<PAGE> 1
EXHIBIT 99.1
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
FINANCIAL STATEMENTS
FOR THE PERIOD FROM MARCH 1, 1999 (INCEPTION) THROUGH
SEPTEMBER 30, 1999 (WITH UNAUDITED INFORMATION
AS OF DECEMBER 31, 1999 AND FOR THE
THREE MONTHS ENDED DECEMBER 31, 1999)
<PAGE> 2
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
FINANCIAL STATEMENTS
FOR THE PERIOD FROM MARCH 1, 1999 (INCEPTION) THROUGH
SEPTEMBER 30, 1999 (WITH UNAUDITED INFORMATION
AS OF DECEMBER 31, 1999 AND FOR THE
THREE MONTHS ENDED DECEMBER 31, 1999)
<PAGE> 3
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
CONTENTS
INDEPENDENT AUDITORS' REPORT 3
FINANCIAL STATEMENTS
Balance Sheets 4
Statements of Operations 5
Statements of Members' Equity and Stockholders' Deficit 6
Statements of Cash Flows 7
Summary of Accounting Policies 8 - 10
Notes to Financial Statements 11 - 13
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
To The Board of Directors and Stockholders of MonsterBook.com Inc.
(fka: MonsterBook.com, L.L.C., a California Limited-Liability Company)
We have audited the accompanying balance sheet of MonsterBook.com, Inc. (fka:
MonsterBook.com, L.L.C., a California Limited-Liability Company) as of September
30, 1999 and the related statement of operations, members' equity, and cash
flows for the period from March 1, 1999 (Inception) through September 30, 1999.
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.
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
management, as well as evaluating the overall financial statement 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 financial position of MonsterBook.com, Inc. (fka:
MonsterBook.com, L.L.C., a California Limited-Liability Company) as of September
30, 1999, and the results of its operations and its cash flows for the period
from March 1, 1999 (Inception) through September 30, 1999, in conformity with
generally accepted accounting principles.
BDO Seidman, LLP
San Francisco, California
May 17, 2000
<PAGE> 5
<TABLE>
<CAPTION>
December 31, 1999
(Unaudited) September 30, 1999
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Current assets
Cash $ 5,094 $ 73,005
Accounts receivable 107,490 111,290
Due from officers (Note 1) 7,392 7,392
Prepaid printing costs 74,371 67,000
Deposits and other 17,582 14,582
--------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 211,929 273,269
--------------------------------------------------------------------------------------------------------------------------
Equipment, net of accumulated depreciation of $3,243 and
$1,776 (Note 2) 13,718 15,185
Website development costs, net of accumulated amortization
of $6,950 and $2,450 83,050 39,550
Other assets 980 980
--------------------------------------------------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 97,748 55,715
--------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 309,677 $ 328,984
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
BALANCE SHEETS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
December 31, 1999
(Unaudited) September 30, 1999
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LIABILITIES, MEMBERS' EQUITY AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable $ 60,478 $ 12,189
Accrued compensation (Note 3) 95,000 51,967
Current portion of capital lease obligation (Note 2) 2,760 2,786
Due to related parties and other (Note 1) 67,000 -
Deferred income 163,752 159,757
--------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 388,990 226,699
--------------------------------------------------------------------------------------------------------------------------
CAPITAL LEASE OBLIGATION LESS CURRENT PORTION 4,645 6,224
--------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 393,635 232,923
--------------------------------------------------------------------------------------------------------------------------
COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS (NOTES 2, 3, 4 AND 5)
MEMBERS' EQUITY 96,061
STOCKHOLDERS' DEFICIT
Common stock, $.0001 par value; 100,000,000 shares
authorized; 40,000,002 issued and outstanding 4,000 -
Paid in capital 350,300 -
Accumulated deficit (438,258) -
--------------------------------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' DEFICIT / MEMBERS' EQUITY (83,958) 96,061
--------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES, MEMBERS' EQUITY AND STOCKHOLDERS' DEFICIT $ 309,677 $ 328,984
--------------------------------------------------------------------------------------------------------------------------
See accompanying summary of accounting policies and notes to financial statements.
