| INTERNATIONAL GEMINI TECHNOLOGY INC. | ||||||||||||
| Consolidated Balance Sheet | ||||||||||||
| Prepared by management (unaudited) | ||||||||||||
| March 31, 2003 | Dec 31, 2002 | |||||||||||
ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash | $ | 2,479 | $ | 596 | ||||||||
| Accounts receivable | 109,831 | 110,566 | ||||||||||
| Investments | 46,024 | 46,024 | ||||||||||
| $ | 158,334 | $ | 157,186 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts payable and accrued liabilities | $ | 92,776 | $ | 82,608 | ||||||||
| Shareholders’ equity | ||||||||||||
| Share capital - common | $ | 12,660,559 | $ | 12,660,559 | ||||||||
| Share capital - preferred | 604,724 | 604,724 | ||||||||||
| Contributed surplus | 53,344 | 53,344 | ||||||||||
| Deficit | (13,253,069 | ) | (13,244,049 | ) | ||||||||
| 65,558 | 74,578 | |||||||||||
| $ | 158,334 | $ | 157,186 | |||||||||
| Approved by the Directors: | ||||||||||||
| “Signed” | ||||||||||||
| Martin Schultz | ||||||||||||
| “Signed” | ||||||||||||
| Douglas E. Ford | ||||||||||||
1
| Consolidated Statement of Income and Deficit | ||||||||||||
| Prepared by management (unaudited) | ||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||
| March 31, 2003 | March 31, 2002 | |||||||||||
| Revenue | $ | 0 | $ | — | ||||||||
| Interest Income | 0 | 0 | ||||||||||
| Expenses | ||||||||||||
| General and administrative | 9,020 | 5,876 | ||||||||||
| Income (loss) for the period | (9,020 | ) | (5,876 | ) | ||||||||
| Deficit, beginning of period | 13,244,049 | 13,208,785 | ||||||||||
| Deficit, end of period | $ | 13,253,069 | $ | 13,214,661 | ||||||||
| Earnings per share | 0 | 0 | ||||||||||
| Fully diluted earnings per share | 0 | 0 | ||||||||||
2
| INTERNATIONAL GEMINI TECHNOLOGY INC. | ||||||||
| Statement of Deficit | ||||||||
| Prepared by management (unaudited) | ||||||||
| Three Months Ended | Year Ended | |||||||
| March 31, 2003 | December 31, 2002 | |||||||
| Deficit, beginning of period | $ | (13,244,049 | ) | $ | (13,208,785 | ) | ||
| Income (loss) for the period | (5,876 | ) | (35,264 | ) | ||||
| Deficit, end of period | $ | (13,249,925 | ) | $ | (13,244,049 | ) | ||
3
| INTERNATIONAL GEMINI TECHNOLOGY INC. | ||||||||||||
| Consolidated Statement of Cash Flow | ||||||||||||
| Prepared by management (unaudited) | ||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||
| March 31, 2003 | March 31, 2002 | |||||||||||
| Operating Activities | ||||||||||||
| Net income for period | $ | (9,020 | ) | $ | (5,876 | ) | ||||||
| Deduct items not involving a current cash receipt | ||||||||||||
| Changes in non-cash working capital balances | (10,903 | ) | 5,761 | |||||||||
| Net cash increase (decrease) in period | 1,883 | (115 | ) | |||||||||
| Cash position, beginning of period | 596 | 1,313 | ||||||||||
| Cash position, end of period | $ | 2,479 | $ | 1,198 | ||||||||
4