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Transaction No 1 2 3 4 5 6 7 8 9 10 Total Telly

Cash $ 375,000 $ (7,500) $ (62,500) $ (75,000)

Account Receivable

Assets Supplier Final Inventory Inventory

Patent $ 125,000

Equipment

$ $ 75,000

62,500

$ 230,000 $

75,000 $

$ 125,000 $ 62,500 $ 492,500

Liabilities Accounts Bond Payable Payable

Equity Common Stock $ 125,000 $ 375,000 $ Comments Expense Revenue Alexander patent Investor Legal Fee Machinary Purchase of Rawmaterial

(7,500)

$ 500,000 $

(7,500) $ $ 492,500

Chemalite Inc. Balance Sheet as on June 30, 2003 Assets Current Assets Cash Supplier Inventory Current Assets Equipment Liabilities $ 230,000 Total Liabilities $ 75,000 Owners Equity $ 305,000 Common Stocks $ 62,500 Retained Earnings Total OE $ 367,500 Total L + OE $ -

$ 375,000 $ (7,500) $ 367,500 $ 367,500

Total Assets

Transaction No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Total Telly

Cash

Account Receivable

Supplier Inventory

Assets Final Inventory $

Patent 125,000

$ 375,000 $ (7,500) $ (62,500) $ (75,000) $ (23,750) $ 685,000 $ $ (175,000) $ (22,500) $ (350,000) $ (80,000) $ (150,000) $ 50,000 $ (750) $ (50,000)

$ 69,500

75,000

$ 175,000

$ (195,000)

113,000 $

69,500 $

55,000 $

125,000

ets Accumulated Depreciation Equipment

Liabilities Accounts Notes Payable Payable

Equity Common Stock $ 125,000 $ 375,000 $ Expense Revenue

(7,500)

62,500 $ (23,750) $ $ (22,500) $ (350,000) $ (80,000) 754,500

150,000 $ 50,000 $ $ (50,000) (750)

(7,500)

$ (7,500) $ (195,000)

(7,500) $ $

212,500 $ 567,500 -125000

500,000 $ (687,000) $ $

754,500 567,500

Comments Alexander patent Investor Legal Fee Machinary Purchase of Rawmaterial Prototype Revenue TV Ads and Marketing Expense Manufacturing Cost Corporate Salaries Additional Machinary Borrowed Interest Expense Paid of Loan Depreciation Cost of goods sold

Chemalite Inc. Balance Sheet as on June 30, 2003 Assets Current Assets Cash A/R Supplier Inventory Current Assets Equipment Depreciation Total Assets Liabilities $ 113,000 Total Liabilities $ 69,500 $ 55,000 Owners Equity $ 237,500 Common Stocks $ 212,500 Retained Earnings $ (7,500) Total OE $ 442,500 Total L + OE $ -

$ 375,000 $ 67,500 $ 442,500 $ 442,500

Chemalite Inc., Consolidated Statement of Income for Period Ended Dec 31, 2003 Net Sales Cost of goods sold Gross Profit Operating Expenses Legal Fee Prototype Fees Marketing Expesne General and Administrative Total Operating Expensese Earning before Interest, Tax, Depreciation (EBITDA) Depreciation Expense Earning before Interest and Tax (EBIT) Interest income (expense) Interest and investment income Interest expense Interest Net Earning before Income Tax (PBT) Income Tax Net Income (NI) Common shares outstanding Earning per share Common shares outstanding assuming dilution Diluted Earnings per share 754,500 545,000 209,500 7,500 23,750 22,500 80,000 133,750 75,750 7,500 68,250 (750) (750) 67,500 67,500 375,000 0.1800 500,000 0.1350