Deer Valley Corp - Recent Material Event
|
Financial
Statements
|
|
F-1 |
| |
|
|
|
|
| |
Consolidated Balance Sheet |
|
| |
As
of
September 29, 2007 (unaudited) |
F-2
|
| |
|
|
|
|
| |
Consolidated Statements of Operations |
|
| |
Three
and Nine Months ended September 29,
2007
(unaudited) |
|
| |
Three
and Nine Months ended September 30,
2006
(unaudited) |
F-3
|
| |
|
|
|
|
| |
Consolidated Statements of Cash Flows |
|
| |
Nine
Months ended September
29, 2007
(unaudited) |
|
| |
Nine
Months
ended September 30, 2006 (unaudited) |
F-4
|
| |
|
|
|
|
| |
Notes to Consolidated Financial Statements (unaudited) |
F-5 |
| |
|
|
|
|
|
Item
2
|
Management's
Discussion and Analysis |
|
| |
|
|
|
|
|
Item
3
|
Controls
and Procedures
|
|
|
|
PART
II
|
OTHER
INFORMATION
|
11 |
| |
|
|
|
Item
1
|
Legal
Proceedings
|
|
| |
|
|
|
Item
2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|
| |
|
|
|
Item
3
|
Defaults
Upon Senior Securities
|
|
| |
|
|
|
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
|
| |
|
|
|
Item
5
|
Other
Information
|
|
| |
|
|
|
Item
6
|
Exhibits
|
|
| |
|
|
Unless
otherwise indicated or the context otherwise requires, all references below
in
this filing to “we,” “us,” the “Company,” and "Deer Valley" are to Deer
Valley Corporation, a Florida corporation, together with its wholly-owned
subsidiary, Deer Valley Homebuilders, Inc., an Alabama corporation.
PART
I FINANCIAL
INFORMATION
Item
1. Financial Statements
Deer
Valley Corporation & Subsidiary
Consolidated Financial Statements
|
Contents:
|
|
|
| |
|
|
|
Consolidated
Balance Sheet as of September 29, 2007
(unaudited)
|
|
F-2
|
| |
|
|
|
Consolidated
Statements of Operations for the three and nine month periods
ended
September 29, 2007 and September 30, 2006
(unaudited)
|
F-3
|
| |
|
|
|
Consolidated
Statements of Cash Flows for the nine month periods
ended
September 29, 2007 and September 30, 2006
(unaudited)
|
F-4
|
| |
|
|
|
Notes
to Consolidated Financial Statements (unaudited)
|
|
F-5 |
Deer
Valley Corporation & Subsidiary
Consolidated
Balance Sheet
|
ASSETS
|
|
|
|
| |
|
|
|
| |
|
September
29,
|
|
| |
|
2007
|
|
| |
|
(unaudited)
|
|
| |
|
|
|
|
Cash
|
|
$ |
5,521,043
|
|
|
Accounts
receivable
|
|
|
9,870,432
|
|
|
Inventory
|
|
|
1,988,054
|
|
|
Prepaid
expenses and other current assets
|
|
|
960,318
|
|
| |
|
|
18,339,846
|
|
| |
|
|
|
|
|
Property,
plant and equipment, net
|
|
|
3,133,252
|
|
| |
|
|
|
|
|
Goodwill
|
|
|
6,506,148
|
|
|
Other
assets
|
|
|
109,206
|
|
| |
|
|
6,615,354
|
|
| |
|
$ |
28,088,453
|
|
| |
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS'EQUITY
|
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
Current
maturities on long term debt
|
|
$ |
5,019,526
|
|
|
Accounts
payable & accrued expenses
|
|
|
5,121,818
|
|
|
Accrued
warranties
|
|
|
2,100,000
|
|
|
Accrued
preferred dividends
|
|
|
89,578
|
|
| |
|
|
12,330,919
|
|
| |
|
|
|
|
|
Accrued
earnout, net of current maturities
|
|
|
2,016,956
|
|
|
Long-term
debt, net of current maturities
|
|
|
1,888,810
|
|
| |
|
|
3,905,767
|
|
| |
|
|
16,236,686
|
|
| |
|
|
|
|
|
Series
A Preferred stock, $0.01 par value, 750,000 shares authorized,
637,275
shares issued and outstanding
|
|
|
6,372,745
|
|
| |
|
|
|
|
|
Series
B Preferred stock, $0.01 par value, 49,451 shares authorized,
0 shares
issued and outstanding
|
|
|
-
|
|
| |
|
|
|
|
|
Series
C Preferred stock, $0.01 par value, 26,750 shares authorized,
26,750
shares issued and outstanding
|
|
|
|
|
| |
|
|
|
|
|
Series
D Preferred stock, $0.01 par value, 132,081 shares authorized,
0 shares
issued and outstanding
|
|
|
-
|
|
| |
|
|
|
|
|
Series
E Preferred stock, $0.01 par value, 1,000,000 shares authorized,
1,000,000
shares issued and outstanding
|
|
|
10,000
|
|
| |
|
|
|
|
|
Common
stock, $0.001 par value, 100,000,000 shares authorized, 8,592,929
shares
issued and outstanding
|
|
|
8,594
|
|
| |
|
|
|
|
|
Additional
paid-in capital
|
|
|
35,145,189
|
|
| |
|
|
|
|
|
Retained
earnings and accumulated deficit
|
|
|
(29,685,030 |
) |
| |
|
|
11,851,765
|
|
| |
|
$ |
28,088,453
|
|
| |
|
|
|
|
See
notes to consolidated financial statements
Deer
Valley Corporation & Subsidiary
Consolidated
Statements of Operations
| |
|
For
the three month period ended
|
|
|
For
the nine month period ended
|
|
| |
|
September
29,
|
|
|
September
30,
|
|
|
September
29,
|
|
|
September
30,
|
|
| |
|
2007
|
|
|
2006
|
|
|
2007
|
|
|
2006
|
|
| |
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE
|
|
$ |
18,103,462
|
|
|
$ |
16,901,751
|
|
|
$ |
45,803,829
|
|
|
$ |
48,767,224
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST
OF REVENUE
|
|
|
15,094,281
|
|
|
|
14,688,814
|
|
|
|
38,823,118
|
|
|
|
41,289,963
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
3,009,181
|
|
|
|
2,212,937
|
|
|
|
6,980,712
|
|
|
|
7,477,261
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
10,147
|
|
|
|
8,187
|
|
|
|
30,396
|
|
|
|
24,240
|
|
|
Selling,
general and administrative
|
|
|
1,881,300
|
|
|
|
1,557,614
|
|
|
|
5,125,723
|
|
|
|
4,520,552
|
|
|