<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
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): March 22, 2000
MyWeb Inc.com
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 0-23462 88-0207089
- -------------------------------- --------------------- ------------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
Block G, Unit 606
Phileo Damansara 1
No. 9 Jalan 16/11
Off Jalan Damansara
46350 Petaling Jaya
Selangor Malaysia
- --------------------------------------- --------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (60) 3460-9282
----------------------------
- --------------------------------------------------------------------------------
Former name or former address, if changed since last report
<PAGE>
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On March 22, 2000, MyWeb Inc.com ("MyWeb") dismissed Wlosek &
Braverman, L.L.C. ("Wlosek & Braverman"), the independent accountants that had
audited the financial statements of Asia Media Communications, Inc. ("Asia
Media"), MyWeb's predecessor, for the fiscal years ended December 31, 1997 and
December 31, 1998. The reports of Wlosek & Braverman on Asia Media's financial
statements for such periods did not contain an adverse opinion or a disclaimer
of opinion, nor was it qualified or modified as to uncertainty, audit scope, or
accounting principles, except that each such expressed an uncertainty as to the
ability of Asia Media to continue as a going concern and the financial
statements did not include any adjustments to reflect the effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result from the possible inability of Asia Media to
continue as a going concern. The dismissal of Wlosek & Braverman, L.L.C., was
approved by MyWeb's Board of Directors. There were no disagreements between Asia
Media or MyWeb and Wlosek & Braverman on any matter of accounting principles or
practice, financial statement disclosure, or auditing scope or procedure. Wlosek
& Braverman did not advise Asia Media or MyWeb with respect to any of the
matters set forth in item 304(a)(1)(iv)(B) of Regulation S-B promulgated by the
Securities and Exchange Commission.
On March 22, 2000, MyWeb engaged Arthur Andersen as the principal
accountant to audit MyWeb's financial statements for the fiscal year ended
December 31, 1999.
Subsequent to its appointment in March 1999 as auditors of TecnoChannel
Technologies Sdn Bhd ("TecnoChannel"), a wholly-owned subsidiary of MyWeb,
Arthur Andersen consulted with management of TecnoChannel, in the normal course
of its audit, on various accounting and reporting issues, including
TecnoChannel's arrangement with third parties pursuant to which it provides
access to TecnoChannel's Web-TV technology to third parties in exchange for
directing users to TecnoChannel's web-site ("barter transactions"). Arthur
Andersen advised TecnoChannel that barter transactions should be accounted for
in accordance with Accounting Principles Board (APB) Opinion No. 29, Accounting
for Non Monetary Transactions, which states in part that, in general, accounting
for nonmonetary transactions should be based on the fair values of the assets
(or services) involved which is the same basis as that used in monetary
transactions. Thus, the cost of a nonmonetary asset acquired in exchange for
another nonmonetary asset is the fair value of the asset surrendered to obtain
it, and a gain or loss should be recognized on the exchange. The fair value of
the asset received should be used to measure the cost if it is more clearly
evident than the fair value of the asset surrendered. Similarly, a nonmonetary
asset received in a nonreciprocal transfer should be recorded at the fair value
of the asset received. If the fair values of the assets/services surrendered or
received in the transaction are not readily determinable, the book value of the
asset surrendered should be used to record the transaction.
In its financial statements for the first three fiscal quarters of
1999, MyWeb had recorded gross revenues from barter transactions at the value of
the transactions stated in the contracts between MyWeb and the third parties
with whom it entered into the barter transactions. As a result of TecnoChannel's
consultations with Arthur Andersen, MyWeb has determined that the fair value of
the assets/services surrendered or received in the barter transactions were not
readily
-2-
<PAGE>
determinable and the book value of the asset surrendered by MyWeb in the barter
transactions was zero. MyWeb has decided to restate its previously filed
financial statements for the first three fiscal quarters of 1999 to show that
its revenues from barter transactions were zero. The effect of the restatement
will be a reduction in revenues from barter transactions with a corresponding
reduction in advertising expense and a net effect of zero to net income.
Wlosek & Braverman was not consulted with respect to the accounting
treatment of the barter transaction.
ITEM 5. OTHER EVENTS
On March 13, 2000, the shares of common stock of MyWeb commenced
trading on the American Stock Exchange and ceased to trade on the
Over-the-Counter Bulletin Board.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit No. Description
- ----------- -----------
16 Letter from Wlosek & Braverman, L.L.C. to the Securities and
Exchange Commission re change in certifying accountant.
-3-
<PAGE>
SIGNATURE
Pursuant to 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 thereunto duly authorized.
MyWeb Inc.com
Date: March 22, 2000 By: /s/ Wong Thean Soon
----------------------------
Name: Wong Thean Soon
Title: Chairman
-4-
<PAGE>
Exhibit 16
[Letterhead of Wlosek & Braverman, L.L.C.]
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: MyWeb Inc.com
Ladies and Gentlemen:
We have read Item 4 of MyWeb Inc.com's Form 8-K dated March 22, 2000,
and we agree with such statements, except that we are not in a position to agree
or disagree with (1) MyWeb Inc.com's statement that the decision to change
accountants was approved by the Board of Directors, or (2) confirm any of the
information relating to Arthur Andersen.
Very truly yours,
/s/ Wlosek & Braverman, L.L.C.
