PANNONIAN ENERGY, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET
OCTOBER 31, 2000
(Unaudited)
ASSETS
CURRENT ASSETS
Accounts and notes receivable $ 876,256
------------
Total Current Assets 876,256
PROPERTY AND EQUIPMENT, net 2,597
OIL AND GAS PROPERTIES, net 2,033,169
------------
$ 2,912,022
============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable-related $ 552,367
other 579,302
Accounts payable 452,097
Accrued interest payable 94,335
------------
Total Current Liabilities 1,678,101
------------
STOCKHOLDERS' EQUITY
Preferred stock-$.001 par value; authorized 5,000,000 shares
issued and outstanding - none -
Common stock-$.001 par value; authorized 25,000,000 shares
issued and outstanding - 7,925,000 shares 7,925
Capital in excess of par value 3,157,075
Deficit accumulated during the development stage (1,931,079)
------------
1,233,921
------------
$ 2,912,022
============
The accompanying notes are an integral part
of the consolidated financial statements.
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PANNONIAN ENERGY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF OPERATIONS
TEN MONTHS ENDED OCTOBER 31, 2000
(Unaudited)
REVENUES
Oil and gas revenues $ 7,436
-----------
7,436
OPERATING EXPENSES
General and administrative expenses 506,771
Lease operating expenses 6,559
Exploration costs 106,400
Interest 40,393
Depreciation and depletion 8,198
-----------
668,321
OTHER INCOME
Gain on sale of property 200,000
-----------
NET (LOSS) $ (460,885)
===========
NET (LOSS) PER COMMON SHARE-BASIC AND DILUTED $ (0.06)
===========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-
BASIC AND DILUTED 7,925,000
===========
The accompanying notes are an integral part
of the consolidated financial statements.
2
PANNONIAN ENERGY, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF CASH FLOWS
TEN MONTHS ENDED OCTOBER 31, 2000
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) $ (460,885)
Adjustments to reconcile net (loss) to net cash used
by operating activities
Depreciation and depletion 8,198
Changes in assets and liabilities
(Increase) in accounts and notes receivable (834,039)
Decrease in prepaids 37,372
Increase in accounts payable 429,728
Increase in accrued expenses 90,622
-----------
Net cash (used) by operating activities (729,004)
-----------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for oil and gas properties (325,577)
-----------
Net cash (used) by investing activities (325,577)
-----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings 1,171,091
Repayments of short-term borrowings (280,000)
-----------
Net cash provided by financing activities 891,091
-----------
NET (DECREASE) IN CASH (163,490)
CASH, BEGINNING OF PERIOD 163,490
-----------
CASH, END OF PERIOD $ -
===========
The accompanying notes are an integral part
of the consolidated financial statements.
3
PANNONIAN ENERGY, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
TEN MONTHS ENDED OCTOBER 31, 2000
(UNAUDITED)
The unaudited financial statements included herein were prepared from the
records of the Company in accordance with Generally Accepted Accounting
Principles and reflect all adjustments which are, in the opinion of management,
necessary to provide a fair statement of the results of operations and financial
position for the interim period. Such financial statements generally conform to
the presentation reflected in the Company's annual financial statements filed
with the Securities and Exchange Commission on Form 8K. The current interim
period reported herein should be read in conjunction with the Company's annual
financial statements subject to independent audit at the end of the year.
The results of operations for the ten months ended October 31, 2000 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2000.
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