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Previous: PARKSTONE GROUP OF FUNDS /OH/, 24F-2NT, 1999-08-23 |
Next: ELLIGENT CONSULTING GROUP INC, 10QSB, 1999-08-23 |
<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
------------
JUNE 1, 1999
(Date of earliest event reported)
StarNet Financial Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 33-13627 75-2168244
(State or other jurisdiction of (Commission file number ) (I.R.S. employer
incorporation or organization) identification no.)
17000 PRESTON ROAD, SUITE 350
Dallas, TX 75248
(Address of principal executive offices)
972-239-2939
(Registrant's telephone number,
including area code)
================================================================================
<PAGE> 2
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) Pro Forma Financial Information.
The appropriate financial information relating to the
acquisition reported on June 8, 1999, is filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
STARNET FINANCIAL, INC.
Dated: August 11, 1999 By: /s/ Daniel L. Jackson
---------------------------
Daniel L. Jackson, President
<PAGE> 3
StarNet Financial, Inc.
Consolidated Balance Sheet
June 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Assets
Current Assets:
Cash 50,309
Accounts receivable 80,129
Inventory - mortgages receivable 4,942,098
Employee/stockholder receivable 83,134
Direct loan costs capitalized 208,500
---------
Total Current Assets 5,364,170
---------
Property, plant and equipment, net 160,480
---------
Other assets:
Investment property 547,000
Other assets 81,290
Goodwill 43,552
Deposits 18,973
---------
Total Other Assets 690,815
---------
TOTAL ASSETS 6,215,465
=========
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable 535,573
Notes payable 5,394,018
---------
Total Current Liabilities 5,929,591
---------
Stockholders' Equity:
Common stock, authorized 20,000,000
shares; issued and outstanding
10,800,000 shares 108,000
Preferred stock, authorized
1,000,000 shares; issued and
outstanding, none 0
Additional paid-in capital 497,073
Retained earnings (deficit) (319,199)
---------
Total Stockholders' Equity 285,874
---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
6,215,465
=========
</TABLE>
<PAGE> 4
StarNet Financial, Inc.
Consolidated Statement of Operations
For the Period Ending June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Consolidated as
Sarkis Capital LoanNet StarNet Financial
-------------- ------- -----------------
<S> <C> <C> <C>
Income $ 0 $ 397,254 $ 397,254
Expenses:
Depreciation & amortization 0 5,282 5,282
Investment property expenses 0 3,249 3,249
Advertising 0 534 534
Office supplies 0 9,888 9,888
Bank service charges 0 1,534 1,534
Consulting fees 0 24,000 24,000
Contract services 0 3,144 3,144
Appraisals and inspections 0 10,245 10,245
Dues, fees & subscriptions 0 28,523 28,523
Credit reports 0 17,437 17,437
Flood certifications 0 3,359 3,359
Verifications 0 337 337
Equipment leases 0 7,989 7,989
Insurance 0 17,346 17,346
Telephone & pagers 0 8,245 8,245
Postage & delivery 0 6,983 6,983
Legal & professional 0 18,749 18,749
Recording & storage fees 0 906 906
Miscellaneous 0 9,493 9,493
Rent 0 16,225 16,225
Repairs & maintenance 0 6,176 6,176
Utilities 0 1,245 1,245
Service contracts 0 2,446 2,446
Travel & entertainment 0 23,312 23,312
Salaries & benefits 0 404,955 404,955
--------- --------- --------
Total operating expenses 0 631,602 631,602
--------- --------- --------
Income (loss) from operations 0 (234,348) (234,348)
Interest expense 0 37,340 37,340
Income (loss) before taxes 0 (271,689) (271,689)
Taxes 0 2,259 2,259
--------- --------- --------
Net Income (loss) $ 0 ($273,947) (273,947)
========= ========= ========
</TABLE>
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