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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
FORM 10-QSB/A
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
--------- ---------
COMMISSION FILE NUMBER 1-15745
MY WEB INC.COM
(Exact name of Small Business Issuer as Specified in its Charter)
NEVADA 88-0207089
(State or Other Jurisdiction (IRS Employer
of Incorporation or Organization) Identification No.)
712 FIFTH AVENUE, 7TH FLOOR, NEW YORK, NY 10019
(Address of Principal Executive Offices)
(212) 582-3400
Issuer's Telephone Number, Including Area Code
Check whether the issuer: (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days.
Yes [x ] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
Yes X No
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: As of May 14, 1999, the
registrant had 10,571,606 shares of Common Stock outstanding.
Transitional Small Business Disclosure Format (check one):
Yes No X
----- -----
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MY WEB INC.COM
FORM 10-QSB/A
FOR THE QUARTER ENDED MARCH 31, 1999
PAGE
INDEX NUMBER
<S> <C> <C>
PART I FINANCIAL INFORMATION
Item 1 Condensed Consolidated Balance Sheets at March 31, 1999 and at December 31, 1998 3
Condensed Consolidated Statements of Operations for the three month periods
ended March 31, 1999 and March 31, 1998 4
Condensed Consolidated Statements of Cash Flows for the three month periods
ended March 31, 1999 and March 31, 1998 5
Notes to Condensed Consolidated Financial Statements 6
Pro Forma Consolidated Balance Sheet as of March 31, 1999 9
Item 2 Management's discussion and Analysis 12
PART II OTHER INFORMATION
Item 1 Legal Proceedings 14
Item 2 Changes in Securities 14
Item 3 Defaults Upon Senior Securities 14
Item 4 Submission of Matters to a Vote of Security Holders 15
Item 5 Other Information 15
Item 6 Exhibits and Reports on Form 8-K 15
</TABLE>
2
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<TABLE>
<CAPTION>
PART I
FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
MARCH 31, DECEMBER 31,
1999 1998
---------- ------------
<S> <C> <C>
Assets
Current Assets:
Cash and cash equivalents $ 717,497 $ 270
Accounts receivable, net 456,171 1,100,492
Prepaid expenses and other current assets 279,730 6,176
---------- ----------
Total Current Assets 1,453,398 1,106,938
Property and equipment, net 52,787 53,941
---------- ----------
$1,506,185 $1,160,879
========== ==========
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable, trade $ 711,607 $ 408,306
Other accounts payable 298,179 355,287
Due to directors 22,329 37,271
Loans payable 360,540 --
---------- ----------
Total Current Liabilities 1,392,655 800,864
---------- ----------
Shareholders' Equity:
Common stock, par value $.01; authorized 100,000,000 shares; issued,
9,503,069 shares in 1999 and 8,563,069 shares in 1998; outstanding
9,495,356 shares in 1999 and 8,500,000 in 1998 94,954 85,000
Additional paid-in capital 885,009 151,842
Retained earnings (deficit) (132,712) 123,173
---------- ----------
847,251 360,015
Less: Treasury stock, at cost 733,721 --
---------- ----------
Total Shareholders' Equity: 113,530 360,015
---------- ----------
$1,506,185 $1,160,879
========== ==========
</TABLE>
3
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<TABLE>
<CAPTION>
MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, MARCH 31,
1999 1998
---------- ----------
<S> <C> <C>
Revenues:
Net Sales (Note 7) $ 436,308 $ 105,462
Interest 8,101 --
---------- ----------
Total Revenues 444,409 105,462
---------- ----------
Costs and Expenses:
Cost of sales 395,193 20,739
Sales and marketing (Note 7) 41,526 56,796
Product development 11,865 13,035
General administration 251,710 41,861
---------- ----------
Total Costs and Expenses 700,294 132,431
---------- ----------
Loss before income taxes (255,885) (26,969)
Income taxes -- --
---------- ----------
Net Loss $ (255,885) $ (26,969)
========== ==========
Loss per share $ (.03) $ (.00)
========== ==========
Average number of common shares outstanding 9,375,743 8,500,000
========== ==========
</TABLE>
4
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<TABLE>
<CAPTION>
MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, MARCH 31,
1999 1998
--------- ---------
<S> <C> <C>
Cash Flows from Operating Activities:
Net loss $(255,885) $ (26,969)
Adjustments:
Depreciation 1,154 1,154
Common stock issuance for consulting services 4,400 --
Working Capital Adjustments:
(Increase) Decrease in accounts receivable, trade 644,321 (60,039)
(Increase) Decrease in prepaids and other (273,554) --
Increase in accounts payable 235,345 57,106
--------- ---------
Cash Flows from Operating Activities 355,781 (28,748)
--------- ---------
Cash Flows from Investing Activities:
Acquisition of property and equipment -- ( 17,614)
Acquired cash in Asia Media 10,848 --
--------- ---------
Cash Flows From Investing Activities 10,848 (17,614)
--------- ---------
Cash Flows from Financing Activities:
Proceeds on issuance of common stock 5,000 210,526
Repayments on due to directors (14,942) (168,938)
Proceeds of loans payable 360,540 --
--------- ---------
Cash Flows from Financing Activities 350,598 41,588
--------- ---------
Increase (Decrease) in cash and cash equivalents 717,227 (4,774)
Cash balance, beginning 270 5,656
--------- ---------
Cash balance, end $ 717,497 $ 882
========= =========
Supplementary Data:
Interest income received in operations $ 8,101 $ --
========= =========
</TABLE>
5
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MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: BASIS OF PRESENTATION
The accompanying financial statements report the consolidated accounts of My Web
Inc.com, (formerly Asia Media Communications, Ltd.) and its newly acquired
subsidiary, TecnoChannel Technologies Sdn. Bhd., (a Malaysian corporation).
