skybridge annual report dec 2009

8/9/2019 Skybridge Annual Report Dec 2009

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SKYBRIDGE TECHNOLOGY GROUP INC. December 31, 2009

Table of Contents

Page

Balance Sheet 2

Statement of Earnings and Deficiency 3

Cash Flows 4

Statement of Shareholders' Deficiency 5

Notes to Financial Statements 6

the financial position of the company and the results of its operations and cashflows for the period presented, in conformity with accounting principles generally

accepted in the United States, consistently applied.These financial statements and notes thereto present fairly, in all material respects,


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SKYBRIDGE TECHNOLOGY GROUP INC.CONSOLIDATED BALANCE SHEET

AS AT December 31, 2009(Unaudited)

BALANCE SHEETASSETSCURRENT ASSETS

Cash 121$Accounts Receivable -Inventory -Prepaid Exp & Other Receivables 1,654

1,775FIXED ASSETS -

INTANGIBLE ASSETS -

1,775$

LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIES

Accounts Payable and Accrued Liabilities 31,812$Interest on Convertible Debt 260,335

-

292,147

LONG TERM LIABILITIESConverible Debentures 688,062

Other 198,000886,062

SHAREHOLDERS' DEFICIENCYCAPITAL STOCK

Common Stock, authorized shares 1,900,000,000

PV $0.00001Issued and outstanding - 1,793,758,534 49,665Preferred stock issued - 3,960,000Additional paid-in Capital 13,083,792

DEFICIT 14,309,891-$1,176,434-

1,775$

The accompanying notes are an integral part of thesefinancial statements

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SKYBRIDGE TECHNOLOGY GROUP INC.CONSOLIDATED STATEMENTS OF EARNINGS AND DEFICIT

FOR THE YEAR December 31, 2009(Unaudited)

EARNINGS

SALESSales 1,571$

TOTAL SALES 1,571

COST OF SALES

Operating Costs 0

TOTAL COST OF SALES 0

GROSS PROFIT 1,571

OPERATING EXPENSESSales Expense 0General Administrative Expense -402,135

-402,135

NET PROFIT BEFORE TAX 403,706

INCOME TAX 0

NET PROFIT 403,706$

Deficit - Beginning of period 14,713,597-

Deficit - End of period 14,309,891-$


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SKYBRIDGE TECHNOLOGY GROUP INC.CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED December 31, 2009(Unaudited)

CASH FLOWS

Cash flows from operating activities

Profit/Loss from operations 403,706$

Adjustments to cash flows from operating activites:

Amortization of goodwill -Depreciation od fixed assets -

-Cash flows from operating activities 403,706$

Cash flows from investing activities:

Capital expenditures -

Investment in inventory -Increase in accounts receivable -

Increase in intangible assets -

Decrease in prepaid expenses -

Cash used for investing activities -$

Cash flows from financing activities:

Increase in accounts payable and accrued liabilities 17,992

Increase in loans from related companies 596,065-Increase in Loan payable 504,108-Increase in capital stock 667,728

Cash used for financing activities 414,453-$

Net increase (decrease) in cash 10,747-$

Cash at beginning of period 10,868

Cash at end of period 121$



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SKYBRIDGE TECHNOLOGY GROUP INC.CONSOLIDATED STATEMENT OF SHAREHOLDERS' DEFICIENCY

FOR THE PERIOD YEAR December 31, 2009(Unaudited)

Dec YE 2009 Preferred Stock Common Stock Deficit Total

Shares Amount Shares Amount

Bal Dec, 2008 3,960,000 $0 1,900,000,000 $ 49,665 -$ 14,713,597 -$ 14,663,932Shares Issued 0 $ -

Paid-in capital $ - $ - $ 13,083,792 $ 13,083,792

$ 403,706 $ 403,706Net Profit/Loss

Bal Dec 2009 $0 1,900,000,000 $ 49,665 -$ 1,226,099 -$ 1,176,434


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SKYBRIDGE TECHNOLOGY GROUP INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED December 31, 2009(Unaudited)

NOTE 1. GENERAL ORGANIZATION AND BUSINESS ISSUES

Skybridge Technology Group Inc. (SKGO) focuses on

investing in technology developing companies. SKGO representatives

approached Mina Mar Group to lead the company as its Corporate Advisor

and Investor Relations Specialist. The company decided this was an

neccessay move to becoming more competitive in the rapidily changing

global market.

In December 2009, the company announced it had finalied its merger

with the USA company - Shot in the Gas, Inc.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING

PRACTICES

Accounting policies and procedures are listed below. The companyhas adopted a December 31 year end.

