|
|
|
|
|
|
|
|
|
|
|
|
|
Please find enclose HIGHTIDE INC Income statement and Balance sheet
for period 01-01-97 to 12-31-97
<TABLE>
<S> <C>
REVENUE
REVENUE
Sales 0.00
Interest Revenue 475.08
TOTAL REVENUE 475.08
TOTAL REVENUE 475.08
___________
EXPENSE
OPERATING EXPENSES
Research and development 553499.18
Accounting 0.00
Bank Charges and Interest 316.05
Legal Fees 144105.82
Office Supplies 20.58
Professional Fees 37085.00
Telephone 266.68
Travel 2636.39
Promotion and Entertainment 1666.33
Corporate Services 100.00
Foreign Exchange - Conv. Account 14371.42
TOTAL OPERATING EXPENSES 754067.45
TOTAL EXPENSE 754067.45
___________
NET INCOME -753592.37
===========
Hightide Inc.
Balance Sheet As At 31-12-97
ASSETS
CURRENT ASSETS
Petty Cash 0.00
Bank Account CND 700.76
Conversion Account -196.62
Bank Account U.S. 935.67
Cash In Trust 0.00
Cash: Total 1439.81
Prepaid Expenses 0.00
Investments in Subsidiary Co. 737799.00
Accounts Receivable 0.00
Allowance-Doubtful Accts 0.00
Goodwill 3500.00
TOTAL CURRENT ASSETS 742738.81
TOTAL ASSETS 742738.81
============
LIABILITIES
CURRENT LIABILITIES
Accounts Payable - CND 0.00
A/P - Conversion Account 0.00
Accounts Payable - U.S. 0.00
Loans Payable 0.00
TOTAL CURRENT LIABILITIES 0.00
TOTAL LIABILITIES 0.00
____________
EQUITY
SHARE CAPITAL
Common Stock-Class A 10000.00
Subscribed & Unissued 0.00
Additional Paid-In Capital 1500000.00
TOTAL SHARE CAPITAL 1510000.00
RETAINED EARNINGS
Retained Earnings -13668.82
Current Earnings -753592.37
TOTAL RETAINED EARNINGS -767261.19
TOTAL EQUITY 742738.81
____________
LIABILITIES AND EQUITY 742738.81
============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> CANADIAN
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1.40
<CASH> 1,439
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 742,738
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 742,738
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 10,000
<OTHER-SE> 1,500,000
<TOTAL-LIABILITY-AND-EQUITY> 742,738
<SALES> 0
<TOTAL-REVENUES> 475
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 754,067
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (753,592)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (753,592)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
|
|