EXCLUSIVE Advertising
Balance Sheet as At 12/31/1999
ASSETS
Current Assets
Petty Cash 0.00
Royal Bank Account 4,786.38
Scotia Bank Account 31,645.77
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Total Cash 36,432.15
Accounts Receivable 66,333.15
Allowance for Doubtful Accounts 0.00
Advances 895.00
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Total Receivable 67,228.15
Prepaids 531.00
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Total Current Assets 104,191.30
Fixed Assets
Equipment 272,169.84
Accumulated Depreciation-Equipment -15,539.50
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Total Fixed Assets 256,630.34
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Other Assets
Goodwill 36,000.00
Incorporation Cost 0.00
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Total Other Assets 36,000.00
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TOTAL ASSETS 396,821.64
========
LIABILITIES
Current Liabilities
Account Payable 85,004.94
A/P-Gary Pare 100.00
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Total Accounts Payable 100.00
Corporate Taxes payable 0.00
PST Payable 0.00
GST Charged on Sales 20,299.30
GST Paid on Purchases -48,665.08
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GST Owing (Refund) -28,365.75
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Total Current Liabilities 56,739.16
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Long Term Liabilities
Bank Loan - Nova Scotia 218,860.68
Due To LMGI 0.00
Due To LSSC 163,697.23
-------------
Total Long Term Liabilities 382,557.91
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TOTAL LIABILITIES 439,297.07
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EQUITY
Share Capital
Common Shares 0.00
Preferred Shares 0.00
-------------
Total Share Capital 0.00
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Retained Earnings
Investor's Equity -19,057.53
Retained Earnings - Previous Year 0.00
Current Earnings -23,417.90
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Total Retained Earnings -45,475.43
-------------
TOTAL EQUITY -42,475.43
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LIABILITIES AND EQUITY 396,821.64
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EXCLUSIVE ADVERTISING
Income Statement 01/01/1999 to 12/31/1999
REVENUE
Sales
Sales - Posters 254,275.68
Sales - L.E.D. 41,850.19
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Net Sales 296,125.87
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Other Revenue
Miscellaneous Revenue 56.36
-------------
Total Other Revenue 56.36
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TOTAL REVENUE 296,182.23
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EXPENSE
Direct Costs
Installations 17,692.50
L.E.D.'s 2,957.24
Deprecation - Equipment 0.00
Co Contract 241,111.08
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Total Direct Costs 261,760.82
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General & Administrative Expenses
Accounting 3,750.00
Advertising -5,022.51
Bad Debts 0.00
Legal 1,115.00
Courier & postage 873.66
Consulting 0.00
Sales Agent 24,309.05
Depreciation Expense 15,539.50
Income Taxes 0.00
Insurance 1,062.00
Interest Charges 4,617.62
Bank Charges 675.96
Office Supplies 46.31
Miscellaneous 38.00
Salaries & Wages 0.00
Rent 9,000.00
Repair & Maintenance 0.00
Telephone 36.94
Travel & Entertainment 1,797.78
Utilities 0.00
-------------
Total General & Admin. Expenses 57,839.31
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TOTAL EXPENSE 319,600.13
-------------
NET INCOME -23,417.90
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