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5
GALAXY FOODS COMPANY
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Common Stock Preferred Stock Additional Notes Rec &
Par Par Paid-In Accumulated Subscriptions for
Shares Value Shares Value Capital Deficit Common Stock Total___
Balance at March 31, 1996,
as restated 53,421,848 $ 534,218 -- $ -- $ 38,582,938* $ (19,052,270)* $ (12,796,200) $ 7,268,686
Exercise of options 96,166 962 -- -- 47,321 -- -- 48,283
Exercise of warrants 215,000 2,150 -- -- 120,163 -- -- 122,313
Issuance of common stock
under employee stock
purchase plan 91,879 919 -- -- 86,681 -- -- 87,600
Collection of note receivable -- -- -- -- -- -- 24,000 24,000
Issuance of common stock
through Reg D offering 1,337,524 13,375 -- -- 1,846,096 -- -- 1,859,471
Issuance of convertible preferred
stock through Reg D offering -- -- 4,000 40 3,733,901 -- -- 3,733,941
Conversion of preferred
stock into common stock 1,965,824 19,658 (1,443) (14) (19,644) -- -- --
Issuance and revaluation of
warrants -- -- -- -- (211,400) -- -- (211,400)
Preferred stock dividend -- -- -- -- 1,594,406 (1,594,406) -- --
Net loss _______-- -- -- -- -- (2,736,660) -- (2,736,660)
Balance at March 31, 1997 57,128,241 $ 571,282 2,557 $ 26 $ 45,780,462 $ (23,383,336) $ (12,772,200) $ 10,196,234
Conversion of preferred
stock into common stock 4,352,776 43,528 (2,557) (26) (43,502) -- -- --
Issuance of warrants -- -- -- -- 9,550 -- -- 9,550
Refund of stock issuance costs -- -- -- -- 8,750 -- -- 8,750
Issuance of common stock under
Employee stock purchase plan 23,943 240 -- -- 16,281 -- -- 16,521
Exercise of options 90,000 900 -- -- 44,334 -- -- 45,234
Net income _______-- -- -- -- -- 148,513 -- 148,513
Balance at September 30, 1997 61,594,960 $ 615,950 -- $ -- $ 45,815,875 $ (23,234,823) $ (12,772,200) $ 10,424,802
* _{Amounts have been restated to reflect a stock dividend on preferred stock which is convertible at a discount from market value at the date of}
issuance (See Note 3).
See accompanying notes to condensed financial statements.

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