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Titan Trading Analytics Inc. 201 Selby Street,
Nanaimo, B.C., Canada V9R 2R2
August 26, 1999
RE: MANAGEMENT'S REPRESENTATION LETTER
TITAN TRADING ANALYTICS INC.
INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED APRIL 30,1999
The unaudited management prepared financial statements of
Titan Trading Analytics Inc., attached hereto, covering the
six month period ended April 30, 1999 reflect all
adjustments which are necessary to a fair statement of
results for the interim period presented, on a basis
consistent with prior periods reported.
Titan Trading Analytics Inc.
\s\ Michael Paauwe
_____________________________
per: Michael Paauwe, president
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TITAN TRADING ANALYTICS INC.
----------------------------
(Incorporated under the laws of British Columbia)
CONSOLIDATED INTERIM BALANCE SHEET
----------------------------------
APRIL 30, 1999
--------------
ASSETS
------
Current Assets 1999 1998
Cash and short-term investments $ 1,073,077 $ 1,440,592
Accounts receivable 11,683 0
Prepaid expenses 1,236 1,050
----------- -----------
1,085,996 1,441,642
Software and systems development
(net) 304,937 269,267
Capital assets (net) 56,998 41,227
----------- -----------
$ 1,447,931 $ 1,752,136
=========== ============
LIABILITIES
-----------
Current Liabilities
Accounts payable and accrued
Liabilities $ 7,154 $ 5,869
----------- -----------
SHAREHOLDERS' EQUITY
--------------------
Share capital $ 2,802,962 $ 2,671,712
Deficit (1,362,185) (925,445)
----------- -------------
$ 1,447,931 $ 1,752,136
=========== =============
Approved by the Directors
\s\ MICHAEL PAAUWE Director
- --------------------------------
\s\ MICHAEL GOSSLAND Director
- --------------------------------
PREPARED BY MANAGEMENT WITHOUT AUDIT
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TITAN TRADING ANALYTICS INC.
----------------------------
CONSOLIDATED INTERIM STATEMENT OF OPERATIONS AND DEFICIT
--------------------------------------------------------
FOR THE PERIOD FROM NOVEMBER 1, 1998 TO APRIL 30, 1999
------------------------------------------------------
Revenue
1999 1998
Software Sales $ 31,438 $ 29,216
Trading Income 63,878 0
Interest and Other Income 18,022 30,236
----------- -------------
$ 113,338 $ 59,452
Expenses
Advertising, marketing and promotion 57,256 19,266
Amortization 44,850 39,716
Bank charges 805 1,481
Corporate Tax 500 0
Demonstration & Testing 28,155 47,312
Directors fees 5,000 5,000
Investor relations 19,338 0
Management fees 32,800 36,387
Office 6,417 6,401
Professional fees 37,099 17,135
R & D expenses 0 3,483
Rent 2,275 2,438
Salaries and benefits 76,918 31,989
Telephone 2,588 1,682
Travel 1,124 4,610
----------- -------------
315,125 216,900
----------- -------------
Net loss for the period $ (201,787) $ (157,448)
Deficit beginning of period (1,160,398) (767,996)
Deficit end of period $(1,362,185) $ (925,445)
=========== =============
PREPARED BY MANAGEMENT WITHOUT AUDIT
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TITAN TRADING ANALYTICS INC.
----------------------------
CONSOLIDATED INTERIM STATEMENT OF OPERATIONS AND DEFICIT
--------------------------------------------------------
FOR THE PERIOD FROM NOVEMBER 1, 1998 TO APRIL 30, 1999
------------------------------------------------------
1999 1998
Cash from operating activities
Net loss for the period $ (201,787) $ (157,448)
Item not involving cash
Amortization 44,850 39,716
----------- -------------
(156,937) (117,732)
Net change in non-cash working
capital balances (29,563) 11,064
----------- -------------
(186,500) (106,668)
Cash used in investing activities
Acquisition of capital assets (19,576) (3,048)
Software & Systems development (84,663) (116,171)
----------- -------------
(104,239) (119,219)
Cash from financing activities
Share subscriptions received
And issuance of Common Shares 0 0
----------- -------------
Increase in cash during the period (290,739) (225,887)
Cash and short-term investments,
beginning of the period 1,363,816 1,667,530
----------- -------------
Cash and short-term investments,
end of period $ 1,073,077 $ 1,441,643
=========== =============
PREPARED BY MANAGEMENT WITHOUT AUDIT