To all - Financials available by sending e-mail to Dennis. I have tried to post them here. They were not lined up to well in the e-mail.
Regards,
Bob
GLOBAL PLATINUM + GOLD, INC. (A Development Stage Company)
Consolidated Balance Sheets
May 31,
1997 1996
CURRENT ASSETS
Cash 12,699 $17,404
Accounts receivable - related party 6,000 -
Total Current Assets 17,404 18,699
PROPERTY AND EQUIPMENT (Note 2)
Mining property (Note 7) 2,400,000 -
Furniture and office equipment 5,947 5,947
Mining and other equipment 430,209 402,937
Concentrate mills 303,783 303,783
Vehicles 41,054 41,054
Less - accumulated depreciation
and amortization (203,429) (136,111)
Total Property and Equipment 2,977,564 617,610
OTHER ASSETS
Deposits 2,321 2321
TOTAL ASSETS $2,998,584 $637,335
LIABILITIES AND STOCKHOLDERS' EQUITY
May 31,_____
CURRENT LIABILITIES 1997 1996
Accounts payable $ 107,523 $ 48,371
Accrued expenses 51,563 17,149
Due to shareholders (Note 3) 101,600 103,600
Notes payable - current portion (Note 8) 124,647 4,124
Total Current Liabilities 385,333 173,244
LONG - TERM DEBT (Note 8) 2,408 7,055
Total Liabilities 387,741 180,299
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 100,000,000 shares
authorized, 22,836,068 and 13,442,053 shares
Issued and outstanding, respectively 228,360 134,421
Additional paid-in capital 9,309,029 5,696,574
Stock subscription receivable (95,760) -
Deficit accumulated during development stage (6,830,786) (5,373,959)
Total Stockholders' Equity 2,610,843 457,036
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,998,584 $ 637,335
Consolidated Statements of Operations
From
Inception on
June 1, 1978
Through
For the Years Ended May 31 May 31,
1997 1996 1995 1977
REVENUES $ 99,655 81,136 81,750 290,948
EXPENSES
Mining expenses 292,617 65,738 310,017 694,046
Salaries and wages 338,359 375,950 327,903 1,138,702
Legal and professional fees 295,482 237,299 246,914 783,306
Lab supplies 44,999 110,783 138,251 319,245
Depreciation and amortization 67,318 51,635 35,737 155,031
Other general and administrative 509,228 444,596 532,867 1,649,374
Total expenses 1,548,003 1,286,001 1,591,689 4,739,704
LOSS FROM OPERATIONS (1,448,348) (1,204,865) (1,509,939) (4,448,756)
OTHER INCOME (EXPENSE)
Discontinued operations (1,557,027)
Interest and other income - - 180 4,881
Interest expense (8,479) (4,362) (7,102) (51,358)
Loss on stolen common - (732,480) - (732,480)
Shares (Note 4)
Loss on disposition of assets - (37,816) - (46,046)
Total Other Income (Expense) (8,479) (774,658) (6,922) (2,382,030)
NET LOSS $ (1,456,827) $ (1,979,523) $ (1,516,861) $ (6,830,786)
NET LOSS PER SHARE OF
COMMON STOCK $ (0.07) $ (0.17) $ (0.20)
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING 19,321,394 11,785,029 7,521,600 |
