Shareholders' equity:Common stock: $.01 par value; 60,000,000 authorized shares 11,562,656 issued at December 31, 2010 and 11,443,347 issued at December 31, 2009115,626114,433Capital in excess of par value17,402,52817,073,871Accumulated deficit(10,129,452)(9,395,639)7,388,7027,792,665Less - Common stock in treasury, at cost (4,600 shares)(14,950)(14,950)Total Shareholders' Equity7,373,7527,777,715Total Liabilities and Shareholders' Equity$
12,610,740PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSYears Ended December 31,201020092008RevenuesNet sales$
16,301,209Cost and expensesCost of goods sold8,545,1538,896,53911,486,620Selling, general and administrative expense3,105,0633,278,1613,857,805Goodwill Impairment—1,558,074—11,650,21613,732,77415,344,425Operating (loss) income(596,038)(2,681,647)956,784Other income (expense)Interest expense, net(137,775)(130,387)(170,476)Gain on sale of plant and equipment—4,6719,113Gain on sale of precious metals—7,371—(137,775)(118,345)(161,363)(Loss) income before income taxes (733,813)(2,799,992)795,421Income tax benefit (provision) ——303,000Net (loss) income $
|SOURCE Photonic Products Group, Inc.|
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