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FEB -29 -2000 08:41 SD4J FACILITIES MANAGMENT 1 541 687 3686 P.22/24 <br /> 02/29/00 TUE 08:02 FAX 541 5873U01 4J aurtRU L urrl •■■ 4gj.,.h. <br /> DeettahbeT )1. 1999. and the results of its operationa and its cash flows for the <br /> period January 27.1998 (inception) through December 31- 1990, in conformity with <br /> generally accepted accounting principles. <br /> The accompanying consolidated financial atetements have been prepared assuming <br /> that the Company will continue as a going concern. As discussed in Note l(b) to <br /> the consolidated financial ocnceMenao the company is in the development stage <br /> and brie incurred net losses and negative cash flows from operations since <br /> inception. These conditions raise awbstaatial doubt about tae Company's ability <br /> to continue as * going concerts. Management's plans in these matters are <br /> described in note 2(b). The financial etatemenes do not inclmde any adjustments <br /> that might result from the outcome of this uncertainty. <br /> /s/ Feldman &herb Horowitz is Co.. P.C. <br /> Feldman Sherb Horowitz a Co.. P.c. <br /> Certified Public Accountancy <br /> August 12, 1999 <br /> P -2 <br /> cAACEa <br /> ' 211 - SPORTS SlT ERNATIONAi+, INC. AND SUBSIDIARY <br /> iA Development Stage Enterprise) <br /> CONAOLYDPITSD eALNICE Si'sEETS. <br /> <TABLE> <br /> cCAPTION, <br /> December 31, Sept <br /> ASSETS :950 <br /> (ur <br /> <ST eC) dC= <br /> CURRENT ASSETS: <br /> CaSn $ S554 <br /> 4 SA <br /> $ <br /> Loan receivable - shareholder _ - <br /> Due from vendor �Z <br /> Prepaid expense and other current asset ,500 <br /> _ <br /> YOTA:, cURRENT ASSETS 2'7,716 - -- <br /> 090WERTY AND EQUIPMENT - at cost, net 2,595 <br /> SECURITY DEPOSIT 4,627 <br /> 3 34,93e 5 <br /> LIABILITIES AND SOLDERS' EQUITY <br /> CURRENT LIABILITIES: 2,564 5 <br /> Accounts payable <br /> Accrued expenses and other current liabilities 3.412 <br /> TOTAL CURRENT LIABILITIES 102,976 <br /> COMMITMENTS PIND COR'1'IN=OCIES -- <br /> SHAREHOLDERS' EQUITY= <br /> Conran stock, par value 5.001 - authorized 40,000.00 <br /> shares, issued and outeeandiag 10,000,000 at December 3L, 10,000 <br /> 1998 and 20,000,000 a: September 30. 1999 <br />