UpSnap, Inc. F/K/A Duratech Group Inc.
Consolidated Balance Sheet
As of As of
October 31, 2009 January 31, 2009
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $ - $ -
Accounts Receivable 638,673 812,355
Deposits/Holdback 43,531 117,973
Inventory 911,271 1,947,581
TOTAL CURRENT ASSETS 1,593,475 3,542,131
OTHER ASSETS 417,350 365,934
PROPERTY, PLANT, AND EQUIPMENT, NET 1,250,528 638,305
TOTAL ASSETS $ 3,261,353 $ 3,882,148
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
LIABILITIES
CURRENT LIABILITIES:
Notes Payable, current 1,634,704 2,136,664
Due to related party, current 131,582 70,308
Accounts Payable and Accrued Liabilities 1,027,864 961,195
Customer Deposits 340,412 273,289
TOTAL LIABILITIES 3,459,871 3,760,719
STOCKHOLDERS' EQUITY/(DEFICIT)
Common Stock ($.001 par value, 97,500,000 authorized;
77,349,167 and 75,224,676 issued and outstanding) 77,349 75,225
Paid in Capital 2,390,107 1,403,688
Accumulated Other Comprehensive Income 62,906 109,209
Retained Earnings/(Accumulated Deficit) (2,728,880 ) (1,466,693 )
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT) (198,518 ) (121,429)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) $ 3,261,353 $ 3,882,148
The accompanying notes are an integral part of these financial statements.
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UpSnap, Inc. F/K/A Duratech Group Inc.
Consolidated Statement of Operations
(Unaudited)
For the three months
ended October 31,
2009 2008
SALES AND COST OF SALES
Sales $ 1,728,864 $ 2,238,649
Cost of Sales (excluding depreciation) 1,432,326 1,377,129
EXPENSES
Selling, general and administrative 183,911 231,398
Payroll Expense 128,838 528,454
Bad Debt Expense - 317
Depreciation 43,138 -
TOTAL EXPENSES 355,887 760,169
Net Income/(Loss) from Operations (59,349 ) 101,351
OTHER INCOME/(EXPENSE)
Other Income - 2,851
Interest Expense (52,670 ) (70,841 )
Interest Income - -
NET OTHER INCOME/(EXPENSE) (52,670 ) (67,990 )
NET INCOME/(LOSS) FROM CONTINUED OPERATIONS (112,019 ) 33,361
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign Currency Translation Gain/(Loss) (43 ) (2,684 )
COMPREHENSIVE INCOME (LOSS) (111,976 ) 30,677
Net (Loss) per share—basic and fully-diluted (0.00 ) 0.16
Weighted average shares outstanding 77,349,167 195,514
The accompanying notes are an integral part of these financial statements.
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UpSnap, Inc. F/K/A Duratech Group Inc.
