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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 8-K/A
AMENDMENT NO.1 TO FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 24, 1999
_________________
My Web Inc.com
_______________________________________________________
(Exact Name of Registrant as Specified in Charter)
<TABLE>
<S> <C> <C>
Nevada 0-23462 88-0207089
_______________ ___________ ______________________
(State or Other (Commission (IRS Employer
Jurisdiction of File No.) Identification No.)
Incorporation)
</TABLE>
712 Fifth Avenue, 7th Floor, New York, NY 10019
_______________________________________________
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (212) 582-3400
________________
Asia Media Communications, Ltd.
________________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
--------------------------------------------------------
(a) FINANCIAL STATEMENTS OF TECNOCHANNEL TECHNOLOGIES SDN. BHD.
(i) Report of Arthur Anderson & Co., Public Accountants
(ii) Balance Sheets as of 31 December 1998 and 1997
(iii) Statement of Operations For the Year/Nine Months Ended 31
December 1998 and 1997
(iv) Statements of Shareholders' Equity For the Year/Nine Months
Ended 31 December 1998 and 1997
(v) Cash Flow Statements For the Year/Nine Months ended 31
December 1998 and 1997
(v) Notes to the Accounts-31 December 1998 and 1997
(b) PRO-FORMA FINANCIAL INFORMATION.
(i) Introduction to Unaudited Pro Forma Consolidated Financial
Statements
(ii) Unaudited Pro Forma Consolidated Balance Sheet as of December
31, 1998
(iii) Unaudited Pro Forma Consolidated Statement of Operations For
the Year Ended December 31, 1998
(iv) Pro forma Adjustments
(c) EXHIBITS.
23.1 Consent of Arthur Anderson & Co.
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.
MY WEB INC.COM
By: /s/ Edward J. Tobin
____________________
Chairman
Date: May 10, 1999
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders of
TECNOCHANNEL TECHNOLOGIES SDN. BHD.
We have audited the accompanying balance sheets of TECNOCHANNEL TECHNOLOGIES
SDN. BHD. (a Malaysian Incorporated Company) as of December 31, 1998 and 1997,
and the related statements of operations, shareholders' equity and cash flows
for the year/9 months period ended December 31, 1998 and 1997. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
in the United States of America. Those standards require that we 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 the directors, as well as evaluating the overall
financial statements' presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the state of affairs of the Company as at 31 December,
1998 and 1997 and of its results and cash flows for the year/period then ended
in conformity with generally accepted accounting principles in the United States
of America.
/s/ Arthur Andersen & Co.
ARTHUR ANDERSON & CO.
Public Accountants
Dated: 6 May, 1999
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TECNOCHANNEL TECHNOLOGIES SDN. BHD.
(Incorporated in Malaysia)
BALANCE SHEETS AS OF 31 DECEMBER, 1998 AND 1997
<TABLE>
<CAPTION>
Note 31.12.97 31.12.98 31.12.98
---- -------- -------- --------
RM RM USD*
<S> <C> <C> <C> <C>
CURRENT ASSETS
Cash and bank balances 21,494 1,027 270
Accounts receivable 380,000 4,181,869 1,100,492
Other debtors, deposits and
prepayments 23,469 23,469 6,176
------------- ----------- -----------
424,963 4,206,365 1,106,938
FIXED ASSETS 3 174,439 204,976 53,941
------------- ----------- -----------
TOTAL ASSETS 599,402 4,411,341 1,160,879
============= =========== ===========
CURRENT LIABILITIES
Trade accounts payable 710,848 1,551,564 408,306
Other accounts payable 96,005 1,350,091 355,287
Amount due to directors 4 651,410 141,628 37,271
------------- ----------- -----------
1,458,263 3,043,283 800,864
------------- ----------- -----------
SHAREHOLDERS' EQUITY
Share capital 100,000 900,000 236,842
(Accumulated losses)/retained
profits (958,861) 468,058 123,173
------------- ----------- -----------
(858,861) 1,368,058 360,015
------------- ----------- -----------
599,402 4,411,341 1,160,879
============= =========== ===========
</TABLE>
* Refer Note 2(e)
The accompanying notes are an integral part of these balance sheets.
