Sparta Capital Ltd.
TSX VENTURE : SAY

Sparta Capital Ltd.

March 02, 2009 16:52 ET

Sparta Capital Ltd. Releases First Quarter Financial Statements

EDMONTON, ALBERTA--(Marketwire - March 2, 2009) - Sparta Capital Ltd. ("Sparta") (TSX VENTURE:SAY) released today its unaudited financial statements for its three month period ended December 31, 2008.

The net comprehensive loss for the three month period ended December 31, 2008 was $76,649.



SUMMARY OF INCOME STATEMENT INFORMATION

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Income Statement December 31, 2008
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Sales $ -
Cost of sales $ -
Operating expenses $ 77,462
Other income (loss) $ (813)
Net income (loss) for period $ (76,649)
Per share - basic and diluted $ (0.002)
Weighted average shares outstanding - basic 35,247,631
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SUMMARY OF CASH FLOW INFORMATION

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Cash Flow December 31, 2008
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Cash from operating activities $ (69,192)
Cash from financing activities $ -
Cash from investing activities $ 438,327
Increase in cash and cash equivalents $ 369,135
Cash and cash equivalents - beginning of period $ 401,375
Cash and cash equivalents - end of period $ 770,510
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SUMMARY OF BALANCE SHEET INFORMATION

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Balance Sheet December 31, 2008
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Cash and cash equivalents $ 770,510
Total Assets $ 1,358,439
Total Liabilities $ 28,410
Share capital $ 5,221,199
Total Shareholders' Equity $ 1,330,029
Total Liabilities & Shareholders' Equity $ 1,358,439
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RESULTS OF OPERTIONS

For the three month period ended December 31, 2008 the Corporation had a net comprehensive loss of $76,649 as compared to the December 31, 2007 net comprehensive loss of $56,164. During the three month period ended December 31, 2008 the Corporation realized a $24,412 gain from the sale of its long term investment in Drumlin Energy Corp.

Advertising & Promotion decreased slightly from $4,718 to $3,112 due to the reduction of investor relation fees and decrease in promotional expense of the Hy-Drive system.

Consulting fees increased slightly from $50,369 to $59,400 as a result engaging a consultant to identify and evaluate business growth opportunities.

Licenses and fees increased from $Nil to $2,614 resulting from regulatory and exchange filing fees incurred during the period.

Office rent decreased from $6,180 to $3,658 due to office relocation with decreased lease costs and subletting a part of the office space to a third party.

Professional fees increased from $435 to $3,056 due to legal costs related to filings.

Travel increased from $304 to $1,713 due to an increase in travel related to review of business growth opportunities.

The Company's December 31, 2008 financial statements management discussion may be viewed on SEDAR at www.sedar.com.

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

Contact Information

  • Sparta Capital Ltd.
    Theodore Rousseau
    (780) 489-8334