10SB12G/A
"The company has also reduced the offsetting Note Payable to related entities, with the entity's (sic) approval."
In March 2000, the remaining 62,500,000 shares were issued for $312,500,
completing the Company's obligation for this special services agreement.
The Company, at June 30, 2000, had $2,337,436 in assets compared to $513,551 and
$524,167 as of December 31, 1999 and 1998 respectively. The increase in assets
from the prior period is due primarily to the issue of stock for cash and
acquisition, for stock, of Beach Access.Net, Inc. and related entities.
Liabilities consisting of certain accrued expenses totaled $746,083 as of June
30, 2000 compared to $501,025 and $469,956 for 1999 and 1998 respectively.
The Company has reduced the value of its Patent from $470,000 to $61,073, less
accrued amortization. The Company has made this change to reflect the actual
costs related to the Patent, in accordance with regulatory requirements. The
company has also reduced the offsetting Note Payable to related entities, with
the entity's approval. The resulting adjustment to interest expense is reflected
in Additional Paid-In Capital.
The Company has also recorded revised accrued interest on Shareholder Notes of
$348,900. The Notes had previously been recorded as zero interest notes. In lieu
of interest, shareholders received additional stock certificates. Interest equal
to the par value of the shares had been recorded. In accordance with regulatory
requirements, interest, at the rate of average annual Prime + 1% during the term
of the notes, has been accrued, with the adjustment reflected in Paid-In
Capital.
If the Company is unable to begin to generate revenues from its anticipated
products, management believes the Company will need to raise additional funds to
meet its cash requirements.
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B. Segment Data
The Company operates in two business segments, pollution treatment systems and
Internet technology. Currently, the only operating segment is the Internet
technology group. For the six months ended June 30, 2000, information on
reportable segments is as follows:
· Download Table
Pollution Technology Total
Six months ended June 30, 2000
External revenue - $166,432 $166,432
Intersegment revenue $0 $0 $0
Loss from continuing Operations $(80,762) $(751,477) $(832,239)
Loss from discontinued Operation 0 (379,760) (379,760)
$(80,762) $(1,131,237) $(1,211,999)
For the six months ended June 30, 1999, the Company only operated as a pollution
treatment company.
Since December 31, 1999, the Company has added the operations and assets of the
Internet technology segment. This segment was added on April 1, 2000. As of June
30, 2000, total assets of the Internet technology segment were $654,654. |
