<PAGE>

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

                                   FORM 10-QSB

(Mark One)

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

For the quarterly period ended March 31, 2000

                                       OR

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

For the transition period from ______________ to _____________

                        Commission file number: 001-13749

                             COLUMBIA CAPITAL CORP.
            --------------------------------------------------------
            (Name of small business issuer specified in its charter)

           Delaware                                              11-3210792
---------------------------------                            -------------------
(State or other jurisdiction                                  (I.R.S. Employer
of incorporation or organization)                            Identification No.)

                   1157 North 5th Street, Abilene, Texas 79601
          ------------------------------------------------------------
          (Address of principal executive offices, including zip code)

                                  915-674-3110
                ------------------------------------------------
                (Issuer's telephone number, including area code)


                     ______________________________________
              (Former name, former address and former fiscal year,
                         if changed since last report)

Check whether the issuer: (i) 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 (ii) has been
subject to such filing requirements for the past 90 days. Yes X  No
                                                             ---   ---

The number of shares outstanding of the issuer's Common Stock as of May 15, 2000
was 38,511,512 shares.

Transactional Small Business Disclosure Format (Check one): Yes    No X
                                                               ---   ---

<PAGE>

         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.




<PAGE>
<TABLE>

                                            COLUMBIA CAPITAL CORP.
                                    Consolidated Balance Sheets - Unaudited
<CAPTION>

                                    ASSETS                               March 31,           December 31,
                                                                            2000                 1999
                                                                      -----------------    -----------------
<S>                                                                   <C>                  <C>
Current assets
     Cash and cash equivalents                                        $      2,630,295     $      2,133,740
     Interest bearing deposits with banks                                      501,000              501,000
     Accounts receivable, net                                                1,034,960              319,079
     Prepaid expenses and other assets                                         392,583              337,468
     Federal income tax receivable                                                   -              556,774
                                                                      -----------------    -----------------
         Total current assets                                                4,558,838            3,848,061

Premises and equipment                                                       1,814,645            1,812,720
     Less accumulated depreciation                                             689,206              607,163
                                                                      -----------------    -----------------
         Net property and equipment                                          1,125,439            1,205,557

Other assets
     Deferred tax asset                                                        400,967              400,967
     Other assets                                                               90,000               90,000
                                                                      -----------------    -----------------
         Total other assets                                                    490,967              490,967
                                                                      -----------------    -----------------

            Total assets                                              $      6,175,244     $      5,544,585
                                                                      =================    =================


                     LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
     Accounts payable                                                 $      2,737,165     $      2,163,382
     Accrued expenses and other liabilities                                  1,290,292              476,457
     Current portion of note payable - American State Bank                      15,790               12,441
     Notes payable - related party                                             500,000                    -
     Accrued interest payable                                                    4,990                    -
                                                                      -----------------    -----------------
         Total current liabilities                                           4,548,237            2,652,280

     Long term portion of note payable - American State Bank                   123,985              124,847
                                                                      -----------------    -----------------
         Total liabilities                                                   4,672,222            2,777,127

SHAREHOLDER'S EQUITY
     Common stock, $.001 par value; 50,000,000 shares
         authorized; 38,511,512 issued and outstanding                          38,512               38,512
     Additional paid-in capital                                              5,891,096            5,891,096
     Retained earnings                                                      (4,426,586)          (3,162,150)
                                                                      -----------------    -----------------
         Total shareholders' equity                                          1,503,022            2,767,458
                                                                      -----------------    -----------------

            Total liabilities and shareholders' equity                $      6,175,244     $      5,544,585
                                                                      =================    =================
</TABLE>

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

                                                      F-1

<PAGE>
<TABLE>

                                       COLUMBIA CAPITAL CORP.
                             Consolidated Income Statements - Unaudited
<CAPTION>

                                                                 For the Three Months
                                                                    Ended March 31,
                                                       ------------------------------------------
                                                              2000                   1999
                                                       -------------------    -------------------
<S>                                                    <C>                    <C>
REVENUE
     Credit card revenue                                          289,616              2,673,269
     Banking revenue                                                    -                 73,842
     Mail operations revenue                                       12,342                148,769
     Merchant processing fees                                     293,883                 27,074
     Other                                                            236                 84,950
                                                       -------------------    -------------------
         Total operating revenue                                  596,077              3,007,904