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TECNOCHANNEL TECHNOLOGIES SDN. BHD.
(Incorporated in Malaysia)
STATEMENTS OF OPERATIONS
FOR THE YEAR/9 MONTHS PERIOD ENDED 31 DECEMBER, 1998 AND 1997
<TABLE>
<CAPTION>
9 months Year Year
ended ended ended
Note 31.12.97 31.12.98 31.12.98
---- -------- -------- --------
RM RM USD*
<S> <C> <C> <C> <C>
Revenue 5 389,000 4,981,202 1,310,843
Selling, general and administrative
expenses (1,347,861) (3,554,283) (935,337)
------------- ------------ -----------
(Loss)/profit before taxation (958,861) 1,426,919 375,506
Taxation 6 - - -
------------- ------------ -----------
(Loss)/profit after taxation (958,861) 1,426,919 375,506
Accumulated losses brought forward
- (958,861) (252,333)
------------- ------------ -----------
(Accumulated losses)/retained
profits carried forward (958,861) 468,058 123,173
============= ============ ===========
</TABLE>
* Refer Note 2(e)
The accompanying notes are an integral part of these statements.
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TECNOCHANNEL TECHNOLOGIES SDN. BHD.
(Incorporated in Malaysia)
STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEAR/9 MONTHS PERIOD ENDED 31 DECEMBER, 1998 AND 1997
<TABLE>
<CAPTION>
Ordinary Shares
-----------------------------------------
Shares Amount Amount
------ ------ ------
RM USD*
<S> <C> <C> <C>
Issuance of ordinary shares upon
incorporation 2 2 1
Issuance of ordinary shares to
Ambang Dinamik Sdn. Bhd. 99,998 99,998 26,315
Net loss - - -
----------- ---------- ------------
BALANCE, 31 December, 1997 100,000 100,000 26,316
Issuance of ordinary shares to
Ambang Dinamik Sdn. Bhd. 260,000 260,000 68,421
Issuance of ordinary shares to Star
Channel Systems Sdn. Bhd. 540,000 540,000 142,105
Net profit - - -
----------- ---------- ------------
BALANCE, 31 December, 1998 900,000 900,000 236,842
=========== ========== ============
<CAPTION>
(Accumulated
Losses)/Retained
Profits Shareholders' Equity
------------------------- ---------------------------
RM USD* RM USD*
<S> <C> <C> <C> <C>
Issuance of ordinary shares upon
incorporation - - 2 1
Issuance of ordinary shares to
Ambang Dinamik Sdn. Bhd. - - 99,998 26,315
Net loss (958,861) (252,333) (958,861) (252,333)
----------- ----------- ----------- ------------
BALANCE, 31 December, 1997 (958,861) (252,333) (858,861) (226,017)
Issuance of ordinary shares to
Ambang Dinamik Sdn. Bhd. - - 260,000 68,421
Issuance of ordinary shares to Star
Channel Systems Sdn. Bhd. - - 540,000 142,105
Net profit 1,426,919 375,506 1,426,919 375,506
----------- ----------- ----------- ------------
BALANCE, 31 December, 1998 468,058 123,173 1,368,058 360,015
=========== =========== =========== ============
</TABLE>
* Refer Note 2(e)
The accompanying notes are an integral part of these statements.
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TECNOCHANNEL TECHNOLOGIES SDN. BHD.
