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Author Topic: ACII 10Q out !
lukin4winners
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Just took a look at ACII 10Q and it looks like they had some sizeable increases over last period.
AMERICHIP INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS

August 31 November 30,
2007 2006
(Unaudited)

ASSETS

CURRENT ASSETS
Cash $ 11,873 $ 1,716
Accounts receivable - trade 580,636 27,015
Prepaid expenses 338,448 31,898
Inventory 283,836 212,517
TOTAL CURRENT ASSETS 1,214,793 273,146

FIXED ASSETS
Leasehold improvements 416,791 -
Furniture & fixtures 98,876 18,252
Machinery & equipment 3,812,910 622,472
Less accumulated depreciation (480,381 ) (89,928 )
TOTAL FIXED ASSETS 3,848,196 550,796

OTHER ASSETS
Deposits 14,236 203,200
Technology rights and patents, net of amortization 13,147 16,302
Goodwill 2,577,673 -
TOTAL OTHER ASSETS 2,605,056 219,502

TOTAL ASSETS $ 7,668,045 $ 1,043,444

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Bank overdraft $ - $ 15
Accounts payable and accrued expenses 792,331 1,022,250
Related party payable 85,086 545,086
Related party notes payable, current portion 22,658 20,203
Notes payable - bank, current portion 227,623 -
Notes payable - other, current portion 706,155 -
Convertible debentures, net of discounts 340,579 244,579
Accrued interest - related party 223,748 186,248
Accrued interest - other 70,943 43,742
Deposits - private placements 172,352 388,838
TOTAL CURRENT LIABILITIES 2,641,475 2,450,961

LONG - TERM LIABILITIES
Related party notes payable, net of current portion 168,964 187,901
Notes payable - bank, net of current portion 2,598,347 -
Notes payable - other, net of current portion 2,057,110 -
TOTAL LONG - TERM LIABILITIES 4,824,421 187,901

MINORITY INTEREST 3,413 3,413

STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 1,000,000,000 shares authorized,
155,718,791 and 458,767,265 shares issued and outstanding, respectively 155,719 458,767
Additional paid-in capital 31,519,024 19,444,471
Accumulated deficit (31,476,007 ) (21,502,069 )
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 198,736 (1,598,831 )

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) $ 7,668,045 $ 1,043,444


The accompanying condensed notes are an integral part of these financial statements.

F-2
--------------------------------------------------------------------------------



AMERICHIP INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS


Three Months Ended Nine Months Ended
August 31, August 31, August 31, August 31,
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Unaudited)

REVENUES $ 863,826 $ 30,059 $ 1,672,459 $ 111,809

COST OF SALES 186,750 20,006 487,135 74,413

Gross Profit 677,076 10,053 1,185,324 37,396

EXPENSES
Administrative service 327,485 120,925 827,992 356,423
Director fees - - 5,850,000 -
Consulting expense 62,611 1,180,441 3,150,764 3,874,000
Depreciation and amortization 114,260 24,042 275,675 53,389
Legal and accounting 61,240 141,630 347,974 207,119
License expense 30,000 30,000 90,000 1,410,000
Office expense 9,456 6,262 54,382 23,790
Wages - officers and directors 52,000 75,187 88,000 195,397
Wages - other 12,457 66,775 105,644 178,811
Total Expenses 669,509 1,645,262 10,790,431 6,298,929

INCOME (LOSS) FROM OPERATIONS 7,567 (1,635,209 ) (9,605,107 ) (6,261,533 )

OTHER INCOME (EXPENSE)
Forgiveness of debt - - - 43,904
Financing expense (4,664 ) - (11,329 ) (52,500 )
Other income - 3,158 - 3,158
Interest (105,501 ) (14,415 ) (357,502 ) (53,081 )
Total other income (expense) (110,165 ) (11,257 ) (368,831 ) (58,519 )

LOSS BEFORE TAXES (102,598 ) (1,646,466 ) (9,973,938 ) (6,320,052 )

PROVISION FOR INCOME TAX - - - -

NET LOSS $ (102,598 ) $ (1,646,466 ) $ (9,973,938 ) $ (6,320,052 )

BASIC AND DILUTED NET LOSS PER SHARE $ - $ (0.01 ) $ (0.11 ) $ (0.13 )

WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING,
BASIC AND DILUTED 136,100,172 57,057,739 93,929,010 49,034,302

Posts: 660 | From: california | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
   

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