Integrate Parking Solutions, Inc. (OTC:IGPK) today reported its December 31, 2006 Financial Statement as follows:
INTEGRATED PARKING SOLUTIONS, INC. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
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December 31, | December 31, | |||||
2006 | 2005 | |||||
ASSETS | ||||||
Current Assets | ||||||
Cash & Cash Equivalents | $ 3,795 | $ 219 | ||||
Accounts Receivable | 1,464,663 | 4,369,545 | ||||
Inventory | 124,523 | 179,926 | ||||
Total Current Assets | 1,592,981 | 4,549,690 | ||||
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Fixed Assets: | ||||||
Property & Equipment, net | 357,649 | 388,726 | ||||
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Other Assets: | ||||||
Deposits | 8,396 | - | ||||
Prepaid Insurance | 5,918 | 1,600 | ||||
Goodwill, net | 4,441,931 | 4,721,569 | ||||
Organizational costs, net | 224 | 369 | ||||
Total Other Assets | 4,456,469 | 4,723,538 | ||||
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Total Assets | $ 6,407,099 | $ 9,661,954 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
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LIABILITIES | ||||||
Current Liabilities | ||||||
Bank overdraft | $ - | $ 27,996 | ||||
Accounts Payable | 1,227,317 | 2,623,337 | ||||
Payroll taxes payable | 1,991 | (440) | ||||
Pension Fund | 3,580 | - | ||||
Notes Payable | 1,400,000 | 1,300,000 | ||||
Total Current Liabilities | 2,632,888 | 3,950,893 | ||||
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Long-term Liabilities | ||||||
Notes payable | 1,200,000 | 1,200,000 | ||||
Notes payable-related parties | 531,000 | - | ||||
Unearned income | 155,042 | 165,589 | ||||
Total Long-term Liabilities | 1,886,042 | 1,365,589 | ||||
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Total Liabilities | 4,518,930 | 5,316,482 | ||||
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STOCKHOLDERS' EQUITY | ||||||
Preferred Stock, par value $.001 | ||||||
2,000,000 shares authorized, par value $.001 | ||||||
No shares issued and outstanding | - | - | ||||
Common Stock, par value $.001 | ||||||
50,000,000 shares authorized, par value $.001 | ||||||
Issued and outstanding: 10,000,041 at 12/31/06 and 2,113,349 at 12/31/05 | 10,000 | 2,113 | ||||
Additional Paid-In Capital | 2,619,231 | 2,599,849 | ||||
Retained Earnings (Deficit) | (741,063) | 1,743,510 | ||||
Total Stockholders' Equity | 1,888,168 | 4,345,472 | ||||
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Total Liabilities and Stockholders' Equity | $ 6,407,098 | $ 9,661,954 |
INTEGRATED PARKING SOLUTIONS, INC. | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
For the Years Ended December 31, 2006 and 2005 | ||||
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December 31, | ||||
2006 | 2005 | |||
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Revenue | $ 4,883,289 | $ 8,746,974 | ||
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Cost of Sales | 3,371,514 | 5,204,391 | ||
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Gross Margin | 1,511,775 | 3,542,583 | ||
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Expenses | ||||
General & Administrative | 2,068,766 | 1,745,311 | ||
Sales & Marketing | 88,044 | 6,045 | ||
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Total Operating Expenses | 2,156,810 | 1,751,356 | ||
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Operating Income | (645,035) | 1,791,227 | ||
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Other Income (Expense): | ||||
Interest income | 5,001 | 6,269 | ||
Interest expense | (100,000) | (52,693) | ||
Other Income | 200 | 77 | ||
Other expense | - | (231) | ||
Penalties | (1,229) | - | ||
Loss on sale of assets | - | (1,139) | ||
Total Other Income (Expense) | (96,028) | (47,717) | ||
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Net Income | (741,063) | 1,743,510 | ||
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Basic & Diluted Income Per Share | $ (0.07) | $ 0.82 | ||
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Weighted Average Shares | 10,000,041 | 2,113,349 |
About Integrated Parking Solutions. Integrated Parking Solutions is a leading provider of turn-key mobile handheld enforcement solutions for on-street and off-street parking for universities, corporations and some of the nation's largest municipalities. Also, the Company designs, develops and implements the most advanced wireless data acquisition and communication products specifically designed for the expanding needs of parking and intelligent transportation industries.
Forward Looking Statements. Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statements containing words, such as, "believes,""should," "anticipates,""plans," or "expects" as well as other statements are forward-looking, and those statements involve risks and uncertainties outside of the control of the Company and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.