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ePower Systems – Annual Financials

Consolidated Income Statement

1999 2000 2001 2002 2003
Revenues
Subscriber Revenues 240,000 1,265,000 2,700,000 4,140,000
Variable Revenues 578,600 3,958,473 11,017,564 22,157,691
Total Revenues 818,600 5,223,473 13,717,564 26,297,691
Operating Expenses
Bank Fee 350 127,327 610,786 1,653,235 3,324,254
Technical Staff 306,250 953,333 1,275,000 1,600,833 2,070,000
SG&A 372,500 993,083 1,309,833 1,690,000 2,393,000
Rent 36,000 60,000 90,000 144,000
Consulting & Legal 420,000 195,000 180,000 180,000 180,000
Depreciation 34,342 189,433 354,388 488,437 500,000
Total Expenses 1,133,442 2,494,177 3,790,007 5,702,505 8,611,254
EBIT (1,133,442) (1,675,577) 1,433,466 8,015,059 17,686,438
Interest Income 0 83,497 492,674
Interest Expense
Net Interest Income (Expense) 0 83,497 492,674
Pretax (1,133,442) (1,675,577) 1,433,466 8,098,556 18,179,111
Taxes – Net of NOL* 1,432,672 7,271,644
Net Income (1,133,442) (1,675,577) 1,433,466 6,665,884 10,907,467
Net Margin -205% 27% 49% 41%

*Note: Actual Taxes computed net of historical operating losses.

Consolidated Balance Sheet

1999 2000 2001 2002 2003
Cash & Equivalents (1,384,592) (3,375,123) (2,100,032) 4,532,663 15,408,817
Marketable Securities
Accounts Receivable 5,895 23,129 50,291 90,286
Inventory
Net PPE 261,425 571,991 717,604 729,167 729,167
Intangible
Other Assets
Total Assets (1,123,167) (2,797,236) (1,359,299) 5,312,121 16,228,270
Notes Payable
Accounts Payable 6,375 7,883 12,353 17,890 26,572
Other Liabilities
Total Liabilities 6,375 7,883 12,353 17,890 26,572
Shareholder Equity (1,129,542) (2,805,119) (1,371,653) 5,294,231 16,201,698
Total Liabilities & Shareholder Equity (1,123,167) (2,797,236) (1,359,299) 5,312,121 16,228,270

Consolidated Cash Flow Statement

1999 2000 2001 2002 2003
Cash flows from operating activities
Net Income* (1,133,442) (1,675,577) 1,433,466 6,665,884 10,907,467
Depreciation 34,342 189,433 354,388 488,437 500,000
Change in A/R (5,895) (17,234) (27,162) (39,995)
Change in A/P 6,375 1,508 4,470 5,537 8,683
Other Changes
Net cash (used) provided in operating activities (1,092,725) (1,490,531) 1,775,090 7,132,695 11,376,154
Cash flows from investing activities
Expenditures for PPE 295,767 500,000 500,000 500,000 500,000
Net cash used in investing activities 295,767 500,000 500,000 500,000 500,000
Cash flows from financing activities
Proceed from investors 3,900
Borrowings of notes payable
Repayments of borrowings
Net cash provided by financing activities 3,900
Net increase (decrease) in cash and cash equivalents (1,384,592) (1,990,531) 1,275,090 6,632,695 10,876,154
Cash and cash equivalents, beginning of period (1,384,592) (3,375,123) (2,100,032) 4,532,663
Cash and cash equivalents, end of period (1,384,592) (3,375,123) (2,100,032) 4,532,663 15,408,817
MAX CASH DRAW (3,546,631)

*Note: Cash effect of ongoing NOL are reflected in NI


ePower Systems
Table of Contents Appendices
1. Executive Summary
2. The Industry
3. Company Description
4. ePower’s Services
5. Market Research
6. Marketing Strategies
7. Management
8. Financial Plan
Technology
Monthly Financials
Quarterly Financials
Annual Financials
All information herein is confidential and belongs to ePower Systems

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