SECURITIES AND EXCHANGE COMMISSION
                                              WASHINGTON, D.C. 20549

                                                    FORM 10-K/A

                                         FOR ANNUAL AND TRANSITION REPORTS
                                      PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                                          SECURITIES EXCHANGE ACT OF 1934

                         X Annual Report Pursuant to Section 13 or 15(d) of
                                        The Securities Exchange Act of 1934

                                     For the fiscal year ended August 31, 1995
                                                        or
                         Transition Report Pursuant to Section 13 or 15(d) of
                                        The Securities Exchange Act of 1934
                  For the transition period from          to

                                         Commission File No. 033-19522-NY

                                         GENISYS RESERVATION SYSTEMS, INC.
                                          (Formerly Robotic Lasers, Inc.)
                    (Exact name of registrant as specified in its charter)

New Jersey                                                      22-2 719541
(State or other jurisdiction of                            ( I.R.S. Employer
      incorporation or organization)                      Identification No.)

2401 Morris Avenue, Union, NJ                                     07083
(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including are. code: (908) 810-8767
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE

        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
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.
                              Yes- X     No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not 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-K or any amendment to this
Form 10-K. [X]
<PAGE>

State the aggregate market value of the voting stock held by  non-affiliates  of
the registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold,  or the average bid and asked  prices of such
stock,  as of a specified  date within 60 days prior to the date of filing.  NOT
AVAILABLE  APPLICABLE  ONLY TO  REGISTRANTS  INVOLVED IN BANKRUPTCY  PROCEEDINGS
DURING THE PRECEDING  FIVE YEARS:  Indicate by check mark whether the registrant
has filed all  documents  and reports  required to be filed by Section 12, 13 or
15(d) of the Securities  Exchange Act of 1934 subsequent to the  distribution of
securities  under  a plan  confirmed  by a  court.  Yes No  APPLICABLE  ONLY  TO
CORPORATE  REGISTRANTS  Indicate the number of shares outstanding of each of the
registrant's  classes of common stock, as of latest practicable date. The number
of shares  outstanding of the registrant's  Common Stock as of November 30, 1995
was 5,609,732  shares,  $.0001 par value per share.  DOCUMENTS  INCORPORATED  BY
REFERENCE:  List hereunder the following  documents if incorporated by reference
and the Part of the Form 10-K  (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) under the Securities Act of 1933. The listed  documents  should be
clearly des cribed for identification purposes. NONE
<PAGE>


                                                      PART I

Item 1.    Business.

History

The  Company  was  incorporated  in New Jersey in April  1986 as a  wholly-owned
subsidiary of JEC Lasers,  Inc. ("JEC") to continue the research and development
of an  ultra-compact,  multi-  kilowatt CO2 laser begun under an agreement  with
Loughborough  Consultants  Ltd ("LCL"),  which is affiliated  with  Loughborough
University of  Technology,  Loughborough,  Leicestershire,  England. 

Due to the
uncertain  financial  condition  of JEC and, in order to preserve  the CO2 laser
technology  which  management felt may have had some value, on May 30, 1986, the
Board of Directors of JEC voted to spin-off  Robotic Lasers into an independent,
publicly-owned  corporation  by  issuing  a stock  dividend  of one share of the
Company's Common Stock for every four shares of JEC common stock  outstanding to
all shareholders of record as of July 8, 1986. On September 23, 1988, the shares
were registered under the Securities Act of 1933, as amended.  On June 25, 1986,
the Company and JEC signed a Purchase Agreement whereby the Company acquired all
of the assets,  rights and  properties  relating to JEC's CO2 laser research and
development  agreement  with LCL,  subject to certain  liabilities.  

On March 3,
1995, the Company sold all of the assets,  rights and properties relating to the
C02 laser  research  and  development  agreement  with LCL,  subject  to certain
liabilities,  to JEC for  $345,593  which  generated  a profit of  approximately
$246,000.

 On August 9,  1995,  the  shareholders  of the  Company  approved  an
amendment  to  the  Company's   Certificate   of   Incorporation   to  effect  a
fifty-five-for-one  reverse stock split pursuant to which each fifty-five shares
of the Company's  Common Stock  outstanding  as of its close of business on July
12, 1995 was  replaced  by one share of Common  Stock.  The reverse  stock split
reduced the number of  outstanding  shares of Common  Stock of the Company as of
July 12,  1995 from  30,853,352  to 560,970  (before  July 16, 1996 two for one
reverse  split)  shares of Common  Stock.  

On August 11,  1995,  Robotic  Lasers
acquired Corporate Travel Link, Inc. (a development-stage  enterprise) which was
incorporated  on March 7, 1994, by issuing  5,048,730  (before July 16, 1996 two
for one reverse  split) shares of restricted  New Common Stock of the Company in
exchange for 300 shares of the Common Stock of  Corporate  Travel Link  ("Travel
Link"),  which represented all of the authorized,  issued and outstanding shares
of common stock of Travel Link. As of August 11, 1995,  the  Company's  business
and  operations  consist  solely of the business and  operations  of Travel Link
which continues to operate as a wholly-owned subsidiary of the Company. 

<PAGE>

SUBSEQUENT  EVENT - On July 16, 1996,  the Company's  stockholders  approved and
effectuated a two for one reverse stock split. Such split has been retroactively
reflected  in the text of this  document  and in the  accompanying  consolidated
financial statements and t he accompanying notes. General The principal business
activity of the Company is developing a computerized  limousine  reservation and
payment  system  for  the  business  traveler.  The  management  of the  Company
anticipates  that the  proprietary  software that is being developed will enable
limousine  reservations  to  be  completely   computerized  -i.e.,  be  entirely
automatic and operate without human intervention. At the present time, there are
four major  airline  reservations  systems in operation in the United  States --
"Sabre", "Worldspan",  "Apollo" and "System One"(the "Reservation System"). Each
of these systems allows a travel agency or corporate  travel  department to make
an airline reservation and receive  instantaneously a confirmation and a printed
airline ticket on any airline.  It is also possible to make a hotel  reservation
with one of the major hotel chains  through any of the  reservation  systems and
receive an  instantaneous  confirmation of room  availability.  Additionally,  a
travel agent or corporate travel manager may make an automobile reservation with
any one of the major car rental  companies  (Hertz,  Avis and the like)  through
these airline reservations systems, and receive an immediate confirmation of the
car rental reservation. When it comes to limousine reservations,  however, there
is at present no method for making a  reservation  through one of the four major
airline reservation systems and receiving an immediate guaranteed  confirmation.
The usual method of making a limousine  reservation in a destination  city is to
call a limousine  company,  if the travel  agent  knows of one.  This use of the
telephone,  with its attendant inconveniences such as "telephone tag" and missed
communications,  can require up to a few hours to secure a  confirmed  limousine
reservation.  It is also an expensive  process for the travel agent or corporate
travel  manager,  due  primarily to the  personnel  required to secure a binding
limousine  reservation.  There are also  frequent  billing  errors and  clerical
mistakes in scheduling.  In today's cost-conscious business world,  corporations
must  explore  every  possible  way to cut costs and save  time.  Under  systems
presently  in place,  there is no quick,  direct,  and  efficent  way to reserve
limousine service. Today reservations are still being booked, changed,  canceled
and  reconfirmed  by  telephone,   which  is  time-consuming,   error-prone  and
expensive.  The Company seeks to solve the problems involved in making limousine
reservations for the business traveler by: 1. developing a limousine reservation
system that utilizes the airline computer reservation systems already in use; 2.
developing a way to identify and qualify the best limousine service providers in
the
<PAGE>

cities that are the business travelers most frequent destinations;

3. developing a way to disseminate  reservation information to corporate clients
and to limousine service providers with no errors,  with immediate  confirmation
and  without the need to utilize  the  telephone;  

4.  developing  an  automated
electronic  payment  system to process  all fees  charged by the  Company to its
clients; 

5. performing the  above-described  tasks with a high degree of quality
control;  and 

6.  providing  corporate  clients with  management  and  financial
information,  to enable them to ascertain  where costs are being  incurred.  

