In the for what's it worth category.....sorry about the messy tables ;>)
Below is a comparison of Westrend's:
1) Balance Sheets for July 31, 1997 and October 31, 1997. The bottom line is that shareholder's equity on a per share basis has increased 7.4%, a good sign!
2) Income Statements for 3 mos ending July 31, 1997 and 9 mos ending October 31, 1997 (it is stange that they went to YTD in October and makes a comparison impossible unless April 30, 1997 is available, but I couldn't find)
3) Schedule B for July 31, 1997 and October 31, 1997. It looks like 120,000 warrants (0.30$C) expire 8/8/97 are unaccounted for.
504,244 oustanding on July 31, 1997
324,244 excercised
40,000 outstanding on October 31, 1997
120,000 ??????
Westrend Natural Gas, Inc. and Subsidiaries
Consolidated Balance Sheet
(expressed in US dollars)
July 31, 1997 October 31, 1997 Change %
Assets
Current
Cash and term deposits $81,397 $283,838 $202,441 248.7%
Funds held in lawyer's Trust 145,239 559 (144,680) -99.6%
Accounts Receivable - Trade n/a 75,426 75,426 n/a
Accounts Receivable - Sub/Related Party 237,925 295,496 57,571 24.2%
Accounts Receivable - Other 18,771 18,555 (216) -1.2%
Inventory 173,314 731,651 558,337 322.2%
Prepaid Expenses 1,703 28,543 26,840 1576.0%
Total Current Assets $658,349 $1,434,068 $775,719 117.8%
Fixed Assets, Net of Acc. Depreciation $463,704 $1,512,313 $1,048,609 226.1%
Other Assets
Due from affiliated companies $925,818 n/a ($925,818) n/a
Oil and gas properties 254,901 254,901 0 0.0%
Intangible Assets 693,948 657,775 (36,173) -5.2%
Goodwill 21,250 n/a (21,250) n/a
Organizational Costs, net Amortization 16,814 16,814 0 0.0%
Deposits 7,728 n/a (7,728) n/a
Total Other Assets $1,920,459 $929,490 ($990,969) -51.6%
Total Assets $3,042,512 $3,875,871 $833,359 27.4%
Liabilities
Current
Accounts payable & accrued liabilities $163,473 $483,800 $320,327 196.0%
Accounts payable - Related Party n/a 32,135 32,135 n/a
Current portion of notes payable 3,193 1,464 (1,729) -54.1%
Accrued Interest n/a 9,241 9,241 n/a
Customer prepayments n/a 839,743 839,743 n/a
Due to/Notes payable - related parties 284,135 43,950 (240,185) -84.5%
Due to shareholders 191,228 n/a (191,228) n/a
Notes payable 203,521 264,834 61,313 30.1%
Total Current Liabilities $845,550 $1,675,167 $829,617 98.1%
Minority interest in Subsidiary $587,272 $170,889 ($416,383) -70.9%
Shareholder's Equity
Common stock No Par; 100,000,000 Authorized Shares
18,885,569 Issued and 15,885,569 Outstanding 7/31/97
21,814,303 Issued and 18,664,303 Outstanding 10/31/97
$2,658,889 $3,575,962 $917,073 34.5%
Additional Paid in Capital - Special Warrants 2,100,193 2,104,413 4,220 0.2%
Gain/Loss on Conversion n/a (5,366) (5,366) n/a
Retained Deficit (3,149,392) (3,645,194) (495,802) 15.7%
$1,609,690 $2,029,815 $420,125 26.1%
Total Liabilities/Shareholder Equity $3,042,512 $3,875,871 $833,359 27.4%
Shareholder Equity per Oustanding Share $0.101 $0.109 $0.007 7.3%
Westrend Natural Gas, Inc. and Subsidiaries
Consolidated Statement of Operations
(expressed in US dollars)
3 mos ending 9 mos ending
July 31, 1997 October 31, 1997
Revenue:
Royalties $477 $536
Oilfield Services 8,171 n/a
Sales n/a 949,122
$8,648 $949,658
Operating Expenses
Personnel Costs $116,972 $642,286
Office Expenses 97,881 517,528
Professional Fees 72,123 392,957
Depreciation and Amort 30,992 68,490
Promotional Expenses 170,119 244,083
Travel 16,510 39,395
Other Operating Expenses 11,892 269,214
Total Operating Expenses $516,489 $2,173,953
Consolidated Loss from Operations
($507,841) ($1,224,295)
Other Income (Expenses):
Interest Income $405 $405
Interest Expense (8,953) (31,967)
Loss on Currency Conversion (5,366) n/a
Other Income n/a 17,042
Other Expenses (1,045) (11,057)
Total Other Income (Expense) ($14,959) ($25,577)
Consolidated net Loss Before Min. Interest
($522,800) ($1,249,872)
Minority Interest $23,979 $53,286
Consolidated Net Loss ($498,821) ($1,196,586)
Westrend Natural Gas, Inc.
Schedule B
July 31, 1997 October 31, 1997 Change
Price (Cdn.$) Number Price (Cdn.$) Number
Securities Issued for Quarter
Exercise of Stock Options 0.27 150,000 0.38 150,000
Stock issued for debt 0.38 654,490
Exercise of warrants 0.30 120,000
Exercise of warrants 0.30 204,244
Exercise of warrants 0.20 300,000
Stock issued for property 0.40 1,500,000
Total shares issued 150,000 2,928,734 2,928,734
Options Granted for Quarter 0 1,000,000 1,000,000
Share Capital
Authorized capital 100,000,000 100,000,000
Issued 18,885,569 21,814,303 2,928,734
Outstanding 15,885,569 18,664,303 2,778,734
Options, Warrants and Convertible Securities outstanding
Warrants 9/15/97* 0.30 83,250 0.30 83,250 0
Warrants 8/8/97** 0.30 504,244 0.30 40,000 (464,244)
Warrants 8/8/97 0.20 300,000 (300,000)
Stock Options 5/17/00 0.15 16,000 0.15 16,000 0
Stock Options 7/21/99 0.38 350,000 350,000
Stock Options 10/30/99 0.65 475,000 475,000
Stock Options 10/30/99 0.65 25,000 25,000
Special Warrants 4/2/98 0.60 1,133,334 0.60 1,133,334 0
Special Warrants 4/21/98 0.80 1,341,250 0.80 1,341,250 0
Special Warrants 5/21/98 0.80 625,000 0.80 625,000 0
Special Warrants 4/2/98 0.00 1,133,334 0.00 1,133,334 0
Special Warrants 4/21/98 0.00 1,341,250 0.00 1,341,250 0
Special Warrants 5/21/98 0.00 625,000 0.00 625,000 0
Shares held in escrow under terms of Escrow Agrmt:
3,000,000 3,150,000 150,000
*83,250 warrants of 9/15/97 were not converted and should have expired.
**40,000 warrants of 8/8/97 were not converted and should have expired. |