EXPENSES
     Salaries and employee benefits                               746,703                920,183
     Equipment and software lease                                 431,949                598,521
     Facilities rent                                               71,372                100,841
     Repairs and maintenance                                       82,943                137,462
     Depreciation                                                  82,043                 89,675
     Amortization of goodwill                                           -                 12,174
     Computer and office supplies                                  28,286                 95,787
     Telephone                                                     82,306                 78,934
     Professional and outside services                            128,909                332,907
     Travel and entertainment                                      49,434                 22,475
     Other operating                                              153,925                432,635
                                                       -------------------    -------------------
         Total expenses                                         1,857,870              2,821,594
                                                       -------------------    -------------------

INCOME FROM OPERATIONS                                         (1,261,793)               186,310

Other income (expense)
     Interest income                                                9,314                 10,421
     Interest expense                                             (11,957)               (20,272)
                                                       -------------------    -------------------
         Total other income (expense)                              (2,643)                (9,851)
                                                       -------------------    -------------------

INCOME BEFORE TAX                                              (1,264,436)               176,459

     Income tax expense                                                 -                 68,487
                                                       -------------------    -------------------

NET INCOME                                             $       (1,264,436)    $          107,972
                                                       ===================    ===================

Basic earnings per share                               $            -0.03     $             0.01
                                                       ===================    ===================

Diluted earnings per share                             $            -0.03     $             0.01
                                                       ===================    ===================

Weighted average shares outstanding                            38,511,512             12,775,000
                                                       ===================    ===================
</TABLE>

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

                                                F-2
<PAGE>
<TABLE>

                                                 COLUMBIA CAPITAL CORP.
                         Consolidated Statements of Changes in Shareholders' Equity - Unaudited
                                       For the Three Months Ended March 31, 2000

<CAPTION>



                                                 Common Stock                                    Accumulated
                                      -----------------------------------       Paid-In           (Deficit)
                                          Shares             Amount             Capital            Earnings             Total
                                      ----------------   ----------------   ----------------    ---------------    ----------------
<S>                                        <C>           <C>                <C>                 <C>                <C>
BALANCE - DECEMBER 31, 1998                12,765,000             12,765          1,990,715            882,936           2,886,416

     Issuance of common stock              25,746,512             25,747          3,425,381                              3,451,128
     Acquisition of Fi-Scrip                                                        475,000           (813,469)           (338,469)
     Net loss                                       -                  -                  -         (3,231,617)         (3,231,617)
                                      ----------------   ----------------   ----------------    ---------------    ----------------

BALANCE - DECEMBER 31, 1999                38,511,512             38,512          5,891,096         (3,162,150)          2,767,458

     Net loss                                       -                  -                  -         (1,264,436)         (1,264,436)
                                      ----------------   ----------------   ----------------    ---------------    ----------------

BALANCE - MARCH 31, 2000                   38,511,512    $        38,512    $     5,891,096     $   (4,426,586)    $     1,503,022
                                      ================   ================   ================    ===============    ================
</TABLE>

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

                                                          F-3

<PAGE>
<TABLE>

                                            COLUMBIA CAPITAL CORP.
                               Consolidated Statement of Cash Flows - Unaudited
<CAPTION>

                                                                           For the Three Months
                                                                               Ended March 31,
                                                                  ------------------------------------------
                                                                         2000                   1999
                                                                  -------------------    -------------------
<S>                                                               <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                   $       (1,264,436)    $          107,972
     Adjustments to reconcile net income to
         net cash provided by operations
            Depreciation and amortization                                     82,043                101,849
            Deferred income tax expense                                            -                  8,453
            (Increase) decrease in
                Accounts receivable                                         (159,107)               140,657
                Prepaid expenses and other assets                            (55,115)                80,744
            Increase in
                Accruals and accounts payable                              1,395,095                113,962
                                                                  -------------------    -------------------
Net cash (used in) provided by operating activities                           (1,520)               553,637

CASH FLOWS FROM INVESTING ACTIVITIES
     Purchase of fixed assets                                                 (1,925)               (13,744)
     Investment in interest bearing deposit                                        -                      -
                                                                  -------------------    -------------------
Net cash used in investing activities                                         (1,925)               (13,744)

