Grifco Inc (GFCI)

[cyofish]

Grifco DID NOT earn that kind of money in 2004. Nowhere near according to Mike King. Here is a copy of the blanace sheet he sent out to investors, I'm sure you have a copy!

GFCI Balance sheet

Grifco International, Inc.
Balance Sheet
As Of June 30, 2004

FYE June 04
Assets
Current Assets
Cash
Midsouth Bank 122.74
Total Cash 122.74

Accounts Receivable 71,107.70
Total Account Receivables 71,107.70

Other Current Assets
Inventory Motors And Small Tools 317,942.16
Undeposited Funds 00
Total Other Current Assets 317,942.16

Total Current Assets 389,172.60
Fixed Assets
Accumulated Depreciation -104,350.02
Certificates of Deposits 00
Equipment 145,554.36
Furniture & Fixtures 22,649.98
Vehicles 16,750.00
Total Fixed Assets 80,604.32
Total Assets 469,776.92

Liabilities & Equity
Current Liabilities
Accounts Payable 8,436.14
Total Accounts Payable 8,436.14

Other Current Liabilities
FICA Payable 3,220.89
Federal W/H 4,089.37
BLR Construction 20,150.00
Line of credit Midsouth 00
N/P Lathe 7,452.00
Sales Tax Payable 527.29
State W/H Payable 1,029.50
Due Officer 25,360.35
Unemployment Taxes Payable 360.82
Total Other Current Liabilities 70,626.36

Total Liabilities 70,626.36
Equity
Due To Officer 00
Paid in capital 281,087.37
Retained Earnings-Prior Years 80,960.45
Net Income 37,102.74
Total Equity 399,150.56

Total Liabilities & Equity 469,776.92