FIGI » Topics » BALANCE SHEET

This excerpt taken from the FIGI 10-K filed Apr 2, 2007.

BALANCE SHEET

  

December 31, 2006

 

December 31, 2005

 

Assets

       

Current assets:

      

  

      

  

 

Cash

 

$

7,347

 

$

992,547

 

Investments held in Trust Fund

  

44,673,994

  

42,603,801

 

Prepaid expenses

  

3,750

  

50,165

 

Total current assets

  

44,685,091

  

43,646,513

 

Deferred acquisition costs

  

869,853

  

 

Deferred tax asset

  

490,675

  

132,000

 

Total assets

 

$

46,045,619

 

$

43,778,513

 
        

Liabilities and Stockholders’ Equity

       

Current liabilities:

       

Accounts payable and accrued expenses

 

$

913,222

 

$

105,308

 

Advances from stockholder

  

20,000

  

 

Income taxes payable

  

586,283

  

206,194

 

Deferred interest on investments

  

541,735

  

127,904

 

Total current liabilities

  

2,061,240

  

439,406

 

Common stock, subject to possible conversion, 1,559,220 shares at conversion value

  

8,388,604

  

8,388,604

 
        

Commitment

       
        

Stockholders’ Equity

       

Preferred stock, $.0001 par value, Authorized 1,000,000 shares; none issued

  

  

 

Common stock, $.0001 par value

       

Authorized 50,000,000 shares

       

Issued and outstanding 9,550,000 shares (which includes 1,559,220 subject to possible conversion) and 1,250,000 shares, respectively  

  

955

  

955

 

Additional paid-in capital

  

34,819,062

  

34,819,062

 

Income accumulated during the development stage

  

775,758

  

130,486

 

Total stockholders’ equity

  

35,595,775

  

34,950,503

 

Total liabilities and stockholders’ equity

 

$

46,045,619

 

$

43,778,513

 



See notes to the financial statements.

F-2



FORTRESS INTERNATIONAL GROUP, INC.
(formerly Fortress America Acquisition Corporation)
(a corporation in the development stage)

This excerpt taken from the FIGI DEF 14A filed Dec 27, 2006.

BALANCE SHEET

  

December 31,
2005

    

ASSETS

   

Current assets:

   

Cash                                                                                                                                                    

 

$

992,547

Investments held in Trust Fund

  

42,603,801

Prepaid expenses

  

50,165

Total current assets

  

43,646,513

Deferred tax asset

  

132,000

Total assets

 

$

43,778,513

    

LIABILITIES AND STOCKHOLDERS’ EQUITY

   

Current liabilities:

   

Accounts payable and accrued expenses

 

$

105,308

Income taxes payable

  

206,194

Deferred interest on investments

  

127,904

Total current liabilities

  

439,406

Common stock, subject to possible conversion, 1,559,220 shares at conversion value

  

8,388,604

    

Commitment

   
    

Stockholders’ equity

   

Preferred stock, $.0001 par value, Authorized 1,000,000 shares; none issued

  

Common stock, $.0001 par value

   

Authorized 50,000,000 shares. Issued and outstanding 9,550,000 shares (which includes 1,559,220 subject to possible conversion)

  

955

Additional paid-in capital

  

34,819,062

Income (deficit) accumulated during the development stage

  

130,486

Total stockholders’ equity

  

34,950,503

Total liabilities and stockholders’ equity

 

$

43,778,513




The accompanying notes should be read in conjunction with the financial statements.

F-28



FORTRESS AMERICA ACQUISITION CORPORATION
(a corporation in the development stage)

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