To the Board of Directors and Stockholders of North-West Oil Group Inc.
We have audited the accompanying interim consolidated balance sheet of North-West Oil Group Inc. (the "Company") as of March 31, 2006 and the related interim consolidated statements of earnings and comprehensive income, stockholders' equity and cash flows for the period April 1, 2005 to March 31, 2006 and from July 1, 2004 to March 31, 2005 . These interim consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these interim consolidated financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, these interim consolidated financial statements referred to above present fairly, in all material respects the financial position of the Company as at March 31, 2006 and the results of its operations and cash flows for the period ended April 1, 2005 to March 31, 2006 and from July 1, 2004 to March 31, 2005 in conformity with accounting principles generally accepted in the United States of America.
APRIL 01, 2005 JULY 01, 2004 MARCH 31, 2006 MARCH 31, 2005 ------------------------------------------------------------------------------------------------------------- U.S. $ U.S.$ -------------------------------------------------------------------------------------------------------------
Total Assets 102 353 802 904 603 ------------------------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES Accounts Payable 1 021,767 486 906 Other Current Liabilities 96 725 14 487 -------------------------------------------------------------------------------------------------------------
Total Current Liabilities 1 118,492 501 393 -------------------------------------------------------------------------------------------------------------
Long Term Debt 12 235 595 - -------------------------------------------------------------------------------------------------------------
Total Liabilities 13 354 087 501 393 ------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY: Capital Stock 347 347 Paid in Capital 79 352 969 - Retained Earnings 9 646 399 402 863 -------------------------------------------------------------------------------------------------------------
Total Stockholders Equity 88 999 715 403 210 -------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity 102 353 802 904 603 -------------------------------------------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (AUDITED)
FOR THE PERIOD FOR THE PERIOD APRIL 01, 2005 JULY 01, 2004 MARCH 31, 2006 MARCH 31, 2005 -------------- -------------- U.S.$ U.S.$ Sales: Income 103,996,305 1 311 006 ------------------------------------------------------------------------------------------------------------
Operating Expenses 83,822,737 1 074 837 Selling, general and administrative 6,406,171 30 305
Earnings before Provision for Income Taxes 12,735,569 158 823 ------------------------------------------------------------------------------------------------------------
Total other Income Net 20,799 6 350 ------------------------------------------------------------------------------------------------------------
Earnings before Tax Provision 12,714,770 165 173
Provision for Income Tax Expense 3,051,544 38 260 ------------------------------------------------------------------------------------------------------------
Net Income for the Period 9,663,226 126 913 ------------------------------------------------------------------------------------------------------------
Net Earnings for Common Share ------------------------------------------------------------------------------------------------------------
Weighted Average Common Shares ------------------------------------------------------------------------------------------------------------
Fully Weighted Average Common Shares Outstanding ------------------------------------------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (AUDITED)
FOR THE PERIOD FOR THE PERIOD APRIL 01, 2005 JULY 01, 2005 MARCH 31, 2006 MARCH 31, 2005 -------------- -------------- U.S.$ U.S.$ CASH FLOWS FROM OPERATING ACTIVITIES: Net Earnings 9,663,226 126 913 Depreciation and amortization 1 031 828 47 041 (Increase) decrease in: - - Changes in Receivables (517 582) (196 081) Changes in Liabilities 716 666 501 609 Changes in other Operating Activities (1 003 114) 189 386 ------------------------------------------------------------------------------------------------------------
Net cash and cash equivalents provided by OPERATING ACTIVITIES 9,891,024 668 868 ------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Capital Assets (111,171 618) (517 454) ------------------------------------------------------------------------------------------------------------
NET CASH USED FOR INVESTING ACTIVITIES (111,171,618) (620 145) ------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Paid in Capital 88 999 369 - Long-term loan 12 235 595 - ------------------------------------------------------------------------------------------------------------
Net cash from Financing Activities 101 234 963 - ------------------------------------------------------------------------------------------------------------
Net (Decrease) Increase in Cash (45 631) 48 723 Cash- Beginning of Period 48 723 - ------------------------------------------------------------------------------------------------------------ Cash - End of Period 3 092 48 723 ------------------------------------------------------------------------------------------------------------
To the Board of Directors and Stockholders of BIO TRACKING SECURITY INC. (FORMERLY CHINA XIN NETWORK MEDIA CORPORATION) AND SUBSIDIARY
We have audited the accompanying consolidated balance sheet of BIO TRACKING SECURITY INC. (FORMERLY CHINA XIN NETWORK MEDIA CORPORATION) AND NORD OIL PRODUCT AND SUBSIDIARY (a development stage company) (the "Company") as of June 30, 2005 and the related consolidated statements of operations and comprehensive income (loss), stockholders' deficiency and cash flows for the period July 1, 2004 to June 30, 2005 and from July 1, 2003 to June 30, 2004 and cumulative period from October 19, 2000 (date of inception) to June 30, 2005. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects the financial position of the Company of June 30, 2005 and the results of its operations and cash flows for the period ended July 1, 2004 to June 30, 2005 and from July 1, 2003 to June 30, 2004 and cumulative period from October 19, 2000 (date of inception) to June 30, 2005 in conformity with accounting principles generally accepted in the United States of America.
The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company has suffered losses from operations and has no established source of revenue which raises substantial doubt about its ability to continue as a going concern. Management's plan in regard to these matters are also described in Note 3. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
[SEAL]
PSM TOP AUDIT ______________________________ Lerner R.M. RSM TOP-AUDIT
Current Liabilities Accounts Payable 10,845,696 Due to Officers and Employees 375,122
Total Current Liabilities 11,220,818
Stockholders’ equity: Common stock, $0.001 par value; authorized 500,000,000 shares;30,000,000 preferred issued and outstanding 337,865,401 shares 337,866 Paid-in capital 6,816,228 Accumulated deficit during development stage (2,088,802 )
Total Stockholders Equity 5 ,065,292
Total Liabilities and Stockholders’ Equity 16,286,110 see notes to consolidated financial statements
Bio Tracking Security Inc. (Formerly China Xin Network Media Corporation) and Nord Oil Product and subsidiary (A Development Stage Company)
Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Period For the Period For the Period July 1, 2004 July 1, 2003 Oct. 19, 2000 June 30, 2005 June 30,2004 June 30, 2005 U.S. $ U.S. $ U.S. $ Sales Income 2,078,527 1,336,250 3,414,777 Expenses 1,413,398 911,423 1,647,061
Selling, general and administrative 513,162 510,016 2,861,197 Amortization 1,492,131 725,567 2,408,507
Loss before Provision for Income Taxes (1,340,164 ) (810,756 ) (3,501,988 )
Provision for Income Taxes 58,352 27,352 71,927
Comprehensive Net (Loss) (1,398,516 ) (838,108 ) (3,573,915 )
Net Loss Per Common Share (0.00 ) (0.00 ) (0.00 ) Fully Diluted (0.00 ) (0.00 ) (0.00 ) Weighted Average Common Shares Outstanding 337,865,401 242,919,675 337,865,401 Fully Weighted Average Common Shares Outstanding 353,905,735 258,960,009 353,905,735
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