EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Diamant Art Corporation: Exhibit 99.1 - Filed by newsfilecorp.com

Exhibit 99.1

DIAMANT ART CORPORATION
Unaudited Consolidated Financial Statements
(Canadian Dollars)
August 31, 2010 and November 30, 2009


 


DIAMANT ART CORPORATION
Unaudited Consolidated Financial Statements
INDEX
August 31, 2010 and November 30, 2009

  PAGE
   
INDEPENDENT AUDITORS’ REPORT          1
   
FINANCIAL STATEMENTS - UNAUDITED  
   
                   Consolidated Balance Sheets - Statement I          2
   
                   Consolidated Statements of Loss - Statement II          3
   
                   Consolidated Statements of Shareholders’ Deficiency – Statement III          4
   
                   Consolidated Statements of Cash Flows – Statement IV          5



DIAMANT ART CORPORATION

Statement I

Consolidated Balance Sheets - UNAUDITED
As at August 31, 2010 and November 30, 2009
(Canadian Dollars)
  August November
  $ $
  2010 2009
     
     CURRENT    
           Cash   9,024     6,844  
           Accounts receivable 825,937 16,479
           Inventories   47,391     391  
           Prepaid expenses and deposits 12,543 12,543
    894,895     36,257  
     
     PROPERTY AND EQUIPMENT   642,476     4,726  
     
     OTHER ASSETS   687,649     -  
  2,225,020 40,983
             
LIABILITIES    
     CURRENT            
           Accounts payable and accrued liabilities 635,627 398,674
           Notes payable   816,228     782,947  
  1,451,855 1,181,621
             
NON CURRENT NOTE PAYABLE 1,500,000  
SHAREHOLDERS’ DEFICIENCY            
     SHARE CAPITAL    
           COMMON SHARES   12,676,573     12,676,573  
           CLASS “C” COMMON SHARES 712,146 712,146
           ADVANCE SHARE SUBSCRIPTIONS   102,623     102,623  
  13,491,342 13,491,342
     CONTRIBUTED SURPLUS   11,775,000     11,775,000  
     DEFICIT – Statement III (25,993,177 ) (26,406,980 )
    (726,835 )   (1,140,638 )
  2,225,020 40,983

Description of business and going concern (note 1)

APPROVED ON BEHALF OF THE BOARD

/s/ Michel Van Hereweghe, Director

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DIAMANT ART CORPORATION  

Statement II

Consolidated Statements of Loss - UNAUDITED            
For the 6 month period ended August 31, 2010 & Year Ended November 30, 2009            
(Canadian Dollars)            
    August     November  
    2010     2009  
  $   $  
             
REVENUE   694,371     32,925  
             
COST OF GOODS SOLD   234,984     3  
             
GROSS PROFIT   459,387     32,922  
             
Selling, general and administrative   10,829     43,015  
Foreign exchange gain   9,793     (142,900 )
Loan interest   24,964     35,973  
    45,586     (63,912 )
             
             
NET INCOME (LOSS) & NET COMPREHENSIVE INCOME (LOSS) FOR THE YEAR   413,801     96,834  
             
NET LOSS PER COMMON SHARE   0.0064     0.0015  
             
             
NUMBER OF COMMON SHARES   64,361,845     64,361,845  
             

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DIAMANT ART CORPORATION Statement III
Consolidated Statements of Shareholders’ Deficiency – UNAUDITED        
For the Period Ended August 31, 2010 and Years Ended November 30, 2009 and 2008        
(Canadian Dollars)                        
          Class “C”              
    Common     Common     Contributed     Accumulated  
    Shares     Shares     Surplus     Deficit  
                         
Balance, November 30, 2007 $  12,676,573   $  524,146   $  11,775,000   $  (26,098,953 )
                         
Net loss                     (404,859 )
Balance, November 30, 2008 $  12,676,573   $  524,146   $  11,775,000   $  (26,503,812 )
                         
Issue of Class C Common shares                              188,000              
Conversion of Class C shares to Common shares                        
Net loss                     96,834  
Balance, November 30, 2009 $  12,676,573   $  712,146   $  11,775,000   $  (26,406,978 )
                         
Net loss                     (1,444 )
Balance, February 28, 2010 $  12,676,573   $  712,146   $  11,775,000   $  (26,408,422 )
                         
Net loss                     (5,852 )
Balance, May 31, 2010 $  12,676,573   $  712,146   $  11,775,000   $  (26,414,274 )
                         
Net loss                     421,097  
Balance, August 31, 2010 $  12,676,573   $  712,146   $  11,775,000   $  (25,993,177 )
                         

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DIAMANT ART CORPORATION  

Statement IV

Consolidated Statements of Cash Flows – UNAUDITED            
For the period ended August 31, 2010 and Year Ended November 30, 2009            
(Canadian Dollars)            
    August     November  
    2010     2009  
  $     
             
OPERATING ACTIVITIES            
     Net income (loss) for the year   421,097     96,834  
             
           Adjustment for item not affecting cash   -     -  
             
    421,097     96,834  
     Changes in non-cash working capital components            
           Accounts receivable   38,727     (3,792 )
           Other assets   -     7,753  
           Accounts payable, accrued liabilities and notes payable   (159,934 )   (130,183 )
             
CASH (USED IN) OPERATING ACTIVITIES   299,890     (29,388 )
             
FINANCING ACTIVITIES            
     Proceeds from advance share subscriptions   -     34,863  
             
INVESTING ACTIVITIES            
Capital assets   (300,000 )   -  
             
NET INCREASE (DECREASE) IN CASH   (110 )   5,475  
             
CASH, BEGINNING OF PERIOD   9,134     1,369  
             
CASH, END OF PERIOD $  9,024   $  6,844  

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