CASH FLOWS FROM FINANCING ACTIVITIES
     Proceeds from line of credit, net of payments                           500,000                 95,701
     Proceeds from the sale of stock                                               -                 17,000
     Cash and cash equivalents received in acquisition
         of Fi-Scrip                                                               -                413,216
                                                                  -------------------    -------------------
Net cash provided by financing activities                                    500,000                525,917
                                                                  -------------------    -------------------

NET INCREASE IN CASH
         AND CASH EQUIVALENTS                                                496,555              1,065,810

Cash and cash equivalents at beginning of period                           2,133,740                268,400
                                                                  -------------------    -------------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                        $        2,630,295     $        1,334,210
                                                                  ===================    ===================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Interest expense                                             $            6,967     $           19,423
</TABLE>

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

                                                     F-4
<PAGE>

                             COLUMBIA CAPITAL CORP.
                         Notes to Financial Statements

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         PRINCIPLES OF CONSOLIDATION

         The accompanying consolidated financial statements include the accounts
         of Columbia Capital Corp. (the Company) and its wholly-owned
         subsidiaries, Finity Corporation ("Finity") and Fi-Scrip, Incorporated
         (Fi-Scrip). Intercompany accounts and transactions have been
         eliminated.

         ORGANIZATION AND NATURE OF OPERATIONS

         The Company was organized under the laws of the State of Delaware on
         February 5, 1993. The Company completed a private offering of its
         common stock in November 1993 (See Note 2).

         Finity, formerly known as First Independent Computers, Inc. ("FICI"), a
         Texas corporation, was incorporated on October 21, 1983, pursuant to
         the provisions of the Texas Business Corporation Act. FICI changed its
         name to Finity by amendment to its articles of incorporation effective
         March 1, 2000. Finity's business activities include the processing of
         credit card purchases for numerous businesses in various industries
         throughout the United States and data processing for various banks.

         Fi-Scrip, a Nevada corporation, engages in the financial services
         business by marketing computer processing services for automated teller
         machines transactions, debit terminal transactions and electronic
         benefits transfer system transactions. Fi-Scrip contracts with
         merchants and independent service organizations for deployment of
         terminals and services.

         MANAGEMENT REPRESENTATION

         Management believes the financial statements include all adjustments
         necessary in order to present a fair presentation and ensure that the
         financial statements are not misleading.

         CASH AND CASH EQUIVALENTS

         The Company considers investments with an original maturity of three
         months or less to be cash equivalents.

         USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

         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 consolidated financial statements and the reported amounts
         of revenues and expenses during the reporting periods. Actual results
         could differ from those estimates.

<PAGE>

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

         ACCOUNTS RECEIVABLE

         The Company utilizes the allowance method for uncollectible accounts
         receivable. Management estimates the uncollectible accounts and
         provides for them in the allowance. The balance of the allowance for
         uncollectible accounts was $20,000 at March 31, 2000 and December 31,
         1999.

         REVENUE RECOGNITION

         The Company recognizes revenue when services have been provided to the
         customer.

         PROPERTY, PLANT AND EQUIPMENT

         Fixed assets of the Company are reported at historical cost.
         Depreciation and amortization on assets purchased are computed by the
         following methods and useful lives:

                Furniture and fixtures        Straight-line             5 years
                Electronic equipment          Straight-line           5-7 years
                Automobiles                   Straight-line           3-5 years
                Office equipment              Straight-line             5 years
                Computer software             Straight-line             3 years

         Depreciation is computed using the straight line method over the
         estimated useful lives for financial statement purposes and an
         accelerated method of cost recovery over statutory recovery periods for
         tax purposes. Repairs and maintenance are expensed, whereas additions
         and improvements are capitalized.

         PREPAID ASSETS

         The Company has expenditures which benefit future periods which are
         recorded as prepaid assets or deferred costs and are amortized on a
         straight-line basis over the estimated or known period of benefit. Such
         prepaid assets and deferred costs include prepaid insurance,
         maintenance contracts, certain software licenses and supplies used in
         the normal operation of business.