The
Company proposes to create its own computer system which will be linked with one
or more of the airline  reservation  systems.  Any limousine  reservations  made
through the Reservation System will be relayed  instantaneously to the Company's
computer and then to a service  provider of the  clients'  choice -- all without
human intervention -- and an immediate limousine  reservation will be confirmed.
In the event that the client has no relationship  with a service provider or has
no preference,  they will be able to access a national  network service provider
through the Company's system.  The Company is in the process of arranging access
to such national network  services. 

 Employees

 The Company  presently  employs 5
full-time  employees,  none  of  whom  is  covered  by a  collective  bargaining
agreement.  The Company also utilizes several software and marketing consultants
on a part-time  basis.  The Company  believes  its  personnnel  relations  to be
satisfactory.  Item 2. Properties The Company  presently  leases office space at
2401 Morris  Avenue,  Union,  New Jersey.  The  five-year  lease  provides for a
monthly  rental of $2,125.00  through  November 2000 and contains  approximately
1,500  square  feet  of  office  space.  This  property  has  been  leased  from
unaffiliated  third parties and  adaquately  satisifies the present needs of the
Company.  The Company  anticipates that it will need approximately  3,500 square
feet in additional space in early 1997. Item 3. Legal  Proceedings.  The Company
is not a party to any  litigation  nor, to the knowledge of the Company,  is any
litigation  threatened.  

<PAGE>

 Item 4.  Submission  of Matters to a Vote of Security
Holders.  A special  meeting of the  shareholders of the Company was held at the
offices of Paul A. Wurtzel, Esq., 300 Grand Avenue,  Englewood, New Jersey 07631
on Wednesday,  August 9, 1995 at 9:30 a.m. At the meeting,  the  shareholders of
the Company approved an amendment to the Company's  Certificate of Incorporation
to effect a  fifty-five-for-one  reverse  stock  split  pursuant  to which  each
fifty-five  shares of the Company's  Common Stock  outstanding  as of the end of
business on July 12, 1995 was  replaced  by one share of New Common  Stock.  The
Reverse Stock Split reduced the number of outstanding  shares of Common Stock of
the Company as of July 12, 1995 from  30,853,352 to 560,970.  The annual meeting
of shareholders of the Company was held at the offices of Corporate Travel Link,
Inc., 2401 Morris Avenue, 3rd Floor, Union, New Jersey,  07083, on Tuesday, July
16, 1996, at 9:30 A.M. At the meeting the  shareholders of the Company  approved
an  amendment  to  the  Company's  Certificate  of  Incorporation  to  effect  a
two-for-one  reverse  stock  split  pursuant  to which  each two  shares  of the
Company's  new common  stock  outstanding  as of the end of business of June 25,
1996, was replaced by one share of Common Stock of Genisys Reservation  Systems,
Inc. The reverse stock split reduced the number of outstanding  shares of common
stock of the Company as of June 25, 1996,  from 5,669,731 to 2,834,866.  Item 5.
Market for the  Registrant's  Common  Equity and  Related  Stockholder  Matters.
Market  Information  The  Company's  Common  Stock is  eligible  to trade in the
over-the-counter  market,  however,  the  Company  has been unable to locate any
market makers in its stock. The following table indicates the quarterly high and
low bid  prices for the last two years for the  Company's  Common  Stock,  which
became publicly traded on September 23, 1988:Common Stock, which became publicly
 traded on September 23, 1988:

                                         Bid Price                  Bid Price
                                           1995                       1994
                Quarter Ended          High    Low                High    Low
                  November 30       Not Available                 Not Available
                  February 28       Not Available                 Not Available
                  May 31            Not Available                 Not Available
                  August 31         Not Available                 Not Available

         The foregoing prices were provided by the National Quotation Bureau.

         Approximate Number of Equity Security Holders

                                                         Approximate Number of
                                                         Holders of Record as
                  Title of Class                         of August 31, 1995

                  Common Stock,
                  $.OOOI par value                                  1,100


<PAGE>

Included in the number of stockholders of record are shares held in "nominee" or
"street"  name.  Dividends  The Company has never paid any cash  dividends.  The
Company  presently  intends  to  retain  any  future  earnings  for  use  in its
operations  and,  therefore,  does  not  expect  to pay  cash  dividends  in the
foreseeable  future.  Item 6. Selected  Financial Data. The following table sets
forth  selected  financial data with respect to the statements of operations and
balance  sheets of the  Company for the five years ended  August 31,  1995.  The
selected  financial data is derived from the unaudited  statements of operations
and balance  sheets for years ended August 31, 1991 and August 31, 1992 and from
the audited  statements  of  operations  and balance  sheets for the years ended
August 31, 1993, August 31, 1994 and August 31, 1995.

         Selected Financial Data:
                                        Years Ended August 31,

                                    1995             1994              1993
                                    (audited)        (audited)         (audited)
                                    (consolidated)

         Net sales                   $                $                 $       

         Net income (loss) incurred
          during the development
          stage                     (269,080)        47,802         (45,102)

         Net income (loss) per
         common share               ( .11)          .0019          (.0018)

         Working capital
          (Deficit)                 (540,198)        (584,620)     (640,370)

         Total assets               260,002           161,581       116,884    
         Total liabilities          555,079           640,570       643,675
         Stockholders' equity
         (Deficit)                 (295,077)        ( 478,989)     (526,791)


                               Years Ended August 31,

                                               1992               1991
                                            (unaudited)       (unaudited)
                                    

         Net sales                             $                 $

         Net income (loss) incurred
          during the development
          stage                              ( 46,885)         ( 59,334)

         Net income (loss) per
         common share                        (    .0019)       (   .0024)

         Working capital
          (Deficit)                         ( 603,892)          (566,282)

         Total assets                         123,569            203,102
         Total liabilities                    605,258            637,906
         Stockholders' equity
         (Deficit)                          ( 481,689)           (434,804)






<PAGE>

Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operations. Operations, Liquidity and Capital Resources The Company is in the
development  stage and has not yet generated any revenues  from  operations.  As
reflected in the  accompanying  financial  statements,  the Company has incurred
losses of $269,080 since  inception and at August 31, 1995 had a working capital
deficit of $540,198.  

At August 31, 1995, current assets were lower than current
liabilities  by $540,198,  while at August 31, 1994,  current  assets were lower
than current liabilities by $23,616.  The current ratio was 0.027:1 at
 August 31, 1995,  compared to 0.0002:1 a year earlier. 

 Selling,  general and administrative
expenses were $256,621 for the year ended August 31, 1995 as compared to $31,416
for fiscal 1994, an increase of $225,205 or 717%. 

The Company's  funds have been
provided  from Loeb  Holding  Corp.,  as  agent,  ( See Note 4),  advances  from
stockholders and LTI Ventures  Leasing  Corporation (See Note 5). 

On February 8,
1995,  the Company and Loeb Holding Corp.,  as agent ("Loeb")  signed an interim
loan  agreement  whereby  Loeb loaned the Company the sum of $60,000,  due in 60
days together with interest of 9%, to be used as working capital.  Additionally,
on March 23, 1995, May 3, 1995, May 8, 1995, June 16, 1995 and July 3, 1995, the
Company and Loeb signed additional  interim loan agreements  whereby Loeb loaned
the  Company  the sums of  $25,000,  $185,000,  $40,000,  $50,000  and  $75,000,
respectively.  Each of these  additional  interim loans were due in 60 days from
the date of the agreement and accrued  interest at 9%.

 On September 5, 1995, the
Company and Loeb  Holding  Corp.  signed an  agreement  whereby  Loeb  purchased
841,455 shares of New Common Stock of the Company. In consideration for the sale
of the stock,  Loeb  agreed to loan the  Company up to a maximum of  $500,000 as
evidenced by two Promissory  Notes dated September 5, 1995, one in the principal
amount of $475,000  and the other in the  principal  amount of $25,000. 

