-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JBalUjcu4j/2KKyrD4dfJtmFNCVZeAPZgU65B09pySEfu1p8fEtRqVYKuHEiUNDO Rv0iF8IY34WjIHQab46kbw== 0000909012-98-000170.txt : 19980507 0000909012-98-000170.hdr.sgml : 19980507 ACCESSION NUMBER: 0000909012-98-000170 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980506 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW SKY COMMUNICATIONS INC CENTRAL INDEX KEY: 0000771999 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812] IRS NUMBER: 161229730 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 000-14621 FILM NUMBER: 98611458 BUSINESS ADDRESS: STREET 1: 16 EAST MAIN ST STREET 2: 720 REYNOLDS ARCADE CITY: ROCHESTER STATE: NY ZIP: 14614 BUSINESS PHONE: 7164545490 MAIL ADDRESS: STREET 1: 720 REYNOLDS ARCADE STREET 2: 16 EAST MAIN STREET CITY: ROCHESTER STATE: NY ZIP: 14614 FORMER COMPANY: FORMER CONFORMED NAME: THOROUGHBREDS USA INC DATE OF NAME CHANGE: 19861118 10-K 1 ANNUAL REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended December 31 1997 Commission File Number 2-98684-NY NEW SKY COMMUNICATIONS, INC. ---------------------------- (Exact name of registrant as specified in its charter) NEW YORK 16-1229730 -------- ---------- State of Incorporation Identification Number 16 East Main Street Suite 720 Rochester, New York 14614 ------------------------- Address of principal and executive offices (716) 454-5490 -------------- Registrant's telephone number Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None NAME OF EACH EXCHANGE TITLE OF EACH CLASS REGISTERED ON - ------------------- ------------- Common Stock National Daily Quotation Listing Service Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Aggregate market value of the voting stock held by non-affiliates of the registrant as of December 31, 1997.............................. $ 1,427,000.00 Indicate the number of shares outstanding of each of the registrant's classes of common stock as of December 31, 1997............................... 190,736,923 DOCUMENTS INCORPORATED BY REFERENCE ----------------------------------- Articles of Incorporation By-Laws PART 1 ITEM 1 - BUSINESS ----------------- New Sky Communications, Incorporated (the "Company") develops and produces theatrical motion pictures and home video cassettes. In 1997, the Company entered into a joint venture agreement with Syracuse Productions, LLC to Co-Produce a feature film entitled "FREAK TALKS ABOUT SEX" (originally "SYRACUSE MUSE"). The Company is a special limited partner in the financing limited partnership for the film and is entitled to one-third of the profits from the sale of the film after the investors receive their investment plus a twenty percent (20%) return on their investment. The Company may not disclose the budget or cost of the film for proprietary reasons, but the film qualifies as a "low-budget" film. Principal photography of the film was completed in 1997 and at year-end the film was being edited and mixed. The Joint Venture Agreement has been previously filed as an Exhibit in an earlier 10Q for the Company. To procure the Company's position as Co-Producer of the film, it issued 20,000,000 common shares of stock in the Company, with restrictive legend, to Charles M. LaLoggia in 1997. Mr. LaLoggia is the former President and Chairman of the Company. Mr. LaLoggia was the original Executive Producer of the film and is a significant investor in the financing limited partnership. The Company has capitalized the market value cost of the issuance of the stock, $100,000, under "Film Inventory" on the Balance Sheet. The Company received a Producer's fee of $20,000 from the budget of the film in 1997. The Company is also participating in the development of other film properties with the principals of Syracuse Productions, LLC. In fiscal 1997, the Company's first feature film "LADY IN WHITE" continued its release on video cassette and in foreign markets. All of the funds received by the Company in 1997 from the film, approximately $5,946, were recognized as income in 1997. The Company carries its direct film costs as an asset on the Balance Sheet under "Film Inventory". In 1991, the Company accelerated its amortization of the costs of the film to the rate of $600,000 per year to arrive at a target of $500,000 in Film Inventory for the film by 1993. in 1997 the Company amortized another $100,000 of the film's costs', leaving $200,000 in Film Inventory for the film, The Company continued to develop and seek financing for another film project, a comedy, tentatively entitled "RESPECT YOUR GODFATHER"- At year-end the