IBI CORP V.IBI

OUCH ... ZERO CASH

[bjhernon]

Actually - even LESS than Zero Cash:

IBI Corporation

Interim Consolidated Balance Sheets

As at September 30, 2010 and December 31, 2009

(Unaudited – Prepared by Management)

                                                                                                  2010       2009

Assets

Current assets

Cash (Overdraft)                                                                   $ (644)     $ 3,888

Amounts receivable (note 1)                                                   94,490     61,016

Loan to significantly influenced investee (note 2)                    266,954   328,369

Prepaid expenses                                                                    6,583        5,185

                                                                                           367,383    398,458

Equity investment (note 2)                                                   956,671 1,087,071

Equipment (note 3)                                                                 8,630      10,552

Mining properties and deferred exploration costs (note 4)    323,950    323,950

                                                                                  $ 1,656,634 $ 1,820,031

Liabilities

Current liabilities

Accounts payable and accrued liabilities (notes 6 and 9) $ 799,420  $ 582,743

Income taxes payable                                                         172,842    175,730

Convertible debentures (note5)                                           39,000       39,000

                                                                                      1,011,262     797,473

Management fees payable (note 6)                                1,526,000   1,526,000

2,537,262 2,323,473

Shareholders' (deficiency) equity

Share capital (note 7 (b))                                           15,623,129  15,623,129

Warrants (note 7 (d))                                                       69,464         69,464

Deficit                                                                    (16,573,221) (16,196,035)

                                                                                   (880,628)      (503,442)

                                                                               $ 1,656,634   $ 1,820,031