EXHIBIT 99.7
SIPP INDUSTRIES, INC. | |
CONSOLIDATED BALANCE SHEET | |
Quarter End June 30, 2013 | |
(Unaudited) |
BALANCE SHEET | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | – | ||
Accounts Receivable | – | |||
Other Receivable | – | |||
Inventory | – | |||
Prepaid Accounts | – | |||
– | ||||
LONG TERM EQUITY INVESTMENT | – | |||
FIXED ASSETS - NBV | – | |||
INTANGIBLE ASSETS - NBV | – | |||
$ | – | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts Payable and Accrued Liabilities | $ | 3,100.00 | ||
Other Payables | – | |||
Taxes Payable | – | |||
– | ||||
LONG TERM LIABILITIES - | – | |||
– | ||||
SHAREHOLDERS' EQUITY | ||||
CAPITAL STOCK | ||||
Common Stock, authorized shares 260,000,000 | ||||
Issued and outstanding - 469,857,488 @ PV $.001 | 469,857 | |||
Preferred Stock, authorized shares 10,000,000 | ||||
Issued and outstanding - 1,000,000 @ PV $.001 | 1,000 | |||
Additional Paid In Capital | (1,197,605 | ) | ||
Deficit | 1,671,562.00 | |||
– | ||||
$ | – |
1 |
SIPP INDUSTRIES INC. | ||||
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS | ||||
Quarter End June 30, 2013 | ||||
(Unaudited) |
EARNINGS | ||||
REVENUE | ||||
Sales | $ | – | ||
– | ||||
TOTAL SALES | – | |||
COST OF SALES | ||||
Cost of Sales | – | |||
TOTAL COST OF SALES | – | |||
GROSS PROFIT | – | |||
OPERATING EXPENSES | ||||
Administrative Expense | 5,817.00 | |||
Selling Expense | – | |||
5,817.00 | ||||
OTHER INCOME & EXPENSES | – | |||
PROFIT (LOSS) | (5,817 | ) | ||
NET PROFIT (LOSS) | 0 | |||
Deficit - Beginning of period | 1665745 | |||
Deficit - End of period | 1671562 | |||
2 |
SIPP INDUSTRIES INC. | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
Quarter End June 30, 2013 | ||||
(Unaudited) |
CASH FLOWS | ||||
Cash flows from operating activities | ||||
Profit/Loss from operations | $ | (5,817.00 | ) | |
Adjustments to cash flows from operating activities: | ||||
Amortization of goodwill | ||||
Depreciation of fixed assets | – | |||
Cash flows from operating activities | $ | (5,817.00 | ) | |
Cash flows from investing activities: | ||||
Capital expenditures | ||||
Investment in inventory | ||||
Increase in accounts receivable | – | |||
Decrease in prepaid expenses | – | |||
Cash used in investing activities | $ | – | ||
Cash flows from financing activities: | ||||
Increase in accounts payable and accrued liabilities | 400.00 | |||
Increase in paid-in-capital | 418,783.00 | |||
Increase in loans payable | – | |||
Issuance of capital stock | 425,000.00 | |||
Cash used for financing activities | $ | 5,817.00 | ||
Net increase (decrease) in cash | – | |||
Cash at beginning of period | – | |||
Cash at end of period | $ | – | ||
3 |
SIPP INDUSTRIES INC. | |||||||
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY | |||||||
Quarter End June 30, 2013 | |||||||
(Unaudited) | |||||||
Preferred | Stock | Common | Stock | PIC | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Amount | R/E | Total | ||||||||||||||||||||||
Opening Balance | 1,000,000 | $ | 1,000 | 44,857,488 | $ | 44,857 | $ | 1,617,388 | $ | (1,665,745.00 | ) | $ | (2,500 | ) | ||||||||||||||
Issuance of stock | 425,000,000 | 425,000 | – | 425,000 | ||||||||||||||||||||||||
Capital Paid In | – | $ | (419,783 | ) | $ | (419,783 | ) | |||||||||||||||||||||
Net Profit/Loss | $ | (5,817 | ) | $ | (5,817 | ) |
4 |