UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                            Amended Form 10-KSB

[x] AMENDED ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2000

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from _______________________ to _____________

Commission file number               0-27635
                       --------------------------------------

                          BASIC TECHNOLOGIES, INC.
--------------------------------------------------------------------------
               (Name of small business issuer in its charter)

           COLORADO                                       84-1446622
--------------------------------------------------------------------------
(State or other jurisdiction of	                (I.R.S. Employer No. )
 incorporation or organization)

1026 West Main Street, Suite 104, Lewisville, Texas               75067
--------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)

                                  972-436-3789
--------------------------------------------------------------------------
                            Issuer's telephone number

Securities registered under Section 12(b) of the Exchange Act:

Title of each class              Name of each exchange on which registered

None
--------------------------------------------------------------------------

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, $.00001 par value
--------------------------------------------------------------------------
      (Title of class)

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such 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.

[x] Yes [ ] No

Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B is not contained in this form, and no disclosure
will be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of
this Form 10-KSB or any amendment to this Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year.      $710,671
                                                         -----------------

State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which
the common equity was sold, or the average bid and asked price of such
common equity, as of a specified date within the past 60 days. (See
definition of affiliate in Rule 12b-2 of the Exchange Act.)

At June 30, 2000, the aggregate market value of the voting stock held by
non-affiliates is undeterminable.  During the existence of the Registrant
since 1998, there has been no trading on an exchange, nor has there been
over the counter trading; therefore a market value for the Registrant's
shares is not determined.

Note: If determining whether a person is an affiliate will involve an
unreasonable effort and expense, the issuer may calculate the aggregate
market value of the common equity held by non-affiliates on the basis of
reasonable assumptions, if the assumptions are stated.


                ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
                       DURING THE PAST FIVE YEARS

Check whether the issuer has filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Exchange Act after the distri-
bution of securities under a plan confirmed by a court.

[ ]Yes [ ] No 		NOT APPLICABLE

                 APPLICABLE ONLY TO CORPORATE REGISTRANTS

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.  As of June 30, 2000
the Registrant had 7,559,857 shares of common stock issued and
outstanding.

                  DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly
describe them and identify the part of the Form 10-KSB (e.g., Part I,
Part II, etc.) into which the document is incorporated: (1) any annual
report to security holders; (2) any proxy or information statement; and
(3) any prospectus filed pursuant to Rule 424(b) or (c) of the
Securities Act of 1933 ("Securities Act"). The listed documents should
be clearly described for identification purposes (e.g., annual report
to security holders for fiscal year ended December 24, 1990).

With the exception of Part 7, Financial Statements, the Form 10KSB filed
by the Company on October 2, 2000, is incorporated by reference in
total.

Transitional Small Business Disclosure Format (Check one):
Yes [ ]; No [X]

                             TABLE OF CONTENTS

Part II

Item 7.      Financial Statements                                       5


                                 PART II

Item 7. Financial Statements

The financial statements of the Company are included immediately
following the signature page to this Amended Form 10-KSB.



SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

BASIC TECHNOLOGIES, INC.


By:  /s/ Bryan L. Walker
     ------------------------------------------------------
Bryan L. Walker, President and
Chief Executive Officer, Chairman of the Board of Directors
Date: February 7, 2001


In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

By:  /s/ Bryan L. Walker
     ------------------------------------------------------
Bryan L. Walker, President and
Chief Executive Officer, Chairman of the Board of Directors
Date: February 7, 2001

By:  /s/ Richard C. Smith
     ------------------------------------------------------
Richard C. Smith, Treasurer and
Chief Financial Officer, Director
Date: February 7, 2001

By:  /s/ Michael L. Bacon
     ------------------------------------------------------
Michael L. Bacon, Vice President and
Director
Date: February 7, 2001

By:  /s/ Derek T. Smith
     ------------------------------------------------------
Derek T. Smith, Secretary and
Director
Date: February 7, 2001

By:  /s/ Laura N. Walker
     ------------------------------------------------------
Laura N. Walker
Director
Date: February 7, 2001



                                 DAVID S. HALL, P.C.
                             CERTIFIED PUBLIC ACCOUNTANT
                            1660 S. STEMMONS,  SUITE 420
                                LEWISVILLE, TX 75067

                                   (214) 315-1315
                                 FAX (214) 420-0032




INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of
Basic Technologies, Inc.:


We have audited the accompanying consolidated balance sheets of Basic
Technologies, Inc. (a Corporation) as of June 30, 2000 and June 30, 1999
and the related consolidated statements of income, retained earnings and
cash flows for the fiscal years then ended.  These consolidated financial
statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial statements
based on our audit.