</TABLE>
<PAGE> 7
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
STATEMENTS OF OPERATION
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Three Months Ended March 1, 1999
December 31, 1999 (Inception) to
(Unaudited) September 30, 1999
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ADVERTISING REVENUE $ 67,635 $ 7,135
Less: discounts (31,488) -
-----------------------------------------------------------------------------------------------------------------------
NET REVENUE 36,147 7,135
-----------------------------------------------------------------------------------------------------------------------
COSTS AND EXPENSES
Selling 23,893 38,322
General and administrative (Note 2) 201,273 218,052
-----------------------------------------------------------------------------------------------------------------------
TOTAL COSTS AND EXPENSES 225,166 256,374
NET LOSS $ (189,019) $ (249,239)
-----------------------------------------------------------------------------------------------------------------------
See accompanying summary of accounting policies and notes to financial statements.
</TABLE>
<PAGE> 8
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
STATEMENTS OF MEMBERS' EQUITY / STOCKHOLDERS' DEFICIT
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Members'
Interest Common Stock Paid-In Accumulated
Total Shares Amount Capital Deficit Total
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Original Capital Contributions $ 345,300 $ $ $ $ 45,300
Net loss (249,239) (249,239)
-----------------------------------------------------------------------------------------------------------------------------------
Balance, September 30, 1999 96,061 96,061
Reorganization to regular corporation as
of December 2, 1999 (Unaudited) (96,061) 40,000,002 4,000 341,300 (249,239) -
Paid-in capital (unaudited) - - 9,000 - 9,000
Net loss (Unaudited) - - - - (189,019) (189,019)
-----------------------------------------------------------------------------------------------------------------------------------
Balance, December 31, 1999
(Unaudited) $ - 40,000,002 $ 4,000 $ 350,300 $ (438,258) $ (83,958)
-----------------------------------------------------------------------------------------------------------------------------------
See accompanying summary of accounting policies and notes to financial statements.
</TABLE>
<PAGE> 9
MONSTERBOOK.COM INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Three Months Ended March 1, 1999
December 31, 1999 (Inception) to
(Unaudited) September 30, 1999
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (189,019) $ (249,239)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 5,967 4,226
Changes in assets and liabilities:
Accounts receivable 3,800 (111,290)
Due from officers - (7,392)
Prepaid printing costs (7,371) (67,000)
Deposits and other (3,000) (14,582)
Accounts payable 48,289 12,189
Accrued compensation 43,033 51,966
Deferred income 3,995 159,757
----------------------------------------------------------------------------------------------------------------------
NET CASH USED IN OPERATING ACTIVITIES (94,306) (221,365)
----------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures - (8,930)
Website development costs (48,000) (42,000)
----------------------------------------------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES (48,000) (50,930)
----------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions 9,000 -
Principal payments on capital leasehold obligation (1,605) -
Advanced from related parties and other 67,000 -
Members' contributions - 345,300
----------------------------------------------------------------------------------------------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 74,395 345,300
----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (67,911) 73,005
CASH, beginning of period 73,005 -
----------------------------------------------------------------------------------------------------------------------
CASH, end of period $ 5,094 $ 73,005
----------------------------------------------------------------------------------------------------------------------
See accompanying summary of accounting policies and notes to financial statements.
</TABLE>
<PAGE> 10
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
SUMMARY OF ACCOUNTING POLICIES
(INFORMATION FOR DECEMBER 31, 1999 IS UNAUDITED)
THE COMPANY
MonsterBook.com, Inc. (fka: MonsterBook.com, L.L.C.,
a California Limited-Liability Company) (the
"Company") was formed on March 1, 1999 for the
purpose of developing an online and offline
e-business directory.
On December 2, 1999 the Company merged with and into
MonsterBook.com, Inc. ("MonsterBook"), a newly
organized Delaware corporation.
On April 13, 2000 Transmedia Asia Pacific, Inc.
("Transmedia"), Asia Merger Sub II, Inc. ("Merger
Sub"), a wholly owned subsidiary of Transmedia and
MonsterBook consummated a merger agreement ("Merger
Agreement") pursuant to which Merger Sub merged with
and into MonsterBook and accordingly MonsterBook
became a wholly owned subsidiary of Transmedia.
EQUIPMENT AND Equipment is stated at cost. Depreciation is computed
DEPRECIATION for financial reporting purposes using the
straight-line method over estimated useful lives of
three years. Replacements and improvements that
significantly extend asset lives are capitalized.
