2007 annual report aveiro investment corp. - First West Properties
2007 annual report aveiro investment corp. - First West Properties
2007 annual report aveiro investment corp. - First West Properties
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BALANCE SHEETS<br />
June 30, <strong>2007</strong> and 2006<br />
32 | Aveiro Investment Corp. | <strong>2007</strong> Annual Report<br />
<strong>2007</strong> 2006<br />
ASSETS<br />
Property held for development (Note 4) $ 9,321,561 $ –<br />
Income-producing property (Note 5) 5,575,780 –<br />
Cash 1,930,423 –<br />
Accounts receivable 174,454 –<br />
Prepaids 84,886 –<br />
Equipment (Note 6) 52,080 –<br />
Restricted cash (Note 7) 10,000 –<br />
In<strong>corp</strong>oration costs 700 700<br />
LIABILITIES AND SHAREHOLDERS’ EQUITY<br />
$ 17,149,884 $ 700<br />
LIABILITIES<br />
Mortgages payable (Note 8) $ 7,077,950 $ –<br />
Accounts payable and accrued liabilities 278,162 6,349<br />
Security deposits 52,652 –<br />
7,408,764 6,349<br />
SHAREHOLDERS’ EQUITY (DEFICIENCY)<br />
Share capital (Note 9) 10,373,594 20,900<br />
Contributed surplus (Note 10) 283,459 16,634<br />
Defi cit (915,933 ) (43,183 )<br />
Commitments (Note 17)<br />
Subsequent events (Note 18)<br />
See accompanying notes to the fi nancial statements<br />
9,741,120 (5,649 )<br />
$ 17,149,884 $ 700<br />
On behalf of the Board of Directors:<br />
DIRECTOR DIRECTOR
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