United States
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 1933
Date of Report: January 24, 2003
Commission File Number: 000-49701
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
formerly
GOALTIMER INTERNATIONAL, INC.
Colorado 84-1159783
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
231 West Jamison Circle #5, Littleton CO 80120
(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code: (303) 734-0235
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock
ITEM 1. CHANGE OF CONTROL OF REGISTRANT.
Please refer to Schedule 14C and 14F/14F-1/A filed in the last 60 days, and
to Form 8-K dated December 13, 2002.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On December 12, 2002, our shareholders approved the Share Exchange of Cyber
Technology Group Holdings, Ltd.("CTG" or "Company"), a British Virgin Islands
Corporation, for 60,000,000 New Investment Shares of common stock, following the
effectiveness of the most recent 11 to 1 Reverse Split of our common stock. The
closing occurred on January 8, 2003.
CTG has an established executive and operational management team with
industry expertise and technical knowledge that is supported by industry
software developing companies. The management and functional structure of CTG is
as follows:
1
(a) Mr. Raymond Chou, Chief Executive Officer, President and Chairman
Mr. Chou is the Managing Director, Chief Executive Officer and the principal
founder of CTG. He is also a principal owner of the shares in CTG. Mr. Chou
holds a bachelor degree in Business Administration from the University of Macau.
He was General Manager of Shanghai Elan Chemical Industries Co. Ltd. from May
1992 to May 1999. Mr. Chou spent a fair portion of his last three years
studying and researching the online gaming industry and the success achieved to
date with respect to CTG is due to his understanding of the market. Mr. Chou is
also president and chief executive of the public company, PVG. Mr. Chou devotes
all of his time working for the "Group" that includes the public company and its
subsidiaries.
(b) Mr. Richard Wang, Chief Financial Officer & Executive DirectorMr. Wang
holds a Master of Ecomonics and Bachelor of History degrees from the Fudan
University of Shanghai. Prior to joining CTG he was General Manager of Shanghai
HYD Industries Co. Ltd., a position he had held since June 1996 prior to joining
the Company. His previous experience also includes employment as the Deputy
General Manager of Shanghai Elan Chemical Industries Co. Ltd. from May 1994 to
April 1999. Mr. Wang is one of the founding members of the management team who
helped to build the infrastructure and business of the gaming subsidiary since
its inception in May 2000. He has been actively involved in the management of
the Cyber-Casino and Sports Book businesses. Mr. Wang works full time for the
Group and spend most of his time in the Commonwealth of Dominica.
(c) Mr. Tat Wai Au, Director - Information Technology
Mr. Au is a graduate of the Hong Kong University of Science and Technology and
Lakehead University, Canada, having both a Master degree and a Bachelor degree
in Business Administration. From April 1997 to December 1997, Mr. Au was
employed as a Systems Consultant with JOS Technology Ltd. From January 1998 to
June 1999 he was an Account Executive with Tse's Forex Ltd. and from July 1999
to January 2000 he was an Account Executive with Kaiser Securities Ltd. He
served as Corporate Planning Officer of Pacific Site.com Ltd. from February 2000
to June 2001. Immediately prior to joining CTG, he was employed as I.T. Manager
of Strategic Technology Development Ltd. Mr. Au is responsible for overseeing
the various systems aspects, including hardware and software maintenance and
development. Mr. Au works full time for the Group.
(d) Mr. Paul McCartan, Director - Sales & Marketing
From January 1996 to October 1999, Mr. McCartan was employed with King's Power
Bullion Gold in the capacity of Head Trader. He then joined Pacific Site.com
Ltd. as Operations Manager, where he was employed from April 1999 to January
2001. Prior to joining CTG he was the Marketing Manager for Strategic Technology
Development Ltd. Mr. McCartan is responsible for network marketing, advertising
and public relations. Mr. McCartan works full time for the Group
(e) Mr. Gary Peng, Vice President - Operations
Mr. Peng was responsible for setting up the operating procedures and training
staff during the development period of the gaming subsidiary company, PVI. Mr.
Peng's work history includes experience as a manager with a number of securities
companies in Taiwan. Mr. Peng holds a Bachelor degree in Law from the University
of Chinese Culture. Mr. Peng is responsible for daily operations of the gaming
business, corporate communication and customer services. He works full time for
the Group.
