RNS Number:6725R
Shariah Capital, Inc
04 April 2008
Shariah Capital Inc. ("Shariah Capital" or "the Company")
Final Results for the year ended 31 December 2007
The Board of Shariah Capital is pleased to announce Shariah Capital's final
results for the year ended 31 December 2007.
Shariah Capital is a U.S.-based company that creates and customizes Shariah
compliant financial products and platforms and provides selective Shariah
consulting and advisory services primarily to global financial institutions and
investment firms with product initiatives directed to Islamic investors.
Chairman's Statement
Shariah Capital's long term strategy has been to position the Company to take
advantage of the significant and growing demand for Shariah Capital products,
platforms and advisory services and build our global brand which is underpinned
by innovation and excellence.
Shariah Capital had a productive 2007 laying the foundations which have led to
significant developments in the current year to date and have provided a
platform from which to execute our strategy.
Highlights and Achievements
On 18 March 20008, Shariah Capital announced a joint venture, to be known as
DMCC Shariah Asset Management Company (or "DSAM"), with an agency of the Dubai
government, Dubai Multi Commodities Centre Authority (DMCC). DSAM's mandate is
to develop, seed, and distribute Shariah compliant, commodity-linked alternative
investments. As part of this transaction, DMCC purchased a 4.99% equity stake in
Shariah Capital at $1.80 per share and DMCC's Chief Executive, Dr. David
Rutledge, will be nominated to join our board of directors.
DMCC's wholly-owned Dubai Commodities Asset Management ("DCAM"), our
counterparty in the joint venture, has applied to the UAE Central Bank for
licensing. DSAM is part of that federal license application.
We know of no other Western asset management company or Shariah consulting
company involved in a joint venture with an agency of a government in the Gulf
commissioned to build, capitalize and market Shariah compliant investment
management products. Our positioning is unique. We believe that, through DSAM,
we will be well-situated to access institutional asset management opportunities
throughout the Gulf where demand for Shariah compliant investment products is
understood to be accelerating.
It is anticipated that DSAM's first product will be a fund of funds comprised of
single-strategy, commodity-linked hedge fund managers exclusive to DSAM which
will be facilitated and offered through the Al Safi Trust, a program we
announced last year with Barclays. The Al Safi Trust is considered a
comprehensive, Shariah compliant platform comprised of single strategy
alternative investment managers where Shariah Capital is the Shariah Advisor and
Barclays Capital is responsible for marketing and prime brokerage. Designed as a
"one stop" platform primarily/initially for hedge funds, Al Safi provides
Shariah screening and short-sale solutions along with prime brokerage,
administration and marketing within a pre-established Cayman trust framework.
Shariah Capital is well-positioned with its role in Al Safi. We know of no other
asset management or Shariah advisory company involved in a strategic
relationship with a major money center bank or prime broker dedicated to build
and operate a Shariah compliant alternative investment platform like Al Safi.
The launch of Al Safi and its ensuing revenue will be a major accomplishment for
Shariah Capital.
DSAM and Al Safi represent the culmination of last year's efforts and the first
steps toward significant, sustainable revenues for Shariah Capital. Both
initiatives required considerable time and resources, but our objective was to
enlist the strongest partners in alternative investments and the most
forward-looking government organizations in the Gulf. This plan proved to be a
well-founded and well-timed strategy. In order to execute our strategy, we took
the following steps:
* License Shariah Capital with the Dubai International Financial Centre
(DIFC) and establish an office presence in Dubai. This step was completed in
May, 2007. To our knowledge, Shariah Capital was the first Western Shariah
advisory company licensed by the DIFC.
* Perform a trial run of a separately-managed hedge fund account at
Barclays Prime Brokerage to test the efficacy of our Shariah screens,
short-sale solutions and complete Shariah methodology (March-September,
2007). Our Shariah processes and controls exceeded expectations. We were
awarded the prestigious Master of Islamic Funds Award 2007 in the "Best
Innovation/New in Islamic Funds" category for this project.
* Translate the Barclays trial account into a comprehensive
Shariah compliant platform comprised of single strategy alternative
investment (primarily hedge fund) managers where Shariah Capital is
the Shariah advisor and Barclays Capital is the prime broker and
custodian. That platform, the Al Safi Trust, was announced in
September, 2007.