We conducted our audit in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit 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 our audit
provides 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 Basic
Technologies, Inc. as of June 30, 2000 and June 30, 1999, and the
results of its operations and its cash flows for the fiscal years then
ended in conformity with generally accepted accounting principles.



/s/ DAVID S. HALL


Lewisville, Texas
September 29, 2000







                                BASIC TECHNOLOGIES, INC.
                              Consolidated Balance Sheets
                            June 30, 2000 and June 30, 1999


<TABLE>
<CAPTION>
                                                                  June 30	    June 30
                                                                    2000              1999
<S>                                                          <C>              <C>
ASSETS

CURRENT ASSETS

     Cash                                                    $       22,342   $       13,349
     Accounts Receivable-Net                                        108,882            3,102
     Inventories                                                     70,903           87,335
     Deferred Tax Asset                                             236,907           58,130
                                                             --------------   --------------

               TOTAL CURRENT ASSETS                                 439,034          161,916

FIXED ASSETS

     Equipment                                                    1,404,838        1,226,873
     Land and Buildings                                               9,974            9,974
                                                             --------------   --------------

     Less:  Accumulated Depreciation                               (125,484)         (22,817)
                                                             --------------   --------------

                TOTAL FIXED ASSETS                                1,289,328        1,214,030

OTHER ASSETS

     Deposits                                                         5,864            1,399
     Organization Costs-Net                                           1,162            1,612
     Proved Developed Oil Reserves                                3,711,000        3,711,000
     Acquisition Goodwill-Net                                       882,295                0
                                                             --------------   --------------

                TOTAL OTHER ASSETS                                4,600,321        3,714,011
                                                             --------------   --------------

                          TOTAL ASSETS                       $    6,328,683   $    5,089,957
                                                             ==============   ==============

</TABLE>

The accompanying notes are an integral part of these financial statements.






                                BASIC TECHNOLOGIES, INC.
                              Consolidated Balance Sheets
                            June 30, 2000 and June 30, 1999


<TABLE>
<CAPTION>
                                                                June 30	             June 30
                                                                  2000                 1999
<S>                                                         <C>               <C>

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

     Bank Overdrafts                                         $           0    $        21,171
     Short Term Notes Payable                                      299,759                  0
     Accounts Payable                                              248,774             70,318
     Accrued Taxes and Interest Payable                             33,564             25,705
     Current Portion of Long Term Debt                              73,138             79,600
                                                             -------------    ---------------

               TOTAL CURRENT LIABILITIES                           655,235            196,794

LONG TERM LIABILITIES

     Deferred Tax Liability                                        223,069                  0
     Payables-Shareholders                                         436,880            139,393
     Capital Lease Payable                                          32,871             41,009
     Long Term Notes and Obligations                               322,657            402,615
     Less: Current Maturities                                      (73,138)           (79,600)
                                                            --------------    ---------------

               TOTAL LONG TERM LIABILITIES                         942,339            503,417

STOCKHOLDERS' EQUITY

     Common Stock, $.00001 par value, 100,000,000 shares
       authorized and 7,759,857 shares and 6,780,625
       shares, respectively, issued and outstanding                     77                 68
     Preferred Stock, $.00001 par value, 10,000,000 shares
       authorized and no shares issued and outstanding                   0                  0
     Paid in Capital                                             5,162,408          4,506,332
     Paid Stock Subscriptions                                       28,500                  0
     Retained Earnings (Deficit)                                  (459,876)          (116,654)
                                                           ---------------    ---------------

                         TOTAL STOCKHOLDERS' EQUITY              4,731,109          4,389,746
                                                           ---------------    ---------------

                               TOTAL LIABILITIES AND
                                 STOCKHOLDERS' EQUITY      $     6,328,683    $     5,089,957
                                                           ===============    ===============

</TABLE>

The accompanying notes are an integral part of these financial statements.