accumulated development cost of the film was capitalized at $26,772. Page 1 The Company continued to develop and seek financing for its feature film, tentatively entitled "THE GIANT", in 1997. At year-end the accumulated development cost was written down to $750,000. In 1989 the Company invested $250,000 in a film entitled "GRAVE SECRETS", production of which was completed in 1989. Foreign and video sales of the film commenced in late 1989 and continued throughout 1997. The company receives a priority repayment of its investment and has the personal guarantee of the producer of the film. The Company anticipates receiving the return of its investment, but does not anticipate realizing any profit on the film. During 1997, the Company received no proceeds from the Film's producer, keeping the Company's investment to $108,610 at year-end. The Company also issued 10,000,000 common shares of the Company, with restrictive legend, to Carl R. Reynolds, the President and Chairman to compensate him for failing to receive regular compensation for over three years. The Company also issued 3,000,000 shares of common stock to Colleen Tiffany for financial public relations services to be rendered to the Company. Ms. Tiffany is associated with the President, Carl R. Reynolds, in a financial public relations company, Logan Consulting Group, Inc. However, the shares were issued to Ms. Tiffany personally and Mr. Reynolds will receive no benefit or share in the proceeds of the sale of any stock by Ms. Tiffany. The Company also issued 4,000,000 common shares of the Company to Starr Securities, Inc. for investment banking services to be rendered to the Company. Both issuances of shares were registered under an S-8 registration with the S.E.C. and are, therefore, immediately free trading. The agreements with Ms. Tiffany and Starr Securities were attached as Exhibits in 10Q's filed by the Company during 1997. This 10K filing was not timely made as the Company's accountant was unable to complete an audit of its books and records on time. The Company has filed corporate income tax returns, federal and New York State, for the years ended December 31, 1997, 1996 and 1995, but has not filed for years ending December 31, 1992, 1993 and 1994. It has not paid any tax due for any of these years. Although the Company believes there is no federal tax liability for those years, due to its continuing losses, there is tax liability to the State of New York. The Company has not paid those taxes for lack of funds. The Company reports the expected tax liability as an "Accrued Expense". The Company also wrote down development costs in other film projects it has been attempting to develop for a number of years, including "SOMEWHERE IS CALLING" ($15,000), "ARREVIDERCI VENICE" ($30,771) and "CHEAP TRICKS" ($1,000,00). Page 2 ITEM 2 - PROPERTIES ------------------- The company currently rents no office space. ITEM 3 - LEGAL PROCEEDINGS -------------------------- The Company was unable to pay the final several months of rent on the premises it leased at One West Main Street and the landlord has taken a judgment against the Company in the Supreme Court of the State of New York on February 24, 1993 in the amount of $16,383. ITEM 4 - SUBMISSION OF MATTERS ------------------------------ TO A VOTE OF SECURITY HOLDERS ----------------------------- The Company lacked sufficient funds to hold a shareholders' meeting in 1997. Therefore, no matters were submitted to the shareholders for a vote. PART II ITEM 5 - MARKET FOR THE COMPANY'S COMMON STOCK ---------------------------------------------- AND RELATED SECURITY HOLDER MATTERS ----------------------------------- Effective October 25, 1989 the Company's stock was deleted from NASDAQ listing. Since that date, the Company's stock trading has been reported on the National Daily Quotation Listing Service, or "pink sheets" or "bulletin board". Since there is no readily ascertainable high or low quotes for each quarters none are reported here, The approximate number of shareholders of common stock is 4,500 as of December 31, 1997. The Company has never paid a dividend on its common stock. Page 3 ITEM 6. SELECTED FINANCIAL DATA - ------------------------------- The following table summarizes selected financial information of New Sky Communications, Inc. for each of the five years ended December 31, 1997, 1996, 1995, 1994 god 1993. This table should be read in conjunction with other financial information of New Sky Communications, Inc., including "Management's Discussion and Analysis" and financial statements included elsewhere herein.
