TRAC
EXHIBIT 1 | |||||||||||||||
TRAC P.O.S. PROCESSING Inc. | |||||||||||||||
(FORMERLY 880480 ALBERTA LTD.) | |||||||||||||||
PROFORMA STATEMENT OF REVENUE AND EXPENSES | |||||||||||||||
("Unaudited") | |||||||||||||||
FIVE YEARS PROJECTION FROM YEAR 2005 TO YEAR 2008 | |||||||||||||||
ACTUAL | ----------PROJECTION---------- | ||||||||||||||
DEC 31/04 | JUNE 30/04 | 2003 | DEC 31/03 | DEC 31/05 | DEC 31/06 | DEC 31/07 | DEC 31/08 | ||||||||
INCOME | |||||||||||||||
Sales | $43,664 | $ | 66,172 | $ | 155,012 | 155,012 | $45,000 | $49,500 | $54,450 | $59,895 | |||||
Surcharge revenue | 128,504 | 107,960 | 178,567 | 178,567 | 103,386 | 103,386 | 102,702 | 102,702 | |||||||
172,168 | 174,132 | 333,579 | 333,579 | 148,386 | 152,886 | 157,152 | 162,597 | ||||||||
COST OF GOODS SOLD |
| 96,496 | 111,086 | 183,282 | 183,282 | 40,500 | 44,550 | 49,005 | 53,906 | ||||||
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GROSS PROFIT | 75,672 | 63,046 | 150,297 | 150,297 | 107,886 | 108,336 | 108,147 | 108,692 | |||||||
EXPENSES |
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Advertising and promotion | 410 | 1,239 | 3,355 | 3,355 | 450 | 450 | 450 | 450 | |||||||
Amortization | 3,767 | 3,692 | 8,466 | 8,466 | 3,700 | 3,330 | 2,997 | 2,697 | |||||||
Bank service charges & interest | 2,552 | 2,607 | 6,335 | 6,335 | 2,600 | 2,730 | 2,867 | 3,010 | |||||||
Consulting fee | 38,436 | 40,000 | 40,000 | 40,000 | 40,000 | ||||||||||
Delivery | 1,020 | 1,198 | - | 2,003 | 1,200 | 1,200 | 1,200 | 1,200 | |||||||
Insurance | 62 | 1,204 | 3,998 | 3,998 | 65 | 65 | 65 | 65 | |||||||
Office expenses | 2,003 | 3,138 | 7,860 | 5,857 | 2,050 | 2,050 | 2,050 | 2,050 | |||||||
Professional fee | 10,746 | 6,400 | 30,719 | 30,719 | 3,500 | 3,675 | 3,859 | 4,052 | |||||||
Repair and maintenance | 525 | 660 | 265 | 265 | 550 | 578 | 606 | 637 | |||||||
Rent | 3,000 | 1,750 | - | - | 6,000 | 6,000 | 6,000 | 6,000 |
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Telephone | 2,213 | 3,450 | 7,107 | 7,107 | 2,250 | 2,363 | 2,481 | 2,605 | |||||||
Travel | 576 | 3,177 | 4,348 | 4,348 | 580 | 580 | 580 | 580 | |||||||
Vehicle | 3,400 | 6,015 | 16,530 | 16,530 | 3,500 | 3,500 | 3,500 | 3,500 | |||||||
Wages and benefit | 50,893 | 53,345 | 103,288 | 103,288 | 51,000 | 53,550 | 56,228 | 59,039 | |||||||
119,603 | - | 87,875 | - | 192,271 | 192,271 | 117,445 | 120,070 | 122,882 | 125,884 | ||||||
90% of cost allocation to orginal contracts - July 2/04 | 107,643 | 105,701 | 108,063 | 110,594 | 113,296 | ||||||||||
NET LOSS BEFORE OTHER INCOME | $(31,971) | -24,829 | -41,974 | -41,974 | $2,186 | $273 | $(2,447) | $(4,604) | |||||||
Westphere's portion 56% | $(17,904) | $1,224 | $153 | $(1,370) | $(2,578) | ||||||||||
