UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2002
Stream Communications Network, Inc.
Suite 1020 – 400 Burrard Street, Vancouver, BC V6C 3A6
[The registrant files or will file annual reports under cover of Form 20-F or Form 40-F]
Form 20-F
[X]
Form 40-F
[ ]
[The registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934]
Yes
[ ]
No [X]
[
PREPARED BY MANAGEMENT
Schedule A
Stream Communications Network, Inc.
(formerly Trooper Technologies Inc.)
Consolidated Financial Statements
For the six months ended June 30, 2002
Stream Communications Network, Inc.
(formerly Trooper Technologies Inc.)
Consolidated Balance Sheets
As at June 30, 2002 and December 31, 2001
(in Canadian dollars)
June 30, 2002
December 31,
2001
ASSETS
Current Assets
Cash and cash equivalents
$
243,272
$
215,273
Accounts receivable
242,239
192,633
Inventory
20,624
25,307
Prepaid expenses and advances
111,909
107,083
618,044
540,296
Net assets of discontinued operations – (note 4)
-
2,347,246
Deposits
-
3,670,742
Property, plant and equipment (note 5)
9,069,422
7,116,800
Intangibles – (note 6)
6,363,258
2,281,795
Deferred charges – (note 2)
1,170,140
265,616
$
17,220,864
$
16,222,495
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities
$
1,570,499
$
1,861,887
Amount owing on Gimsat acquisition (note 7)
1,631,406
-
Deferred revenue
143,424
58,660
3,345,329
1,920,547
Non-controlling interest
839,625
926,458
4,184,954
2,847,005
SHAREHOLDERS’ EQUITY
Capital stock
Authorized
100,000,000 common shares of no par value
Issued and fully paid (note 8)
29,454,600
26,110,367
Contributed surplus
96,041
96,041
Warrants
3,491,511
4,087,070
Cumulative translation account
312,192
863,202
Deficit
(20,318,434)
(17,781,190)
13,035,910
13,375,490
$
17,220,864
$
16,222,495
Commitments and contingencies (note 9)
Subsequent events (note 11)
See accompanying Notes to Consolidated Financial Statements
signed by “Stan Lis”
signed by “Casey Forward”
President
Chief Financial Officer
Stream Communications Network, Inc.
(formerly Trooper Technologies Inc.)
Consolidated Statements of Loss and Deficit
Six months ended June 30, 2002 and July 31, 2001
(in Canadian dollars)
Three months
Three months
Six months
Six months
ended June 30,
ended July 31,
ended June 30,
ended July 31,
2002
2001
2002
2001
Revenues
$
944,791
$
510,545
$
1,856,158
$
939,239
Expenses (note 14)
1,394,141
1,626,218
2,628,009
2,233,111
Loss before undernoted items
(449,350)
(1,115,673)
(771,851)
(1,293,872)
Amortization of property, plant and equipment
161,388
89,721
389,287
247,168
Amortization of intangibles and goodwill – (note 1)
-
7,267
-
14,534
161,388
96,988
389,287
261,702
Loss before other items
(610,738)
(1,212,661)
(1,161,138)
(1,555,574)
Other items
Interest income
(4,177)
-
(6,461)
-
Financial expenses
17,993
-
219,421
-
Foreign exchange
-
86,138
-
128,131
Deferred charges
-
77,333
-
154,665
13,816
163,471
212,960
282,796
Loss from continuing operations before future
(624,554)
(1,376,132)
(1,374,098)
(1,838,370)
income taxes and non-controlling interest
Future income taxes (recovery)
-
(1,205,576)
-
Income (loss) from continuing operations before
(624,554)
(1,376,132)
(168,522)
(1,838,370)
non-controlling interest
Non-controlling interest
(7,123)
111,217
(29,263)
111,217
Net income (loss) from continuing operations for the period
(617,431)
(1,487,349)
(139,259)
(1,949,587)
Net loss from discontinued operations (note 4)
(48,250)
94,411
(2,397,985)
(80,147)
Net loss for the period
665,681
1,392,938
2,537,244
2,029,734
Deficit, beginning of period
19,652,753
14,222,202
17,781,190
13,585,406
Deficit, end of period
$
20,318,434
$
15,615,140
$
20,318,434
$
15,615,140
Income (loss) per share, basic and diluted
Continuing operations
$
(0.02)
$
(0.07)
$
-
$
(0.09)
Discontinued operations
$
-
$
-
$
(0.09)
$
-
Income (loss) per share
$
(0.02)
$
(0.07)
$
(0.09)
$
(0.09)
Weighted average number of shares
Basic and diluted
28,020,121
21,797,545
27,805,829
21,797,545
See accompanying Notes to Consolidated Financial Statements
Stream Communications Network, Inc.
(formerly Trooper Technologies Inc.)
Consolidated Statements of Cash Flows
Six months ended June 30, 2002 and July 31, 2001
(in Canadian dollars)
Three months
Three months
Six months
Six months
ended June 30,
ended July 31,
ended June 30,
ended July 31,
2002
2001
2002
2001
Operating Activities
Net loss from continuing operations
$
(617,431)
$
(1,487,349)
$
(139,259)
$
(1,949,587)
Items not involving cash
Amortization
161,388
96,988
389,287
261,702
Non-controlling interest
(7,122)
42,934
(29,262)
111,217
Amortization of deferred charges
-
77,332
-
154,665
Future income tax recovery
1,205,576
-
-
-
Change in non-cash working capital
742,411
(1,270,095)
220,766
(1,422,003)
Accounts receivable
18,745
(81,887)
40,182
(38,955)
Inventory
2,893
(395)
6,228
1,739
Prepaid expenses and advances
34,196
60,972
(5,389)
166,673
Accounts payable and accrued liabilities
(119,363)
(490,144)
(365,101)
(591,320)
Deferred revenue
(25,170)
-
91,016
-
Net cash used in operating activities
653,712
(1,781,549)
(12,298)
(1,883,866)
Net cash used in discontinued operating activities
(64,899)
(110,821)
(265,195)
(288,242)
Net cash used by operating activities
588, 813
(1,892,370)
(277,493)
(2,172,108)
Financing Activities
Issuance of shares for cash
811,946
4,068,488
2,748,674
4,068,488
Share subscription
-
(768, 485)
-
-
Net cash provided from continuing financing activities
811,946
3,300,003
2,748,674
4,068,488
Net cash provided from discontinued financing activities
-
-
-
-
Net cash provided from financing activities
811,946
3,300,003
2,748,674
4,068,488
Investing Activities
Purchase of property, plant and equipment
(35,466)
(2,032,055)
(50,945)
(2,427,099)
Purchase of licences
(24,883)
-
(24,883)
-
Acquisition of Gimsat
(189,405)
-
(945,168)
-
Deposits
-
651,895
-
367,162
Deferred charges
(829,808)
-
(914,076)
-
Net cash used in continuing investing activities
(1,079,562)
(1,380,160)
(1,935,072)
(2,059,937)
Net cash used in discontinued investing activities
(60,583)
(87,196)
-
(235,741)
Net cash used in investing activities
(1,140,145)
(1,467,356)
(1,935,072)
(2,295,678)
Foreign exchange effect on cash
(442,079)
-
(508,110)
-
Decrease in cash and cash equivalents
(181,465)
(59,723)
27,999
(399,298)
Cash and cash equivalents at beginning of period
424,737
139,614
215,273
479,189
Cash and cash equivalents at end of period
$
243,272
$
79,891
$
243,272
$
79,891
See accompanying Notes to Consolidated Financial Statements
PREPARED BY MANAGEMENT