"FG: He reminds me of a man in quicksand, the more he struggles, the
deeper he sinks"
Motorcycles held for sale 95,028
MOMENTUM ASIA, INC.
(Formerly New Age Publications, Inc.)
Notes to the Financial Statements
December 31, 1997 and 1996
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTANT POLICIES (Continued)
i. Foreign Currency Translation
Monetary assets and liabilities denominated in foreign currencies are
translated into United States dollars at the period and exchange rate.
Non-monetary assets are translated at the historical exchange rate and all
income and expenses are translated at the exchange rates prevailing during
the period. Foreign exchange currency translation adjustments are included
in the stockholders' equity section.
j. Fair Value of Financial Instruments
As at December 31, 1997, the fair value of cash, accounts receivable and
accounts and advances payable including amounts due to and from related
parties, approximate carrying values because of the short-term maturity of
these instruments.
k. Advertising
Advertising costs are expensed as incurred.
NOTE 3 - OTHER ASSETS
Other assets consisted of the following at December 31, 1997:
Membership in the Subic Bay Yacht Club $ 43,956
Prepaid rental deposits 24,978
Land held for resale 250,000
Membership in the Mimosa Golf Club 98,901
Motorcycles held for sale 95,028
Common stock held for sale 33,260
-------------
$ 546,123 |