NET PRESENT VALUE; i=4.25 | Total | ||||||||||||||
YEAR 2005 | -17,904 | 1,126 | |||||||||||||
YEAR 2006 | 135 | ||||||||||||||
YEAR 2007 | -1,160 | ||||||||||||||
YEAR 2008 | -2,094 | ||||||||||||||
YEAR 2009 | |||||||||||||||
$(1,993) | $1,126 | $135 | $(1,160) | $(2,094) | |||||||||||
ADD: NET PRESENT VALUE OF CARD MANAGEMENT (E-DEBIT) | 1,376,664 | -255,492 | -213,512 | 464,127 | 1,381,541 | ||||||||||
GRAND TOTAL - CDN $ | $1,374,671 | - | - | - | - | - | -254,366 | -213,377 | 462,967 | 1,379,447 | |||||
GRAND TOTAL - USD $ | $1,033,587 | ||||||||||||||
(EX RATE 1.3300) | |||||||||||||||
NOTE: | |||||||||||||||
MANAGEMENT BELIEVED TRAC FMV TO DATE = | $1,000,000 | ||||||||||||||
THEREFORE, WESTSPHERE'S PORTION OF 56% = | $560,000 | ||||||||||||||
PLEASE NOTE THAT THE PROJECTION FOR NPV FOR CARD MANAGEMENT REVENUE IN DEC/09 IS $2,831,394, DEC/10 IS $3,549,991, AND | |||||||||||||||
DEC/11 IS $3,089,183. THE PROJECTED INCREASE IN REVENUE IS DUE TO THE GROWTH IN THE MARKET AFTER THE CARD MANAGEMENT SYSTEM | |||||||||||||||
IMPLEMENTED (SEE PROFORMA STATEMENT OF REVENUE AND EXPENSES FOR MORE DETAILS). |
EDEBIT
EXHIBIT 2 | |||||||||||||||||
E-DEBIT INTERNATIONAL | |||||||||||||||||
PROFORMA STATEMENT OF REVENUE AND EXPENSES | |||||||||||||||||
("Unaudited") | |||||||||||||||||
FIVE YEARS PROJECTION FROM YEAR 2005 TO YEAR 2009 | |||||||||||||||||
ACTUAL | ----------PROJECTION---------- | ||||||||||||||||
DEC 31/04 | JUNE 30/04 | 2003 | DEC 31/03 | DEC 31/05 | DEC 31/06 | DEC 31/07 | DEC 31/08 | DEC 31/09 | DEC 31/10 | DEC 31/11 | |||||||
INCOME | |||||||||||||||||
Sales | $- | $ | 66,172 | $ | 155,012 | 155,012 | $- | $50,000 | $1,000,000 | $2,500,000 | $5,000,000 | $5,500,000 | $6,050,000 | ||||
Other revenue | - | 107,960 | 178,567 | 178,567 | - | - | 100,000 | 250,000 | 500,000 | 250,000 | 500,000 | ||||||
- | 174,132 | 333,579 | 333,579 | - | 50,000 | 1,100,000 | 2,750,000 | 5,500,000 | 5,750,000 | 6,550,000 | |||||||
COST OF GOODS SOLD |
| - | 111,086 | 183,282 | 183,282 | - | 17,500 | 350,000 | 875,000 | 1,750,000 | 1,925,000 | 2,117,500 | |||||
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GROSS PROFIT | - | 63,046 | 150,297 | 150,297 | - | 32,500 | 750,000 | 1,875,000 | 3,750,000 | 3,825,000 | 4,432,500 | ||||||
EXPENSES |
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Capital investment - system development | - | 1,239 | 3,355 | 3,355 | 250,000 | 250,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | ||||||
Bank service charges & interest | - | 2,607 | 6,335 | 6,335 | 246 | 300 | 500 | 700 | 900 | 1,100 | 1,300 | ||||||
Delivery | - | 1,198 | - | 2,003 | - | - | 2,400 | 2,640 | 2,904 | 3,194 | 3,514 | ||||||
Insurance | - | 1,204 | 3,998 | 3,998 | - | 2,500 | 3,000 | 3,150 | 3,308 | 3,473 | 3,647 | ||||||
