Final Results

27 Jun 2005 07:00

Hard Assets Inc24 June 2005 AIM: HAI June 25, 2005 Press Release Hard Assets Inc. Announces 2004 Year-End Results Hard Assets Inc. (AIM-HAI) announced today its 2004 year-end results for theperiod ending December 31, 2004. For the year ended December 31, 2004, Hard Assets Inc. reported a loss of$236,146 or $0.01per share. The loss largely reflects operating expenses of$240,282 with a non-cash charge for stock option expense accounting for $12,888of this figure. The Company will continue to operate in the business segment of acquiringresources properties. At present, the Company has sufficient cash resources tosettle its liabilities. On behalf of Hard Assets Inc."Gordon B. Keep"President & Director For additional information, contact: Gordon B. KeepTel: 604.609.6110Email: gkeep@endeavourfinacial.com For a copy of the financials, please send a written request to the following address: Hard Assets Inc.Suite 3123 - 595 Burrard St.PO Box 49139Vancouver, BC V7X 1J1 HARD ASSETS INC.Balance SheetDecember 31, 2004(Expressed in Canadian dollars) ASSETS CURRENTCash $ 1,194,829Goods and services tax receivable 7,613 $ 1,202,442 LIABILITIES CURRENTAccounts payable and accrued liabilities $ 21,531 SHAREHOLDERS' EQUITY Share capital (Note 3) 1,404,169Contributed surplus (Note 3) 12,888Deficit (236,146) 1,180,911 $ 1,202,442 APPROVED BY THE DIRECTORS (Signed) Gordon KeepGordon Keep, Director (Signed) Jay SujirJay Sujir, Director HARD ASSETS INC.Statement of Operations and DeficitPeriod from May 4, 2004 (date of incorporation) to December 31, 2004(Expressed in Canadian dollars) EXPENSESAccounting and audit $ 46,800Advisory fees (Notes 4 and 6) 40,000Directors' fees 24,891Legal fees 54,971Office and general 2,273Rent (Notes 4 and 6) 8,000Stock-based compensation (Note 2) 12,888Transfer agent and filing fees 50,659 240,482OTHER ITEMInterest income 4,336NET LOSS AND DEFICIT, END OF PERIOD $ (236,146) BASIC AND DILUTED LOSS PER SHARE $ (0.01) WEIGHTED-AVERAGE NUMBER OFCOMMON SHARES OUTSTANDING 31,913,226 HARD ASSETS INC.Statement of Cash FlowsPeriod from May 4, 2004 (date of incorporation) to December 31, 2004(Expressed in Canadian dollars) OPERATING ACTIVITIESNet loss for the period $ (236,146)Item not involving cashStock-based compensation (Note 2) 12,888 (223,258)Changes in non-cash working capitalGoods and services tax receivable (7,613)Accounts payable and accrued liabilities 21,531 (209,340) FINANCING ACTIVITYNet proceeds on issuance of shares 1,404,169CHANGE IN CASH DURING THE PERIOD AND CASH,END OF PERIOD $ 1,194,829 This information is provided by RNS The company news service from the London Stock Exchange