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Troubled Times, Inc.
Annual Report, 1997

First Year Review

The first year of operation saw the corporation compiling articles and bylaws via e-mail, holding initial elections to fill board and office positions, incorporating in the State of Delaware, determining logo and business card format, and establishing a web presence. The end of the first year of operation saw the corporation positioned to accept grant proposals from its international membership and grants and gifts from the world at large.


A single Grant Proposal was placed before the Board during the first year of operation, and accepted. Proposal 97-001, The Passage is a film script depicting the pole shift in the context of several lives and families affected. The script author has promised to gift 10% of the net proceeds to the corporation.

Grants and Gifts

An initial gift of $1,000 from a member provided the funding to proceed with incorporation, covering the costs of hiring The Company Corporation, State of Delaware filing fees, corporate seals, post office boxes and a corporate lockbox. The Board also accepted a second gift of $500 to cover administrative and operating expenses during the forthcoming year of operation.

Balance Sheet

Balance Sheet
as of December 31, 1997
Assets $0.00
Cash and Bank Accounts $1,000
Total Assets $1,000
Liabilities and Equity
Liabilities $817
Equity $1,000
Total Liabilities and Equity $183
P/L Statement N/A at this time
Income Statement
For Year of 1997
Revenue $1,000
Expenses $817
Net Income $183
Capitol Statement
For Year of 1997
Net Income for Year $183
Less Withdrawals $0
Change in Capitol $183
Capitol December 31, 1997 $183

Operating Units

The corporation at present does not do business in any state or country. Accordingly, no state income tax forms were filed, but an annual fee was paid to the State of Delaware. The Company Corporation acts as the corporate agent in the State of Delaware, a presence required by law.

Administrative Operations

Troubled Times, Inc. - newly incorporated, operating on the Internet and staffed with volunteers - did not have corporate offices per se during its first year of operation. The corporate address is a Post Office box in Fairbanks, Alaska, the resident city of the Vice President elect, Clipper. A corporate e-mail address based also at a local Fairbanks’s Internet Service Provider is gratis, a gift to the corporation. The corporation’s web page was designed and is regularly enhanced by the Public Relations Head, Geson, resident in Sweden.

The corporation’s Secretary elect, Gerard, resides in The Netherlands, maintains a Post Office box there for official correspondence, and coordinates the monthly Board of Directors Meetings via the Internet from home. Corporate funds are maintained in a Pottsville, Pensylvania bank by the Treasurer elect, Diane, the corporate President elect, Nancy Lieder, orchestrates operations from her home in San Francisco, California, and Internal Audit head, Ron, keeps a watchful eye from San Marcos, Texas.

Directors and Officers

Nancy Lieder, President Geson, Public Relations
Clipper, Vice President Pat
Diane, Treasurer Ron, Internal Audit
Gerard, Secretary Brand, Secretary Proxy

Appointed Positions

All staff positions are appointed by the board at this time. Appointed positions during the first year of operation include:

Internal Audit, Ron
contributed oversight of the Treasurer’s accounting and adequacy of the vouchering system, as well as proper procedure during Board Meetings and scope and depth of the Bylaws
Public Relations, Geson
contributed the public face of the corporation expressed in the web page design, business card design, and logo design
Secretary Proxy, Brand
supported the Secretary by maintaining a lockbox for original corporate records on US soil, forseen as a potential state or federal requirement



Delaware Presense

The Company Corporation
1313 N. Market Street
Wilmington, Delaware 19801-1151