Office expenses | 246 | 3,138 | 7,860 | 5,857 | 246 | 246 | 246 | 246 | 246 | 246 | 246 | ||||||
Professional fee | 749 | 6,400 | 30,719 | 30,719 | 5,000 | 5,500 | 15,000 | 20,000 | 25,000 | 20,000 | 25,000 | ||||||
Repair and maintenance | - | 660 | 265 | 265 | - | - | 2,400 | 2,600 | 2,800 | 2,600 | 2,800 | ||||||
Rent | - | 1,750 | - | - | - | - | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | ||||||
Telephone | - | 3,450 | 7,107 | 7,107 | - | 6,000 | 6,600 | 7,260 | 7,986 | 8,785 | 9,663 | ||||||
Travel | - | 3,177 | 4,348 | 4,348 | - | - | 6,000 | 6,300 | 6,615 | 6,946 | 7,293 | ||||||
Vehicle | - | 6,015 | 16,530 | 16,530 | - | - | 6,000 | 6,300 | 6,615 | 6,946 | 7,293 | ||||||
Wages and benefit | - | 53,345 | 103,288 | 103,288 | - | - | 120,000 | 132,000 | 145,200 | 159,720 | 175,692 | ||||||
995 | - | 84,183 | - | 183,805 | 183,805 | 255,492 | 264,546 | 224,146 | 243,196 | 263,574 | 275,009 | 298,447 | |||||
NET LOSS BEFORE OTHER INCOME | $(995) | -21,137 | -33,508 | -33,508 | $(255,492) | $(232,046) | $525,854 | $1,631,804 | $3,486,427 | $3,549,991 | $4,134,053 | ||||||
NET PRESENT VALUE; i=4.25 | Total | ||||||||||||||||
YEAR 2005 | -255,492 | ||||||||||||||||
YEAR 2006 | -213,512 | ||||||||||||||||
YEAR 2007 | 464,127 | ||||||||||||||||
YEAR 2008 | 1,381,541 |
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YEAR 2009 | 2,831,394 |
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YEAR 2010 | 2,765,482 | ||||||||||||||||
YEAR 2011 | 3,089,183 | ||||||||||||||||
Total | $10,062,723 | $(255,492) | $(213,512) | $464,127 | $1,381,541 | $2,831,394 | $2,765,482 | $3,089,183 | |||||||||
NOTE: | |||||||||||||||||
WESTSPHERE IS IN THE PROCESS OF DEVELOPING A PLAN TO RAISE FUNDS FOR THE DEVELOPMENT OF E-DEBIT'S PROJECT. SHOULD IT | |||||||||||||||||
SUCCESS IN RAISING FUNDS, THEN THE PROJECT IS PROJECTED TO BE COMPLETED IN 2 YEARS. REVENUE IS UNKNOWN AT PRESENT TIME. | |||||||||||||||||
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Trac - Impairment Test
EXHIBIT 3 | |||||||||||||||
TRAC P.O.S. PROCESSING Inc. | |||||||||||||||
(FORMERLY 880480 ALBERTA LTD.) | |||||||||||||||
ANALYSIS OF IMPAIRMENT TEST | |||||||||||||||
("Unaudited") | |||||||||||||||
FIVE YEARS PROJECTION FROM YEAR 2005 TO YEAR 2008 | |||||||||||||||
ACTUAL | ----------PROJECTION---------- | ||||||||||||||
DEC 31/04 | JUNE 30/04 | 2003 | DEC 31/03 | DEC 31/05 | DEC 31/06 | DEC 31/07 | DEC 31/08 | ||||||||
INCOME | |||||||||||||||
Sales | $43,664 | $ | 66,172 | $ | 155,012 | 155,012 | $45,000 | $49,500 | $54,450 | $59,895 | |||||
Surcharge revenue | 128,504 | 107,960 | 178,567 | 178,567 | 103,386 | 103,386 | 102,702 | 102,702 | |||||||
