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| | Business Summary: Provides non-hazardous waste collection, transfer, recycling and disposal services. Additionally, the company provides support to the construction industry such as fence rentals, sanitary facility rentals, bin rentals, hydrovac and water hauling. | | | Address
3915 61st Avenue South East
Calgary
, Alberta T2C 1V5
Phone: 403-255-2900
Fax: 403-255-3237
Website: http://www.budgetwaste.com
| | Auditor |
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George Stewart, CPA
| | Transfer Agent |
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Island Stock Transfer
| Employees: 120
ShareHolders: 32 | Founded: 2006
Domicile: Nevada | | | |
| | BWI Holdings, Inc. provides non-hazardous waste collection, transfer, recycling and disposal services. Additionally, the company provides support to the construction industry such as fence rentals, sanitary facility rentals, bin rentals, hydrovac and water hauling.
BWI Holdings operates primarily, but not exclusively, in Alberta, Canada. It operates in four business segments: solid waste, liquid services, water hauling and septic services.
The company's wholly owned subsidiary, Budget Waste Inc., is a regional solid and liquid waste services company that provides collection, disposal, fencing and recycling services to residential and commercial customers in Alberta. The company's revenue consists primarily of fees charged to customers for solid and liquid waste collection, landfill disposal and recycling services.
Budget Waste conducts various waste management operations in Edson, Calgary, Edmonton, Red Deer and surrounding areas in the Province of Alberta, Canada and uses approximately 2,500 containers of various sizes and purposes and approximately 120 trucks. It also has operations in water reclamation, portable lavatories and industrial fencing.
BWI Holdings derives its collection revenue from services provided to commercial and residential customers. Services to commercial customers are generally performed under service agreements or pursuant to contracts with municipalities.
Fees charged by the company are based on a variety of factors, including collection frequency, level of service, route density, the type, volume and weight of the waste collected, type of equipment and containers furnished, the distance to the disposal, the cost of disposal and prices charged by competitors for similar services. The company's contracts with commercial customers typically allow BWI Holdings to pass on increased costs resulting from variable items such as disposal and fuel costs and surcharges. The company's ability to pass on cost increases is sometimes limited by the terms of its contracts.
The company also has a 100% interest in certain mineral claims, which it has decided to abandon. | | History: INCORPORATED in Nevada Aug. 10, 2006, as Gray Creek Mining Inc.; name changed to BWI Holdings, Inc. Nov. 7, 2008.
November 10, 2008, acquired 100% of the outstanding shares of Budget Waste Inc., an Alberta, Canada corporation, from Budget Waste, Inc. a Nevada corporation. The purchase price was 5,496,054 newly issued and restricted Common shares of the company.
Budget Waste Inc. was founded in 2001. | | | | Subsidiaries: |
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Budget Waste Inc.
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Management
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| Officers | Position |
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| Jim Can | President & Chief Executive Officer | | Bruce Milroy | Chief Financial Officer | | Branislav Jovanovic | Chief Operating Officer | | Kendall Dilling | Secretary & Treasurer |
| | Directors |
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| Robert Baker | | Jim Can | | Kendall Dilling | | | |
| | | | Capitalization as of 10/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Preferred $0.001 par | 20,000,000 | None | | Common $0.001 par | 100,000,000 | 10,746,054 |
| | | | LONG TERM DEBT: $2,001,710.
NOTE: The above Capitalization reflects the acquisition Nov. 10, 2008, of Budget Waste Inc. | | | | Common $0.0001 par | | | |
Stockholders:
11/10/2008,
32.
