8-K/A 1 0001.txt OMB APPROVAL OMB Number: 3235-0060 Expires: May 31, 2000 Estimated average burden hours per response 5.00 -------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) June 8, 2000 -------------- e-financial depot.com, Inc. ----------------------------- (Exact name of registrant as specified in its charter) Delaware 000-26899 33-0809711 -------- --------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 150 - 1875 Century Park East, Century City, California 90067 -------------------------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (877) 739-3812 --------------- (Former name or former address, if changed since last report.) ITEM 1. CHANGES IN CONTROL OF REGISTRANT. Not applicable. ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. Effective June 8, 2000, the Registrant completed the acquisition of all of the issued and outstanding shares of Trade-Fast, Inc. ("Trade-Fast"), a Delaware corporation, pursuant to a share purchase agreement dated November 30, 1999, as amended by an amending agreement dated June 8, 2000 (together the "Agreement"), between the Registrant and the two shareholders of Trade-Fast (the "Shareholders), Alan Cohen, a businessperson resident in New York, and Winford Holdings Group Limited, a closely held corporation ("Winford"). Trade-Fast provides management services to New World Securities, a registered broker-dealer who licenses a securities trading platform providing NASDAQ Level II service. For the fiscal year ended March 31, 2000 Trade-Fast had income of $2,300,000. Under the terms of the Agreement the Registrant is to issue a total of 5,000,000 shares of common stock, at a deemed price per share of $4.50 per share, as to 1,000,000 to Alan Cohen and as to 4,000,000 to Winford. The number of shares issuable to the Shareholders under the Agreement is subject to adjustment in circumstances where the Registrant issues shares, other than pursuant to existing agreements or pursuant to the exercise of bona fide stock options granted to directors, officers and consultants, at a price of less than $4.50 per share. The Registrant has also agreed to loan a total of $1,500,000 to Winford, said loan to bear interest at 6% per annum with a term of three years from the date of initial advance and to be secured by a pledge of 1,000,000 of the shares of the Registrant issuable to Winford, with such shares being the sole recourse of the Registrant in the event of default. To date, the Registrant has advanced $1,000,000 of the loan effective as of February 7, 2000. The Agreement also requires the Registrant to invest a total of $3,500,000, in the development of the business of Trade-Fast during the period ending November 30, 2000. To date, a total of $1,000,000 has been so invested. ITEM 3. BANKRUPTCY OR RECEIVERSHIP Not applicable. ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT Not applicable. ITEM 5. OTHER EVENTS Not applicable. ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS Not applicable. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements of Business Acquired TradeFast, Inc. TRADEFAST, INC. FINANCIAL STATEMENTS MARCH 31, 2000 AND 1999 TRADEFAST, INC. --------------- CONTENTS -------- Page ---- Independent Auditors' Report 1 ------------------------------ Financial Statements --------------------- Balance Sheets at March 31, 2000 and 1999 2 Statements of Operations and Retained Earnings (Accumulated Deficit) for the Year Ended March 31, 2000 and the Period From Inception (July 1, 1998) to March 31, 1999 3 Statements of Cash Flows for the Year Ended March 31, 2000 and the Period From Inception (July 1, 1998) to March 31, 1999 4-5 Notes to Financial Statements 6-8 INDEPENDENT AUDITORS' REPORT ---------------------------- To The Stockholders Tradefast, Inc. Garden City, New York We have audited the accompanying balance sheets of Tradefast, Inc. (a New York corporation) as of March 31, 2000 and 1999, and the related statements of operations and retained earnings (accumulated deficit) and cash flows for the year ended March 31, 2000 and the period from inception (July 1, 1998) to March 31, 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 audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits 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 audits provide 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 Tradefast, Inc. at March 31, 2000 and 1999, and the results of its operations and its cash flows for the year ended March 31, 2000 and the period from inception (July 1, 1998) to March 31, 1999, in conformity with generally accepted accounting principles. /s/ Grassi & Co. GRASSI & CO., CPAs, P.C. Lake Success, New York June 12, 2000 -1-
