E.G. Capital earns $24,416 in Q2Due to a recovery of income on a joint venture that was previously written off, E.G. Capital got $52,571 worth of income in 2Q of this year. From the news release:
"Revenues increased 100 per cent from nil for the three months ended Aug. 31, 2006, to $52,571 for the three months ended Aug. 31, 2007. Revenue in the three months ended Aug. 31, 2007, was composed of $52,571 in income from the recovery of a joint venture receivable that was previously written off as it was deemed at that time to be non-recoverable. For the three months ended Aug. 31, 2007, the corporation achieved a gross profit of $52,571, representing 100 per cent of total revenue, compared with nil for the three months ended Aug. 31, 2006. This increase was entirely due to an increase in joint venture income.
"Selling, general and administrative expenses were $27,846 for the three months ended Aug. 31, 2007, as compared with a net recovery of $1,620 for the same period last year. For the three months ended Aug. 31, 2007, the $27,846 included approximately $20,000 in professional and advisory expenses, and approximately $7,000 in regulatory-related filing expenses, consulting and sundry administrative costs. For the three months ended Aug. 31, 2006, the net recovery of $1,620 included approximately $30,000 in professional and advisory expenses, approximately $10,000 in regulatory-related filing expenses, consulting, and sundry administrative costs, which was offset by approximately $42,000 in sales tax refunds. The corporation incurred interest and bank charges of $309 for the three months ended Aug. 31, 2007, as compared with interest expense of $4,403 for the same period last year.
"As a result of the foregoing factors, the income before income taxes for the three months ended Aug. 31, 2007, was $24,416 as compared with a loss before income taxes and special items of $2,783 for the same period last year. The net income for the three months ended Aug. 31, 2007, was $24,416 after income tax of nil as compared with a net loss of $2,783 after income tax expense of nil for the same period last year...."
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