Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - US WIRELESS ONLINE INC | uswireless_8k.htm |
| EX-99.2 - DECEMBER 31, 2012 YEAR END FINANCIAL STATEMENT - US WIRELESS ONLINE INC | uswireless_8k-ex9902.htm |
Exhibit 99.1
| U.S. WIRELESS ONLINE, INC. | |
| CONSOLIDATED BALANCE SHEET | |
| Year End December 31, 2011 | |
| (Unaudited) |
BALANCE SHEET
ASSETS
| CURRENT ASSETS | ||||
| Cash | $ | – | ||
| Accounts Receivable | – | |||
| Other Receivable | – | |||
| Inventory | – | |||
| Prepaid Accounts | – | |||
| – | ||||
| LONG TERM EQUITY INVESTMENT | – | |||
| FIXED ASSETS – NBV | 155,200.00 | |||
| INTANGIBLE ASSETS – NBV | 19,998.00 | |||
| $ | 175,198.00 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES | ||||
| Accounts Payable and Accrued Liabilities | $ | 11,500.00 | ||
| Other Payables | 396,500.00 | |||
| Taxes Payable | – | |||
| $ | 408,000 | |||
| LONG TERM LIABILITIES - | – | |||
| 408,000.00 | ||||
| SHAREHOLDERS' EQUITY | ||||
| CAPITAL STOCK | ||||
| Common Stock, authorized shares 100,000,000 | ||||
| Issued and outstanding - 5,06,5205 @ PV $.001 | 5,065 | |||
| Preferred Stock-25,000 @ PV .001 | ||||
| Issued and outstanding - 1,000,000 @ PV $.001 | 1,000 | |||
| Additional Paid In Capital | 2,049,756 | |||
| Deficit | (2,288,623.00 | ) | ||
| (232,802.00 | ) | |||
| $ | (175,198.00 | ) |
| 1 |
|
U.S. WIRELESS ONLINE, INC. | ||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
| Year End December 31, 2011 | ||||
| (Unaudited) |
| CASH FLOWS | ||||
| Cash flows from operating activities | ||||
| Profit/Loss from operations | $ | (241,527.00 | ) | |
| Adjustments to cash flows from operating activites: | ||||
| Amortization of goodwill | ||||
| Depreciation of fixed assets | – | |||
| Cash flows from operating activities | $ | (241,527.00 | ) | |
| Cash flows from investing activities: | ||||
| Capital expenditures | 175,198 | |||
| Investment in inventory | ||||
| Increase in accounts receivable | – | |||
| Decrease in prepaid expenses | – | |||
| Cash used in investing activities | $ | 175,198.00 | ||
| Cash flows from financing activities: | ||||
| Increase in accounts payable and accrued liabilities | 11,500.00 | |||
| Increase in paid-in-capital | 8,725.00 | |||
| Increase in loans payable | 396,500.00 | |||
| Issuance of capital stock | – | |||
| Cash Used For financing activities | $ | 416,725.00 | ||
| Net increase (decrease) in cash | – | |||
| Cash at beginning of period | – | |||
| Cash at end of period | $ | – |
| 2 |
| U.S. WIRELESS ONLINE, INC. | ||||
| CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS | ||||
| Year End December 31, 2011 | ||||
| (Unaudited) |
| EARNINGS | ||||
| REVENUE | ||||
| Sales | $ | – | ||
| – | ||||
| TOTAL SALES | – | |||
| COST OF SALES | ||||
| Cost of Sales | – | |||
| TOTAL COST OF SALES | – | |||
| GROSS PROFIT | – | |||
| OPERATING EXPENSES | ||||
| Administrative Expense | 235,027.00 | |||
| Selling Expense | 6,400.00 | |||
| (241,527.00 | ) | |||
| OTHER INCOME & EXPENSES | – | |||
| PROFIT (LOSS) | (241,527 | ) | ||
| NET PROFIT (LOSS) | 0 | |||
| -241527 | ||||
| Deficit - Beginning of period | -2047906 | |||
| Deficit - End of period | -2288623 |
| 3 |
|
U.S. WIRELESS ONLINE, INC. | ||||||
| CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY | ||||||
| Year End December 31, 2011 | ||||||
| (Unaudited) |
| Preferred | Stock | Common | Stock & PUC | |||||||||||||||||||||
| Shares | Amount | Shares | Amount | R/E | Total | |||||||||||||||||||
| Openning Bal | 1,000,000 | $ | 1,000 | 1,862,096,640 | $ | 1,861,997 | $ | (2,047,896.00 | ) | $ | (185,099 | ) | ||||||||||||
| Issuance of stk | 1,857,031,435 | 192,824 | 192,824 | |||||||||||||||||||||
| Capital Paid In | – | |||||||||||||||||||||||
| – | – | – | ||||||||||||||||||||||
| Net Profit/Loss | $ | (241,527 | ) | $ | (241,527 | ) | ||||||||||||||||||
| Bal June 2010 | 1,000,000 | $ | 1,000 | 5,065,205 | 2,054,821 | $ | –2,288,623 | $ | (232,802 | ) | ||||||||||||||
NOTE 1. GENERAL ORGANIZATION AND BUSINESS ISSUES
The company was administratively abandoned and reinstated in March 2010 through a court appointed guardian - custodian.
On May 14, 2010, the company announced that it had completed its merger with Go Green Electronic Recycling, a US based recycling company.
In September 2011, Go Green Electronics, in agreement with U.S. Wireless Online, Inc. rescinded its merger agreement and returned to private company status.
The company is reviewing its current merger candidates.
Signed
Rajesh Babaria, CEO
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