FOODFEST INTERNATIONAL 2000 INC.

CIK:0001397919|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended
Consolidated Statements of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010
SALES	$ 3,401,296	$ 3,745,164
COST OF GOODS SOLD	2,907,808	2,746,249
GROSS PROFIT	493,488	998,915
EXPENSES
General and administrative	597,702	590,817
Selling and delivery	170,170	162,944
Interest and financing charges	54,859	52,664
TOTAL EXPENSES	822,731	806,425
(LOSS) EARNINGS BEFORE TAXES	(329,243)	192,490
Current income taxes	0	13,574
Deferred income tax recovery	(4,291)	0
NET (LOSS) EARNINGS	(324,952)	178,916
OTHER COMPREHENSIVE LOSS
Foreign currency translation	88,542	(27,678)
Unrealized gain (loss) on foreign exchange	13,931	(35,420)
COMPREHENSIVE (LOSS) INCOME	$ (222,479)	$ 115,818
(LOSS) EARNINGS PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED	52,350,809	52,350,809

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
NET (LOSS) EARNINGS	$ (324,952)	$ 178,916
Items not requiring an outlay of cash:
Depreciation	21,700	25,152
Accrued interest	4,923	3,021
Deferred income tax recovery	(4,291)	0
Stock-based compensation	0	31,250
Changes in non-cash working capital:
Accounts receivable	215,645	(193,440)
Inventory	(6,015)	(603,763)
Prepaid and sundry assets	0	93,653
Accounts payable and accrued liabilities	450,127	585,359
Income taxes payable	0	14,903
CASH PROVIDED BY OPERATING ACTIVITIES	357,137	135,051
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank indebtedness	(285,642)	32,874
Repayment of loan payable	0	(20,004)
(Repayment of) proceeds from long-term debt	(17,538)	72,335
Advances to related party	(168,395)	(148,728)
Obligations under capital lease	118,258	(27,418)
CASH USED IN FINANCING ACTIVITIES	(353,316)	(90,941)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	(3,820)	(44,110)
CASH USED IN INVESTING ACTIVITIES	(3,820)	(44,110)
NET CHANGE IN CASH	0	0
CASH, BEGINNING OF PERIOD	0	0
CASH, END OF PERIOD	$ 0	$ 0

Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Jun. 30, 2011
Current Assets
Accounts receivable, net	$ 1,242,102	$ 1,559,741
Inventory, net	2,059,562	2,212,629
Prepaid and sundry assets	5,501	5,926
Advances to related party	239,611	103,700
Total Current Assets	3,546,776	3,881,996
Long Term Assets
Property and equipment, net	308,558	350,578
Deferred income taxes	69,259	70,252
Total Long Term Assets	377,817	420,830
Total Assets	3,924,593	4,302,826
Current Liabilities
Bank indebtedness	880,352	1,239,331
Accounts payable and accrued liabilities	3,165,785	2,950,727
Loan payable	101,725	96,029
Long term debt - current portion	114,538	141,213
Obligations under capital lease - current portion	92,576	60,723
Total Current Liabilities	4,354,976	4,488,023
Long Term Liabilities
Long term debt	0	0
Obligations under capital lease	100,437	27,025
Advances from stockholders	31,856	39,222
Advances from related parties	1,346,826	1,435,581
Total Long Term Liabilities	1,479,119	1,501,828
Stockholders' Deficit
Preferred stock - no par value, non-cumulative, non-voting, redeemable at amount paid thereon, unlimited shares authorized, none issued and outstanding (June 30, 2011 - none issued and outstanding)	0	0
Common stock - $0.001 par value, 100,000,000 shares authorized, 3,950,809 common shares and 48,400,000 exchangeable shares issued and outstanding as of 30 June 2011 and 2010	52,351	52,351
Additional paid-in capital	554,088	554,088
Accumulated other comprehensive loss	(178,654)	(281,129)
Accumulated deficit	(2,337,287)	(2,012,335)
Total Stockholders' Deficit	(1,909,502)	(1,687,025)
Total Liabilities and Stockholders' Deficit	$ 3,924,593	$ 4,302,826