from 8-K
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<table> <caption> Penn Octane Corporation and Subsidiaries Condensed Consolidated Balance Sheets Assets March 4, 1999 (Unaudited) (A) <s> <c> Total Current Assets 2,753,424 Property, Plant and Equipment - Net 3,044,325 Lease Rights (Net of Accumulated Amortization of $501,457 ) 652,582 Net Assets Held for Sale 745,274 Other Noncurrent Assets 11,220 Total Assets $ 7,206,825 ================ <fn> (A) Amounts Derived From Unaudited Condensed Consolidated Balance Sheets as of January 31, 1999, Adjusted for the Equity Transaction Described in This Report on Form 8-K. </Table> Page 5 of 6 <page> <table> <caption> Penn Octane Corporation and Subsidiaries Condensed Consolidated Balance Sheets - Continued Liabilities and Stockholders' Equity March 4, 1999 (Unaudited) (A) <s> <c> Current Liabilities Current Maturities of Long-Term Debt $ 734,902 Revolving Line of Credit, Trade Accounts Payable 3,816,400 and Accrued Liabilities Total Current Liabilities 4,551,302 Long-Term Debt, Less Current Maturities - Commitments and Contingencies - Stockholders' Equity Senior Preferred Stock-$.01 Par Value, 5,000,000 Shares Authorized; 90,000 Shares Issued and Outstanding at March 4, 1999 900 Preferred Stock-$.01 Par Value, 5,000,000 Shares Authorized; 0 Convertible Shares Issued and Outstanding at March 4, 1999 - Common Stock-$.01 Par Value, 25,000,000 Shares Authorized; 10,821,557 Shares Issued and Outstanding at March 4, 1999 108,216 Additional Paid-In Capital 15,471,467 Notes Receivable From the President of the Company and a Related Party for Exercise of Warrants, Less Reserve of $223,000 at March 4, 1999 (2,763,006) Accumulated Deficit (10,162,054) Total Stockholders' Equity 2,655,523 Total Liabilities and Stockholders' Equity $ 7,206,825 ================ <fn> (A) Amounts Derived From Unaudited Condensed Consolidated Balance Sheets as of January 31, 1999, Adjusted for the Equity Transaction Described in This Report on Form 8-K. </Table> Page 6 of 6 <page>