Pursuant to the acquisition described in Note 4 hereto, the Company has treated
the transaction as a reverse acquisition and accordingly, has reported
TecnoChannel Technologies' 1998 statements as continuous. The Company was
incorporated on February 20, 1985 pursuant to the laws of the State of Nevada,
and presently has its administrative office located in New York and operations
offices in Kuala Lumpur and Beijing.
NOTE 2: UNAUDITED FINANCIAL STATEMENTS
The consolidated financial statements as of March 31, 1999, and for the period
ended March 31, 1999 and 1998, included herein are unaudited; however, such
information reflects all adjustments consisting of normal recurring adjustments,
which are, in the opinion of management, necessary for a fair presentation of
the information for such periods. In addition, the results of operations for the
interim period are not necessarily indicative of results for the entire year.
The accompanying financial statements are in condensed form and should be read
in conjunction with the Company's annual report filed on Form 10-KSB.
NOTE 3: ACQUISITION
On February 24, 1999, the Company acquired 100% of the issued and outstanding
capital stock of TecnoChannel Technologies Sdn. Bhd., a Malaysian corporation,
("TSB"), in exchange for an aggregate of 8,500,000 shares of common stock. In
connection with such acquisition, the Company issued an aggregate of 440,000
shares of its common stock to GEM Ltd. for its services as financial advisor to
the Company.
TSB, which was formed in April, 1997 and operates under the trade name, "My Web"
has developed with Philips Consumer Electronics set-top boxes that enable
Internet access via the television set. The boxes are marketed and sold by
Philips and include software developed by TSB and Sun Microsystems.
Approximately 15,000 of the boxes are installed in Malaysia and Singapore. In
addition, TSB has developed and provides enabling technologies to manufacturers
and Internet service providers serving non-personal computer devices, (such as
the set-top boxes), to enhance the functionalities of such devices. TSB also
operates the My Web Online Service which is an Internet portal providing
interactive applications, such as e-commerce, to both personal computer users
and set-top box users.
The Company accounted for the acquisition as a purchase under a reverse
acquisition procedure whereby TSB's operations and retained earnings are
reported as continuous.
6
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MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4: EXERCISES OF COMMON STOCK WARRANT
In February 1999, Ocean Strategic Holdings Limited ("OSHL"), exercised its right
to purchase 500,000 common stock shares at $.01, per share pursuant to a warrant
to purchase up to 1,000,000 common shares acquired in August, 1997 for an
aggregate consideration of $50,000 in cash. On April 1, 1999, OSHL exercised its
right under such warrant to purchase an additional 400,000 common shares at $.01
per share.
NOTE 5: SUBSEQUENT EVENTS
Private placement completion:
In May 1999, the Company completed a private placement for the sale of 526,250
shares of its common stock with aggregate proceeds amounting to $3,780,000. The
Company intends to utilize these funds in the future development of the business
described in the acquisition above.
Exercise of stock option:
In May 1999, a non-qualified stock option under the Company's 1999 Incentive
Program described in Note 7 below was granted and exercised to purchase 150,000
shares of the Company's common stock at $6.00 per share, or an aggregate of
$900,000.
