Sparta Capital Ltd. Releases Annual Audited Financial Statements
January 28 2009 - 4:44PM
Marketwired Canada
Sparta Capital Ltd. ("Sparta") (TSX VENTURE:SAY) released today its audited
financial statements for the year ended September 30, 2008.
The comprehensive loss for the year ended September 30, 2008 was $275,337 (2007
- $349,110).
SUMMARY OF INCOME STATEMENT INFORMATION
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Income Statement 2008 2007
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Sales $ - $ 28,054
Cost of sales $ - $ 19,804
Operating expenses $ 318,841 $ 441,976
Other income $ 19,092 $ 84,616
Other comprehensive income $ 24,412 $ -
Comprehensive loss for period $ (275,337) $ (349,110)
Per share - basic and diluted $ (0.008) $ (0.010)
Weighted average shares outstanding - basic 35,220,508 35,115,631
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SUMMARY OF CASH FLOW INFORMATION
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Cash Flow 2008 2007
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Cash from operating activities $ (262,563) $ (569,744)
Cash from financing activities $ 15,340 $ (2,038)
Cash from investing activities $ (46,409) $ 154,692
Decrease in cash and cash equivalents $ (293,632) $ (417,090)
Cash and cash equivalents - beginning of period $ 695,007 $ 1,112,097
Cash and cash equivalents - end of period $ 401,375 $ 695,007
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SUMMARY OF BALANCE SHEET INFORMATION
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Balance Sheet 2008 2007
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Cash and cash equivalents $ 401,375 $ 695,007
Total Assets $ 1,436,489 $ 1,670,012
Total Liabilities $ 29,811 $ 16,237
Share capital $ 5,221,199 $ 5,001,646
Total Shareholders' Equity $ 1,406,678 $ 1,653,775
Total Liabilities & Shareholders' Equity $ 1,436,489 $ 1,670,012
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RESULTS OF OPERATIONS
For the year ended September 30, 2008 the Corporation had a comprehensive loss
of $275,337 as compared to a September 30, 2007 comprehensive loss of $349,110.
The decrease in comprehensive loss mainly relates to the decrease in the
advertising & promotion expense of the Hy-Drive system.
Advertising & Promotion decreased from $81,369 to $16,386 due to the reduction
of investor relation fees and decrease in promotional expense of the Hy-Drive
system.
Consulting fees decreased slightly from $210,472 to $200,154 as a result of
utilizing less consultant services and a reduction of stock based compensation
expense from $21,667 to $17,900.
Licenses and fees decreased from $18,347 to $15,649 resulting from decreased
regulatory and exchange filing fees incurred.
Office rent increased from $17,776 to $19,753 due to office relocation with
increased lease costs.
Professional fees decreased from $51,706 to $24,724 due to decreased legal costs
related to filings and contract review as well as decreased accounting fees for
financial reporting functions now being performed internally.
Travel decreased from $17,805 to $11,820 due to a decrease in international
travel and promotional expenses of the Hy-Drive system.
The Company's September 30, 2008 audited annual financial statements and
management discussion may be viewed on SEDAR at www.sedar.com.
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