 (a) The promissory  note for $475,000  supersedes the above Interim
 Loan  Agreements and
repayments of the advances is governed by these  promissory notes and not by the
provisions of any of the interim loan  agreements.  

The principal  amount of the
$475,000 note is to be repaid in 12 equal quarterly payments  commencing two (2)
years from the date of said note.  Prepayments  may be made at any time  without
penalty.  Interest  is  accrued at the rate of nine  percent  (9%) per annum and
interest, payments are to be made quarterly at the end of each calendar quarter,
or at such  earlier  date that this Note  becomes due and payable as a result of
acceleration,  prepayment or as otherwise provided herein.  Interest shall begin
to run from the date that the monies are or were advanced to the Maker. On March
31, 1996,  all interest  that has accrued  through that date shall be calculated
and shall be paid in four equal installments on March 31, 1996, June 30, 1996, 

<PAGE>


September  30, 1996 and  December 31, 1996.  In  addition,  the first  quarterly
interest payment shall be made on March 31, 1996, for interest due for the first
quarter of 1996, and quarterly  interest  payments  shall be made  thereafter on
March 31st,  June 30th,  September  30th and December 31st of each year. 

(b) The
Promissory  Note for $25,000  accrues  interest at the rate of nine percent (9%)
per annum payable  quarterly and is convertible at the sole option of the holder
into a maximum of an additional 30% of common shares of the Company determined
 by a
sliding  scale based on the  audited  pretax  profits of the Company  during the
second and third years of  operations  of the  Company on a sliding  scale based
upon the Company  achieving  between 50% and 80% of the projections  provided to
Loeb.  (Example:  if the  Company  achieves  80% or  better  of  projection,  no
conversion;  if the Company achieves 50% or less of projection,  conversion into
30% of the Company;  if the Company  achieves between 50% and 80% of projection,
the note is convertible into the pro-rate  portion of 30% of the Company,  i.e.,
70% achievement  equals one-third of the 30% of the Company.) Unless  previously
converted,  the  principal  amount of the note shall be repaid by the Company in
twelve (12) equal quarterly installments, the first principal payment to be made
on April 1, 1998.  On December  1, 1995,  the Company and Loeb signed an interim
loan agreement whereby Loeb loaned the Company the sum of $50,000 due in 60 days
together  with  interest of 9% to be used as working  capital.  Additionally  on
December 4, 1995,  January 16, 1996,  February 23, 1996 and March 12, 1996,  the
Company and Loeb signed additional  interim loan agreements  whereby Loeb loaned
the Company the sums of  $100,000,  $50,000,  $25,000 and $25,000  respectively.
Each of these additional interim loans were due in 60 days from the date of each
agreement and accrued  interest at 9% per annum.  Loeb has the option to convert
the five interim loan  agreements  into two term  Promissory  Notes,  one in the
principal  amount of $237,500 and the other in the principal  amount of $12,500.
The two promissory  notes would  supersede the above interim Loan Agreements and
repayment of the advances would be governed by these promissory notes and not by
the provisions of any of the interim loan agreements.  In consideration  for the
conversion of the interim loan agreements  into the two term  Promissory  Notes,
Loeb will receive  420,728 shares of Common Stock of the Company.  The principal
amount  of the  $237,500  note is to be repaid  in 12 equal  quarterly  payments
commencing two (2) years from the date of said note.  Prepayments may be made at
any time  without  penalty.  Interest  is  accrued at a rate of 9% per annum and
interest  payments are to be made quarterly at the end of each calendar quarter,
or at such  earlier  date that the Note  becomes  due and payable as a result of
acceleration,  prepayment or as otherwise provided therein. Interest shall begin
to run from the date that the monies are or were  advanced to the  Company.  The
Promissory  Note for $12,500  will  accrue  interest at the rate of 9% per annum
payable  quarterly  and is  convertible  at the sole option of the holder into a
maximum of an additional 15% of the common shares of the Company determined by a
sliding  scale based on the audited  pretax 

<PAGE>

 profits of the Company  during the
second and third years of  operations  of the  Company on a sliding  scale based
upon the Company  achieving  between 50% and 80% of the projections  provided to
Loeb.  (Example:  If the  Company  achieves  80% or  better  of  projection,  no
conversion;  if the Company achieves 50% or less of projection,  conversion into
15% of the Company;  if the Company  achieves between 50% and 80% of projection,
the note is convertible into the pro-rata  portion of 15% of the Company,  i.e.,
70% achievement  equals one-third of the 15% of the Company).  Unless previously
converted,  this $12,500 principal amount,  together with any accrued but unpaid
interest,  shall  become a demand note after the third year of  operation of the
Company.  On September 30, 1995, the Company  entered into a sale and lease-back
arrangement  with LTI Ventures  Leasing Corp. (LTI) whereby the Company sold the
bulk of its computer  hardware and  commercially  purchased  software to LTI. In
consideration  for the sale, the Company received a total of $169,599 and agreed
to lease back the hardware and  software for varying  terms at a monthly  rental
totaling $7,039. During the quarter ended March 31, 1996, the Company sold 5,000
shares of the Company's restricted Common Stock to a former officer and director
of the Company for $10,000. During the same period, the Company also sold 25,000
shares  of the  Company's  restricted  Common  Stock to an  unrelated  party for
$50,000.  Pursuant  to a private  offering,  the  Company  issued  11.5 units to
various unrelated third parties in May and June 1996. Each $50,000 unit consists
of a $49,000  promissory  note and a Class A redeemable  Common  Stock  purchase
Warrant valued at $1,000 per unit. Each warrant  entitles the holder to purchase
25,000 shares of the Company's  common stock at $5.75 per share.  Total proceeds
received from this offering was $575,000 and warrants to purchase 287,500 shares
of the Company's  common stock were issued.  In April and June 1996, the Company
borrowed a total of $30,000 from two unrelated third parties.  The maturity date
is the earlier of January 1, 1998, or the  consummation  of a public offering of
the Company`s common stock. These notes bear interest at a rate of 7% per annum,
payable on the last day of each calendar quarter of each year,  commencing March
31, 1997, to the maturity  date. If the maturity date of these notes shall occur
prior to January 1, 1998, in lieu of the $30,000 payment of the principal amount
due,  the  principal  amount due shall be  converted  into 15,000 fully paid and
non-assessable  shares of common stock of the Company.  At August 31, 1995,  the
Company had cash and cash  equivalents of $11,147 and a working  capital deficit
of $540,198.  At June 30,  1996,  the Company had cash of $396,928 and a working
capital  deficit of $805,151.  Management of the Company  estimates that it will
require additional funding of approximately  $750,000 to provide for its planned
operations for the next six months. The Company is exploring a number of options
to raise the  required  funds.  

<PAGE>

 Inflation is not expected to have any material
effect on the Company.  Item 8. Financial Statements and Supplementary Data. See
Pages Fl through Fll. PART III Item 10. Directors and Executive  Officers of the
Registrant.  The following table sets forth certain  information with respect to
each of the Company's directors and executive officers.

The following table sets forth certain information with respect to each of the 
Company's directors and executive officers.

