Consolidated Income Statement
| 1999 | 2000 | 2001 | 2002 | 2003 | |
| Revenues | |||||
| Subscriber Revenues | - | 240,000 | 1,265,000 | 2,700,000 | 4,140,000 |
| Variable Revenues | - | 578,600 | 3,958,473 | 11,017,564 | 22,157,691 |
| Total Revenues | - | 818,600 | 5,223,473 | 13,717,564 | 26,297,691 |
| Operating Expenses | |||||
| Bank Fee | 350 | 127,327 | 610,786 | 1,653,235 | 3,324,254 |
| Technical Staff | 306,250 | 953,333 | 1,275,000 | 1,600,833 | 2,070,000 |
| SG&A | 372,500 | 993,083 | 1,309,833 | 1,690,000 | 2,393,000 |
| Rent | - | 36,000 | 60,000 | 90,000 | 144,000 |
| Consulting & Legal | 420,000 | 195,000 | 180,000 | 180,000 | 180,000 |
| Depreciation | 34,342 | 189,433 | 354,388 | 488,437 | 500,000 |
| Total Expenses | 1,133,442 | 2,494,177 | 3,790,007 | 5,702,505 | 8,611,254 |
| EBIT | (1,133,442) | (1,675,577) | 1,433,466 | 8,015,059 | 17,686,438 |
| Interest Income | 0 | - | - | 83,497 | 492,674 |
| Interest Expense | - | - | - | - | - |
| Net Interest Income (Expense) | 0 | - | - | 83,497 | 492,674 |
| Pretax | (1,133,442) | (1,675,577) | 1,433,466 | 8,098,556 | 18,179,111 |
| Taxes - Net of NOL* | - | - | - | 1,432,672 | 7,271,644 |
| Net Income | (1,133,442) | (1,675,577) | 1,433,466 | 6,665,884 | 10,907,467 |
| Net Margin | - | -205% | 27% | 49% | 41% |
*Note: Actual Taxes computed net of historical operating losses.
Consolidated Balance Sheet
| 1999 | 2000 | 2001 | 2002 | 2003 | |
| Cash & Equivalents | (1,384,592) | (3,375,123) | (2,100,032) | 4,532,663 | 15,408,817 |
| Marketable Securities | - | - | - | - | - |
| Accounts Receivable | - | 5,895 | 23,129 | 50,291 | 90,286 |
| Inventory | - | - | - | - | - |
| Net PPE | 261,425 | 571,991 | 717,604 | 729,167 | 729,167 |
| Intangible | - | - | - | - | - |
| Other Assets | - | - | - | - | - |
| Total Assets | (1,123,167) | (2,797,236) | (1,359,299) | 5,312,121 | 16,228,270 |
| Notes Payable | - | - | - | - | - |
| Accounts Payable | 6,375 | 7,883 | 12,353 | 17,890 | 26,572 |
| Other Liabilities | - | - | - | - | - |
| Total Liabilities | 6,375 | 7,883 | 12,353 | 17,890 | 26,572 |
| Shareholder Equity | (1,129,542) | (2,805,119) | (1,371,653) | 5,294,231 | 16,201,698 |
| Total Liabilities & Shareholder Equity | (1,123,167) | (2,797,236) | (1,359,299) | 5,312,121 | 16,228,270 |
Consolidated Cash Flow Statement
| 1999 | 2000 | 2001 | 2002 | 2003 | |
| Cash flows from operating activities | |||||
| Net Income* | (1,133,442) | (1,675,577) | 1,433,466 | 6,665,884 | 10,907,467 |
| Depreciation | 34,342 | 189,433 | 354,388 | 488,437 | 500,000 |
| Change in A/R | - | (5,895) | (17,234) | (27,162) | (39,995) |
| Change in A/P | 6,375 | 1,508 | 4,470 | 5,537 | 8,683 |
| Other Changes | - | - | - | - | - |
| Net cash (used) provided in operating activities | (1,092,725) | (1,490,531) | 1,775,090 | 7,132,695 | 11,376,154 |
| Cash flows from investing activities | |||||
| Expenditures for PPE | 295,767 | 500,000 | 500,000 | 500,000 | 500,000 |
| Net cash used in investing activities | 295,767 | 500,000 | 500,000 | 500,000 | 500,000 |
| Cash flows from financing activities | |||||
| Proceed from investors | 3,900 | - | - | - | - |
| Borrowings of notes payable | - | - | - | - | - |
| Repayments of borrowings | - | - | - | - | - |
| Net cash provided by financing activities | 3,900 | - | - | - | - |
| Net increase (decrease) in cash and cash equivalents | (1,384,592) | (1,990,531) | 1,275,090 | 6,632,695 | 10,876,154 |
| Cash and cash equivalents, beginning of period | - | (1,384,592) | (3,375,123) | (2,100,032) | 4,532,663 |
| Cash and cash equivalents, end of period | (1,384,592) | (3,375,123) | (2,100,032) | 4,532,663 | 15,408,817 |
| MAX CASH DRAW | (3,546,631) | - | - | - | - |
*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 | ||