Maintenance and repairs are charged to expense as
incurred.
REVENUE RECOGNITION The Company sells business advertising space on their
website and in a hardbound directory distributed
periodically for free to subscribers. The price
charged to advertisers includes a listing on the
website for one year and inclusion in a predetermined
amount of hardbound directories. The Company
allocates 80% of this type of advertising revenue to
the value of the hardbound directory because it is an
advertising concept unique to the Company. Once the
directory is distributed and collection is likely,
revenue is recognized on the 80% portion ratably over
the distribution period; generally three months. The
remaining 20% of revenue is allocated to the website
listing. The Company recognizes revenue on the
remaining 20% ratably as the one-year website listing
lapses.
The Company sold advertising described above with
terms that extended the payment due until actual
distribution of the directories. Since the first
distribution had not occurred by September 30, 1999,
revenue was only recognized on that portion of sales
which represented website listings for which time had
elapsed and payment was received from advertisers.
<PAGE> 11
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
SUMMARY OF ACCOUNTING POLICIES
(INFORMATION FOR DECEMBER 31, 1999 IS UNAUDITED)
During the three months ended December 31, 1999, the
Company gave away free advertising space relating to
the website and hardbound directory in order to
generate interest in the directory and attract well
known companies. Discounted sales are recognized in
accordance with Company policy as stated above.
Revenue related to discounted sales is not recognized
until delivery (i.e., address is listed on the
website or directory is distributed).
The Company has entered into agreements with other
businesses to receive referral fees from sales
initiated through the MonsterBook website.
WEBSITE DEVELOPMENT The Company capitalizes a portion of the labor costs
associated with substantive website development and
improvement activities. Labor costs associated with
maintenance and routine changes are expensed in the
period incurred. Amortization is recorded using the
straight-line method over five years.
INCOME TAXES For the period from March 1, 1999 (Inception) through
September 30, 1999, no provision has been made for
income tax expense or benefit arising from Company
operations as the Members report their respective
share of the Company's income or loss on their
federal and state tax returns.
Commencing with its change to regular corporation
status on December 2, 1999, the Company accounts for
income taxes in accordance with SFAS No. 109,
Accounting for Income Taxes. Under SFAS No. 109,
deferred income tax liabilities and assets are
determined based on the difference between the
financial reporting amounts and tax bases of assets
and liabilities that will result in taxable or
deductible amounts in the future based on enacted tax
laws and rates in effect for the years in which the
differences are expected to affect taxable income.
Valuation allowances are established when necessary
to reduce deferred tax assets to the amounts expected
to be realized.
ADVERTISING EXPENSE The cost of advertising is expensed as incurred. The
Company incurred $29,095 in advertising costs for the
period from March 1, 1999 (Inception) through
September 30, 1999.
USE OF ESTIMATES The Company's financial statements are prepared in
conformity with generally accepted accounting
principles which 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
<PAGE> 12
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
SUMMARY OF ACCOUNTING POLICIES
(INFORMATION FOR DECEMBER 31, 1999 IS UNAUDITED)
of the financial statements and the reported amounts
of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
NEW ACCOUNTING In June 1998, the Financial Accounting Standards
PRONOUNCEMENTS Board issued SFAS No. 133, Accounting for Derivative
Instruments and Hedging Activities. SFAS No. 133
establishes accounting and reporting standards for
derivative instruments, including certain derivative
instruments embedded in other contracts (collectively
referred to as derivatives) and for hedging
activities. SFAS 133, as amended, is effective for
all fiscal quarters of fiscal years beginning after
June 15, 2000. As the Company historically has not
invested in derivatives, it does not expect adoption
of SFAS No. 133 to have a material effect, if any, on
its financial position or results of operations.
<PAGE> 13
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
SUMMARY OF ACCOUNTING POLICIES
(INFORMATION FOR DECEMBER 31, 1999 IS UNAUDITED)
1. RELATED PARTY The Company received a non-interest-bearing advance
TRANSACTIONS during the three months ended December 31, 1999 from
an Officer, totaling $17,000 to be repaid within one
year.
The Company received funds from relatives of
Officers' during the three months ended December 31,
1999 under a short term convertible subordinated note
totaling $40,000 bearing interest at 8%, due within
six months.