172,168 | 174,132 | 333,579 | 333,579 | 148,386 | 152,886 | 157,152 | 162,597 | ||||||||
COST OF GOODS SOLD |
| 96,496 | 111,086 | 183,282 | 183,282 | 40,500 | 44,550 | 49,005 | 53,906 | ||||||
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GROSS PROFIT | 75,672 | 63,046 | 150,297 | 150,297 | 107,886 | 108,336 | 108,147 | 108,692 | |||||||
EXPENSES |
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Advertising and promotion | 410 | 1,239 | 3,355 | 3,355 | 450 | 450 | 450 | 450 | |||||||
Amortization | 3,767 | 3,692 | 8,466 | 8,466 | 3,700 | 3,330 | 2,997 | 2,697 | |||||||
Bank service charges & interest | 2,552 | 2,607 | 6,335 | 6,335 | 2,600 | 2,730 | 2,867 | 3,010 | |||||||
Consulting fee | 38,436 | 40,000 | 40,000 | 40,000 | 40,000 | ||||||||||
Delivery | 1,020 | 1,198 | - | 2,003 | 1,200 | 1,200 | 1,200 | 1,200 | |||||||
Insurance | 62 | 1,204 | 3,998 | 3,998 | 65 | 65 | 65 | 65 | |||||||
Office expenses | 2,003 | 3,138 | 7,860 | 5,857 | 2,050 | 2,050 | 2,050 | 2,050 | |||||||
Professional fee | 10,746 | 6,400 | 30,719 | 30,719 | 3,500 | 3,675 | 3,859 | 4,052 | |||||||
Repair and maintenance | 525 | 660 | 265 | 265 | 550 | 578 | 606 | 637 | |||||||
Rent | 3,000 | 1,750 | - | - | 6,000 | 6,000 | 6,000 | 6,000 |
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Telephone | 2,213 | 3,450 | 7,107 | 7,107 | 2,250 | 2,363 | 2,481 | 2,605 | |||||||
Travel | 576 | 3,177 | 4,348 | 4,348 | 580 | 580 | 580 | 580 | |||||||
Vehicle | 3,400 | 6,015 | 16,530 | 16,530 | 3,500 | 3,500 | 3,500 | 3,500 | |||||||
Wages and benefit | 50,893 | 53,345 | 103,288 | 103,288 | 51,000 | 53,550 | 56,228 | 59,039 | |||||||
119,603 | - | 87,875 | - | 192,271 | 192,271 | 117,445 | 120,070 | 122,882 | 125,884 | ||||||
90% of cost allocation to orginal contracts - July 2/04 | 107,643 | 105,701 | 108,063 | 110,594 | 113,296 | ||||||||||
NET LOSS BEFORE OTHER INCOME | $(31,971) | -24,829 | -41,974 | -41,974 | $2,186 | $273 | $(2,447) | $(4,604) | |||||||
Westphere's portion 56% | $(17,904) | $1,224 | $153 | $(1,370) | $(2,578) | ||||||||||
NET PRESENT VALUE; i=4.25 | Total | ||||||||||||||
YEAR 2005 | -17,904 | 1,126 | |||||||||||||
YEAR 2006 | 135 | ||||||||||||||
YEAR 2007 | -1,160 | ||||||||||||||
YEAR 2008 | -2,094 | ||||||||||||||
YEAR 2009 | |||||||||||||||
$(1,993) | $1,126 | $135 | $(1,160) | $(2,094) | |||||||||||
ADD: NET PRESENT VALUE OF CARD MANAGEMENT (E-DEBIT) | - | - | - | - | - | ||||||||||
GRAND TOTAL - CDN $ | $(1,993) | - | - | - | - | - | 1,126 | 135 | -1,160 | -2,094 | |||||
GRAND TOTAL - USD $ | $(1,498) | ||||||||||||||
(EX RATE 1.3300) | |||||||||||||||
NOTE: | |||||||||||||||
MANAGEMENT BELIEVED TRAC FMV TO DATE = | $200,000 | USD | |||||||||||||
THEREFORE, WESTSPHERE'S PORTION OF 56% = | $112,000 | USD |