EX-99.2
4
triton_unaudited-fncls.htm
TRITON MIAMI, INC. 9-30-16 UNAUDITED FINANCIALS
TRITON MIAMI, INC.
BALANCE SHEET
(UNAUDITED)
September 30,
2016
Assets
Current assets:
Cash and cash equivalents
$
735,625
Account receivable
1,347,199
Inventory
988,882
Prepaid expenses and other assets
1,182
Current portion due from related party
28,963
Total current assets
3,101,851
Due from related party, net of current portion
225,763
Property and equipment, net
63,354
Other assets
7,112
Total assets
$
3,398,080
Liabilities and Equity
Current liabilities:
Accounts payable
$
504,741
Accrued expenses and other liabilities
185,672
Current portion of notes payable
75,541
Total current liabilities
765,954
Notes payable, net of current portion
485,604
Total liabilities
1,251,558
Stockholders' equity:
Common stock, 500 shares authorized, 500 shares
issued and outstanding, no par value
78,882
Retained earnings
2,067,640
Total stockholders' equity
2,146,522
Total liabilities and stockholders' equity
$
3,398,080
TRITON MIAMI, INC.
STATEMENTS OF INCOME
(UNAUDITED)
Nine Months Ended September 30,
2016
2015
Net sales
$
10,438,149
$
8,388,868
Cost of sales
7,178,370
5,864,054
Gross profit
3,259,779
2,524,814
Selling, general and administrative expenses
1,629,592
1,394,191
Income from operations
1,630,187
1,130,623
Other income (expense):
Interest expense
(12,079
)
(13,677
)
Other income
15,147
29,080
Total other income
3,068
15,403
Net income
$
1,633,255
$
1,146,026
TRITON MIAMI, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
2016
2015
Cash Flow from Operating Activities
Net income
$
1,633,255
$
1,146,026
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization
12,821
16,862
Realized investment income
(15,147
)
(29,080
)
Bad debt expense
14,579
14,807
Changes in assets and liabilities:
Accounts receivable
(373,373
)
(162,415
)
Inventory
324,031
(55,089
)
Prepaid expenses and other assets
(2,100
)
136,639
Accounts payable
(91,392
)
419,595
Accrued expenses and other liabilities
9,973
(371,498
)
Net cash provided by operating activities
1,512,647
1,115,847
Cash Flows from Investing Activities
Proceeds from investments
-
316,647
Purchases of property and equipment
(16,363
)
(24,442
)
Net cash provided by (used in) investing activities
(16,363
)
292,205
Cash Flows from Financing Activities
Repayments on note payable
(61,064
)
(62,455
)
Distributions to stockholders
(1,529,383
)
(1,118,404
)
Net cash used in financing activities
(1,590,447
)
(1,180,859
)
Net increase (decrease) in cash and cash equivalents
(94,163
)
227,193
Cash and cash equivalents, beginning of period
829,788
789,430
Cash and cash equivalents, end of period
$
735,625
$
1,016,623
TRITON MIAMI, INC.
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Business
Triton Miami, Inc. ("the Company") was incorporated under the laws of the state of Florida in 2004. The Company's principal business is to serve as a reseller of new, refurbished and used telecommunications networking equipment to other distributors, retailers, and end users. The Company specializes in the voice over IP and IP telephone industry, central office switching, and transmission equipment space.
Note 2 - Notes Payable
The Company had two outstanding loans of approximately $0.3 million each at September 30, 2016. Subsequent to September 30, 2016, both of the loan balances were paid in full before the Company was acquired on October 14, 2016.

EX - 99 . 2 4 triton _ unaudited - fncls . htm TRITON MIAMI , INC . 9 - 30 - 16 UNAUDITED FINANCIALS TRITON MIAMI , INC . BALANCE SHEET ( UNAUDITED ) September 30 , 2016 Assets Current assets : Cash and cash equivalents $ 735,625 Account receivable 1,347,199 Inventory 988,882 Prepaid expenses and other assets 1,182 Current portion due from related party 28,963 Total current assets 3,101,851 Due from related party , net of current portion 225,763 Property and equipment , net 63,354 Other assets 7,112 Total assets $ 3,398,080 Liabilities and Equity Current liabilities : Accounts payable $ 504,741 Accrued expenses and other liabilities 185,672 Current portion of notes payable 75,541 Total current liabilities 765,954 Notes payable , net of current portion 485,604 Total liabilities 1,251,558 Stockholders ' equity : Common stock , 500 shares authorized , 500 shares issued and outstanding , no par value 78,882 Retained earnings 2,067,640 Total stockholders ' equity 2,146,522 Total liabilities and stockholders ' equity $ 3,398,080 TRITON MIAMI , INC . STATEMENTS OF INCOME ( UNAUDITED ) Nine Months Ended September 30 , 2016 2015 Net sales $ 10,438,149 $ 8,388,868 Cost of sales 7,178,370 5,864,054 Gross profit 3,259,779 2,524,814 Selling , general and administrative expenses 1,629,592 1,394,191 Income from operations 1,630,187 1,130,623 Other income ( expense ) : Interest expense ( 12,079 ) ( 13,677 ) Other income 15,147 29,080 Total other income 3,068 15,403 Net income $ 1,633,255 $ 1,146,026 TRITON MIAMI , INC . STATEMENTS OF CASH FLOWS ( UNAUDITED ) Nine Months Ended September 30 , 2016 2015 Cash Flow from Operating Activities Net income $ 1,633,255 $ 1,146,026 Adjustments to reconcile net income to net cash provided by operating activities : Depreciation and amortization 12,821 16,862 Realized investment income ( 15,147 ) ( 29,080 ) Bad debt expense 14,579 14,807 Changes in assets and liabilities : Accounts receivable ( 373,373 ) ( 162,415 ) Inventory 324,031 ( 55,089 ) Prepaid expenses and other assets ( 2,100 ) 136,639 Accounts payable ( 91,392 ) 419,595 Accrued expenses and other liabilities 9,973 ( 371,498 ) Net cash provided by operating activities 1,512,647 1,115,847 Cash Flows from Investing Activities Proceeds from investments - 316,647 Purchases of property and equipment ( 16,363 ) ( 24,442 ) Net cash provided by ( used in ) investing activities ( 16,363 ) 292,205 Cash Flows from Financing Activities Repayments on note payable ( 61,064 ) ( 62,455 ) Distributions to stockholders ( 1,529,383 ) ( 1,118,404 ) Net cash used in financing activities ( 1,590,447 ) ( 1,180,859 ) Net increase ( decrease ) in cash and cash equivalents ( 94,163 ) 227,193 Cash and cash equivalents , beginning of period 829,788 789,430 Cash and cash equivalents , end of period $ 735,625 $ 1,016,623 TRITON MIAMI , INC . NOTES TO FINANCIAL STATEMENTS Note 1 - Description of Business Triton Miami , Inc . ( " the Company " ) was incorporated under the laws of the state of Florida in 2004 . The Company 's principal business is to serve as a reseller of new , refurbished and used telecommunications networking equipment to other distributors , retailers , and end users . The Company specializes in the voice over IP and IP telephone industry , central office switching , and transmission equipment space . Note 2 - Notes Payable The Company had two outstanding loans of approximately $ 0.3 million each at September 30 , 2016 . Subsequent to September 30 , 2016 , both of the loan balances were paid in full before the Company was acquired on October 14 , 2016 .