Quarterly Income Statement
| 2001 | 2002 | 2003 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Revenues | ||||||||||||
| Subscriber Revenues | 185,000 | 270,000 | 360,000 | 450,000 | 540,000 | 630,000 | 720,000 | 810,000 | 900,000 | 990,000 | 1,080,000 | 1,170,000 |
| Variable Revenues | 532,580 | 812,698 | 1,132,782 | 1,480,413 | 2,043,182 | 2,492,400 | 2,978,394 | 3,503,587 | 4,477,600 | 5,150,187 | 5,874,877 | 6,655,027 |
| Total Revenues | 717,580 | 1,082,698 | 1,492,782 | 1,930,413 | 2,583,182 | 3,122,400 | 3,698,394 | 4,313,587 | 5,377,600 | 6,140,187 | 6,954,877 | 7,825,027 |
| Operating Expenses | ||||||||||||
| Bank Fee | 96,452 | 122,055 | 170,067 | 222,212 | 306,627 | 374,010 | 446,909 | 525,688 | 671,790 | 772,678 | 881,382 | 998,404 |
| Technical Staff | 297,500 | 297,500 | 340,000 | 340,000 | 382,500 | 382,500 | 410,833 | 425,000 | 495,000 | 495,000 | 540,000 | 540,000 |
| SG&A | 308,333 | 315,333 | 332,750 | 353,417 | 403,667 | 411,000 | 435,833 | 439,500 | 588,167 | 595,500 | 602,833 | 606,500 |
| Rent | 15,000 | 15,000 | 15,000 | 15,000 | 22,500 | 22,500 | 22,500 | 22,500 | 36,000 | 36,000 | 36,000 | 36,000 |
| Consulting & Legal | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | 45,0OO |
| Depreciation | 73,088 | 83,350 | 93,767 | 104,183 | 114,594 | 123,843 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 |
| Total Expenses | 835,373 | 878,238 | 996,584 | 1,079,812 | 1,274,888 | 1,358,853 | 1,486,076 | 1,582,688 | 1,960,957 | 2,069,178 | 2,230,215 | 2,350,904 |
| EBIT | (117,793) | 204,460 | 496,198 | 850,601 | 1,308,294 | 1,763,548 | 2,212,319 | 2,730,899 | 3,416,643 | 4,071,009 | 4,724,662 | 5,474,123 |
| Interest Income | - | - | - | - | - | 5,274 | 28,809 | 49,414 | 73,679 | 103,149 | 137,786 | 178,060 |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Income (Expense) | - | - | - | - | - | 5,274 | 28,809 | 49,414 | 73,679 | 103,149 | 137,786 | 178,060 |
| Pretax | (117,793) | 204,460 | 496,198 | 850,601 | 1,308,294 | 1,768,822 | 2,241,128 | 2,780,313 | 3,490,322 | 4,174,158 | 4,862,449 | 5,652,183 |
| Tax | - | 81,784 | 198,479 | 340,240 | 523,317 | 707,529 | 896,451 | 1,112,125 | 1,396,129 | 1,669,663 | 1,944,980 | 2,260,873 |
| Taxes - Net of NOL* | - | - | - | - | - | - | 320,547 | 1,112,125 | 1,396,129 | 1,669,663 | 1,944,980 | 2,260,873 |
| Net Income | (117,793) | 204,460 | 496,198 | 850,601 | 1,308,294 | 1,768,822 | 1,920,580 | 1,668,188 | 2,094,193 | 2,504,495 | 2,917,469 | 3,391,310 |
Note Actual Taxes computed net of historical Operating losses.