2
ITEM 3. BANKRUPTCY OR RECEIVERSHIP. None.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. We have engaged a new
Independent Auditor, prospectively, to assist management in preparing other
current reports. There has been no dispute of any kind or sort with any auditor
on any subject. The new principal independent accounting firm is Moores Rowland,
34th floor, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong, replacing
our initial principal auditor, Michael Johnson & Associates, Inc. The decision
to change accountants was recommended and approved by our Board of Directors.
The firm of Moores Rowland was engaged by the Board of Directors as the new
certifying accountants on January 22, 2003.
The former auditing firm, Michael Johnson & Associates, neither resigned
nor declined to stand for election. The former auditor's reports on the
financial statements for either of the past two years contained no adverse
opinion or disclaimer of opinion, nor were modified as to uncertainty, audit
scope or accounting principles. During the two most recent fiscal years and
later interim periods through the termination of the client-auditor
relationship, there were no disagreements of the type described under Item
304(a)(1)(iv)(A) of Regulation S-B. Letter addressed to the Securities and
Exchanges Commission from the former auditor stating his agreement with the
disclosures made in this filing is filed as an exhibit 16.1 hereto.
ITEM 5. OTHER EVENTS. A new business Plan has been put into effect. CTG is an
investment holding company that focuses on online gaming businesses. It has
acquired and commenced operation of online casino and sports book businesses
since February 2002.
ITEM 6. CHANGES OF REGISTRANT'S DIRECTORS. Our new Director is Mr. Raymond Chou,
Chief Executive Officer, President and Chairman. Please refer to Item 1 for
biographical information.
EXHIBITS
The following exhibit is furnished in accordance with the provisions of Item 601
and Regulation S-B.
Exhibit No. Description
16.1 Letter on change in certifying accountant
from Michael Johnson & Associates, Inc (Filed herewith.)
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the date indicated.
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
Formerly
GOALTIMER INTERNATIONAL, INC.
Dated: January 24, 2003
by
/s/ Raymond Chien Hua Chou
Raymond Chien Hua Chou
Sole Officer and Director
4
- --------------------------------------------------------------------------------
EXHIBIT 16.1
LETTER ON CHANGE IN CERTIFYING ACCOUNTANT
FROM MICHAEL JOHNSON & ASSOCIATES, INC.
- --------------------------------------------------------------------------------
5
Micheal Johnson & Co., LLC
Certified Public Accountants
9175 East Kenyon Ave., Suite 100
Denver, Colorado 80237
Micheal B. Johnson C.P.A. Telephone: (303) 796-0099
Member: A.I.C.P.A. Fax: (303) 796-0137
Colorado Society of C.P.A.s
January 23, 2003
U.S. Securities and Exchange Commission
Division of Corporate Finance
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir/Madame:
We have read the first through fourth paragraphs of Item 4 included in the
Current Report on Form 8-K for which the date of the report is January 24, 2003
of Pacific Vegas Global Strategies, Inc. to be filed with the Securities and
Exchange Commission and are in agreement with the statement in the first
paragraph that Michael Johnson & Co., L.L.C. was dismissed by Pacific Vegas
Global Strategies, Inc. on January 24, 2003 and the statements contained in the
second through fourth paragraphs.
