Please conduct an approximate valuation of the company using the financial sheets below:
EXHIBIT 5.1 Neverfail statement of stockholders' equity. For the Year Ended March 31, 1994 Convertible preferred stock number Common stock number of $.01 par of $.01 par Shares Additional paid-in capital Accumulated deficit Total stockholders' equity Shares Value Value 4,796,000 $47,960 $ (47,960) 550.000 $5,500 $535,747 $ 541,247 4,015 401,500 4,015 Balance as of March 31, 1993 Sale of convertible preferred stock, net of issuance costs Sale of common stock Repurchase and retirement of common stock Net loss Balance as of March 31, 1994 (44,000) (440) (369,584) $(417,544) (440) (369,584) $175,239 550,000 $5,500 5,153,500 $51,535 $535,747 69 EXHIBIT 5.2 Neverfail balance sheet-March 31, 1994. $ 50,161 406,648 356,941 $ 813,750 ASSETS Current assets: Cash Accounts receivable Inventories Total current assets Property and equipment (at cost): Machinery and equipment Furniture and fixtures Total property and equipment Less accumulated depreciation Total property and equipment Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Demand notes payable to stockholders Amount due to stockholder Total current liabilities Stockholders' equity: Convertible preferred stock, $.01 value Common stock, $.01 par value? Additional paid-in capital Accumulated deficit 88,252 14,772 $ 103,024 (18,792) $ 84,232 2,598 $ 900,580 $ 403,556 112,010 31,815 177,960 $ 725,341 5,500 51,535 535,747 (417,544) $ 175,239 $ 900,580 Total stockholders' equity Total liabilities and stockholders' equity Issued and outstanding-550,000 shares. 2 Issued and outstanding-5,153,500 shares. Anel Financing EXHIBIT 5.1 Neverfail statement of stockholders' equity. For the Year Ended March 31, 1994 Convertible preferred stock number Common stock number of $.01 par of $.01 par Shares Additional paid-in capital Accumulated deficit Total stockholders' equity Shares Value Value 4,796,000 $47,960 $ (47,960) 550.000 $5,500 $535,747 $ 541,247 4,015 401,500 4,015 Balance as of March 31, 1993 Sale of convertible preferred stock, net of issuance costs Sale of common stock Repurchase and retirement of common stock Net loss Balance as of March 31, 1994 (44,000) (440) (369,584) $(417,544) (440) (369,584) $175,239 550,000 $5,500 5,153,500 $51,535 $535,747 69 EXHIBIT 5.2 Neverfail balance sheet-March 31, 1994. $ 50,161 406,648 356,941 $ 813,750 ASSETS Current assets: Cash Accounts receivable Inventories Total current assets Property and equipment (at cost): Machinery and equipment Furniture and fixtures Total property and equipment Less accumulated depreciation Total property and equipment Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Demand notes payable to stockholders Amount due to stockholder Total current liabilities Stockholders' equity: Convertible preferred stock, $.01 value Common stock, $.01 par value? Additional paid-in capital Accumulated deficit 88,252 14,772 $ 103,024 (18,792) $ 84,232 2,598 $ 900,580 $ 403,556 112,010 31,815 177,960 $ 725,341 5,500 51,535 535,747 (417,544) $ 175,239 $ 900,580 Total stockholders' equity Total liabilities and stockholders' equity Issued and outstanding-550,000 shares. 2 Issued and outstanding-5,153,500 shares. Anel Financing
