Attached files
| file | filename |
|---|---|
| 8-K/A - CPI CORP 8-K/A ON BELLA PICTURES, INC. ACQUISITION - CPI CORP | cpi8ka_1262011.htm |
| EX-99.3 - EXHIBIT 99.3 - CPI CORP | exh99_3.htm |
| EX-99.4 - EXHIBIT 99.4 - CPI CORP | exh99_4.htm |
| EX-23.1 - EXHIBIT 23.1 - CPI CORP | exh23_1.htm |
EXHIBIT 99.2
BELLA PICTURES, INC.
Balance Sheet
As of September 30, 2010
(Unaudited)
|
ASSETS
|
||||
|
Current assets
|
||||
|
Cash & cash equivalents
|
$ | 2,374,542 | ||
|
Prepaid expenses
|
553,524 | |||
|
Other current assets
|
310,218 | |||
|
Total current assets
|
3,238,284 | |||
|
Property and equipment, net
|
2,239,418 | |||
|
Other long-term assets
|
526,463 | |||
|
Total assets
|
$ | 6,004,165 | ||
|
LIABILITIES & STOCKHOLDERS' DEFICIENCY
|
||||
|
Current liabilities
|
||||
|
Accounts payable
|
$ | 440,803 | ||
|
Current portion of loan obligations
|
707,226 | |||
|
Accrued liabilities
|
1,012,266 | |||
|
Customer deposits
|
3,147,732 | |||
|
Deferred revenue
|
7,219,551 | |||
|
Total current liabilities
|
12,527,578 | |||
|
Long-term liabilities
|
||||
|
Series F preferred stock warrants
|
4,002,150 | |||
|
Long-term portion of loan obligations
|
9,540,017 | |||
|
Total long-term liabilities
|
13,542,167 | |||
|
Total liabilties
|
26,069,745 | |||
|
Stockholders' deficiency
|
||||
|
Preferred stock
|
28,747 | |||
|
Common stock
|
3,396 | |||
|
Additional paid-in-capital
|
51,823,468 | |||
|
Accumulated deficit
|
(71,921,191 | ) | ||
|
Total stockholders' deficiency
|
(20,065,580 | ) | ||
|
Total liabilities and stockholders' deficiency
|
$ | 6,004,165 | ||
BELLA PICTURES, INC.
Statement of Operations
For the Three Quarters Ended September 30, 2010
(Unaudited)
|
Net revenues
|
$ | 8,182,579 | ||
|
Cost of sales
|
4,043,451 | |||
|
Gross profit
|
4,139,128 | |||
|
Sales, marketing and business development and marketing
|
6,736,766 | |||
|
General and administrative
|
3,688,449 | |||
|
Loss from operations
|
(6,286,087 | ) | ||
|
Interest expense
|
(179,072 | ) | ||
|
Interest and other income
|
1,841 | |||
|
Other (expense) income
|
(177,231 | ) | ||
|
Loss before income taxes
|
(6,463,318 | ) | ||
|
Income tax expense
|
(21,339 | ) | ||
|
Net loss
|
$ | (6,484,657 | ) | |
BELLA PICTURES, INC.
Statement of Cash Flows
For the Three Quarters Ended September 30, 2010
(Unaudited)
|
Cash flows from operating activities:
|
||||
|
Net loss
|
$ | (6,484,657 | ) | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||
|
Depreciation
|
830,555 | |||
|
Changes in operating assets and liabilities:
|
||||
|
Prepaid expenses
|
131,965 | |||
|
Other current assets
|
133,854 | |||
|
Accounts payable
|
(95,964 | ) | ||
|
Accrued expenses
|
301,075 | |||
|
Customer deposits
|
103,853 | |||
|
Deferred revenue
|
(1,001,416 | ) | ||
|
Current liabilities
|
621 | |||
|
Net cash used in operating activities
|
(6,080,114 | ) | ||
|
Cash flows from investing activities:
|
||||
|
Purchases of property and equipment
|
(887,914 | ) | ||
|
Restricted cash and certificates of deposit
|
2,704,368 | |||
|
Net cash provided by investing activities
|
1,816,454 | |||
|
Cash flows from financing activities:
|
||||
|
Payments for redemption of preferred stock
|
(32,488 | ) | ||
|
Proceeds from borrowings
|
5,976,195 | |||
|
Net cash provided by financing activities
|
5,943,707 | |||
|
Net increase in cash and cash equivalents
|
1,680,047 | |||
|
Cash and cash equivalents at beginning of period
|
694,495 | |||
|
Cash and cash equivalents at end of period
|
$ | 2,374,542 | ||