XM Radio 1999 Annual Report Download - page 30

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28 XM RADiO
CONSOLiDATED BALANCE SHEETS
1998 1999
(in thousands, except
share data)
ASSETS
Current assets:
Cash and cash equivalents...................................................................... $ 310 $ 50,698
Short-term investments........................................................................... — 69,472
Prepaid and other current assets............................................................. 172 1,077
Total current assets ....................................................................... 482 121,247
Other assets:
System under construction ..................................................................... 169,029 362,358
Property and equipment, net of accumulated depreciation and
amortization of $57 and $347 ........................................................... 449 2,551
Goodwill and intangibles, net of accumulated amortization of $0
and $1,220........................................................................................ — 25,380
Other assets .......................................................................................... 525 3,653
Total assets................................................................................... $ 170,485 $ 515,189
LiABiLiTiES AND STOCKHOLDERS' EQUiTY (DEFiCiT)
Current liabilities:
Accounts payable................................................................................... $ 23,125 $ 23,338
Accrued expenses.................................................................................. 444 1,514
Due to related parties............................................................................. 13,767 62
Accrued interest on loans payable........................................................... 1,907 —
Loans payable due to related parties....................................................... 91,546 —
Royalty payable...................................................................................... — 1,646
Term loan .............................................................................................. 34 —
Total current liabilities..................................................................... 130,823 26,560
Term loan, net of current portion .................................................................... 53 —
Subordinated convertible notes payable due to related party............................ 45,583 —
Accrued interest on subordinated convertible notes payable due to related party 1,209 —
Royalty payable, net of current portion ........................................................... — 3,400
Capital lease, net of current portion................................................................ — 212
Total liabilities ................................................................................ 177,668 30,172
Stockholders’ equity (deficit):
Preferred stock, par value $0.01; 60,000,000 shares authorized,
15,000,000 shares designated Series A, no shares and 10,786,504
issued and outstanding at December 31, 1998 and 1999..................... — 108
Class A common stock, par value $0.01; 180,000,000 shares authorized,
no and 26,465,333 shares issued and outstanding at
December 31, 1998 and 1999 ........................................................... — 265
Class B common stock, par value $0.01; 30,000,000 shares authorized,
125 (6,689,250 post split) and 17,872,176 shares issued and
outstanding at December 31, 1998 and 1999..................................... — 179
Class C common stock, par value $0.01; 30,000,000 shares authorized,
no shares issued and outstanding at December 31, 1998 and 1999 ..... — —
Additional paid-in capital.......................................................................... 10,643 539,187
Deficit accumulated during development stage......................................... (17,826) (54,722)
Total stockholders’ equity (deficit).................................................... (7,183) 485,017
Commitments and contingencies (notes 11 and 12):
Total liabilities and stockholders’ equity (deficit)............................... $ 170,485 $ 515,189
See accompanying notes to consolidated financial statements.