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ROYAL RESOURCES CORPORATION
<br />PRO FORMA CONSOLIDATED BALANCE S}IEET
<br />December 31, 1986 (B)
<br />(Unaudited)
<br /> Sale of M1fining
<br /> Mining Properly
<br /> Sale of Oil & Gas Properties Properly Acquisition
<br /> Adjustments Adjustments Adjustments Combined
<br /> Increase Pro Forma fncreese Increase Pro Forma
<br /> Historical (Decrease) Results (Decrease) (Decrease) Results
<br />Liabilities and
<br />Stockholders' Equity
<br />Accounts payable .............. E 565,270 - b 565,270 - 6201,831(7) $ 767,101
<br />Note payable ........ ........ 2,475,000 - 2475.000 6(2,475,000)(5) - -
<br />Total current liabditfes. 3,040,270 - 3,04QZ70 (2.475,000) 201.R31 767,101
<br />Long-term debt ... ........ .. 1.764,385 5 1252.81 J)l2) 1,511.572 (1,511,5''2)(5)
<br />Nun-currem (case liabilities .. , .. 143,956 - 143,956 - - 143.956
<br />Deferred income taxes....... .. - - - - - -
<br />Stockholders' equity:
<br />Common slack, 6.01 par value,
<br />authorized 15,000.000
<br />shares, issued-6,324,969
<br />shares in 1986 and 1985 .. 67,250 - 63.250 -- 2.000(3) 65,250
<br />Addiimnal paid-in capital ,.. 20,302,205 - 20,302,205 -- 285,500(3) 20,587,705
<br />Retained earnings Ideficil) ...... (14,294,711) (90.992)(8) (14,385.307) 2,393,SR4 (5) - (11,991,719)
<br /> 6.071,144 (90.992) 5980,152 2,397,584 ?87,500 8,661,236
<br />Less lreasu rv stock, at cost (15,351
<br />shares in 1936 & 1965), ,.,., (IS?,660) - (155.660} -- - (155.660)
<br /> 5,915,481 (90,992) 5,824,492 2,391,584 287,500 8.505.57h
<br /> E 10.864,095 $ (743,805) $10,520.290 5(1.592.988) 8489,331 b 9,416,633
<br />The accompanying notes are nn Integra! part ojthese financial statements.
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