        NAME                            AGE    POSITION

        Joseph Cutrona                 58     President and Director
        John Wasko                     58     Secretary/Treasurer  and Director
        Mark A. Kenny                  43     Director
        Warren D. Bagatelle            58     Director


The Company's Executive Committee is empowered to exercise full authority of the
Board of  Directors  in  circumstances  when  convening  the  full  Board is not
practicable.  Mr. Warren D. Bagatelle, Mr. John H. Wasko, and Mr. Joseph Cutrona
currently  serve as members.  Joseph Cutrona has served the Company as President
and  Chairman of the Board since  August  1995,  and has served as  President of
Travel Link since  inception,  March 11, 1994. He has been employed full time by
Travel Link since March 1995.  From 1992 to 1995,  Mr.  Cutrona was engaged as a
marketing  consultant  of Country  Club  Transportation  Services,  Newark,  New
Jersey, a company providing limousine services.  From 1990 to 1992, he served as
Marketing Director of Gem Limousine, Edison, New Jersey, a provider of limousine
services.  From 1978 to 1990, Mr. Cutrona provided limousine consulting services
to  large  corporations  in the  tri-state  area.  Mr.  Cutrona  graduated  from
Fairleigh  Dickinson  University  and The  University  of  Maryland  and  Sophia
University, Osaka Japan. John H. Wasko has served the Company as Secretary since
September  1995, as Secretary and Treasurer  since April 1996, and as a Director
since its  inception  in April  1986.  Mr.  Wasko has also served the Company as
President and Chairman of the Board since its  inception to August 1995,  and as
Treasurer  from April 1986 to  September  1987 and from May 1988 to August 1995.
Mr.  Wasko has also served as Chairman of the Board,  President  and Director of
JEC Lasers,  Inc.  ("JEC")  since it was  organized  in September  1977.  He was
awarded a bachelor of science  degree in physics in 1963 and a master of science
degree  in  physics  (summa  cum  laude)  in 1965  from  Fairleigh  

<PAGE>

  Dickinson
University.  Mark A. Kenny, currently a consultant to the Company, served as the
Company`s Executive Vice President from August 1995 to October 1996 and Director
since  August 1995 and has served as  Executive  Vice  President  of Travel Link
since inception,  March 11, 1994 to October 1996. From 1974 to the present,  Mr.
Kenny has been a partner of Country Club Transportation  Services, a provider of
limousine  services,  which  he  co-founded  in  1974.  Mr.  Kenny is one of the
original  members of the New Jersey  Business  Travel  Association  and attended
Seton Hall Preparatory School and Seton Hall University.  He is also a member of
the Association of Corporate  Travel  Executives and a charter member of the New
Jersey  Limousine  Association.  Warren D.  Bagatelle  has been,  since 1988,  a
Managing  Director  at Loeb  Partners  Corporation,  a New York City  investment
banking  firm and  member  of the New York and  American  Stock  Exchanges.  Mr.
Bagatelle is also a director of Energy Research  Corporation,  a company engaged
in the  development  and  commercialization  of  electrical  storage  and  power
generation equipment, principally fuel cells and rechargeable storage batteries,
Rotary  Power  International,  Inc.,  a  developer  and  manufacturer  of rotary
engines, and Sports Media, Inc., a sports publishing and marketing company. From
1981 to 1987, he was head of Corporate Finance and Chairman of Josephthal,  Lyon
& Ross  Incorporated  (formerly  Rosenkrantz,  Lyon & Ross,  Inc.) an investment
banking firm.  Mr.  Bagatelle has a B.A. in economics  from Union College and an
M.B.A  from  Rutgers   University.   Item  11  .  Management   Remuneration  and
Transactions.  The following tabulation shows the total compensation paid by the
Company for  services in all  capacities  during the year ended August 31, 1995,
1994 and 1993 to the  Officers  of the Company  and total  compensation  for all
Officers as a group for such period: Long-Term Compensation
                                                    
                                                    
                                                                  Other Annual
Name and               Annual   Compensation                       Compensation
Principal                 Year       Salary $     Bonus               ($)      
Position

Joseph Cutrona       1995       $28,000.00        $0               $3,840      
President            1994       $0                $0               $4,000      
                     1993       $0                $0               $0          

Mark A. Kenny       1995       $28,000.00         $0               $3,840      
                    1994       $0                 $0               $4,000      
                    1993       $0                 $0               $0          

John H. Wasko       1995       $0                 $0               $2,500      
Secretary           1994       $0                 $0               $0          
Treasurer           1993       $0                 $0               $0          



                                              Long Term Compensation
                         Awards                           Payouts
                        Restricted                                   All other
Name and                Stock          Options      LTIP             Compensa-
Principal               Awards         SARs        Payouts(#)         tion($)
Position

Joseph Cutrona   1995     0             0             0
President        1994     0             0             0
                 1993     0             0             0

Mark A. Kenny    1995     0             0             0
                 1994     0             0             0
                 1993     0             0             0

John H. Wasko    1995     0             0             0
Secretary        1994     0             0             0
Treasurer        1993     0             0             0







<PAGE>

Item 12.      Security Ownership of Certain Beneficial Owners and Management.

The following tabulation shows the security ownership as of June 25, 1996 of (i)
each person known to the Company to be the  beneficial  owner of more than 5% of
the Company's  outstanding Common Stock,(not  including 333,216 shares issued to
Steven Pollan which the Company has given notice of  cancellation of as a result
of certain  misrepresentations  by Mr. Pollan to the Company) (ii) each Director
and Officer of the Company, and (iii) all Directors and Officers as a group.


                                        NUMBER OF             PERCENT
NAME & ADDRESS                          SHARES OWNED          OF CLASS

Loeb Holding Corp.
As Agent (1)
61 Broadway
New York, NY 10006                   841,455                    29.68%

Warren D. Bagatelle
(1)(2)
Loeb Partners Corp.
61 Broadway
New York, NY 100061                  848,194                    29.92%

Joseph Cutrona
Genysis Reservation Systems
2401 Morris Avenue
Union, NJ 07083                      666,433                    23.51%

Mark A Kenny
10 Lisa Drive
Chatham, NJ 07928                    666,433                    23.51%

John H. Wasko
(3) (4)
Genysis Reservation Systems
2401 Morris Avenue
Union, NJ 07083                     115,872                       4.09%

All Officers and Directors
as a group (4 persons)           2,296,932                      81.02%


(1) Does not include 420,728 Common Shares to be received by Loeb Holding Corp.,
as agent  for  non-affiliated  persons,  upon  conversion  of the  interim  loan
agreements  into two  Promissory  Notes.  (2)  Includes  841,455  Common  Shares
purchased  by Loeb  Holding  Corp.  as agent for Warren D.  Bagatelle,  Managing
Director of Loeb Partners Corp., HSB Capital of which Warren

 <PAGE>
 Bagatelle is
a  partner  and a number of other  customers  of and  trusts  managed  by,  Loeb
Partners  Corp.,  and 6,739 Common Shares owned  directly by Warren D. Bagatelle
and 2,233 Common  Shares  owned  directly by HSB  Capital.  (3) Includes  29,383
Common Shares owned of record by Joan E. Wasko,  John Wasko's wife, of which Mr.
Wasko disclaims beneficial  ownership,  but of which he may be deemed beneficial
owner.  (4) Includes a 5-year option to purchase  25,000 shares of the Company's
Common  Stock at a price of $0.60 per share  granted to Mr. Wasko by the Company
on August 11, 1995. Messrs.  Cutrona and Kenny may be deemed to be "parents" and
"promoters"  of the  Company,  as those  terms  are  defined  in the  rules  and
regulations  of the  Securities  Act of 1933,  as  amended.  In August  1994 and
February 1995, Messrs. Cutrona and Kenny each received their Common Stock in the
Company for $7,840 of contributed  services  provided to the Company.  In August
1994 and February 1995, Mr. Pollan  received his common stock in the Company for
$3,920.

Item 13.       Certain Relationships and Related Transactions.