YEARS ENDED DECEMBER 31, ------------------- -------------------- -------------------- --------------------- -------------- 1997 1996 1995 1994 1993 ------------------- -------------------- -------------------- --------------------- -------------- Net Sales $25,946 $13,729 $16,860 $334 $19,275 Income (loss) from continuing Operations (454,562) (157,416) (138,734) (47,367) (846,795) Income (loss) from continuing Operations per share (A) NIL NIL NIL NIL NIL Cash Dividends NONE NONE NONE NONE NONE Net working capital (147,582) (142,225) (125,265) (106,631) (94,264) Total assets 1,251,116 1,508,415 1,647,821 1,767,821 1,802,821 Long-term debt 0 0 0 0 0 Note A: Amounts are not presented as such amounts were less than $.01 per share.
Page 4 ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS --------------------------------------------- OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS ------------------------------------------------- During the Year, the Company received continuing foreign distribution royalties from The Samuel Goldwyn Company for "LADY IN WHITE" in the amount of $5,946. During 1997, the Company received no funds from Planet Productions, Inc. from receipts on the film "GRAVE SECRETS". The Company received a Producer's fee of $20,000 from the budget of the film "FREAK TALKS ABOUT SEX" during 1997. ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ---------------------------------------------------- (a) The following documents are filed as part of this report: 1.FINANCIAL STATEMENTS: --------------------- Statements of Income - Year ended December 31, 1994, December 31, 1995, December 31, 1996 and December 31, 1997. Statement of Stockholders Equity - December 31, 1994, December 31, 1995, December 31, 1996 and December 31, 1997. Statement of Cash Flows - Years ended December 31, 1994, December 31, 1995, December 31, 1996 and December 31, 1997. Notes to Financial Statements Balance Sheet - December 31, 1994, December 31, 1995, December 31, 1996 and December 31, 1997. Page 5 Michael F. Cronin Certified Public Accountant 12 Blandford Lane Fairport New York 14450 Shareholders New Sky Communications. Inc. Rochester, Now York I have audited the accompanying balance sheet of New Sky Communications, Inc. as of December 31, 1997, 1996, 1995 and 1994 and the related statements of income, stockholders! equity and cash flows for the years and then ended. The financial statements are the responsibility of the Company's management. My responsibility Is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are 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. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New Sky Communications, Inc. as of December 31, 1997, 1996, 1995 and 1994 and the results of Its operations and cash flows for the fiscal years then ended in conformity with generally accepted accounting principles. April 17,1998 /s/ Michael F. Cronin Michael F. Cronin Certified Public Accountant Page 6
NEW SKY COMMUNICATIONS, INC. BALANCE SHEETS ASSETS ------ DECEMBER 31, 1997 DECEMBER 31, 1996 DECEMBER 31, 1995 DECEMBER 31, 1994 ----------------- ----------------- ----------------- ----------------- CURRENT ASSETS: Cash and Cash Equivalents $ 56 $ 1,150 $ 0 $ 0 Accounts Receivable Trade 0 0 0 0 Prepaid Expenses 0 0 0 0 ----------- ----------- ----------- ----------- Total Current Assets $ 56 $ 1,150 0 0 Property & Equipment, Net of Accumulated Depreciation and Amortization (Note A) 1,250,660 1,506,865 1,591,865 1,711,865 Other Assets (Note B) 400 400 55,956 55,956 Total Assets $ 1,251,116 $ 1,508,415 $ 1,647,821 $ 1,767,821 =========== =========== =========== =========== LIABILITIES & STOCKHOLDERS' EQUITY ---------------------------------- ----------- CURRENT LIABILITIES: Accounts Payable $ 106,554 $ 94,291 $ 88,781 $ 75,047 Other Current Liabilities 41,084 49,084 36,584 31,584 ----------- ----------- ----------- ----------- Total Current Liabilities 147,638 143,375 125,365 106,631 Stockholders' Equity Common Stock 5,951,402 5,756,402 5,756,402 5,756,402 Accumulated Deficit (4,847,924) (4,391,362) (4,233,946) (4,095,212) ----------- ----------- ----------- ----------- Total Stockholder's Equity 1,103,478 1,365,040 1,522,456 1,661,190 Total Liabilities & Stockholders' Equity $ 1,251,116 $ 1,508,415 $ 1,647,821 $ 1,767,821 =========== =========== =========== ===========
See Notes to Financial Statements. Page 7
NEW SKY COMMUNICATIONS, INC. INCOME STATEMENTS FISCAL YEARS ENDED ------------------ DECEMBER 31, 1997 DECEMBER 31, 1996 DECEMBER 31, 1995 DECEMBER 31, 1994 ----------------- ----------------- ----------------- ----------------- Net Sales $ 25,946 $ 13,729 $ 16,860 $ 334 Costs & Expenses Applicable to Sales & Revenue (Note A) 428,482 85,000 120,000 0 --------- --------- --------- -------- Gross Profit (Loss) (400,536) (71,271) (103,140) 334 Selling, General & Administrative Expenses 54,026 28,089 30,594 47,701 --------- --------- --------- -------- Income From Operations (454,562) (99,360) (133,734) (47,367) Other Expense-Write Down Carrying Value of Investments 0 55,556 0 0 --------- --------- --------- -------- Income (Loss) Before Income Taxes (454,562) (154,916) (133,734) (47,367) Income Taxes (Note A) 2,000 2,500 5,000 0 --------- --------- --------- -------- Net Income (Loss) $(456,562) $(157,416) $(138,734) $(47,367) ========= ========= ========= ======== Per Share Amounts NIL NIL NIL NIL
See Notes to Financial Statements Page 8
NEW SKY COMMUNICATIONS, INC. STATEMENTS OF CASH FLOWS FISCAL YEARS ENDED ------------------ DECEMBER 31, 1997 DECEMBER 31, 1996 DECEMBER 31, 1995 DECEMBER 31, 1994 ----------------- ----------------- ----------------- ----------------- OPERATING ACTIVITIES: - --------------------- Net Income (Loss) $(456,562) $(157,416) $(138,734) $(47,367) Adjustments to Reconcile Net Income (Loss) to Cash Provided (consumed) by Operating Activities: Non-Cash Valuation Adjustment 0 55,556 0 0 Non-Cash Operating Expenses 25,000 0 0 0 Changes in Operating Assets and Liabilities: (Increase) Decrease in Accounts & Notes Receivable 0 0 0 0 Amortization of Film Inventory Costs 426,205 85,000 120,000 0 Increase (Decrease) in Accounts Payable & Accrued Expenses 4,263 8,010 18,734 (12,367) --------- --------- --------- -------- Net Cash Provided (Consumed) by Operating Activities (1,094) (8,850) 0 (35,000) INVESTING ACTIVITIES: -------- Reimbursement Received on Investment in Film Inventory 0 5,000 0 35,000 --------- --------- --------- -------- 0 Net Cash Used in Investing Activities 5,000 0 35,000 FINANCING ACTIVITIES: -------- Proceeds of Loan 0 10,000 0 0 --------- --------- --------- -------- 0 Net Cash Provided (Used) by Financing Activities 10,000 0 0 Net Change in Cash (1,094) 1,150 0 0 Cash & Cash Equivalents at the Beginning of Period 1,150 0 0 --------- --------- --------- -------- Cash & Cash Equivalents at the End of Period $ 56 $ 1,150 $ 0 $ 0 ========= ========= ========= ========
See Notes to Financial Statements. Page 9