TRADEFAST, INC. BALANCE SHEETS MARCH 31, 2000 AND 1999 ASSETS ------ 2000 1999 ---------------------------------------- CURRENT ASSETS: Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 442,105 $ 3,481 Accounts receivable (less allowance for doubtful accounts of $-0-). . . . . . . . . . . . . . . . . . . . . . . . . . . 85,000 219,050 Due from stockholder. . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 -0- ------------------------------ -------- Total Current Assets. . . . . . . . . . . . . . . . . . . . . . . . . 537,105 222,531 ------------------------------ -------- OTHER ASSETS: Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 -0- Due from stockholder. . . . . . . . . . . . . . . . . . . . . . . . . . -0- 10,000 ------------------------------ -------- 2,000 10,000 ------------------------------ -------- $ 539,105 $232,531 ============================== ======== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) ------------------------------------------------- CURRENT LIABILITIES: Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 457,036 $114,912 Income taxes payable - current . . . . . . . . . . . . . . . . . . . . 2,000 2,000 - deferred . . . . . . . . . . . -0- 31,000 Deposit payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 -0- ------------------------------ -------- Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . 959,036 147,912 ------------------------------ -------- STOCKHOLDERS' EQUITY (DEFICIENCY): Common stock - no par value; 1,500 shares authorized, issued and outstanding . . . . . . . . . . . . . . . . . . . . . . . . 5,000 5,000 Retained earnings (accumulated deficit) . . . . . . . . . . . . . . . . (424,931) 79,619 ------------------------------ -------- Total Stockholders' Equity (Deficiency) . . . . . . . . . . . . . . . . (419,931) 84,619 ------------------------------ -------- $ 539,105 $232,531 ============================== ======== The accompanying notes are an integral part of this financial statement.
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TRADEFAST, INC. STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (ACCUMULATED DEFICIT) FOR THE YEAR ENDED MARCH 31, 2000 AND THE PERIOD FROM INCEPTION (JULY 1, 1998) TO MARCH 31, 1999 2000 1999 -------------------------------------- INCOME: Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,332,253 $819,555 ---------------------------- -------- EXPENSES: Subcontracted consulting and management services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,491,620 659,802 Reimbursed expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 104,044 -0- Telephone expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,387 16,175 Computer expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,080 3,500 Legal and professional expense. . . . . . . . . . . . . . . . . . . . . 16,951 6,000 Office salaries and employee benefits . . . . . . . . . . . . . . . . . 98,321 -0- Office expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,541 21,459 Training expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,670 -0- Storage expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,318 -0- Bank charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,128 -0- Auto expense 2,572 -0- Meals and entertainment . . . . . . . . . . . . . . . . . . . . . . . . 4,171 -0- ---------------------------- -------- Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,867,803 706,936 ---------------------------- -------- INCOME (LOSS) BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES . . . . . . . . . . . . . . . . . . . . . . . (535,550) 112,619 PROVISION FOR (BENEFIT FROM) INCOME TAXES . . . . . . . . . . . . . . . . (31,000) 33,000 ---------------------------- -------- NET INCOME (LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (504,550) 79,619 RETAINED EARNINGS, BEGINNING OF YEAR. . . . . . . . . . . . . . . . . . . 79,619 -0- ---------------------------- -------- RETAINED EARNINGS (ACCUMULATED DEFICIT), END OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (424,931) $ 79,619 ============================ ======== The accompanying notes are an integral part of this financial statement.