                                BASIC TECHNOLOGIES, INC.
                           Consolidated Statements of Income
                  For the periods ended June 30, 2000 and June 30, 1999


<TABLE>
<CAPTION>
                                                                  June 30	    June 30
                                                                    2000              1999
<S>                                                          <C>              <C>

REVENUES                                                     $      710,671   $       124,589

COST OF SALES                                                       359,257            94,859
                                                             --------------   ---------------

                    GROSS PROFIT                             $      351,414   $        29,730

OPERATING EXPENSES

     Selling, General and Administrative Expenses                   703,640           174,453
     Interest                                                        40,447             7,247
     Amortization and Depreciation                                  125,739            23,267
     Bad Debt Expense                                                 3,967                 0
                                                             --------------   ---------------
                    TOTAL EXPENSES                                  873,793           204,967

          NET INCOME (LOSS) FROM OPERATIONS                  $     (522,379)  $      (175,237)

OTHER (INCOME) EXPENSE

     Interest (Income)                                                  380               429
                                                             --------------   ---------------

               TOTAL OTHER (INCOME) EXPENSE                             380               429
                                                             --------------   ---------------

          NET INCOME (LOSS) BEFORE TAXES                           (521,999)         (174,808)

DEFERRED TAX BENEFIT                                         $      178,777   $        58,130

                    NET INCOME (LOSS)                              (343,222)         (116,678)

     Beginning Retained Earnings (Deficit)                         (116,654)               24
                                                             --------------   ---------------

          ENDING RETAINED EARNINGS (DEFICIT)                 $     (459,876)  $      (116,654)
                                                             ==============   ===============

EARNINGS PER SHARE

     Income (Loss) for Common Stockholders                   $       (0.06)   $        (0.02)
                                                             ==============   ===============

</TABLE>

The accompanying notes are an integral part of these financial statements.






                                BASIC TECHNOLOGIES, INC.
                          Consolidated Statement of Cash Flows
                  For the periods ended June 30, 2000 and June 30, 1999


<TABLE>
<CAPTION>
                                                                  June 30	    June 30
                                                                    2000              1999
<S>                                                          <C>              <C>

CASH FLOWS FROM OPERATING ACTIVITIES
     Net Income (Loss)                                       $    (343,222)   $     (116,678)
     Adjustments to reconcile net income
        to net cash provided by operating activities:

               Depreciation and Amortization                       125,739            23,267
               (Increase) in Accounts Receivable                   (89,582)           (3,101)
               (Increase) Decrease in Inventories                   16,432           (87,335)
               (Increase) in Deferred Tax Asset (net)             (178,777)          (58,130)
               Increase in Accounts Payable and
                  Accrued Liabilities                              186,315            96,023
               (Increase) in Deposits                                    0            (1,399)
                                                             -------------    --------------

                    NET CASH USED BY OPERATING ACTIVITIES         (283,095)         (147,353)

NET CASH USED BY INVESTING ACTIVITIES

               Purchase of Equipment                               (75,209)         (185,656)
                                                             --------------   --------------

                    NET CASH USED BY INVESTING ACTIVITIES          (75,209)         (185,656)

CASH FLOWS FROM FINANCING ACTIVITIES

     Principal Payments on Bank and Other Notes	                  (136,436)          (40,451)
     Proceeds of Notes Payable                                     244,921           201,024
     Proceeds of Shareholder Loans                                 279,983           139,393
     Issuance of Restricted Common Stock                                 0                 9
                                                             -------------    --------------

                    NET CASH PROVIDED BY
                       FINANCING ACTIVITIES                        388,468           299,975
                                                             -------------    --------------

                       NET INCREASE (DECREASE) IN CASH              30,164           (33,034)

                       CASH AT BEGINNING OF YEAR                    (7,822)           25,212
                                                             -------------    --------------

                       CASH AT END OF YEAR                   $      22,342    $       (7,822)
                                                             =============    ==============

</TABLE>

The accompanying notes are an integral part of these financial statements.