         FEDERAL INCOME TAXES

         Deferred tax assets and liabilities are recognized for deductible and
         taxable temporary differences respectively. Temporary differences are
         the differences between the reported amounts of assets and liabilities
         and their tax bases. Deferred tax assets may be reduced by a valuation
         allowance when and if, in the opinion of management, the tax asset
         will, in part or in all, not be realized. Deferred tax assets and
         liabilities are adjusted for the effects of changes in tax laws and
         rates on the date of enactment.

<PAGE>

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

         PER SHARE DATA

         In February 1997, Statement of Financial Accounting Standards (SFAS)
         No. 128, Earnings Per Share was issued. Under SFAS 128, net earnings
         per share (EPS) are computed by dividing net earnings by the weighted
         average number of shares of common stock outstanding during the period.
         SFAS 128 replaces fully diluted EPS, which the Company was not
         previously required to report, with EPS, assuming dilution. The Company
         adopted SFAS 128 effective December 31, 1998. The effect of this
         accounting change on previously reported EPS data is not significant.

         The computation of basic (loss) earnings per share of common stock is
         based on the weighted average number of shares outstanding for the
         three months ended March 31, 2000 and 1999 of 38,511,512 and 12,775,000
         respectively, adjusted retroactively to reflect the one for two reverse
         split effective September 1, 1997. The computation of diluted (loss)
         earnings per share of common stock is based on the weighted average
         number of shares and equivalent shares outstanding for the three months
         ended March 31, 2000 and 1999 of 40,589,888, and 12,775,000
         respectively. No potential common shares existed at March 31, 1999;
         therefore, basic loss per share equals diluted loss per share at that
         date.

         PREFERRED STOCK

         The Company, under its articles of incorporation, has the authority to
         issue up to 5,000,000 shares of preferred stock with a par value of
         $.001 each, totaling $5,000. The Board of Directors is authorized to
         provide for the issuance of the shares of preferred stock in series by
         filing a certificate pursuant to the applicable law of the State of
         Delaware, to establish the number of shares to be included in each such
         series, and to fix the designations, powers, preferences, rights and
         limitations of the shares of each series. At March 31, 2000, there were
         no preferred shares issued or outstanding.

         FAIR VALUES OF FINANCIAL INSTRUMENTS

         The following methods and assumptions were used by the Company in
         estimating fair values of financial instruments as disclosed herein:

         CASH AND SHORT-TERM INSTRUMENTS. The carrying amounts of cash and
         short-term instruments approximate their fair value.

         INTEREST BEARING DEPOSITS WITH BANKS. The carrying amounts of interest
         bearing deposits with banks approximate their fair value.

         ACCOUNTS RECEIVABLE. For accounts which are not past due greater than
         90 days and have no significant change in credit risk, fair values are
         based on carrying values.

         NOTES PAYABLE. The Company's notes payable to an unrelated party
         arrangement bears a variable interest rate and represents terms and
         conditions currently available for the same or similar debt facility in
         the marketplace. Thus, the fair value of notes payable approximates the
         carrying amount.

         FEDERAL INCOME TAX RECEIVABLE. The carrying amount of the federal
         income tax receivable approximate their fair value.

<PAGE>

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

         RECENT ACCOUNTING STANDARDS

         In June 1998, SFAS No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND
         HEDGING ACTIVITIES was issued. Required adoption of the statement was
         subsequently deferred by SFAS No. 137 until July 1, 2000. SFAS 133
         establishes accounting and reporting standards for derivative
         instruments embedded in other contracts and for hedging activities. The
         Company expects to adopt the standard on July 1, 2000. The adoption of
         the statement is not expected to have a significant impact on the
         financial statements.


NOTE 2:  PRIVATE OFFERINGS OF COMMON STOCK

         The Company offered shares of its common stock, $.001 par value, to a
         limited number of qualified investors in 1993. The company sold 325,000
         shares of common stock, at a price of $.20 per share for a total of
         $65,000. The investors subscribed to a minimum of 1,000 shares. There
         was no minimum offering amount and there was no escrow of any funds
         received from the offering and such funds were utilized by the Company
         as they were received. Proceeds from the offering were used to provide
         working capital to the Company.

