EXHIBIT C
RICH EARTH, INC AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JANUARY 1, 2000
<TABLE>
<CAPTION>
<S> <C>
ASSETS
CURRENT ASSETS
Cash. . . . . . . . . . . . . . . . . . . . $ 717,854
Accounts receivable . . . . . . . . . . . . 806,489
Prepaid expenses. . . . . . . . . . . . . . 3,443
------------
Total Current Assets. . . . . . . . . . . 1,527,786
------------
EQUIPMENT - net of accumulated depreciation 4,888,689
------------
$ 6,416,475
------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable. . . . . . . . . . . . . $ 2,689,444
------------
Total Current Liabilities. . . . . . . 2,689,444
------------
OTHER LIABILITIES . . . . . . . . . . . . . 5,505,158
------------
STOCKHOLDER'S DEFICIENCY. . . . . . . . . . (1,778,127)
------------
$ 6,416,475
------------
</TABLE>
See the Company's 10KSB for December 31, 2000
49
<PAGE>
RICH EARTH, INC AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1999, AND 1998
(STATED IN THOUSANDS)
<TABLE>
<CAPTION>
Dec 31, Dec 31,
1999 1998
--------- -------
<S> <C> <C>
REVENUES . . . . . . . . . $ 27,474 $4,046
COST OF TELECOMMUNICATIONS 26,587 $3,370
--------- -------
GROSS PROFIT . . . . . . . 887 676
EXPENSES . . . . . . . . . 2,618 866
--------- -------
NET LOSS . . . . . . . . . $ (1,731) $ (190)
--------- -------
</TABLE>
See the Company's 10KSB for December 31, 2000.
50
<PAGE>