During  February  1995,  the Company issued 45,765 shares of its Common Stock in
repayment of certain  liabilities  totaling $251,702.  Those liabilities include
notes payable to Saddle Brook  Investors of $149,633,  note payable plus accrued
interest  to a director  of $34,273  and  certain  accounts  payable of $67,796.
During March 1995, John H. Wasko,  then President of the Company,  upon exercise
of his own option,  acquired 70,520 shares of the Common Stock of the Company at
an exercise  price of $0.02145 per share.  On March 3, 1995, the Company and JEC
signed a purchase  agreement whereby JEC acquired all of the assets,  rights and
properties  relating  to  the  Company's  CO2  laser  research  and  development
agreement with LCL, subject to certain  liabilities,  in full  consideration for
the  forgiveness  of the  indebtedness  of the  Company  to JEC in the amount of
$345,593  owed as of February  28,  1995.  On August 11,  1995,  Robotic  Lasers
acquired  Travel Link, by issuing  5,048,730  shares  (before  reverse split) of
restricted  New Common  Stock of the Company in  exchange  for 300 shares of the
common stock of Travel Link owned by Joseph Cutrona, Mark A. Kenny and Steven E.
Pollan which  represented all the authorized,  issued and outstanding  shares of
common stock of Travel Link. As of August 11, 1995,  the Company's  business and
operations  consist  solely of the business and  operations of Travel Link which
continues to operate as a wholly-owned subsidiary of the Company. Travel Link (a
development-stage  enterprise) was  incorporated on March 7, 1994. The principal
business  activity  of  Travel  Link  is  developing  a  computerized  limousine
reservation  and payment  systems for the business  traveler.  On September  30,
1995,  841,455  Common Shares of the Company were purchased by Loeb 

<PAGE>

 for Warren
D. Bagatelle, HSB Capital and a number of other customers of, and trusts managed
by Loeb.  Loeb recieved  such shares as well as $750,000 in Promissory  Notes in
consideration  for $750,000  loaned to the Company in cash. On December 1, 1995,
the Company and Loeb signed an interim  loan  agreement  whereby Loeb loaned the
Company the sum of $50,000  due in 60 days  together  with  interest of 9% to be
used as working  capital.  Additionally  on December 4, 1995,  January 16, 1996,
February  23, 1996 and March 12,  1996,  the Company and Loeb signed  additional
interim  loan  agreements  whereby Loeb loaned the Company the sums of $100,000,
$50,000,  $25,000 and $25,000  respectively.  Each of these  additional  interim
loans were due in 60 days from the date of each  agreement and accrued  interest
at 9% per annum. Loeb has the option to convert the five interim loan agreements
into two term Promissory  Notes, one in the principal amount of $237,500 and the
other in the  principal  amount  of  $12,500.  The two  promissory  notes  would
supersede the above interim Loan  Agreements and repayment of the advances would
be governed by these  promissory  notes and not by the  provisions of any of the
interim loan agreements. In consideration for the conversion of the interim loan
agreements into the two term Promissory  Notes, Loeb will receive 420,728 shares
of Common Stock of the Company.  The principal amount of the $237,500 note is to
be repaid in 12 equal quarterly payments  commencing two (2) years from the date
of said note.  Prepayments may be made at any time without penalty.  Interest is
accrued at a rate of 9% per annum and interest payments are to be made quarterly
at the end of each  calendar  quarter,  or at such  earlier  date  that the Note
becomes due and payable as a result of acceleration,  prepayment or as otherwise
provided therein.  Interest shall begin to run from the date that the monies are
or were  advanced to the Company.  The  Promissory  Note for $12,500 will accrue
interest at the rate of 9% per annum payable quarterly and is convertible at the
sole  option of the  holder  into a maximum of an  additional  15% of the common
shares of the Company  determined by a sliding scale based on the audited pretax
profits of the Company  during the second and third years of  operations  of the
Company on a sliding scale based upon the Company  achieving between 50% and 80%
of the projections  provided to Loeb.  (Example:  If the Company achieves 80% or
better of  projection,  no  conversion;  if the Company  achieves 50% or less of
projection,  conversion into 15% of the Company; if the Company achieves between
50% and 80% of projection,  the note is convertible into the pro-rata portion of
15% of the Company,  i.e., 70%  achievement  equals  one-third of the 15% of the
Company).  Unless previously converted,  this $12,500 principal amount, together
with any accrued but unpaid interest, shall become a demand note after the third
year of  operation  of the  Company.  In August  1994 and  February  1995 Joseph
Cutrona and Mark Kenny each  received  common stock in the Company for $7,840 of
contributed services provided to the Company. In August 1995 the Company granted
Mr.  Wasko a 5 year option to purchase  25,000  shares of the  Company`s  common
stock at a price of $0.60 per share.  In August 1996, the Company gave notice to
Mr. Pollan that it was cancelling the 333,216 

<PAGE>

 shares of its Common Stock which
had been issued to him in connection  with the  acquisition  of Travel Link. The
reason  for such  cancellation  related to various  claims  made by the  Company
against Mr. Pollan as a result of material misrepresentation made to the Company
and failure to provide  services to the  Company.  Mr.  Pollan has  informed the
Company  that he will  legally  contest any attempt by the Company to cancel his
shares.services to the Company.   Mr. Pollan has informed the Company that he
will legally contest any ttempt by the Company to cancel his shares.



                                                      PART IV
Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K.
(a)        (1)      Financial Statements
                        Included in Part II of this report:

                  Balance Sheets - August 31, 1995 and 1994.

Statements  of Operations  During the  Development  Stage - For  thePeriod  from
Inception  through August 31, 1995 and for the Years Ended August 31, 1995, 1994
and 1993.
                 
 Statements of Cash Flows - For the Period from Inception through August 31,
                  1995, and for the Years Ended August 31, 1995, 1994 and 1993.

Statement of Changes in Stockholders' Equity - For the Years Ended August 31,
                  1995, 1994 and 1993.

                  Notes to Financial Statements.

           (2)    Financial Statements Schedules
There are no schedules which are applicable or required to be filed for the
 three  years ended August 31, 1995, 1994 and 1993.

           (3)    Exhibits
                  None.

           (b)    Reports on Form 8-K
The following report relating to the fiscal year ended August 31, 1995 was 
filed:

                  Form 8-K dated August 11, 1995.




<PAGE>


                                      INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                                       Page

Independent Auditors' Report                                           F-2

Consolidated Financial Statements:

Consolidated Balance Sheets at August 31, 1995 and 1994                F-3

Consolidated  Statements of Operations  for the Year
 Ended August 31, 1995,  and the  Periods  From March 7,
 1994 (date of  inception)  to August 31, 1994 and to
 August 31, 1995                                                        F-4

Consolidated Statements of Changes in Stockholders' 
Equity (Deficiency) for the Year Ended August 31,
1995, and the Period From March 7, 1994 (date of
inception) to August 31, 1994                                           F-5

Consolidated Statements of Cash Flows for the Year Ended 
August 31, 1995, and the Periods From March 7, 1994 (date
of inception) to August 31, 1994 and to August 31, 1995                 F-6

Notes to Consolidated Financial Statements                        F-7 to F-14




                                                        F-1




<PAGE>



                                             INDEPENDENT AUDITORS'REPORT


To the Board of Directors and Stockholders of
Genisys Reservation Systems, Inc.
(A Development Stage Company)

We  have  audited  the  accompanying  consolidated  balance  sheets  of  Genisys
Reservation  Systems,  Inc. and Subsidiary  (formerly Robotic Lasers, Inc. and a
Development  Stage  Company)  as of  August  31,  1995 and 1994 and the  related
consolidated statements of operations,  changes in stockholders'equity and cash
flows for the year ended  August 31, 1995 and for the periods from March 7, 1994
(date of inception) to August 31, 1994 and 1995. 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 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 that our
audits  provide  a  reasonable  basis  for  our  opinion.  

In our  opinion,  the
consolidated  financial  statements  referred to above  present  fairly,  in all
material respects,  the financial position of Genisys Reservation Systems,  Inc.
and Subsidiary  (formerly Robotic Lasers,  Inc. and a Development Stage Company)
their operations and their cash flows for the year ended August 31, 1995 and for
the periods from March 7, 1994 (date of  inception) to August 31, 1994 and 1995,
in conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the 
Company will continue as a going concern. As discussed in Note 2 to the
financial statements, the Copany is a development stage company and has
suffered recurring losses from operations that raise substantial doubt about 
its ability to continue as a going convern. Management's plans in regard to 
these matters are also described in Note 2. The financial statements do not
include any adjustements that might result from the outcome of this 
uncertainty.

