EXHIBIT 1
WDO CORPORATION
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
June 30, 2002
WDO CORPORATION
(A Development Stage Company)
BALANCE SHEET
as of June 30, 2002 and December 31, 2001
<table>
<caption>
ASSETS
June 30, December 31,
2002 2001
CURRENT ASSETS
(111) 971
Cash (111) 971
---------------------------------
Total Current Assets (111) 971
---------------------------------
OTHER
ASSETS 0
---------------------------------
Total Other Assets 0
---------------------------------
TOTAL ASSETS
(111) 971
=================================
</table>
1
WDO CORPORATION
(A Development Stage Company)
BALANCE SHEET
as of June 30, 2002 and December 31, 2001
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, December 31,
2002 2001
LIABILITIES
Current Liabilities 1,500 0
---------------------------------
Total Current Liabilities 1,500 0
---------------------------------
STOCKHOLDERS' EQUITY
Common Stock, authorized 20,000 20,000
20,000,000 shares of stock,
issued and outstanding 20,000,000,
par value $0.001 per share
Additional Paid in Capital 7,900 7,900
Stock Subscribed (1,500) (1,500)
Deficit accumulated during the
development stage (28,011) (25,453)
---------------------------------
Total Stockholders' Equity (1611) 947
---------------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (111) 947
=================================
2
WDO CORPORATION
(A Development Stage Company)
STATEMENT OF OPERATIONS
for the period from December 31, 2001 to June 30, 2002
Period Period
January 1, 2002 July 31 (inception)
To June 30, 2002 To December 31, 2001
INCOME
Revenue 0 0
------------- --------------------------
EXPENSES
General, Selling and
Administrative (2,558) (25,453)
------------- --------------------------
Total Expense (2,558) (25,453)
------------- --------------------------
Loss before Provision for
Income Taxes (2,558) (2,558)
Provision for Income Taxes 0 0
------------- --------------------------
NET INCOME (LOSS) (2,558) (25453)
============= ==========================
Primary and Diluted Earnings
(Loss) per Weighted Average
Number of Common Shares a a
------------- --------------------------
Weighted Average Number of
Common Shares 20,000,000 20,000,000
------------- --------------------------
a: less than $0.01
3
WDO CORPORATION
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
for the period from January 1, 2002 to June 30, 2002
<table>
<caption>
Common Stock Additional Accumulated
Shares Amount Paid in Stock Deficit
Capital Subscribed
-------------- -------------- -------------- -------------- --------------
Initial Capitalization
Stock issued for services 19,600,000 19,600 4,000
Stock sales for cash 400000 400 3600 (1500)
Cash Contributed 300
Retained Earnings (Loss) (28,011)
Balance, June 30, 2002 20000000 20000 7900 (1500) (28,011)
</table>
WDO CORPORATION
(A Development Stage Company)
STATEMENT OF CASH FLOWS
for the periods from December 31, 2001 to June 30, 2002
<table>
<caption>
Period Period
July 31,
January 1, 2002 2001(inception)
To June 30, To December 31,
2002 2001
------------------------ ------------------------
Cash Flows from
Operating Activities
Net Loss (2,558) (25,453)
Consulting for stock 0 23,600
Changes in assets
and Liabilities 0 0
------------------------ ------------------------
Net Cash Provided by
Operations (2,558) (1,853)
------------------------ ------------------------
Cash Flows Used
in Investing Activities 0 0
------------------------ ------------------------
Cash Flow from
Financing Activities
------------------------ ------------------------
Cash Contribution 1,500 300
------------------------ ------------------------
Sales of Stock 0 2,500
------------------------ ------------------------
Cash Flows from
Financing Activities 0 2,800
------------------------ ------------------------
Net Increase (Decrease)
in Cash (1,058) 947
Cash, Beginning of
Period 947 0
------------------------ ------------------------
Cash, End of Period (111) 947
======================== ========================
</table>
4
WDO Corporation
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
Note 1. GENERAL ORGANIZATION AND BUSINESS
WDO Corporation (the Company) was organized in the state of Nevada on July 31,
2001. The Company is currently in its development stage and to date its
activities have been limited to organization and capital formation. The Company
currently has no operations and, in accordance with SFAS No. 7, is considered a
development stage company.
Note 2. INTERIM FINANCIAL INFORMATION
The accompanying unaudited financial statements have been prepared by the
Company, in accordance with generally accepted accounting principles pursuant to
Regulation S-B of the Securities and Exchanges Commission. Certain information
and footnote disclosures normally included in audited financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted. Accordingly, these interim financial statements should be
read in conjunction with with the Company's financial statements and related
notes as contained in Form 10-SB for the period beginning July 31, 2001
(inception), and ended December 31, 2001. In the opinion of management, the
interim financial statements reflect all adjustments, including normal recurring
adjustments, necessary for fair presentation of the interim periods presented.
The results of operations for the six months ended June 30, 2002, are not
necessarily indicative of results of operations to be expected for the full
year.