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Previous: PALADIN INTERNATIONAL CORP, 10SB12G, EX-4, 2000-10-11 |
Next: PALADIN INTERNATIONAL CORP, 10SB12G, EX-6, 2000-10-11 |
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PALADIN INTERNATIONAL CORPORATION AND SUBSIDIARY
FINANCIAL STATEMENTS
JUNE 30, 1999
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PALADIN INTERNATIONAL CORPORATION AND SUBSIDIARY
BALANCE SHEET
JUNE 30, 1999
(Prepared Without Audit)
ASSETS
| Current Assets | ||
| Cash |
$1,709.42 | |
| Accounts Receivable |
4,366.24 | |
| Notes Receivable |
4,714.97 | |
| Accrued Interest Receivable |
1,035.40 | |
| Inventory, Oil |
8,206.59 | |
| Prepaid Expenses |
30.00 | |
| Total Current Assets |
20,062.62 | |
| Investments | ||
| Corporate Stock |
$750.00 |
|
| Oil and Gas Properties (net of $11,285.49 amortization and depletion) |
351,741.36 |
352,491.36 |
| Fixed Assets | ||
| Land and Building |
$60,000.00 |
|
| Production & Office Equipment |
177,211.42 |
$237,211.42 |
| Less Allowance for Depreciation |
25,654.79 |
211,556.63 |
| Other Assets | ||
| Deposit |
$6,250.00 |
|
| Organization Costs |
414.30 |
6,664.30 |
| Total Assets |
$590,774.91 | |
Note: The attached Notes to Financial Statements are an integral part of this statement.
PALADIN INTERNATIONAL CORPORATION AND SUBSIDIARY
JUNE 30, 1999
(Prepared Without Audit)
LIABILITIES AND STOCKHOLDERS' EQUITY
| Current Liabilities | ||
| Notes Payable, Current Portion |
$3,573.68 | |
| Accounts Payable, Officers |
7,420.66 | |
| Accounts Payable, Other |
2,687.51 | |
| Accrued Expenses |
3,660.26 | |
| Total Current Liabilities |
$17,342.11 | |
| Non-Current Liabilities | ||
| Notes Payable |
$80,951.04 |
|
| Less Portion Shown as Current |
3,573.68 |
|
| Stockholders' Equity | ||
| Common Stock, 75,000,000 Shares $.001 Par Value Authorized, 2,885,124 Shares Issued |
$2,630.22 |
|
| Paid in Surplus |
602,641.87 |
|
| Deficit in Retained Earnings |
(70,215.34) |
|
| Income (Loss), Current Year |
(39,001.31) |
|
| Total Stockholders' Equity |
496,055.44 | |
| Total Liabilities and Stockholders' Equity | $590,774.91 | |
Note: The attached Notes to Financial Statements are an integral part of this statement.
PALADIN INTERNATIONAL CORPORATION AND SUBSIDIARY
STATEMENT OF INCOME AND EXPENSE
JANUARY 1, 1999 TO JUNE 30, 1999
(Prepared Without Audit)
| Income | ||
| Oil Production |
$9,100.72 | |
| Less: Lease Operating Expenses |
$18,423.46 |
|
| Taxes |
486.29 |
|
| Depletion and Depreciation |
8,617.09 |
27,526.84 |
| Loss from Oil Production |
(18,426.12) | |
| Interest Earned |
280.55 | |
| Rent Earned |
1,500.00 | |
| Total Income (Loss) |
(16,645.57) | |
| Expenses | ||
| Administration |
$9,000.00 |
|
| Amortization |
71.46 |
|
| Contract Services |
1,200.00 |
|
| Depreciation |
1,512.54 |
|
| Insurance |
199.00 |
|
| Interest |
3,130.20 |
|
| Licenses and Permits |
879.00 |
|
| Maintenance and Repairs |
248.50 |
|
| Miscellaneous |
201.12 |
|
| Office and General |
791.71 |
|
| Promotion and Public Relations |
635.26 |
|
| Stock Transfer Fees |
1,000.00 |
|
| Taxes |
675.98 |
|
| Travel |
2,801.97 |
|
| Total Expenses |
$22,355.74 | |
| Net Income (Loss) |
($39,001.31) | |
Note: The attached Notes to Financial Statements are an integral part of this statement.
