Exhibit 99.3
DOCUCOM IMAGING SOLUTIONS INC.
BALANCE SHEET
APRIL 30, 2007
(Canadian Dollars)
(UNAUDITED)
2007 | ||||
ASSETS | ||||
CURRENT | ||||
Accounts receivable | $ | 2,180,188 | ||
Inventories | 101,936 | |||
Prepaid expenses | 70,640 | |||
2,352,764 | ||||
CAPITAL ASSETS | 253,458 | |||
$ | 2,606,222 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT | ||||
Bank indebtedness | $ | 202,431 | ||
Accounts payable and accrued liabilities | 2,330,977 | |||
Income taxes payable | 249,937 | |||
Deferred income tax | 5,405 | |||
Deferred income | 435,094 | |||
3,223,844 | ||||
SHAREHOLDERS' EQUITY | ||||
Capital stock | 100 | |||
Deficit | (617,722 | ) | ||
$ | 2,606,222 |
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DOCUCOM IMAGING SOLUTIONS INC.
STATEMENT OF LOSS
FOR THE SIX MONTHS ENDED APRIL 30, 2007
(Canadian Dollars)
(UNAUDITED)
2007 | ||||
SALES | $ | 7,506,790 | ||
COST OF SALES | 5,407,363 | |||
GROSS PROFIT | 2,099,427 | |||
OPERATING EXPENSES | ||||
Selling | 727,212 | |||
General and administrative | 1,231,173 | |||
Distribution | 119,596 | |||
Financing | 45,042 | |||
Amortization | 81,124 | |||
2,204,147 | ||||
INCOME (LOSS) BEFORE TAXES | (104,720 | ) | ||
INCOME TAX PROVISION (BENEFIT) | (103,684 | ) | ||
NET INCOME (LOSS) | $ | (1,036 | ) |
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DOCUCOM IMAGING SOLUTIONS INC.
STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED APRIL 30, 2007
(Canadian Dollars)
(UNAUDITED)
2007 | ||||
OPERATING ACTIVITIES | ||||
Net (loss) | $ | (1,036 | ) | |
Items not affecting cash: | ||||
Amortization | 81,124 | |||
Income tax benefit | (103,684 | ) | ||
(23,596 | ) | |||
Changes in non-cash working capital: | ||||
Accounts receivable | (275,336 | ) | ||
Inventories | 101,336 | |||
Prepaid expenses | (20,571 | ) | ||
Accounts payable and accrued liabilities | 606,943 | |||
Income tax payable | (119,625 | ) | ||
Deferred revenue | (131,886 | ) | ||
160,861 | ||||
Cash flow from operating activities | 137,265 | |||
INVESTING ACTIVITY | ||||
Purchase of equipment | (3,200 | ) | ||
Due to shareholders | (13,336 | ) | ||
Cash flow used by investing activity | (16,536 | ) | ||
FINANCING ACTIVITIES | ||||
Advances (repayment) of bank indebtedness | (40,729 | ) | ||
Dividend distributions | (80,000 | ) | ||
Cash flow used by financing activities | (120,729 | ) | ||
INCREASE (DECREASE) IN CASH FLOW | - | |||
Cash - beginning of year | - | |||
CASH - END OF YEAR | $ | - |
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