INDEPENDENT AUDITORS' REPORT
Board Of Directors January 11, 2000
Tele Special.Com
Las Vegas, Nevada
I have audited the Balance Sheet of Tele Special.Com, (A Development
Stage Company), as of December 31, 1999, and the related Statements of
Operations, Stockholders' Equity and Cash Flows for the period November
3, 1999, (inception) to December 31, 1999. These financial statements
are the responsibility of the Company's management. My responsibility i
to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I 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. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Tele
Special.Com, (A Development Stage Company), at December 31, 1999, and
the results of its operations and cash flows for the period November 9,
l999, (inception) to December 31, 1999, in conformity with generally
accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Company will continue as a going concern. As discussed in Note 83 to the
financial statements, the Company has no established source of revenue.
This raises substantial doubt about its ability to continue a~ a going
concern. Management's plan in regard to these matters are also described
in Note #3. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
/s/ Barry Friedman
Barry L. Friedman
Certified Public Accountant
<TABLE>
TELE SPECIAL.COM
(A DEVELOPMENT STAGE COMPANY)
DECEMBER 31, 1999
<CAPTION>
BALANCE SHEET
ASSETS
<S> <C>
CURRENT ASSETS $0
---
TOTAL CURENT ASSETES $0
---
OTHER ASSETS $0
---
TOTAL OTHER ASSETS $0
---
TOTAL ASSETS $0
===
</TABLE>
<TABLE>
LIABILITIES ND STOCKHOLDERS EQUITY
<S> <C>
CURRENT LIABILITIES
Officers Advance (Note 6) $305
----
TOTAL CURRENT LIABILITIES $305
----
STOCKHOLDERS' EQUITY
Perferred stock, $.001 par value
authorized 5,000,000 shares
issued and outstanding at
December 31, 1999-None $0
Common stock, $.001 par value,
authorized value 20,000,000 shares;
issued and outstanding at
December 31, 1999-5,000,000 shares $5000
Additional Paid in Capital 0
Deficit accumulated during
development stage ($5305)
-------
TOTAL STOCKHOLDERS EQUITY ($305)
-------
TOTAL LIABILITIES AND STOCKHOLDERS
EQUITY $0
=======
The accompanying notes are an intregal part of these financial
statements.
</TABLE>
<TABLE>
TELE SPECIAL.COM
(A DEVELOPMENT STAGE COMPANY)
NOVEMBER 9, 1999 (Inception) to December 31, 1999
<CAPTION>
STATEMENT OF OPERATIONS
<S> <C>
INCOME
Revenue $0
-----
EXPENSE
Services $5000
General and Administrative $305
-----
TOTAL EXPENSES $5305
-----
NET LOSS $5305
=====
Net Loss per share ($.0011)
Weighted average
Number of common shares outstanding 5,000,000
=========
The accompanying notes are an intregal part of these financial
statements.
</TABLE>
<TABLE>
TELE SPECIAL.COM
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLERS EQUITY
<CAPTION>
Deficit
Accumulated
Additional During
Common Stock Paid-in Development
Shares Amount Capital Stage
<S> <C> <C> <C> <C>
November 9, 1999
issued for services 5,000000 $5,000 $0 $0
Net loss, November
9, 1999 (inception)
to december 31, 1999 ($5305)
-------- ------ -- -------
Balance
December 31, 1999 5,000,000 $5,000 $0 ($5305)
========= ====== == =======
</TABLE>
<TABLE>
TELE SPECIAL.COM
(A DEVELOPENT STAGE COMPANY)
<S> <C>
Cash flows from Operating Activities
Net Loss ($5,305)
Issue Common Stock for Services $5,000
Cash Flows fron Investing Activities
Changes in assets and Liabilities
Officers advances $305
Cash flows from Financing Activities 0
--------
Net Increase in Cash $0
Cash, Beginning of Period $0
--------
Cash, End of Period $0
========
The accompanying notes are an intregal part of these financial
statements.
</TABLE>
TELE SPECIAL.COM
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
December 31, 1339
NOTES 1 - HISTORY AND ORGANIZAITION OF THE COMPANY
The Company was organized November 9, 1999, under the laws of the
State of Nevada, as Tele Special. Com. The Company currently has no
operations and, in accordance with SFAS #7, is considered a development
stage company.
On November 9, 1999, the Company issued 5,000,000 shares of its
S.OO1 par value common stock for services of $5,000.00.
NOTE 2 - ACCOUNTING POLICIES AND PROCEDURES
Accounting policies and procedures have not been determined except
as follows:
1. The Company uses the accrual method of accounting.
2. Earnings per share is computed using the weighted average
number of common shares outstanding.
3. The Company has not yet adopted any policy regarding payment of
dividend. No dividends have been paid since inception.
4. In April 1998, the American Institute of Certified Public
Accountants issued Statement of Position 98-5 ("SOP 98-511), Reporting
on the Costs of Start-Up Activities" which provides guidance on the
financial reporting of start-up cost~ and organization costs. It
require~ costs of start-up activities and organization costs to be
expensed as incurred. SOP 98-5 is effective for fiscal year~ beginning
after December 15, 1998, with initial adoption reported as the
cumulative effect of a change in accounting principle. With the adoption
of SOP 98-5, there has been little or no effect on the Company's
financia1 statements.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using the
generally accepted accounting principles applicable to a going concern,
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business. However, the Company has
no current source of revenue. Without realization of additional capital,
it would be unlikely for the Company to continue as a going concern. It
is management's plan to seek additional capital through a merger with an
existing operating company
TELE SPECIAL.COM
(A Development Stage Company)
NOTES TO FINANCIAL SIATEMENIS CONTINUED
December 31, 1999
NOTE 4 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to issue any
additional shares of common or preferred stock of the Company.
NOTE 5 - RELAIED PARTY TRANSACTION
The Company neither owns or lease any real or personal property.
Office services are provided without charge by a director. Such costs
are immaterial to the financial statements and, accordingly, have not
been reflected therein. The of factors and directors of the Company are
involved in other business activities and may, in the future, become
involved in other business opportunities. If a specific business
opportunity becomes available, such persons may face a conflict in
electing between the Company and their other business interests. The
Company has not formulated a policy for the resolution of such conflict.
NOTE 6 - OFFICERS ADVANCES
While the Company is seeking additional capital through a merger
with an existing operating company, an officer of the Company has
advanced funds on behalf of the Company to pay for any costs incurred by
it. These funds are interest free.
BARRY L. ERIEDMAN, P.C.
Certified Public Accountant
1582 TULITA DRIVE OFFICE (70Z) 361-8414
LAS VEGAS, NEVADA 89123 FAX NO. (702l 896-0278
CONSENT OF INDEPENDENT AUDITORS
To Whom It May Concern:
January 12, 2000
The firm of Barry L. Friedman, P.C., Certified Public
Accountant consents to the inclusion of their report of January
11,2000, on the Financial Statements of Tele Special.com, as of
December 31, l999, in any filings that are necessary now or in
the near future with the U.S. Securities and Exchange Commission.
Very truly yours,
/s/ Barry Friedman
Barry L. Friedman
Certified Public Accountant
