Bontan Corporation Inc. Consolidated Financial Statements

 

 

 

 

 

 

 

 

Bontan Corporation Inc.

 

Consolidated Financial Statements

 

For the Years Ended March 31, 2005 and 2004

 

(Canadian Dollars)

 

1.

 

 

 

 

 

 

AUDITORS’ REPORT

 

 

To the Shareholders of

Bontan Corporation Inc.

 

We have audited the consolidated balance sheets of Bontan Corporation Inc. as at March 31, 2005 and 2004, and the consolidated statements of income, retained earnings and cash flows for the years then ended. These consolidated financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

 

We conducted our audit in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

 

In our opinion, these consolidated financial statements present fairly, in all materials respects, the financial position of the company as at March 31, 2005 and 2004, and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles.

 

The consolidated financial statements for the year ended March 31, 2003 were audited by another firm of Chartered Accountants, who expressed an opinion without reservation on those consolidated financial statements in their report dated June 16, 2003.

 

 

 

 

 

July 27, 2005

Chartered Accountants

Thornhill, Ontario

 

2.

 

 

 

 

 

 

COMMENTS BY AUDITORS FOR U.S READERS ON CANADA - U.S. REPORTING DIFFERENCES

 

 

In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph) when the consolidated financial statements are affected by conditions and events that cast substantial doubt on the Company's ability to continue as a going concern, such as those described in Note 1 to the consolidated financial statements.

 

The opinion on page 1 is expressed in accordance with Canadian reporting standards, which do not permit a reference to such events and conditions in the auditors' report when these are adequately disclosed in the consolidated financial statements.

 

 

 

 

 

July 27, 2005

Chartered Accountants

Thornhill, Ontario

 

 

3.

 

Bontan Corporation Inc.

 

Consolidated Balance Sheets

(Canadian Dollars)

March 31, 2005 and 2004

 

 

 

 

 

Approved by the Board               ”Kam Shah”             Director        ”Dean Bradley”      Director

                                                           (signed)                                                (signed)

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

 

4.

 

Bontan Corporation Inc.

Consolidated Statements of Operations

(Canadian Dollars)

For the Years Ended March 31, 2005, 2004 and 2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

 

5.

 

Bontan Corporation Inc.

Consolidated Statements of Cash Flows

(Canadian Dollars)

For the Years Ended March 31, 2005, 2004 and 2003

 

 

The accompanying notes are an integral part of these financial statements

 

6.

 

Bontan Corporation Inc.

Consolidated Statement of Shareholders’ Equity

(Canadian Dollars)

For the Years Ended March 31, 2005, 2004 and 2003