EX-99.B 4 v81469ex99-b.txt EXHIBIT (B) EXHIBIT 99.(b) Bycom Media Inc. Financial Statements January 31, 2002
Page ---- Auditor's Report to the Shareholder 2 Balance Sheet 3 Statement of Loss and Deficit 4 Statement of Changes in Cash Flows 5 Notes to Financial Statements 6
------------------------------------------------------------------------------ 2 Wm. Andrew Campbell C.A. Tel.: (416) 363-6273 600 -- 56 Temperance St., Fax: (416) 363-9982 Toronto, Ontario M5H 3V3 Auditor's Report to the Shareholders I have audited the balance sheets of Bycom Media Inc. as at January 31, 2002 and the statements of loss and deficit and changes in cash flows for the period from the date of incorporation, January 30, 2002 to January 31, 2002. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted an audit in accordance with generally accepted auditing standards in Canada. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In my opinion, these financial statements present fairly, in all material respects, the financial position of the Company as at January 31, 2002 and the results of its operations and the changes in its cash flows for the period from the date of incorporation January 30, 2002 to January 31, 2002, in accordance with generally accepted accounting principles in Canada. Chartered Accountant Toronto, Ontario February 17, 2002 Bycom Media Inc. -------------------------------------------------------------------------------- ------------------------------------------------------------------------------ 3 Balance Sheet As at January 31, 2002
2002 ----- Assets Current Cash $ 80 ----- $ 80 ===== Liabilities Current Accounts payable and accrued liabilities $ 750 ----- Total Liabilities 750 ----- Shareholders' Equity Share capital (note 2) 100 Deficit (Page 4) (770) ----- (670) $ 80 =====
Approved on behalf of the Directors: (Signed) Director ------------------------------------------ (Signed) Director ------------------------------------------ See accompanying notes to financial statements Refer to Auditor's Report appearing on Page 2 Bycom Media Inc. Statement of Loss and Deficit -------------------------------------------------------------------------------- ------------------------------------------------------------------------------ 4 For the Period from the date of Incorporation January 30, 2002 to January 31, 2002
2002 ----- Operating Expenses Legal and audit $ 750 Office, general and administration 20 ----- 770 ----- Net (Loss) for the Year (770) (Deficit), Beginning of Period -- ----- Deficit, End of Year $(770) =====
See accompanying notes to financial statements Refer to Auditor's Report appearing on Page 2 Bycom Media Inc. Statement of Changes in Cash Flows For the Period from the date of Incorporation January 30, 2002 to -------------------------------------------------------------------------------- ------------------------------------------------------------------------------ 5 January 31, 2002
2002 ----- Operating Activities Net Loss (Loss) for the Period $(770) Changes in non-cash operating working capital balances: Accounts payable and accrued liabilities 750 ----- (Used in) Operating Activities (20) ----- Financing Activities Issuance of common shares 100 ----- Provided by Investing Activities 100 ----- Increase in Cash 20 Cash, beginning of period -- ----- Cash, End of Year $ 20 =====
See accompanying notes to financial statements Refer to Auditor's Report appearing on Page 2 Bycom Media Inc. Notes to Financial Statements December 31, 2002 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------ 6 1. Nature of Business and Going Concern Considerations Bycom Media Inc. (the "Company") was incorporated under the laws of the Province of Ontario on January 30, 2002. The Company is in the business of investing in significant equity interests in high-technology companies. 2. SHARE CAPITAL (i) Authorized: -An unlimited number of Class A 8%, retractable, voting Class A preference shares: or -An unlimited number of Class B, 6%, retractable, voting Class B preference shares: or -An unlimited number of Class C, 5%, retractable, voting Class C preference shares: and -An unlimited number of Common shares
Number $ ------ --- Issued Common Shares Issued for cash 100 100 --- --- Balance January 31, 2002 100 100 === ===
3. INCOME TAXES No recognition has been given in these financial statements to the potential income tax benefits resulting from exploration, development and administrative expenditures. Future income tax reductions with regards to these expenditures will be recorded at the time of realization. --------------------------------------------------------------------------------