                         Wiss & Company, LLP

Woodbridge, New Jersey
July 8, 1992

                                      F-2





<PAGE>



                           GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                           (Formerly Robotic Lasers, Inc.)
                                            (A Development Stage Company)




                                             CONSOLIDATED BALANCE SHEETS





                                                 August 31,
                            ASSETS       1995                   1994

CURRENT ASSETS:  
     Cash                                $11,147           $   5
     Prepaid expenses                    3,734                 -
         Total Current Assets           14,881                 5

    DEPOSITS AND OTHER ASSETS          245,121               2,106
 AND OTHER 
                                      $260,002              $2,111

                                                              
                        LIABILITIES AND STOCKHOLDERS' EQUITY  
                                    (DEFICIENCY)

CURRENT LIABILITIES: 
 Notes payable - private investor      $435,000            $  -
Accounts payable and accrued expenses    87,242               -
Current portion of obligations
 under computer equipment leases             -                 -

Accounts payable  - related party        4,800              12,800
Accrued interest payable - private
  investor                              12,244                 -
Payroll taxes payable                    8,973                 - 
Loans payable - stockholders, 
 non-interest bearing                    6,820              10,821
Total Current Liabilities               555,079             23,621


    COMMITMENTS              

STOCKHOLDERS' EQUITY (DEFICIENCY):
Preferred stock, $.0001 par value: 
25,000,000 shares authorized; none
 outstanding                                 -                  -

Common stock, $.0001 par value: 
75,000,000 shares authorized;
2,804,866 shares issued and outstanding      280                 -

Common stock, no par value: 2,524,379
shares authorized, issued and outstanding     -                10,000
     Additional paid-in capital            5,233                  -
Deficit accumulated during development 
 stage                                   (300,590)            (31,510)
Total Stockholders' Equity (Deficiency)  (295,077)            (21,510)

                                         $260,002             $ 2,111


See accompanying notes to consolidated financial statements.

                                                        F-3


<PAGE>

                          GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                           (Formerly Robotic Lasers, Inc.)
                                            (A Development Stage Company)




                                        CONSOLIDATED STATEMENTS OF OPERATIONS









                                                           Period From
                                Year                       March 7, 1994
                               Ended                  (Date of Inception) to

                              August 31,             August 31,      August 31,
                               1995                   1994              1995
REVENUES AND EXPENSES
 DURING THE DEVELOPMENT
 STAGE:
     Revenues               $ -                   $        -        $    -

     Expenses:
General and 
 administrative            256,621               31,416                 288,037
Depreciation and
 amortization                  240                   94                     334
Interest expense            12,219                  -                   12,219
                           269,080                 31,510               300,590
NET LOSS INCURRED 
DURING THE
DEVELOPMENT STAGE      $(269,080)                $(31,510)           $(300,590)

NET LOSS PER
 COMMON SHARE             $(.11)                $(.01)                 $(.12)

WEIGHTED AVERAGE
 NUMBER OF COMMON 
SHARES OUTSTANDING
                       2,539,739              2,524,379             2,534,777




See accompanying notes to consolidated financial statements.

                                                        F-4



<PAGE>

                              GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                           (Formerly Robotic Lasers, Inc.)
                                            (A Development Stage Company)




     CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)



                                                                  Deficit
                                                                  Accumulated
                                             Additional            During the
                           Common Stock       Paid-in              Development
                  Total  Shares    Par Value   Capital               Stage
PERIOD ENDED
AUGUST 31, 1994:
Issuance of
common stock at
March 7, 1994 
(inception) for 
services rendered, 
valued at
approximately
$.004 per share   $10,000   2,524,379  $10,000    $  -                    $ -
   Net loss       (31,510)      -          -          -                (31,510)

BALANCE, 
AUGUST 31, 1994   (21,510)   2,524,379  10,000        -                (31,510)


YEAR ENDED
AUGUST 31, 1995:

Contribution of
 services rendered  9,600       -         9,600        -                     -

Net assets 
received (liabilities
assumed) in
reverse acquisition 
of Robotic 
Lasers, Inc.       (14,087)  280,487        28        (14,115)              -
Change in par value    -       -        (19,348)       19,348               -
Net loss          (269,080)    -             -             -         (269,080)

BALANCE, AUGUST 31,
 1995               $(295,077) 2,804,866   $280        $5,233        $(300,590)





See accompanying notes to consolidated financial statements.

                                                        F-5



<PAGE>

                             GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                           (Formerly Robotic Lasers, Inc.)
                                            (A Development Stage Company)




                                        CONSOLIDATED STATEMENTS OF CASH FLOWS






                                              Period From
                              Year             March 7, 1994
                              Ended        (Date of Inception), to
                              August 31,         August 31,          August 31,
                               1995                1994                 1995

CASH FLOWS FROM 
OPERATING ACTIVITIES:
 Net loss                     $(269,080)        $(31,510)         $(300,590)
Adjustment to reconcile 
net loss to net cash
flows from operating
 activities:
Amortization                       240               94                  334
Contribution of services
 rendered to capital             9,600             10,000              19,600
Changes in operating assets
 and liabilities:
Prepaid expenses                (3,734)               -                (3,734)
Other assets                  (243,255)           (2,200)             (245,455)
Accounts payable and
 accrued expenses                73,155               -                 73,155
Payroll taxes payable             8,973               -                  8,973
Accrued interest payable         12,244               -                 12,244
 Net cash flows from
 operating activities          (411,857)          (23,616)            (435,473)

CASH FLOWS FROM INVESTING 
 ACTIVITIES                       -                   -                     -


CASH FLOWS FROM FINANCING
  ACTIVITIES:
 
Advances from (repayments to) 
stockholders                     (4,001)           10,821              6,820
Loans and advances from
 related parties                 (8,000)           12,800              4,800
Proceeds from issuance 
 of notes payable                 435,000             -               435,000
Net cash flows
 from financing activities        422,999          23,621             446,620

NET CHANGE IN CASH                 11,142            5                 11,147

CASH, BEGINNING OF PERIOD             5              -                    -

CASH, END OF PERIOD             $11,147             $ 5              $ 11,147

SUPPLEMENTAL CASH FLOW 
 INFORMATION:

Interest paid                  $    -            $    -              $  -     

Net liabilities assumed
 in reverse acquisition         $14,087          $     -             $14,087



                See accompanying notes to consolidated financial statements.

                                                        F-6



<PAGE>

                             GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                             (Formerly Robotic Lasers, Inc.)
                                              (A Development Stage Company)

                                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS








Note  1 -  History  of the  Company,  Nature  of the  Business  and  Summary  of
Significant  Accounting  Policies:  History  of the  Company  and  Nature of the
Business - Genisys Reservation Systems, Inc. (the "Company") was incorporated in
April 1986 as Robotic  Lasers,  Inc. In March 1995,  the Company sold all of its
assets,  rights  and  properties  relating  to  a  certain  laser  research  and
development agreement (subject to certain liabilities).  On August 11, 1995, the
Company acquired Corporate Travel Link, Inc. ("Travel Link") a development stage
company,  by issuing 5,048,730 shares of its restricted common stock in exchange
for all of the  authorized,  issued and  outstanding  shares of common  stock of
Travel  Link.  For  accounting  purposes,  the share  exchange  transaction  and
combination  of  Travel  Link with the  Company  has been  treated  as a reverse
acquisition.  The previous historical financial statements of the Company are no
longer reported and the financial statements of Travel Link (since its formation
in  March  1994)  are now  reported  as the  historical  consolidated  financial
statements of the Company and its subsidiary. The Company is a development stage
company and is engaged in developing a computerized limousine reservation system
for the business traveler. The Company anticipates that the proprietary software
being developed will enable a system of limousine  reservations to be completely
computerized and operate without human  intervention.  The Company has generated
no  revenues  and has no  commercial  operations  to date.  The Company has been
unprofitable  since inception and expects to incur  additional  operating losses
over the next  several  years.  The  Company  does not  expect to  generate  any
revenues from operations during 1995 and 1996. Estimates and Uncertainties - 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
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual  results,  as  determined  at a  later  date,  could  differ  from  those
estimates.  Principles of  Consolidation - As indicated  above, the consolidated
financial  statements  include  the  accounts  of  the  Company's   wholly-owned
subsidiary,  Travel  Link and,  since  August 11,  1995,  those of the  Company.
Retroactive  effect has been given to the  exchange of shares for Travel Link to
March 7, 1994. All significant intercompany  transactions and accounts have been
eliminated in consolidation. 