Sincerely,
/s/Michael Johnson
Michael Johnson
Michael Johnson & Company, LLC
6
- --------------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS
OF
CYBER TECHNOLOGY GROUP HOLDINGS LIMITED
AND
GOALTIMER INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
7
CYBER TECHNOLOGY GROUP HOLDINGS LIMITED
BALANCE SHEETS
(Unaudited)
January 7, December 31,
2003 2002 2001
- ------------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . $ 124,427 $ 124,427 $ 9,731
Accounts receivable . . . . . . . . . . . . . . . . . . 423,478 314,132 950,000
Deposits. . . . . . . . . . . . . . . . . . . . . . . . 113,233 113,233 126,676
Other current assets. . . . . . . . . . . . . . . . . . 50,896 50,896 0
----------- ----------- -----------
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . . 712,034 602,688 1,086,407
OTHER ASSETS
Property, plant and equipment, net. . . . . . . . . . . 1,358,997 1,358,997 1,580,460
Deferred offering costs . . . . . . . . . . . . . . . . 190,000 190,000 100,000
----------- ----------- -----------
TOTAL OTHER ASSETS. . . . . . . . . . . . . . . . . . . . 1,548,997 1,548,997 1,680,460
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . $2,261,031 $2,151,685 $2,766,867
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade. . . . . . . . . . . . . . . . $ 0 $ 0 $ 300,000
Accrued expenses. . . . . . . . . . . . . . . . . . . . 87,836 65,849 94,419
Other payables. . . . . . . . . . . . . . . . . . . . . 75,304 75,304 1,124
Notes payable - related parties . . . . . . . . . . . . (373,241) (373,241) 2,539,208
----------- ----------- -----------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . (210,101) (232,088) 2,934,751
STOCKHOLDERS' EQUITY
Common Stock, $.05 par value; authorized 200,000,000
shares; issued and outstanding, 20 shares, 50,000,000
shares and 50,000,000 shares respectively. . . . . . . 2,500,000 2,500,000 1
Additional Paid-In Capital. . . . . . . . . . . . . . . . 0 0 500,001
Accumulated Equity (Deficit). . . . . . . . . . . . . . . (28,868) (116,227) (667,886)
----------- ----------- -----------
Total Stockholders' Equity. . . . . . . . . . . . . . . . 2,471,132 2,383,773 (167,884)
----------- ----------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY. . . . . . . . . $2,261,031 $2,151,685 $2,766,867
=========== =========== ===========
8
CYBER TECHNOLOGY GROUP HOLDINGS LIMITED
STATEMENTS OF OPERATIONS
(Unaudited)
For the For the For the
period ended Year ended Year ended
January 7, December 31, December 31,
2003 2002 2001
- ------------------------------------------------------------------------------
Revenues
Total net wins and management fees. $ 109,346 $ 2,558,690 $ 950,000
Interest income . . . . . . . . . . 0 11,737 238
--------------------------------------
Total revenues. . . . . . . . . . . . 109,346 2,570,427 950,238
General and administrative expenses . 21,987 2,018,768 1,321,935
--------------------------------------
Net Operating Income (Loss) . . . . . $ 87,359 $ 551,659 $ (371,697)
=========== =========== ============
Gain (Loss) per Share . . . . . . . . $ 0.00 $ 0.02 $(18,584.85)
=========== =========== ============
Weighted Average
Shares Outstanding. . . . . . . . 50,000,000 30,136,994 20
=========== =========== ============
9
CYBER TECHNOLOGY GROUP HOLDINGS LIMITED
STATEMENTS OF CASH FLOW
(Unaudited)
For the For the
period ended Year ended
January 7, December 31,
2003 2002
- --------------------------------------------------------------------------------
Operating Activities
Net Income (Loss) . . . . . . . . . . . . . . . . . $ 87,359 $ 551,660
Items not affecting Cash:
Depreciation. . . . . . . . . . . . . . . . . . . . 0 373,341
Changes in assets and liabilities
(Increase) decrease in accounts receivable. . . . . (109,346) 635,868
(Increase) decrease in deposit. . . . . . . . . . . 0 13,443
Increase (decrease) in salaries payable . . . . . . 0 61,144
Increase (decrease) in deposit received . . . . . . 0 14,160
---------- ------------
Net Cash from Operations. . . . . . . . . . . . . (21,987) 1,649,616
---------- ------------
Cash flows from financing activities
(Increase) decrease in prepaid expenses . . . . . . 0 (50,896)
(Increase) decrease in fixed assets . . . . . . . . 0 (102,840)
(Increase) decrease in other assets . . . . . . . . 0 (139,039)
Increase (decrease) in accounts payable . . . . . . 0 (300,000)
Increase (decrease) in other payables . . . . . . . 0 (1,124)
Increase (decrease) in accrued expenses . . . . . . 21,987 (28,570)
Reduction of notes payable - related party. . . . . 0 (912,451)
---------- ------------
Net cash provided (used) by financing activities. 21,987 (1,534,920)