                                 BASIC TECHNOLOGIES, INC.
                Consolidated Statements of Changes in Stockholders' Equity
                  For the periods ended June 30, 2000 and June 30, 1999


<TABLE>
<CAPTION>
                                                                  June 30	    June 30
                                                                    2000              1999
<S>                                                          <C>              <C>
COMMON STOCK
     Balance at Beginning of Year                            $           68   $           59
     Issuance of Common Stock for Acquisition of
        Wholly Owned Subsidiary (Sale of 979,232
        shares and 850,000 shares respectively                            9                9
                                                             --------------   --------------

     Balance at End of Year                                  $           77   $           68

STOCK SUBSCRIPTIONS
     Balance at Beginning of Year                            $            0   $            0
     Subscriptions Received                                          28,500                0
                                                             --------------   --------------
     Balance at End of Year                                  $       28,500   $            0


ADDITIONAL PAID IN CAPITAL
     Balance at Beginning of Year                            $    4,506,332   $    3,738,191
     Proceeds or Market Value in Excess of Par Value of
        Common Stock Issued for Acquisitions of Wholly
        Owned Subsidiaries                                          656,076          768,141
                                                             --------------   --------------

     Balance at End of Year                                  $    5,162,408   $    4,506,332

RETAINED EARNINGS (DEFICIT)
     Balance at Beginning of Year                            $     (116,654)  $           24
     Net Loss                                                      (343,222)        (116,678)
                                                             --------------   --------------
     Balance at End of Year                                  $     (459,876)  $     (116,654)

TOTAL STOCKHOLDERS' EQUITY                                   $    4,731,109   $    4,389,746
                                                             ==============   ==============

</TABLE>

The accompanying notes are an integral part of these financial statements.






                                 BASIC TECHNOLOGIES, INC.
                     NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                     June 30, 2000


NOTE 1 - NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

     Nature of Activities and Basis of Accounting

     The Company, a Corporation, is engaged in the diversified operations of
     environmental remediation and recovery of oil and gas properties in
     Texas and Oklahoma, and development of oil and gas ventures and related
     interests, and as an internet service provider and e-business consultant
     in Hawaii, with its corporate headquarters located in Lewisville, Texas.
     The Company incorporated in the state of Colorado on January 21, 1998
     and its fiscal year end is June 30.

     The accompanying financial statements have been prepared on the accrual
     basis of accounting in accordance with generally accepted accounting
     principles.

     Consolidation

     The Company was formed as a parent holding company to operate through
     subsidiaries.  The financial statements consolidate the activities of
     the parent along with:

          Yankee Development Corp., a Texas corporation
          P & A Remediation, LLC, a Texas limited liability company
          Simpco, Inc., a Texas corporation
          P & A Remediation, LLC, an Oklahoma limited liability company
          Cyber Cities Technologies, Inc., an Hawaii corporation

     All significant intercompany transactions and balances have been
     eliminated.

     Cash

     For purposes of the statement of cash flows, the Company considers all
     short term securities purchased with a maturity of three months or less
     to be cash equivalents.  There are no restrictions on any balances.

     Accounts Receivable

     Bad Debt expense has been recognized by use of the allowance method.
     Bad Debt expense for the year ended is $3,967.  There are no
     significant concentrations of credit risk.

     Inventories

     Inventories are shown at cost, using the first-in, first-out method.
     In addition to direct purchases, inventory is acquired through the
     performance of services (See note about revenues).

     Pipe inventory, in the form of a 35-mile long abandoned oil gathering
     pipeline, was acquired for the issuance of a $35,000 promissory note.
     The Company plans to dig up the pipeline and prepare it for sale.

     Fixed Assets

     These assets are carried at acquisition cost.  Depreciation is provided
     using the straight-line method over the estimated economic lives of the
     assets, which range from 20 years for buildings to 3 to 15 years for
     all other assets.

     The Company rebuilt and upgraded certain newly acquired used operating
     equipment prior to placing the equipment in the field.  All costs,
     including related payroll costs, were capitalized.

