EX-1 3 dex1.txt FINANCIAL STATEMENTS
Exhibit 1 ADB Systems International Inc. Consolidated Balance Sheet (expressed in thousands of Canadian dollars) (Canadian GAAP, Unaudited) ---------------------------------------------------------------------------------------------------------------- March 31 March 31 December 31 ---------------------------------------------------------------------- 2002 2002 2001 ---------------------------------------------------------------------- (unaudited) (unaudited) (unaudited) (in US$) translated into US$ at Cdn$ 1.5958 for convenience Cash $ 2,032 $ 1,273 $ 2,557 Marketable securities 580 363 1,658 Other current assets 1,245 780 1,419 Other assets 4,218 2,643 4,958 ---------------------------------------------------------------------- Total assets $ 8,075 $ 5,059 $ 10,592 ====================================================================== Current Liabilities $ 1,501 $ 940 $ 1,695 Short term and long term deferred revenue 812 509 855 Long Term Debt - - 18 Minority Interest 8 5 8 Total shareholders' equity 5,754 3,605 8,016 Total liabilities and ---------------------------------------------------------------------- shareholders' equity $ 8,075 $ 5,059 $ 10,592 ======================================================================
ADB Systems International Inc. Consolidated Statement of Operations (expressed in thousands of Canadian dollars, except per share amounts) (Canadian GAAP, Unaudited) ---------------------------------------------------------------------------------------------------------------------- ----------------------------------------------- Three Months Ended ----------------------------------------------- March 31 ----------------------------------------------- 2002 2002 2001 ----------------------------------------------- translated into US$ at Cdn$ 1.5958 for convenience Gross revenue $ 1,487 $ 932 $ 1,255 Customer acquisition costs $ - - (19) ----------------------------------------------- Net revenue 1,487 932 1,236 ----------------------------------------------- General and administrative $ 1,492 935 $ 2,491 Software development and technology expense $ 1,173 735 987 Sales and marketing costs $ 489 306 1,405 Depreciation and amortization $ 622 390 310 Interest income (18) (11) (113) ----------------------------------------------- 3,758 2,355 5,080 ----------------------------------------------- ----------------------------------------------- Loss from operations $ (2,271) $ (1,423) $ (3,844) =============================================== Realized gains/(losses) on disposals of marketable securities and stategic investments, and recovery of assets $ (102) (64) $ 3,686 Unrealized gains/(losses) on revaluation of marketable securities strategic investments and impairments of assets $ 106 66 $ (451) ----------------------------------------------- $ 4 $ 2 $ 3,235 ----------------------------------------------- ----------------------------------------------- Net Income/(Loss) $ (2,267) $ (1,421) $ (609) =============================================== Earnings/(Loss) per basic share $ (0.06) $ (0.04) $ (0.02) =============================================== Weighted average common shares 38,185 38,185 27,320 =============================================== ----------------------------------------------- Loss per share from operations (0.06) (0.04) (0.14) ===============================================