Chariot Manufacturing, Inc. Financial Statement Disclosure (May 31, 2009)
This document presents the balance sheet and statement of operations for Chariot Manufacturing, Inc. as of May 31, 2009. It details the company's assets, liabilities, and stockholders' equity, as well as its revenues, expenses, and net loss for the three-month period ending on that date. The information is provided for financial reporting and disclosure purposes, summarizing the company's financial position and performance during the specified period.
Exhibit 10.3
Chariot Manufacturing, Inc.
Balance Sheet
May 31, 2009
| Assets | ||||
| Current assets: | ||||
| Inventory | $ | 33,695 | ||
| Other receivables | 14,756 | |||
| Prepaid expenses and other current assets | 37,494 | |||
| Total current assets | 85,945 | |||
| Property and equipment, net of accumulated depreciation of $541,053 | 595,078 | |||
| $ | 681,023 | |||
| Liabilities and Stockholders’ Equity (Deficit) | ||||
| Current liabilities: | ||||
| Current portion of notes payable | $ | 354,748 | ||
| Bank overdraft | 583 | |||
| Accounts payable | 232,929 | |||
| Accrued expenses | 17,325 | |||
| Accrued interest | 53,874 | |||
| Deferred revenue | 108,342 | |||
| Other payables | 334,490 | |||
| Total current liabilities | 1,102,291 | |||
| Stockholders’ equity (deficit): | ||||
| Additional paid-in capital | 1,208,650 | |||
| Accumulated deficit | (1,629,918 | ) | ||
| Total stockholders’ equity (deficit) | (421,268 | ) | ||
| $ | 681,023 | |||
Chariot Manufacturing, Inc.
Statement of Operations
Three Months Ended May 31, 2009
| Net sales | $ | 57,834 | ||
| Cost of goods sold | 44,261 | |||
| Gross profit | 13,573 | |||
| Selling, general and administrative expenses | 75,197 | |||
| Loss from operations | (61,624 | ) | ||
| Other expense: | ||||
| Interest expense | (8,532 | ) | ||
| Total other expense | (8,532 | ) | ||
| Income taxes | — | |||
| Net loss | $ | (70,156 | ) | |