| | PRINCIPAL STOCKHOLDERS: November 10, 2008, Jim Can owned or controlled about 66% of the Common. | | | |
Transfer Agent: Island Stock Transfer
St. Petersburg
, FL | | | | OTC Bulletin Board( Primary): BWIH | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 9.0000 | 1.5000 |
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| | | | DIVIDENDS: Common $0.0001 par: No cash. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2008 | 2007 |
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| GENERAL & ADMINISTRATIVE EXPENSES | 23,838 | 174 | | Oper. income as calculated | (23,838) | (174) | | Net income | (23,838) | (174) | | Share earns. basic | Nil | Nil | | Avge. com. shs. | 5,250,000 | 5,250,000 |
| | | | Balance Sheet | |
| 2008 | 2007 |
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| Assets: |
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| | Cash & equiv. | 8,488 | 17,326 | | Tot. curr assets | 8,488 | 17,326 | | Mining Land | 8,000 | 8,000 | | Total assets | 16,488 | 25,326 | | Liabilities: |
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| | Loan from director | 15,000 | -- | | Tot. curr. liabs. | 15,000 | -- | | STOCKHOLDERS' EQUITY: |
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| | Com. stk. p.$0.001 | 5,250 | 5,250 | | Paid-in cap. | 20,250 | 20,250 | | Retained earns. | (24,012) | (174) | | TOTAL STOCKHOLDERS' EQUITY | 1,488 | 25,326 | | Total liabs. | 16,488 | 25,326 | | Common Shares Issued | 5,250,000 | 5,250,000 |
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* Effective Nov. 10 '08, Gray Creek Mining, Inc. issued 5,496,054 com. shs. for all of the outstanding shs. of Budget Waste Inc. Transaction was acctd. for as a reverse acquis., with Budget Waste Inc. being deemed the acquiring company. Subsequently, Gray Creek changed its name to BWI Holdings Inc. The following results represent the operations and accounts of Budget Waste Inc., for the years ended Mar. 31 (Thou $). | | | |
| | Interim Report
05/01/2008 - 10/31/2008 |
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| | | Income Statement | |
| 2008 |
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| Revenues | 6,600 | | Cost & exps. | 6,017 | | Oper. income as calculated | 583 | | Gain on sale of assets | 442 | | Total income | 1,025 | | Depr. & amort. | 638 | | Interest exp. | 249 | | Write off of mining claim | 8 | | Net income | 130 | | Share earns. basic | $0.01 | | Share earns. diluted | $0.01 | | Avge. com. shs. | 10,746,054 |
| | | | Balance Sheet | |
| 2008 |
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| Assets: |
| | Accts. rec., net | 1,852 | | Prepaid expenses | 158 | | Tot. curr assets | 2,010 | | Performance bonds | 25 | | Net property | 6,072 | | Goodwill | 2,651 | | Customer lists | 108 | | Total assets | 10,866 | | Liabilities: |
| | Bank overdraft | 57 | | Revolving bank loan | 19 | | Notes pay. | 27 | | Curr debt. mat. | 27 | | Cap. lease obligs. | 1,101 | | Accts. pay. & accruals | 3,266 | | Other payables | 751 | | Other curr. liabs. | 21 | | Tot. curr. liabs. | 5,269 | | Long-term debt | 16 | | Cap. lease obligs. | 1,986 | | Com. stk. p.$0.001 | 11 | | Paid-in cap. | 10,661 | | Retained earns. | (6,475) | | Cumulative other comprehensive income (loss) | (602) | | Total liabs. | 10,866 |
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* Effective November 10, 2008 the company completed the acquisition of Budget Waste Inc. (Alta). According to accounting principles generally accepted in the United States, the acquisition is considered to be a capital transaction in substance, rather than a business combination. That is, the acquisition is equivalent to the issuance of stock by Budget Waste Inc. (Alta) for the net monetary assets of BWI Holdings, Inc. (formerly Gray Creek Mining, Inc.) accompanied by a recapitalization and is accounted for as a change in capital structure. Accordingly, the accounting for the acquisition is identical to that resulting from a reverse acquisition. | | | |
| | Pro Forma Report
07/01/2007 - 06/30/2008 |
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| | | Income Statement | |
| 2008 | 2008 |
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| Net sales | 3,377 | 16,155 | | Cost & exps. | 3,264 | 15,819 | | Oper. income as calculated | 113 | 336 | | Gain on sale of assets | 416 | 512 | | Other income (expense) | -- | (385) | | Total income | 529 | 463 | | Depr. & amort. | 350 | 1,800 | | Interest exp. | 136 | 595 | | Net income | 43 | (1,932) | | Share earns. basic | Nil | ($0.18) | | Avge. com. shs. (Thou.) | 5,250 | 10,746 |
| | | | Balance Sheet | |
| 2008 |
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| Assets: |
| | Cash & equiv. | 3 | | Receivables, net | 2,266 | | Other curr. assets | 112 | | Tot. curr assets | 2,381 | | Performance bond | 31 | | Net property | 7,445 | | Customer lists | 164 | | Goodwill | 3,253 | | Mineral properties | 8 | | Total assets | 13,282 | | Liabilities: |
| | Bank overdraft | 205 | | Revolving bank loan | 29 | | Notes pay. | 49 | | Curr debt. mat. | 57 | | Cap. lease obligs. | 1,526 | | Accts. pay. & accruals | 4,259 | | Due to parent company | 4,891 | | Due to shareholders & related parties | 328 | | Income taxes | 25 | | Tot. curr. liabs. | 11,369 | | Long-term debt | 27 | | Cap. lease obligs. | 2,792 | | STOCKHOLDERS' EQUITY |
| | Com. stk. p.$0.001 | 11 | | Paid-in cap. | 5,494 | | Cumulative other comprehensive income | 126 | | Retained earns. | (6,537) | | TOTAL STOCKHOLDERS' EQUITY | (906) | | Total liabs. | 13,282 | | Common Shares Issued | 10,746 |
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* The following pro forma operations and accounts reflect the Nov. 10 '08 acquisition of Budget Waste Inc. | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | 3,300,000 | | 2009 |
2 | 2,980,000 | | 2008 |
1 | 3,980,000 | | 2008 |
2 | 4,580,000 | | 2008 |
3 | 4,160,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
3 | Nil |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | Nil | | 2009 |
2 | Nil | | 2009 |
3 | Nil | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil |
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