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Common use of Consolidated Statements of Operations Clause in Contracts

Consolidated Statements of Operations. 50 Consolidated Statement of Stockholders' Equity......................................... 51 Consolidated Statements of Cash Flows.................................................. 52 Notes to Consolidated Financial Statements............................................. 53 The Board of Directors and Stockholders Gilead Sciences, Inc. We have audited the accompanying consolidated balance sheets of Gilead Sciences, Inc. as of December 31, 1998 and 1997 and the related consolidated statements of operations, stockholders' equity and cash flows for each of the three years in the period ended December 31, 1998. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Gilead Sciences, Inc. at December 31, 1998 and 1997, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 1998, in conformity with generally accepted accounting principles. Palo Alto, California January 21, 1999 GILEAD SCIENCES, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1998 1997 ASSETS Current assets: Cash and cash equivalents........................................... $ 32,475 $ 31,990 Total current assets.................................................. 288,310 340,258 Property and equipment, net........................................... 10,182 10,313 Other assets.......................................................... 4,368 1,498 $ 302,860 $ 352,069 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable.................................................... $ 3,422 $ 3,303 Deferred revenue.................................................... Current portion of long-term debt and equipment financing obligations....................................................... 3,275 770 9,541 1,853 Total current liabilities............................................. 31,750 33,391 Non-current portion of long-term debt................................. 563 1,331 Commitments Stockholders' equity: Preferred stock, par value $.001 per share, issuable in series; 5,000,000 shares authorized; 1,133,786 shares of Series B convertible preferred issued and outstanding at December 31, 1998

Appears in 1 contract

Samples: Annual Report

Consolidated Statements of Operations. 50 40 Consolidated Statement of Stockholders' Equity......................................... 51 .......................... 41 Consolidated Statements of Cash Flows.................................................. 52 ................................... 42 Notes to Consolidated Financial Statements............................................. 53 .............................. 43 REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS The Board of Directors and Stockholders Gilead SciencesExtreme Networks, Inc. We have audited the accompanying consolidated balance sheets of Gilead SciencesExtreme Networks, Inc. as of December 31June 30, 1998 1999 and 1997 1998, and the related consolidated statements of operations, stockholders' equity and cash flows for the period from inception, May 8, 1996 to June 30, 1997 and for each of the three two years in the period ended December 31June 30, 19981999. Our audits also included the financial statement schedule listed in the Index at Item 14(a). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Gilead SciencesExtreme Networks, Inc. at December 31June 30, 1998 1999 and 19971998, and the consolidated results of its operations and its cash flows for the period from inception, May 8, 1996 to June 30, 1997, and for each of the three two years in the period ended December 31June 30, 19981999, in conformity with generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. Palo Alto, California January 21July 20, 1999 GILEAD SCIENCESEXTREME NETWORKS, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31June 30, ------------------- 1999 1998 1997 --------- -------- ASSETS Current assets: Cash and cash equivalents........................................... ................................ $ 32,475 107,143 $ 31,990 9,510 Short-term investments................................... 16,422 10,995 Accounts receivable, net of allowance for doubtful accounts of $1,374 Other current assets..................................... Total current assets.................................................. 288,310 340,258 Property and equipment, net........................................... 10,182 10,313 Other assets.......................................................... 4,368 1,498 $ 302,860 $ 352,069 .................................... 