NEW SKY COMMUNICATIONS, INC. STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY ACCUMULATED COMMON STOCK DEFICIT -------------------------------------------------------- ----------- Number of Shares Par Value Capital in Excess of Par Value ---------------- ---------- ----------------- December 31, 1992 142,736,923 $14,274 $5,742,128 $(3,201,050) Net Loss December 31, 1993 (846,795) ----------- ------- ---------- ----------- December 31, 1993 142,736,923 14,274 5,742,128 (4,047,845) Net Loss December 31, 1994 (47,367) ----------- ------- ---------- ----------- December 31, 1994 142,736,923 14,274 5,742,128 (4,095,212) Net Loss December 31, 1995 (138,734) ----------- ------- ---------- ----------- December 31, 1995 142,736,923 14,274 5,742,128 (4,233,946) Net Loss December 31, 1996 (157,416) ----------- ------- ---------- ----------- December 31, 1996 142,736,923 14,274 5,742,128 (4,391,362) Shares issued For Services 48,000,000 4,800 190,200 Net Loss December 31, 1997 (456,562) ----------- ------- ---------- ----------- Balance December 31, 1997 190,736,923 $19,074 $5,932,328 $(4,847,924) =========== ======= ========== ===========
See Notes To Financial Statements. Page 10 NEW SKY COMMUNICATIONS, INC. NOTES TO FINANCIAL STATEMENTS A. Summary of Significant Accounting Policies: 1. REVENUE AND EXPENSE RECOGNITION: Revenue is recognized when earned rather than when received. Expenses are charged to operations as incurred. 2. PROPERTY & EQUIPMENT are recorded on the basis of cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for renewals and betterment's are capitalized. Expenditures for repairs and maintenance are charged to operations as incurred. Gain or loss upon sale or retirement due to obsolescence is reflected in the operating results in the period the event takes place. Film production costs are capitalized as film cost inventory and have been amortized using the individual-film-forecast-computation method over the licensing period. Film inventory consists of the following: DEC. 31,1997 DEC. 31,1996 DEC. 31,1995 DEC. 31,1994 ------------ ------------ ------------ ------------- Films Released $ 308,611 $ 408,611 $ 524,214 $ 644,214 Films in Process 915,277 1,029,712 1,029,712 1,029,712 Story Rights & Scenarios 26,772 68,542 37,939 37,939 ---------- ---------- ---------- ---------- Total Film Inventory $1,250,660 $l,506,865 $1,591,885 $1,711,865 ========== ========== ========== ========== B. Other Assets. Other Assets consist of real estate mortgages held for investment and unamortized organization costs. In 1996 management revised its estimate of the recoverability of its investments resulting In a one time charge to earnings of $ 55,556. C. Income Taxes. The Corporation has $ 4,735,663 in net operating loss carryovers available to reduce future income taxes. These carryovers may be utilized through the year 2012. Generally Accepted Accounting Principles require the recognition of deferred tax assets resulting from the future reduction in taxes as this net operating loss is applied against future taxable income. Management has elected not to recognize this asset due to its estimate of the uncertainty of the realization of its future financial benefit. Page 11 ITEM 9 - DISAGREEMENTS ON ACCOUNTING ------------------------------------ AND FINANCIAL DISCLOSURE ------------------------ None. PART III ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY --------- ----------------------------------------------- The names of the Directors and Executive officers of the Company are as follows: NAME AGE POSITION ---- --- -------- Carl R. Reynolds 50 Chairman of the Board 100 Caversham Woods President Pittsford, NY 14534 History of Officers and Directors: CARL R. REYNOLDS: Chairman of the Board, President and Director of the Company. Mr. Reynolds is an attorney and an accountant. He is a Director of FNB Rochester Corp. and First National Bank of Rochester, Inc. He has been a Director and Officer of the Company since inception. All Directors of the Company will hold office until the next annual meeting of shareholders and until their successors have been duly elected and qualified. The executive officers of the Company are elected by the Board of Directors and bold office