Attached files
| file | filename |
|---|---|
| 8-K - Madison Enterprises Group, Inc. | madisonent8k051611.htm |
| EX-2 - Madison Enterprises Group, Inc. | ex2.htm |
| EX-14 - Madison Enterprises Group, Inc. | ex14.htm |
Exhibit 99.1
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FASTFIX, INC
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(A Development Stage Company)
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BALANCE SHEETS
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AUDITED
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| ASSETS | ||||||||||||||||||||||||
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FastFix
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Madison
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FastFix
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Madison
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December 31, 2010
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December 31, 2010
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2010
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December 31, 2009
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December 31, 2009
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2009
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Current Assets
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Cash and cash equivalents
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
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Cash in Escrow
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- | 3,319 | 3,319 | - | 7,907 | 7,907 | ||||||||||||||||||
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Total Current Assets
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- | 3,319 | 3,319 | - | 7,907 | 7,907 | ||||||||||||||||||
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Property, Plant and Equipment
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at cost, net of accumulated depreciation
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$ | 34,567 | $ | - | $ | 34,567 | $ | 113,231 | $ | - | $ | 113,231 | ||||||||||||
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Acquisition Negative Goodwill Applied
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(28,300 | ) | - | (28,300 | ) | (106,964 | ) | - | (106,964 | ) | ||||||||||||||
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TOTAL ASSETS
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$ | 6,267 | $ | 3,319 | $ | 9,586 | $ | 6,267 | $ | 7,907 | $ | 14,174 | ||||||||||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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Accounts Payable
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$ | - | $ | 6,416 | $ | 6,416 | $ | - | $ | 1,805 | $ | 1,805 | ||||||||||||
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Loans from Shareholders
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3,442 | - | 3,442 | 3,442 | - | 3,442 | ||||||||||||||||||
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Accrued Liabilities
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- | - | - | - | - | - | ||||||||||||||||||
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Total Current Liabilities
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3,442 | 6,416 | 9,858 | 3,442 | 1,805 | 5,247 | ||||||||||||||||||
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TOTAL LIABILITIES
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$ | 3,442 | $ | 6,416 | $ | 9,858 | $ | 3,442 | $ | 1,805 | $ | 5,247 | ||||||||||||
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Stockholders' Equity:
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Preferred Stock - $0.001 par value - 5,000,000 authorized
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$ | - | $ | - | ||||||||||||||||||||
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and none issued or outstanding
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Common Stock - $0.001 par value - 50,000,000
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shares authorized, 6,034,800 issued and
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outstanding for both years
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$ | 2,825 | $ | 3,210 | $ | 6,035 | $ | 2,825 | $ | 3,210 | $ | 6,035 | ||||||||||||
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Additional paid-in capital
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17,790 | 17,790 | 17,790 | 17,790 | ||||||||||||||||||||
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Retained earnings (deficit) Accumulated During Develop Stage
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(24,097 | ) | (24,097 | ) | (14,898 | ) | (14,898 | ) | ||||||||||||||||
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TOTAL STOCKHOLDERS EQUITY
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$ | 2,825 | $ | (3,097 | ) | $ | (272 | ) | $ | 2,825 | $ | 6,102 | $ | 8,927 | ||||||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 6,267 | $ | 3,319 | $ | 9,586 | $ | 6,267 | $ | 7,907 | $ | 14,174 | ||||||||||||
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FASTFIX, INC
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(A Development Stage Company)
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STATEMENTS OF OPERATIONS
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AUDITED
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FastFix
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Madison
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FastFix
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Madison
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December 31, 2010
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December 31, 2010
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2010
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December 31, 2009
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December 31, 2009
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2009
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Revenue
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
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Cost of Revenue
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- | - | - | - | - | - | ||||||||||||||||||
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Gross Profit (Loss)
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- | - | - | - | - | - | ||||||||||||||||||
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Operating Expenses
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89,464 | 9,199 | 98,663 | 85,478 | 7,890 | 93,368 | ||||||||||||||||||
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Net Income (Loss) from Operations
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(89,464 | ) | (9,199 | ) | (98,663 | ) | (85,478 | ) | (7,890 | ) | (93,368 | ) | ||||||||||||
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Other Income (Expense), Net
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- | - | - | - | 12,000 | 12,000 | ||||||||||||||||||
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Net Income (Loss)
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$ | (89,464 | ) | $ | (9,199 | ) | $ | (98,663 | ) | $ | (85,478 | ) | $ | 4,110 | $ | (81,368 | ) | |||||||