* Leverage our commitment to Dubai, through the DIFC license
and our office presence, to establish relationships that would
lead to our engagement and partnership in Shariah compliant
investment products. We achieved that objective with our DMCC
engagement announced in October 2007. That engagement has since
evolved into the joint venture and equity stake reported 18
March 2008. Management believes the significance of a Middle
Eastern government as Shariah Capital's JV partner and as a
shareholder cannot be understated. The support of the Dubai
government for Shariah Capital will be invaluable as our
business moves forward.
Finally, in 2007, we generated modest revenue from several Shariah
advisory mandates, most important of which was for a sukuk to be
issued for Hanco Rent-a-Car, a widely-known rental car company in
Saudi Arabia and a subsidiary of the prominent Al Sulaiman Group
in Jeddah. It was a significant achievement for a U.S. company to
win this Shariah advisory mandate from a Saudi company over other
regional advisory firms. As far as we know, no other American
(possibly Western) Shariah advisory company has previously advised
on a sukuk for a Saudi-domiciled issuer.
The Board is pleased with the Company's execution of its
strategy in 2007 and the momentum it has established for revenue
in 2008.
Personnel
Our staff remains key to the success of our organization and we
believe that we have a world class team committed to executing
the Group's strategy.
Since our last interim results, the Company has had no changes
of its personnel which testifies to our commitment to our staff.
Information on our senior management are available on our
website (www.shariahcap.com).
In 2008, we anticipate growing our in-house capabilities and
finalizing permanent staff in our Dubai office.
Financial Review
During the twelve months ended 31 December 2007, Shariah Capital
realized a net loss of $3,451,854 compared to a loss of $644,188
for the same period in 2006. A non-cash charge of $1,601,918 was
attributable to employee share-based compensation related to
restricted stock grants. This amount is included in General and
Administrative Expenses. Cash charges were attributable
primarily to management salaries, office rents in Connecticut
and Dubai, travel expenses and expenses incurred with our
listing on AIM.
As outlined above, the Company made a strategic decision in 2007
to focus on larger recurring revenue opportunities and strategic
relationships rather than short-term advisory engagements.
Consequently, 2007 revenues totaled a modest $271,175,
principally the result of consulting and advisory mandates. When
the Al Safi Trust and DSAM investment products are launched in
2008, we expect an immediate and positive impact on revenues and
earnings.
Liquidity and Capital Resources
While the company's cash position stood at $2.3million at the
end of 2007, it is now over $7.6 million as a result of the
issue of new shares to DMCC for $5.5 million of cash late last
month. The company's cash position is sufficient to fulfill
existing commitments and pursue additional new business.
Outlook
Shariah Capital plans to capitalize on the foundations it
established during 2007 with Barclays and the Dubai government,
with particular emphasis on the DMCC. In the short term, we will
focus on:
*delivering the exciting products and services we have
created for DSAM and Al Safi
*developing new Shariah compliant products through our
partnership with DMCC
*attracting additional talent to the firm to enhance our
skill sets
*pursuing selective Shariah advisory mandates which
utilize our intellectual capital and enhance our global
branding
Summary
In the Gulf, there is a telling business saying that translates
"a company is known by the company it keeps." We believe that we
have aligned ourselves with the right companies and the right
government organizations. These relationships, along with all of
our efforts in 2007, have positioned the Company to take
advantage of the significant and growing demand for Shariah
compliant financial products, platforms and Shariah advisory
services. Shariah Capital believes today that its efforts in
2007 have helped it establish itself as a global brand for
innovation and excellence.
We remain grateful to our shareholders for their continued
confidence and support.
Eric Meyer
Chairman and CEO
Enquiries:
Eric Meyer
Chairman and Chief Executive Officer
Shariah Capital, Inc.
Telephone: +1 (203) 972-0331
emeyer@shariahcap.com
Bill Redman
Managing Director and Treasurer
Telephone: +1 (203) 972-0331
bredman@shariahcap.com
Investec Investment Banking
Paul Gray
+44 207 597 5176
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Balance Sheets
December 31, 2007 2006
----------------------------------- --------- ----------
Assets
Cash $154,904 $1,093,734
Certificates of deposit 2,214,377 3,517,817
Due from related parties (Note 2) 65,175 29,097
Prepaid expenses and other current assets 93,075 91,589
----------------------------------- --------- ----------
Total current assets $2,527,531 $4,732,237
----------------------------------- --------- ----------
Property and equipment-net (Note 3) 6,379 6,223
----------------------------------- --------- ----------
Total assets $2,533,910 $4,738,460
----------------------------------- --------- ----------
Liabilities and Stockholders' Equity $956 $9,446
Accounts payable 98,916 568,171
Accrued expenses and other current liabilities
----------------------------------- --------- ----------
Total liabilities $99,872 $577,617
----------------------------------- --------- ----------
Commitments (Note 4)
Stockholders' equity:
Common stock, $.01 par value, 70,000,000 shares
authorized; 58,588,100 and 58,440,600 shares issued
and outstanding for 2007 and 2006, respectively
585,881 584,406
Additional paid in-capital 5,888,473 4,164,899
Retained deficit (4,040,316) (588,462)
----------------------------------- --------- ----------
Total stockholders' equity 2,434,038 4,160,843
----------------------------------- --------- ----------
Total liabilities and stockholders' equity $2,533,910 $4,738,460
----------------------------------- --------- ----------
See accompanying significant accounting policies and
notes to financial statements.
