US Global Nanospace, Inc.
(Formerly US Global Aerospace, Inc.)
(A development stage company)
Balance Sheets as of December 31, 2003 (unaudited) and March 31, 2003
December 31 March 31
ASSETS 2003 2003
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(unaudited)
CURRENT ASSETS
Cash $ 3,005 $ 3,239
Employee Receivables 122,125 -
Deposits 13,485 -
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Total current assets 138,615 3,239
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Total assets $ 138,615 $ 3,239
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LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Current maturities of bank notes
payable $ 1,200,000 $1,650,000
Accounts payable 264,051 366,242
Shareholder loans payable 387,725 -
Related party payable 306,695 306,519
Accrued salaries and expense 389,152 297,980
Accrued interest 59,951 81,696
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Total current liabilities 2,607,574 2,702,437
BANK NOTES PAYABLE, less current portion 325,000 -
COMMITMENTS - -
STOCKHOLDERS' DEFICIT
Preferred stock authorized, 10,000,000 shares
$0.01 par value, none issued or outstanding - -
Common stock authorized, 300,000,000 shares $0.001
par value 86,829 75,789
Additional paid-in capital 11,192,514 8,000,120
Deferred compensation and services (1,190,539) (3,720,752)
Accumulated development stage deficit (12,882,763) (7,054,355)
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Total stockholders' deficit (2,793,959) (2,699,198)
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Total liabilities and
stockholders' deficit $ 138,615 $ 3,239
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The accompanying notes are an integral part of these financial
statements. |
