EXHIBIT 99.1
FLINT INT’L SERVICES, INC. | ||||||||
Consolidated Balance Sheets | ||||||||
December 31, 2008 and 2007 | ||||||||
(Unaudited) | ||||||||
ASSETS | 2008 | 2007 | ||||||
Current Assets | ||||||||
Cash and Cash Equivalents | $ | 13,155 | $ | 11,877 | ||||
Accounts Receivable - net | 29,160 | 36,442 | ||||||
Total Current Assets | 42,295 | 48,319 | ||||||
Fixed Assets, - net | 15,509 | 17,504 | ||||||
Other Assets | 7,940 | 0 | ||||||
TOTAL ASSETS | $ | 65,744 | $ | 65,823 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts Payable | $ | 13,465 | $ | 6,005 | ||||
Accrued Expenses | 57,474 | 63,517 | ||||||
GST Payable | 2,228 | 1,548 | ||||||
Total Current Liabilities | 73,167 | 71,070 | ||||||
Long-Term Liabilities | ||||||||
Amounts Due Shareholder | 0 | 6,142 | ||||||
Total Long-Term Liabilities | 0 | 6,142 | ||||||
TOTAL LIABILITIES | 73,167 | 77,212 | ||||||
Shareholders’ Equity | ||||||||
Preferred Shares, $.001 par value, 20,000,000 shares authorized, | ||||||||
-0- and -0- shares issued and outstanding | 0 | 0 | ||||||
Ordinary shares, $.001 par value, 50,000,000 shares authorized, | ||||||||
7,500,000 and 7,500,000 shares issued and outstanding | 7,500 | 7,500 | ||||||
Additional Paid-In Capital | 21,674 | 21,674 | ||||||
Cumulative Translation Adjustment | 195 | (4,066 | ) | |||||
Retained Earnings / Accumulated Deficit | (36,792 | ) | (36,497 | ) | ||||
Total Shareholders' Equity | (7,423 | ) | (11,389 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 65,744 | $ | 65,823 | ||||
The accompanying notes are an integral part of these consolidated financial statements |
FLINT INT’L SERVICES, INC Consolidated Statements of Operations For The Years Ended December 31, 2008 and 2007 |
(Unaudited) | ||||||||
2008 | 2007 | |||||||
REVENUES | 230,891 | 275,717 | ||||||
COST OF SALES, inclusive of depreciation of $4,561 and $3,114 | 161,983 | 226,042 | ||||||
GROSS PROFIT | 58,908 | 49,675 | ||||||
OPERATING EXPENSES | ||||||||
General & Administrative | 59,203 | 53,540 | ||||||
TOTAL OPERATING EXPENSES | 59,203 | 53,540 | ||||||
NET OPERATING INCOME/(LOSS) | (295 | ) | (3,865 | ) | ||||
NET INCOME/(LOSS) | $ | (295 | ) | $ | (3,865 | ) | ||
EARNINGS PER SHARE, BASIC AND DILUTED | ||||||||
Weighted Average Number of Shares Outstanding | 7,500,000 | 7,500,000 | ||||||
Earnings/(Loss) per Ordinary Share, Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | ||
The accompanying notes are an integral part of these consolidated financial statements.
FLINT INT’L SERVICES, INC. Consolidated Statements of Cash Flows For the Years Ended December 31, 2008 and 2007 |
(Unaudited) | ||||||||
2008 | 2007 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income (Loss) | $ | (295 | ) | $ | (3,865 | ) | ||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation Expense | 4,561 | 3,114 | ||||||
Effect of Foreign Exchange | 4,261 | (6,264 | ) | |||||
Changes in Assets and Liabilities: | ||||||||
(Increase)/Decrease in Accounts Receivable | 7,282 | 23,351 | ||||||
(Increase)/Decrease Advances Shareholder | 0 | 6,142 | ||||||
(Increase)/Decrease Other Assets | (7,940 | ) | 0 | |||||
Increase/(Decrease) in Accounts Payable | 7,460 | (11,744 | ) | |||||
Increase/(Decrease) in Accrued Expenses and GST Payable | (5,363 | ) | 11,262 | |||||
Net Cash Used From Operating Activities | 9,966 | 21,996 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of Fixed Assets | (2,566 | ) | (18,747 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Amounts due Shareholder | 6,142 | 0 | ||||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 1,258 | 3,250 | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 11,877 | 8,627 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 13,135 | $ | 11,877 | ||||
SUPPLEMENTAL DISCLOSURES | ||||||||
Cumulative Translation Adjustment | $ | 4,261 | $ | (6,264 | ) |
The accompanying notes are an integral part of these consolidated financial statements.