(Incorporated in Malaysia)
CASH FLOW STATEMENTS
FOR THE YEAR/9 MONTHS PERIOD ENDED 31 DECEMBER, 1998 AND 1997
<TABLE>
<CAPTION>
9 months Year Year
ended ended ended
31.12.97 31.12.98 31.12.98
-------- -------- --------
RM RM USD*
<S> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES
(Loss)/profit before taxation (958,861) 1,426,919 375,506
Adjustments for:
Depreciation 32,973 45,351 11,934
Unrealised loss on foreign exchange - 49,311 12,977
------------ ----------- ------------
Operating/(loss) profit before working
capital changes (925,888) 1,521,581 400,417
Increase in accounts receivable (403,469) (3,851,180) (1,013,468)
Increase in accounts payable 806,853 2,094,802 551,264
------------ ----------- ------------
Net cash used in operating activities (522,504) (234,797) (61,787)
------------ ----------- ------------
CASH FLOW FROM INVESTING ACTIVITY
Purchase of fixed assets (207,412) (75,888) (19,971)
------------ ----------- ------------
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of shares 100,000 800,000 210,526
Proceeds from directors' loan 651,410 - -
Repayment of amount due to directors - (509,782) (134,153)
------------ ----------- ------------
Net cash generated from financing
activities 751,410 290,218 76,373
------------ ----------- ------------
NET INCREASE/(DECREASE) IN CASH 21,494 (20,467) (5,385)
CASH AT BEGINNING OF THE YEAR - 21,494 5,655
------------ ----------- ------------
CASH AT END OF THE YEAR 21,494 1,027 270
============ =========== ============
</TABLE>
* Refer Note 2(e)
The accompanying notes are an integral part of these statements.
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TECNOCHANNEL TECHNOLOGIES SDN. BHD.
(Incorporated in Malaysia)
NOTES TO THE ACCOUNTS - 31 DECEMBER, 1998 AND 1997
1. PRINCIPAL ACTIVITY
The Company is principally engaged in the development, production and
marketing of internet related products and services. There has been no
significant change in the principal activity during the financial year.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Accounting
The financial statements are prepared under the historical cost
convention and comply with generally accepted accounting
principles in the United States of America.
(b) Fixed Assets and Depreciation
Fixed assets are stated at cost less accumulated depreciation.
Depreciation is provided on a straight line basis calculated to
write off the cost of each asset over its estimated useful life.
The principal annual rates of depreciation are:
<TABLE>
<S> <C>
Communication equipment 12%
Office equipment 20%
Furniture and fittings 10%
Motor vehicles 16%
</TABLE>
(c) Deferred Taxation
Deferred taxation is provided under the liability method for all
material temporary differences. Where it is more likely than not
that some portion of a deferred tax amount will not be realised,
a valuation allowance is provided.
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(d) Currency Conversion and Translation
Transactions in foreign currencies during the year are converted
into Ringgit Malaysia at rates of exchange approximating those
ruling at the transactions dates. Foreign currency monetary
assets and liabilities at the balance sheet date are translated
into Ringgit Malaysia at rates of exchange approximating those
ruling at that date. All exchange gains or losses are dealt with
in the statement of operations.
(e) Convenience Translation
The financial statements are stated in Ringgit Malaysia ("RM").
The translations of RM into U.S. Dollars ("USD") are included
solely for the convenience of the reader, using the rate of
RM3.80 to USD1.00. The convenience translations should not be
construed as representations that the RM amounts have been, could
have been, or could in the future be, converted into USD at this
or any other rate of exchange.
(f) Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles in the United States of
America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ
from those estimates.
