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ePower Systems
Quarterly Financials

Quarterly Income Statement

2001 2002 2003
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenues
Subscriber Revenues 185,000 270,000 360,000 450,000 540,000 630,000 720,000 810,000 900,000 990,000 1,080,000 1,170,000
Variable Revenues 532,580 812,698 1,132,782 1,480,413 2,043,182 2,492,400 2,978,394 3,503,587 4,477,600 5,150,187 5,874,877 6,655,027
Total Revenues 717,580 1,082,698 1,492,782 1,930,413 2,583,182 3,122,400 3,698,394 4,313,587 5,377,600 6,140,187 6,954,877 7,825,027
Operating Expenses
Bank Fee 96,452 122,055 170,067 222,212 306,627 374,010 446,909 525,688 671,790 772,678 881,382 998,404
Technical Staff 297,500 297,500 340,000 340,000 382,500 382,500 410,833 425,000 495,000 495,000 540,000 540,000
SG&A 308,333 315,333 332,750 353,417 403,667 411,000 435,833 439,500 588,167 595,500 602,833 606,500
Rent 15,000 15,000 15,000 15,000 22,500 22,500 22,500 22,500 36,000 36,000 36,000 36,000
Consulting & Legal 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,0OO
Depreciation 73,088 83,350 93,767 104,183 114,594 123,843 125,000 125,000 125,000 125,000 125,000 125,000
Total Expenses 835,373 878,238 996,584 1,079,812 1,274,888 1,358,853 1,486,076 1,582,688 1,960,957 2,069,178 2,230,215 2,350,904
EBIT (117,793) 204,460 496,198 850,601 1,308,294 1,763,548 2,212,319 2,730,899 3,416,643 4,071,009 4,724,662 5,474,123
Interest Income - - - - - 5,274 28,809 49,414 73,679 103,149 137,786 178,060
Interest Expense - - - - - - - - - - - -
Net Interest Income (Expense) - - - - - 5,274 28,809 49,414 73,679 103,149 137,786 178,060
Pretax (117,793) 204,460 496,198 850,601 1,308,294 1,768,822 2,241,128 2,780,313 3,490,322 4,174,158 4,862,449 5,652,183
Tax - 81,784 198,479 340,240 523,317 707,529 896,451 1,112,125 1,396,129 1,669,663 1,944,980 2,260,873
Taxes - Net of NOL* - - - - - - 320,547 1,112,125 1,396,129 1,669,663 1,944,980 2,260,873
Net Income (117,793) 204,460 496,198 850,601 1,308,294 1,768,822 1,920,580 1,668,188 2,094,193 2,504,495 2,917,469 3,391,310

Note Actual Taxes computed net of historical Operating losses.

Quarterly Balance Sheet

2001 2002 2003
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Cash & Equivalents (3,546,631) (3,387,502) (2,925,904) (2,100,032) (807,483) 954,904 2,870,563 4,532,663 6,618,996 9,115,978 12,026,056 15,408,817
Marketable Securities - - - - - - - - - - - -
Accounts Receivable 9,143 13,505 18,161 23,129 30,641 36,764 43,306 50,291 62,493 71,154 80,406 90,286
Inventory - - - - - - - - - - - -
Net PPE 623,904 665,554 696,787 717,604 728,009 729,167 729,167 729,167 729,167 729,167 729,167 729,167
Intangible - - - - - - - - - - - -
Other Assets - - - - - - - - - - - -
Total Assets (2,913,585) (2,708,443) (2,210,956) (1,359,299) (48,833) 1,720,835 3,643,035 5,312,121 7,410,655 9,916,299 12,835,628 16,228,270
Notes Payable - - - - - - - - - - - -
Accounts Payable 9,328 10,009 11,298 12,353 14,526 15,372 16,992 17,890 22,231 23,380 25,240 26,572
Other Liabilities - - - - - - - - - - - -
Total Liabilities 9,328 10,009 11,298 12,353 14,526 15,372 16,992 17,890 22,231 23,380 25,240 26,572
Shareholder Equity (2,922,912) (21718,452) (2,222,254) (1,371,653) (63,359) 1,705,463 3,626,043 5,294,231 7,388,424 9,892,919 12,810,388 16,201,698
Total Liabilities & Shareholder Equity (2,913,585) (2,708,443) (2,210,956) (1,359,299) (48,833) 1,720,835 3,643,035 5,312,121 7,410,655 9,916,299 12,835,628 16,228,270

Quarterly Cash Flow Statement

2001 2002 2003
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Cash flows from operating activities
Net Income* (117,793) 204,460 496,198 850,601 1,308,294 1,768,822 1,920,580 1,668,188 2,094,193 2,504,495 2,917,469 3,391,310
Depreciation 73,088 83,350 93,767 104,183 114,594 123,843 125,000 125,000 125,000 125,000 125,000 125,000
Change in A/R (3,247) (4,363) (4,656) (4,968) (7,512) (6,124) (6,541) (6,986) (12,201) (8,661) (9,252) (9,881)
Change in A/P 1,445 681 1,289 1,055 2,173 846 1,620 898 4,341 1,149 1,860 1,332
Other Changes - - - - - - - - - - - -
Net cash (used) provided in operating activities (46,508) 284,129 586,599 950,871 1,417,549 1,887,387 2,040,659 1,787,100 2,211,333 2,621,983 3,035,077 3,507,761
Cash flows from investing activities
Expenditures for PPE 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000
Net cash used in investing activities 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000
Cash flows from financing activities - - - - - - - - - - - -
Proceed from investors - - - - - - - - - - - -
Borrowings of notes payable - - - - - - - - - - - -
Repayments of borrowings - - - - - - - - - - -
Net cash provided by financing activities - - - - - - - - - - - -
Net increase (decrease) in cash and cash equivalents (171,508) 159,129 461,599 825,871 1,292,549 1,762,387 1,915,659 1,662,100 2,086,333 2,496,983 2,910,077 3,382,761
Cash and cash equivalents, beginning of period (3,375,123) (3,546,631) (3,387,502) (2,925,904) (2,100,032) (807,483) 954,904 2,870,563 4,532,663 6,618,996 9,115,978 12,026,056
Cash and cash equivalents, end of period (3,546,631) (3,387,502) (2,925,904) (2,100,032) (807,483) 954,904 2,870,563 4,532,663 6,618,996 9,115,978 12,026,056 15,408,817

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


ePower Systems
Table of ContentsAppendices
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
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