                                    F-7



<PAGE>

  GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
(Formerly  Robotic  Lasers,   Inc.)  (A  Development  Stage  Company)  NOTES  TO
CONSOLIDATED  FINANCIAL STATEMENTS Financial Instruments - Financial instruments
include cash and equivalents,  other assets, accounts payable,  accrued expenses
and  long-term  debt.  The  amounts  reported  for  financial   instruments  are
considered to be reasonable approximations of their fair values, based on market
information  available  to  management.  Cash  and  Equivalents  -  The  Company
considers all highly liquid debt instruments  purchased with a maturity of three
months  or less to be  cash  equivalents.  Concentration  of  Credit  Risk - The
Company  maintains  its cash  balances in several  financial  institutions.  The
accounts  at each  institution  are  insured by the  Federal  Deposit  insurance
Corporation  up to  $100,000.  At  August  31,  1995,  there  were no  uninsured
balances.  Income  Taxes -  Deferred  tax assets and  liabilities  are  computed
annually for temporary differences between the financial statement and tax bases
of assets and liabilities  that will result in taxable or deductible  amounts in
the future  based on enacted  tax laws and rates  applicable  to the  periods in
which the temporary differences are expected to affect taxable income. Valuation
allowances are  established  when necessary to reduce deferred tax assets to the
amount expected to be realized.  Net Income (Loss) Per Common Share - Net income
(loss) per common share is based upon the weighted average number of outstanding
common shares. The shares issuable upon the exercise of outstanding warrants and
options have been excluded since the assumed  conversion  would be antidilutive,
due to net losses for all periods presented.

Note  2 -  Operating  and  Liquidity  Difficulties  and  Management's  Plans  to
Overcome:  The  accompanying  financial  statements  of the  Company  have  been
presented  on the  basis  that it is a going  concern,  which  contemplates  the
realization of assets and the  satisfaction  of liabilities in the normal course
of business.  The Company has reported net losses since inception and expects to
incur  additional  operating losses over the next several years. The Company has
also  experienced  liquidity  difficulties  since  inception,  and in  order  to
continue the development of the Company's  reservation system, needs significant
additional  financing.  The Company has financed its operations  since inception
with the proceeds  from the issuance of long-term  debt.  Since  inception,  the
operations of the Company have been limited to market  research and developing a
software and hardware system for computerizing the limousine reservation system.
These efforts are at a preliminary stage and will
                                   F-8



<PAGE>
GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY (Formerly Robotic Lasers, Inc.)
(A Development Stage Company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS require
further technical development and additional financing before a determination of
the system's commercial  feasibility can be made. No assurance can be given that
the  Company's  reservation  system will  achieve  commercial  feasibility.  The
Company's working capital and its capital requirements will depend upon numerous
factors,  including,  without  limitation,  the progress of the Company's system
development, competition, industry technological advances and the ability of the
Company to market its  limousine  reservation  system.  The Company will require
additional  significant  financing  to complete  the system  development,  cover
anticipated  losses and sustain  operations in 1995 and beyond and, in addition,
to satisfy the repayment of long-term  debt.  There can be no assurance that the
financing needed for attaining commercial viability of the Company's reservation
system will be obtained.  If the Company is unable to raise sufficient  capital,
it will  delay  and could  prevent  the  completion  of the  development  of the
reservation system. The Company intends to fund its operations and other capital
needs for the next twelve months principally from the proceeds from the issuance
of long-term debt and the net proceeds of a contemplated  public  offering,  but
there can be no assurance  that such proceeds,  if obtained,  will be sufficient
for these  purposes.  There is also no  assurance  that such  financing  will be
available, or that it will be available on acceptable terms. Reference should be
made to "Management's Discussion and Analysis of Financial Condition and Results
of Operations" included elsewhere herein for additional information.  

Note 3 -  Deposits and Other Assets:

At August 31, 1995, deposits and other assets consist
of the following:

Deposits on computer equipment and system                            $244,255
Organization costs, net of accumulated amortization of $334
                                                                          866

                                                                      $245,121

Note 4 -      Notes Payable to Private Investor:

Through August 31, 1995, a private investor loaned the Company a
 total of $435,000.  In September 1995, the private investor loaned
 the Company an additional $65,000 and signed an agreement whereby 
the private investor

                                                          F-9



<PAGE>

                           GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                             (Formerly Robotic Lasers, Inc.)
                                              (A Development Stage Company)

                                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
converted its $500,000 loan to the Company into two (2) Promissory  Notes,  with
principal amounts of $475,000 and $25,000, respectively. The $475,000 note is to
be repaid in twelve equal quarterly  installments  commencing two years from the
date of such note.  This note bears  interest at nine percent (9%) per annum and
interest  payments are to be made quarterly at the end of each calendar  quarter
or at such  earlier  date that this note  becomes due and payable as a result of
acceleration,  pre-payment or as otherwise  provided  therein.  Interest accrued
through  March  31,  1996 was  calculated  and was to be paid in four (4)  equal
installments  on March 31, June 30,  September 30 and  December  31,  1996.  The
$25,000 promissory note accrues interest at nine percent (9%) per annum (payable
quarterly)  and is  convertible  at the sole  option of the note  holder  into a
maximum of an  additional  30% of shares of common stock of the Company based on
the Company achieving certain results of operations as compared to the projected
results of operations provided to the private investor.  If the Company achieves
pre-tax profit of at least 80% of the projected results of operations,  there is
no conversion option.  Unless previously  converted,  the principal of this note
shall be repaid by the Company in 12 equal  quarterly  installments,  commencing
April 1, 1998.

 Note 5 -  Commitments:  Leases - In September 1995, the Company
entered into a sale and lease-back arrangement whereby the Company sold the bulk
of its computer  hardware and  commercially  purchased  software to a lessor for
approximately $170,000 and agreed to lease back such equipment for initial terms
ranging  from 24 to 30  months.  As of  August  31,  1995,  no  borrowings  were
outstanding under this lease obligation.  The Company leases its  administrative
facilities under a five-year lease expiring in November 2000. The lease provides
for annual rent of $25,500.  The Company  also has two  automobile  leases which
provide for future  lease  payments  of $12,000 and $5,000 for the years  ending
August 31, 1996 and 1997. Rent expense  totalled $14,000 and $7,000 for the year
ended August 31, 1995 and the period from March 7, 1994 (date of  inception)  to
August 31, 1994,  respectively. 

 Note 6 -  Income Taxes:  Deferred income taxes
reflect the net effects of temporary  differences  between the amounts of assets
and liabilities for financial reporting purposes and the amounts used for income
tax purposes.  The principal temporary  difference arises from the net operating
loss carryforwards and results in a deferred tax asset of approximately $120,000
and  $12,000  at  August  31,  1995  and  1994,  respectively.  