     Intangibles

     Amortization of Organization Costs is calculated over 60 months.
     Goodwill, created from the purchase of Cyber Cities Technologies, Inc.
     is being amortized over 20 years.

     Income Taxes

     Income from the corporation is taxed at regular corporate rates per
     the Internal Revenue Code.

     Deferred Tax Liability

     The Company purchased Cyber Cities Technologies, Inc. and accounted
     for the transaction using the "purchase" method of accounting.  This
     requires the acquisition to be accounted for at the fair value of the
     assets received or given up, whichever is more readily available.
     Further, this transaction caused a Deferred Tax Liability to be booked,
     due to the difference between the book basis and tax basis of the
     assets received.  The offset to this entry increased Goodwill.

     Common Stock

     The Company's common stock is stated at par value ($.00001) and the
     paid in capital represents the difference between the fair value of
     the assets received and the common stock at par value.  There are no
     commitments or provisions for stock options, stock compensation,
     conversion rights, redemption requirements or unusual voting rights.

     Revenues

     Services

     Services for oil well plugging are provided using two types of
     contracts:  cash and salvage.  Under the salvage type, the Company
     receives as its compensation specified types of used oil well
     equipment or pipe.  Revenue is recognized and the items taken into
     inventory based upon the relevant wholesale market prices, or the
     prices at which the Company could buy the items for resale on the
     open market.

     Sales

     Inventory, whether acquired by purchase or through services, is resold
     to oil and construction customers.

     Approximately $3,100 in revenues has been earned from oil and gas
     production during the fiscal year.

     With the acquisition of Cyber Cities Technologies, Inc., the Company
     sells services as an Internet service provider in Hawaii.

     Interest

     Interest expensed for the period is $ 40,447.  No interest has been
     capitalized.

     Estimates

     The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates
     and assumptions that affect certain reported amounts and disclosures.
     Accordingly, actual results could differ from those estimates.


NOTE 2 - INVESTMENTS IN WHOLLY OWNED SUBSIDIARIES

On April 23, 1998, the Company issued 5,305,625 restricted common shares in
exchange for 100% of Yankee Development Corporation.  Upon consummation of
the transaction, the former owners of Yankee Development Corporation
controlled approximately 90% of the issued and outstanding shares of Basic
Technologies, Inc. and Yankee Development Corporation became a wholly owned
subsidiary of Basic Technologies, Inc.

The transaction was consummated as a purchase of assets, rather than a
pooling of interests.  The valuation assigned to the purchase of Yankee
Development Corporation is based on the underlying net assets, which
consist of working interests in proven oil and gas reserves discounted to
net present value of net revenues less development and operating costs.
The discount applied was 10%. The oil and gas reserves are the only
substantial assets in the subsidiary company.

          Cost of Acquiring Yankee Development Shares     $3,711,000

The valuation of the oil and gas reserves is based on the market price of
oil.  At the time of the valuation, the price used was $15/bbl.  The price
of oil at the balance sheet date was $28.00 per barrel, and the current
price of oil is $33.00; however, the reserves are not to be revalued in
excess of their original valuation.

In October 1998, the Company formed a Limited Liability Company (P & A
Remediation, LLC) with Simpco, Inc. (a wholly owned subsidiary) with the
intention of developing environmental remediation in oil and gas fields.
The Company owns 99% of the stock of P & A Remediation, LLC, and Simpco,
Inc. owns 1%.

In January, 1999, the Company issued 850,000 shares of its authorized but
previously unissued shares of voting common stock in exchange for all of the
outstanding common stock of Simpco, Inc., a Texas corporation.  There is a
contingency clause in the acquisition agreement, which provides for the
issuance of additional shares of stock should the value of the Simpco, Inc.
assets exceed a certain level within eighteen months of the acquisition.
That corporation, now a wholly owned subsidiary, is intended to be the owner
and lessor of the consolidated entities' operating equipment.  A promissory
note for $110,000.00 was also issued to the shareholders of Simpco, Inc. as
part of the acquisition cost.  The transaction was accounted for under the
purchase method.

On November 24, 1999, P&A Remediation LLC, an Oklahoma Limited Liability
Company, was formed for the purpose of beginning remediation and sales
operations in Oklahoma.

