WESTREND NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
April 30, 1998
(expressed in US dollars)
ASSETS 1998 1997
Current Assets
Cash and term deposits $ 88,555 $ 72,357
Funds Held in Lawyer's Trust 559 355,167
Accounts Receivable - Trade 406,470 0
Accounts Receivable - Employees 4,496 0
Accounts Receivable - Shareholder 10,194
0
Accounts Receivable - Stock Subscriptions 0 109,184
Accounts Receivable - Other 0
18,771
Inventory 334,306 63,399
Prepaid Expenses 25,375 1,703
Note Receivable 21,000 0
890,955 620,581
Fixed Assets, Net of Acc. Depreciation 669,684 488,926
Other Assets
Due from affiliated companies 0 808,899
Oil and gas properties 1 254,901
Intangible Assets - Goodwill 708,574 21,250
Intangible Assets - Design Plans 480,952 542,541
Organizational Costs, net Amortization 16,674 3,221
Deposits 0 12,596
$2,766,840 $2,752,915
LIABILITIES
Current Liabilities
Accounts payable & accrued liabilities 939,482 146,005
Current portion of notes payable 261,814 157,399
Customer Prepayments 13,098 0
Due to Related Parties 15,551 62,864
Due to Shareholders 0 72,653
1,229,945 438,921
Long-term Liabilities
Notes Payable 65,795 0
1,295,740 438,921
Minority Interest in Subsidiary 461,756 422,271
SHAREHOLDERS' EQUITY
Common Stock No Par; 100,000,000 Authorized Shares
28,730,724 and 18,735,569 Issued and 25,580,724
and 15,585,569 Outstanding 4,416,811 2,629,410
Additional Paid In Capital - Special Warrants 1,694,897 2,075,194
Retained Deficit (5,102,364)(2,812,881)
1,009,344 1,891,723
$2,766,840 $2,752,915
Approved By the Board Director _"M. Roberts"_ Director__"S. Winter"_
WESTREND NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Statement of Operations
Three Months Ended April 30, 1998 and 1997
(expressed in US dollars)
1998 1997
Revenue:
Oilfield Services $ 157,218 $ 0
Rig Sales 1,789,730 0
Royalties 0 383
1,946,948 383
Cost of Sales 1,349,579 0
Gross Profit 597,369 383
Operating Expenses
Management Fees 79,481 0
Personnel Costs 126,725 65,300
Commissions 24,024 0
Office 126,310 38,669
Professional Fees 122,490 68,415
Depreciation and Amortization 23,972 17,097
Provision for Bad Debts 9,710 0
Travel and Promotion 44,193 180,472
Other 0 5,285
Total Operating Expenses 556,905 375,238
Consolidated Net Income (Loss) from Operations 40,464
(374,855)
Other Income (Expense):
Gain (Loss) on Sale of Equipment 0 0
Interest Income 389 405
Interest Expense and Finance Charges (474) (8,953)
Currency Conversion 0 (4,876)
Other Income 0 27
Total Other Income (Expense) (85) (13,397)
Consolidated Net Income (Loss) Before Minority Interest 40,379
(388,252)
Minority Interest (86,193) 23,979
Consolidated Net Income (Loss) $ (45,814) $ (364,273)
Westrend Natural Gas, Inc.
Cash flows for the periods ended April 30, 1998 and 1997
Operating Activities: 4/30/98 4/30/97
Net loss $ (45,814) $ (364,273)
Adjustment to Reconcile to Net Income
Minority interest 102,692 422,271
Depreciation & Amortization 23,972 17,097
126,664 439,368
(Increase) / Decrease in:
Funds held in lawyers trust 0 (216,697)
Due from Affiliated Company 0 (495,557)
Accounts Receivable (313,506) (18,771)
Inventory 666,376 (63,399)
Prepaids (6,256) (1,503)
Deposits 0 (12,596)
Increase / (Decrease) in:
Acct Payable & Accrued Liab 239,250 31,351
Customer Prepayments (991,645) 0
Due to Related parties 0 32,507
Due to shareholders 0 6,114
(405,781) (738,551)
Net Cash Used by Operations (324,931) (663,456)
Investing Activities
Acquisition of Fixed Assets (25,143) (354,881)
Goodwill 0 (21,250)
Intangibles 0 (542,541)
Organizational Costs 0 (1)
Net Cash Used by Investing Activities (25,143) (918,673)
Financing Activities
Proceeds from Debt 0 16,149
Payments on Debt (13,139) (73,335)
Shares and Warrants issued for cash 297,055
1,562,017
Net Cash Provided by Financing Activities 283,916 1,504,831
Net Change in Cash (66,158) (77,298)
Balance at Beginning of Period 154,713 149,655
Balance at End of Period $ 88,555 $ 72,357 |