1,978 --------- 148,966 588 -------- 29,024 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable.................................................... $ 3,422 $ 3,303 Deferred revenue.................................................... Current portion of long-term debt and equipment financing Capital lease obligations....................................................... 3,275 770 9,541 1,853 , current portion............... Total current liabilities............................................. 31,750 33,391 Non-current portion of long-term debt................................. 563 1,331 ............................... 1,648 --------- 29,927 516 -------- 15,228 Commitments Stockholders' equity: Preferred series: 2,000,000 shares authorized at June 30, 1999 (29,900,000 shares authorized at June 30, 1998); no shares and 29,061,315 shares issued and outstanding at Common stock, par value $.001 par value; 150,000,000 shares authorized at June 30, 1999, (50,000,000 shares authorized at June 30, 1998); 49,345,230 and 11,534,525, shares issued and outstanding at June 30, 1999 and 1998, respectively............................................ 49 12 Additional paid-in capital............................... 165,618 38,056 Deferred stock compensation.............................. (197) (369) Accumulated other comprehensive loss..................... (118) -- Accumulated deficit...................................... (23,476) (21,859) --------- -------- Total stockholders' equity.............................. 141,876 15,869 --------- -------- $ 171,803 $ 33,731 ========= ======== EXTREME NETWORKS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended June 30, ------------------- For the Period from May 8, 1996 (Date of Inception) 1999 1998 through June 30, 1997 -------- --------- --------------------- Net revenue......................... $ 98,026 $ 23,579 $ 256 Cost of revenue..................... 48,520 14,897 388 -------- --------- ------- Gross profit (loss)................. 49,506 8,682 (132) Operating expenses: Research and development.......... 17,036 10,668 5,351 Selling and marketing............. 27,056 9,601 1,554 General and administrative........ 6,859 2,440 1,023 -------- --------- ------- Total operating expenses........ 50,951 22,709 7,928 -------- --------- ------- Operating loss...................... (1,445) (14,027) (8,060) Interest income..................... 1,855 613 234 Interest expense.................... (398) (326) (79) Other income (loss), net............ 21 (196) (18) -------- --------- ------- Income (loss) before income taxes... 33 (13,936) (7,923) Provision for income taxes.......... 1,650 -- -- -------- --------- ------- Net loss............................ $ (1,617) $ (13,936) $(7,923) ======== ========= ======= Basic and diluted net loss per common share....................... $ (0.17) $ (3.18) $ (4.51) Weighted average shares outstanding used in computing basic and diluted net loss per share............................. 9,462 4,379 1,758 Pro forma basic and diluted net loss per share (unaudited).............. $ (0.04) $ (0.44) Shares used in computing pro forma basic and diluted net loss per share (unaudited).................. 38,523 31,701 EXTREME NETWORKS, issuable in series; 5,000,000 shares authorized; 1,133,786 INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Convertible Accumulated Preferred Stock Common Stock Additional Deferred Other Total ----------------- ------------- Paid-In Stock Comprehensive Accumulated Stockholders' Shares Amount Shares Amount Capital Compensation Loss Deficit Equity Issuance of common stock to founders............ -- $ -- 4,725 $ 4 $ 12 $ -- $ -- $ -- $ 16 Issuance of Series A convertible preferred stock to investors for cash (less issuance costs of $5)........... 14,580 14 -- -- 4,841 -- -- -- 4,855 Issuance of common stock to the former share- holders of Mammoth Technology............. -- -- 675 1 12 -- -- -- 13 Issuance of Series B convertible preferred stock to investors for cash (less issuance costs of $27).......... 8,886 9 -- -- 12,227 -- -- -- 12,236 Exercise of options to purchase common stock.. -- -- 5,410 6 102 -- -- -- 108 Net loss................ -- -- -- -- -- -- -- (7,923) (7,923) Balances at June 30, 1997................... 23,466 23 10,810 11 17,194 -- -- (7,923) 9,305 Issuance of warrant for 48,347 shares of Series B convertible preferred issued and outstanding at December 31, 1998stock.................. -- -- -- -- 28 -- -- -- 28 Issuance of Series C convertible preferred stock to investors for cash (less issuance