Accounting Basis

We have prepared the consolidated financial statements according to

generally accepted accountingPrinciples (GAAP).

Cash and Cash Equivalents

The Company considers all highly liquid investments with originalmaturities of three months or less ascash equivalents. As of December 31, the company had no cash orcash equivalent balances in excessOf the federally insured amounts. The Companys policy is to invest

excess funds in only well capitalizedfinancial institutions.

Earnings per Share

The Company adopted the provisions of SFAS No. 128, "Earningsper Share." SFAS No. 128 requires thepresentation of basic and diluted earnings per share ("EPS"). Basic


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.EPS is computed by dividing incomeavailable to common stockholders by the weighted-average numberof common shares outstanding for theperiod. Diluted EPS includes the potential dilution that could occur ifoptions or other contracts to issue

common stock were exercised or converted.

The Company has not issued any options or warrants or similarsecurities since inception.

Stock Based Compensation

As permitted by Statement of Financial Accounting Standards("SFAS") No. 148, "Accounting for Stock-Based Compensation--Transition and Disclosure", which amendedSFAS 123 ("SFAS 123"), "Accounting

Principles Board Opinion ("APB") No. 25, "Accounting for StockIssued to Employees, and relatedInterpretations including "Financial Accounting Standards BoardInterpretations No. 44, Accounting forCertain Transactions Involving Stock Compensation", andinterpretation of APB No. 25. At December31, 2009 the Companyhas not formed a Stock Option Plan and has not issued any options.

DividendsThe Company has adopted a policy regarding the payment ofdividends. Dividends may be paid to shareholders once all divisionsare fully operational and profitable. The Board may also paydividends to counter any short selling or undermining of the entity.See Note 1.

Fixed Assets

Fixed assets are carried at cost. Depreciation is computed using thestraight-line method of depreciationover the assets estimated useful lives. Maintenance and repairs arecharged to expense as incurred; majorrenewals and improvements are capitalized. When items of fixed

assets are sold or retired, the related costand accumulated depreciation is removed from the accounts and anygain or loss is included in income.

Income Taxes

The provision for income taxes is the total of the current taxespayable and the net of the change in the


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deferred income taxes. Provision is made for the deferred incometaxes where differences exist between theperiod in which transactions affect current taxable income and theperiod in which they enter into thedetermination of net income in the financial statements.

Advertising

Advertising is expensed when incurred.

Use of Estimates

The preparation of financial statements in conformity withaccounting principles generally accepted in the

United States of America requires management to make estimates

and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assetsand liabilities at the date of the financialstatements and the reported amounts of revenue and expenses duringthe reporting period. Actual resultscould differ from those estimates.

Goodwill

Goodwill is created when we acquire a business. It is calculated by

deducting the fair value of the netassets acquired from the consideration given and represents the valueof factors that contribute to greaterearning power, such as a good reputation, customer loyaltye assess goodwill of individual subsidiaries for impairment in thefourth quarter of every year, and whencircumstances indicate that goodwill might be impaired.

NOTE 3. GOING CONCERN

The accompanying financial statements have been preparedassuming that the Company will continue as agoing concern. The Company had a profit for the period through toDecember 31, 2009 of $ 403,706. The Companys continuation as agoing concern is dependent on its ability to meet its obligations, toobtain additional financing as may be required and ultimately toattain profitability. These financial statements do not include anyadjustments that might result from the outcome of this uncertainty.


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NOTE 4. RECENTLY ISSUED ACCOUNTING STANDARDS

Management does not believe that any recently issued but not yetadopted accounting standards will have amaterial effect on the Company's results of operations or on the

reported amounts of its assets and liabilitiesupon adoption.

NOTE 5. SHAREHOLDERS DEFICIENCY

Common Stock:

As of December 31, 2009 the company has 1,793,758,534 shares ofcommon stock issued and outstanding.

NOTE 6. PROVISION FOR INCOME TAXES

The Company provides for income taxes under Statement ofFinancial Accounting Standards NO. 109,Accounting for Income Taxes. SFAS No. 109 requires the use of anasset and liability approach inaccounting for income taxes. Deferred tax assets and liabilities arerecorded based on the differencesbetween the financial statement and tax bases of assets and liabilitiesand the tax rates in effect when these

differences are expected to reverse.

SFAS No. 109 requires the reduction of deferred tax assets by avaluation allowance if, based on the weightof available evidence, it is more likely than not that some or all of thedeferred tax assets will not berealized. The provision for income taxes is comprised of the netchanges in deferred taxes less thevaluation account plus the current taxes payable.

skybridge annual report dec 2009

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