2007 annual report aveiro investment corp. - First West Properties

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BALANCE SHEETS June 30, 2007 and 2006 32 | Aveiro Investment Corp. | 2007 Annual Report 2007 2006 ASSETS Property held for development (Note 4) $ 9,321,561 $ – Income-producing property (Note 5) 5,575,780 – Cash 1,930,423 – Accounts receivable 174,454 – Prepaids 84,886 – Equipment (Note 6) 52,080 – Restricted cash (Note 7) 10,000 – Incorporation costs 700 700 LIABILITIES AND SHAREHOLDERS’ EQUITY $ 17,149,884 $ 700 LIABILITIES Mortgages payable (Note 8) $ 7,077,950 $ – Accounts payable and accrued liabilities 278,162 6,349 Security deposits 52,652 – 7,408,764 6,349 SHAREHOLDERS’ EQUITY (DEFICIENCY) Share capital (Note 9) 10,373,594 20,900 Contributed surplus (Note 10) 283,459 16,634 Defi cit (915,933 ) (43,183 ) Commitments (Note 17) Subsequent events (Note 18) See accompanying notes to the fi nancial statements 9,741,120 (5,649 ) $ 17,149,884 $ 700 On behalf of the Board of Directors: DIRECTOR DIRECTOR
STATEMENTS OF LOSS AND DEFICIT Years ended June 30, 2007 and 2006 2007 2006 Revenue $ 74,496 $ – Expenses: Property operating costs 3,558 – Corporate 673,976 6,863 Stock based compensation 249,207 – Interest 14,813 – Amortization 5,692 – 947,246 6,863 Net loss (872,750 ) (6,863 ) Defi cit, beginning of year (43,183 ) (36,320 ) Defi cit, end of year $ (915,933 ) $ (43,183 ) Basic and diluted net loss per share (Note 14) $ (0.1535 ) $ (0.0033 ) See accompanying notes to the fi nancial statements Aveiro Investment Corp. | 2007 Annual Report | 33
Page 1 and 2: AVEIRO INVESTMENT CORP. 2007 ANNUAL
Page 3 and 4: CHAIRMAN’S LETTER DEAR FELLOW SHA
Page 5 and 6: ASSETS SASKATOON TOTAL OF APPROXIMA
Page 7 and 8: ASSETS AIRDRIE 77 ACRES OF UNDEVELO
Page 9 and 10: Harold Kunik, Chief Financial Offic
Page 11 and 12: JULY 2007 Private Placement In July
Page 13 and 14: WHY SASKATCHEWAN? Once solely an ag
Page 15 and 16: OVERVIEW About Aveiro Aveiro is an
Page 17 and 18: OVERALL PERFORMANCE Financial Posit
Page 19 and 20: The Warehouse Mortgage is a fi rst
Page 21 and 22: a company with common management. I
Page 23 and 24: During the 2008 fi scal year, the C
Page 25 and 26: properties. The ability of Aveiro t
Page 27 and 28: OUTSTANDING SHARE DATA Common Share
Page 29 and 30: The rates are determined based on m
Page 31: AUDITOR’S REPORT To the sharehold
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS J
Page 47 and 48: AUDITORS Grant Thornton LLP 1000, 1

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