Appears in 1 contract

Samples: Form 10 K

Consolidated Statements of Operations. 50 5 Consolidated Statement Statements of Stockholders' Equity......................................... 51 ...........................6 Consolidated Statements of Cash Flows.................................................. 52 Flows ....................................7 Notes to the Consolidated Financial Statements............................................. 53 The ............................8 XXXXXX BIERWOLF & XXXXXXXX Certified Public Accountants 00 Xxxx Xxxxxxxx, Xxxxx 0000 Xxxx Xxxx Xxxx, Xxxx 00000 INDEPENDENT AUDITOR'S REPORT To the Board of Directors and Stockholders Gilead Sciencesof Unimex Transnational Consultants, Inc. We have audited the accompanying consolidated balance sheets of Gilead SciencesUnimex Transnational Consultants, Inc. (A Development Stage Company), as of December 31, 1998 1995 and 1997 1994, and the related consolidated statements of operations, stockholders' equity and cash flows for each of the three years in the period ended December 31, 19981995, 1994 and 1993, and from Inception on June 18, 1990 through December 31, 1995. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Gilead SciencesUnimex Transnational Consultants, Inc. at (A Development Stage Company) as of December 31, 1998 1995 and 19971994, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 19981995, 1994 and 1993 and from inception on June 18, 1990 through December 31, 1995 in conformity with generally accepted accounting principles. Palo AltoSalt Lake City, California January 21Utah March 8, 1999 GILEAD SCIENCES1996 Unimex Transnational Consultants, INC. CONSOLIDATED BALANCE SHEETS DECEMBER Inc. (A Development Stage Enterprise) Consolidated Balance Sheets December 31, 1998 1997 ASSETS -------------------------- 1995 1994 ----------- ----------- Assets Current assets: assets Cash $ 2,250 $ - Prepaid expenses $ 1,700 - ----------- ----------- Total Current Assets 3,950 - ----------- ----------- Other assets Organization cost (Note 1) 6,000 - ----------- ----------- Total Assets $ 9,950 $ - =========== =========== Liabilities and cash equivalents........................................... Stockholders Equity Liabilities $ 32,475 - $ 31,990 Total current assets.................................................. 288,310 340,258 Property and equipment, net........................................... 10,182 10,313 Other assets.......................................................... 4,368 1,498 $ 302,860 $ 352,069 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable.................................................... $ 3,422 $ 3,303 Deferred revenue.................................................... Current portion of long-term debt and equipment financing obligations....................................................... 3,275 770 9,541 1,853 Total current liabilities............................................. 31,750 33,391 Non-current portion of long-term debt................................. 563 1,331 Commitments - ----------- ----------- Stockholders' equity: Preferred stockEquity Common Stock, par value authorized 100,000,000 shares of $.001 per sharepar value, issuable in series; 5,000,000 shares authorized; 1,133,786 shares of Series B convertible preferred issued and outstanding 50,000 and 30,000, respectively 50 30 Additional Paid in Capital 12,950 2,970 Deficit Accumulated During the Developmental Stage (3,050) (3,000) ----------- ----------- Total Equity 9,950 - ----------- ----------- Total Liabilities and Stockholders' Equity $ 9,950 $ - =========== =========== The accompanying notes are an integral part of these financial statements. Unimex Transnational Consultants, Inc. (A Development Stage Company) Consolidated Statements of Operations Cumulative Total Since For the Years ended December 31, Inception ---------------------------------- ---------- 1995 1994 1993 Revenues: $ - $ - $ - $ - Expenses: Bank charges 50 - - 50 Amortization - 3,000 - 3,000 -------- -------- -------- -------- Total Expenses 50 3,000 - - Net Loss $ (50) $(3,000) $ - $(3,050) Net Loss Per Share $ (.002) $ (.10) $(.000) $ (.099) ======== ======== ======== ======== The accompanying notes are an integral part of these financial statements. Unimex Transnational Consultants, Inc. (A Development Stage Company) Consolidated Statement of Stockholder' Equity From Inception on June 18, 1990 through December 31, 1995 Additional Deficit accumulated Common Stock Paid-in during the Shares Amount Capital Development Stage -------- -------- ---------- -------------------- Issuance of stock to officers, 30,000 $ 30 $ 2,970 $ - directors and other individuals for organization costs on April 10, 1991 Net Loss from inception through December 31, 1992 - - - - Net Loss for the years ended December 31, 1993 - - - - --------- --------- --------- --------------------- Balance at December 31, 19981993 30,000 $ 30 2,970 $ - Net Loss for the year ended (3,000) December 31, 1994 --------- --------- --------- --------------------- Balance at December 31, 1994 30,000 30 2,970 (3,000) Issuance of common stock to the public for cash on October 31, 1995 8,000 8 3,992 - Issuance of common stock for services 12,000 12 5,988 - Net Loss for the year ended December 31, 1995 (50) --------- --------- --------- --------------------- Balance December 31, 1995 50,000 $ 50 $ 12,950 $ (3,050) The accompanying notes are an integral part of these financial statements. Unimex Transnational Consultants, Inc. (A Development Stage Company) Consolidated Statements of Cash Flow Cumulative Total Since For the Years ended December 31, Inception ---------------------------------- ---------- 1995 1994 1993 Cash Flows From Operating Activities: Net Loss $ (50) $ (3,000) $ - $ (3,050) -------- -------- -------- ---------- Less non-cash items: Amortization - 3,000 - 3,000 -------- -------- -------- ---------- Net Cash Used by Operating Activities (50) - - (50) -------- -------- -------- ---------- Cash flow from Investing Activities: Cash paid for prepaid expenses (1,700) - - (1,700) -------- -------- -------- ---------- Net cash used in Investing Activities (1,700) - - (1,700) -------- -------- -------- ---------- Cash Flows From Financing Activities: Proceeds From Issuance of Common Stock 4,000 - - 4,000 -------- -------- -------- ---------- Net Cash Provided by 4,000 - - 4,000 Financing Activities -------- -------- -------- ---------- Net Increase (Decrease) in Cash and Cash Equivalents 2,250 - - 2,250 -------- -------- -------- ---------- Cash and Cash Equivalents at Beginning of Year - - - - -------- -------- -------- ---------- Cash and Cash Equivalents at End of Year $ 2,250 $ - $ - $ 2,250 ======== ======== ======== ========== The accompanying notes are an integral part of these financial statements. Unimex Transnational Consultants, Inc. (A Development Stage Company) Notes to the Consolidated Financial Statements December 31, 1995 and 1994 NOTE 1 - Summary Of Significant Accounting Policies

Appears in 1 contract

Samples: Opal Option to Purchase Agreement (Canadian Northern Lites Inc)