The Company received a non-interest-bearing advance
of $10,000 during the three months ended December 31,
1999 from an individual employee with an entity that
subsequently merged with the Company (Transmedia).
The advance term is six months.
The company advanced funds to an officer to be repaid
within one year. The balance was $7,392 at September
30, 1999.
2. CAPITAL AND The Company leases office space under a one-year
OPERATING LEASES operating lease which expires in May 2000. Rent
included in general and administrative expenses
totaled $6,000 for the period from March 1, 1999
(Inception) to September 30, 1999.
The Company leases equipment (classified as
"Equipment" on the balance sheet) under long-term
agreements, which are classified as capital leases.
The lease terms are for three years and expire in
2002. Future minimum lease payments, by year and in
the aggregate, under capital leases with one year or
more are as follows:
<TABLE>
<CAPTION>
Operating Capital
September 30, Lease Leases
-----------------------------------------------------------------------------------------
<S> <C> <C>
2000 $ 12,000 $ 3,618
2001 - 3,618
2002 - 2,423
----------------------------------------------------------------------------------------
Total minimum lease payments 12,000 9,659
Less: amount representing interest - 649
Less: current portion - 2,786
----------------------------------------------------------------------------------------
Present value of net minimum lease payments $ - $ 6,224
----------------------------------------------------------------------------------------
Depreciation expense associated with the equipment above totaled $1,776 for the period
from March 1, 1999 (Inception) to September 30, 1999.
</TABLE>
<PAGE> 14
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
SUMMARY OF ACCOUNTING POLICIES
(INFORMATION FOR DECEMBER 31, 1999 IS UNAUDITED)
3. CONTINGENCIES In January 2000, Monster Cable Products, Inc. filed a
complaint against the company alleging, inter alia,
that the Company (a) infringes plaintiff's trademark
rights in and to the mark MONSTER and the Monster
family of marks, (b) dilutes plaintiff's trademark
rights under the Lanham Act and (c) is engaging in
unfair competition under both federal and California
law by use in commerce of said marks. The suit seeks
injunctive and monetary relief in excess of $300,000.
In February 2000, the Company filed its answer,
denying all of the material allegations in the
complaint and asserting that there can be no
likelihood of confusion because, among other reasons,
plaintiff's purported marks are weak and the
differences in the products and services of the
parties make confusion highly unlikely. In February
2000, the parties served their initial discovery
disclosures pursuant to federal and local court rules
and have selected mediation of the dispute. No amount
of potential loss has been accrued as of December 31,
1999 and September 30, 1999 as the likelihood of an
unfavorable outcome cannot be determined. Subsequent
to September 30, 1999 two former employees filed
claims against the Company for termination benefits.
At December 31, 1999 and September 30, 1999, the
Company had accrued $95,000 and $21,280,
respectively, based on the Company's estimate of the
most likely amount of losses that it believed would
be incurred.
4. YEAR 2000 The Company could be adversely affected if the
(UNAUDITED) computer systems its suppliers or customers use do
not properly process and calculate date-related
information and data from the period surrounding and
including January 1, 2000. This is commonly known as
the "Year 2000" issue. Additionally, this issue could
impact non-computer systems and devices such as
production equipment, elevators, etc. While the
Company's project to assess and correct Y2K related
issues regarding the year 2000 has been completed,
and the Company has not experienced any significant
Y2K related events, interactions with other
companies' systems make it difficult to conclude
there will not be future effects. Consequently, at
this time, management cannot provide assurances that
the year 2000 issue will not have an impact on the
Company's operations.
5. SUBSEQUENT The Company may issue stock options pursuant to its
EVENTS 1999 Stock Option Plan (the "Plan") adopted in
(UNAUDITED) November 1999. Employees, directors and consultants
can receive options to purchase shares of
the Company's Common Stock at a price generally not
less than 110% of the fair value of the Common Stock
on the date of grant. The Plan allows for issuance of
a maximum of 8,000,000 shares of the Company's Common
Stock. The
<PAGE> 15
MONSTERBOOK.COM, INC.
