DYX Third Quarter Financial Report - Quarter Ended June 30, 1998
Dynamix Corporation
Consolidated Balance Sheet as at June 30, 1998
(unaudited)
June 30, June 30,
1998 1997
Assets
Current
Cash 89,624 12,923
Accounts Receivable 600,932 1,708
Prepaid Expense 15,264 20,195
----------- -----------
705,820 34,826
Capital Assets at Book Value (see Note) 739,911 2,454
Petroleum Interest at Cost 272,775 0
Investments at Cost 21,750 0
Mineral Properties 160,475 807,048
Recoverable Deposits 8,623 0
----------- -----------
Total Assets 1,909,354 844,329
=========== ===========
Liabilities
Current
Operating loan/Current portion of
long term debt 100,008 0
Accounts Payable and Accruals 471,321 369,951
Current portion of obligation under
capital leases 0 253,393
Income Tax Payable 111,868 0
----------- -----------
683,197 623,345
Payable on petroleum interest 136,388 0
Long Term Debt 166,680 0
----------- -----------
Total Liabilities 986,265 623,345
----------- -----------
Shareholder Equity
Share Capital 3,494,898 2,728,113
Adjustment from prior period 29,000 0
Retained Earnings (Deficit) (2,600,809) (2,507,129)
----------- -----------
923,089 220,984
----------- -----------
Liabilities & Equity 1,909,354 844,329
Signed on behalf of the Board
"J.R. Bateman"
Director
"Richard LeBlanc"
Director
Dynamix Corporation
Consolidated Statement of Income and Retained Earnings
for the 9 Months ending June 1998
(unaudited)
June 30, June 30,
1998 1997
Revenue 4,068,599 6,124
Expense
Field 3,464,106 0
----------- -----------
Gross Margin 604,493 6,124
General and Administrative 314,888 27,591
----------- -----------
Income before the following: 289,605 (21,467)
Depreciation 91,240 273
Interest 7,548 0
(Gain)/Loss on Equipment Disposal 1,237 0
Financing Fees 19,000 0
=========== ============
Income for Period 170,580 (21,740)
Deficit - Beginning of Period 2,771,389 2,485,385
Deficit - End of Period 2,600,809 2,507,125
Income per Common Share 0.01 0.00
Dynamix Corporation
Statement of Changes in Financial Position
for the 9 Months Ending June 30, 1998
(unaudited)
June 30, June 30,
1998 1997
Cash was provided (used) by:
Operating activities
Income (loss) for the period 170,580 (21,742)
Depreciation 91,240 275
Loss on disposal of capital assets 1,237 0
----------- -----------
263,057 (21,467)
Changes in non-cash working capital balances
Accounts receivable 1,867,149 32,968
Prepaid expense 14,562 0
Accounts payable (1,437,799) 109,692
----------- -----------
443,912 142,660
Investing activities
Capital assets - net (29,413) 0
Expenditures on mineral properties (10,242) (162,840)
Investment in petroleum interest (272,776) 0
Investment in subsidiary (809,000) 0
----------- -----------
(1,121,431) (162,840)
Finance activities
Proceeds on issuance of common shares 657,435 42,743
Decrease in income tax payable (185,389) 0
Increase in long term debt 213,640 0
Payable on equipment 0
----------- -----------
685,686 42,743
Increase (decrease) in cash during
the period 271,224 1,096
Cash at beginning of year (181,600) 11,827
----------- -----------
Cash (bank indebtedness) end of period 89,624 12,923
=========== ===========
Note
The Company entered into a formal agreement dated December 29, 1997 to purchase all of the issued and outstanding shares of Fastway Exploration Ltd., a privately-owned, local, geophysical exploration company. The purchase price consisted of cash in the amount of $800,000, which as less than the retained earnings of Fastway at this date by $134,450. The recorded book value of the capital assets appearing on the consolidated balance sheet has accordingly been reduced by this amount. The income of Fastway Exploration Ltd. since December 31, 1997 has been included in the consolidated statements of income and changes in financial position. |
