EX-99.1 3 ex99one.htm 2007 AND 2008 FINANCIAL STATEMENTS

 

 EXHIBIT 99.1 

 

 

FLINT INT’L SERVICES, INC.
Consolidated Balance Sheets
December 31, 2008 and 2007
(Unaudited)      
ASSETS  2008  2007
Current Assets          
    Cash and Cash Equivalents  $13,155   $11,877 
    Accounts Receivable - net   29,160    36,442 
           
Total Current Assets   42,295    48,319 
           
Fixed Assets,  - net   15,509    17,504 
           
Other Assets   7,940    0 
           
TOTAL ASSETS  $65,744   $65,823 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current Liabilities          
    Accounts Payable  $13,465   $6,005 
    Accrued Expenses   57,474    63,517 
    GST Payable   2,228    1,548 
                         Total Current Liabilities   73,167    71,070 
Long-Term Liabilities          
    Amounts Due Shareholder   0    6,142 
Total Long-Term Liabilities   0    6,142 
           
                             TOTAL LIABILITIES   73,167    77,212 
           
           
Shareholders’ Equity          
Preferred Shares, $.001 par value, 20,000,000 shares authorized,          
-0- and -0- shares issued and outstanding   0    0 
Ordinary shares, $.001 par value, 50,000,000 shares authorized,          
7,500,000 and 7,500,000 shares issued and outstanding   7,500    7,500 
Additional Paid-In Capital   21,674    21,674 
Cumulative Translation Adjustment   195    (4,066)
Retained Earnings / Accumulated Deficit   (36,792)   (36,497)
Total Shareholders' Equity   (7,423)   (11,389)
           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $65,744   $65,823 
           
The accompanying notes are an integral part of these consolidated financial statements          

 

 

 

 

 

 

 

 
 

 

 

FLINT INT’L SERVICES, INC

Consolidated Statements of Operations

For The Years Ended December 31, 2008 and 2007

 

 

(Unaudited)      
   2008  2007
           
REVENUES   230,891    275,717 
           
COST OF SALES, inclusive of depreciation of $4,561 and $3,114   161,983    226,042 
GROSS PROFIT   58,908    49,675 
           
OPERATING EXPENSES          
General & Administrative   59,203    53,540 
  TOTAL OPERATING EXPENSES   59,203    53,540 
NET OPERATING INCOME/(LOSS)   (295)   (3,865)
           
NET INCOME/(LOSS)  $(295)  $(3,865)
           
           
EARNINGS PER SHARE, BASIC AND DILUTED          
Weighted Average Number of  Shares Outstanding   7,500,000    7,500,000 
Earnings/(Loss) per Ordinary Share, Basic and Diluted  $(0.00)  $(0.00)
           
           

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

 

 

 
 

 

FLINT INT’L SERVICES, INC.

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2008 and 2007

 

 

(Unaudited)      
   2008  2007
CASH FLOWS FROM OPERATING ACTIVITIES          
Net Income (Loss)  $(295)  $(3,865)
Adjustments to reconcile net income to net cash          
 provided by operating activities:          
  Depreciation Expense   4,561    3,114 
           
  Effect of Foreign Exchange   4,261    (6,264)
Changes in Assets and Liabilities:          
  (Increase)/Decrease in Accounts Receivable   7,282    23,351 
  (Increase)/Decrease Advances Shareholder   0    6,142 
  (Increase)/Decrease Other Assets   (7,940)   0 
  Increase/(Decrease) in Accounts Payable   7,460    (11,744)
  Increase/(Decrease) in Accrued Expenses and GST Payable   (5,363)   11,262 
Net Cash Used From Operating Activities   9,966    21,996 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
           
  Purchase of Fixed Assets   (2,566)   (18,747)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
  Amounts due Shareholder   6,142    0 
           
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS   1,258    3,250 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR   11,877    8,627 
           
CASH AND CASH EQUIVALENTS AT END OF YEAR  $13,135   $11,877 
           
           
SUPPLEMENTAL DISCLOSURES          
Cumulative Translation Adjustment  $4,261   $(6,264)

 

 

The accompanying notes are an integral part of these consolidated financial statements.