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We are proud to report that this past year was a record-breaking one for A TIME FOR ALL. We enjoyed record revenues, established exciting new strategic retail, and our products received several awards. 1996 was a year of significant achievements for A TIME FOR ALL. Dramatic growth was achieved, as revenues increased to $39.01 million, up 44.9% over 1995 revenues of $26.91 million.
The consolidated balance sheets, the consolidated statements of loss and deficit and the consolidated statements of changes in financial position have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP), and have been presented as supplemental information for the convenience of U.S. readers .
U.S. GAAP
| 1996 | 1995 | 1994 | |
| REVENUE | |||
| Sales | $39,010 | $26,910 | $11,465 |
| Interest income | 2,279
 |
909
|
34 |
| 41,289 | 27,819 | 11,499 | |
|
COST OF SALES |
3,814 | 2,067 | 85 |
|
NET REVENUE |
37,475 | 25,752 | 11,414 |
|
EXPENSES |
|||
| Amortization | 5,700 | 5,988 | 3,064 |
| General and administrative | 6,367 | 5,545 | 2,810 |
| Interest | 296 | 240 | 206 |
| Research and development | 13,020 | 12,860 | 5,710 |
| Selling and marketing | 19,110
|
17,630 |
11,070
|
| 44,493 | 42,263 | 22,860 | |
| Net Loss for the Year | (7,018) | (16,511) | (11,446) |
| Deficit, Beginning of Year | (30,357) |
(13,846)
|
(2,400)
|
| Deficit, End of Year | $(37,375) | $(30,357) | $(13,846) |
