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 November, 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]
Schedule A
Stream Communications Network, Inc.
(formerly Trooper Technologies Inc.)
Consolidated Financial Statements
For the nine months ended September 30, 2002
PREPARED BY MANAGEMENT
Stream Communications
(formerly Trooper Technologies)
Consolidated Balance Sheets
As at September 30, 2002 and December 31, 2001
(in Canadian dollars)
September 30,
December 31,
2002
2001
ASSETS
Current Assets
Cash and cash equivalents
$
153,259
$
215,273
Accounts receivable
30,080
192,633
Inventory
18,552
25,307
Prepaid expenses and advances
197,920
107,083
399,811
540,296
Net assets of discontinued operations - (note 4)
-
2,347,246
Deposits
-
3,670,742
Property, plant and equipment (note 5)
9,258,833
7,116,800
Intangibles - (note 6)
6,462,379
2,281,795
Deferred charges - (note 2)
1,442,657
265,616
$
17,563,680
$
16,222,495
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities
$
2,036,064
$
1,861,887
Amount owing on Gimsat acquisition (note 7)
1,761,971
-
Deferred revenue
139,263
58,660
3,937,298
1,920,547
Non-controlling interest
844,745
926,458
4,782,043
2,847,005
SHAREHOLDERS' EQUITY
Capital stock
Authorized
150,000,000 common shares of no par value
Issued and fully paid (note 8)
29,999,891
26,110,367
Contributed surplus
96,041
96,041
Warrants
3,339,920
4,087,070
Cumulative translation account
34,497
863,202
Deficit
(20,688,712)
(17,781,190)
12,781,637
13,375,490
$
17,563,680
$
16,222,495
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
Nine months ended September 30, 2002 and October 31, 2001
(in Canadian dollars)
Three months
Nine months
ended
Three months
ended
Nine months
September 30,
ended October
September 30,
ended October
2002
31, 2001
2002
31, 2001
Revenues
$
1,511,619
$
1,140,265
$
3,367,777
$
2,079,504
Expenses (note 13)
1,412,799
1,978,835
4,040,808
4,211,946
Income (Loss) before undernoted items
98,820
(838,570)
(673,031)
(2,132,442)
Amortization of property, plant and equipment
279,232
270,683
668,519
517,851
Amortization of intangibles and goodwill - (note 1)
-
36,131
-
50,665
279,232
306,814
668,519
568,516
Loss before other items
(180,412)
(1,145,384)
(1,341,550)
(2,700,958)
Other items
Interest income
(4,855)
(49,032)
(11,316)
(49,032)
Financial expenses
222,613
32,236
442,034
32,236
Foreign exchange
-
(128,131)
-
-
Deferred charges
-
255,118
-
409,783
217,758
110,191
430,718
392,987
Loss from continuing operations before future income taxes
and non-controlling interest
(398,170)
(1,255,575)
(1,772,268)
(3,093,945)
Future income taxes (recovery)
12,644
(640,691)
(1,192,932)
(640,691)
Income (loss) from continuing operations before non-controlling
interest
(410,814)
(614,884)
(579,336)
(2,453,254)
Non-controlling interest
(5,200)
(292,553)
(34,463)
(181,336)
Net income (loss) from continuing operations for the period
(405,614)
(322,331)
(544,873)
(2,271,918)
Net income (loss) from discontinued operations (note 4)
35,336
(1,935,515)
(2,362,649)
(2,015,662)
Net loss for the period
370,278
2,257,846
2,907,522
4,287,580
Deficit, beginning of period
20,318,434
14,446,591
17,781,190
12,416,857
Deficit, end of period
$
20,688,712
$
16,704,437
$
20,688,712
$
16,704,437
Income (loss) per share, basic and diluted
Continuing operations
$
(0.01)
$
(0.01)
$
(0.02)
$
(0.10)
Discontinued operations
$
0.00
$
(0.09)
$
(0.08)
$
(0.09)
Income (loss) per share
$
(0.01)
$
(0.10)
$
(0.10)
$
(0.20)
Weighted average number of shares
Basic and diluted
28,023,911
21,837,002
28,023,911
21,837,002
Stream Communications Network, Inc.
(formerly Trooper Technologies Inc.)
Consolidated Statements of Cash Flows
Nine months ended September 30, 2002 and October 31, 2001
(in Canadian dollars)
Three months
Nine months
Ended
Three months
ended
Nine months
September 30,
ended October
September 30,
ended October
2002
31, 2001
2002
31, 2001
Operating Activities
Net loss from continuing operations
$
(405,614)
$
(322,331)
$
(544,873)
$
(2,271,918)
Items not involving cash
Amortization
279,232
306,814
668,519
568,516
Non-controlling interest
(9,703)
(292,553)
(38,965)
(181,336)
Write-down of deposits
-
255,118
-
409,783
Gain on disposal of assets
-
194
-
194
Stock-based compensation
-
72,493
-
72,493
Future income tax recovery
-
(640,691)
-
(640,691)
Change in non-cash working capital
(136,085)
(620,956)
84,681
(2,042,959)
Accounts receivable
215,759
549,987
255,941
511,032
Inventory
2,422
(4,325)
8,650
(2,586)
Prepaid expenses and advances
(84,461)
(226,778)
(89,850)
(60,105)
Deferred charges
-
(160,256)
-
(160,256)
Accounts payable and accrued liabilities
357,190
1,285,945
(7,911)
694,625
Issuance of shares for issue costs
-
(35,770)
-
(35,770)
Deferred revenue
(7,485)
67,842
83,531
67,842
Net cash used in operating activities
347,340
855,689
335,042
(1,028,177)
Net cash used in discontinued operating activities
84,404
(110,902)
(180,791)
(399,144)
Net cash used by operating activities
431,744
744,787
154,251
(1,427,321)
Financing Activities
Issuance of shares for cash
393,700
(3,721,188)
3,142,374
347,300
Share issue costs
-
(83,273)
-
(83,273)
Share subscription
-
6,983,523
-
6,983,523
Net cash provided from continuing financing activities
393,700
3,179,062
3,142,374
7,247,550
Net cash provided from discontinued financing activities
-
-
-
-
Net cash provided from financing activities
393,700
3,179,062
3,142,374
7,247,550
Investing Activities
Purchase of property, plant and equipment
(260,547)
(251,132)
(311,492)
(893,813)
Acqusition of MTK
-
-
-
(1,784,418)
Purchase of licences
(1,291)
(42,608)
(26,174)
(42,608)
Acquisition of Gimsat
-
-
(945,168)
-
Deposits
-
(2,555,714)
-
(2,188,552)
Investment in Stream Poland
-
(147,671)
-
(147,671)
Deferred charges
(274,597)
-
(1,188,673)
-
Net cash used in continuing investing activities
(536,435)
(2,997,125)
(2,471,507)
(5,057,062)
Net cash used in discontinued investing activities
-
(299,626)
-
(535,367)
Net cash used in investing activities
(536,435)
(3,296,751)
(2,471,507)
(5,592,429)
Foreign exchange effect on cash
(379,022)
(251,966)
(887,132)
(251,966)
Decrease in cash and cash equivalents
(90,013)
375,132
(62,014)
(24,166)
Cash and cash equivalents at beginning of period
243,272
27,101
215,273
426,399
Cash and cash equivalents at end of period
$
153,259
$
402,233
$
153,259
$
402,233