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Consolidated Balance Sheets

December 31, 1995 and 1996

Assets
1995 1996

Current assets:
Cash and cash equivalents $997,567 $34,382,194
Marketable securities 6,520,481 10,257,717
Accounts receivable, net of allowance for doubtful
accounts of approximately $120,000 and
$200,000 in 1995 and 1996, respectively
5,882,980 8,100,494
Deferred commissions 891,967 1,341,268
Prepaid expenses and other current assets 76,542 229,606

Total current assets 14,369,537 54,311,279
 
Property and equipment, at cost:
Computers and equipment 965,435 1,752,473
Furniture and fixtures 288,532 546,595
Computer software 206,324 312,111
Vehicles 30,098 30,098
Leasehold improvements 59,262 683,642

 
Total property and equipment 1,549,651 3,324,919
Less-Accumulated depreciation and amortization 493,376 853,777

Property and equipment, net 1,056,275 2,471,142

Total assets $15,425,812 $56,782,421

 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $00,377,344 $01,200,131
Customer deposits 97,329 139,293
Accrued expenses 1,544,815 3,201,111
Accrued income taxes - 227,037
Deferred revenue 11,359,101 17,816,380
Deferred income taxes - 436,714

Total current liabilities 13,378,589 23,020,666
Commitments (Note 4)
 
Stockholders' equity:
Preferred stock, $.01 par value
Authorized-500,000 shares
Issued and outstanding-none
- -
Common stock, $.01 par value
Authorized-25,000,000 shares
Issued and outstanding-6,000,000 shares and
8,300,000 shares in 1995 and 1996, respectively
60,000 83,000
Additional paid-in capital - 33,211,053
Retained earnings 1,965,527 409,602
Unrealized gain on marketable securities 21,696 58,100

Total stockholders' equity 2,047,223 33,761,755

Total liabilities and stockholders' equity $15,425,812 $56,782,421

The accompanying notes are an integral part of these consolidated financial statements.