![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Thursday, July 16, 2009 9:14:26 AM
Just one problem. A BIG problem. They STOLE $194,000 of inventory from their suppliers and booked it as PROFIT.
NET....NET
Loss of ((((($35,000)))) for the last 9 months.
LIQUOR GROUP WHOLESALE, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2009
AND MAY 31, 2008 (UNAUDITED)
For the Three Months Ended For the Nine Months Ended
May 31, May 31, May 31, May 31,
2009 2008 2009 2008
--------------------------- --------------------
SALES
Related party $ 89,014 $ 80,463 $ 288,087 $ 372,745
Other (net) 9,070 76,263 192,617 116,506
-------------- ------------ --------------- -------------
98,084 156,726 480,704 489,251
COST OF SALES (39,664) (117,596) (248,895) (379,637)
-------------- ------------ --------------- -------------
GROSS PROFIT 58,420 39,130 231,809 109,614
-------------- ------------ --------------- -------------
OTHER INCOME
Vendor contract terminations 92,152 - 188,917 -
Interest 6,039 - 6,039 -
-------------- ------------ --------------- -------------
98,191 - 194,956 -
-------------- ------------ --------------- -------------
OPERATING EXPENSES
Stock issued for compensation expense (see Note 7) 135,000 - 135,000 -
Professional, consulting, and
administrative costs, (which includes
$31,000 in stock issued for professional
and consulting fees for both three and
nine months ended May 31, 2009 (see Note 7)) 52,816 5,759 83,789 20,706
Insurance - 4,110 - 12,330
Interest expense 3,820 3,392 10,995 9,952
Rent - related party 3,000 3,500 11,391 9,500
Licenses and fees 100 60 1,344 9,494
Bank charges 1,231 2,412 2,514 6,248
Other 9,693 367 22,653 5,892
-------------- ------------ --------------- -------------
205,660 19,600 267,686 74,122
-------------- ------------ --------------- -------------
INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES (49,049) 19,530 159,079 35,492
PROVISION FOR INCOME TAXES - - - -
-------------- ------------ --------------- -------------
NET INCOME (LOSS) $ (49,049) $ 19,530 $ 159,079 $ 35,49
----------------------------------------------------------
OTHER INCOME
Vendor contract terminations 92,152 - 188,917 -
Interest 6,039 - 6,039 -
-------------- ------------ --------------- -------------
98,191 - 194,956
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM