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Execute Sports, Inc.
Symbol:  EXCS


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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
 
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Execute Sports, Inc.
Symbol:  EXCS


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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
 
 
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Execute Sports, Inc.
Symbol:  EXCS


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Management
OfficersPosition
 James R. ArabiaChairman & Chief Executive Officer
 Celeste  BeroutyPresident
 Sheryl  GardnerInvestor Relations Contact

Directors
 Geno M. Apicella
 James R. Arabia
 Timothy R. Scott
 Scott  Swendener
 
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Execute Sports, Inc.
Symbol:  EXCS


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Capitalization as of 03/31/2008:
 
 Authorized SharesOutstanding Shares
Common $0.001 par100,000,00090,446,790
 
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
 
ExchangeYearHighLow
OTC Bulletin Board20070.12000.0100
OTC Bulletin Board20060.55000.0180
 
DIVIDENDS: Common $0.001 par: No cash.
 
 
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Execute Sports, Inc.
Symbol:  EXCS


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Annual Report
 
Income Statement
  20072006
Net watersport sales$1,467,039$2,018,468
Net sugar sand sales364,972-
Total net sales1,832,0112,018,468
Watersport cost of sales784,916-
Sugar sand cost of sales346,7231,822,503
Total cost of sales1,131,6391,822,503
Gross profit700,372195,965
EXPENSES
General and administrative expenses1,250,5942,858,223
Selling and advertising109,406456,939
Depreciation expense85,1206,947
Total expense1,445,1203,322,109
Income (loss) from operations (744,748)(3,126,144)
OTHER INCOME AND EXPENSES
Interest income46,740
Other income5,0956,705
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 debt49,287-
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 operations229,259-
Total discontinued operations227,838-
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 diluted62,901,82222,973,747
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 options110,959900,000
Warrants9,738,5162,222,158
Debt collateralized with common stock500,492,6678,402,389
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 & Development Expenditures
 
Balance Sheet
  2007
ASSETS
CURRENT ASSETS
Cash$399,255
Accounts receivable, net (Note A)27,123
Inventory65,617
Deferred financing costs (Note G)60,377
Other current assets5,441
TOTAL CURRENT ASSETS557,813
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 expenses72,918
Interest accrued on convertible debentures (Note E)314,490
TOTAL CURRENT LIABILITIES2,677,267
Non-current portion of convertible debentures (Note E)4,358,483
TOTAL LIABILITIES7,035,750
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, 200787,452
Additional paid-in capital11,647,807
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
 
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Execute Sports, Inc.
Symbol:  EXCS


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Interim Report   
 
Data Not Available
 
 
 
 
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Execute Sports, Inc.
Symbol:  EXCS


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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Execute Sports, Inc.
Symbol:  EXCS


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2008   11,800,000
  2008   21,770,000
  2007   1550,000
  2007   2800,000
  2007   390,000
  2007   4390,000
  2007   Full Year 1,830,000
  2006   1600,000
  2006   2510,000
  2006   3530,000
  2006   4380,000
  2006   Full Year 2,020,000
  2005   3100,000
  2005   Full Year 1,390,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1N/A
  2008   2N/A
  2007   1N/A
  2007   2N/A
  2007   3N/A
  2007   4N/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$
YearQuarterRevenue
  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
 
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