---------- ------------
Net increase (decrease) in Cash . . . . . . . . . . 0 114,696
Cash at beginning of period . . . . . . . . . . . . 124,427 9,731
Cash as of Statement Date . . . . . . . . . . . . . $ 124,427 $ 124,427
========== ============
Supplemental Cash Flow Information
Cash Paid for:
Interest. . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
Taxes . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
========== ============
Major non-cash transaction
Capitalization of amount due to shareholder
for issuance of common stock. . . . . . . . . . $ 0 $ 2,499,999
========== ============
10
CYBER TECHNOLOGY GROUP HOLDINGS LIMITED
STATEMENTS OF STOCKHOLDERS' EQUITY
for the period from inception of the Development Stage
on June 22, 2000
through December 31, 2000, for the years ended December
31, 2001 and 2002
and for the period ended January 7, 2003
(Unaudited)
Additional Accumulated
Common Par Paid-In Comprehensive Stockholders'
Stock Value Capital Income (Loss) Equity
---------- ---------- ---------- -------------- -----------
Common Stock issued at inception . 20 $ 1 $ 500,001 $ 0 0
Net profit (loss) during period. . 0 0 0 (296,189) 0
---------- ---------- ---------- -------------- -----------
Balances at December 31, 2000. . . 20 1 500,001 (296,189) 203,813
Net profit (loss) during period. . 0 0 0 (371,697) 0
---------- ---------- ---------- -------------- -----------
Balances at December 31, 2001. . . 20 1 500,001 (667,886) (167,884)
Common stock issued in restructure
of the Company and its two
wholly owned subsidiaries . . . 49,999,980 2,499,999 (500,001) 0 0
Net profit (loss) during period. . 0 0 0 551,659 0
---------- ---------- ---------- -------------- -----------
Balances at December 31, 2002. . . 50,000,000 $2,500,000 $ 0 $ (116,227) $2,383,773
Net profit (loss) during period. . 0 0 0 87,359 0
---------- ---------- ---------- -------------- -----------
Balances at January 7, 2003. . . . 50,000,000 $2,500,000 $ 0 $ (28,868) $2,471,132
11
GOALTIMER INTERNATIONAL, INC.
BALANCE SHEETS
(Unaudited)
January 7, December 31,
2003 2002 2001
- --------------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
Accounts receivable . . . . . . . . . . . . . . . . . . 0 0 0
Deposits. . . . . . . . . . . . . . . . . . . . . . . . 0 0 0
Other current assets. . . . . . . . . . . . . . . . . . 0 0 0
---------- ------------ ------------
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . . 0 0 0
OTHER ASSETS
Property, plant and equipment, net. . . . . . . . . . . 0 0 0
Deferred offering costs . . . . . . . . . . . . . . . . 0 0 0
---------- ------------ ------------
TOTAL OTHER ASSETS. . . . . . . . . . . . . . . . . . . . 0 0 0
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
========== ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade. . . . . . . . . . . . . . . . $ 0 $ 46,032 $ 72,012
Accrued expenses. . . . . . . . . . . . . . . . . . . . 0 0 35,442
Other payables 0 0 0
Notes payable - related parties . . . . . . . . . . . . 0 0 60,800
---------- ------------ ------------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . 0 46,032 168,254
STOCKHOLDERS' EQUITY
Common Stock, no par value; authorized 500,000,000
shares; issued and outstanding, 99,963,614 shares,
99,963,614 shares and 174,725 shares respectively
Additional Paid-In Capital. . . . . . . . . . . . . . . . 960,773 960,773 960,773
Accumulated Equity (Deficit). . . . . . . . . . . . . . . (960,773) (1,006,805) (1,129,027)
---------- ------------ ------------
Total Stockholders' Equity. . . . . . . . . . . . . . . . 0 (46,032) (168,254)
---------- ------------ ------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY. . . . . . . . . $ 0 $ 0 $ 0
========== ============ ============
12
GOALTIMER INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
For the For the For the
period ended Year ended Year ended
January 7, December 31, December 31,
2003 2002 2001
------------ ----------- -------------
Revenues
Total net wins and management fees. $ 0 $ 0 $ 0
Interest income . . . . . . . . . . 0 0 0
------------ ----------- -----------
Total revenues. . . . . . . . . . . . 0 0 0
General and administrative expenses . 50 156,769 4,560
------------ ----------- -----------
Net Operating Income (Loss) . . . . . $ (50) $ (156,769) $ (4,560)
============ =========== ===========
Gain (Loss) per Share . . . . . . . . $ (0.00) $ (0.08) $ (0.00)
============ =========== ===========
Weighted Average
Shares Outstanding. . . . . . . . 99,963,614 1,945,358 1,882,228
============ =========== ===========
13
GOALTIMER INTERNATIONAL, INC.