Consolidated Statement of Operations
(Unaudited)
For the nine months
ended October 31,
2009 2008
SALES AND COST OF SALES
Sales $ 3,480,510 $ 4,278,661
Cost of Sales (excluding depreciation) 2,910,324 2,857,922
EXPENSES
Selling, general and administrative 663,193 600,443
Payroll Expense 622,326 1,201,732
Bad Debt Expense - 320
Depreciation 113,503 -
TOTAL EXPENSES 1,399,022 1,802,495
Net Income/(Loss) from Operations (828,836 ) (381,756 )
OTHER INCOME/(EXPENSE)
Other Income 484 3,806
Interest Expense (241,996 ) (154,230 )
Interest Income - -
NET OTHER INCOME/(EXPENSE) (241,512 ) (150,424 )
NET INCOME/(LOSS) FROM CONTINUED OPERATIONS (1,070,348 ) (532,180 )
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign Currency Translation Gain/(Loss) (46,303 ) 47,898
COMPREHENSIVE INCOME (LOSS) (1,116,651 ) (484,282 )
Net (Loss) per share—basic and fully-diluted (0.01 ) (2.48 )
Weighted average shares outstanding 76,558,894 195,514
Consolidated Balance Sheet
As of As of
October 31, 2009 January 31, 2009
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $ - $ -
Accounts Receivable 638,673 812,355
Deposits/Holdback 43,531 117,973
Inventory 911,271 1,947,581
TOTAL CURRENT ASSETS 1,593,475 3,542,131
OTHER ASSETS 417,350 365,934
PROPERTY, PLANT, AND EQUIPMENT, NET 1,250,528 638,305
TOTAL ASSETS $ 3,261,353 $ 3,882,148
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
LIABILITIES
CURRENT LIABILITIES:
Notes Payable, current 1,634,704 2,136,664
Due to related party, current 131,582 70,308
Accounts Payable and Accrued Liabilities 1,027,864 961,195
Customer Deposits 340,412 273,289
TOTAL LIABILITIES 3,459,871 3,760,719
STOCKHOLDERS' EQUITY/(DEFICIT)
Common Stock ($.001 par value, 97,500,000 authorized;
77,349,167 and 75,224,676 issued and outstanding) 77,349 75,225
Paid in Capital 2,390,107 1,403,688
Accumulated Other Comprehensive Income 62,906 109,209
Retained Earnings/(Accumulated Deficit) (2,728,880 ) (1,466,693 )
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT) (198,518 ) (121,429)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) $ 3,261,353 $ 3,882,148
The accompanying notes are an integral part of these financial statements.
3
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Table of Contents
UpSnap, Inc. F/K/A Duratech Group Inc.
Consolidated Statement of Operations
(Unaudited)
For the three months
ended October 31,
2009 2008
SALES AND COST OF SALES
Sales $ 1,728,864 $ 2,238,649
Cost of Sales (excluding depreciation) 1,432,326 1,377,129
EXPENSES
Selling, general and administrative 183,911 231,398
Payroll Expense 128,838 528,454
Bad Debt Expense - 317
Depreciation 43,138 -
TOTAL EXPENSES 355,887 760,169
Net Income/(Loss) from Operations (59,349 ) 101,351
OTHER INCOME/(EXPENSE)
Other Income - 2,851
Interest Expense (52,670 ) (70,841 )
Interest Income - -
NET OTHER INCOME/(EXPENSE) (52,670 ) (67,990 )
NET INCOME/(LOSS) FROM CONTINUED OPERATIONS (112,019 ) 33,361
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign Currency Translation Gain/(Loss) (43 ) (2,684 )
COMPREHENSIVE INCOME (LOSS) (111,976 ) 30,677
Net (Loss) per share—basic and fully-diluted (0.00 ) 0.16
Weighted average shares outstanding 77,349,167 195,514
The accompanying notes are an integral part of these financial statements.
4
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Table of Contents
UpSnap, Inc. F/K/A Duratech Group Inc.
Consolidated Statement of Operations
(Unaudited)
For the nine months
ended October 31,
2009 2008
SALES AND COST OF SALES
Sales $ 3,480,510 $ 4,278,661
Cost of Sales (excluding depreciation) 2,910,324 2,857,922
EXPENSES
Selling, general and administrative 663,193 600,443
Payroll Expense 622,326 1,201,732
Bad Debt Expense - 320
Depreciation 113,503 -
TOTAL EXPENSES 1,399,022 1,802,495
Net Income/(Loss) from Operations (828,836 ) (381,756 )
OTHER INCOME/(EXPENSE)
Other Income 484 3,806
Interest Expense (241,996 ) (154,230 )
Interest Income - -
NET OTHER INCOME/(EXPENSE) (241,512 ) (150,424 )
NET INCOME/(LOSS) FROM CONTINUED OPERATIONS (1,070,348 ) (532,180 )
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign Currency Translation Gain/(Loss) (46,303 ) 47,898
COMPREHENSIVE INCOME (LOSS) (1,116,651 ) (484,282 )
Net (Loss) per share—basic and fully-diluted (0.01 ) (2.48 )
Weighted average shares outstanding 76,558,894 195,514
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