(FKA: MONSTERBOOK.COM, L.L.C., A
CALIFORNIA LIMITED-LIABILITY COMPANY)
SUMMARY OF ACCOUNTING POLICIES
(INFORMATION FOR DECEMBER 31, 1999 IS UNAUDITED)
options granted under the Plan are exercisable over a
maximum of ten years. The options generally vest over
a five-year period. Shares sold under the Plan are
subject to various restrictions as to resale and
right of repurchase by the Company. For the three
months ended December 31, 1999, the Company granted
4,715,000 options. Options cancelled during the three
months ended December 31, 1999 totaled 62,500. At
December 31, 1999 there were 3,347,500 remaining
options available for grant pursuant to the Plan.
On April 13, 2000, the Company consummated a merger
agreement with Asia Merger Sub II, Inc., a wholly
owned subsidiary of Transmedia Asia Pacific, Inc.
<PAGE> 16
TRANSMEDIA ASIA PACIFIC, INC.
PRO-FORMA FINANCIAL INFORMATION
<PAGE> 17
TRANSMEDIA ASIA PACIFIC, INC
PRO-FORMA CONSOLIDATED STATEMENT OF OPERATIONS
3 MONTHS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
COMPANY MONSTERBOOK PRO-FORMA NOTE PRO-FORMA
3 MTHS ENDED 3 MTHS ENDED ADJUSTMENTS 3 MTHS ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1999 1999
<S> <C> <C> <C> <C>
Revenues $575,143 $67,635 $ - $642,778
Cost of revenues (134,605) (31,488) - (166,093)
--------------- -------------- ---------------- ---------------
Gross profit 440,538 36,147 - 476,685
Selling, general and
administrative expenses (1,302,611) (225,166) (402,091) 3 (1,929,868)
--------------- -------------- ---------------- ---------------
Loss from operations (862,073) (189,019) (402,091)- (1,453,183)
Share of losses from affiliated
companies (583,764) - - (583,764)
Interest expense (259,677) - - (259,677)
Interest income 2,747 - - 2,747
--------------- -------------- ---------------- ---------------
Loss before tax (1,702,767) (189,019) (402,091) (2,293,877)
Income tax - - - -
Minority interest - - - -
--------------- -------------- ---------------- ---------------
Net loss (1,702,767) (189,019) (402,091) (2,293,877)
=============== ============== ================ ===============
Net loss per common share (0.05) (0.06) - (0.06)
Weighted average number of
common shares outstanding 32,507,881 2,962,773 4 35,470,654
</TABLE>
<PAGE> 18
TRANSMEDIA ASIA PACIFIC, INC
PRO-FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
COMPANY MONSTERBOOK PRO-FORMA NOTE PRO-FORMA
YEAR ENDED 7MTHS FROM ADJUSTMENTS YEAR ENDED
SEPTEMBER 31, INCEPTION TO SEPTEMBER 31,
1999 SEPTEMBER 30, 1999
(AUDITED) 1999
(AUDITED)
<S> <C> <C> <C> <C>
Revenues $3,991,539 $7,135 $ - $3,998,674
Cost of revenues (852,506) - - (852,506)
--------------- -------------- --------------- ---------------
Gross profit 3,139,033 7,135 - 3,146,168
Selling, general and
administrative expenses (6,499,711) (256,374) (938,212) 3 (7,694,297)
--------------- -------------- --------------- ---------------
Loss from operations (3,360,678) (249,239) (938,212) (4,548,129)
Share of losses from affiliated
companies (890,130) - - (890,130)
Interest expense (1,503,864) - - (1,503,864)
Interest income 18,241 - - 18,241
--------------- -------------- --------------- ---------------
Loss before tax (5,736,431) (249,239) (938,212) (6,923,882)
Income tax 29,977 - - 29,977
Minority interest (119,526) - - (119,526)
--------------- -------------- --------------- ---------------
Net loss (5,825,980) (249,239) (938,212) (7,013,431)
========= ========= ========= =========
Net loss per common share
(0.20) (0.14) - (0.22)
Weighted average number of
common shares outstanding
29,487,048 1,737,078 - 4 31,224,126
</TABLE>
<PAGE> 19
TRANSMEDIA ASIA PACIFIC, INC
PRO-FORMA CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
COMPANY MONSTERBOOK PRO-FORMA NOTE PRO-FORMA
DECEMBER 31, DECEMBER 31, ADJUSTMENTS DECEMBER 31,
