yOU GOT TO CHECK THIS OUT.....
It also looks like he lost $3 million on that boat he purchased...
Looks like Paul and his Tridon Enterprises hasn't made on damn penny since its inception....
TRIDON ENTERPRISES INCORPORATED
(A Company In The Development Stage)
Balance Sheets
October 31, 1998 And April 30, 1998
October 31, 1998 April 30, 1998
(Unaudited) (Audited)
Assets
Current Assets:
Cash $ 6,380 $ 682
Advances to Officers/Stockholders 30,000 30,000
Notes Receivable 275,000 275,000
Less Allowance for Bad Debt (275,000) (275,000)
Interest Receivable 36,000 29,253
Inventory 5,325 5,325
------- -------
Total Current Assets 77,705 65,260
Furniture and Equipment - at Cost 17,993 17,993
Accumulated Depreciation (7,781) (6,305)
------- -------
Net Furniture and Equipment 10,212 11,688
------- -------
Marketable Equity Securities 0 107,451
------- -------
Total Assets $ 87,917 $ 184,399
------- -------
Liabilities And Stockholders' Equity
Current Liabilities:
Accounts Payable and Accrued Expenses $ 71,907 $ 129,297
Advances from Stockholder 5,000 5,000
Advances from Officer 89,174 48,845
------- -------
Total Current Liabilities 166,081 183,142
Commitments And Contingencies - -
------- -------
Total Liabilities 166,081 183,142
Stockholders' Equity:
Common Stock, $.001 Par Value, 100,000,000
Shares Authorized, 47,285,734 and
42,275,734 Shares Issued And
Outstanding, Respectively 47,286 42,276
Preferred Stock, 7% Cumulative Convertible,
Par Value $.001, 20,000,000 Shares
Authorized, 83,300 Shares Issued
And Outstanding 83 83
Additional Paid-In Capital 9,572,834 9,270,566
Common Stock Subscribed (219,000) (225,000)
Common Stock Subscribed -
Unearned Compensation (279,000) (279,000)
Deficit Accumulated During
Development Stage (9,200,367) (8,807,668)
--------- ---------
Total Stockholders' Equity (78,164) 1,257
--------- ---------
Total Liabilities And
Stockholders' Equity $ 87,917 $ 184,399
--------- ---------
TRIDON ENTERPRISES INCORPORATED
(A Company In The Development Stage)
Statements Of Operations
Six Six
Inception Months Months
To Ended Ended
October 31, October 31, October 31,
1998 1998 1997
Revenue:
Net Sales $ 151,729 $ 0 $ 0
Cost of Sales 182,581 0 0
---------- --------- ---------
Gross Loss (30,852) 0 0
---------- --------- ---------
Operating Expenses:
General and Administrative 4,505,114 391,899 47,659
Research and Development 132,697 0 0
Computer Software Development Costs 630,066 0 0
Interest 869,166 0 0
---------- --------- ---------
Total Operating Expenses 6,137,043 391,899 47,659
---------- --------- ---------
Net Loss from Operations (6,167,895) (391,899) (47,659)
---------- --------- ---------
Other Income (Expense)
Consulting Fees Related to
Common Stock Issued (810,000) 0 0
Officer's Salary Related to
Common Stock Issued (409,023) 0 0
Interest 94,099 0 8,333
Casualty Loss - Boat (3,000,000) 0 0
Gain on Settlement 411,495 0 0
Forgiveness of Interest 8,901 0 0
Forgiveness of Debt 123,994 0 0
Loss on Disposition of
Marketable Securities (48,655) 0 0
Loss on Permanent Impairment
of Securities (1,120,050) 0 0
Miscellaneous 3,420 0 0
Bad Debt Expense (351,422) 0 0
---------- --------- ---------
Total Other Income (Loss) (5,097,241) 0 8,333
---------- --------- ---------
(Loss) from Continuing Operations
Before Income Tax Benefit (Expense) (11,265,136) (391,899) (39,326)
Income Tax Benefit (Expense) 81,805 (800) (800)
