This should clarify....
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WESTREND NATURAL GAS, INC.
Schedule C
October 31, 1997
The Management of the Company feels that their vision for the future of Westrend is materializing. Gross earnings are up for the next quarter and the revenue on the sale of several Taylor rigs will be recognized at year-end. Mark Roberts, President, has been spending more time in the development and marketing strategy for Taylor Rigs and will continue to do so in the next quarter. The derrick building arm of Taylor Rigs should be completed and the carrier subsidiary should be well on its way to offering a complete line of Taylor carriers to the public.
The Management continues to consolidate its expenses and work diligently on raising its gross revenues and will continue to look for acquisition targets in the high-tech energy service industry.
MANAGEMENT
More.... the meat of the report..........
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FORM 61
QUARTERLY REPORT
Incorporated as part of: __X___ Schedule A
_____ Schedule B & C
ISSUER DETAILS:
NAME OF ISSUER____Westrend Natural Gas, Inc._____________________________
ISSUER ADDRESS ___9311 San Pedro, Suite 1130____________________________
___________________ San Antonio, TX 78216________________________________
ISSUER TELEPHONE NUMBER ______210-308-7360__________________________
CONTACT PERSON _____Mark Roberts_____________________________________
CONTACT'S POSITION ______Director______________________________________
CONTACT TELEPHONE NUMBER ______210-308-7360________________________
FOR QUARTER ENDED _____October 31, 1997_______________________________
DATE OF REPORT ____December 30, 1997__________________________________
CERTIFICATE
THE SCHEDULE(S) REQUIRED TO COMPLETE THIS QUARTERLY REPORT ARE ATTACHED AND THE DISCLOSURE CONTAINED THEREIN HAS BEEN APPROVED BY THE BOARD OF DIRECTORS. A COPY OF THIS QUARTERLY REPORT WILL BE PROVIDED TO ANY SHAREHOLDER WHO REQUESTS IT. PLEASE NOTE THIS FORM IS INCORPORATED AS PART OF BOTH THE REQUIRED FILING OF SCHEDULE A AND SCHEDULES B & C.
Mark Roberts "Mark Roberts" 97/12/30
NAME OF DIRECTOR SIGN(TYPED) DATE SIGNED (YY/MM/DD)
George Longphee "George Longphee" 97/12/30
NAME OF DIRECTOR SIGN(TYPED) DATE SIGNED (YY/MM/DD)
WESTREND NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
October 31, 1997
(expressed in US dollars)
ASSETS 1997
Current Assets
Cash and term deposits $ 283,838
Funds Held in Lawyer's Trust 559
Accounts Receivable - Trade 75,426
Accounts Receivable - Related Party 295,496
Accounts Receivable - Other 18,555
Inventory 731,651
Prepaid Expenses 28,543
1,434,068
Fixed Assets, Net of Acc. Depreciation 1,512,313
Other Assets
Oil and gas properties 254,901
Intangible Assets 657,775
Organizational Costs, net Amortization 16,814
$3,875,871
LIABILITIES
Current Liabilities
Accounts payable & accrued liabilities 483,800
Accounts payable - Related Party 32,135
Current portion of notes payable 1,464
Accrued interest 9,241
Customer prepayments 839,743
Notes payable - related party 43,950
Notes payable 264,834
1,675,167
Minority Interest in Subsidiary 170,889
SHAREHOLDERS' EQUITY
Common Stock No Par; 100,000,000 Authorized Shares
21,814,303 Issued and 18,664,303 Outstanding 3,575,962
Additional Paid In Capital - Special Warrants 2,104,413
Gain/Loss on Conversion (5,366)
Retained Deficit (3,645,194)
2,029,815
$3,875,871
Approved By the Board _"M. Roberts"_ Director_____________
WESTREND NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Statement of Operations
Nine Months Ended October 31, 1997
(expressed in US dollars)
1997
Revenue:
Royalties $ 536
Sales 949,122
Operating Expenses
Personnel Costs 642,286
Office Expenses 517,528
Professional Fees 392,957
Depreciation and Amortization 68,490
Promotional Expenses 244,083
Travel 39,395
Other Operating Expenses 269,214
Total Operating Expenses 2,173,953
Consolidated Loss from Operations (1,224,295)
Other Income (Expenses):
Interest Income 405
Interest Expense (31,967)
Other Income 17,042
Other Expenses (11,057)
Total Other Income (Expense) (25,577)
Consolidated Net Loss Before Min. Interest (1,249,872)
Minority Interest 53,286
Consolidated Net Loss $(1,196,586) |