NOTE 6: COMMITMENTS AND CONTINGENCIES
Licensing Agreement:
The Company entered into separate Licensing Agreements (the "Licensing
Agreements") (which were barter transactions) with two Internet Service
Providers ("ISPs"), one in Hong Kong and one in China. Under the Licensing
Agreements with the ISPs, the Company agreed to license its "ThunderServe"
software to these two ISPs. Each of the fees for licensing the software to the
two ISPs was based on negotiation between the two parties and documented in the
agreements signed by both parties thereto. In return, these two ISPs ensured
that their Internet subscribers would be directed to the MyWeb web sites/portals
upon connecting to the Internet. The consideration for directing their
subscribers to the MyWeb web site was also agreed between the Company and the
two ISPs in the amount of US$3.0 million per annum each.
7
<PAGE> 8
MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Option agreement:
Pursuant to a proposed acquisition in 1996 which was never completed, the
Company had granted its then subsidiary, AMC Holdings, an option to convert
certain preference shares in the acquisition agreement to 125,000 shares of the
Company's common stock. The proposed acquired company executed an agreement of
forbearance whereby it was agreed to never exercise such option. As management
is presently uncertain as to the legal binding effect of such agreement upon an
innocent purchaser for value and although management believes that no shares
will be required to be issued, an aggregate of 125,000 shares are reserved in
the event that the Company may be forced to issue such shares in the future.
Agreement:
The Company executed a public relations consulting agreement which has a six
month term to provide such services as defined therein. The Company is charging
approximately $327,000 of advanced fee over the agreement term. Approximately
$272,000 is deferred as of March 31, 1999 and will be charged to operations over
the five remaining months. Such fees include the preparation of product and
corporate literature, as well as services related to media distribution.
1999 Incentive Program:
In February 1999, the Company's stockholders approved the adoption of the
Company's 1999 Incentive Program (the "Program") pursuant to which various types
of awards may be made. The aggregate number of common stock shares that may be
issued or transferred under the Program is 1,000,000 subject to certain
adjustments, provided that no award may be made under the Program that would
bring the total of all outstanding awards under the Program to more than 15% of
the total common stock shares then outstanding. No awards under the Program were
made during the three months ended March 31, 1999. An award was made and
exercised in May 1999. See Note 5 above.
NOTE 7: CORRECTION OF AN ERROR IN ACCOUNTING FOR BARTER TRANSACTIONS
In January 1999, the Company entered into a software license agreement in
exchange for fair value advertising and marketing arrangements in kind. The
duration of this agreement was for a period of twelve months. The revenue from
this barter transaction and corresponding sales and marketing expenses that was
previously recorded in the three month period ended March 31, 1999 amounted to
$750,000. The Company has determined that the fair value of the assets/services
surrendered or received in the barter transaction was not readily determinable
and the book value of the assets surrendered by the Company in the barter
transaction was zero. The Company has therefore decided to show that its revenue
from this barter transaction and its corresponding sales and marketing expenses
were zero. There was however no effect on the net loss and loss per share for
the three month period ended March 31, 1999 as a result of this reversal.
8
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MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
PRO FORMA CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1999
The Company's unaudited pro forma consolidated balance sheet as of March 31,
1999 gives effect to subsequent transactions which have a bearing on the
historical consolidated statement reported in the accompanying 10-QSB/A. The
Company is reporting the completion, in May, 1999, of a private placement in the
sale of 526,250 shares of common stock as a result of which the Company received
total proceeds of $3,780,000, exercise of an option to purchase 150,000 shares
of the Company's common stock at $6.00 per share as a result of which the
Company received total proceeds of $900,000 and the exercise of a warrant to
purchase 400,000 shares of the Company's common stock at $.01 per share or a
total of $4,000. The pro forma information is not necessarily indicative of the
results that would have been reported had such events occurred during the period
specified nor is it indicative of the Company's future results.
9
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MY WEB INC.COM
(FORMERLY ASIA MEDIA COMMUNICATIONS, LTD.)
