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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Mr_X who wrote (9238)	5/27/1999 10:18:00 AM
From: Mr. Pink	Read Replies (6) \| Respond to of 18998

Post your favorite excerpt from the sHITT 10k....Best post gets a prize....free preview of Mr. P$nk's next post. Mr. P's favorite is the going concern letter. Basically, auditors say the company could go out of business. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Board of Directors Hitsgalore.com, Inc. Rancho Cucamonga, CA We have audited the balance sheet of Hitsgalore.com, Inc. (a Development stage enterprise), formerly Systems Communications, Inc., as of December 31, 1998 and the related statement of operations and retained earnings and cash flows for the period from inception (July 21, 1998) to December 31, 1998. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit 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 also 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 audit provides 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 Hitsgalore.com, Inc. at December 31, 1998, and the results of its operations and cash flows for the period from inception (July 21, 1998) to December 31, 1998, in conformity with generally accepted accounting principles. The accompanying financial statements have been prepared assuming that Hitsgalore.com, Inc., formerly Systems Communications, Inc., will continue as a going concern. As more fully described in Note 1, the Company is in the development stage and has assumed a substantial amount of liabilities in connection with a reorganization and merger agreement. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. /s/ Moore Stephens Lovelace, P.A. Mr. P$nk