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Statements of Operations
December 31, 2007 2006
-------------------------------- ---- --------- ---- ---------
Revenues
Interest income $ 145,246 $ 30,328
Consulting 104,929 222,500
Rental income (Note 4) 21,000 19,500
Conference attendee and sponsorship - 18,868
-------------------------------- ---- --------- ---- ---------
Total revenues $ 271,175 $ 291,196
-------------------------------- ---- --------- ---- ---------
Expenses
General and administrative expenses (Notes
3, $ 3,595,151 $ 885,726
4, and 6)
R&D expenses 103,017 -
Consulting expenses 24,861 31,431
Conference hosting expenses - 15,107
Interest expense - 3,120
-------------------------------- ---- --------- ---- ---------
Total expenses $ 3,723,029 $ 935,384
-------------------------------- ---- --------- ---- ---------
Net loss $ (3,451,854) $ (644,188)
-------------------------------- ---- --------- ---- ---------
Earnings (loss) per share, basic and $ (.06) $ (.01)
diluted ---- --------- ---- ---------
--------------------------------
Weighted average shares outstanding, basic
and 58,821,285 50,701,566
diluted ---- --------- ---- ---------
--------------------------------
See accompanying significant accounting policies and
notes to financial statements.
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Statements of Changes in Stockholders' Equity
Year ended December 31, 2007
Common Stock
Shares Amount Additional Retained Earnings/
Paid-in capital (Deficit) Total
------------------------------------------------------------------------------------------------
Balance at
January 1, 2006 - $ - $ 55,726 $ 55,726
Shares issued (Note 1) 5,550,000 55,500 5,494,500 5,550,000
Shares issued in lieu
of payment for services
(Note 1) 190,600 1,906 188,694 - 190,600
Conversion of Meyer Fund
Management LLC membership
interest to
common stock 50,000,000 500,000 (500,000) - -
Restricted stock
compensation expense
(Note 6) - - 72,329 - 72,329
Issuance of
restricted
common stock 2,700,000 27,000 (27,000)
AIM offering
expenses (1,063,624) (1,063,624)
Net loss (644,188) (644,188)
-----------------------------------------------------------------------------------------------
Balance at
December 31,2006 58,440,600 $ 584,406 $ 4,164,899 $ (588,462) $ 4,160,843
Shares issued
for services 100,000 1,000 124,000 125,000
Restricted stock
compensation expense
(Note 6) - - 1,601,918 - 1,601,918
Issuance of
restricted
common stock 47,500 475 (475) - -
AIM offering
expenses - - (1,869) - (1,869)
Net loss - - - (3,451,854) (3,451,854)
------------------------------------------------------------------------------------------------
Balance at
December 31, 2007 58,588,100 $ 585,881 $ 5,888,473 $(4,040,316) $ 2,434,038
------------------------------------------------------------------------------------------------
See accompanying significant accounting policies and
notes to financial statements
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Statements of Cash Flows
(Note 5)
For the year ended December 31, 2007 2006
------------------------------------ --- -------- --- --------
Cash flows from operating activities:
Net loss $ (3,451,854) $ (644,188)
Adjustments to reconcile net loss to net
cash 125,000 190,600
(used in)/provided by
operating activities:
Common stock issued in lieu of payment for
services
Stock compensation and consulting expense 1,601,918 72,329
Depreciation and amortization 1,954 1,251
Changes in operating assets and (1,486) (82,920)
liabilities:
Prepaid expenses and other current assets
Deferred revenue - (25,000)
Accounts payable (8,490) (2,831)
Accrued expenses and other current (469,255) 520,464
liabilities --- -------- --- --------
------------------------------------
Net cash (used in)/provided by operating
activities (2,202,213) 29,705
------------------------------------ --- -------- --- --------
Cash flows used in investing activities: (2,200,000) (3,517,817)
Purchase of certificate of deposit
Redemptions of certificate of deposit 3,503,440 -
----------------------------------- --- -------- --- --------
Purchase of property and equipment (2,110) (2,259)
----------------------------------- --- -------- --- --------
Net cash provided by/(used in) investing
activities 1,301,330 (3,520,076)
----------------------------------- --- -------- --- --------
Cash flows from financing activities: (1,869) 1,936,376
Proceeds from sale of common stock, net of
AIM expenses
Proceeds from bridge loan - 1,200,000
Proceeds from issuance of common stock to
investee - 1,350,000
Due from related parties (36,078) (18,000)
----------------------------------- --- -------- --- --------
Net cash (used in)/provided by operating
activities (37,947) 4,468,376
