This must be legally permissible for disclosure purposes, does it not Dennis? Does the company have a choice to disclose or not to disclose any and all material items with respect to their financial affairs? I don't believe this would be possible for the yearend calculations but for the quarter does anyone know? Audited statements by a Chartered Accountant would be nice. I see no reference to that in the disclosure.
WESTREND NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
October 31, 1997
(expressed in US dollars)
ASSETS 1997
Current Assets
Cash and term deposits $ 283,838
Funds Held in Lawyer's Trust 559
Accounts Receivable - Trade 75,426
Accounts Receivable - Related Party 295,496
Accounts Receivable - Other 18,555
Inventory 731,651
Prepaid Expenses 28,543
1,434,068
Fixed Assets, Net of Acc. Depreciation 1,512,313
Other Assets
Oil and gas properties 254,901
Intangible Assets 657,775
Organizational Costs, net Amortization 16,814
$3,875,871
LIABILITIES
Current Liabilities
Accounts payable & accrued liabilities 483,800
Accounts payable - Related Party 32,135
Current portion of notes payable 1,464
Accrued interest 9,241
Customer prepayments 839,743
Notes payable - related party 43,950
Notes payable 264,834
1,675,167
Minority Interest in Subsidiary 170,889
SHAREHOLDERS' EQUITY
Common Stock No Par; 100,000,000 Authorized Shares
21,814,303 Issued and 18,664,303 Outstanding 3,575,962
Additional Paid In Capital - Special Warrants 2,104,413
Gain/Loss on Conversion (5,366)
Retained Deficit (3,645,194)
2,029,815
$3,875,871
Approved By the Board _"M. Roberts"_ Director_____________
WESTREND NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Statement of Operations
Nine Months Ended October 31, 1997
(expressed in US dollars)
1997
Revenue:
Royalties $ 536
Sales 949,122
Operating Expenses
Personnel Costs 642,286
Office Expenses 517,528
Professional Fees 392,957
Depreciation and Amortization 68,490
Promotional Expenses 244,083
Travel 39,395
Other Operating Expenses 269,214
Total Operating Expenses 2,173,953
Consolidated Loss from Operations (1,224,295)
Other Income (Expenses):
Interest Income 405
Interest Expense (31,967)
Other Income 17,042
Other Expenses (11,057)
Total Other Income (Expense) (25,577)
Consolidated Net Loss Before Min. Interest (1,249,872)
Minority Interest 53,286
Consolidated Net Loss $(1,196,586)
Incorporated as part of: __X___ Schedule A
_____ Schedule B & C
ISSUER DETAILS:
NAME OF ISSUER____Westrend Natural Gas, Inc._____________________________
ISSUER ADDRESS ___9311 San Pedro, Suite 1130____________________________
___________________ San Antonio, TX 78216________________________________
ISSUER TELEPHONE NUMBER ______210-308-7360__________________________
CONTACT PERSON _____Mark Roberts_____________________________________
CONTACT'S POSITION ______Director______________________________________
CONTACT TELEPHONE NUMBER ______210-308-7360________________________
FOR QUARTER ENDED _____October 31, 1997_______________________________
DATE OF REPORT ____December 30, 1997__________________________________
THE SCHEDULE(S) REQUIRED TO COMPLETE THIS QUARTERLY REPORT ARE
ATTACHED AND THE DISCLOSURE CONTAINED THEREIN HAS BEEN APPROVED BY
THE BOARD OF DIRECTORS. A COPY OF THIS QUARTERLY REPORT WILL BE
PROVIDED TO ANY SHAREHOLDER WHO REQUESTS IT. PLEASE NOTE THIS FORM
IS INCORPORATED AS PART OF BOTH THE REQUIRED FILING OF SCHEDULE A AND
SCHEDULES B & C.
Mark Roberts "Mark Roberts" 97/12/30
1
NAME OF DIRECTOR SIGN(TYPED) DATE SIGNED (YY/MM/DD)
George Longphee "George Longphee" 97/12/30
2
NAME OF DIRECTOR SIGN(TYPED) DATE SIGNED (YY/MM/DD
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