Black Hat Capital Inc.

August 23, 2005 18:01 ET

Black Hat Capital Inc.: Third Quarter Financial Statements for Period Ended June 30, 2005

CALGARY, ALBERTA--(CCNMatthews - Aug. 23, 2005) - Black Hat Capital Inc. (TSX VENTURE:BHC.P) (the "Company") today released its unaudited financial statements for the Company's Third Quarter ended June 30, 2005. The Company is a Capital Pool Company pursuant to Policy 2.4 of the TSX Venture Exchange and completed its initial public offering on December 22, 2004.

The principal business of the Company is to identify and evaluate companies, assets or businesses with a view to completing a Qualifying Transaction, (as the term is defined in Policy 2.4). To date, the Company has not identified a potential Qualifying Transaction and has no assets other than cash received from a private placement in May 2004 and its recently completed Initial Public Offering.

The net loss for the three-month period ended June 30, 2005 was $6,748 or $0.002 (per share).


Income Statement June 30, 2005
(Three Months)

Net Income (loss) $ (6,748)
Per share - basic and diluted $ (0.002)
Weighted average shares outstanding - basic 3,500,000

The Company had interest income of $1,800 for the quarter ended June 30,
2005. The major expenses incurred during the quarter related to travel
and development ($925), professional fees ($863), share transfer and
listing fees ($3,295) and office and general ($3,432).


Cash Flow June 30, 2005
(Three Months)
Cash from operating activities $(16,984)
Cash from investing activities $ 0
Cash from financial activities $ 0
Increase in cash and cash equivalents $(16,984)
Cash and cash equivalents - beginning of period $378,428
Cash and cash equivalents - end of period $361,444

As at June 30, 2005, the Company had net working capital of $364,493.


Balance Sheet June 30, 2005
Cash and cash equivalents $361,444
Total assets $366,727
Total liabilities $ 2,234
Share capital $394,064
Contributed surplus $ 33,358
Total shareholders' equity $364,493
Total liabilities and shareholders' equity $366,727

Share Capital

The Company is authorized to issue an unlimited number of common shares and an unlimited number of preferred shares. As at June 30, 2005, there were 3,500,000 common shares and nil preferred shares issued and outstanding.

The Company's unaudited June 30, 2005 financial statements may be viewed on SEDAR at

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Black Hat Capital Inc.
    Anthony M. Croll
    (514) 399-9952