1999 1999 1999
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $548,576 $73,005 $(137,276) $484,305
Trade accounts receivable 267,771 111,290 - 379,061
Restaurant credits 128,599 - - 128,599
-
Amounts due from related parties
22,665 16,392 - 5 39,057
Prepaid & other assets 172,617 81,582 - 254,199
Prepaid fees 711,724 - - 711,724
--------------- -------------- ---------------- -------------
TOTAL CURRENT ASSETS 1,851,952 282,269 (137,276) 1,996,945
--------------- -------------- ---------------- -------------
NON-CURRENT ASSETS
Investment in affiliated
companies 9,437,824 - - 9,437,824
Property and equipment 132,870 15,185 - 148,055
Goodwill, net of amortization
4,629,762 - 15,145,426 2&3 19,775,188
Other intangibles 691,791 39,550 - 731,341
Prepaid fees 711,724 - - 711,724
Other assets 221,420 980 - 222,400
--------------- -------------- ---------------- -------------
TOTAL NON-CURRENT ASSETS 15,825,391 55,715 15,145,426 31,026,532
--------------- -------------- ---------------- --------------
TOTAL ASSETS 17,677,343 337,984 15,008,150 33,023,477
=============== ============== ================ ==============
</TABLE>
<PAGE> 20
TRANSMEDIA ASIA PACIFIC, INC
PRO-FORMA CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
COMPANY DBS PRO-FORMA NOTE PRO-FORMA
DECEMBER 31, DECEMBER 31, ADJUSTMENTS DECEMBER 31,
1999 1999 US$ 1999
US$ US$ US$
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank line of credit $18,740 $ - $ - $18,740
Trade accounts payable 630,694 12,189 - 642,883
Deferred income 70,258 159,757 - 230,015
Accrued liabilities 636,491 51,967 311,692 1,000,150
Amounts due to related parties 2,051,188 - - 2,051,188
Notes payable 3,688,186 - - 3,688,186
Deferred payment 562,500 - - 562,500
Other current liabilities - 2,786 - 2,786
--------------- -------------- --------------- --------------
TOTAL CURRENT LIABILITIES 7,658,057 226,699 311,692 8,196,448
Non-current liabilities - 6,224 - 6,224
--------------- -------------- --------------- --------------
7,658,057 232,923 311,692 8,202,672
--------------- -------------- --------------- --------------
Minority interest 60,771 - - 60,771
--------------- -------------- --------------- --------------
SHAREHOLDERS' EQUITY
Common stock 295 4,000 (3,970) 1 325
Additional paid-in capital 28,086,369 350,300 15,389,401 1 43,826,070
Cumulative foreign currency
adjustment (185,717) - - (185,717)
Accumulated deficit (17,942,432) (249,239) (688,973) 2&3 (18,880,644)
--------------- -------------- --------------- --------------
TOTAL STOCKHOLDERS' EQUITY 9,958,515 105,061 14,696,458 24,760,034
--------------- -------------- --------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 17,677,343 337,984 15,008,150 33,023,477
=============== ============== =============== ==============
</TABLE>
<PAGE> 21
TRANSMEDIA ASIA PACIFIC, INC
PRO-FORMA CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
COMPANY MONSTERBOOK PRO-FORMA NOTE PRO-FORMA
SEPTEMBER 30, SEPTEMBER ADJUSTMENTS SEPTEMBER
1999 30, 1999 30, 1999
(AUDITED) (AUDITED)
<S> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $927,115 $5,094 $(137,276) $794,933
Trade accounts receivable 151,003 107,490 - 258,493
Restaurant credits 104,890 - - 104,890
Amounts due from related parties 1,034,306 7,392 - 1,041,698
Prepaid & other assets 297,607 91,953 - 389,560
Prepaid fees 711,724 - - 711,724
-------------- -------------- -------------- -------------
TOTAL CURRENT ASSETS 3,226,645 211,929 (137,276) 3,301,298
-------------- -------------- -------------- --------------
NON-CURRENT ASSETS
Investment in affiliated
companies 8,915,514 - - 2&3 8,915,514
Property and equipment 128,622 13,718 - 142,340
Goodwill, net of amortization 4,541,889 - 14,743,335 19,285,224
Other intangibles 661,895 83,050 - 744,945