Effective January 1, 2000, the Company issued 979,232 shares of its
authorized but unissued shares of voting common stock in exchange for all
of the assets and operations, subject to certain liabilities, of Cyber City
Honolulu, Inc., a Hawaii corporation.  Included in the exchange was the
acquisition of all intangibles including all trade names, customer lists,
goodwill and other intangibles.  The assets and liabilities were then
transferred into a newly formed, wholly owned Hawaii corporation, Cyber
Cities Technologies, Inc.  The acquisition was accounted for using the
"purchase" method of accounting.  The predecessor and successor companies
are a regional Internet service provider and Internet web page hosting
service.  The Company recognized goodwill in the amount of $681,848.  A
related deferred tax liability of $223,069 was recognized, which also
increased goodwill.

The Company has provided the following unaudited pro forma combined
statement of income.  It combines the acquired company's results of
operations for the period July 1, 1999 through December 31, 1999, with the
full year's operations of the Company.  This information is presented for
illustration purposes only.


                        Pro Forma Combined Condensed Statement
                                Of Income (Unaudited)

                              Year Ending June 30, 2000


Operating Revenue                                            $    984,155
Operating Expenses                                              1,470,255
                                                             ------------
Operating Loss                                                   (486,100)

Other Income                                                          380

Deferred Tax Benefit                                              165,145
                                                             ------------
Net Loss                                                     $   (320,575)
                                                             ============

Net Loss per Common Share                                    $       (.04)
                                                             ============

Weighted average number of common shares outstanding            7,759,857
                                                             ============


NOTE 3 - EMPLOYEE BENEFITS

There are currently no qualified or non-qualified employee pensions, profit
sharing, stock option or other plans authorized for any class of employees.


NOTE 4 - LEASES

Capital Leases

All leases for physical facilities are for a period of one year or less,
with no written option periods.  There is one equipment lease, the terms of
which mandate accounting as a capital lease.  The leased assets are
depreciated with interest imputed.

Amortization of capitalized lease costs is included with depreciation.

           Year Ending
             June 30	               Amount

                2001                 $   7,148
                2002                     7,817
                2003                     8,552
                2004                     9,354
                                     ---------
               Total                 $  32,871
                                     =========


Operating Leases

The subsidiary, which operates as an Internet service provider leases
certain computer/communication equipment.  There are two leases which are
paid on a month-to-month basis.  Management expects to exercise the fair
market value buyout options on these.

Additional leases have remaining noncancellable lease terms extending
beyond the current year.  Future rental payments due under existing leases
are:

           Year Ending
             June 30                   Amount

               2001                  $  16,698
               2002                      2,334

              Total                  $  19,032


There are no contingent rentals, subleases or related party leases of
equipment.

Total equipment rental expense for the year was $24,731.


NOTE 5 - COMMITMENTS AND CONTINGENCIES

There are two known lawsuits as of the date of this report that the Company
is involved.  Both involve the former owners of Simpco, Inc., which the
Company purchased in January, 1999.  The former owners allege that the
Company and its officers violated applicable securities laws in the
acquisition of Simpco, Inc., and seek to return their 850,000 shares of the
Common Stock of the Company and the Company's $110,000 promissory note in
return for payment of $940,000 by the Company, plus expenses, or damages of
$940,000 plus expenses and punitive damages.  Management believes that both
suits are without merit and intends to defend both suits vigorously.

Management further believes the worst case scenario to be the return of the
assets of the Simpco transaction for redemption of the Common Stock.  This
would have the effect of reducing the Company's assets by approximately
$850,000 with a corresponding reduction in equity.  No loss on the income
statement would be incurred in this scenario.


NOTE 6 - PROVEN DEVELOPED OIL RESERVES

The Company owns, through a subsidiary, proven developed oil reserves on
2300 acres in west Texas.   Valuation at the time of acquisition was based
upon the discounted net present value of net revenues, after development
and operating costs.  The applied discount rate was 10%, and the oil price
used was $15.00 per barrel.  The price of oil at the statement date was
$28.00 per barrel, and the current price of oil is $33.00 per barrel, but
the reserves are not to be revalued.  Recoverable oil reserves are
estimated to be 880,000 barrels.  See also Note 2 above.


