EXHIBIT C
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Altrex Incorporated
(A Development Stage Company)
Unaudited Balance Sheets
As of December 31, 1999 and September 30, 2000
December 31, September 30,
1999 2000
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ASSETS
Cash $ 0 $ 0
Organization Costs 0 0
Accumulated Amortization 0 0
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Total Assets $ 0 $ 0
============ ===========
LIABILITIES
Accounts Payable $ 0 $ 0
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STOCKHOLDERS' EQUITY
Common Stock:
Paid-In Capital, Par Value $0.001 per
Share, 75,000,000 Shares Authorized,
25,000,000 Shares Outstanding $ 2,500 $ 2,500
Paid In Capital In Excess of Par Value 5,000 5,000
(Deficit) Accumulated During Development
Stage (7,500) (7,500)
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Total Stockholders' Equity $ 0 $ 0
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Total Liabilities and Stockholders'
Equity $ 0 $ 0
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See accompanying notes to financial statements.
<PAGE>
Altrex Incorporated
(A Development Stage Company)
Unaudited Income Statements
For the Three Months Ended September 30, 1999 and
September 30, 2000 and for the Period
From Inception (October 20, 1998) through September 30, 2000
Three Months Three Months Inception
Ended Ended Through
September 30, September 30, September 30,
1999 2000 2000
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Operating Revenues $ 0 $ 0 $ 0
Operating Expenses 0 0 7,500
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Net Income (Loss) $ 0 $ 0 $ 7,500
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Per Share Information:
Basic and Diluted (Loss)
per Common Share $ (0.00) $ (0.00) $ (0.00)
Weighted Average Shares
Outstanding (1) 25,000,000 25,000,000 24,928,178
See accompanying notes to financial statements.
<PAGE>
Altrex Incorporated
(A Development Stage Company)
Statements of Cash Flows
For the Three Months Ended September 30, 1999 and
September 30, 2000 and for the Period
From Inception (October 20, 1998) through September 30, 2000
Three Months Three Months Inception
Ended Ended Through
September 30, September 30, September 30,
1999 2000 2000
------------ ------------ -----------
Net Income (Loss) $ 0 $ 0 $ (7,500)
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Adjustments to Reconcile Net
Income to Net Cash Provided
From Operating Activities:
Amortization of Start-Up
Costs 0 0 7,500
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Net Cash Provided From (Used In)
Operating Activities 0 0 0
Cash Flows From (Used In)
Investing Activities:
Organization Costs 0 0 (7,500)
Cash Flows From (Used In)
Financing Activities:
Common Stock Sold for Cash 0 0 7,500
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Net Increase (Decrease)
in Cash 0 0 0
Cash at Beginning of Period 0 0 0
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Cash at End of Period $ 0 $ 0 $ 0
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See accompanying notes to financial statements.
<PAGE>
Altrex Incorporated
(A Development Stage Company)
Notes to Unaudited Financial Statements
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Altrex
Incorporated have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial information and
with the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States for
complete financial statements. In the opinion of management, all adjustments,
consisting only of normal recurring adjustments, considered necessary for a
fair presentation have been included. The results of the interim periods
presented herein are not necessarily indicative of the results to be expected
for any other interim period or the full year. These financial statements
should be read in conjunction with the consolidated financial statements and
notes thereto for the year ended December 31, 1999 included in the Company's
Form 10-KSB Annual Report for the year ended December 31, 1999.
