ERNST TORNER, CHARTERED ACCOUNTANT 3141 WHARTON WAY, MISSISSAUGA, ONTARIO, CANADA L4X 2B6 H.S.T. # 111110987 TELEPHONE: (905) 625-1400 * FAX: (905) 625-4221 * EMAIL: ernsttornerca@sympatico.ca November 6, 2014 NOTICE TO READER To the directors of G.E.O. FARMS LIMITED: On the basis of information provided by management, I have compiled the balance sheet of G.E.O. Farms Limited as at September 30, 2014 and the statement of operations for the three months then ended. I have not performed an audit or a review engagement in respect of these financial statements and, accordingly, I express no assurance thereon. Readers are cautioned that these statements may not be appropriate for their purposes. Ernst Torner C.A. LICENSED PUBLIC ACCOUNTANT
10:21 AM G.E.O. Farms Limited 2014-11-06 Balance Sheet 30 Sep 14 ASSETS Current Assets Chequing/Savings 1001 Royal Bank 58,592.31 Total Chequing/Savings 58,592.31 Accounts Receivable 1110 Accounts Receivable 782.74 Total Accounts Receivable 782.74 Total Current Assets 59,375.05 Fixed Assets Tile Drainage Net 1800 Tile Drainages Cost 239,177.00 1810 Tile Drainage Accum. Deprec. -35,450.00 Total Tile Drainage Net 203,727.00 1450 Investment-318 ac. Peter Farm 1 347,000.00 1455 Investment-150 ac. Peter Farm 2 303,000.00 1460 Investment-250 ac. Peter Farm 3 296,400.00 1470 Investment-145 ac. Peter Farm 4 227,000.00 1480 Investment - Peter Farm 5 173,000.00 1490 Investment - Peter Farm 6 105,000.00 1495 Investment - Groenveld Farm 300,000.00 1500 Investment - Peter Farm 7 63,673.00 1600 Investment - Lenser Praezision 674,000.00 Total Fixed Assets 2,692,800.00 TOTAL ASSETS 2,752,175.05 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities 2210 Accrued expenses 50,560.86 2500 Deferred Income 600.00 2700 Shareholder Advances 2,109,983.66 Total Other Current Liabilities 2,161,144.52 Total Current Liabilities 2,161,144.52 Total Liabilities 2,161,144.52 Equity 2800 Capital Stock 500,000.00 2990 Retained Earnings 40,987.00 Net Income 50,043.53 Total Equity 591,030.53 TOTAL LIABILITIES & EQUITY 2,752,175.05
10:20 AM G.E.O. Farms Limited 11-06-14 Profit & Loss Accrual Basis July through September 2014 Jul - Sep 14 Income 3020 Residential Rent 1,600.00 Total Income 1,600.00 Expense 8020 Municipal Taxes 3,532.60 8030 Repairs and Maintenance 375.00 8400 Management Fees 0.29 8600 Accounting Fees 6,000.00 9100 Bank Charges and Interest 24.00 Total Expense 9,931.89 Net Income -8,331.89
10:17 AM G.E.O. Farms Limited 11-06-14 General Ledger Type Date Num Adj Name Memo Split Debit Credit Balance Trust account 0.00 Total Trust account 0.00 1001 Royal Bank 80,945.72 Cheque 2014-07-02 Service Charge 9100 Bank Cha... 8.00 80,937.72 Cheque 2014-07-10 13 Receiver General -SPLIT- 4,235.29 76,702.43 Cheque 2014-07-10 12 Receiver General -SPLIT- 5,259.00 71,443.43 Cheque 2014-07-10 19 Wylds K & M Services -SPLIT- 203.40 71,240.03 Cheque 2014-07-20 54 Ernst Torner -SPLIT- 6,780.00 64,460.03 Bill Pmt -Cheque 2014-07-21 14 Receiver General 2110 Accounts... 10,112.22 54,347.81 Deposit 2014-07-25 Deposit 12000 Undepos... 800.00 55,147.81 Cheque 2014-08-01 Service Charge 9100 Bank Cha... 8.00 55,139.81 Cheque 2014-08-15 61 Wylds K & M Services -SPLIT- 220.35 54,919.46 Cheque 2014-08-20 60 Municipality of Kincardi... 