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TRADEFAST, INC. STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2000 AND THE PERIOD FROM INCEPTION (JULY 1, 1998) TO MARCH 31, 1999 2000 1999 ----------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from management fees. . . . . . . . . . . . . . . . . . . $ 2,466,303 $ 600,505 Cash paid for expenses. . . . . . . . . . . . . . . . . . . . . . . . . (2,527,679) (592,024) ---------------------------- ---------- NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES. . . . . . . . . . . . . . . . . . . . . . . . . (61,376) 8,481 ---------------------------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock. . . . . . . . . . . . . . . . . -0- 5,000 Proceeds from deposit payable . . . . . . . . . . . . . . . . . . . . . 500,000 -0- ---------------------------- ---------- Cash Provided By Financing Activities. . . . . . . . . . . . . . . . 500,000 5,000 ---------------------------- ---------- Advances to stockholder . . . . . . . . . . . . . . . . . . . . . . . . -0- (10,000) ---------------------------- ---------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES. . . . . . . . . . . . . . . . . . . . . . . . . 500,000 (5,000) ---------------------------- ---------- NET INCREASE IN CASH. . . . . . . . . . . . . . . . . . . . . . . . . 438,624 3,481 CASH, BEGINNING OF YEAR . . . . . . . . . . . . . . . . . . . . . . . 3,481 -0- ---------------------------- ---------- CASH, END OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . $ 442,105 $ 3,481 ============================ ========== The accompanying notes are an integral part of this financial statement.
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TRADEFAST, INC. STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2000 AND THE PERIOD FROM INCEPTION (JULY 1, 1998) TO MARCH 31, 1999 2000 1999 ---------------------------- RECONCILIATION OF NET INCOME (LOSS) TO NET ------------------------------------------------------------------------- CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: ------------------------------------------------------------------------- NET INCOME (LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (504,550) $ 79,619 ---------------------------- ---------- ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: Changes in Assets (Increase) Decrease: Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . 134,050 (219,050) Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,000) -0- Changes in Liabilities Increase (Decrease): Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . 342,124 114,912 Income taxes payable - current. . . . . . . . . . . . . . . . . . . . . -0- 2,000 - deferred. . . . . . . . . . . . . . . . . . (31,000) 31,000 ---------------------------- ---------- Total Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . 443,174 (71,138) ---------------------------- ---------- NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . $ (61,376) $ 8,481 ============================ ========== The accompanying notes are an integral part of this financial statement.
-5- TRADEFAST, INC. NOTES TO FINANCIAL STATEMENTS Note 1 - Summary of Significant Accounting Policies ---------------------------------------------- Nature of Operations ---------------------- Tradefast, Inc. ("The Company") formed July 1, 1998, which is located in Garden City, New York, provides management services for an affiliated broker/dealer. Cash Equivalents ----------------- The Company considers securities purchased with maturities of three months or less to be cash equivalents. Use of Estimates ------------------ The preparation of financial statements in conformity with generally accepted accounting principles 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 of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration of Credit Risk ------------------------------- The Company maintains its cash balance at one financial institution located in Garden City, New York. The cash account is in excess of the Federal Deposit Insurance Corporation (FDIC) insured limit of $100,000. The Company believes it is not exposed to any significant credit risk on cash. The Company obtains all of its income from the management of one company. Income Taxes ------------- Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to the differences between the basis of accounts receivable and accounts payable for financial and income tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The Company reports revenue and expenses for tax purposes using the cash receipts and disbursements method. -6- TRADEFAST, INC. NOTES TO FINANCIAL STATEMENTS Note 2 - Future Cash Flows ------------------- The shareholders of the Company have committed to provide the funds necessary to fund any cash flow deficiency for the next year. Note 3 - Related Party Transactions ---------------------------- The Company has entered into a management agreement to provide all management and related services to an affiliated company. The companies are related by common ownership. The Company has availed itself to rent-free facilities from an affiliated broker/dealer which it manages. During the year ended March 31, 2000 and the period ended March 31, 1999, the Company incurred costs from related parties in the amounts of $990,000 and $174,740, respectively. During the period ended March 31, 1999, the Company advanced $10,000 to one of its stockholders. This advance was outstanding at March 31, 2000 and 1999. The advance is unsecured, bears no interest, and repayment is expected by December 31, 2000. Note 4 - Accounts Payable ----------------- Accounts payable at March 31, 2000 and 1999 include $213,537 and $57,000, respectively, payable to related parties. Note 5 - Deposit Payable ---------------- As of March 31, 2000, the stockholders of the Company have signed a letter of intent to sell their entire ownership interest in the Company to an unrelated publicly traded firm effective April 1, 2000. The deposit payable represents funds advanced to the Company by that firm in anticipation of the sale which requires an infusion of capital to the Company for development purposes. As of the date of the financial statements, final documents have not been signed by the parties to that event. -7- TRADEFAST, INC. NOTES TO FINANCIAL STATEMENTS Note 6 - Provision For (Benefit From) Income Taxes ----------------------------------------------
The provision for (benefit from) income taxes is summarized as follows: 2000 1999 --------- ------- Current: --------- Federal $ -0- $ 1,200 State . -0- 800 Deferred: --------- Federal (20,000) 20,000 State (11,000) 11,000 -------- ------ $(31,000) $33,000 ========= =======
The net deferred tax asset and liability includes the following components: 2000 1999 ---------- --------- Deferred tax liability . . . . . . . . $ -0- $(31,000) Deferred tax asset . . . . . . . . . . 177,000 -0- Deferred tax asset valuation allowance (177,000) -0- ---------- --------- $ -0- $(31,000) ========== =========
For the year ended March 31, 2000, the provision for income taxes differs from statutory rates due to the valuation allowance. Note 7 - Commitment ---------- The Company has entered into an agreement with a stockholder which requires the Company to pay the stockholder $15,000 a month for consulting services. The agreement is effective for a period of two years and will automatically renew unless either party provides 90 days written notice of the termination. The future minimal payments are as follows: Years Ending March 31: ------------------------ 2001 $ 180,000 2002 135,000 ------- $ 315,000 ======= Payments relating to the above agreement for the year ended March 31, 2000 and the period ended March 31, 1999 amounted to $200,000 and $43,500, respectively. -8- (b) Pro Forma Financial Information. Consolidated Pro Forma Unaudited Balance Sheet as of December 31, 1999 Consolidated Pro Forma Unaudited Statement of Operations as of December 31, 1999 Notes to Condensed Pro Forma Unaudited Financial Statements as of December 31, 1999
EFINANCIAL DEPOT. COM, INC. CONSOLIDATED PROFORMA UNAUDITED BALANCE SHEET DECEMBER 31, 1999 ASSETS Pro forma Pro forma eFinancial Trade-Fast Adjustments Consolidated ------------ ------------ ------------- ------------- CURRENT ASSETS: Cash. . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,859 442,105 (500,000) (2) $(46,036) Accounts Receivable, net of allowance . . . . . . . . . 119,610 85,000 204,610 Securities available for sale . . . . . . . . . . . . . 51,836 - 51,836 Accrued tax benefits. . . . . . . . . . . . . . . . . . 17,980 - 17,980 Prepaid expenses. . . . . . . . . . . . . . . . . . . . 35,005 - 35,005 Due from related parties. . . . . . . . . . . . . . . . - 10,000 10,000 ------------ ------------ ----------- 236,290 537,105 273,395 PROPERTY AND EQUIPMENT, AT COST:. . . . . . . . . . . . . - Furniture and equipment . . . . . . . . . . . . . . . . 35,176 - 35,176 Less accumulated depreciation . . . . . . . . . . . . . 4,020 - 4,020 ------------ ------------ ------------ 31,156 - 31,156 OTHER ASSETS: Goodwill. . . . . . . . . . . . . . . . . . . . . . . . - 13,424,931 (1) 13,424,931 Deposits. . . . . . . . . . . . . . . . . . . . . . . . - 2,000 2,000 ------------ ------------ ------------- - 2,000 13,426,931 ------------ ------------ ------------- $ 267,446 $ 539,105 $ 13,731,482 ============ ============ ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses . . . . . . . . . 