Images of Life, Inc.
(A Development Stage Company)
CONTENTS
Page
FINANCIAL STATEMENTS:
Balance Sheet (Unaudited) . . . . . . 2
Statement of Operations for the Six Months Ended
June 30, 2000 and 1999 (Unaudited) . . . . 3
Statement of Stockholders' Equity for the
Six Months Ended June 30, 2000 and Year
Ended December 31, 1999 (Unaudited) . . . . 4
Statement of Cash Flows for the Six Months Ended
June 30, 2000 and 1999 (Unaudited) . . . . 5
NOTES TO INTERIM FINANCIAL STATEMENTS (Unaudited) . . 6
<TABLE>
Images of Life, Inc.
(A Development Stage Company)
BALANCE SHEET (Unaudited)
<CAPTION>
June 30, 2000
ASSETS
<S> <C>
Current Assets $ 0
Total Current Assets 0
Investment In Start Up Business 225,000
Other Assets 2,768
TOTAL ASSETS $ 227,768
LIABILITIES & STOCKHOLDERS EQUITY
Liabilities:
Current Liabilities
- Accounts Payable $ 23,459
Total Current Liabilities 23,459
Commitments & Contingencies - Note 3
Stockholders' Equity - Note 5
Common Stock $0.001 par value; 15,000,000 shares
authorized; 9,665,000 and 5,000,000 shares issued
and outstanding as at December 31, 1999 respectively 2,185
Additional Paid In Capital 356,778
Accumulated Deficit (154,654)
TOTAL STOCKHOLDER'S EQUITY 204,309
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $ 227,768
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
<CAPTION>
Cumulative For the
Period From
Six Month Period September 23, 1997
Ended June 30, (Date of Inception)
2000 1999 to June 30, 2000
<S> <C> <C> <C>
REVENUES- development stage
only From Operations $ 0 $ 0 $ 712
Cost of operations 0 0 5,765
Gross Profit 0 0 (5,053)
Other Income 0 3,500 (1,553)
EXPENSES
Compensation 0 4,000 16,844
Consulting - Note 4 30,000 15,000 79,500
Web-site Development 0 0 15,000
Marketing & Advertising 0 0 10,000
Investment Banking 0 0 15,000
General & Admin. 4,414 0 16,034
Other 491 54 723
34,905 19,054 153,101
LOSS FROM OPERATIONS (34,905) (15,554) (154,654)
Provision for Income
Taxes - Note 6 0 0 0
NET LOSS $(34,905) (15,554) (154,654)
BASIC EARNINGS PER SHARE:
Net Loss per Share $(0.004) $(0.002)
Weighted Average
Shares Outstanding 9,675,000 9,135,000
DILUTED EARNINGS PER SHARE:
Net Loss per Share $(0.004) $(0.002)
Weighted Average
Shares Outstanding 9,675,000 9,135,000
</TABLE>
<TABLE>
STATEMENT OF STOCKHOLDERS EQUITY
<CAPTION>
Deficit
Accumulated
Addit'l During
Common Stock Paid-In Development
Shares Amount Capital Stage
<S> <C> <C> <C> <C>
Balance at Jan. 1 2000
9,665,000 $ 2,165 $336,798 $(119,749)
Shares Issued for Cash
- Note 5 20,000 20 19,980
Net Loss for six month
Period ending
June 30,2000 $(34,905)
9,685,000 $2,185 $356,778 $(154,654)
</TABLE>
<TABLE>
STATEMENTS OF CASHFLOWS
<CAPTION>
Cumulative For the
Period From
Six Month Period September 23,1997
Ended June 30 (Date of Inception)
2000 1999 to June 30, 2000
<S> <C> <C> <C>
CASH FLOW FROM OPERATIONS
-Net Loss $(34,905) $(15,554) $(154,654)
-Adjustments to reconcile
net loss to cash from
operating activities:
-Other Income from Exchange
of personality for
Common Stock (3,500) (3,500)
-Expenses paid by
Stockholders 1,158 1,158
Amortization 232
Stock for services 4,000 7,500
Changes in Assets & Liabilities:
-Other Assets (3,000)
-Accounts Payable 11,059 8,600 23,459
(23,846) (5,296) (128,805)
CASH FLOWS FROM INVESTING
ACTIVITIES
- Investment in Start
Up Business (30,000) 0 (225,000)
(30,000) 0 (225,000)
CASH FLOWS FROM FINANCING
ACTIVITIES
-Proceeds from issuance
of common stock
net issuance costs 20,000 10,000 353,805
Increase (Decrease) In Cash (33,846) 4,704 -
Cash Beginning/Period 33,846 242 -
Cash End/Period $ 0 $4,946 $ -
NON-Cash Investing &
Financing Activities
-Common Stock Issued
for Services Rendered $ 0 $4,000 $7,500
</TABLE>
IMAGES OF LIFE,INC.
(A Development Stage Company)
NOTES TO INTERIM FINANCIAL STATEMENTS (Unaudited)
June 30, 2000 and 1999
Note A: Basis of Presentation
Interim Statements
The interim period financial statements presented herein have
been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules
and regulations. The interim financial statements should be read
in conjunction with the Company's annual financial statements,
notes and accounting policies thereto included in the Company's
Annual Report on Form SB-2 for the year ended December 31, 1999.
The results of operations for the interim periods presented
herein are not necessarily indicative of the results that may be
expected for future periods. In the opinion of management, the
unaudited interim financial statements furnished reflect all
adjustments necessary (which all are of a normal recurring
nature) for a fair presentation of the Company's financial
condition as of June 30, 2000, and the results of its operations
and cash flows for the six months ended June 30, 2000 and 1999.
Note B: Stockholders' Equity
During the six months ended June 30, 2000 the Company issued for
$20,000 cash, 20,000 shares of its common stock under the
"Private Placement Funding Agreement" with Trimont Capital, Ltd.
The Company issued options to board members who are shareholders
and to the majority member of Glacier Medical, LLC totaling
300,000 shares of the Company's common stock exercisable at $1
per share. These options
are exercisable upon certain future events happening, and
approval is required of the Board. There is no dilutive effect
as of June 30, 2000.