at the will of the Board. The Company has not held an annual meeting since 1989 due to lack of funds to hold such a meeting, The Company presently has no Executive Committee or Audit Committee. Page 12 ITEM 11 - EXECUTIVE COMPENSATION -------------------------------- The executives of the Company received Compensation in 1997 in the following amounts: NAME CAPACITY CASH COMPENSATION ---- -------- ----------------- Carl R. Reynolds President, Director $ 18,900.00 ITEM 12 - SECURITY OWNERSHIP OF CERTAIN --------------------------------------- BENEFICIAL OWNERS AND MANAGEMENT -------------------------------- The following table sets forth the number and percentage of shares of Common Stock beneficially owned by the directors and principal shareholders (those owning more than 5% of the Company's outstanding Common Stock) of the Company and any by all officers and directors as a group as of December 31, 1997. COMMON % COMMON SHARES SHARES NAME OWNED OWNED ---- ----- ----- Carl R. Reynolds 11,000,000 5.7% Charles M. LaLoggia 22,050,000 11.5% All Officers & Directors & Principal Shareholders as a Group 33,050,000 17.2% ITEM 13 - CERTAIN RELATIONSHIPS TRANSACTIONS -------------------------------------------- See ITEM 1 - BUSINESS. ITEM 14- EXHIBITS, FINANCIAL STATEMENT -------------------------------------- SCHEDULES AND REPORTS ON FORM 8-K --------------------------------- (a) The following documents are filed as part of this report: PAGE(S) ------- 1. Financial Statement Schedules: For the years ended December 31, 1994, December 31, 1995, December 31, 1996 and December 31 1997 in accordance with Rule 5.04 of regulation S-X. 6-11 Page 13 All other schedules are omitted because they are not applicable or required Information is shown in financial statements or notes thereto. 2. EXHIBITS -------- 1. Articles of Organization, as amended (incorporated by reference to exhibit 3.1 to the Company's Registration Statements No. 2-98684-NY on Form S-18). 2. By-laws, as amended (incorporated by reference to exhibit 3.2 to the Company's Registration Statement No. 2-98684-NY on Form S-18). 3. Agreement dated July 31, 1997 with Starr Securities, Inc. (incorporated by reference from Company's Form 1OQ for September 30, 1997). 4. Agreement dated November 7, 1996 with Charles M. LaLoggia (incorporated by reference from Company's Form 1OQ for March 31, 1997). 5. Agreement dated July 2, 1996 with Frank LaLoggia (incorporated by reference from Company's Form 1OQ for June 30, 1996). 3. FINANCIAL STATEMENT SCHEDULES - The required schedules are filed herewith and incorporated by reference. 4. FORM 8-K - Form 8-K with Agreements dated April 18, 1997 with Charles M. LaLoggia, dated May 12, 1997 with Syracuse Productions, LLC, and dated June 16, 1997 with Colleen Tiffany was filed on June 16, 1997 with the S.E.C. and is incorporated herein by reference. Page 14 SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NEW SKY COMMUNICATIONS, INC. (Registrant) By: /s/ Carl R. Reynolds -------------------------------- April 28, 1998 President - ------------------------------ -------------------------------- (Date) (Signature and Title) 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 an don the date indicated. /s/ Carl R. Reynolds - --------------------------------- Director - --------------------------------- (Signature and Title) April 28, 1998 - --------------------------------- (Date) Page 15 EX-27 2 FINANCIAL DATA SCHEDULE
5 0000771999 NEW SKY COMMUNICATIONS, INC. 12-MOS DEC-31-1997 JAN-01-1997 DEC-31-1997 56 0 0 0 0 56 0 0 1,251,116 147,638 0 19,074 0 0 1,084,404 1,251,116 25,946 25,946 426,482 54,026 0 0 0 (454,456) 2,000 (456,562) 0 0 0 (456,562) 0 0
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