MADISON ENTERPRISES
QUARTERLY REPORT
APRIL 30, 1999
[Unaudited]
SCHEDULE A
CONSOLIDATED FINANCIAL INFORMATION
Madison Enterprises
Consolidated Balance Sheet as at April 30, 1999
DEFERRED RESOURCE PROPERTY EXPENDITURES BREAKDOWN
for the year ended April 30, 1999
| |
|
1999 |
1998 |
| ASSETS |
| Current |
| |
Cash and term deposits |
$ 2,796,983 |
$ 3,078,529 |
| |
Joint venture's cash |
- |
794,602 |
| |
Accounts receivable |
407,322 |
37,415 |
| |
Prepaid expense |
41,369 |
93,424 |
| |
|
3,245,674 |
4,003,970 |
| |
| Resource properties |
27,252,267 |
18,197,904 |
| Capital assets, net |
198,120 |
58,172 |
|
$ 30,696,061 |
$22,260,046 |
| LIABILITIES |
| Current |
| |
Accounts payable |
$ 940,964 |
$ 375,831 |
| |
Advamce from joint venture |
- |
794,602 |
|
940,964 |
1,170,433 |
| SHAREHOLDER'S EQUITY |
| Capital stock |
37,483,699 |
27,439,932 |
| Deficit |
(7,728,602) |
(6,350,319) |
|
29,755,097 |
21,089,613 |
|
$ 30,696,061 |
$ 22,260,046 |
|
Approved by the Board
Director: "Chet Idziszek"
Director: "James G. Stewart"
Unaudited
Prepared by Management
CONSOLIDATED STATEMENT OF LOSS
for the six months ended April 30, 1999
| |
|
1999 |
1998 |
| Revenue |
| |
Property Revenue |
$ 132,671 |
$ 49,018 |
| |
Interest |
116,162 |
77,658 |
|
248,833 |
126,676 |
| Expenses |
| |
Accounting and audit |
5,467 |
7,044 |
| |
Bank charges and interest |
1,900 |
929 |
| |
Capital tax |
- |
18,934 |
| |
Consulting fees |
31,765 |
36,000 |
| |
Depreciation |
35,767 |
8,655 |
| |
Filing fees |
3,031 |
5,150 |
| |
Foreign exchange loss (gain) |
162,042 |
(271,551) |
| |
Insurance |
29,757 |
33,415 |
| |
Legal fees |
47,387 |
46,754 |
| |
Office and rent |
147,062 |
86,704 |
| |
Shareholder's information |
10,035 |
33,415 |
| |
Transfer agent's fees |
4,591 |
6,680 |
| |
Travel and public relations |
72,075 |
906,208 |
| |
Wages |
165,521 |
147,663 |
| |
716,400 |
1,066,563 |
| |
| Net loss for the period |
$ (467,567) |
$ (939,887) |
| |
| Loss per share |
$ (0.02) |
$ (0.06) |
|
Unaudited
Prepared by Management
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POITION
for the six months ended April 30, 1999
| |
|
1998 |
1997 |
| Operating activities |
| |
Net loss for the period |
$ (467,567) |
$ (939,887) |
| |
Item not involving cash |
| |
Depreciation |
35,767 |
8,655 |
| |
Change in non-cash operating working capital |
(315,946) |
524,817 |
| |
(747,746) |
(406,415) |
| |
| Financing actitity |
| |
Capital stock issued for cash |
- |
660,000 |
| |
| Investing activities |
| |
Resource property expenditures |
(4,458,585) |
(3,505,717) |
| |
Purchase of capital assets |
(37,251) |
(9,270) |
| |
(4,495,836) |
(3,514,987) |
| Decrease in cash and term deposits during the period |
(5,243,582) |
(3,261,402) |
| Cash and term deposits at beginning of period |
8,040,565 |
6,339,931 |
| Cash and term deposits at end of period |
$ 2,796,983 |
$ 3,078,529 |
|
Unaudited
Prepared by Management
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