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"Golden Eagle International, Inc."
(A Development Stage Company)
Consolidated Financial Statements
Table of Contents
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PAGE
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Consolidated Balance Sheet F-1
Consolidated Statement of Operations F-2
Consolidated Statement of Cash Flows F-3
Consolidated Statement of Changes in Stockholders' Equity (Deficit) F-4 - F-5
Notes to Consolidated Financial Statements F-6
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Golden Eagle International, Inc.(A Development Stage Company)
Consolidated Balance Sheet
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March 31, December 31,
1998 1997
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(Unaudited)ASSETS
CURRENT ASSETS
Cash $ 75,656 $ 72,157
Prepaid expense and other costs 6,061 5,658
Income tax refund receivable 8,946 8,946
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Total current assets 90,663 86,761
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PROPERTY AND EQUIPMENT
Mining equipment 813,529 813,529
Acquisition cost of mining prospect 100,000 100,000
Vehicles 59,796 94,796
Office equipment 45,933 45,933
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1,019,258 1,054,258
Less accumulated depreciation (96,760) (70,389)
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922,498 983,869
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OTHER ASSETS
Advance royalties 73,389 71,914
Deposits 38,275 38,775
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111,664 110,689
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$ 1,124,825 $ 1,181,319
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)CURRENT LIABILITIES
Loans from related parties $ 1,014,448 $ 946,819
Convertible debentures 10,000 268,500
Other notes payable 60,895 7,276
Accounts payable 192,683 191,635
Payable to related parties 114,303 128,361
Accrued compensation and taxes 633,570 533,085
Accrued interest payable 121,066 101,944
Other accrued liabilities 59,168 41,996
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Total current liabilities 2,206,133 2,219,616
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BANK LOAN PAYABLE 1,000,000 1,000,000
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Total liabilities 3,206,133 3,219,616
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STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock, par value $.01 per share;
shares authorized 10,000,000; none issued -- --
Common stock, par value $.0001 per share;
authorized 800,000,000 shares; issued and
outstanding 103,519,595 and 95,359,112 shares,
respectively 10,351 9,534
Additional paid-in capital 7,589,865 7,065,734
Deficit accumulated during the development stage (9,681,524) (9,113,565)
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Total stockholders' (deficit) (2,081,308) (2,038,297)
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$ 1,124,825 $ 1,181,319
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F-1See accompanying notes.
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Golden Eagle International, Inc.(A Development Stage Company)
Consolidated Statement of Operations(Unaudited)
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July 21, 1988
Three Months Ended (Inception)
March 31, To March
1998 1997 31, 1998
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REVENUES $ 11,800 $ -- $ 113,259
COSTS AND OPERATING EXPENSES
General and administration 369,927 83,957 5,234,714
Exploration 55,970 -- 732,417
Depreciation 31,038 2,085 90,164
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Total costs and operating expenses 456,935 86,042 6,057,295
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OPERATING (LOSS) (445,135) (86,042) (5,944,036)
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OTHER INCOME (EXPENSE)
Interest expense (122,884) (25,875) (414,013)
Interest income 24 14 13,670
Loss on sale and retirement of equipment (2,758) (4,084) (20,072)
Loan financing costs, net -- -- (2,475,000)
Write-down of mining prospect -- -- (873,462)
Gain on marketable securities -- -- 124,336
Commissions -- -- 6,708
Write off advances to Mineral Mountain Mining Co. -- -- (78,000)
Write off loan to investment advisor -- -- (15,000)
Other income 2,794 18,935
Other expenses -- -- (20,290)
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Total other income (expense) (122,824) (29,945) (3,732,188)
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NET INCOME (LOSS) $ (567,959) $ (115,987) $ (9,676,224)
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BASIC EARNINGS (LOSS) PER SHARE $ (.006) $ (.002) $ (.484)
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WEIGHTED AVERAGE SHARES OUTSTANDING 97,753,730 49,902,881 19,985,863
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F-2See accompanying notes.
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