Brad B. Haynes is Castpro's auditor. He was also the auditor for ZULU-tek, Inc
ZULU-tek, Inc.
Annual Report:
AUDITORS: Brad B. Haynes, Los Angeles, CA
ANNUAL REPORT: Consol. Inc. Acct Yrs. End. Dec. 31: Thou. $
1997 1996
Net sales...........................................37 368
Gen. & admin. exps...............................3,017 375
Oper. income....................................d2,980 d7
Depreciation........................................25 4
Loss related to abandonment........................142 ---
Net income....................................d3,147 d11
*Share earns...................................@d$0.15 @Nil
Avge. shs. (Thou.):.............................21,676 15,000
dDeficit.
*Based on avge. shs.
@d$1.45 in 1997 & d$0.01 in 1996, adjtd. for Dec. '98 1-for-10
reverse stk. split.
Note: Company was incorporated in the State of Utah on Apr. 23 '85
as Premium Inc. On Jan. 15 '87, the name was changed to Star Medical
Corp. On Aug. 12 '97, the name was changed to Netmaster Group Inc.
and On Jan. 15 '98 the name was changed to ZULU-tek, Inc. (Co.)
Note: On Aug. 6 '97, Echo-Media Technologies Inc., a wholly-owned
subsidiary of Co. incorporated under the laws of Delaware, acqd. or
licensed, assets and technology previously owned by echoMEDIA Inc.,
a Rhode Island corporation. In addition Co. issued 2,000,000 shs. of
Ser. A Pfd. stk. which was used to acquire all of the issued &
outstanding com. stk. of echoMEDIA Inc. The Co. also issued
3,000,000 shs. of Ser. B Pfd. stk. in conjunction with this
transaction. This business combination was accounted for as a
reverse acquisition since the former shareholders of echoMEDIA Inc.
controlled the company after the transaction. Results reflect the
opers. of echoMEDIA Inc. for all periods and incl. opers. of
ZULU-tek Inc. from Aug. 6 '97 to Dec. 31 '97 only.
Note: At Dec. 31 '97, Co. had avail. net oper. loss carryforwards
of apx. $13,000,000.
cConsolidated Balance Sheet Dec. 31 '97: Thou. $
Assets-
Cash.............................................................567
Mktble. secs.....................................................821
Accts. rec., net...............................................3,741
Other curr. assets................................................98
Tot. curr. assets............................................5,227
Net property...................................................1,845
Goodwill......................................................15,497
Other assets.....................................................114
Total assets................................................22,683
Liabilities-.....................................................
Accts. pay. & accruals.........................................8,860
Due to related parties.........................................5,401
Other curr. liabs................................................311
Tot. curr. liabs............................................14,572
@Redeem Pfd. stk..............................................10,209
aPfd. stk. p.$0.01.............................................5,000
bCom. stk. p.$0.001...............................................42
Paid-in cap....................................................1,004
Retained earns................................................d8,144
Total liabs.................................................22,683
Net wkg. cap..................................................d9,345
Equity per sh......................................................c
dDeficit.
@Pfd. shs. (Thou.):.............................................10
aPfd. shs. (Thou.):..............................................
Ser. A.........................................................2,000
Ser. B.........................................................3,000
bCom. shs. (Thou.):.........................................41,278
cNot computed by S&P because of deficit in com. stockholders'
equity. |
