MOBILE ASSETS CORPORATION
PROFIT AND LOSS
1Q05
UNAUDITED
INCOME:
Revenue 0
EXPENSE
Bank Service Charges 85.00
Internet/URL/Hosting 1,450.85
Marketing 452.37
Office 749.58
Office Supplies 122.23
Postage and Delivery 187.72
Printing and Reproduction 304.89
Professional Fees 588.85
Telephone 826.55
Travel and Entertainment 977.67
Total Expense 5,745.71
Net Ordinary Income (5,745.71)
NET INCOME (5.745.71)
These financial statements and notes hereto present fairly, in all material respects, the financial positions of the company and the
results of its operations and cash flows for the period presented, in conformity with accounting principles generally accepted in the
United States, consistently applied and hereby certified by Peter Zmudzki, Chairman & CEO.
The accompanying notes are an integral part of these financial statements
MOBILE ASSETS CORPORATION
BALANCE SHEET
1Q05
UNAUDITED
ASSETS
CURRENT ASSETS
Cash 659.51
TOTAL ASSETS 659.51
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable 25,000
Notes Payable 0
TOTAL LIABILITIES 25,000
STOCKHOLDERS’ EQUITY
OPENING BALANCE EQUITY (18,594.78)
NET INCOME (5.745.71)
TOTAL EQUITY (24,340.49)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 659.51
These financial statements and notes hereto present fairly, in all material respects, the financial positions of the company and the
results of its operations and cash flows for the period presented, in conformity with accounting principles generally accepted in the
United States, consistently applied and hereby certified by Peter Zmudzki, President & CEO.
The accompanying notes are an integral part of these financial statements
MOBILE ASSETS CORPORATION
STATEMENT OF CASH FLOWS
1Q05
UNAUDITED
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) (5,745.71)
Adjustments to reconcile net income to net cash provided by operating activities 0
Depreciation 0
Increase (Decrease) in:
Accounts payable 0
Interest payable 0
Federal withholding payable 0
Net cash provided by operating activities (5,745.71)
CASH FLOWS FROM FINANCING ACTIVITIES
Opening balance equity (18,594.78)
Net cash provided by from financing activities 0
Net increase in cash (623.95)
CASH AT END OF 1Q05 659.51
These financial statements and notes hereto present fairly, in all material respects, the financial positions of the company and the
results of its operations and cash flows for the period presented, in conformity with accounting principles generally accepted in the
United States, consistently applied and hereby certified by Peter Zmudzki, President & CEO.
The accompanying notes are an integral part of these financial statements
MOBILE ASSETS CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY
(Unaudited)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY
(Unaudited)
Additional Total
Common Stock Paid In Accumulated Shareholders
Issued and
Outstanding Shares Value Capital Deficit Equity
Balance as of 12/31/04 187,007,802 $0.05 0 0 $9,350,390.10
Balance as of 3/31/05 187,007,802 $0.13 0 0 $23,562,983.05
These financial statements and notes hereto present fairly, in all material respects, the financial positions of the company and the
results of its operations and cash flows for the period presented, in conformity with accounting principles generally accepted in the
United States, consistently applied and hereby certified by Peter Zmudzki, President & CEO.
The accompanying notes are an integral part of these financial statements
MOBILE ASSETS CORPORATION
NOTES TO FINANCIAL STATEMENTS
*NOTE 1 – FORMATION AND NATURE OF BUSINESS
Mobile Assets Corp. was originally founded as a Canadian company, World Assets Group Inc., in June 2002 and then
amalgamated with a spin-off from Adatom.com Inc., a publicly traded company. On October 15, 2004, World Assets Group
changed its name to Mobile Assets Corp. with CUSIP Registration 607242 10 4 and the trading symbol (OTCBB: MBAP). Since
that time the Mobile Assets has been developing its infrastructure, management control processes and strategic partnerships in
preparation for a global launch into the mobile content market in 2005. Mobile Assets has re-domiciled to Nevada and opened
corporate offices in Las Vegas, Nevada.
*NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
*STOCK BASED COMPENSATION
As permitted by Statement of Financial Accounting Standards ("SFAS") No. 148, "Accounting for Stock-Based Compensation--
Transition and Disclosure", which amended SFAS 123 ("SFAS 123"), "Accounting for Stock-Based Compensation", the Company
has elected to continue to follow the intrinsic value method in accounting for its stock-based employee compensation
arrangements as defined by Accounting Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees",
and related Interpretations including "Financial Accounting Standards Board Interpretations No. 44, Accounting for Certain
Transactions Involving Stock Compensation", and interpretation of APB No. 25. At March 31, 2005 the Company has not formed a
Stock Option Plan and has not issued any options.
*INCOME TAXES
The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and
liabilities based on the differences between the financial and tax bases of assets and liabilities using enacted tax rates in effect for
the year in which differences are expected to reverse. Deferred tax assets are adjusted by a valuation allowance, if, based on the
weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of
March 31, 2005 no provision for income taxes has been made.
*USE OF ESTIMATES IN THE FINANCIAL STATEMENTS
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure 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.
*EARNINGS PER SHARE
The Company adopted the provisions of SFAS No. 128, "Earnings per Share." SFAS No. 128 requires the presentation of basic
and diluted earnings per share ("EPS"). Basic EPS is computed by dividing income available to common stockholders by the
weighted-average number of common shares outstanding for the period. Diluted EPS includes the potential dilution that could
occur if options or other contracts to issue common stock were exercised or converted. During the period July 1, 2004 (Inception)
through March 31, 2005, no options or other contracts to issue common stock were issued or entered into. Accordingly, basic and
diluted earnings per share are identical.
*RECENTLY ISSUED ACCOUNTING STANDARDS
Management does not believe that any recently issued but not yet adopted accounting standards will have a material effect on the
Company's results of operations or on the reported amounts of its assets and liabilities upon adoption.
*NOTE 3 - COMMON STOCK
The Company has issued and outstanding 187,007,802 shares of its common stock as of March 31, 2005.
*NOTE 4 - INTERIM FINANCIAL INFORMATION
The accompanying financial statements as of March 31, 2005 have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial information.
Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the
United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary
for a fair presentation have been included. Such adjustments are of a normal recurring nature
News 
Market Data 
Discover 