----------------------------------- --- -------- --- --------
Net (decrease)/increase in cash (938,830) 978,005
----------------------------------- --- -------- --- --------
Cash, beginning of period 1,093,734 115,729
----------------------------------- --- -------- --- --------
Cash, end of period $ 154,904 $ 1,093,734
----------------------------------- --- -------- --- --------
See accompanying significant accounting policies and
notes to financial statements
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Summary of Significant Accounting Policies
The Company Shariah Capital, Inc. ("the Company") was formed on September 6,
and 2006 as a Delaware Corporation. The Company is a multi-dimensional
Nature of company that creates Shariah-compliant financial products and
Operations services under its own brand name, under co-branding arrangements
with joint venture partners or on a private label basis. The
Company's targeted clients are financial institutions and
investment management firms that are building product platforms
primarily directed to the Middle East and Far East and,
specifically to, Islamic institutional and high net worth
investors. The firm also is exploring and expects to pursue a
number of business opportunities with financial and investment
firms in Europe, Asia and the United States.
The Company creates and customizes Shariah-compliant financial
products and platforms and provides Shariah consulting and
advisory services primarily to financial institutions and
investment firms with product initiatives directed to Islamic
investors. Specifically, the Company has built proprietary
solutions endorsed by prominent Shariah scholars that enable hedge
fund and other alternative investment managers to manage their
portfolios consistent with their existing strategies and processes
while complying with Shariah. Typically, the Company charges its
clients a percentage of assets under management for these
solutions.
The Company also provides consulting and advisory services
delivered separately under professional service contracts. These
projects generally earn an up-front non-refundable retainer upon
engagement; a progress fee upon completion of certain project
deliverables; and a final payment upon completion of the mandate.
On September 26, 2006, the Company increased the authorized shares
of common stock that it may issue to 70,000,000 shares.
On November 8, 2006, Meyer Fund Management, LLC ("Meyer"), merged
into and with the Company, with the Company being the surviving
entity. The existing members of Meyer were given 50,000,000 shares
of common stock in the Company, based on their existing percentage
holdings in Meyer. The merger was accounted for as entities under
common control, whereby the Company recognized the assets and
liabilities of Meyer at their carryover basis as of the date of
the merger. Accordingly, the accompanying financial statements
present the operations of both Meyer Fund Management, LLC and
Shariah Capital, Inc. Post merger, Meyer has since been dissolved.
Revenue Professional services arrangements are billed on a time and
Recognition materials basis and, accordingly, revenue is recognized as the
services are performed.
Property, Property and equipment are stated at cost. Depreciation and
Equipment amortization are provided principally on the straight-line method
and over the estimated useful lives. Fully depreciated assets are
Depreciation written off in the year following its last depreciation charge.
The estimated useful lives of the computer equipment is 5years.
Cash and cash Cash and cash equivalents consist of short term highly liquid
equivalents investments purchased with original maturities of three months or
less and are readily convertible into cash.
Concentration The Company maintains cash balances with a financial institution.
of The balance in this account at this institution at times maybe in
Credit Risk excess of the FDIC insured limit. The Company has not expensed any
losses on such accounts.
Additionally, the Company maintains a brokerage account with a
financial institution. The balance in this account at this
institution at times may be in excess of the SIPC insured limit.
The Company has not expensed any losses on such accounts.
Advertising The Company expenses advertising costs as they are incurred.
Income Taxes On September 6, 2006, Shariah Capital, Inc. was incorporated in
Delaware as a C Corp. under the provisions of the Internal Revenue
Code. The Company is responsible for minimum taxes to the States
of Delaware and Connecticut. Due to the current year loss, no
income tax provision has been made in the accompanying financial
statements and only the required minimum and capital taxes have
been provided for.