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Weighted average number of common shares
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outstanding - basic and fully diluted
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- | 6,034,800 | 6,034,800 | - | 6,034,800 | 6,034,800 | ||||||||||||||||||
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Net (Loss) per share - basic and fully diluted
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$ | 0.00 | $ | -0.0015 | $ | -0.0015 | $ | 0.0000 | $ | 0.0007 | $ | 0.0007 | ||||||||||||
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FASTFIX, INC
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(A Development Stage Company)
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STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
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AUDITED
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FASTFIX INC
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Common
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Additional
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Retained
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Stock
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Paid In Capital
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Earnings
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Total
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Balance at January 1, 2010
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$ | 2,825 | $ | - | $ | 0 | $ | 2,825 | ||||||||
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Stock Issued
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- | - | - | - | ||||||||||||
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Additional Paid in Capital
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- | - | - | - | ||||||||||||
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Retained Earnings
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- | - | - | - | ||||||||||||
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Net Income
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- | - | - | - | ||||||||||||
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Balance at December 31, 2010
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$ | 2,825 | $ | - | $ | 0 | $ | 2,825 | ||||||||
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MADISON ENTERPRISES
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Common
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Additional
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Retained
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Stock
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Paid In Capital
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Earnings
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Total
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Balance at January 1, 2010
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$ | 3,210 | $ | 17,790 | $ | (14,898 | ) | $ | 6,102 | |||||||
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Stock Issued
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- | - | - | - | ||||||||||||
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Additional Paid in Capital
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- | - | - | - | ||||||||||||
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Retained Earnings
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- | - | - | - | ||||||||||||
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Net Income
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- | - | (9,199 | ) | (9,199 | ) | ||||||||||
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Balance at December 31, 2010
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$ | 3,210 | $ | 17,790 | $ | (24,097 | ) | $ | (3,097 | ) | ||||||
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CONSOLIDATED
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| 2010 | ||||||||||||||||
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Common
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Additional
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Retained
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Stock
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Paid In Capital
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Earnings
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Total
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Balance at January 1, 2010
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$ | 6,035 | $ | 17,790 | $ | (14,898 | ) | $ | 8,927 | |||||||
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Net Stock Issued (Purchased)
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- | - | - | - | ||||||||||||
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Additional Paid in Capital
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- | - | - | - | ||||||||||||
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Retained Earnings Adjustment
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- | - | - | - | ||||||||||||
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Net Income
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- | - | (9,199 | ) | (9,199 | ) | ||||||||||
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Balance at December 31, 2010
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$ | 6,035 | $ | 17,790 | $ | (24,097 | ) | $ | (272 | ) | ||||||
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FASTFIX INC
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Common
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Additional
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Retained
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Stock
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Paid In Capital
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Earnings
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Total
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Balance at January 1, 2009
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$ | 80,144 | $ | 296,106 | $ | (192,234 | ) | $ | 184,016 | |||||||
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Net Stock Issued (Purchased)
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(77,319 | ) | - | - | (77,319 | ) | ||||||||||
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Additional Paid in Capital
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- | (296,106 | ) | - | (296,106 | ) | ||||||||||
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Retained Earnings
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- | - | - | - | ||||||||||||
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Net Income
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- | - | 192,234 | 192,234 | ||||||||||||
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Balance at December 31, 2009
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$ | 2,825 | $ | - | $ | 0 | $ | 2,825 | ||||||||
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MADISON ENTERPRISES
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Common
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Additional
