OTC Bulletin Board S & P Company Insight for EXECUTE SPORTS INC
Profile
	Business Summary: Execute Sports, Inc. engages in the design, manufacture, and distribution of high performance water sports products in North America, Europe, Mexico, Australia, South Africa, the Middle East, and Asia.   Address   21143 Hawthorne BL #425   Torrance , CA 90503   Phone: 310-515-8902   Website: http://www.executesports.com Auditor   Bedinger & Company   Concord , CA Transfer Agent   First American Stock Transfer Employees:  2 ShareHolders:  81 Founded:  2002 Domicile:  Nevada
Background
	Execute Sports, Inc. engages in the design, manufacture, and distribution of high performance water sports products in North America, Europe, Mexico, Australia, South Africa, the Middle East, and Asia. Its water sports products include wetsuits, life vests, rash guards, wakeskates, spray tops, dry tops, and an assortment of accessories primarily to the wakeboard, wake skate, water ski, and PWC markets. The company markets its water sports products under the name Execute brand to the wake and ski market; and under the Rapids brand to paddle sports, as well as under various other original equipment manufacturers brand names. Its markets its Execute branded product line through a network of independent dealers in the United States; and through distributors internationally. It also sells its products through various online retailers, as well as through sporting goods stores and outlets, marine dealers, and independently owned pro shops. The company also engages in the design, manufacture, and marketing of Sugar Sand line of jet boats through dealers, distributors, and independent and factory sales agents to retailers across various markets. The company, formerly known as Padova International USA, Inc., was founded in 2002 and is headquartered in Torrance, California with additional offices in Redondo Beach and Burbank, California. History:  INCORPORATED in Nevada Jan. 30, 2002, as Padova International U.S.A.; name changed to Execute Sports, Inc. Mar. 15, 2005. In early September 2007, purchased the Sugar Sand jet boat line from IMAR, Inc., a wholly owned subsidiary of Challenger Powerboats, Inc., for $5 million in cash.   Subsidiaries: Pacific Sports Group, Inc.     Capital Expenditures, thousand. US Dollars   Year   Amount   2007   1   2006   92   2005   13
Management
	Management Officers Position  James R. Arabia Chairman & Chief Executive Officer  Celeste  Berouty President  Sheryl  Gardner Investor Relations Contact Directors  Geno M. Apicella  James R. Arabia  Timothy R. Scott  Scott  Swendener
Annual Report
	Annual Report   Income Statement   2007 2006 Net watersport sales $1,467,039 $2,018,468 Net sugar sand sales 364,972 - Total net sales 1,832,011 2,018,468 Watersport cost of sales 784,916 - Sugar sand cost of sales 346,723 1,822,503 Total cost of sales 1,131,639 1,822,503 Gross profit 700,372 195,965 EXPENSES General and administrative expenses 1,250,594 2,858,223 Selling and advertising 109,406 456,939 Depreciation expense 85,120 6,947 Total expense 1,445,120 3,322,109 Income (loss) from operations (744,748) (3,126,144) OTHER INCOME AND EXPENSES Interest income 4 6,740 Other income 5,095 6,705 Interest expense (685,621) (196,422) Loss due to loan reserve - (250,000) Loss due to discount on conversion to stock (54,250) (32,822) Amortization of beneficial conversion feature of convertible debenture (1,072,281) (435,577) Amortization of warrant discount related to convertible debenture (272,780) (205,788) Amortization of deferred financing costs (123,954) (87,025) Gain on exchange of stock for cancellation of debt 49,287 - Impairment of goodwill - (1,288,577) Total other income and expenses (2,154,500) (2,482,766) Net loss before discontinued operations (2,899,248) (5,608,910) Income (loss) from discontinued operations (1,421) - Gain (loss) on disposal of discontinued operations 229,259 - Total discontinued operations 227,838 - NET INCOME (LOSS) $(2,671,410) $(5,608,910) Net (loss) per common share Basic and diluted from continuing operations $(0.046) $(0.244) Net (loss) per common share basic and diluted after discontinued operations $(0.042) $(0.244) Weighted average common shares outstanding basic and diluted 62,901,822 22,973,747 The average shares listed below were not included in the computation per share because to do so would have been antidilutive for the periods presented: Stock options 110,959 900,000 Warrants 9,738,516 2,222,158 Debt collateralized with common stock 500,492,667 8,402,389 SEE NOTES TO FINANCIAL STATEMENTS Operating Income As Calculated Depr. and Amort. Fixed Charges Coverage: Available for Fixed Charges Gross Fixed Charges Fixed Charges Times Earnings Fixed Charges Coverages and Preferred Dividends Times Earnings Capital Expenditures Research &amp; Development Expenditures   Balance Sheet   2007 ASSETS CURRENT ASSETS Cash $399,255 Accounts receivable, net (Note A) 27,123 Inventory 65,617 Deferred financing costs (Note G) 60,377 Other current assets 5,441 TOTAL CURRENT ASSETS 557,813 Fixed assets, net (Note B) 1,038,514 Deferred financing costs (Note G) 227,145 Intangible assets, net (Note C) 3,975,000 Loans receivable, net (Note D) 146,128 TOTAL ASSETS $5,944,600 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of convertible debentures (Note E) $1,708,409 Short term borrowings (Note F) 502,160 Related party notes payable (Note F) 79,290 Accounts payable and accrued expenses 72,918 Interest accrued on convertible debentures (Note E) 314,490 TOTAL CURRENT LIABILITIES 2,677,267 Non-current portion of convertible debentures (Note E) 4,358,483 TOTAL LIABILITIES 7,035,750 Commitment - STOCKHOLDERS' EQUITY (Note G) Common stock, par value $.001, 100,000,000 shares authorized authorized; issued and outstanding 87,456,541 at December 31, 2007 87,452 Additional paid-in capital 11,647,807 Deficit accumulated Retained earnings <deficit> (12,826,409) TOTAL STOCKHOLDERS' EQUITY (1,091,150) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,944,600 Net Working Capital Equity per Share Depr. and Amort. Reserve Preferred Shares Issued Common Shares Issued Treasury Shares - Preferred Treasury Shares - Common
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2008   1 1,800,000   2008   2 1,770,000   2007   1 550,000   2007   2 800,000   2007   3 90,000   2007   4 390,000   2007   Full Year 1,830,000   2006   1 600,000   2006   2 510,000   2006   3 530,000   2006   4 380,000   2006   Full Year 2,020,000   2005   3 100,000   2005   Full Year 1,390,000     Quarterly Net Income, US$ Year Quarter Revenue   2008   1 N/A   2008   2 N/A   2007   1 N/A   2007   2 N/A   2007   3 N/A   2007   4 N/A   2007   Full Year (2,900,000)   2006   1 (820,000)   2006   2 (1,040,000)   2006   3 (1,070,000)   2006   4 (2,680,000)   2006   Full Year (5,610,000)   2005   3 (340,000)   2005   Full Year (3,567,000)   2004   Full Year (520,000)   2003   Full Year (290,000)     Quarterly EPS, US$ Year Quarter Revenue   2008   1 (.01)   2008   2 (.06)   2007   1 (.02)   2007   2 (.01)   2007   3 (.02)   2007   4 (.01)   2007   Full Year (.05)   2006   1 (.04)   2006   2 (.05)   2006   3 (.05)   2006   4 (.10)   2006   Full Year (.24)   2005   3 (.02)   2005   Full Year (.30)   2004   Full Year N/A
Stock Data
	Capitalization as of 03/31/2008:     Authorized Shares Outstanding Shares Common $0.001 par 100,000,000 90,446,790   LONG TERM DEBT: None.   Common $0.001 par   Stockholders:  12/31/2007, 81. Transfer Agent:  First American Stock Transfer   Phoenix , AZ   OTC Bulletin Board( Primary): EXCS   Exchange Year High Low OTC Bulletin Board 2007 0.1200 0.0100 OTC Bulletin Board 2006 0.5500 0.0180   DIVIDENDS: Common $0.001 par: No cash.