The Company accounts for income taxes in accordance with Statement
of Financial Accounting Standards No. 109, "Accounting for Income
Taxes." Under this method, deferred income taxes are recognized
for the tax consequences of "temporary differences" by applying
statutory tax rates expected to be applicable in future years to
differences between the financial statement carrying amounts and
the tax bases of existing assets and liabilities.
A valuation allowance reduces deferred tax assets when it is more
likely than not that some or all of the deferred tax assets will
not be realized. (See Note 7.)
Use of The preparation of financial statements in conformity with
Estimates generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Earnings Basic and diluted net loss per share allocable to common
(loss) stockholders are presented in conformity with SFAS No. 128,
per share "Earnings per Share." In accordance with SFAS No. 128, basic and
diluted net loss per share has been computed using the
weighted-average number of shares of common stock outstanding
during the period, less any shares subject to restriction.
The number of weighted average shares of common stock outstanding
excluded from the calculation of basic and diluted net loss per
share because they were subject to restriction was 2,693,761 and
184,931 for the years ended December 31, 2007 and 2006,
respectively. Had they been dilutive, such shares would have been
included in the computation of diluted net loss per share.
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Notes to Financial Statements
1. Private On September 1, 2006, the Company entered into a "Master
Placement Participation Agreement" with numerous individuals and
and entities. These participants funded the Company in the
Recapitalization aggregate of $1.2 million. The funding provided working capital
to the Company and to fund costs and expenses related to having
its common stock admitted for trading on the London Alternative
Investment Market (the "AIM") on terms and conditions as
defined in the Agreement. On December 13, 2006, the Company
started publicly trading on the AIM under the ticker symbol
("SCAP"). In total, the Company raised $5,740,600, of which
$1,200,000 was raised from the bridge loan per the Master
Participation Agreement, $3,000,000 as part of the private
placement, and the remaining $1,540,600 raised from an investee
(AIM representative). Included in the funds raised are shares
issued in lieu of payment for professional services that
amounted to $190,600. Total costs incurred amounted to
approximately $1,064,000. Additional costs incurred and paid
related to the AIM offering in 2007 amounted to $1,869 for the
year ended December 31, 2007.
2. Related Party As of December 31, 2006, the Company had a net receivable from
Transactions the President in the amount of $29,097. The amount was paid in
January 2007.
As of December 31, 2007, the Company had a receivable from an
employee in the amount of $65,175, which arose as a result of
the vesting of certain restricted stock for such employee, and
the Company's payment of the tax obligation in connection with
such vesting. The amount was repaid by the employee in January
2008.
3. Property and Property and equipment - net, held and used at December 31,
Equipment - net 2007 and 2006 consist of the following:
2007 2006
Computer equipment $10,559 $8,449
Less: Accumulated depreciation
and amortization 4,180 2,226
$6,379 $6,223
Depreciation expense amounted to $1,954 and $1,251 for the
years ended December 31, 2007 and December 31, 2006,
respectively, and is included in general and administrative
expenses.
4. Commitments Operating Leases
The Company is a party to an operating lease agreement relating
to the rental of its corporate office that expires on August
31, 2008, with an annual base rent of approximately $72,000.
The lease also includes a provision to pay additional rent for
their proportionate share of utilities of approximately $1,600
per month over the lease term. Rent expense amounted to
$142,735 and $92,887 for the years ended December 31, 2007 and
December 31, 2006, respectively, and is included in general and
administrative expenses. The Company sublets a portion of this
corporate office on a month-to-month basis to one tenant.
Rental income amounted to $21,000 and $19,500 for the years
ended December 31, 2007 and December31, 2006, respectively.
The Company is also a party to a month-to-month operating lease
agreement relating to the rental of corporate office space in
Dubai, that commenced in April 2007.
The minimum rental commitments required under these operating
leases after December 31, 2007 are as follows:
Year ended December 31,
2008 $62,732
Employment The Company entered into employment agreements with its
Agreements management employees effective December 7, 2006 whereby annual
salaries aggregate $1,050,000. The agreements provide for 6 to
12 months notice of termination and provide for the annual
salaries to be paid through the termination date. In addition,
the agreement with the Chairman and Chief Executive Officer of
the Company provides for a $650,000 termination fee.
Non Executive Effective December 6, 2006, the Company entered into a Non
Director Service Executive Director Service Agreement whereby an individual will
Agreement serve as the Chairman of the audit, nomination and compensation
committees of the board of directors for an annual fee of
$32,500. The term of the agreement shall be for a period of not
less than six months unless notice is given in writing by
either party to terminate the agreement.
