CREATIVE VISTAS INC
CIK:0001113524|SEC Filings
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Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (USD $)
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3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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| Contract and service revenue | ||||
| Contract | $ 959,175 | $ 1,136,747 | $ 3,032,587 | $ 4,859,775 |
| Service | 317,100 | 334,549 | 1,087,417 | 1,058,045 |
| Sales Revenue, Services, Net | 1,276,275 | 1,471,296 | 4,120,004 | 5,917,820 |
| Cost of sales (excluding depreciation and amortization) | ||||
| Contract | 553,930 | 592,115 | 1,579,667 | 2,568,801 |
| Service | 107,994 | 141,898 | 431,828 | 507,695 |
| Project expenses | 252,527 | 292,140 | 718,517 | 879,222 |
| Selling expenses | 231,646 | 226,124 | 632,118 | 722,413 |
| General and administrative expenses | 359,240 | 737,690 | 1,135,145 | 1,610,685 |
| Depreciation expense | 9,637 | 12,917 | 29,117 | 53,971 |
| Costs and Expenses, Total | 1,514,974 | 2,002,884 | 4,526,392 | 6,342,787 |
| Income (loss) from operations | (238,699) | (531,588) | (406,388) | (424,967) |
| Interest and other expenses (income) | ||||
| Net financing expenses | 37,555 | 120,852 | 121,212 | 473,632 |
| Amortization of deferred charges | 2,179 | |||
| Foreign currency translation (gain) loss | (61,928) | 121,920 | (62,235) | 83,571 |
| Nonoperating (Income) Expense, Total | (24,373) | 242,772 | 58,977 | 559,382 |
| Loss from continued operations | (214,326) | (774,360) | (465,365) | (984,349) |
| Income from discontinued operations, net of income taxes | 247,845 | 451,498 | ||
| Gain on disposal of discontinued operations, net of income taxes | 12,173,023 | 12,173,023 | ||
| Income from discontinued operations | 12,420,868 | 12,624,521 | ||
| Net income (loss) | (214,326) | 11,646,508 | (465,365) | 11,640,172 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustment | (74,199) | 1,720,999 | (71,479) | 1,345,163 |
| Comprehensive income (loss) | $ (288,525) | $ 13,367,507 | $ (536,844) | $ 12,985,335 |
| Basic weighted-average shares | 37,488,714 | 37,488,714 | 37,488,714 | 37,488,714 |
| Diluted weighted-average shares | 37,488,714 | 37,488,714 | 37,488,714 | 37,488,714 |
| Basic earnings (loss) per share | ||||
| Continuing operations | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.03) |
| Discontinued operations | $ 0.33 | $ 0.34 | ||
| Diluted earnings (loss) per share | ||||
| Continuing operations | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.03) |
| Discontinued operations | $ 0.33 | $ 0.34 | ||
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Condensed Consolidated Statements of Cash Flows (USD $)
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9 Months Ended | |
|---|---|---|
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Sep. 30, 2012
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Sep. 30, 2011
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| Operating activities | ||
| Net cash used in operating activities | $ (127,696) | $ (295,258) |
| Investing activities | ||
| Purchase of property and equipment | (3,622) | (4,692) |
| Financing activities | ||
| Proceeds (repayments) from bank indebtedness | 313,302 | (260,664) |
| Repayment of term notes | (66,667) | |
| Net cash provided by financing activities | 313,302 | (327,331) |
| Effect of foreign exchange rate changes in cash | (8,761) | 38,840 |
| Net change in cash and cash equivalents | 173,223 | (588,441) |
| Cash and cash equivalents, beginning of period | 906,982 | 1,779,345 |
| Cash and cash equivalents, end of period | $ 1,080,205 | $ 1,190,904 |