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Retained
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Stock
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Paid In Capital
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Earnings
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Total
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Balance at January 1, 2009
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$ | 3,210 | $ | 17,790 | $ | (19,008 | ) | $ | 1,992 | |||||||
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Stock Issued
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- | - | - | - | ||||||||||||
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Additional Paid in Capital
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- | - | - | - | ||||||||||||
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Retained Earnings
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- | - | - | - | ||||||||||||
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Net Income
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- | - | 4,110 | 4,110 | ||||||||||||
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Balance at December 31, 2009
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$ | 3,210 | $ | 17,790 | $ | (14,898 | ) | $ | 6,102 | |||||||
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CONSOLIDATED
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| 2009 | ||||||||||||||||
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Common
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Additional
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Retained
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Stock
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Paid In Capital
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Earnings
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Total
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Balance at January 1, 2009
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$ | 83,354 | $ | 313,896 | $ | (211,242 | ) | $ | 186,008 | |||||||
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Net Stock Issued (Purchased)
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(77,319 | ) | - | - | (77,319 | ) | ||||||||||
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Additional Paid in Capital
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- | (296,106 | ) | - | (296,106 | ) | ||||||||||
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Retained Earnings Adjustment
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- | - | - | - | ||||||||||||
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Net Income
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- | - | 196,344 | 196,344 | ||||||||||||
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Balance at December 31, 2009
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$ | 6,035 | $ | 17,790 | $ | (14,898 | ) | $ | 8,927 | |||||||
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FASTFIX, INC
(A Development Stage Company) |
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STATEMENTS OF CASH FLOWS
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AUDITED
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FastFix
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Madison
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FastFix
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Madison
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December 31, 2010
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December 31, 2010
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2010
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December 31, 2009
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December 31, 2009
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2009
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Cash Flows From Operating Activities
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Net income (loss)
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$ | (89,464 | ) | $ | (9,199 | ) | $ | (98,663 | ) | $ | (85,478 | ) | $ | 4,110 | $ | (81,368 | ) | |||||||
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Adjustments to reconcile net income (loss) to
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net cash (used) provided by operating activities:
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Increase in Depreciation
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89,464 | - | 89,464 | 84,917 | - | 84,917 | ||||||||||||||||||
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(Increase) in Accounts Receivable
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- | - | - | 55,250 | - | 55,250 | ||||||||||||||||||
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Increase in Accounts Payable and Accrued Expenses
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- | - | - | (169 | ) | - | (169 | ) | ||||||||||||||||
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Net cash (used) by operating activities
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- | (9,199 | ) | (9,199 | ) | 54,520 | 4,110 | 58,630 | ||||||||||||||||
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Cash Flows From Investing Activities
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Purchase of property, plant and equipment
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(10,800 | ) | - | (10,800 | ) | (68,350 | ) | - | (68,350 | ) | ||||||||||||||
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Net cash used in investing activities
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(10,800 | ) | - | (10,800 | ) | (68,350 | ) | - | (68,350 | ) | ||||||||||||||
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Cash Flows From Financing Activities
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Issuance of Common Stock
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1,543 | - | 1,543 | 1,607 | - | 1,607 | ||||||||||||||||||
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Increase in Loans from Shareholders
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- | - | - | 2,580 | - | 2,580 | ||||||||||||||||||
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Increase in Contributed Capital
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9,257 | - | 9,257 | 9,643 | - | 9,643 | ||||||||||||||||||
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Net cash used in financing activities
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10,800 | - | 10,800 | 13,830 | - | 13,830 | ||||||||||||||||||
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Net decrease in cash and cash equivalents
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- | (9,199 | ) | (9,199 | ) | 0 | 4,110 | 4,110 | ||||||||||||||||
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Cash and cash equivalents, Beginning of Period
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- | - | - | - | - | - | ||||||||||||||||||
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Cash and cash equivalents, December 31st
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$ | - | $ | (9,199 | ) | $ | (9,199 | ) | $ | 0 | $ | 4,110 | $ | 4,110 | ||||||||||