Current Assets: | | | | Cash | | $ | 9,663 | | Accounts receivable, net of allowance for doubtful accounts of $31,367 | | | 893,820 | | Costs and estimated earnings in excess of billings on uncompleted contracts | | | 79,657 | | Inventory | | | 376,130 | | Prepaid Expenses | | | 13,602 | | | | | | | Total Current Assets | | | 1,372,871 | | | | | | | Property and equipment, net of $113,561 accumulated depreciation | | | 115,327 | | | | | | | Total Assets | | $ | 1,488,198 | | | | | | | LIABILITIES AND STOCKHOLER'S EQUITY (DEFICIT) | | | | | | | | | | CURRENT LIABILITIES: | | | | | Accounts Payable | | $ | 786,427 | | Accrued Expenses | | | 108,947 | | Accrued Salaries - Officers | | | 344,592 | | Notes Payable - Related Parties | | | 524,056 | | Notes Payable | | | 82,737 | | Factor Payable | | | 218,077 | | Current Portion of LTD | | | 9,767 | | Billings in excess of costs and estimated earnings on uncompleted contracts | | | 5,347 | | | | | | | Total Current Liabilities | | | 2,079,950 | | | | | | | Notes Payable, net of current maturities | | | 36,190 | | | | | | | Total Liabilities | | | 2,116,140 | | | | | | | COMMITMENTS AND CONTINGENCIES | | | | | | | | | | STOCKHOLDER'S EQUITY (DEFICIT): | | | | | Series A preferred stock, $.001 par value, 500,000,000 shares designated | | | | | 9,500,000 shares issued and outstanding | | $ | 9,500 | | Series B preferred stock, $.001 par value, 30,000,000 shares designated | | | | | 30,000,000 shares issued and outstanding | | | 30,000 | | Common stock, $.001 par value, 50,000,000,000 shares authorized, | | | | | 35,569,990 shares issued and outstanding | | | 35,570 | | Additonal paid-in capital | | | 12,253,288 | | Deficit accumulated during the development stage | | | (12,956,300 | ) | | | | | | Total Stockholder's Equity (Deficit) | | | (627,942 | ) | | | | | | Total Liabilities and Stockholder'a Equity (Deficit) | | $ | 1,488,198 | |
1 MARMION INDUSTRIES CORPORATIONSTATEMENTS OF OPERATIONS(UNAUDITED) | | Three Months Ended | | Nine Months Ended | | | | September 30, | | September 30, | | | | 2006 | | 2005 | | 2006 | | 2005 | | | | | | | | | | | | REVENUES | | $ | 2,093,224 | | $ | 505,908 | | $ | 3,134,400 | | $ | 1,955,853 | | | | | | | | | | | | | | | | COSTS OF SALES | | | 1,696,301 | | | 514,943 | | | 2,455,777 | | | 1,614,183 | | | | | | | | | | | | | | | | GROSS MARGIN | | | 396,923 | | | (9,035 | ) | | 678,623 | | | 341,670 | | | | | | | | | | | | | | | | COSTS AND EXPENSES: | | | | | | | | | | | | | | Salaries and employee benefits | | | 127,126 | | | 883,125 | | | 436,346 | | | 1,086,059 | | General and administrative | | | 145,058 | | | 101,988 | | | 389,374 | | | 260,469 | | Equity Based Compensation Expense | | | 263,150 | | | 758,402 | | | 876,850 | | | 1,089,306 | | Depreciation and amortization | | | 5,645 | | | 7,908 | | | 16,780 | | | 23,647 | | | | | | | | | | | | | | | | TOTAL COSTS AND EXPENSE | | | 540,979 | | | 1,751,423 | | | 1,719,350 | | | 2,459,481 | | | | | | | | | | | | | | | | LOSS FROM OPERATIONS | | | (144,056 | ) | | (1,760,458 | ) | | (1,040,727 | ) | | (2,117,811 | ) | | | | | | | | | | | | | | | OTHER INCOME: | | | | | | | | | | | | | | Interest Expense | | | (7,785 | ) | | - | | | (11,832 | ) | | - | | Interest Expense - equity based | | | (1,245,222 | ) | | - | | | (5,791,637 | ) | | - | | Other Income | | | 135 | | | 1,814 | | | 538 | | | 1,814 | | | | | | | | | | | | | | | | NET LOSS | | $ | (1,396,928 | ) | $ | (1,758,644 | ) | $ | (6,843,658 | ) | $ | (2,115,997 | ) | | | | | | | | | | | | | | | Net loss per share: | | | | | | | | | | | | | | Basic and diluted net loss per share | | $ | (0.06 | ) | $ | (2.69 | ) | $ | (0.48 | ) | $ | (8.49 | ) | | | | | | | | | | | | | | | Weighted average shares outstanding: | | | | | | | | | | | | | | Basic and diluted | | | 23,967,303 | | | 654,591 | | | 14,115,803 | | | 249,233 | | Gruß BarCode
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