STATEMENTS OF CASH FLOW
(Unaudited)
For the For the
period ended Year ended
January 8, December 31,
2003 2002
- -------------------------------------------------------------------------------------
Operating Activities
Net Income (Loss) . . . . . . . . . . . . . . . . . $ (50) $ (156,769)
Items not affecting Cash:
Depreciation. . . . . . . . . . . . . . . . . . . . 0 0
Changes in assets and liabilities
(Increase) decrease in accounts receivable. . . . . 0 0
(Increase) decrease in deposit. . . . . . . . . . . 0 0
Increase (decrease) in salaries payable . . . . . . 0 0
Increase (decrease) in deposit received . . . . . . 0 0
------------ --------------
Net Cash from Operations. . . . . . . . . . . . . (50) (156,769)
------------ --------------
Cash flows from investing activities. . . . . . . . . 0 0
Common stock issued for services rendered . . . . . 0 110,737
------------ --------------
Net cash provided (used) by investing activities. 0 110,737
------------ --------------
Cash flows from financing activities
(Increase) decrease in prepaid expenses . . . . . . 0 0
(Increase) decrease in fixed assets . . . . . . . . 0 0
(Increase) decrease in other assets . . . . . . . . 0 0
Increase (decrease) in accounts payable . . . . . . 50 46,032
Increase (decrease) in other payables . . . . . . . 0 0
Increase (decrease) in accrued expenses . . . . . . 0 0
Reduction of notes payable - related party. . . . . 0 0
------------ --------------
Net cash provided (used) by financing activities. 50 46,032
------------ --------------
Net increase (decrease) in Cash . . . . . . . . . . 0 0
Cash at beginning of period . . . . . . . . . . . . 0 0
Cash as of Statement Date . . . . . . . . . . . . . $ 0 $ 0
============ ==============
Suplemental Cash Flow Information
Cash Paid for:
Interest. . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
Taxes . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
============ ==============
Major non-cash transaction
Capitalization of amount due to shareholder
for issuance of common stock. . . . . . . . . . $ 0 $ 2,999,999
============ ==============
14
GOALTIMER INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY
for the period from inception of the Development Stage on
December 19, 1990
through December 31, 1990, for the years ended December 31, 1991
through 2002
and for the period ended January 8, 2003
(Unaudited)
Additional Accumulated
Common Paid-In Comprehensive Stockholders'
Stock Capital Income (Loss) Equity
----------- -------- -------------- ----------
Balances at December 31, 1998. . . . 174,725 $960,773 $ (1,115,347) 0
Net profit (loss) during period. . . 0 0 (4,560) 0
----------- -------- -------------- ----------
Balances at December 31, 1999. . . . 174,725 960,773 (1,119,907) (159,134)
Net profit (loss) during period. . . 0 0 (4,560) 0
----------- -------- -------------- ----------
Balances at December 31, 2000. . . . 174,725 960,773 (1,124,467) (163,694)
Net profit (loss) during period. . . 0 0 (4,560) 0
----------- -------- -------------- ----------
Balances at December 31, 2001. . . . 174,725 960,773 (1,129,027) (168,254)
Common stock issued for debt . . . . 5,739 0 96,242 0
Common stock issued in exchange
for services @ $0.1063 per shares 136,364 0 14,495 0
Common stock issued for
acquisition of subsidiary . . . . 60,000,000 0 0 0
Common stock issued for services . . 39,806,786 0 99,517 0
Common stock cancelled . . . . . . . (160,000) 0 68,737 0
Net profit (loss) during period. . . 0 0 (156,769) 0
----------- -------- -------------- ----------
Balances at December 31, 2002. . . . 99,963,614 $960,773 $ (1,006,805) $ (46,032)
Forgiveness of debt. . . . . . . . . 0 0 46,082 0
Net profit (loss) during period. . . 0 0 (50) 0
----------- -------- -------------- ----------
Balances at January 8, 2003. . . . . 99,963,614 $960,773 $ (960,773) $ 0
15
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
PRO-FORMA BALANCE SHEETS
(Unaudited)
January 8, December 31,
2003 2002 2001
- ----------------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . $ 124,427 $ 124,427 $ 9,731
Accounts receivable . . . . . . . . . . . . . . . . . . 423,478 314,132 950,000
