SERGE OLLU PART DEUX as VP of Coastal Holdings, Inc. Releases Financial Statements
The number of shares of the Company's common stock outstanding
as of June 28, 2005
3,741,275,464
HOUSTON, Sept. 15, 2005, Sep 15, 2005 (PRIMEZONE via COMTEX) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) today announced the release of its financial statements for the fiscal year ended June 30, 2005. The financial report, including the consolidated financial statements and accompanying notes, appears in its entirety below.
THE SHAREHOLDERS OF COASTAL HOLDINGS INC.
---------------
VOLUNTARY DISCLOSURE FOR THE YEARLY REPORT TO SHAREHOLDERS
FOR THE FISCAL YEAR ENDED JUNE 30, 2005
COASTAL HOLDINGS INC
(Exact name of issuer as specified in its charter)
---------------
Nevada
(State of Incorporation)
2542 Cliff Drive, Dickinson, Texas 77539
(Address of principal executive offices)
Company's telephone number,
including area code:
(514) 288-9699
Securities registered pursuant to Section 12(b) of the Act
None
Name of Trading Market/Symbol
Pink Sheets CSJJ
Description of Unrestricted Securities:
Common Stock, no par value
THE COMPANY IS PROVIDING THIS VOLUNTARY DISCLOSURE FORM FOR THE
YEARLY REPORT TO SHAREHOLDERS (THE "REPORT") IN AN EFFORT TO KEEP ITS
SHAREHOLDERS AS FULLY INFORMED ABOUT ITS BUSINESS AND OPERATIONS AS
POSSIBLE. THE PROVISION OF THIS REPORT TO SHAREHOLDERS IS VOLUNTARY,
AND IS NOT INTENDED TO IMPLY THAT COASTAL HOLDINGS INC. IS A
REPORTING COMPANY PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
ACT 1933, OR ANY OTHER FEDERAL OR STATE SECURITIES LAWS, NOR TO
CREATE ANY OBLIGATION TO FILE, MAKE OR PROVIDE ANY SUCH REPORTS IN
THE FUTURE.
The number of shares of the Company's common stock outstanding
as of June 28, 2005
3,741,275,464
THIS REPORT IS NOT A PROSPECTUS OFFERING TO SELL, NOR A SOLICITATION
OF OFFERS TO PURCHASE, SECURITIES OF THE COMPANY.
=====================================================================
COASTAL HOLDINGS, INC
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
June 30, 2005
COASTAL HOLDINGS INC.
2542 CLIFF DRIVE
DICKINSON, TEXAS 77539
Management's Certification
The accompanying consolidated unaudited financial statements and the
notes thereto, present fairly, in all material respects, the
financial position of Coastal Holdings, Inc and the results of its
operations and cash flows for the periods presented, in conformity
with accounting principles generally accepted in the United States,
consistently applied.
(SIGNED)
Serge Ollu, MBA
Executive Vice President, Finance
August 26, 2005
COASTAL HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
July 1, 2004 to June 30, 2005
(Unaudited)
(Subject to Revision)
---------------------------------------------------------------------
June 30, 2005
---------------------------------------------------------------------
ASSETS
Current
Cash $ 531,642
Deposits (note) $ 367,000
Prepaid expenses $ 176,598
Accounts receivable $ 231,000
Total Current Assets $1,306,240
Properties $2,075,000
Equipment $ 112,000
Other Assets
Investments $2,800,000
Total Assets $6,293,240
=====================================================================
LIABILITIES
Current
Accounts payable $ 91,553
Accrued liabilities $ 332,687
Total Current Liabilities $ 424,240
Long term debt
Mortgage $ 336,354
Loan $2,400,000
$2,736,354
Total Long term Liabilities
STOCKHOLDERS EQUITY
Common Stock, $0.0001 par value,
5,000,000,000 shares authorized
3,741,275,464 shares of common
stock issued and outstanding as
of June 28, 2005 $ 374,127
Profit for the period $ 977,628
Accumulated Profit $1,780,891
---------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY $6,293,240
=====================================================================
COASTAL HOLDINGS INC.
STATEMENT OF INCOME
July 1, 2004 to June 30, 2005
(Unaudited)
(Subject to Revision)
---------------------------------------------------------------------
June 30, 2005
---------------------------------------------------------------------
INCOME $2,362,748
EXPENSES
Management fees $ 475,000
Consulting and professional fees $ 178,292
Advertising and promotion $ 26,750
Commissions $ 52,694
Delivery Expenses $ 18,461
Insurance $ 7,952
Utilities $ 3,957
Office expenses $ 2,926
Travels $ 78,165
Telephone $ 16,511
Properties taxes $ 26,570
Vehicle expenses $ 22,680
Permits and Licenses $ 1,967
Depreciation $ 40,000
Interest $ 170,987
Bank charges $ 2,159
TOTAL EXPENSES $1,125,071
NET OPERATING INCOME BEFORE INCOME TAXES $1,237,677
INCOME TAXES $ 260,049
NET INCOME $ 977,628
-------------------------------------------------------------------
COASTAL HOLDINGS INC.
