TURBOTAK TECHNOLOGIES, INC.
Consolidated Balance Sheets
(Unaudited)
($ Canadian)
June 30 December 31
1996 1996
------------------------
Assets
Current Assets:
Cash $187,381 $ 611,947
Contracts and accounts receivable, net of
allowance for doubtful accounts 463,829 1,283,053
Inventories 114,763 193,678
Other current assets 83,119 71,758
------------------------
Total current assets 849,092 2,160,436
Equipment and leasehold improvements,
at cost, net of accumulated depreciation 101,288 98,605
------------------------
Total Assets 950,380 2,259,041
========================
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable - trade 863,776 451,779
Accrued expenses 491,826 382,384
Billing in excess of costs and estimated
earnings on uncompleted contracts (net) 39,780 329,494
------------------------
Total current liabilities 1,395,382 1,163,657
Convertible Debt 1,000,000 1,000,000
Total liabilities 2,395,382 2,163,657
Stockholders' Equity:
Common stock, no par value, unlimited
shares authorized 387,008 1,255,194
Accumulated deficit (1,832,010) (1,159,810)
------------------------
Total stockholders' equity (1,445,002) 95,384
Total Liabilities and Stockholders' Equity $950,380 $2,259,041
========================