Prepaid 604,537 - - 604,537
Other assets 71,527 980 - 72,507
--------------- -------------- --------------- -------------
TOTAL NON-CURRENT ASSETS 14,923,984 97,748 14,743,335 29,765,067
--------------- -------------- ---------------- --------------
TOTAL ASSETS 18,150,629 309,677 14,606,059 33,066,365
=============== ============== ================ ==============
</TABLE>
<PAGE> 22
TRANSMEDIA ASIA PACIFIC, INC
PRO-FORMA CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
COMPANY MONSTERBOOK PRO-FORMA NOTE PRO-FORMA
SEPTEMBER 30, SEPTEMBER 30, ADJUSTMENTS SEPTEMBER 30,
1999 1999 1999
(AUDITED) (AUDITED)
<S> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank line of credit $ - $ - $ - $ -
Trade accounts payable 791,964 60,478 - 852,442
Deferred income 70,709 163,752 - 234,461
Accrued liabilities 747,086 95,000 122,673 964,759
Amounts due to related parties 1,925,645 67,000 - 1,992,645
Notes payable 3,000,000 - - 3,000,000
Other current liabilities - 2,760 - 2,760
--------------- -------------- -------------- --------------
TOTAL CURRENT LIABILITIES 6,535,404 388,990 122,673 7,047,067
Non-current liabilities
Minority interest 60,771 4,645 - 65,416
--------------- -------------- -------------- --------------
6,596,175 393,635 122,673 7,112,483
--------------- -------------- -------------- --------------
SHAREHOLDERS' EQUITY
Common stock 340 4,000 (3,970) 1 370
Additional paid-in capital 31,617,575 350,300 15,389,401 1 47,357,276
Cumulative foreign currency
adjustment (418,262) - - (418,262)
Accumulated deficit (19,645,199) (438,258) (902,045) 2&3 (20,985,502)
--------------- -------------- -------------- --------------
TOTAL STOCKHOLDERS' EQUITY 11,554,454 (83,958) 14,483,386 25,953,882
--------------- -------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 18,150,629 309,677 14,606,059 33,066,365
=============== ============== ============= =============
</TABLE>
<PAGE> 23
TRANSMEDIA ASIA PACIFIC, INC
MONSTERBOOK - PRO-FORMA ADJUSTMENTS (1)
NOTE 1: TO RECORD THE COST OF ACQUIRING THE COMMON STOCK OF MONSTERBOOK
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1999
<S> <C> <C>
Common stock (2,962,773shares at $0.00001
per share) $30 $30
Additional paid-in capital 15,739,701 15,739,701
--------------- ---------------
15,739,731 15,739,731
Cash 137,276 137,276
--------------- ---------------
Total consideration 15,877,007 15,877,007
--------------- ---------------
Journal
Dr Investment in subsidiaries 15,877,007 15,877,007
Cr Common stock 30 30
Additional paid-in capital 15,739,701 15,739,701
Bank 137,276 137,276
NOTE 2: TO RECORD GOODWILL ARISING ON ACQUISITION OF MONSTERBOOK
US$
Net liabilities acquired - April 13, 2000 (206,631)
---------------
Consideration 15,877,007
---------------
Goodwill 16,083,638
---------------
Journal
-------
Dr Goodwill 16,083,638 16,083,638
Common stock 4,000 4,000
Additional paid in 350,300 350,300
Cr Investment in subsidiaries 15,877,007 15,877,007
Accumulated deficit 560,931 560,931
</TABLE>
<PAGE> 24
TRANSMEDIA ASIA PACIFIC, INC
MONSTERBOOK - PRO-FORMA ADJUSTMENTS (2)
NOTE 3: TO RECORD AMORTIZATION OF GOODWILL
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1999
<S> <C> <C>
Amortization period 10 years
Amortization charge for period from
March 1, 1999 (date of inception)
through September 30, 1999 $938,212
Amortization for 3 months to December 31, 1999 $402,091
Journal
-------
Dr Goodwill amortization (P&L) 938,212 402,091
Accumulated deficit 938,212
Cr Goodwill amortization (BS) 938,212 1,340,303
NOTE 4: WEIGHTED AVERAGE NUMBER OF SHARES
</TABLE>
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1999
<S> <C> <C>
Weighted average. - for period from March 1,
1999 to September 30, 1999 (214 / 365 days) 1,737,078
Shares issued 2,962,773
</TABLE>
