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SEC Filings
10-Q
ARGON ST, INC. filed this Form 10-Q on 12/13/1995
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                DAEDALUS ENTERPRISES, INC. AND SUBSIDIARIES
                   CONSOLIDATED CONDENSED BALANCE SHEETS

                                                 October 31,    July 31,
                                                    1995          1995
                                                  ---------    ---------
                                                 (unaudited)  
ASSETS
Current Assets:
  Cash and cash equivalents..................... $  116,508  $    76,797
  Accounts receivable, less allowance of $2,500.    198,090      112,401
  Unbilled accounts receivable - Note C.........    613,948    1,289,583
  Inventories  - Note C.........................    656,200      635,541
  Deferred tax asset............................     57,000       57,000
  Deposits......................................          0      131,000
  Other current assets..........................     39,356       39,496
                                                  ---------  -----------
         TOTAL CURRENT ASSETS                     1,681,102    2,341,818
Property and Equipment: 
  Land..........................................    177,131      177,131
  Building......................................  1,433,898    1,433,898
  Machinery and equipment.......................    819,105      807,222
  Special equipment.............................    459,151      455,649
                                                 ----------  -----------  
                                                  2,889,285    2,873,900
  Less accumulated depreciation................. (1,511,277)  (1,464,358)
                                                 ----------  -----------  
                                                  1,378,008    1,409,542
Deferred Tax Asset..............................     88,000       71,000
Other Assets....................................     88,574      108,057
                                                 ----------  -----------  
                                                 $3,235,684  $ 3,930,417
                                                 ==========  ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
  Note payable to bank - Note E................. $  405,000     $642,000
  Accounts payable..............................     65,566      163,531
  Accrued contract costs........................     22,950       22,950
  Compensation and related accounts.............    133,033      150,401
  Accrued commissions...........................    115,874      176,755
  Customer deposits.............................          0        9,652
  Reserve for product warranties................     49,523       54,354
  Other accrued liabilities.....................     58,084       38,094
  Current portion of long-term debt - Note E....     32,588      282,608
                                                   --------     --------  
                      TOTAL CURRENT LIABILITIES     882,618    1,540,345
Long-term Debt - Note E.........................    241,635            0
Stockholders' Equity:
  Common stock, $.01 par value
    Authorized--2,000,000 shares
    Issued and outstanding--515,654 shares
           (July 31, 1995--514,913 shares)......     5,157        5,149
  Additional paid-in capital.................... 1,115,124    1,113,131
  Retained earnings.............................   991,150    1,271,792
                                                 ---------    ---------
                                                 2,111,431    2,390,072
                                                 ---------    ---------
                                                $3,235,684   $3,930,417
                                                 =========    =========

The accompanying notes are an integral part of these condensed financial 
statements


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