Financial Summary — Confidential
| Description | Amount ($) |
|---|---|
| Revenue | |
| Home Phone | 2,349,422 |
| Mobile | 1,704,136 |
| Fongo Works | 357,418 |
| Internet | 256,437 |
| Wireless | 95,244 |
| Other Revenue | (1,272) |
| Total Revenue | 4,761,385 |
| Cost of Goods Sold | |
| Intercompany Telecom Services | 373,636 |
| Commission Expense | 239,352 |
| Internet (wholesale) | 204,447 |
| Wireless Charges | 123,227 |
| Hosting | 213,662 |
| Freight & Shipping | 74,523 |
| SMS Fees | 42,936 |
| Advertising & Promotion | 41,494 |
| Dry Loop | 3,754 |
| Sales Subscriptions | 795 |
| Total COGS | 1,317,826 |
| Gross Profit | 3,443,559 |
| Operating Expenses | |
| Employment & Benefits | 1,095,688 |
| Consulting & Outsourcing | 930,592 |
| AI Development | 113,634 |
| Development (Outsourcing) | 226,847 |
| Office Rent/Lease | 339,255 |
| Merchant & Bank Fees | 160,635 |
| Professional Fees | 117,668 |
| Dev Hardware & Software | 60,454 |
| Insurance | 57,684 |
| Office Expenses & Supplies | 44,376 |
| CCTS Complaint Fees | 36,063 |
| Repairs & Maintenance | 32,545 |
| Subscriptions & Software | 30,772 |
| Meals & Entertainment | 12,933 |
| Travel & Transport | 10,745 |
| Professional Development | 6,248 |
| General & Admin | 2,066 |
| Communication | 2,054 |
| Motor Vehicle | 1,498 |
| Total Operating Expenses | 3,281,757 |
| Operating Income | 161,802 |
| Other Income (net) | 37,196 |
| Net Income | 198,998 |
| Description | Amount ($) |
|---|---|
| Assets | |
| Current Assets | |
| Cash & Cash Equivalents | 119,774 |
| Accounts Receivable (net) | 133,631 |
| Prepaid Expenses | 854 |
| Deferred Costs (Wireless) | 17,107 |
| Payroll Advance Receivable | 3,750 |
| Total Current Assets | 275,115 |
| Intercompany & Related Party Receivables | |
| Due from Jody Schnarr (Shareholder Loan) | 430,085 |
| Due from Schnarr Family Holdings | 141,470 |
| Government Remittance Receivable | 78,711 |
| Due from Related Party | 410 |
| Total Intercompany Receivables | 650,675 |
| Property, Plant & Equipment | |
| Computer Hardware (net) | 32,179 |
| Computer Equipment | 6,786 |
| Equipment (net) | 98,095 |
| Furniture & Fixtures (net) | 560 |
| Motor Vehicle | 197,625 |
| Total PP&E | 335,246 |
| Intangible Assets (Domain Names) | 30,452 |
| Net Tax Receivable | 104,358 |
| Total Assets | 1,395,846 |
| Liabilities | |
| Current Liabilities | |
| Accounts Payable | 191,862 |
| Credit Card Payable | 2,269 |
| Accrued Liabilities | 48,818 |
| Deferred Revenue | 377,759 |
| Total Current Liabilities | 620,709 |
| Long-term Liabilities | |
| Vehicle Loan | 138,404 |
| Total Long-term Liabilities | 138,404 |
| Total Liabilities | 759,113 |
| Equity | |
| Capital Stock | 2,666,779 |
| Contributed Surplus | 221,892 |
| Accumulated Deficit | (2,470,421) |
| Current Year Net Income | 198,998 |
| Total Equity | 617,248 |
| Total Liabilities & Equity | 1,376,361 |