Attached files
EXHIBIT 99.1
SIPP INDUSTRIES, INC. | |
CONSOLIDATED BALANCE SHEET | |
Year End December 31, 2010 | |
(Unaudited) |
BALANCE SHEET | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | – | ||
Accounts Receivable | – | |||
Other Receivable | – | |||
Inventory | – | |||
Prepaid Accounts | – | |||
– | ||||
LONG TERM EQUITY INVESTMENT | – | |||
FIXED ASSETS – NBV | – | |||
INTANGIBLE ASSETS – NBV | – | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts Payable and Accrued Liabilities | $ | – | ||
Other Payables | – | |||
Taxes Payable | – | |||
LONG TERM LIABILITIES - | – | |||
– | ||||
SHAREHOLDERS' EQUITY | ||||
CAPITAL STOCK | ||||
Common Stock, authorized shares 260,000,000 | ||||
Issued and outstanding - 44,857,488 @ PV $.001 | 44,857 | |||
Preferred Stock, authorized shares 10,000,000 | ||||
Issued and outstanding - 1,000,000 @ PV $.001 | ||||
Additional Paid In Capital | (44,857 | ) | ||
Deficit | – | |||
$ | – |
1 |
SIPP INDUSTRIES INC. | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
Year End December 31, 2010 | ||||
(Unaudited) |
CASH FLOWS | ||||
Cash flows from operating activities | ||||
Profit/Loss from operations | $ | – | ||
Adjustments to cash flows from operating activities: | ||||
Amortization of goodwill | ||||
Depreciation of fixed assets | – | |||
Cash flows from operating activities | $ | – | ||
Cash flows from investing activities: | ||||
Capital expenditures | ||||
Investment in inventory | ||||
Increase in accounts receivable | – | |||
Decrease in prepaid expenses | – | |||
Cash used in investing activities | $ | – | ||
Cash flows from financing activities: | ||||
Increase in accounts payable and accrued liabilities | – | |||
Increase in paid-in-capital | – | |||
Increase in loans payable | – | |||
Issuance of capital stock | – | |||
Cash Used For financing activities | $ | – | ||
Net increase (decrease) in cash | – | |||
Cash at beginning of period | – | |||
Cash at end of period | $ | – | ||
2 |
SIPP INDUSTRIES INC. | ||||
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS | ||||
Year End December 31, 2010 | ||||
(Unaudited) |
EARNINGS | ||||
REVENUE | ||||
Sales | $ | – | ||
– | ||||
TOTAL SALES | – | |||
COST OF SALES | ||||
Cost of Sales | – | |||
TOTAL COST OF SALES | – | |||
GROSS PROFIT | – | |||
OPERATING EXPENSES | ||||
Administrative Expense | – | |||
Selling Expense | – | |||
– | ||||
OTHER INCOME & EXPENSES | – | |||
PROFIT (LOSS) | 0 | |||
NET PROFIT (LOSS) | 0 | |||
Deficit - Beginning of period | ||||
Deficit - Beginning of period | ||||
3 |
SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
Year End December 31, 2010
(Unaudited)
Common | Stock | PIC | ||||||||||||||||||
Shares | Amount | Amount | R/E | Total | ||||||||||||||||
Opening Bal | 44,857,488 | $ | 44,857 | $ | (44,857 | ) | $ | – | $ | – | ||||||||||
Issuance of stock | 0 | – | – | – | – | |||||||||||||||
Capital Paid In | $ | – | $ | – | – | – | ||||||||||||||
Net Profit/Loss | ||||||||||||||||||||
4 |