Consortium Service Management Groups Inc. Announces 1997 Finished Audit.OKLAHOMA Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). CITY--(BUSINESS WIRE)--Aug. 26, 1998--Donald S. Robbins Rob·bins , Frederick Chapman 1916-2003. American microbiologist. He shared a 1954 Nobel Prize for work on the cultivation of the polio virus. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Consortium Service Management Group Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CTUM)(CSMG CSMG Creative Sales Marketing Group ) reports the financials on the 1997 Finished Audit. -0-
Consortium Service Management Group Inc.
BALANCE SHEET
December 31, 1997
ASSETS
Current Assets
Cash $ 9,497
Trade Accounts Receivable 17,800
------
Total Current Assets 27,297
Fixed Assets
Furniture, Fixtures and Equipment 33,868
(Less Accumulated Depreciation) (12,621)
------
Total Fixed Assets 21,247
Other Assets
Accounts Receivable from United
Engineering Company 383,613
(Less Valuation Allowance) (323,613)
Investment - United Engineering
Company 385,705
Founders Fund 73,843
-------
Total Other Assets 519,548
-------
$ 568,092
=======
See accompanying note to financial statements.
-0-
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable $ 33,174
Accrued Expenses 15,000
Taxes Payable 13,997
Notes Payable to Stockholders 310,905
-------
Total current Liabilities 373,076
Stockholders' Equity
Preferred stock, $0.001 par value
10,000,000 shares authorized;
75,669 shares issued and outstanding
at December 31, 1997 76
Common stock, $0.001 par value
40,000,000 shares authorized;
2,096,718 shares issued and outstanding
at December 31, 1997 2,097
Additional paid-in capital 1,042,301
Retained earnings (deficit) (849,458)
---------
Total Stockholders' Equity 195,016
---------
$ 568,092
=========
See accompanying note to financial statements.
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Consortium Service Management Group Inc.
STATEMENT OF OPERATIONS
For the Year
Ended Dec. 31,
1997 1996
------ ------
Revenues $ 299,454 $ 246,197
General costs and expenses:
General and administrative
expenses 590,888 698,413
--------- ---------
(Loss) before income taxes
and interest in income of
unconsolidated company (291,434) (452,216)
Income taxes -- --
--------- ---------
(Loss) before interest
in income of
unconsolidated company (291,434) (452,216)
Interest in income of
unconsolidated company 259,761 321,403
--------- ---------
NET (LOSS) $ (31,673) $(130,813)
========= =========
Net (loss) per share
of common stock $ (.02) $ (.07)
========= =========
Weighted average common
shares outstanding 2,008,125 1,884,118
========= =========
See accompanying note to financial statements
-0- Consortium Service Management Group Inc. Note to Financial Statements December December: see month. 31, 1997 Investment - United Engineering Company At December 31, 1997, the Company was a 50% owner of United Engineering Company ("UEC UEC University of Electro-Communications (Tokyo, Japan) UEC Unió Excursionista de Catalunya (Mountaineering association in Catalonia) UEC Union Européenne de Cyclisme UEC Utah Electronic College "), a Ukraine-U.S. joint stock company registered under the laws of Ukraine Ukraine (y  `krān, ykrān`), Ukr. Ukraina, republic (2005 est. pop. . The other 50% of
UEC's equity was owned by eight Ukraine organizations representing
fourteen Ukraine organizations, three of which represent the State
property Fund of Ukraine. All UEC decisions require a 75% shareholder
vote. UEC is a Ukraine joint stock company with foreign investment, the
Company being the foreign investor, and holds a Ukraine license to
perform classified and secret construction works relating to relating to relate prep → concernantrelating to relate prep → bezüglich +gen, mit Bezug auf +acc projects that are in the Ukraine national security sector. For the year ended December 31, 1997 UEC had revenues of approximately $2,000,000 and a net income of approximately $600,000. At December 31, 1997 UEC had approximately $890,000 in assets and approximately $45,000 in liabilities. For the year ended December 31, 1997 the Company had an interest of $259,761 in the income of UEC. A portion of Investment - United Engineering Company is shown as Founders Fund. This represents a liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy priority. CSMG is a Texas Corporation that has maintained business activities in Ukraine since November November: see month. 1992. CSMG owns 50 percent of a Ukraine engineering company specializing in defense conversion projects. CSMG also contracts with U.S. companies as a consultant and is a marketing outlet outlet /out·let/ (-let) a means or route of exit or egress. pelvic outlet the inferior opening of the pelvis. for Ukraine technologies. CSMG maintains offices in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm , Okla., and Kiev Kiev (kē`ĕf), Ukrainian Kyyiv, Rus. Kiyev, city (1990 est. pop. 2,600,000) and municipality with the status of a region (oblast), capital of Ukraine and of Kiev region, a port on the Dnieper River. , Ukraine.
CONTACT: Consortium Service Management Group Inc.
Donald S. Robbins, 512/887-7546 Corpus Christi
or
Gordon W. Allison, 405/843-0666 Oklahoma City
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