STATEMENT OF CASH FLOWS
July 1, 2004 to June 30, 2005
(Unaudited)
(Subject to Revision)
---------------------------------------------------------------------
June 30, 2005
---------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net profit $ 977,628
Depreciation $ 40,000
(Increase) decrease in operating assets:
Deposit $(367,000)
Prepaid expenses $(176,598)
Accounts receivable $(231,000)
Accounts payable $ 91,553
---------
NET CASH (USED IN) OPERATION ACTIVITIES $ 334,583
---------
CASH FLOWS FROM INVESTING ACTIVITIES: $ 0
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt $(332,687)
NET CASH PROVIDED BY FINANCING ACTIVITIES $(332,687)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT $ 1,896
CASH AND CASH EQUIVALENTS
Beginning of period $ 529,746
End of period $ 531,642
COASTAL HOLDINGS INC.
NOTES TO FINANCIAL STATEMENTS
July 1, 2004 to June 30, 2005
(Unaudited)
(Subject to Revision)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with accounting
principles generally accepted in the United States of America
by the Issuer and in the opinion of management, include all
adjustments consisting only of normal recurring accruals
considered necessary to present fairly the Company's
financial position at June 30, 2005 and the results of
operations for the period ended June 30, 2005. Moreover, they
do not include all of the information and footnotes required
by generally accepted accounting principles for complete
financial statements.
The preparation of consolidated financial statements in
conformity with accounting principles generally accepted in
United States of America requires management to make
estimates and assumptions that effect the reported amounts of
assets and liabilities, disclosures of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those
estimates.
2. NATURE OF BUSINESS
Coastal Holdings, Inc. is a diversified holding company with
two major divisions: Technology and Real Estate Development.
The Company's mission is to create and enhance shareholder
value via a growth-by-acquisition strategy. Using a
comprehensive due diligence process with the help of
technology and real estate experts, the Company screens and
ultimately acquires interests in innovative technology
companies and high-growth real estate development projects.
By investing in these select companies and projects, Coastal
Holdings' goal is to expand its revenue and profit stream.
Supported by an experienced financial and marketing staff,
the Company is well positioned to benefit from the increasing
demand and opportunities in the global technology and real
estate industries.
3. PROPERTIES
The properties are recorded at cost and include expenditures.
No depreciation is deducted from those assets.
4. EQUIPMENT
Equipment is recorded at cost. Maintenance and repair costs
are expensed as incurred. Depreciation is calculated at a
rate of 20% per year.
Depreciation Net Depreciation Net
2004 2005
COST: $175,000 $35,000 $140,000 $28,000 $112,000
5. DEPOSITS
There are deposits as well as advances for:
The Corporation currently has an offer for 50% ownership on a
parcel of land in France (approximately 7 miles from the
Eiffel Tower in Paris). This piece of land is approximately
11 million square feet. The Company is currently in
negotiation with lenders and other institutions to complete
this joint venture. This joint venture will comprise the
construction of 3,500 apartment units as well as a retirement
home. The land will also house light industrial complexes
along the highway.
The Corporation currently has an offer on a parcel of land in
Virginia USA. The land is zoned for 22 townhouse condo units.
6. INVESTMENTS
The investments consist of the acquisition of participation
in various corporations, either by direct capital injections
or by acquisition of blocks of free trading shares. The
investments are recorded at cost. The profits or the losses
are recorded in the income of the corporation.
Coastal Holdings has invested $200,000 in Vetdermal
Systems Limited (VDS), a UK Pharmaceutical company. For its
investment, Coastal Holdings received 1,813 shares of VDS.
7. MORTGAGE
A first rank mortgage on one of the properties of an original
amount of $400,000 bearing interest at 5.5%, term 5 years,
amortization 25 years, due in monthly payments of $2,442,
including capital and interest, through June 1, 2009
Capital installment for 2006 $8,174 Interest $21,130 Balance $384,082
Capital installment for 2007 $8,631 Interest $20,673 Balance $375,452
Capital installment for 2008 $9,112 Interest $20,192 Balance $366,340
Capital installment for 2009 $9,620 Interest $19,684 Balance $356,720
8. NOTE (LOAN)
Note (loan) of an original amount of $3,000,000, bearing
interest at 5% and payable in 20 semi-annual installments,
capital $150,000 plus interest in accordance with the
following schedule:
CAPITAL INTEREST BALANCE
December 30, 2005 $150,000 $67,500 $2,550,000
June 30, 2006 $150,000 $63,750 $2,400,000
December 30, 2006 $150,000 $60,000 $2,250,000
June 30, 2007 $150,000 $56,250 $2,100,000
December 30, 2007 $150,000 $52,500 $1,950,000
June 30, 2008 $150,000 $48,750 $1,800,000
For more information please contact CEO Andrea Cortellazzi at (514) 288-9699 or visit the Company website at www.coastalholdings.com.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.
This news release was distributed by PrimeZone, www.primezone.com
SOURCE: Coastal Holdings, Inc.
By Staff
CONTACT: Coastal Holdings, Inc.
CEO Andrea Cortellazzi
(514) 288-9699
aandre005@sympatico.ca
www.coastalholdings.com
