Table in Document 1 of 4 · 10QSB · Quarterly Report -- Small Business
--------------------------------------------------------------------------------
US Global Nanospace, Inc.
(Formerly US Global Aerospace, Inc.)
(A development stage company)
Statements of Cash Flows
Nine Months Ended December 31, 2003 and 2002, and since inception
Cumulative
results of
operations
from March 20,
2002
(date of
Nine months Nine months inception)
Ended December 31, ended December 31, through December 31,
2003 2002 2003
----------------- --------------- ----------------
Increase (Decrease) in Cash
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(5,828,408) $(5,125,117) $(12,882,763)
Adjustments to reconcile net loss to net
cash used in operating activities
Common stock issued for services 2,854,053 2,228,792 5,942,380
Forgiveness of loans, interest and
accounts payable (239,185) (612,519) (857,089)
Changes in assets and liabilities
Employee receivables (122,125) (10,000) (122,125)
Accrued interest 217,440 63,985 336,977
Deposits (13,485) - (13,485)
Accounts payable 274,660 713,356 1,199,849
Accrued salaries 2,593,915 - 2,891,895
Related party payable 176 154,363 306,695
----------------- --------------- ----------------
Net cash used in
operating activities (262,959) (2,587,140) (3,197,666)
----------------- --------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired in conjunction with share
exchange agreement - 2,946 2,946
----------------- --------------- ----------------
Net cash provided by
investing activities - 2,946 2,946
----------------- --------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock - - 5,000
Proceeds from shareholder and other
loans payable 395,425 1,280,000 1,675,425
Payments on shareholder and other loans
payable (7,700) - (7,700)
Proceeds (Payments) from lines of credit
and bank loans payable (125,000) 1,307,879 1,525,000
----------------- ---------------------------------
Net cash provided by
financing activities 262,725 2,587,879 3,197,725
----------------- --------------- ----------------
Net increase (decrease) in cash (234) 3,685 3,005
Cash at beginning of period 3,239 5,000 -
----------------- --------------- ----------------
Cash at end of period $ 3,005 $ 8,685 $ 3,005
----------------- --------------- ----------------
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accounts payable acquired in conjunction
with share exchange agreement $ - $ 2,500 $ 2,500
Common stock issued in exchange for
accounts payable $ 376,851 $ 476,204 $ 937,418
Common stock issued in exchange for
loans payable and accrued interest $ $ 652,349 $ 700,817
Common stock issued in exchange
for wages $2,502,743 $ - $2,502,743
The accompanying notes are an integral part of these financial statements. |