Deposits. . . . . . . . . . . . . . . . . . . . . . . . 113,233 113,233 126,676
Other current assets. . . . . . . . . . . . . . . . . . 50,896 50,896 0
------------ ------------ ------------
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . . 712,034 602,688 1,086,407
OTHER ASSETS
Property, plant and equipment, net. . . . . . . . . . . 1,358,997 1,358,997 1,580,460
Deferred offering costs . . . . . . . . . . . . . . . . 190,000 190,000 100,000
------------ ------------ ------------
TOTAL OTHER ASSETS. . . . . . . . . . . . . . . . . . . . 1,548,997 1,548,997 1,680,460
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . $ 2,261,031 $ 2,151,685 $ 2,766,867
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade. . . . . . . . . . . . . . . . $ 0 $ 46,032 $ 372,012
Accrued expenses. . . . . . . . . . . . . . . . . . . . 87,836 65,849 129,861
Other payables. . . . . . . . . . . . . . . . . . . . . 75,304 75,304 1,124
Notes payable - related parties . . . . . . . . . . . . (373,241) (373,241) 2,600,008
------------ ------------ ------------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . (210,101) (186,056) 3,103,005
STOCKHOLDERS' EQUITY
Common Stock, no par value; authorized 500,000,000
shares; issued and outstanding, 99,963,614 shares,
99,963,614 shares and 174,725 shares respectively
Additional Paid-In Capital. . . . . . . . . . . . . . . . 3,739,764 3,739,764 1,460,774
Accumulated Equity (Deficit). . . . . . . . . . . . . . . (1,268,632) (1,402,023) (1,796,912)
------------ ------------ ------------
Total Stockholders' Equity. . . . . . . . . . . . . . . . 2,471,132 2,337,741 (336,138)
------------ ------------ ------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY. . . . . . . . . $ 2,261,031 $ 2,151,685 $ 2,766,867
============ ============ ============
16
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
PRO-FORMA STATEMENTS OF OPERATIONS
(Unaudited)
For the For the For the
period ended Year ended Year ended
January 8, December 31, December 31,
2003 2002 2001
- -----------------------------------------------------------------------------
Revenues
Total net wins and management fees. $ 109,346 $2,558,690 $ 950,000
Interest income . . . . . . . . . . 11,737 238
-------------------------------------
Total revenues. . . . . . . . . . . . 109,346 2,570,427 950,238
General and administrative expenses . (24,045) 2,175,537 1,326,495
-------------------------------------
Net Operating Income (Loss) . . . . . $ 133,391 $ 394,890 $ (376,257)
============ ========== ===========
Gain (Loss) per Share . . . . . . . . $ 0.00 $ 0.20 $ (0.20)
============ ========== ===========
Weighted Average
Shares Outstanding. . . . . . . . 99,963,614 1,945,358 1,882,228
============ ========== ===========
17
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
PRO-FORMA STATEMENTS OF CASH FLOW
(Unaudited)
For the For the
period ended Year ended
January 8, December 31,
2003 2002
- ---------------------------------------------------------------------------------------
Operating Activities
Net Income (Loss) . . . . . . . . . . . . . . . . . $ 133,391 $ 394,890
Items not affecting Cash:
Depreciation. . . . . . . . . . . . . . . . . . . . 0 373,341
Changes in assets and liabilities
(Increase) decrease in accounts receivable. . . . . (109,346) 635,868
(Increase) decrease in deposit. . . . . . . . . . . 0 13,443
Increase (decrease) in salaries payable . . . . . . 0 61,144
Increase (decrease) in deposit received . . . . . . 0 14,160
------------ --------------
Net Cash from Operations. . . . . . . . . . . . . 24,045 1,492,846
------------ --------------
Cash flows from investing activities
Common stock issued for services rendered . . . . . 0 110,737
------------ --------------
Net cash provided (used) by investing activities. 0 110,737
------------ --------------
Cash flows from financing activities
(Increase) decrease in prepaid expenses . . . . . . 0 (50,896)
(Increase) decrease in fixed assets . . . . . . . . 0 (102,840)
(Increase) decrease in other assets . . . . . . . . 0 (139,039)
Increase (decrease) in accounts payable . . . . . . (46,032) (253,967)