PRO-FORMA CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 1999
(UNAUDITED)
PRO-FORMA ADJUSTMENTS
HISTORICAL PRO-FORMA
CONSOLIDATED DR CR CONSOLIDATED
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
Assets
Current Assets:
[2] 900,000
[1] 3,419,460
Cash and cash equivalents $ 717,497 [3] 4,000 $5,040,957
Accounts receivable 456,171 456,171
Prepaid expenses & other 279,730 279,730
---------- ------------- ------------- ----------
Total Current Assets 1,453,398 4,323,460 5,776,858
Property & Equipment 52,787 52,787
---------- ------------- ------------- ----------
$1,506,185 4,323,460 $5,928,645
========== ============= ==========
Liability and Shareholders' Equity
Current Liabilities:
Accounts payable $ 711,607 $ 711,607
Other accounts payable 298,179 298,179
Due to directors 22,329 22,329
Loans payable 360,540 [1] 360,540 --
---------- ------------- ------------- ----------
Total Current Liabilities 1,392,655 360,540 1,032,115
---------- ------------- ------------- ----------
Shareholders' Equity:
[3] 4,000
[2] 1,500
Common Stock 94,954 [1] 5,263 105,717
Additional Paid in Capital 885,009 [2] 898,500 5,558,246
[1] 3,774,737
Retained earnings (deficit) (132,712) (132,712)
---------- ------------- ------------- ----------
847,251 -- 4,684,000 5,531,251
Less: Treasury Stock (733,721) (733,721)
---------- ------------- ------------- ----------
Total Shareholders Equity 113,530 -- 4,684,000 4,797,530
---------- ------------- ------------- ----------
$1,506,185 360,540 4,684,000 $5,829,645
========== ============= ============= ==========
</TABLE>
10
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PRO FORMA ADJUSTMENTS TO THE CONSOLIDATED
HISTORICAL BALANCE SHEET AS OF MARCH 31, 1999
[1] Effects the completion of the private placement in May, 1999 for the sale
of 526,250 shares of the Company's common stock with aggregate proceeds
amounting to $3,780,000.
[2] Effects the exercise of an option to purchase 150,000 shares of the
Company's common stock at $6.00 per share or a total price of $900,000.
The exercise of the option was in May, 1999.
[3] Effects the exercise of a warrant to purchase 400,000 shares of the
Company's common stock at $.01 per share or a total of $4,000. The
exercise was in April 1999.
11
<PAGE> 12
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
THE FOLLOWING ANALYSIS OF THE OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY
SHOULD BE READ IN CONJUNCTION WITH THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS, INCLUDING THE NOTES THERETO, OF THE COMPANY CONTAINED ELSEWHERE IN
THIS FORM 10-QSB/A.
Overview
The Company was inactive during 1998 and until February 1999 when it acquired
all of the capital stock of TecnoChannel Technologies Sdn, Bhd., a Malaysian
corporation ("TSB").
TSB, which was formed in April, 1997 and operates under the trade name, "My
Web", has developed with Philips Consumer Electronics set-top boxes that enable
Internet access via the television set. The boxes are marketed and sold by
Philips and include software developed by TSB and Sun Microsystems.
Approximately 15,000 of the boxes are installed in Malaysia and Singapore. In
addition, TSB has developed and provides enabling technologies to manufacturers
and Internet service providers serving non-personal computer devices, (such as
the set-top boxes), to enhance the functionalities of such devices. TSB also
operates the My Web Online Service which is an Internet portal providing
interactive applications, such as e-commerce, to both personal computer users
and set-top box users.
The Company's current business plan is to devote all of its resources to the
development and expansion of TSB's business.
Results of Operations
Total revenues were $444,409, including $8,101 of interest income, for the
three-month period ended March 31, 1999 (the "1999 Period") and $105,462 for the
three-month period ended March 31, 1998 (the "1998 Period"), an increase of
321%. Such increase was primarily attributable to the commencement of sales of
TSB's products and services in late fiscal 1997, the introduction of e-commerce
in the 1999 period and reflects gaining of acceptance in the market place for
such products and services. No customer accounted for more than 10% of total
revenues during the 1999 Period except for Pemasaran Jaya Mas, Saw Beng Swee,
Visan Holdings, The Action Station and Elemkay Resources Sdn Bhd.
Cost of sales increased from $20,739 in the 1998 Period to $395,193 in the 1999
Period, an increase of 1,806%. Such increase reflects the corresponding increase
in sales in the 1999 Period and the expansion of services offered in the 1999
period.
12
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Gross profit on sales decreased from $84,723 in the 1998 Period to $41,115 in
the 1999 Period, a decrease of 51%.
Total operating expenses increased from $111,692 in the 1998 Period to $305,101
in the 1999 Period, an increase of 173%.
Selling expenses decreased from $56,796 in the 1998 Period to $41,526 in the
1999 Period, a decrease of 27%. Such decrease is attributable to TSB's promotion
and marketing activities during the 1998 Period in connection with the launching
of the set top boxes.
General and administrative expenses increased from $41,861 in the 1998 Period to
$251,710 in the 1999 Period, an increase of 501%. Such increase is primarily
attributable to the expansion of TSB's operations during the 1999 Period, as
well as fees incurred during the 1999 Period for financial public relations.
