QUARTERLY REPORT
For the Period ending
TABLE OF CONTENTS
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Management's Discussion and Analysis of Financial Conditions and Results of Operations |
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1
PART I –
FINANCIAL INFORMATION
Item 1. Financial Statements
KELYNIAM GLOBAL, INCORPORATED
Condensed Balance Sheets
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
$ 16,328 |
$ 8,533 |
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Accounts receivable |
112,321 |
1,200 |
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Provision for doubtful accounts |
( 1,200) |
-- |
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Inventory: |
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Merchandise |
39,107 |
-- |
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Manufacturing |
77,131 |
-- |
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Total Current Assets |
243,687 |
9,733 |
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Fixed assets, net of accumulated
depreciation of $42,973, and $22,203 respectively |
382,055 |
56,844 |
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Building improvements, net of accumulated
depreciation of $27 |
7,269 |
-- |
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Other assets |
486 |
1,162 |
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TOTAL ASSETS |
$ 633,497 |
$ 67,739 |
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LIABILITIES
AND SHAREHOLDERS’ DEFICIT |
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CURRENT LIABILITIES |
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Current portion of notes payable |
$ 50,742 |
$ 7,719 |
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Accounts payable and accrued expenses |
214,639 |
85,267 |
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Current portion of loans payable – related
parties |
6,984 |
23,766 |
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Total Current Liabilities |
272,365 |
116,752 |
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LONG-TERM LIABILITIES |
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Notes payable, net of current portion |
157,449 |
23,176 |
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Loans payable – related parties, net of
current portion |
245,127 |
-- |
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Total Long-Term Liabilities |
402,576 |
23,176 |
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TOTAL LIABILITIES |
674,941 |
139,928 |
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SHAREHOLDERS’ DEFICIT |
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Common stock, $.001 Par Value, 10,000,000
shares authorized |
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9,596,300 and 9,513,800 shares issued
and outstanding respectively |
9,596 |
9,513 |
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Additional paid-in capital |
362,103 |
146,186 |
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Retained deficit |
(
413,143) |
( 227,888) |
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TOTAL
SHAREHOLDERS’ DEFICIT |
( 41,444) |
( 72,189) |
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TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT |
$ 633,497 |
$ 67,739 |
The accompanying notes are an integral part of the
financial statements.
2
KELYNIAM GLOBAL INCORPORATED
Condensed Statements of Income (Loss)
(unaudited)
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Three
Months Ended June 30, |
Six Months
Ended June 30, |
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2008 |
2007 |
2008 |
2007 |
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OPERATING REVENUES |
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Revenues |
$ 160,490 |
$ 9,366 |
$ 165,940 |
$ 33,822 |
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Cost of revenue |
( 64,171) |
-- |
( 64,171) |
-- |
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Gross profit |
96,319 |
9,366 |
101,769 |
33,822 |
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OPERATING EXPENSES |
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General,
administrative and selling expenses |
206,784 |
16,106 |
249,141 |
29,039 |
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Professional fees |
18,875 |
6,465 |
39,925 |
16,894 |
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Total operating expenses |
225,659 |
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