NORTHSTAR ELECTRONICS, INC.
Consolidated Statements of Operations
Three Months Ended March 31, 2012 and 2011
Unaudited
U.S.Dollars
2012 2011
-----------------------------
Revenue - note 4 $ 0 $183,975
Cost of goods sold 0 90,844
----------------------------------------------------------------------------------
Gross margin 0 93,131
Other income 0 12,396
----------------------------------------------------------------------------------
0 105,527
----------------------------
Expenses
Salaries 0 239,306
Consulting 31,000 0
Finance fees 8,125 0
Professional fees 0 3,028
Management and administration fees 0 45,000
Stock based compensation 0 102,000
Rent 12,000 34,690
Investor relations 0 10,900
Office 1,064 12,621
Travel and business development 0 0
Interest on debt 33,016 211,079
Telephone and utilities 1,500 6,818
Amortization 0 15,903
Foreign exchange (255) 534
Bad debts 0 4,864
-----------------------------------------------------------------------------------
86,450 686,743
--------------------------------
Net from operations before other items (86,450) (581,216)
Other Items:
Loss from discontinued operations (109,391) 0
Net loss for the period $ (195,841) $ (581,216)
Net (loss) per share $ (0.00) $ (0.02)
Weighted average number of shares outstanding 54,115,324 36,662,616
See notes to the consolidated financial statements
NORTHSTAR ELECTRONICS, INC.
Consolidated Statement of Changes in Stockholders' Equity
Three Months Ended March 31, 2012
Unaudited
U.S. Dollars
Number of $ Par $ Additional $ Other $ Accumulated $ Total
Shares Value Paid-In Comprehensive Deficit Stockholders'
Capital Income (Loss) Deficit
--------------------------------------------------------------------------------------------------------------------------
BALANCE DECEMBER 31, 2010 36,143,942 $ 3,614 $ 5,764,443 $ (649,153) $(10,972,175) $ (5,853,271)
Currency translation adjustment - - - 24,920 - 24,920
Issuance ofcommon stock:
For loans 2,082,112 208 199,792 - - 200,000
For cash 9,204,288 921 636,079 - - 637,000
For services 5,947,482 595 458,232 - - 458,827
Net loss - - - - (1,807,955) (1,807,955)
--------------------------------------------------------------------------------------------------------------------------
BALANCE DECEMBER 31,2011 53,377,824 $ 5,338 $ 7,058,546 $ (624,233) $(12,780,130) (6,340,479)
Issuance of common stock:
For services 1,475,000 148 38,977 - - 39,125
Net loss for the period - - - - (195,841) (195,841)
Adjustment to foreign exchange - - - (82,770) - (82,770)
Gain on planned disposition of
subsidary - - - - 864,896 864,896
Adjustment to assets and
liabilities for subsidary
to be sold - - - - 3,566,683 3,566,683
---------------------------------------------------------------------------------------------------------------------------
Balance March 31, 2012 54,852,824 5,486 7,097,523 (707,003) (8,544,392) (2,148,386)
SERIES A SHARES OF PREFERRED STOCK -Balance December 31, 2011 409,299
Series A shares of preferred Stock-Converted to common shares -
Series A shares of preferred Stock-Issued during the Year -
----------------------------------------------------------------------------------------------------------------------------
409,299
------------
TOTAL STOCKHOLDERS'EQUITY (DEFICIT)
MARCH 31, 2012 54,852,824 $ 5,486 $7,097,523 $(707,003) $ (8,544,392) $ (1,739,087)
============================================================================================================================
See notes to the consolidated financial statements
|