Consolidated Financial Statements for 9-months ending 09-30-98
for AIR PACKAGING TECHNOLOGIES, INC. (Unaudited(:
Balance Sheet:
Nine months Nine Months
9-30-98 9-30-97
ASSETS:
Current Assets
Cash.............................$ 177,639 209,375
Trade receivables................ 52,067 20,918
Inventories, net................. 446,838 218,693
Advances and prepaids............ 54,650 42,480
Total current assets 731,194 491,466
Property and equipment, net...... 822,787 196,605
Intangible assets, net........... 249,998 267,611
Deposits......................... 60,100 60,616
Total assets 1,864,079 1,016,298
LIABILITIES & STOCKHOLDERS' EQUITY:
Current Liabilities
Accounts payable &
accrued expenses.............$ 761,288 531,019
Accrued officers' salary......... 81,000 7,108
Deferred revenue................. 880 30,862
Due to related party............. 191,962 128,962
Notes payable.................... 511,000 32,500
Loan payable..................... 38,128 38,128
Total current liabilities 1,584,258 768,579
Other............................ 39,500 39,500
Total long term liabilities 39,500 39,500
Common stock, $.001 par value per share.
Authorized-100,000,000 shares
Issued-51,282,526, 44,761,639 and
39,741,422 shares,
respectively.............. 51,283 39,741
Paid in capital.................. 17,421,051 15,848,655
Accumulated deficit.............. (17,232,013) (15,680,177)
Total stockholders' equity 240,321 208,219
Total liabilities &
stockholders' equity $1,864,079 $1,016,298
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Consolidated Statements of Operations-(Unaudited)
Nine Months Nine Months
9-30-98 9-30-97
Net sales.......................... $456,107 209,113
Cost of sales...................... 260,048 330,941
__________ __________
Gross profit (loss) 196,059 (121,828)
General and administrative expenses 949,688 844,803
Sales and marketing................ 221,928 282,114
Research and development........... 6,676 3,322
Foreign currency translation (gain)/loss (1,441) 4,648
Interest expense................... 17,888 14,328
__________ __________
Income (loss) before income taxes (998,680) (1,271,043)
Provision for income taxes......... - -
__________ __________
Net Income (loss) $(998,680) (1,271,043)
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For complete financial statement
with accompany notes please contact
Rich Kaiser at the APTI-Va.
office 800-595-9939 or 757-631-1094
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This is how the investor relations division views the numbers.....
The financial statement shows great
improvement for the same period ending 1997.
The company has a gross profit of 260,048 versus
a loss of 121,828 in 1997. Net income improved
272,363 which shows that the company became
more productive from operation even though
AIRP still shows a loss. On the Balance
sheet, the Assets increased 800,000 from
the same period ending 1997. Liabilities
increase 700,000 from the same period but
that increase was related to operational
spending on the new machine. Shareholder
equity improved upwards of approx $32,000
from the same period ending 1997.
The numbers show GREAT improvement.
I thank all shareholders on both
sides of the Atlantic Ocean for the
continued support of AIRP.
With Warmest Regards
Rich Kaiser
International Investor Relations
AIRP |