3. FIXED ASSETS
<TABLE>
<CAPTION>
Communication Office Furniture Motor
31.12.97 Total equipment equipment and fittings vehicle
-------- ----- --------- --------- ------------ -------
<S> <C> <C> <C> <C> <C>
Cost (RM)
Additions and as
31 December,
1997
207,412 12,512 119,816 75,084 -
---------- ----------------- ------------- ----------- -----------
Accumulated
Depreciation
(RM)
Additions and at
31 December,
1997
32,973 1,501 23,963 7,509 -
---------- ----------------- ------------- ----------- -----------
Net Book Value
(RM) 174,439 11,011 95,853 67,575 -
========== ================= ============= =========== ===========
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Communication Office Furniture Motor
31.12.98 Total equipment equipment and fittings vehicle
-------- ----- --------- --------- ------------ -------
<S> <C> <C> <C> <C> <C>
Cost (RM)
At 1 January, 1998 207,412 12,512 119,816 75,084 -
Additions 75,888 - 5,888 - 70,000
---------- ----------------- ------------- ----------- -----------
At 31 December,
1998 283,300 12,512 125,704 75,084 70,000
---------- ----------------- ------------- ----------- -----------
Accumulated
Depreciation
(RM)
At 1 January, 1998 32,973 1,501 23,963 7,509 -
Additions 45,351 1,501 25,141 7,509 11,200
---------- ----------------- ------------- ----------- -----------
At 31 December,
1998 78,324 3,002 49,104 15,018 11,200
---------- ----------------- ------------- ----------- -----------
Net Book Value
(RM) 204,976 9,510 76,600 60,066 58,800
========== ================= ============= =========== ===========
Net Book Value
(USD) 53,941 2,503 20,158 15,806 15,474
========== ================= ============= =========== ===========
</TABLE>
4. AMOUNT DUE TO DIRECTORS
The amount due to directors are unsecured, interest free and have no
fixed term of repayment.
5. REVENUE RECOGNITION
Revenue represents the invoiced value of licensing and advertising
services rendered and subscribers' fees.
6. TAXATION
There is no tax charge for the year as the Company was granted
Multimedia Super Corridor ("MSC") status on 19 August, 1997 under the
Promotion of Investments Act, 1986 which entitled the Company to claim
for pioneer status on its business income.
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7. SIGNIFICANT RELATED PARTY TRANSACTIONS
<TABLE>
<CAPTION>
31.12.97 31.12.98 31.12.98
-------- -------- --------
RM RM USD
<S> <C> <C> <C>
Purchase of motor vehicle from a company in
which a director has an interest - 70,000 18,421
=========== =========== ===========
</TABLE>
8. RELIANCE ON ONE SINGLE CUSTOMER
During the financial year ended 31 December, 1998, the Company relied on
one single major customer which represented approximately 77% of total
revenue.
During the financial period ended 31 December, 1997, the year of
incorporation, the Company had two customers.
9. SUBSEQUENT EVENT
On 24 February, 1999, the Company became a wholly owned subsidiary
company of Asia Media Communications, Ltd., a company incorporated in
the United States of America.
10. COMPARATIVE FIGURES
The comparative figures are for the period from 5 April, 1997 (date of
incorporation) to 31 December, 1997.
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PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
INTRODUCTION
The Company's 1998 unaudited pro forma consolidated financial statements
give effect to the acquisition of Tecnochannel Technologies Sdn. Bhd.,(a
Malaysian corporation), which was acquired in February 1999. The
aforementioned pro forma statements also give effect to a reverse one
for a hundred stock split in February 1999, the exercise of a warrant to
purchase 900,000 shares (post split) and the issuance of 440,000 shares
(post split) in connection with certain financial services rendered to
the Company. The pro forma information is not necessarily indicative of
the results that would have been reported had such events occurred
during the year specified, nor is it indicative of the Company's future
results.
In April, 1999, the Company changed its name to My Web Inc.com and the
accompanying pro forma information is reflective of that entity.