---------- --------- ---------
(Loss) from Continuing Operations (11,183,331) (392,699) (40,126)
Gain on Disposal of Segment 3,836,964 0 0
(Loss) on Discontinued Operations (1,854,000) 0 0
---------- --------- ---------
Net Income (Loss) $ (9,200,367) $ (392,699) $ (40,126)
---------- --------- ---------
Loss Per Share $ (.01) $ (Nil)
---------- --------- ---------
Weighted Average Number of Shares Outstanding 45,338,591 31,900,734
---------- --------- ---------
TRIDON ENTERPRISES INCORPORATED
(A Company In The Development Stage)
Statements Of Cash Flows
Six Six
Inception Months Months
To Ended Ended
October 31, October 31, October 31,
1998 1998 1997
Cash Flows From Operating Activities:
Net Income (Loss) $(9,200,367) $ (392,699) $ (40,126)
Adjustments to Reconcile Net (Loss)
to Net Cash Used by Operations:
(Loss) on Disposal of Segment (3,836,964) 0 0
Loss on Permanent Impairment
of Marketable Securities 1,120,050 0 0
Loss on Sale of Marketable
Securities 43,908 0 0
Write-Down of Investment 25,000 0 0
Depreciation 7,946 1,476 800
Increase in Allowance for
Bad Debts 370,638 0 0
Professional Fees 48,885 36,000 0
Outside Services Paid by
Issuance of Common Stock 439,202 122,000 0
Officers' Salaries Related
to Common Stock Issued 949,023 0 0
Operating Expenses Paid
by Officer 102,816 3,811 0
Loan Fees Related to
Common Stock Issued 810,000 0 0
Write-Down of Screenplays 49,860 0 0
Loss on Fixed Asset Disposal 1,253 0 0
Research and Development 88,000 0 0
Interest Expense 349,745 0 0
Forgiveness of Interest (8,901) 0 0
Maritime Loss 3,462,825 0 0
Forgiveness of Debt (123,994) 0 0
(Increase) Decrease in:
Inventory (5,325) 0 (5,325)
Prepaid Expenses (26,000) (6,747) 0
Notes Receivable (3,000) 0 0
Interest Receivable (25,000) 0 (8,333)
Increase (Decrease) in:
Accounts Payable and Accrued
Expenses 319,284 70,265 31,372
Income Tax Payable 0 0 800
Preferred Stock Subscription 10,000 0 0
Estimated Future Cost of
Discontinued Operations 3,125 0 0
Accounts Payable -
Vintage Group, Inc. 45,574 0 0
---------- --------- ---------
Net Cash (Used) by Operating
Activities (4,982,417) (165,894) (20,812)
---------- --------- ---------
Cash Flows From Investing Activities:
Loans Made (340,757) 0 0
Investments in Marketable Equity Securities (238,550) 0 (22,354)
Proceeds from Sale of Securities 440,743 107,451 0
Sale of Common Stock 13,550 0 0
Investment in Screenplays (40,000) 0 0
Purchase of Furniture and Equipment (19,412) 0 0
Advances to Officers (91,627) 0 (10,519)
Investment in Production (1,925) 0 0
Repayment of Notes Receivable 6,000 0 0
---------- --------- ---------
Net Cash (Used) by Investing
Activities (271,978) 107,451 (32,873)
---------- --------- ---------
Cash Flows From Financing Activities:
Proceeds from Issuance of Common Stock 4,849,326 63,623 35,400
Proceeds from Issuance of Convertible
Preferred Stock 135,003 0 0
Increase in Paid-In Capital 99,866 0 0
Proceeds from Issuance of Convertible
Notes Payable 59,025 0 0
Advances from Officer 159,735 1,000 0
Repayments of Advances from Officer (42,184) (482) 0
---------- --------- ---------
Net Cash Provided By Financing
Activities 5,260,771 64,141 35,400
---------- --------- ---------
Net Increase (Decrease) in Cash 6,376 5,698 (18,285)
Cash at Beginning of Period 4 682 18,936
---------- --------- ---------
Cash at End of Period $ 6,380 $ 6,380 $ 651
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