4 paragraphs (vs. 3), not good, going concern: "INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders
Global PC, Inc.
Alameda, California
We have audited the accompanying balance sheets of Global PC, Inc. (a
development stage company) (the Company) as of June 30, 1999 and December 31,
1998, and the related statements of operations, changes in shareholders' equity
and cash flows for the six months ended June 30, 1999, the period from April 1,
1998 (inception) to December 31, 1998, and the period from April 1, 1998
(inception) to June 30, 1999. These financial statements are the responsibility
of the management of the Company. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about 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 includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Global PC, Inc. as of June 30,
1999 and December 31, 1998, and the results of its operations and its cash flows
for the six months ended June 30, 1999, the period from April 1, 1998
(inception) to December 31, 1998, and the period from April 1, 1998 (inception)
to June 30, 1999 in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note A to the
financial statements, the Company has suffered recurring losses from operations
since inception that raise substantial doubt about the entity's ability to
continue as a going concern. Management's plans in regard to these matters are
also described in Note A. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Petrinovich, Pugh & Company
Petrinovich, Pugh & Company
San Jose, California
August 24, 1999 |