NOTE 7 - INCOME TAXES

Starting in 1998, the Company has adopted Statement of Financial Accounting
Standards No. 109, Accounting for Income Taxes ("SFAS No. 109), which
requires the use of the liability method in the computation of income tax
expense and the current and deferred income taxes payable.  Under SFAS No.
109, income tax expense consists of taxes payable for the year and the
changes during the year in deferred assets and liabilities.  Deferred
income taxes are recognized for the tax consequences in future years of
differences between the tax bases and financial reporting bases of assets
and liabilities.  Valuation allowances are established when necessary to
reduce deferred tax assets to the amount expected to be realized.

As there is a net operating loss in the current fiscal year, the Company
has calculated a deferred tax benefit as follows:

     Fiscal Year June 30, 2000                         $178,777
     Prior Years                                         58,130
                                                       --------

     Gross deferred tax asset                          $236,907
                                                       ========

The Company has also recorded a deferred tax liability for the difference
between book bases and tax bases for the acquisition of Cyber Cities
Technologies, Inc.

     Deferred tax liability                            $223,069


NOTE 8 - SEGMENT REPORTING

The Company has adopted SFAS No. 131, and uses the Management approach
to determine and disclose reportable segment information.

The Company's four reportable business segments are based upon distinctive
types of activities or services:  environmental remediation; equipment
leasing; oil and gas production; and Internet and e-business services.
A full description of these segments is included in Note 1.  All segments
operate within the United States.  The equipment leasing segment provides
service only to the environmental segment.

The accounting policies of the segments are the same as those described in
the summary of significant policies.  Inter-segment services are recorded
using internal transfer prices set by the Company.




NOTE 9 - EARNINGS PER SHARE

Basic earnings (loss) per share are computed by dividing the net loss by the
weighted average number of common shares outstanding during the period.
There are no provisions or contracts that would create dilutive potential
common stock.


NOTE 10 - ACCRUALS

Local taxes and interest on notes and other payables has been accrued.

No accrual of vacation time is made, because no employee met eligibility
requirements at the statement date.


NOTE 11 - LONG-TERM DEBT

In January, 1999, the Company issued a $110,000 unsecured note, due January
2001, as part of the acquisition cost of Simpco, Inc.  The note does not
bear interest, and the entire balance is due at maturity.

In March, 1999, the Company issued $50,000 in notes payable, due in March
2003 for working capital.  Principal and interest accrued at 10% are
payable monthly, and the notes are secured by equipment.

In March, 1999, the Company issued a $11,500 mortgage payable, due in March
2004 for the purchase of real estate.  Principal and interest accrued at
10% are payable monthly and the mortgage is secured by real estate.

In February, 1999, the Company assumed $71,700 in unsecured notes payable,
due March 2004 for the purchase of inventory.  Interest accrued at 7%, as
well as the entire principal balance, is due at maturity.

From November, 1998 through May 1999, the Company issued six notes for a
total of $73,975 in notes payable for vehicle and equipment purchases, due
from August 2000 through March 2004.  Principal and interest accrued at
rates from 7.85% to 16.5% are payable monthly and the notes are secured
by vehicles and equipment.

In August, 1999, the Company issued $19,000 in unsecured notes maturing in
August 2003 for working capital.  Principal and interest accrued at 11.5%
are payable monthly.

In November, 1999, the Company issued a note for a total of $18,300 for
a vehicle purchase, due from December 1999 through November 2003.
Principal and interest accrued at 17.5% is payable monthly and the note
is secured by a vehicle.

Certain installment notes payable for equipment purchases are non-interest
bearing.  On these notes, interest has been imputed at 9%, the related
asset has been discounted, and the imputed/discounted interest is included
in interest expense.

In conjunction with the acquisition of Cyber Cities, the Company assumed
three installment notes totaling $68,750.  These are repaid in monthly
installments of $2,250, with no interest accrued or payable.

There are no conversion provisions for any debt, or any restrictive or
subordinate covenants other than standard liens.

