EFTA01870118.pdf

MC2 MODEL MANAGEMENT GROUP 1/3112011 NEW YORK MIAMI ELIMINATIONS CONSOLIDATED 12)3112010 Difference Comment ASSETS CURRENT ASSETS CASH 14,883.88 346.324.55 361,208.43 330.026.63 31,181,60 ACCOUNTS RECEIVABLE - NO RESERVE 886,304.91 808,065.06 1.694.359.97 1.400.207.35 294.152.62 Increase mostly en NY (Macaw Erickson. Revlon) OTHER RECEIVABLES 61275.61 10,612.18 71.667.79 77,998.1)9 (6.111.10) monde, 657k due from WAG limn 2006 PREPAID EXPENSES 3,060.00 10,057.23 13.907 23 13.907 23 DUE FROM MODELS 95.868.87 8.635.93 104.50480 98975.76 5,829,04 Advances to models paid through payrci DUE FROM GROUP COMPANIES 235.70381 (235.703.81) - - - Interco between Miami and NY TOTAL CURRENT ASSETS 1,061,303.27 1,420,168.76 (239703.01) 2245.860.22 1,909908.83 PROPERTY AND EQUIPMENT • NET 78.143.23 57260.17 135,403 40 128,649.29 6,754.11 Furniture in Marro. °impute( m NY OTHER ASSETS SECURITY DEPOSITS 9.371,00 12.198.00 21,569.00 21,569.00 OTHER ASSETS TOTAL OTHER ASSETS 9.371.00 12.198.00 21,569.00 21,589.00 TOTAL ASSETS 1.148.897.50 1.409.046.93 (235.703.01) 2.402.640.62 2.057.127.12 345.71390 LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILMES ACCOUNTS PAYABLE 8. ACCRUED EXPENSES 341,873.77 154.281.26 496.155 03 351.467.37 144,68766 MODELS PAYABLE 019.951.88 457.912,94 1277.1364 82 1.220.197.35 57.667.47 DUE TO GROUP COMPANIES 225.632.30 389.128.66 1235.703.81) 379.057 15 389.111.91 (10,054.76) ma/4am includes payables to Next Tone and Kann NY MELLON NOTE 476.795 50 307,602.74 764,598 24 784.598 24 MODELS WITHHOLDING PAYABLE 977.024,57 589.947,71 1,566,972.20 1,584,563,68 (17.591.60) MOTHER AGENCY PAYABLE 170.070 72 10.727.61 180.798 33 166.637.36 12.16095 TOTAL CURRENT UABIUTIES 3,011,348.74 1,909,600.92 (235,703.01) 4.685.445.85 4.496,576,13 MEMBERS EQUITY (DEFICIT) MEMMBERS DRAW RETAINED (DEFICIT) EARNINGS (1.062,451.24) (420,153.99) (2.202,605.23) (2.441.449.01) 158.843.70 TOTAL MEMBERS EQUITY (DEFICIT) (1,862.451.24) (420.153.99) (2.282.605.23) (2.441.449.01) TOTAL UABIUTIES AND STOCKHOLDERS (DEFICIT) EQUITY 1.148.897.50 1.499.646.93 (235.703.81) 2.402.840.62 2,057,127.12 345,713.50 kxernal Reporting EFTA_R1_00275328 EFTA01870118 1/31/2011 1 MONTH ENDING 01/31/2011 NEW YORK MIAMI CONSOLIDATED MODEL EARNINGS GROSS BILLINGS $ 426,785.88 $ 495,461.80 $ 922,247.68 MODEL EARNINGS $ (292,297.80) $ (350,133.75) $ (642,431.55) MOTHER AGENCY FEES $ (8,717.28) $ (12,621.28) $ (21,338.56) NET MODEL EARNINGS $ 125,770.80 $ 132,706.77 $ 258,477.57 GROSS MARGIN 29.47% 26.78% 28.03% OPERATING EXPENSES $ 65,164.94 $ 91.170.72 $ 156,335.66 OTHER INCOME (EXPENSES) MOTHER AGENCY INCOME PRODUCTION INCOME 20,982.32 $ 20,982.32 INTEREST EXPENSE S (1,317.47) $ (878.32) $ (2,195.79) MISCELLANEOUS INCOME TAX EXPENSE TOTAL OTHER EXPENSES (1,317.47) $ 20,104.00 $ 18,786.53 NET INCOME (LOSS) $ 59,288.39 $ 61,640.05 $ 120,928.44 PER TRIAL BALANCE $ 59,288.39 $ 61,640.05 $ 120,928.44 DIFFERENCE $ 0.00 $ - $ (0.00) Internal Reporting EFTA_R1_00275329 EFTA01870119  MC2 MODEL MANAGEMENT GROUP 1/3112011 1 MONTHS ENDING 01/31/2011 NEW YORK MIAMI CONSOLIDATED SALARIES 22,694.00 33,703.40 56,397.40 PAYROLL TAXES 3,268.21 4,558.58 7,826.79 EMPLOYEE BENEFITS (131.50) (789.00) (920.50) RENT 5,450.00 8,457.23 13,907.23 UTILITIES 1,534.83 1,534.83 OFFICE CLEANING, R& M 863.47 500.00 1,363.47 MODEL EXPENSES 1,996.05 4,732.12 6,728.17 EQUIPMENT R&M 1,251.51 1,251.51 DUES & SUBCRIPTIONS DONATIONS ADVERTISING & PROMO TELEPHONE 3,361.59 1.436.39 4,797.98 PROFESSIONAL FEES 4,606.25 4,606.25 EQUIPMENT LEASES 685.51 685.51 TRAVEL AND ENTERTAINMENT 11,141.20 16,291.40 27,432.60 SCOUTING EXPENSES 9,072.71 4.825.06 13,897.77 INTERNET & MISC COMPUTER EXPENSES 844.94 844.94 OFFICE SUPPLIES AND EXPENSE 2,937.41 2,079.26 5,016.67 POSTAGE & DELIVERY 320.10 320.10 INSURANCE 318.71 4,242.15 4,560.86 STATIONARY & PRINTING 386.85 386.31 773.16 STORAGE 594.92 594.92 MOVING EXPENSES CORPORATE CAR & APARTMENT 52.81 29.52 82.33 OUTSIDE SERVICES 2,080.00 1,450.00 3,530.00 BANK, MERCHANT AND PAYROLL FEES 138.60 965.07 1,103.67 DEPRECIATION MISCELLANEOUS 65,164.94 91,170.72 156,335.66 Internal Reporting EFTA_R1_00275330 EFTA01870120