Quarterly Balance Sheet
| 2001 | 2002 | 2003 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Cash & Equivalents | (3,546,631) | (3,387,502) | (2,925,904) | (2,100,032) | (807,483) | 954,904 | 2,870,563 | 4,532,663 | 6,618,996 | 9,115,978 | 12,026,056 | 15,408,817 |
| Marketable Securities | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | 9,143 | 13,505 | 18,161 | 23,129 | 30,641 | 36,764 | 43,306 | 50,291 | 62,493 | 71,154 | 80,406 | 90,286 |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - |
| Net PPE | 623,904 | 665,554 | 696,787 | 717,604 | 728,009 | 729,167 | 729,167 | 729,167 | 729,167 | 729,167 | 729,167 | 729,167 |
| Intangible | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Assets | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | (2,913,585) | (2,708,443) | (2,210,956) | (1,359,299) | (48,833) | 1,720,835 | 3,643,035 | 5,312,121 | 7,410,655 | 9,916,299 | 12,835,628 | 16,228,270 |
| Notes Payable | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | 9,328 | 10,009 | 11,298 | 12,353 | 14,526 | 15,372 | 16,992 | 17,890 | 22,231 | 23,380 | 25,240 | 26,572 |
| Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 9,328 | 10,009 | 11,298 | 12,353 | 14,526 | 15,372 | 16,992 | 17,890 | 22,231 | 23,380 | 25,240 | 26,572 |
| Shareholder Equity | (2,922,912) | (21718,452) | (2,222,254) | (1,371,653) | (63,359) | 1,705,463 | 3,626,043 | 5,294,231 | 7,388,424 | 9,892,919 | 12,810,388 | 16,201,698 |
| Total Liabilities & Shareholder Equity | (2,913,585) | (2,708,443) | (2,210,956) | (1,359,299) | (48,833) | 1,720,835 | 3,643,035 | 5,312,121 | 7,410,655 | 9,916,299 | 12,835,628 | 16,228,270 |
Quarterly Cash Flow Statement
| 2001 | 2002 | 2003 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Cash flows from operating activities | ||||||||||||
| Net Income* | (117,793) | 204,460 | 496,198 | 850,601 | 1,308,294 | 1,768,822 | 1,920,580 | 1,668,188 | 2,094,193 | 2,504,495 | 2,917,469 | 3,391,310 |
| Depreciation | 73,088 | 83,350 | 93,767 | 104,183 | 114,594 | 123,843 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 |
| Change in A/R | (3,247) | (4,363) | (4,656) | (4,968) | (7,512) | (6,124) | (6,541) | (6,986) | (12,201) | (8,661) | (9,252) | (9,881) |
| Change in A/P | 1,445 | 681 | 1,289 | 1,055 | 2,173 | 846 | 1,620 | 898 | 4,341 | 1,149 | 1,860 | 1,332 |
| Other Changes | - | - | - | - | - | - | - | - | - | - | - | - |
| Net cash (used) provided in operating activities | (46,508) | 284,129 | 586,599 | 950,871 | 1,417,549 | 1,887,387 | 2,040,659 | 1,787,100 | 2,211,333 | 2,621,983 | 3,035,077 | 3,507,761 |
| Cash flows from investing activities | ||||||||||||
| Expenditures for PPE | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 |
| Net cash used in investing activities | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 |
| Cash flows from financing activities | - | - | - | - | - | - | - | - | - | - | - | - |
| Proceed from investors | - | - | - | - | - | - | - | - | - | - | - | - |
| Borrowings of notes payable | - | - | - | - | - | - | - | - | - | - | - | - |
| Repayments of borrowings | - | - | - | - | - | - | - | - | - | - | - | |
| Net cash provided by financing activities | - | - | - | - | - | - | - | - | - | - | - | - |
| Net increase (decrease) in cash and cash equivalents | (171,508) | 159,129 | 461,599 | 825,871 | 1,292,549 | 1,762,387 | 1,915,659 | 1,662,100 | 2,086,333 | 2,496,983 | 2,910,077 | 3,382,761 |
| Cash and cash equivalents, beginning of period | (3,375,123) | (3,546,631) | (3,387,502) | (2,925,904) | (2,100,032) | (807,483) | 954,904 | 2,870,563 | 4,532,663 | 6,618,996 | 9,115,978 | 12,026,056 |
| Cash and cash equivalents, end of period | (3,546,631) | (3,387,502) | (2,925,904) | (2,100,032) | (807,483) | 954,904 | 2,870,563 | 4,532,663 | 6,618,996 | 9,115,978 | 12,026,056 | 15,408,817 |
*Note: Cash effect of ongoing NOL are reflected in NI
| ePower Systems | ||
| Table of Contents | Appendices | |
|
1. Executive Summary 2. The Industry 3. Company Description 4. ePower's Services 5. Market Research 6. Marketing Strategies 7. Management 8. Financial Plan |
Technology Monthly Financials Quarterly Financials Annual Financials | |
| All information herein is confidential and belongs to ePower Systems | ||