5. Supplemental Supplemental disclosures of cash flow information are as
Disclosures of follows:
Cash Flow
Information
Year ended Year ended
December 31, December 31,
2007 2006
Cash paid during the year for
interest $ 0 $3,120
Non cash financing transaction:
Contribution of services in
exchange for common stock 125,000 190,600
Conversion of bridge loan
into common stock $ 0 $1,200,000
6. Share Based In December 2004, the Financial Accounting Standards Board
Compensation ("FASB") issued SFAS 123R, "Share-based Payment," a revision of
SFAS 123 which supersedes APB 25 "Accounting for Stock Issued
to Employees". The Company adopted SFAS 123R using the modified
prospective application. Under this method, compensation cost
is recognized for all shared-based payments granted, modified,
or settled after the date of adoption as well as for any
unvested awards that were granted prior to the date of the
adoption.
The Company granted 2,700,000 shares of restricted stock on
December 7, 2006 to several of its employees. These 2006
restricted stock grants vest over a period of three years.
Under the provisions of SFAS 123R, share-based compensation
cost is measured at the grant date, based on the calculated
fair value of the award, and is recognized as an expense over
the employee's requisite service period, which is the vesting
period of the grant.
On April 19, 2007, the Company granted 100,000 shares of
restricted stock to a member of the Company's Shariah
Supervisory Board. This grant was fully vested on the date of
issuance and amounted to $125,000 at fair value of the stock at
the date of grant and was recorded in professional fees with a
corresponding charge to paid-in capital.
In December, 2007, the Company amended the December 7, 2006
restricted stock grants for two of its employees. The amendment
increased the December 7, 2006 tranche of shares by 5%, or
47,500 shares and moved the vesting date from December 7, 2007
to March31, 2008, subject to earlier acceleration at the option
of the Company.
Accordingly, compensation expense of $1,601,918 and $72,329
were recorded for the years ended December 31, 2007 and
December 31, 2006, respectively, in connection with the
restricted stock grants and is included in general and
administrative expenses. Additional compensation expense costs
amounting to $760,230 and $840,822 will be recognized over the
next two years.
7. Income Taxes The Company has net operating loss carry forwards of
approximately $2,900,000 available to reduce any future income
taxes, expiring at various times from 2026 to 2027. The tax
benefit of these losses and other temporary differences amount
to approximately $1,559,000, and has been fully offset by a
valuation allowance due to the uncertainty of its realization.
8. Subsequent On March 18, 2008, the Company announced a joint venture with
Events the Dubai Multi Commodities Centre (DMCC). The joint venture
entity, DMCC Shariah Asset Management Company (DSAM), will be
owned 51 per cent by the DMCC Asset Management Company and 49
per cent by the Company. The entity will develop and manage a
range of Shariah-compliant investment products focused on
commodities. In conjunction with the joint venture, DMCC
purchased a 4.99% equity share of the Company and an executive
from DMCC is expected to be nominated to join the Company's
Board of Directors.
Shariah Capital, Inc.
(formerly Meyer Fund Management, LLC)
Schedule of General and Administrative Expenses
December 31, 2007 2006
--------------------------------- ---------- ----------
General and administrative expenses:
Administrative $ - $ 400
Advertising - 5,000
AIM expenses 113,193 -
Automobile - 839
Bank service charges 993 3,860
Board advisory fees 10,000 -
Charitable donation 1,000 500
Computer 998 289
Data services - 9,317
Depreciation 1,954 1,251
Director's fees 35,165 2,708
Incorporation - 240
Insurance 115,117 57,335
Information technology 53,331 9,160
Marketing 4,130 -
Miscellaneous 596 466
Office supplies 6,609 3,558
Payroll 1,050,000 460,000
Payroll taxes 42,550 31,061
Payroll processing 1,322 965
Postage and delivery 3,441 3,536
Printing and reproduction - 1,417
Accounting 48,242 85,636
Advisory fee 125,000 -
Legal 92,040 2,862
Registrar Fees 17,492 -
Rent 142,735 92,887
Securities Filings - 4,020
State and labor taxes 7,668 710
Stock compensation expense 1,601,918 72,329
Telephone 12,523 9,370
Travel and entertainment 106,281 24,928
Web services 853 1,082
--------------------------------- ---------- ----------
Total general and administrative expenses $3,595,151 $885,726
--------------------------------- ---------- ----------
See accompanying independent auditors' report on
supplemental information
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSSFLLSASEDL
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