2 Corporate Vision Inc.
(A Developmental Stage Company)
Balance Sheets
December 31, 1998 and 1997
Assets
1998 1997
Current Assets
Cash $ 569 $ 345,237
Accounts receivable ---- 3,326
_____________________
Total Current Assets 569 348,563
Property and Equipment
Property and Equipment 5,387 6,512
Less: Accumulated depreciation (1,244) (326)
______________________
Property and Equipment (Net) 4,143 6,186
______________________
Other Assets
Intangible assets, net ---- ----
Note receivable 461,122 150,000
Accrued interest receivable 31,421 ----
_______________________
Total Other Assets 492,543 150,000
_______________________
Total Assets $ 497,255 504,749
_______________________
3
Liabilities and Stockholders' Equity
1998 1997
Current Liabilities
Accounts payable $ 44,401 $ 37,218
Accrued liabilities 126,578 92,467
________ ________
Total Current Liabilities 170,979 129,685
________ ________
Long Term Debt
Debentures payable ---- 540,000
________ ________
Total Liabilities 170,979 669,685
________ ________
Shareholders' EquitySeries A non-cumulative convertible
preferred stock $0.10 par value; 1,000,000
shares authorized; 40,021 shares issued and 400 ---
outstanding at December 12, 1998 and 1997 respectively.
Common stock, $.01 par value,
50,000,000 shares authorized; 498,000 4,391 191
outstanding at December 31, 1998.
Addional paid-in capital 5,177,251 4,556,827
Retained Earnings (deficit) (4,722,354) (4,721,954)
Deficit accumulated during the
development stage (133,412) ----
___________ ___________
Total Stockholders' Equity 326,276 (164,936)
___________ ___________
Total Liabilites and
Stockholders' Equity $ 497,255 $ 504,749
___________ __________
4
Statement of Operations
For the Periods Ended December 31,1998 and 1997
1998 1997
Operating Revenue ---- ----
$_________ $________
ExpensesGeneral and Administrative
Office 10,767
Legal and accounting 14,056
Computer Services 16,100
Consulting 86,767
Bad debt expense 3,326
Other 33,853
_________ __________
Total General and Administrative 164,869Other Income (Expenses)
Interest Income 32,591
Depeciation and amortization (1,077)
Interest Expense (57)
___________ __________
Loss from Continued Operation $(133,412)
____________ __________
Loss from Discontinued Operation ---- $ (1,687,944)
Loss on Disposal of Assets from
Discontinued Operations ---- (892,867)
Net Loss $ (133,412) (2,580,811)
____________ ___________
Loss per Share $ (.16) $ (28.23)
____________ ____________
5
Statement of Stockholders Equity
For the Years Ended December 31, 1998 and 1997
Additional retained total
Preferred Stock Common Stock paid-in earnings
shares amount shares amount capital (deficit)
Balance at
December 31 1997 --- --- 12,620,638 $126,206 $2,992,120 $(2,141,143)
977,183
Stock issued for
cash 41,282,480 $412,825 896,735 1,309,560
Stock issued for
services 3,378,049 33,780 91,551 125,331
Stock issued asInvestment in T.L. Phipps
(note 10) 100,000 1000 2,800
Net loss for 1997 (2,580,811)
(2,580,811)
________________________________________________________________________________
Balance --- $ --- 57,381,167 $573,811 $3,983,206 ($4,721,954)
at December 31 1997 164,937
Stock issuedvia debenture
conversion 58,766,056 587,661 (47,661) 540,000
Effect ofreverse common
stock split (116,514,936) (1,165,149) 1,165,149Preferred Stock
Dividend 40,021 $400 (400)
Stock issued
for cash 11,038 110 24,995 25,106
Stock issued
for services 758,000 7580 9,578 17,158
Stock issued
in legal settlement 17,240 172 25,688 25,860
Stock issued to
Board of Directors 20,518 205 16,295 16,500
Deficit accumulated during restructuring
of company (133,412) (133,412)
________________________________________________________________________________
Balance at
December 40,021 $ 400 439,083 $ 4390 $5,177,251 $ (4,722,354) $326,275
31,1998 Statement of Cash Flows
For the year ended December 13, 1998 and 1997
1998 1997
Cash Flows From operating activities
Cash received from customers $--- $ 32,125
Interest received 1,170 ---
Cash paid for goods and services (57,709) (1,002,822)
Interest paid (57) (405,359)
______________________
Net Cash used by operating activities (56,596) (1,376,056)
Cash Flows From Investing activities
Issuance of common stock as investment in subsidiary --- 3,800
(purchases) Disposition of equipment (2,056) 39,194
Loans to another entity (311,122) (150,000)
________________________
Net Cash provided (used) by investing activities (313,178) (107,006)
Cash flows from financing activities
Sale of convertible debentures --- 540,000
Issuance of common stock 25,106 1,309,561
Repayment of long term debt --- (30,292)
Repayment of shareholder loans --- (43,520)
________________________
Net Cash provided (used) by financing activities 25,106 1,775,749
Net Increase (decrease) in cash (344,668) 292,687
Cash at the beginning of year 345,237 52,550
Cash at the end of year 569 345,237
1998 1997
Reconcillation of net loss netcash used by operating activities
net loss $ (133,412) (2,580,811)
adjustments to reconcile net loss
to net cash used by operating activities
Depreciation 1,077 56,192
Amortization of intangible assets --- 88,460
Provision for bad debt 3,326 ---
Stock issued as legal settlement 25,860 ---
Stock issued in exchange for services 33,658 125,331
(gain) loss on disposal of property --- 60,455
Leasehold improvements written off --- 50,359
Fixed Assets exchanged for services 3,022 13,956
(Increase) decrease in accounts receivable --- 1,702
(Increase) decrease in interest receivable (31,421) ---
Write-down of fixed assets --- 45,525
Write-down of prepaid assets --- 183,617
Increase (decrease) in accounts payable 7,183 5,094
Increase (decrease) in accrued liabilities 34,111 41,524
Increase (decrease) in deferred expenses --- (15,600)
________________________
Net Cash Provided (used) by operating activities $(56,596) $(1,376,056)
Supplemental Disclosure and Financing Activities
Noncash Investing and Financing Activities
Common Stock issued in exchange for services $33,658 $ 125,331
Common Stock issued as legal settlement $25,860 ---
Fixed assets exchanged for services $ 3,022 13,956
Preferred stock dividend issued 400 ---
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