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Jim P. Willard
PRESIDENT
Paper Computer Corporation
24843 Del Prado, #318
Dana Point, CA 92629
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
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WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
34700 Pacific Coast Highway, Suite 303
Capistrano Beach, CA 92624
(949) 248-9561
fax (949) 248-1688
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: August 28, 2000
Commission File Number: 0-29735
Paper Computer Corporation
(formerly PNG VENTURES, INC.)
(formerly TELECOMMUNICATIONS TECHNOLOGIES, LTD.)
Nevada 88-0350286
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
24843 Del Prado, Suite 318, Dana Point, California 92629
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 248-1765
UN-NUMBERED ITEM: FINANCIAL INFORMATION
We have previously reported in an 8-K filed on April 26, 2000, our
shareholders approved, and we reported, the acquisition of Paper Computer
Corporation, as a wholly-owned subsidiary, for 9,228,686 new investment shares
of our common stock. We have changed our corporate name to Paper Computer
Corporation. This acquisition resulted in a change of control of our
corporation.
Provided herewith, as Attachment hereto, are unaudited pro-forma
consolidated financial statements for March 31, 2000 of PNG Ventures, Inc. and
Paper Computer Corporation as acquired. The pro forma consolidated balance sheet
assumes (a) the recording of the issuance of the 9,228,686 shares of common
stock for the acquisition, and (b) the elimination of the resulting
corporation's investment in Paper Computer and its common stock.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the date indicated.
August 28, 2000
Paper Computer Corporation
(formerly PNG VENTURES, INC.)
(formerly TELECOMMUNICATIONS TECHNOLOGIES, LTD.)
by
/s/Jim P. Willard
Jim P. Willard
authorized officer
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<PAGE>
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ATTACHMENT
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIOD ENDING MARCH 31, 2000
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3
<PAGE>
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PNG VENTURES, INC.
(a Development Stage Company)
Pro Forma Consolidated Financial Statements
March 31, 2000
(Unaudited)
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<PAGE>
PNG VENTURES, INC.
(a Development Stage Company)
Proforma Consolidated Balance Sheet
March 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
PNG Paper Pro Forma
Ventures Computer Pro Forma Consolidated
Balance Balance Adjustments Balance
March 31,2000 March 31,2000 DR CR March 31,2000
--------------------------------------------------------------------------------------------------------------------
ASSETS
Current Assets
Cash and Cash Equivalents. . . . . . . . . $ 100 $ 9,229 $ 9,329
--------------------------------------------------------------------------------------------------------------------
Total Current Assets . . . . . . . . . . . 100 9,229 9,329
--------------------------------------------------------------------------------------------------------------------
Other Assets
Investment in Paper Computer . . . . . . . 0 0 (a)9,229 (b)9,229 0
Paper Computer Designs . . . . . . . . . . 0 100,000 100,000
--------------------------------------------------------------------------------------------------------------------
Total Other Assets . . . . . . . . . . . . 0 100,000 100,000
--------------------------------------------------------------------------------------------------------------------
Total Assets . . . . . . . . . . . . . . . $ 100 $ 109,229 $ 109,329
====================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes Payable. . . . . . . . . . . . . . . $ 0 $ 100,000 $ 100,000
--------------------------------------------------------------------------------------------------------------------
Total Current Lilabilites. . . . . . . . . 0 100,000 100,000
--------------------------------------------------------------------------------------------------------------------
Stockholders' Equity
Common Stock, Authorized 50,000,000
Shares of $0.001 par value, issued and
Outstanding 17,859,937 Shares. . . . . . . 8,631 9,229 (b)9,229 (a)9,229 17,860
Additional Paid In Capital . . . . . . . . 26,779 0 26,779
Retained Earnings. . . . . . . . . . . . . (35,310) 0 (35,310)
--------------------------------------------------------------------------------------------------------------------
Stockholders' Eqity. . . . . . . . . . . . 100 9,229 9,329
--------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 100 $ 109,229 $ 109,329
====================================================================================================================
</TABLE>
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<PAGE>
PNG VENTURES, INC.
(a Development Stage Company)
Pro Forma Consolidated Statement of Operations
March 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
PNG Ventures Paper Computer Pro Forma
For January 1, 2000 For January 1, 2000 Pro Forma Consolidated
through through Adjustments Balance
March 31, 2000 March 31, 2000 Dr Cr March 31, 2000
Revenues. . . . . . . . . $ 0 $ 0 $ 0
---------------------------------------------------------------------------------------------------------
Expenses
General & Administrative. 4,900 0 4,900
---------------------------------------------------------------------------------------------------------
Total Expenses. . . . . (4,900) 0 (4,900)
---------------------------------------------------------------------------------------------------------
Net Income(Loss). . . . . ($4,900) $ 0 ($4,900)
=========================================================================================================
</TABLE>
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<PAGE>
PNG Ventures, Inc.
(a Development Stage Company)
Notes to Pro Forma Consolidated Financial Statements
March 31, 2000
(Unaudited)
NOTE 1 - Summary of Transaction
On April 6, 2000, PNG Ventures, Inc. (the Company) completed an Agreement
and Plan of Reorganization between the Company, a public Nevada corporation and
Paper Computer Corp. a private Delaware corporation. On this date, the Company
changed its name to Paper Computer.com Inc.and issued 9,228,686 shares of common
stock for all the stock of Paper Computer. Thereby Paper Computer became a
wholly owned subsidiary of the Company. The transaction was recorded using the
purchase method of accounting.
NOTE 2 - Management Assumptions
Paper Computer Corporation was incorporated on February 2, 2000 and is
considered to be in the development stage. The pro forma consolidated
statements of operations assumes that the entities were together as of January
1, 2000, no adjustments were necessary.
The pro forma consolidated balance sheet assumes (a) the recording of the
issuance of 9,228,686 shares of common stock for all of the outstanding stock of
Paper Computer valued at $9,229, and (b) the elimination of the Company's
investment in Paper Computer and Paper Computer's common stock.