<PAGE>
<PAGE>
ASIA MEDIA COMMUNICATIONS, LTD. AND SUBSIDIARY
PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
Asia Media Tecnochannel
Communications, Technologies Pro Forma Consolidated
Ltd Sdn. Bhd. Adjustments Pro Forma
(Historical) (Historical)
<S> <C> <C> <C> <C> <C>
Assets
Current assets:
Cash $ 10,848 $ 270 [5] 5,000 $ 20,118
Accounts receivable 1,100,492 [6] 4,000 1,100,492
Prepayments and other
current assets 6,176 6,176
---------- ---------- ---------- ---------- ----------
Total current assets 10,848 1,106,938 5,000 1,126,786
Property and equipment, net -- 53,941 53,941
Investment in subsidiary -- -- [2] 85,000 [3] 85,000 --
---------- ---------- ---------- ---------- ----------
$ 10,848 $1,160,879 90,000 90,000 $1,180,727
========== ========== ========== ========== ==========
Current Liabilities:
Accounts payable, trade $ 10,848 $ 408,306 $ 419,154
Other accounts payable 355,287 355,287
Due to directors 37,271 37,271
---------- ---------- ---------- ---------- ----------
Total current liabilities 10,848 800,864 811,712
Shareholders' Equity:
Common Stock 55,356 236,842 [3]236,842 [5] 5,000 94,954
[1] 54,802 [4] 4,400
[2] 85,000
Additional paid-in capital 798,825 -- [3] 31,382 885,009
[1] 54,802
Retained earnings, (deficit) (120,460) 123,173 [4] 4,400 [3]120,460 118,773
---------- ---------- ---------- ---------- ----------
733,721 360,015 296,044 301,044 1,102,736
Less: Treasury stock - cost 733,721 -- 733,721
---------- ---------- ---------- ---------- ----------
Total shareholders' equity 733,721 360,015 296,044 301,044 365,015
---------- ---------- ---------- ---------- ----------
$ 10,848 $1,160,879 291,644 301,044 $1,180,727
========== ========== =========== ========== ==========
</TABLE>
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ASIA MEDIA COMMUNICATIONS, LTD. AND SUBSIDIARY
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
Asia Media Tecnochannel
Communications, Technologies Pro Forma Consolidated
Ltd Sdn. Bhd. Adjustments Pro Forma
(Historical) (Historical)
<S> <C> <C> <C> <C> <C>
Revenues $ - $ 1,310,843 $ 1,310,843
Cost of sales - 108,883 108,883
------------ ----------- --------------- -------------------- ----------
Gross Profit - 1,201,960 1,201,760
Selling, general and administrative 35,552 826,454 [4] 4,400 866,406
------------ ----------- --------------- -------------------- ----------
Income (loss) before income taxes ( 35,552) 375,506 4,400 335,554
Income taxes - - -
------------ ----------- --------------- -------------------- ----------
Net income (loss) $( 35,552) $ 375,506 4,400 - $ 335,554
============ =========== =============== ==================== ==========
Earnings per share, based on
9,896,356 shares outstanding
during the entire year $ .03
==========
</TABLE>
Pro Forma Adjustments
[1] Effects the Company's one for one hundred reverse stock split on
February 23, 1999.
[2] Effects the Company's acquisition of all the shares of Tecnochannel
Technologies, Sdn. Bhd., (a Malaysian corporation), in exchange for
8,500,000 shares, (post split), of the Company's common stock at an
assumed market value which approximated the par value of $.01 per
share.
[3] Effects the elimination of the investment in subsidiary and the
reverse acquisition treatment in consolidation.
[4] Effects the issuance of 440,000 shares, (post split), of the Company's
common stock valued at $.01 in connection with financial services
rendered.
[5] Effects the exercise of a warrant to purchase 500,000 shares, (post
split), of the Company's common stock at $.01 per share in February,
1999.
[6] Effects the exercise of a warrant to purchase 400,000 Shares (post
split) of the Company's common stock at $.01 per share in April, 1999.
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INDEPENDENT AUDITOR'S CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-76289 of My Web Inc.com (f/k/a/ Asia Media Communications, Ltd.) on Form S-8
of our report dated 6 May 1999 on the financial statements of Tecnochannel
Technologies Sdn. Bhd. as of 31 December 1998 and 1997 and for the year/nine
months then ended.
/s/ Arthur Anderson & Co.
ARTHUR ANDERSON & CO.
10 May 1999
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