TRI-LATERAL VENTURES CORPORATION
INTERIM FINANCIAL STATEMENTS
March 31, 2003
(Unaudited)
TRI-LATERAL VENTURES CORPORATION
INTERIM BALANCE SHEET
March 31, 2003 and December 31, 2002
(Unaudited)
| (Unaudited) | (Audited) |
Current |
|
|
LIABILITIES | ||
Current |
|
|
SHAREHOLDERS' DEFICIENCY | ||
Share capital - Note 2 | 5,783,259 | 5,783,259 |
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TRI-LATERAL VENTURES CORPORATION
INTERIM STATEMENTS OF LOSS AND DEFICIT
for the three months ended March 31, 2003 and 2002
(Unaudited)
| 2003 | 2002 |
Administrative Expenses | $ 2,525 | $ 3,200 |
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TRI-LATERAL VENTURES CORPORATION
INTERIM STATEMENTS OF CASH FLOWS
for the three months ended March 31, 2003 and 2002
(Unaudited)
| 2003 | 2002 |
Operating Activities |
|
|
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TRI-LATERAL VENTURES CORPORATION
NOTES TO THE INTERIM FINANCIAL STATEMENTS
March 31, 2003
(Unaudited)
Note 1 Interim Reporting
While the information presented in the accompanying three months financial statements is unaudited, it included all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and its cash flows for the interim periods presented. These interim financial statements follow the same accounting policies and methods in their application as the Company's annual financial statements. It is suggested that these interim financial statements be read in conjunction with the Company's audited annual December 31, 2002 financial statements.
Note 2 Share Capital
Authorized
Unlimited common shares
Unlimited non-voting convertible redeemable non-cumulative 6% preference shares
Issued Common Shares | Number | $ |
Balance, December 31, 2002 and March 31, 2003 | 3,372,054 | 5,783,259 |
Note 3 Related Party Transactions
During the three months ended March 31, 2003 the Company incurred the following expenses with directors and a company with a common director:
| March 31, 2003 | March 31, 2002 |
Accounting fees | $ 2,525 | $ 3,200 |
The expenses were measured by the exchange amount, which is the amount agreed upon by the transacting parties and are on terms and conditions similar to non-related entities.
As at March 31, 2003, accounts payable and accrued liabilities includes $194,791 owing to directors of the Company.
As at March 31, 2003, loans payable includes a promissory note payable to a director of the Company in the amount $250,000.
Note 4 Subsequent Event
Subsequent to March 31, 2003, the Company issued 986,467 common shares to settle accounts payable and loans payable totalling $986,469.
Note 5 Canadian and United States of America Accounting Principles
The financial statements have been prepared in accordance with accounting principles generally accepted in Canada, which do not differ with those principles and practices that the Company would have followed had its financial statements been prepared in accordance with accounting principles generally accepted in the United States of America.