8020 Municipal... 3,532.60 51,386.86 Deposit 2014-08-22 Deposit -SPLIT- 17,109.45 68,496.31 Cheque 2014-09-02 Service Charge 9100 Bank Cha... 8.00 68,488.31 Cheque 2014-09-10 55 Receiver General 2700 Sharehol... 9,896.00 58,592.31 Total 1001 Royal Bank 17,909.45 40,262.86 58,592.31 1110 Accounts Receivable 16,309.45 Payment 2014-08-22 Receiver General - Re... 12000 Undepos... 16,309.45 0.00 General Journal 2014-09-30 GST/H... Receiver General - Re... File Sales Tax 2410 GST/HST... 782.74 782.74 Total 1110 Accounts Receivable 782.74 16,309.45 782.74 1140 Account Receivable Sundry 0.00 Total 1140 Account Receivable Sundry 0.00 12000 Undeposited Funds 0.00 Sales Receipt 2014-07-25 6 Goods 3020 Residenti... 800.00 800.00 Deposit 2014-07-25 Goods Deposit 1001 Royal Bank 800.00 0.00 Sales Receipt 2014-08-22 7 Goods 3020 Residenti... 800.00 800.00 Payment 2014-08-22 Receiver General - Re... 1110 Accounts... 16,309.45 17,109.45 Deposit 2014-08-22 Goods Deposit 1001 Royal Bank 800.00 16,309.45 Deposit 2014-08-22 Receiver General - Re... Deposit 1001 Royal Bank 16,309.45 0.00 Total 12000 Undeposited Funds 17,909.45 17,909.45 0.00 1300 Prepaid Expenses 0.00 Total 1300 Prepaid Expenses 0.00 Tile Drainage Net 203,727.00 1800 Tile Drainages Cost 239,177.00 Total 1800 Tile Drainages Cost 239,177.00 1810 Tile Drainage Accum. Deprec. Total 1810 Tile Drainage Accum. Deprec. -35,450.00 Tile Drainage Net - Other 0.00 Total Tile Drainage Net - Other 0.00 Total Tile Drainage Net 203,727.00 1450 Investment-318 ac. Peter Farm 1 347,000.00 Total 1450 Investment-318 ac. Peter Farm 1 347,000.00 1455 Investment-150 ac. Peter Farm 2 303,000.00 Total 1455 Investment-150 ac. Peter Farm 2 303,000.00 1460 Investment-250 ac. Peter Farm 3 296,400.00 Total 1460 Investment-250 ac. Peter Farm 3 296,400.00 1470 Investment-145 ac. Peter Farm 4 227,000.00 Total 1470 Investment-145 ac. Peter Farm 4 227,000.00 1480 Investment - Peter Farm 5 173,000.00 Total 1480 Investment - Peter Farm 5 173,000.00 1490 Investment - Peter Farm 6 105,000.00 Total 1490 Investment - Peter Farm 6 105,000.00 1495 Investment - Groenveld Farm 300,000.00 Total 1495 Investment - Groenveld Farm 300,000.00 1500 Investment - Peter Farm 7 63,673.00 Total 1500 Investment - Peter Farm 7 63,673.00 1600 Investment - Lenser Praezision 674,000.00 Total 1600 Investment - Lenser Praezision 674,000.00 2110 Accounts Payable -10,112.22 Bill Pmt -Cheque 2014-07-21 14 Receiver General 1001 Royal Bank 10,112.22 0.00 Total 2110 Accounts Payable 10,112.22 0.00 0.00 2140 Accounts Payable Sundry -4,235.00 Cheque 2014-07-10 13 Receiver General NR4-Taxes 1001 Royal Bank 4,235.00 0.00 Total 2140 Accounts Payable Sundry 4,235.00 0.00 0.00 2210 Accrued expenses Total 2210 Accrued expenses -50,560.86 2310 Payroll Liabilities 0.00 Total 2310 Payroll Liabilities 0.00 2410 GST/HST Payable -46.01 Cheque 2014-07-10 19 Receiver General HST (ON) on purchases (Input Tax Credit) 1001 Royal Bank 23.40-22.61 Cheque 2014-07-20 54 Receiver General HST (ON) on purchases (Input Tax Credit) 1001 Royal Bank 780.00 757.39 Cheque 2014-08-15 61 Receiver General HST (ON) on purchases (Input Tax Credit) 1001 Royal Bank 25.35 782.74 General Journal 2014-09-30 GST/H... Receiver General File Sales Tax -SPLIT- 782.74 General