Consolidated Balance Sheets
As of October 31, 2009 and January 31, 2009
Unaudited As Restated
31-Oct-09 31-Jan-09
------------ ------------
ASSETS
Current assets:
Cash & short term deposits $ 2,843,390 $ 134,918
Short term investments 5,134,930 0
Subordinated note receivable 5,666,667 0
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Total current assets 13,644,987 134,918
Other assets:
Subordinated note receivable- non current portion 8,027,778 0
Investment in FX Direct Dealer 5,000 2,407,058
Trademark- net 6,813 7,418
Fixed assets- net 2,567 0
------------ ------------
Total assets $ 21,687,145 $ 2,549,394
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable & accrued expenses $ 121,985 $ 3,450,547
Income taxes payable 414,826 0
------------ ------------
Total current liabilities 536,811 3,450,547
Deferred income taxes payable 5,063,135 0
Shareholder advance payable 9,872 48,423
------------ ------------
Total liabilities 5,609,818 3,498,970
Shareholders' equity:
Series A preferred stock, one share convertible to one share of common;
13% cumulative non-participating, authorized 1,000,000 shares at
stated value of $3 per share, issued and outstanding 762,081 shares 1,712,601 1,712,601
Series B preferred stock, one share convertible to one share of common;
6% cumulative non-participating, authorized 7,000,000 shares at
stated value of $3 per share, issued and outstanding 1,609,955 shares 4,384,754 4,384,754
Common stock - $.0001 par value, authorized 100,000,000 shares,
issued and outstanding, 18,268,104 shares at January 31, 2009 and
18,293,104 at October 31, 2009 1,830 1,827
Additional paid in capital 32,667,611 32,664,364
Accumulated deficit (22,689,469) (39,713,122)
------------ ------------
Total shareholders' equity (deficit) 16,077,327 (949,576)
------------ ------------
Total Liabilities & Shareholders' Equity $ 21,687,145 $ 2,549,394
============ ============
See the notes to the financial statements.
5
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Advanced Technologies Group, Ltd.
Consolidated Statements of Operations
For the Nine Months and Quarters Ended October 31, 2009 and October 31, 2008
Unaudited Unaudited Unaudited Unaudited
9 Months 9 Months 3 Months 3 Months
31-Oct-09 31-Oct-08 31-Oct-09 31-Oct-08
------------ ------------ ------------ ------------
General and administrative expenses:
Salaries and benefits $ 431,659 $ 106,533 $ 178,277 $ 97,719
Consulting 57,000 19,990 8,000 2,626
General administration 728,384 161,155 160,170 36,975
Depreciation 339 0 146 0
------------ ------------ ------------ ------------
Total general & administrative expenses 1,217,382 287,678 346,593 137,320
------------ ------------ ------------ ------------
Net loss from operations (1,217,382) (287,678) (346,593) (137,320)
Other revenues and expenses:
Gain on sale of FX Direct Dealer (net of
tax) 17,155,703 0 0 0
Interest income 949,202 69 343,298 0
Gain on short term investments 136,130 0 136,130 0
Sub-lease income 0 30,892 0 0
------------ ------------ ------------ ------------
Net income (loss) before provision for income taxes 17,023,653 (256,717) 132,835 (137,320)
Provision for income taxes 0 0 0 0
------------ ------------ ------------ ------------
Net income (loss) $ 17,023,653 ($ 256,717) $ 132,835 $ (137,320)
============ ============ ============ ============
Basic income (loss) per share $ 0.94 $ (0.01) $ 0.00 $ (0.01)
------------ ------------ ------------ ------------
Fully diluted income (loss) per share $ 0.83 $ (0.01) $ 0.00 $ 0.01)
------------ ------------ ------------ ------------
Weighted average of common shares outstanding:
Basic 18,293,104 18,268,104 18,293,104 18,268,104
Fully diluted 20,650,250 18,268,104 20,665,140 18,268,104