Increase (decrease) in other payables . . . . . . . 0 (1,124)
Increase (decrease) in accrued expenses . . . . . . 21,987 (28,570)
Reduction of notes payable - related party. . . . . 0 (912,451)
------------ --------------
Net cash provided (used) by financing activities. (24,045) (1,488,887)
------------ --------------
Net increase (decrease) in Cash . . . . . . . . . . 0 114,696
Cash at beginning of period . . . . . . . . . . . . 124,427 9,731
Cash as of Statement Date . . . . . . . . . . . . . $ 124,427 $ 124,427
============ ==============
Supplemental Cash Flow Information
Cash Paid for:
Interest. . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
Taxes . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
============ ==============
Major non-cash transaction
Issuance of common stock
for acquisition of subsidiary . . . . . . . . . $ 2,471,132 $ 0
============ ==============
18
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
PRO-FORMA STATEMENTS OF STOCKHOLDERS' EQUITY
for the period from inception of the Development Stage on
December 19, 1990
through December 31, 1990, for the years ended December 31, 1991
through 2002
and for the period ended January 8, 2003
(Unaudited)
Additional Accumulated
Common Paid-In Comprehensive Stockholders'
Stock Capital Income (Loss) Equity
----------- ---------- -------------- ----------
Balances at December 31, 1998. . . . 174,725 $ 960,773 $ (1,115,347) 0
Net profit (loss) during period. . . 0 0 (4,560) 0
----------- ---------- -------------- ----------
Balances at December 31, 1999. . . . 174,725 960,773 (1,119,907) (159,134)
Net profit (loss) during period. . . 0 0 (4,560) 0
----------- ---------- -------------- ----------
Balances at December 31, 2000. . . . 174,725 960,773 (1,124,467) (163,694)
Net profit (loss) during period. . . 0 0 (4,560) 0
----------- ---------- -------------- ----------
Balances at December 31, 2001. . . . 174,725 960,773 (1,129,027) (168,254)
Common stock issued for debt . . . . 5,739 96,242 0 0
Common stock issued in exchange
for services @ $0.1063 per shares 136,364 14,495 0 0
Common stock issued for services . . 39,806,786 99,517 0 0
Common stock cancelled . . . . . . . (160,000) 68,737 0 0
Net profit (loss) during period. . . 0 0 (156,769) 0
----------- ---------- -------------- ----------
Balances at December 31, 2002. . . . 39,963,614 1,239,764 (1,285,796) (46,032)
Net profit (loss) during period. . . 0 0 133,391 0
----------- ---------- -------------- ----------
Balances at January 7, 2003. . . . . 39,963,614 1,239,764 (1,152,405) 87,359
Common stock issued for
acquisition of subsidiary . . . . 60,000,000 2,500,000 (116,227) 0
Balances at January 8, 2003. . . . . 99,963,614 3,739,764 (1,268,632) 2,471,132
19
- --------------------------------------------------------------------------------
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER
CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
- --------------------------------------------------------------------------------
20
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Report of Pacific Vegas Global Strategies, Inc. (the
"Company") on Form 8-K for the period ending January 8, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Mr.
Raymond Chou Chief Executive Officer of the Company, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of my knowledge and belief:
(1) The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.
IN WITNESS WHEREOF, the undersigned has executed this certification as of the
/s/Mr. Raymond Chou
Mr. Raymond Chou
Chief Executive Officer
21
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Report of Pacific Vegas Global Strategies, Inc. (the
"Company") on Form 8-K for the period ending January 8, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Mr.
Richard Wang Chief Financial Officer of the Company, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of my knowledge and belief:
(1) The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.
IN WITNESS WHEREOF, the undersigned has executed this certification as of the
/s/Mr. Richard Wang
Mr. Richard Wang
Chief Financial Officer
22