Journal 2014-09-30 GST/H... Receiver General Filed sales tax amount of 46.01 for Line 103 2410 GST/HST... 46.01 828.75 General Journal 2014-09-30 GST/H... Receiver General Filed sales tax amount of 828.75 for Line 106 2410 GST/HST... 828.75 0.00 Total 2410 GST/HST Payable 874.76 828.75 0.00 2500 Deferred Income Total 2500 Deferred Income -600.00 25530 GST/QST Payable 0.00 Total 25530 GST/QST Payable 0.00 25552 PST Payable (ON) 0.00 Total 25552 PST Payable (ON) 0.00-35,450.00-50,560.86-600.00
10:17 AM G.E.O. Farms Limited 11-06-14 General Ledger Type Date Num Adj Name Memo Split Debit Credit Balance 2700 Shareholder Advances -2,125,138.66 Cheque 2014-07-10 12 Receiver General Oskar Weiss-Tessbach 2014 Installment 1001 Royal Bank 5,259.00-2,119,879.66 Cheque 2014-07-10 12 Receiver General 1001 Royal Bank -2,119,879.66 Cheque 2014-09-10 55 Receiver General 1001 Royal Bank 9,896.00-2,109,983.66 Total 2700 Shareholder Advances 15,155.00 0.00-2,109,983.66 2800 Capital Stock Total 2800 Capital Stock -500,000.00 2990 Retained Earnings -500,000.00 Total 2990 Retained Earnings -40,987.00 30000 Opening Balance Equity 0.00 Total 30000 Opening Balance Equity 0.00 3010 Rental Income Total 3010 Rental Income -83,636.95 3020 Residential Rent -4,800.00 Sales Receipt 2014-07-25 6 Goods 12000 Undepos... 800.00-5,600.00 Sales Receipt 2014-08-22 7 Goods 12000 Undepos... 800.00-6,400.00 Total 3020 Residential Rent 0.00 1,600.00-6,400.00 3900 Bank Interest 0.00 Total 3900 Bank Interest 0.00 66000 Payroll Expenses 0.00 Total 66000 Payroll Expenses 0.00 69800 Uncategorized Expenses 0.00 Total 69800 Uncategorized Expenses 0.00 8010 Insurance 3,768.76 Total 8010 Insurance 3,768.76 8020 Municipal Taxes 5,351.39 Cheque 2014-08-20 60 Municipality of Kincardi... 1001 Royal Bank 3,532.60 8,883.99 Total 8020 Municipal Taxes 3,532.60 0.00 8,883.99 8030 Repairs and Maintenance 2,045.94 Cheque 2014-07-10 19 Wylds K & M Services 1001 Royal Bank 2,045.94 Cheque 2014-07-10 19 Wylds K & M Services 1001 Royal Bank 180.00 2,225.94 Cheque 2014-08-15 61 Wylds K & M Services 1001 Royal Bank 195.00 2,420.94 Total 8030 Repairs and Maintenance 375.00 0.00 2,420.94 8050 Miscellaneous 0.00 Total 8050 Miscellaneous 0.00 8100 Utilities 0.00 Total 8100 Utilities 0.00 8300 Administration Fees 0.00 Total 8300 Administration Fees 0.00 8350 Travelling 2,620.00 Total 8350 Travelling 2,620.00 8400 Management Fees 16,128.75 Cheque 2014-07-10 13 Receiver General NR4-Taxes 1001 Royal Bank 0.29 16,129.04 Total 8400 Management Fees 0.29 0.00 16,129.04 8500 Legal Fees 0.00 Total 8500 Legal Fees 0.00 8600 Accounting Fees 0.00 Cheque 2014-07-20 54 Ernst Torner 1001 Royal Bank 6,000.00 6,000.00 Total 8600 Accounting Fees 6,000.00 0.00 6,000.00 9100 Bank Charges and Interest 146.69 Cheque 2014-07-02 Service Charge 1001 Royal Bank 8.00 154.69 Cheque 2014-08-01 Service Charge 1001 Royal Bank 8.00 162.69 Cheque 2014-09-02 Service Charge 1001 Royal Bank 8.00 170.69 Total 9100 Bank Charges and Interest 24.00 0.00 170.69 9115 Interest - Shareholder advances 0.00 Total 9115 Interest - Shareholder advances 0.00 9200 Provision for Depreciation 0.00 Total 9200 Provision for Depreciation 0.00 No accnt 0.00 Total no accnt 0.00 TOTAL 76,910.51 76,910.51 0.00-40,987.00-83,636.95 Page 2