152,328 459,036 611,364 Due to related parties. . . . . . . . . . . . . . . . . 500,000 (500,000) (2) - Notes payable . . . . . . . . . . . . . . . . . . . . . 28,220 - 28,220 ------------ ------------ ------------- 180,548 959,036 639,584 STOCKHOLDERS' EQUITY: Common stock. . . . . . . . . . . . . . . . . . . . . . 12,500 5,000 (5,000) (1) 17,500 5,000 (1) Additional paid in capital. . . . . . . . . . . . . . . 13,000,000 (1) 13,000,000 Accumulated earnings/(deficit). . . . . . . . . . . . . 96,907 (424,931) 424,931 (1) 96,907 Unrealized loss on securities available for sale . . . . (22,509) - (22,509) ------------ ------------ ------------- 86,898 (419,931) 13,091,898 ------------ ------------ ------------- $ 267,446 $ 539,105 $ 13,731,482 ============ ============ ============= See accompanying notes to pro forma financial information
EFINANCIAL DEPOT. COM, INC. CONSOLIDATED PROFORMA UNAUDITED STATEMENT OF OPERATIONS DECEMBER 31, 1999 Pro forma Pro forma eFinancial Trade-Fast Adjustments Consolidated ------------ ------------ ------------- ------------- Operating revenue . . . . . . . . . . . . . . . . . . . . $ 1,197,813 $ 2,332,253 $ 3,530,066 Operating expenses: General and administrative. . . . . . . . . . . . . . . 1,023,355 2,867,803 3,891,158 Depreciation and amortization . . . . . . . . . . . . . 3,520 - 671,246 (3) 674,766 ------------ ------------ ------------- 1,026,875 2,867,803 4,565,924 ------------ ------------ ------------- Operating income (loss) . . . . . . . . . . . . . . . . . 170,938 (535,550) (1,035,858) Interest expense. . . . . . . . . . . . . . . . . . . . . - - - Realized loss on securities available for sale. . . . . . (32,203) - (32,203) ------------ ------------ ------------ Net income (loss) before taxes . . . . . . . . . . . . . 138,735 (535,550) (1,068,061) Income tax (expense) benefit. . . . . . . . . . . . . . . (75,350) 31,000 (44,350) ------------ ------------ ------------ Net income (loss) . . . . . . . . . . . . . . . . . . . . $ 63,385 $ (504,550) $ (1,112,411) ============ ============ ============= Earnings (loss) per common share: Basic and diluted . . . . . . . . . . . . . . . . . . . $ 0.01 $ (0.06) ============ ============ Weighted average shares outstanding: Basic and diluted . . . . . . . . . . . . . . . . . . . 12,500,000 17,500,000 See accompanying notes to proforma financial information
eFINANCIAL DEPOT.COM, INC. NOTES TO CONDENSED PROFORMA UNAUDITED FINANCIAL STATEMENTS December 31, 1999 The Proforma Unaudited Financial Statements have been prepared in order to present consolidated financial position and results of operations of eFinancial Depot.Com, Inc. (eFinancial) and Trade-Fast, Inc. (Trade-Fast) as if the acquisition had occurred at the beginning of 1999. In consideration for the acquisition of all of the issued and outstanding shares of Trade-Fast, eFinancial issued a total of five million unregistered common shares. The stock that was issued in this transaction was valued at 85 percent of the average of the stock's closing price five days prior to June 8, 2000. Following is a description of the proforma adjustments that have been made to the financial statements. (1) To record the acquisition of Trade-Fast for stock. The significant components of this transaction are: Stock issued $ 13,005,000 Excess of liabilities assumed over assets acquired 419,931 ------------- Total consideration paid $ 13,424,931 ============= (2) To reverse the effect of $500,000 advanced by eFinancial to Trade-Fast prior to March 31, 2000, in anticipation of the acquisition. Trade-Fast uses a fiscal year ending March 31. Therefore, the elimination of this loan requires that cash be restated. (3) To record one year's amortization of intangibles arising from the acquisition of Trade-Fast. The intangible assets acquired in the acquisition of Trade-Fast are being amortized over a twenty-year period. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (CONT'D) Exhibits -------- (2) Plan of Acquisition, reorganization, arrangement, liquidation or succession 2.1 Share Purchase Agreement dated November 30, 1999 2.2 Letter Agreement, dated June 8, 2000, amending the terms of the Share Purchase Agreement ITEM 8. CHANGE IN FISCAL YEAR Not applicable. SIGNATURES 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 hereunto duly authorized. E-FINANCIAL DEPOT.COM, INC. Date: August 21, 2000 /s/ John Huguet ---------------------------------- John Huguet, President