BALANCE SHEET (F-2)
DECEMBER 31, 1998
[S] [C]
ASSETS
Current Assets:
Cash $661
Total current assets $661
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current Liabilities:
Accounts payable $ 27,294
Stockholders' Equity: (Deficiency in Assets)
Common stock (Notes 2 and 4)
$.01 par value, 20,000,000 shares
authorized, 8,504,513 issued and
outstanding 85,045
Capital in excess of par value 53,955
Accumulated deficit to
December 31, 1982 (Note 1) (62,000)
Deficit accumulated
during development stage (230,656)
Total accumulated deficit (292,656)
Total stockholders' equity
(deficiency) (153,656)
$ 661
[FN]
See Accompanying Notes to Financial Statements
</FN>
[/TABLE]
- 25 -
<PAGE>
<TABLE>
<CAPTION>
(F-3)
HARBOUR INTERMODAL, LTD.
(A Development Stage Company)
STATEMENTS OF OPERATIONS (F3)
Period from
March 1, 1993
For the Years Ended (inception of
December 31, development stage)
1998 1997 to December 31, 1998
<S> <C> <C> <C>
Income $ -0- $ -0- $ -0-
Operating expenses:
General and administrative 25,473 23,203 135,472
Professional fees 9,740 7,660 67,573
Rent 7,611 4,000 27,611
Net loss during
development stage $ 42,824 $34,863 $ 230,656
Net loss per share $ (.005) $ (.004)
Weighted average common
shares outstanding 8,504,513 8,504,513
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
- 26 -
<PAGE>
(F-4)
HARBOUR INTERMODAL, LTD.
(A Development Stage Company)
<TABLE>
<CAPTION>
STATEMENT OF STOCKHOLDERS' EQUITY (F4)
Common Stock
Capital
Number in excess
of of par Accumulated
Shares Amount value Deficit Total
<S> <C> <C> <C> <C> <C>
Balance at Dec 31, 1996 8,504,513 $85,045 $53,955 $ (214,969) $ (75,969)
Net loss during development
stage - - - (34,863 (34,863)
Balance at Dec 31, 1997 8,504,513 $85,045 $53,955 $(249,832) $(110,832)
Net loss during development
stage - - - (42,824) (42,824)
Balance at Dec 31, 1998 8,504,513 $85,045 $53,955 $(292,656 $(153,656)
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
- 27 -
<PAGE>
(F-5)
<TABLE>
<CAPTION>
HARBOUR INTERMODAL, LTD.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS (F5)
Period from
March 1, 1993
For the Years Ended (inception of
December 31 development stage)
1998 1997 to December 31, 1998
Cash flows from operating
activities:
<S> <C> <C> <C>
Net loss during development
stage $ (42,824) $ (34,863) $ (230,656)
Non-cash items included in
net loss:
Increase (decrease) in
accounts payable 6,219 1,600 27,294
Cash used in operating
activities (36,625) (33,263) (203,362)
Cash flows from financing
activities:
Advances from related party 32,750 35,188 202,023
Repayments to related party -0- -0- (75,000)
Issuance of capital stock
for indebtedness to related
party -0- -0- 75,000
Proceeds from issuance of
common stock -0- -0- 2,000
Cash provided by financing
activities 32,750 35,188 204,023
Increase (decrease) in cash(3,855) 1,925 661
Cash, beginning of period 4,516 2,591 -0-
Cash, end of period $ 661 $ 4,516 $ 661
</TABLE>
- 28 -
<PAGE>
(F-6)
<TABLE>
<CAPTION>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW:
<S> <C> <C> <C>
Cash paid for interest $ -0- $ -0- $ -0-
Cash paid for income taxes -0- $ -0- $ -0-
</TABLE>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW:
In 1995 the Company issued 7,500,000 shares of common stock in exchange for
advances from a related party for rent and other services.
See Accompanying Notes to Financial Statements
- 29 -
<PAGE>
(F-7)
HARBOUR INTERMODAL, LTD.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (F-7)
DECEMBER 31, 1998 AND 1997
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Harbour Intermodal, Ltd. is a holding company whose goal is to establish a
comprehensive regional railroad and railroad car float service throughout New
York Harbor. The Company plans to be both an operator of intermodal services
in harbor areas and a supplier of major equipment designed for this purpose.
The Company proposes to expand and augment existing terminal facilities for New
York harbor carfloat operations to establish a waterborne rail freight network
with intermodal terminals connecting with CONRAIL, New York Susquehanna and
Western, Canadian Pacific, Canadian National and the Long Island Rail Road.
The financial statements have been prepared in accordance with the
provision of Statement of Financial Accounting Standards No. 7 - "Accounting
and Reporting by Development Stage Enterprise" - which requires development
stage companies to employ the same accounting principles as operating companies.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<CASH> 661
<SECURITIES> 0
<RECEIVALBES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 661
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 661
<CURRENT-LIABILITIES> 154,317
<BONDS> 0
0
0
<COMMON> 85,045
<OTHER-SE> 0
<TOTAL-LIABILTY-AND-EQUITY> 239,362
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 42,824
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (42,824)
<EPS-BASIC> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