                            F-10  




<PAGE>

 GENISYS
RESERVATION  SYSTEMS,  INC. AND SUBSIDIARY  (Formerly  Robotic Lasers,  Inc.) (A
Development  Stage  Company)  

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 

A valuation  allowance is  provided when it is more likely than not that  some
portion  of the  deferred  tax  asset  will not be  realized.  The  Company  has
determined,  based on its recurring net losses,  lack of a  commercially  viable
product  or  system  and it  being  a  development  stage  company,  that a full
valuation allowance is appropriate at August 31, 1995 and 1994. A reconciliation
of the provision  (benefit) for income taxes  computed at the federal  statutory
rate of 34% and the  effective  tax rate of income (loss) before income taxes is
as follows: Period From
                                                                Period From
                                         Year Ended             March 7, 1994
                                         August 31,             to August 31,
                                            1995                    1994

Computed tax on net loss at 
federal statutory rate                  $(91,000)                $(11,000)

State income taxes, net of
federal income tax benefits              (16,000)                (2,000)

Tax effect of net operating
losses not currently usable              107,000                  13,000

Provision (benefit) for  
 income taxes                          $    -                   $    -

At   August 31,  1995,  the  Company had net  operating  loss  carryforwards  of
     approximately  $300,000  expiring through 2010.  Current tax law limits the
     use of net operating loss carryforwards  after there has been a substantial
     change in ownership (as defined) during a three year period. Because of the
     possible  future  changes in common  stock,  the use of the  Company's  net
     operating loss carryforwards may be subject to an annual limitation. To the
     extent amounts available under the annual limitation are not used, they may
     be carried  forward for the  remainder of 15 years from the year the losses
     were originally incurred. 

Note 7 - Stockholders' Equity: Preferred Stock
     The Company's Certificate of Incorporation  authorizes the issuance of up
     to 25,000,000  shares of Preferred Stock.  None of such Preferred Stock has
     been  designated or issued to date. The Board of Directors is authorized to
     issue shares of Preferred Stock from time to time in one or more series and
     to establish  and designate any such series and to fix the number of shares
     and the relative conversion rights,  voting rights, terms of redemption and
     liquidation.

                                       F-11


<PAGE>

                            GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                             (Formerly Robotic Lasers, Inc.)
                                              (A Development Stage Company)

                                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS





Warrants and Options - In August 1995, the Company granted an option to purchase
25,000 shares of its common stock to an officer,  exercisable  at $.60 per share
through  August  2000.  In  connection  with the lease  described in Note 4, the
Company  granted to the lessor a warrant to purchase a maximum of 12,721  shares
of common stock at an exercise price of $2.00 per share. 

 Note  8 -  Subsequent Events:


Note Payable to Private Investor - In December 1995, the Company and the private
investor,  described in Note 4 above,  signed additional loan agreements whereby
the private investor loaned the Company an additional $150,000. During the first
quarter of 1996, the private investor loaned the Company an additional $100,000.
These  additional  loans are due 60 days from the date of such  loans and accrue
interest at nine percent (9%) per annum.  The private investor has the option of
converting these additional  loans,  totaling  $250,000,  into two 9% term notes
($237,500  and $12,500) and will receive  420,728  shares of common stock of the
Company in consideration for such conversion.  The $237,500 note would be repaid
in 12 equal  quarterly  installments  commencing  two (2) years from the date of
such note.  The  $12,500  note would be  convertible  at the sole  option of the
holder into a maximum of an  additional  15% of the  Company's  shares of common
stock  based on the  Company's  achievement  of  certain  operating  results  as
compared to projected results,  as more fully described above. Unless previously
converted,  this $12,500  note,  together with any accrued or accrued but unpaid
interest,  shall  become a demand note after the third year of  operation of the
Company.  Total  borrowings from the private investor are $750,000 through March
1996. The Company has not paid any interest under these loan agreements  through
June 30, 1996.  Therefore,  the Company is technically in default on such notes.
Accordingly,  the notes  have been  classified  as  current  liabilities  in the
accompanying  consolidated financial statements.  Recent Sales of Common Stock -
During the quarter  ended March 31,  1996,  the Company sold 5,000 shares of its
restricted  common  stock to a former  officer  and  director of the Company for
$10,000. In addition, the Company sold, to an unrelated private investor, 25,000
shares of its restricted common stock for $50,000. Reverse Stock Split - In July
1996, the Company's  stockholders approved and effectuated a one for two reverse
stock split.  Such split has been  retroactively  reflected in the  accompanying
consolidated financial statements.

                                   F-12



<PAGE>

                             GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                             (Formerly Robotic Lasers, Inc.)
                                              (A Development Stage Company)

                                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS





Fiscal  Year - In  December  1995,  the Board of  Directors  voted to change the
Company's fiscal year to a calendar year,  effective  December 31, 1995. Private
Offering - Pursuant  to a private  offering,  the  Company  issued 11.5 units to
various  unrelated parties in May and June 1996. Each $50,000 unit consists of a
$49,000  three-year  promissory  note  (bearing  interest  at 10% per annum) and
50,000 Class A redeemable  common stock purchase  warrants  valued at $1,000 per
unit.  Gross  proceeds of this  private  offering  totalled  $575,000,  of which
$563,500 was allocated to the notes and $11,500 to the respective warrants.  The
principal and interest on the  promissory  notes are to be repaid at the earlier
of three years from  issuance of such notes or 30 days after the closing date of
the Company's  first  underwritten  public  offering.  Each Class A common stock
purchase warrant entitles the holder to purchase a share of the Company's common
stock at an exercise price of $2.875 per share.  The rights  represented by this
warrant are exercisable  commencing 90 days after the effective date of a public
offering  registration  statement  until  four years  thereafter.  The terms and
conditions  of these  warrants  are subject to  adjustment  to conform  with the
warrants  to  be  registered  upon  the   effectiveness   of  the   contemplated
registration  statement to be filed with the Securities and Exchange Commission.
Warrants to purchase  287,500 shares of the Company's common stock are currently
outstanding  pursuant to this private  offering.  Convertible Notes Payable - In
April and June 1996, the Company  borrowed a total of $30,000 from two unrelated
parties.  These notes bear interest at 7% per annum,  payable on the last day of
each calendar  quarter,  commencing  March 31, 1997.  The maturity dates are the
earlier of January 1, 1998 or upon the  consummation of a public offering of the
Company's  common  stock.  If the  maturity  dates of these notes occur prior to
January 1, 1998,  the notes may be converted into 15,000 shares of the Company's
common stock.

 Note 9  -       Restatement of August 31, 1995 Financial Statements:

The Company's  accompanying  financial  statements have been restated to reflect
the  acquisition  of Travel  Link as a  reverse  acquisition  (See Note 1).  The
transaction had previously been accounted for as a purchase. The effects of this
restatement are as follow:
                                                    August 31, 1995

                                               As Originally
                                               Reported           As Restated
Total assets                                   $641,026             $260,002
Stockholders' equity (deficiency)                85,947            (295,077)
Accumulated deficit                            (301,113)           (300,590)
Net loss                                       (269,603)           (269,080)


                                                          F-13



<PAGE>

                             GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARY
                                             (Formerly Robotic Lasers, Inc.)
                                              (A Development Stage Company)

                                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS







Note 10 - Event  Subsequent to Date of Auditors' Report  (Unaudited):  In August
1996,  the Company gave notice to a former  officer that it was  cancelling  the
333,216  shares of its common stock which had been issued to the former  officer
in  connection  with  the  reverse   acquisition   described  in  Note  1.  Such
cancellation  relates to various  claims made by the Company  against the former
officer and failure to provide  services to the Company.  The former officer has
informed  the Company  that he will contest any attempt by the Company to cancel
his shares.  Pending return of the shares,  they are considered  outstanding for
all periods presented herein.

                                        F-14


<PAGE>










                                                    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.


                                           GENISYS RESERVATION SYSTEMS, INC.




November 12, 1996                       By: Joseph Cutrona, President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
signed below by the  following  persons on behalf of the  Registrant  and in the
capacities and on the dates indicated.



Joseph Cutrona         President, Chairman,           November 12, 1996
                        and Director

Mark A. Kenny          Director                       November 12, 1996


Warren D. Bagatelle    Director                       November 12, 1996


John H. Wasko          Secretary, Treasurer and       November 12, 1996
                        Director


<PAGE>

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS
FILED PURSUANT TO SECTION 15(d) OF THE ACT BY
REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT

The 1995 Annual Report to Shareholders and proxy material
relating to the annual meeting, which at this date has not been
scheduled, are under preparation and will be furnished to
shareholders after the filing of this Annual Report on Form 10-K.
Copies of such material shall be furnished to the Commission when
it is sent to shareholders.





<PAGE>