EXPERT FINANCING & INVESTMENTS, INC. FINANCIAL STATEMENTS. For the 12 MONTHS DECEMBER 31, 2008
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1 FINANCIAL STATEMENTS For the 12 MONTHS DECEMBER 31, 2008 Prepared by: Kim Marks, C.P.A., P.A. Certified Public Accountant 2136 NE 123rd St North Miami, FL Tel: Fax:
2 Kim Marks, C.P.A., P.A NE 123rd St North Miami, FL To the Board of Directors EXPERT FINANCING & INVESTMENTS, INC BISCAYNE BLVD - STE 540 NORTH MIAMI BEACH, FL We have compiled the accompanying balance sheet of EXPERT FINANCING & INVESTMENTS, INC. as of December 31, 2008, and the related statements of income and retained earnings and cash flows for the 12 Months then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Kim Marks, C.P.A., P.A. January 7, 2009
3 BALANCE SHEET As of December 31, 2008 ASSETS CURRENT ASSETS Cash in banks $ 2,195 Total Current Assets 2,195 PROPERTY AND EQUIPMENT Property and equipment 557,905 Net Property and Equipment 557,905 TOTAL ASSETS $ 560,100 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 7,333 Amex - credit card 11,623 Salaries payable 91,000 Total Current Liabilities 109,956 LONG-TERM LIABILITIES Long - term notes payable 106,377 Mortgage Payable - Zions 228,679 Total Long-Term Liabilities 335,056 Total Liabilities 445,012 STOCKHOLDERS' EQUITY Capital Stock 100 Paid in Excess 144,769 Retained Earnings 39,064 Net Income (68,845) Total Stockholders' Equity 115,088 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 560,100 1
4 INCOME STATEMENT 12 Months Ended December 31, 2008 Sales Commission Income $ 318,626 Less Returns & Allowances 0 Total Sales 318,626 Cost of Goods Sold Credit reports,condo fees etc. 10,440 Appraisal fees 525 Commissions 149,493 Total Cost of Goods Sold 160,458 Gross Profit 158,168 Operating Expenses Salaries & wages 91,000 Store rental 3,337 Utilities 4,049 Telephone 8,920 Computer Expense 5,840 Office supplies 1,582 Office expense 94 Advertising expense 15,551 Licenses & taxes 2,620 Insurance-premises 388 Books & subscriptions 1,360 Legal & Accounting 11,200 Postage 2,333 Bank charges 3,044 Maintenance fees-condo 15,019 Repairs - other 1,770 Gas & oil,tolls etc. 867 Meals and entertainment 28,559 Charitible Contributions 75 Misc. expenses 8,837 Total Operating Expenses 206,445 Operating Income (Loss) (48,277) Other Income Interest expense (20,568) Total Other Income (Loss) (20,568) Net Income (Loss) $ (68,845) 2
5 STATEMENT OF CASH FLOWS For the 12 months Ended December 31, CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) $ (68,845) Adjustments to reconcile Net Income (Loss) to net Cash provided by (used in) operating activities: Losses (Gains) on sales of Fixed Assets Decrease (Increase) in 0 Operating Assets: Increase (Decrease) in Operating Liabilities: Accounts Payable (3,500) Accrued Liabilities 64,623 Total Adjustments 61,123 Net Cash Provided By (Used in) Operating Activities (7,722) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds From Sale of Fixed Assets 0 Net Cash Provided By (Used In) Investing Activities 0 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds From Sale of Stock 0 Net Cash Provided By (Used In) Financing Activities 0 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (7,722) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,918 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,195 3
6 STATEMENT OF RETAINED EARNINGS 12 Months Ended December 31, 2008 Beginning of Period $ 39,066 Plus: Net Income $ (68,845) Less: Dividends Paid 0 RETAINED EARNINGS END OF PERIOD $ (29,779) 4
7 Notes to Financial Statements December 31, Accounting Policies These Financial Statements have been prepared in accordance with the Generally Accepted Accounting Principles. A summary of EXPERT FINANCING & INVESTMENTS, INC.'s accounting policies are as follows: Automobiles, Furniture & Fixtures, Equipment and Buildings are stated at cost, less accumulated depreciation or amortization computed on the straight-line method, and are depreciated over their estimated useful lives of three to ten years. The company is a mortgage broker providing clients with mortgages on commercial and personal real property. 2. Property and Equipment Property and Equipment at December 31, 2008 and December 31, 2007 consist of: Building-Condominium $ 499,073 $ 499,073 Store equipment 12,846 12,846 Leasehold improvement 8,204 8,204 Office furn. & fixture 37,782 37, , ,905 $ 557,905 $ 557,905 5
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