Maturities of long term debt are as follows:

                 Year Ending
                   June 30                  Amount

                    2001                  $  73,138
                    2002                    193,933
                    2003                     40,508
                    2004                     15,078
                                          ---------

                   Total                  $ 322,657
                                          =========

Short Term Notes Payable

Between November, 1999 and June, 2000, the Company issued six (6)
promissory notes totaling $ 187,791 for short term working capital needs.
Interest rates varied from 5% to 12%, payable monthly on some notes, and at
maturity on others.  Notes were secured by equipment and contract proceeds.
Maturities varied, and renewal and extension provisions were available.

The Company also had revolving line of credit arrangements, with year-end
balances totaling $106,968.  These were unsecured, with interest rates
generally 10% per annum.


NOTE 12 - RELATED PARTY TRANSACTIONS

Open account cash advances have been made by various shareholders.  As of
the financials statement date, no promissory notes, interest rates or
repayment schedules have been set.  The balances are classified as long
term obligations.


NOTE 13 - SUBSEQUENT EVENTS

The Company made a private placement offering for additional funding.  At
the balance sheet date, $28,500 in funds had been received for such stock,
but the shares were not issued until after the fiscal year end.  The
amounts received are included in stockholders' equity.  As of the date of
this report, approximately $35,000 has been collected for shares issued
at $1 per share.

The Company has also filed a Form 10 SB with the Securities and Exchange
Commission for purposes of establishing the Common Stock to be traded on
the NASDAQ stock exchange.


NOTE 14 - SUPPLEMENTAL DISCLOSURES-STATEMENT OF CASH FLOWS

                                                June 30      June 30
                                                 2000         1999

Operating activities reflect
   interest paid of:                          $    32,257  $    7,247

Non cash acquisitions of Fixed Assets:

                    Issuance of stock         $    78,956  $  878,150
                    Equipment Loans                23,800     173,041
                                              -----------  ----------

                         Total                $   102,756  $1,051,191
                                              ===========  ==========

Cash down payments are included on the statement of cash flows in capital
expenditures-purchase of fixed assets.


NOTE 15 - COMPREHENSIVE INCOME

The Company had no elements of comprehensive income during the fiscal year.






                             BASIC TECHNOLOGIES, INC.
                          Table of Reportable Segments
                        For the period ended June 30, 2000
<TABLE>
<CAPTION>
                           Oil & Gas   Environmental  Equipment  Internet &   Elimin-  Consoli-
                           Production   Remediation    Leasing   E-Business   ations    dated
                           --------------------------------------------------------------------

<S>                        <C>         <C>            <C>        <C>        <C>     <C>
Sales to
Unaffiliated Customers	   $   3,100   $  453,673     $       0  $  253,898 $       $  710,671
Inter-Segment Sales                0            0        84,500           0  (84,500)        0
                           -------------------------------------------------------------------

        Total Sales        $   3,100      453,673        84,500     253,898  (84,500)  710,671
                           ===================================================================

Operating Income (Loss)    $   3,100     (408,780)      (19,139)    (49,249)
                                                                                      (474,068)
Corporate Expenses                                                                     (48,311)
                                                                                     ---------
        Total Operating Income (Loss)                                                 (522,379)
                                                                                     ==========
Depreciation &
   Amortization            $       0        2,053        94,623      28,508        0   125,184
                           ==========================================================
Corporate Expenses                                                                         555
                                                                                     ---------
        Total Depreciation & Amortization                                              125,739
                                                                                     =========
Interest Revenue (Not Allocated to Segments)                                               380
                                                                                     =========

Interest Expense           $       0       18,556         8,716       1,982         0   29,254
                           ==========================================================
Corporate Expenses                                                                      11,193
                                                                                     ---------
        Total Interest Expense                                                          40,447
                                                                                     =========
                                                                                             0
Segment Assets             $3,711,000     378,102     1,201,902     998,623  (236,404)
                           ==========================================================6,053,223
General Corporate Assets                                                               275,460
                                                                                     ---------
        Total Assets                                                                 6,328,683
                                                                                     =========
Expenditures for
Segment Assets             $       0    $   3,871   $    91,553   $   3,585  $     0 $  99,009
</TABLE>

The accompanying notes are an integral part of these financial statements.