posted
Just took a look at ACII 10Q and it looks like they had some sizeable increases over last period. AMERICHIP INTERNATIONAL INC. CONSOLIDATED BALANCE SHEETS
August 31 November 30, 2007 2006 (Unaudited)
ASSETS
CURRENT ASSETS Cash $ 11,873 $ 1,716 Accounts receivable - trade 580,636 27,015 Prepaid expenses 338,448 31,898 Inventory 283,836 212,517 TOTAL CURRENT ASSETS 1,214,793 273,146
OTHER ASSETS Deposits 14,236 203,200 Technology rights and patents, net of amortization 13,147 16,302 Goodwill 2,577,673 - TOTAL OTHER ASSETS 2,605,056 219,502
TOTAL ASSETS $ 7,668,045 $ 1,043,444
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES Bank overdraft $ - $ 15 Accounts payable and accrued expenses 792,331 1,022,250 Related party payable 85,086 545,086 Related party notes payable, current portion 22,658 20,203 Notes payable - bank, current portion 227,623 - Notes payable - other, current portion 706,155 - Convertible debentures, net of discounts 340,579 244,579 Accrued interest - related party 223,748 186,248 Accrued interest - other 70,943 43,742 Deposits - private placements 172,352 388,838 TOTAL CURRENT LIABILITIES 2,641,475 2,450,961
LONG - TERM LIABILITIES Related party notes payable, net of current portion 168,964 187,901 Notes payable - bank, net of current portion 2,598,347 - Notes payable - other, net of current portion 2,057,110 - TOTAL LONG - TERM LIABILITIES 4,824,421 187,901
MINORITY INTEREST 3,413 3,413
STOCKHOLDERS' EQUITY (DEFICIT) Common stock, $0.001 par value; 1,000,000,000 shares authorized, 155,718,791 and 458,767,265 shares issued and outstanding, respectively 155,719 458,767 Additional paid-in capital 31,519,024 19,444,471 Accumulated deficit (31,476,007 ) (21,502,069 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 198,736 (1,598,831 )
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 7,668,045 $ 1,043,444
The accompanying condensed notes are an integral part of these financial statements.