Universal Property Development Corporation (fka UPDV)

[S-BEES-BUMBLEBEE]

CONTINENTAL FUELS, INC.
Unaudited Consolidated Statement of Operations
For the Three and Six Months Ended June 30, 2008 and 2007











Consolidated Statements of Operations

For the Three Months/ For the Three Months/ For the Six Months/ For the Six Months
Ended June 30, 2008/ Ended June 30, 2007/ Ended June 30, 2008/ Ended June 30, 2007

REVENUE

Product revenue
$ 36,567,168/ $ 5,783,701/ $ 51,231,135/ $ 5,783,701

COST OF SALES

Cost of product revenue
34,552,685/ 5,384,544/ 48,031,181/ 5,384,544

GROSS PROFIT
2,014,483/ 399,157/ 3,199,954/ 399,157

General & administrative expenses:

Consulting fees and services
53,708 267,092 154,923 289,342

Payroll and related benefits
689,874 - 1,300,227 -

Selling and marketing expenses
- 375,000 6,249 525,000

Depreciation expense
167,669 - 338,713 6,731

General & administrative expenses
858,479 319,200 1,673,920 337,365

Total operating expenses
1,769,730 961,292 3,474,032 1,158,438

INCOME (LOSS) FROM OPERATIONS
244,753 (562,135) (274,078) (759,281)

Other (expense) income:

Amortization of deferred loan costs:

Loan origination fees incurred to Sheridan
and legal and other costs to others
(79,935) - (160,540) -

Warrants to purchase Company common stock issued
to Sheridan on Geer Tank Trucks, Inc. acquisition
(222,384) - (444,768) -

Interest expense, net
(427,448) (113,964) (851,277) (125,011)

Debt conversion costs
- (52,688,590) - (52,688,590)

Gain on sale of Company net assets to a former officer/director predecessor entity
- - - 114,963

Financing fees incurred to RAKJ Holdings related to Company Oil and Gas purchases
(185,447) - (185,447) -

Other expense
1,836 - 1,836 -

Total (expense) income
$ (913,378) $ (52,802,554) $ (1,640,196) $ (52,698,638)

Loss before provision for income taxes
(668,625) (53,364,689) (1,914,274) (53,457,919)

Provision for income taxes
- - - -

Net loss
(668,625) (53,364,689) (1,914,274) (53,457,919)

Add, 25% minority interest in net loss of Agencia Fiduciaria Aequitas N.V.

(Continental A.V.V.) subsidiary
- - - -

NET LOSS AFTER MINORITY INTEREST
(668,625) (53,364,689) (1,914,274) (53,457,919)

Basic and diluted net loss per weighted-average shares common stock
$ (0.07) $ (4.10) $ (0.19) $ (8.26)

Weighted-average number of shares of common stock outstanding
10,208,450 13,023,219 9,854,167 6,475,634

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