ICOA, Inc. Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2011	FY 2010	FY 2009	FY 2008	FY 2007
Period Ending	Mar '12 Mar 31, 2012	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Cash & Equivalents	0	0	0.02	0.02	0.03	0.02
Cash & Short-Term Investments	0	0	0.02	0.02	0.03	0.02
Cash Growth	-99.05%	-96.91%	-32.81%	-26.71%	60.34%	-48.62%
Receivables	0.05	0.03	0.12	0.08	0.11	0.22
Inventory	0	0	0	0.01	0.06	0.11
Prepaid Expenses	-	-	-	0.02	0.02	0.02
Total Current Assets	0.05	0.03	0.14	0.12	0.22	0.36
Property, Plant & Equipment	0	0	0	0.01	0.01	0.3
Other Intangible Assets	-	-	-	-	-	0.19
Long-Term Deferred Charges	0.02	0.02	0.05	0.05	0.05	0.13
Other Long-Term Assets	-	-	0.04	0.1	0.1	0.11
Total Assets	0.07	0.06	0.23	0.28	0.37	1.09
Accounts Payable	5.07	0.45	0.87	4.87	4.29	3.77
Accrued Expenses	2.11	6.49	5.92	2.09	2.11	2.08
Short-Term Debt	1.14	1.14	1.16	1.2	1.23	1.14
Current Portion of Long-Term Debt	2.01	2.01	1.95	2.58	2.59	0.55
Current Portion of Leases	-	-	-	0.48	0.48	0.26
Other Current Liabilities	0.13	0.13	0.82	0.72	0.72	-0.01
Total Current Liabilities	10.45	10.22	10.72	11.94	11.42	7.79
Long-Term Debt	-	-	-	-	-	1.39
Long-Term Leases	-	-	-	-	-	0.34
Total Liabilities	10.45	10.22	10.72	11.94	11.42	9.51
Common Stock	0.85	0.85	0.43	0.11	0.06	0.06
Additional Paid-In Capital	861.87	861.87	862.34	22.55	22.39	22.37
Retained Earnings	-873.88	-873.65	-874.68	-34.32	-33.5	-30.85
Comprehensive Income & Other	-0.62	-0.62	0.04	-	-0	-
Total Common Equity	-11.78	-11.56	-11.87	-11.66	-11.05	-8.43
Shareholders' Equity	-10.38	-10.16	-10.49	-11.66	-11.05	-8.43
Total Liabilities & Equity	0.07	0.06	0.23	0.28	0.37	1.09
Total Debt	3.15	3.14	3.11	4.26	4.31	3.67
Net Cash (Debt)	-3.14	-3.14	-3.09	-4.24	-4.28	-3.65
Net Cash Per Share	-0.00	-0.00	-0.00	-0.00	-0.01	-0.01
Filing Date Shares Outstanding	8,483	8,483	4,329	1,059	648.3	585.75
Total Common Shares Outstanding	8,483	8,483	4,329	1,059	648.3	585.75
Working Capital	-10.4	-10.19	-10.58	-11.81	-11.21	-7.43
Book Value Per Share	-0.00	-0.00	-0.00	-0.01	-0.02	-0.01
Tangible Book Value	-11.78	-11.56	-11.87	-11.66	-11.05	-8.62
Tangible Book Value Per Share	-0.00	-0.00	-0.00	-0.01	-0.02	-0.01

Source: S&P Global Market Intelligence. Standard template. Financial Sources.