SALAMON GROUP INC

CIK:0001274211|SEC Filings

Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended		134 Months Ended
Consolidated Statements of Comprehensive Loss (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Revenues	$ 872,253	$ 1,042	$ 873,295	$ 1,042	$ 876,421
Cost of goods sold	(1,301,915)	0	(1,301,915)	0	(1,301,915)
Gross profit	(429,662)	1,042	(428,620)	1,042	(425,494)
Expenses
Bad debt	444,319	0	1,019,387	0	1,019,387
Depreciation	1,059	0	2,118	0	12,454
Donated rent	1,333	1,333	2,666	2,666	7,998
General and administrative	967,942	147,763	1,345,960	212,402	2,576,013
Interest expense	170,480	0	266,749	0	336,956
Research and development	0	0	0	0	315,000
Total Expenses	1,585,133	149,096	2,636,880	215,068	4,267,808
Loss Before Other Expenses	(2,014,795)	(148,054)	(3,065,500)	(214,026)	(4,693,302)
Other Expenses
Gain on debt extinguishment	34,141	0	34,141	0	34,141
Impairment of intangible asset	0	(1,748,800)	0	(1,748,800)	(1,299,595)
Impairment of property and equipment	0	0	0	0	(74,305)
Interest income	8,844	0	8,844	0	19,841
Loss before Income Taxes	(1,971,810)	(1,896,854)	(3,022,515)	(1,962,826)	(6,013,220)
Deferred income tax recovery	0	0	0	0	324,899
Net Loss	(1,971,810)	(1,896,854)	(3,022,515)	(1,962,826)	(5,688,321)
Other Comprehensive Loss Item
Unrealized loss on available for sale securities	(14,318,346)	0	(21,158,465)	0	(21,158,465)
Foreign currency translation	(9,412)	0	(9,412)	0	(9,412)
Comprehensive Loss	$ (16,299,568)	$ (1,896,854)	$ (24,190,392)	$ (1,962,826)	$ (26,856,198)
Loss Per Share - Basic and Diluted	$ (0.05)	$ (0.05)	$ (0.08)	$ (0.06)
Weighted Average Shares Outstanding	40,000,000	37,730,000	40,000,000	32,176,000

Consolidated Statements of Cash Flows (USD $)	6 Months Ended		134 Months Ended
Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Cash flow from operating activities:
Net loss	$ (3,022,515)	$ (1,962,826)	$ (5,688,321)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible asset	0	0	55,000
Bad debt expense	1,019,387	0	1,019,387
Estimated fair value of common stock issued for patents	0	0	315,000
Accretion on convertible debt	159,923	0	194,298
Beneficial conversion of amounts due to related party	0	0	35,833
Depreciation of property and equipment	2,118	2,646	12,454
Estimated fair value of common stock issued for services	0	43,290	168,216
Gain on debt extinguishment	(34,141)	0	(34,141)
Donated rent	2,666	2,666	7,998
Deferred income tax recovery	0	0	(324,899)
Impairment of write-down of intangible asset	0	1,748,800	1,299,595
Impairment of write-down of property and equipment	0	0	74,305
Changes in operating assets and liabilities:
Accounts payable	447,623	9,519	594,362
Accounts receivable	289,861	0	289,861
Deferred revenues	(2,084)	48,958	44,790
Due to related party	154,618	0	539,618
Prepaid expenses and deposits	(340,000)	0	(340,000)
Costs of uncompleted contracts in excess of related billings	547,035	0	547,035
Net cash provided by (used in) operating activities	(775,509)	(106,947)	(1,189,609)
Cash flows from investing activities:
Cash received on acquisition of Sunlogics Power	0	1	1
Purchase of property and equipment	0	0	(4,515)
Purchase of license	0	0	(50,000)
Net cash used in investing activities	0	1	(54,514)
Cash flows from financing activities:
Bank overdraft	0	(4)	0
Advances from directors	0	106,951	346,415
Proceeds from common shares subscribed	400,000	0	400,000
Proceeds from issuance of convertible debt	470,000	0	895,000
Loans receivable	(30,000)	0	(458,718)
Proceeds from related party note payable	0	0	23,700
Issuance of common stock for cash	0	0	103,000
Net cash provided by (used in) financing activities	840,000	106,947	1,309,397
Net increase in cash	64,491	1	65,274
Cash, beginning of period	783	0	0
Cash, end of period	65,274	1	65,274
Non-cash Financing Activities:
Common stock issued upon conversion of amounts due to related parties	0	0	458,588
Common stock to be issued or to be issued to settle accounts payable	0	0	28,059
Common stock issued upon conversion of related party note payable	0	0	23,700
Common stock issued for license	0	0	5,000
Common stock and warrants issued for acquisition of Sunlogics Power	$ 0	$ 1,585,976	$ 811,872

Consolidated Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Cash	$ 65,274	$ 783
Accounts receivable (net of allowance of $438,912)	330,889	0
Prepaid expenses and deposit	335,000	0
Loans receivable	30,000	782,706
Convertible note receivable	508,844	0
Short-term investment	2,613,716	0
Total Current Assets	3,883,723	783,489
Deposit	5,000	0
Patents	3,805,545	0
Property and equipment	54,756	46,874
Total Assets	7,749,024	830,363
Current Liabilities:
Accounts payable and accrued liabilities	634,429	287,550
Convertible debt, net of unamortized discount of $593,756	29,941,744	366,708
Loans payable	75,068	353,988
Advances from directors	1,048,210	393,592
Current portion of deferred revenues	2,500	2,500
Total Current Liabilities	31,701,951	1,404,338
Deferred revenues, long-term portion	42,290	44,374
Total Liabilities	31,744,241	1,448,712
Commitments and Contingencies	0	0
Stockholders' Deficit:
Preferred stock, no par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value; 40,000,000 shares authorized, 40,000,000 (December 31, 2011 - 40,000,000) shares issued and outstanding	40,000	40,000
Additional paid-in capital	2,412,983	2,002,125
Common shares subscribed	400,000	0
Donated capital	7,998	5,332
Accumulated other comprehensive loss	(21,167,877)	0
Accumulated deficit	(5,688,321)	(2,665,806)
Total Stockholders' Deficit	(23,995,217)	(618,349)
Total Liabilities and Stockholders' Deficit	$ 7,749,024	$ 830,363