Die Bilanz ist ja grausam! Wie haben die das im letzten Quartal geschafft
das die Einahmen kleiner sind als der Wahreneinsatz?
Nicht schlecht... ca. 9000 Miese
Ohne die ständigen Aktienausgaben wäre der Laden schon längst dicht.
Nun gut vielleicht schaffen sie ja doch den Turnaround. Die letzten Meldungen
sind ja posetiv. Und scheinbar wurden auch ein paar Leute eingestellt.
Die Löhne sind ja hochgeschossen im Vergleich zum Vorquartal.
Mich würde jetzt mal interessieren wieviel Cash momentan noch da ist und wann die
nächsten Aktien auf dem Markt kommen.
Current Assets
Cash $ 2,376
Accounts receivable, net of allowance for doubtful accounts of $19,273 268,463
Prepaid Insurance 4,119
Inventory 166,843
-----------
Total Current Assets 441,801
Property and equipment, net of $112,444 accumulated depreciation 92,630
-----------
TOTAL ASSETS $ 534,431
===========
LIABILITIES AND STOCKHOLDER'S DEFICIT
Current Liabilities
Accounts Payable $ 260,453
Accrued Expenses 89,847
Accrued Salaries - officers 344,592
Advances - stockholders 270,629
Notes Payable - related party 218,000
Current Portion of Long term debt 14,667
-----------
Total current liabilities 1,198,188
Notes Payable, net of current maturities 36,991
-----------
TOTAL LIABILITIES 1,235,179
-----------
Commitments
STOCKHOLDER'S DEFICIT
Series A preferred stock, $.001 par value, 500,000,000 shares authorized
9,750,000 shares issued and outstanding 9,750
Series B preferred stock, $.001 par value, 30,000,000 shares authorized
30,000,000 shares issued and outstanding 30,000
Common stock, $.001 par value, 3,000,000,000 shares authorized,
214,013,599 shares issued and outstanding 214,014
Additional paid in capital 4,998,266
Retained Earnings (5,952,778)
-----------
Total Stockholder's deficit (700,748)
-----------
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 534,431
===========
2
10QSB 4th Page of 15 TOC 1st Previous Next Bottom Just 4th
MARMION INDUSTRIES CORP.
STATEMENTS OF OPERATIONS
Three Months and Nine Months Ending September 30, 2005, and 2004
(Unaudited)
· Enlarge/Download Table
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
------------ --------- ------------ -----------
Revenues $ 505,908 $ 349,079 $ 1,955,853 $ 742,738
Cost of sales 514,943 241,152 1,614,183 550,333
------------ --------- ------------ -----------
Gross profit (9,035) 107,927 341,670 192,405
------------ --------- ------------ -----------
Cost and expenses
Salaries and employee benefits 883,125 164,824 1,086,059 431,185
General and administrative 868,298 627,462 1,373,422 1,032,331
------------ --------- ------------ -----------
Total costs and expenses 1,751,423 792,286 2,459,481 1,463,516
------------ --------- ------------ -----------
Other Income:
Gain/(loss) on sale of assets 1,814 1,814 --
------------ --------- ------------ -----------
Net loss $ (1,758,644) $(684,359) $ (2,115,997) $(1,271,111)
============ ========= ============ ===========
Net loss per shares $ (0.03) $(3,055.17) $ (0.08) $(13,968.25)
============ ========= ============ ===========
Weighted average shares outstanding:
Basic and diluted 65,459,072 224 24,923,265 91
============ ========= ============ ===========
3
10QSB 5th Page of 15 TOC 1st Previous Next Bottom Just 5th
MARMION INDUSTRIES CORP.
STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2005 and 2004
(UNAUDITED)
· Download Table
2005 2004
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITES
Net Loss $(2,115,997) $(1,271,111)
Adjustments to reconcile net loss to cash used in
operating activities:
Gain on sale of fixed assets (1,814) --
Depreciation and amortization 23,646 23,679
Common stock issued for services 1,064,710 438,200
Preferred stock issued for services 6,000 --
Stock Options 85,356
Changes in assets and liabilities
Accounts Receivable (128,287) 32,306
Prepaid expenses and other assets (4,119) --
Inventory (44,932) --
Accounts Payable (87,791) 89,830
Accrued Expenses 44,609 15,971
Accrued Salaries - officers -- --
----------- -----------
CASH FLOWS USED IN OPERATING ACTIVITIES (1,243,975) (585,769)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash received in recapitalization -- 4,477
Proceeds from sale of property and equipment 18,500 --
Capital expenditures (37,762) (3,466)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES (19,262) 1,011
----------- -----------
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds of exercise of common stock options 1,278,053 549,286
Advances - stockholder, net 13,000 (60,125)
Proceeds from notes payable - related party -- 255,000
Repayment from notes payable - related party (57,000) (200,000)
Proceeds from notes payable 22,292 --
Repayment of notes payable (16,324) (11,908)
----------- -----------
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,240,021 532,253
NET INCREASE(DECREASE) IN CASH (23,216) (52,505)
Cash, beginning of period 25,592 78,862
----------- -----------
Cash, end of period $ 2,376 $ 26,357
=========== ===========
SUPPLEMENTAL DISCLOSURES
Interest paid $ 10,153 $ 2,119
=========== ===========
Income taxes $ -- $ --
=========== ===========
4
10QSB 6th Page of 15 TOC 1st Previous Next Bottom Just 6th
. MARMION INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited financial statements of Marmion Industries Corp.,
(the "Company") have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-QSB and Regulation S-B. Accordingly, they do not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation (consisting of normal
recurring accruals) have been included. The preparation of financial statements
in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Operating results expected for the nine months ended September 30, 2005 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2005. For further information, refer to the financial statements
and footnotes thereto included in the Company's Annual Report on Form 10-KSB for
the year ended December 31, 2004.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company has suffered from
recurring losses from operations, and has a negative working capital and
shareholder deficiency as of September 30, 2005. These factors raise substantial
doubt as to the Company's ability to continue as a going concern. Management
expects to incur additional losses in the foreseeable future and recognizes the
need to raise capital to achieve their business plans. The financial statements
do not include any adjustments that might be necessary should the Company be
unable to continue as a going concern.
NOTE 2 - STOCK BASED COMPENSATION
The Company accounts for its employee stock-based compensation plans under
Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock Issued
to Employees. Marmion Air granted 118,596,843 options to purchase common stock
to employees in the nine months ending September 30, 2005. All options vest
immediately, have an exercise price of 85 percent of market value on the date of
grant and expire 10 years from the date of grant. Marmion Air recorded
compensation expense of $849,162 under the intrinsic value method during the
nine months ended September 30, 2005
The following table illustrates the effect on net loss and net loss per share if
Marmion Air had applied the fair value provisions of FASB Statement No. 123,
Accounting for Stock-Based Compensation, to stock-based employee compensation.
Nine Months Ended
September 30,
2005 2004
----------- -----------
Net income (loss) available to
common stockholders, as reported $(2,115,997) $(1,271,111)
Add: stock based compensation
determined under intrinsic value
based method 849,162 85,356
Less:stock based compensation
determined under fair value
based method (849,162) (403,863)
----------- -----------
Pro forma net loss $(2,115,997) $(1,589,618)
=========== ===========
Basic and diluted net income
(loss) per share:
As reported $ (0.03) $(13.968.25)
=========== ===========
Pro forma $ (0.03) $(17,468.33)
=========== ===========
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