Liquidity and Capital Resources
As of March 31, 1999, the Company's principal sources of liquidity consisted of
cash in the amount of $717,497 and net accounts receivable of $456,171.
In May 1999, a non-qualified stock option to purchase 150,000 shares of the
Company's common stock at $6.00 per share was exercised resulting in proceeds to
the Company of $900,000. Also in May 1999, the Company completed a private
placement of an aggregate of 526,250 shares of common stock for total proceeds
of $3,780,000.
Forward Looking Statements
This Form 10-QSB/A and other reports filed by the Company from time to time with
the Securities and Exchange Commission (collectively, the "Filings") contain or
may contain forward-looking statements and information that are based upon
beliefs of, and information currently available to, the Company's management, as
well as estimates and assumptions made by the Company's management.
When used in the Filings, the words "anticipate", "believe", "estimate",
"expect", "future", "intend", "plan" and similar expressions, as they relate to
the Company or the Company's management, identify forward-looking statements.
Such statements reflect the current view of the Company with respect to future
events and are subject to risks, uncertainties and assumptions relating to the
Company's operations and results of operations and any businesses that may be
acquired by the Company. Should one more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual
results may differ significantly from those anticipated, believed, estimated,
expected, intended or planned.
13
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PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
1. On February 24, 1999, Registrant issued an aggregate of 8,500,000 shares of
its common stock to15 individuals and entities in exchange for all of the
issued and outstanding capital stock of TecnoChannel Technologies Sdn.
Bhd., a Malaysian corporation, owned by such individuals and entities. All
of such individuals and entities were accredited investors as defined in
Regulation D. The shares were issued in reliance on the exemption from the
registration under Section 4(2) of the Securities Act of 1933, as amended
("the Act"). Appropriate legends were affixed to the share certificates in
such transaction and all of the recipients had access to information
regarding the Registrant.
2. On February 24, 1999, Registrant issued an aggregate of 440,000 shares of
its common stock to GEM Ltd. as compensation for certain financial
advisory services rendered in connection with the acquisition described in
Paragraph 1 above. The shares were issued in reliance on Regulation S and
an appropriate legend was affixed to the share certificate issued in such
transaction.
3. On February 25, 1999, Registrant issued an aggregate of 500,000 shares of
its common stock to Ocean Strategic Holdings Limited ("OSHL") pursuant to
the exercise of a warrant acquired by OSHL in August 1997, for an
aggregate consideration of $5,000. The warrant and the shares issued upon
exercise thereof were issued in reliance upon Regulation S.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
14
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ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
A special meeting of the Company's stockholders was held on February 23, 1999,
at which shareholders approved an amendment to the Company's Articles of
Incorporation to effect a one for 100 reverse split of the Company's outstanding
common stock and the adoption of the Company's 1999 Incentive Program. Holders
of 3,656,667 shares of the Company's common stock voted in favor of such matters
and no holders voted against or abstained on such matters. Details on such
matters are described in the Company's Revised proxy statement filed on February
4, 1999.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K
(i) On March 11, 1999, the Company filed a report on Form 8-K
reporting the acquisition of all of the capital stock of
TecnoChannel Technologies Sdn. Bhd., a Malaysian corporation,
and the related change in control.
(ii) On May 10, 1999, the Company filed a report on Form 8-K/A
containing the financial statements required in connection with
the acquisition described in item (i) above.
15
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SIGNATURES
In accordance with the requirements of the Securities 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
(Registrant)
Date: May 3, 2000 By: /s/ Victor Fook Ai Ng
---------------------------------
Victor Fook Ai Ng
Director, Chief Financial Officer
Treasurer and Secretary
16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF MYWEB INC.COM FOR THE THREE MONTHS ENDED MARCH 31, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 717,497
<SECURITIES> 0
<RECEIVABLES> 456,171
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,453,398
<PP&E> 74,553
<DEPRECIATION> 21,766
<TOTAL-ASSETS> 1,506,185
<CURRENT-LIABILITIES> 1,392,655
<BONDS> 0
0
0
<COMMON> 94,954
<OTHER-SE> 18,576
<TOTAL-LIABILITY-AND-EQUITY> 1,506,185
<SALES> 406,814
<TOTAL-REVENUES> 444,409
<CGS> 395,193
<TOTAL-COSTS> 700,294
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (255,885)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (255,885)
<EPS-BASIC> (.03)
<EPS-DILUTED> 0
</TABLE>