PALADIN INTERNATIONAL CORPORATION AND SUBSIDIARY
STATEMENT OF CASH FLOWS
JANUARY 1, 1999 TO JUNE 30, 1999
(Prepared Without Audit)
| Cash Flows from Operating Activities | ||
| Net Loss |
($39,001.31) | |
| Adjustment to Reconcile Excess Contributions | ||
| To Cash Provided From Operations: | ||
| Depletion |
$2,061.77 |
|
| Depreciation |
8,505.36 |
|
| Amortization |
71.46 |
|
| Accounts Receivable |
6,152.86 |
|
| Inventory |
2,529.14 |
|
| Accounts Payable |
(2,035.74) |
|
| Deposits |
5,000.00 |
|
| Prepaid Expenses |
38.00 |
|
| Accrued Interest Receivable |
(280.55) |
|
| Accounts Payable - Officers |
3,530.10 |
|
| Accrued Expenses |
704.60 |
|
| Total Adjustments |
26,278.00 | |
| Net Cash used in Operating Activities |
(12,723.31) | |
| Cash flows from investing Activities: |
($90,500.00) |
|
| Oil and Gas Properties |
(420.00) |
|
| Corporate Stock |
(18,925.00) |
|
| Equipment | ||
| Net Cash used in Investing Activites |
(109,845.00) | |
| Cash flows from Financing Activities: | ||
| Net Long-Term Borrowing |
$13,409.72 |
|
| Common Stock |
127.92 |
|
| Paid-in-Capital |
105,939.08 |
|
| Net Cash used in Financing Activites |
119,476.72 | |
| Net Increase (Decrease) in Cash |
$(3,091.59) | |
| Cash Balance, Begin of Period |
4,801.01 | |
| Cash Balance, End of Period |
$1,709.42 | |
Note: The attached Notes to Financial Statement are an integral part of this statement.
PALADIN INTERNATIONAL CORPORATION AND SUBSIDIARY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
1. The accompanying Financial Statements for the period beginning January 1, 1999 and
ending June 30, 1999 were prepared by management and may not include all of the
adjustments and disclosures required to conform to a presentation made in accordance
with Generally Accepted Accounting Principles. However, management does not know
of any material omission.
2. In March of 1998 Paladin International Corporation activated its wholly owned
subsidiary, Paladin Technology Corporation, which was formed to own and operate the
Company's Texas properties.
3. Investments, Oil and Gas Properties, consist of the following:
| Two 40 acre farmouts on the D. D. Heinen lease |
$10,000.00 |
| 95% Working Interest, Glide Williams lease, Kern Co., California |
120,000.00 |
| 1200 acres of mineral interests, Kern Co., California |
60,000.00 |
| 100 % Working Interest, Schroeder Lease, 300 Acres | |
| Atascosa County, Texas |
12,316.81 |
| 100% Working Interest, Dominquez Lease, 13.5 Acres, | |
| Atascosa Co., Texas |
13,617.76 |
| 100% Working Interest, Stienle Lease, 321.6 Acres, |
|
| Atascosa Co., Texas |
4,824.38 |
| 95% Working Interest, Claflin Lease, 80 Acres, |
|
| Kern Co., California |
51,767.90 |
| 100% Working Interest, 1,046 Acres, Various Leases, |
|
| Fairfield Oil Field, Bexar County, Texas |
90,500.00 |
| Less Depletion |
(11,285.49) |
| Net Investments | $351,741.36 |
| Notes Payable: | Total | Current Portion |
| Note dated June 30, 1997 in the original amount of $45,000, payable in payments of $570.04 per month, including interest at 9% per annum, beginning July 30, 1997. Secured by land and building. | $39,003.99 |
$3,573.68 |
| Note dated July 31, 1997 in the original amount of $50,000, payable interest only at 10% per annum for one year and then payable in 48 monthly payments of $1,145.83 plus interest beginning July 31, 1998. Secured by Glide-Williams lease. |
26,947.05 |
0000.00 |
| Note dated June 30,1999 in the original amount of $4,000, due December 30, 2000. Interest at 8% per annum, payable quarterly. Holder has option to convert unpaid balance into unregistered Paladin International Corporation stock at $.70 per share. |
4,000.00 |
0000.00 |
| Note dated June 30,1999 in the original amount of $7,500, due December 30, 2000. Interest at 8% per annum, payable quarterly. Holder has option to convert unpaid balance into unregistered Paladin International Corporation stock at $.70 per share. |
7,500.00 |
0000.00 |
| Note dated June 30,1999 in the original amount of $3,500, due December 30, 2000. Interest at 8% per annum, payable quarterly. Holder has option to convert unpaid balance into unregistered Paladin International Corporation stock at $.70 per share. |
3,500.00 |
0000.00 |
| Totals | $80,951.04 | $3,573.68 |
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