         In September and October, 1999, pursuant to the terms of the CLCK/CNG
         Stock Purchase Agreement, CNG Financial Corporation ("CNG") purchased
         24,000,000 shares of common stock of the Company for a purchase price
         of $3,000,000. Pursuant to the CLCK/CNG Stock Purchase Agreement CNG
         was granted a stock option to purchase an additional 10,000,000 shares
         of common stock for the purchase price of $2,000,000, which stock
         option must be exercised by CNG on or before September 16, 2000. All
         such options are vested. The stock option is exercisable in whole, and
         not in part. To date, CNG has purchased a total 24,000,000 shares or
         62.3% of the 38,511,512 shares currently issued and outstanding. CNG is
         currently the Company's principal shareholder and has, as of the date
         of this report, designated four members to the Board of Directors of
         the Company.

         In connection with the CNG transaction the Company issued to Century,
         an affiliate of Messrs. Gallant and Baetz, 1,736,512 shares of common
         stock in consideration of the cancellation of the obligation of
         $434,128 due and payable by the Company to Century.


NOTE 3:  ACQUISITION OF FI-SCRIP

         As of January 1, 1999, the primary shareholders of the Company
         contributed all of the common stock of Fi-Scrip to the Company for no
         consideration. Fi-Scrip became a wholly-owned subsidiary of the Company
         effective January 1, 1999.

<PAGE>

NOTE 4:  CANCELLATION OF CONTRACT AND MANAGEMENT'S PLANS

         On March 4, 1999, the Company received notice that the BestBank credit
         card portfolio held by the FDIC, in which the Company derived
         approximately 84% of its total operating revenue from processing, as
         measured in 1998, was being terminated and the Company's processing
         services on the portfolio were also being terminated.

         The ability of the Company to continue as a going concern is dependent
         on its ability to adjust its operations through the implementation of a
         restructuring plan. The Company is currently developing a plan to
         reduce expenses and secure replacement processing contracts, as
         follows:

         o   The Company has implemented a plan for the reduction of fixed
             operating costs, including restructuring and/or renegotiating
             certain operating lease agreements. This reduction in fixed
             operating costs will be implemented in phases as dictated by the
             economics of the Company's future operations.

         o   The Company is currently working with approximately eight different
             entities, all unaffiliated with the Company, to secure processing
             contracts each representing as little as $30,000 and as much as
             $2,000,000 in additional processing revenue per year. Letters of
             intent and contracts, have been secured for replacement processing
             with revenue estimated to be approximately $2,500,000 in the year
             ended December 31, 2000.

         o   The Company has developed and integrated a marketing plan for
             attracting new business, which includes the signing of a contract
             with one of its major software suppliers, creating an alliance
             between the two entities for the referral of new business.

         o   At March 31, 2000, the Company had cash balances in excess of
             $2,500,000.


NOTE 5:  FINANCIAL INSTRUMENTS

         The estimated fair values of the Company's financial instruments at
         March 31, 2000 were as follows:
<TABLE>
<CAPTION>
                                                                   Carrying           Fair
                                                                    Amount            Value
                                                                  -----------     -----------
           <S>                                                    <C>             <C>
           Financial assets:
                Cash and interest bearing deposits with banks     $ 3,131,295     $ 3,131,295
                Accounts receivable                                 1,034,960       1,034,960

           Financial liabilities:
                Notes payable                                     $   639,775     $   639,775
                Accrued interest payable                                4,990           4,990
</TABLE>

<PAGE>

NOTE 5:  FINANCIAL INSTRUMENTS - CONTINUED

         The estimated fair values of the Company's financial instruments at
         December 31, 1999 were as follows:
<TABLE>
<CAPTION>
                                                                     Carrying         Fair
                                                                      Amount          Value
                                                                  -----------     -----------
         <S>                                                      <C>             <C>
         Financial assets:
                Cash and interest bearing deposits with banks     $ 2,634,740     $ 2,634,740
                Accounts receivable                                   319,079         319,079
         Financial liabilities:
                Notes payable                                     $   137,288     $  137,288
                Accrued interest payable                                    0              0
</TABLE>

         The method(s) and assumptions used to estimate the fair value of
         financial instruments are disclosed in Note 1, "Fair Values of
         Financial Instruments".


NOTE 6:  INCOME TAXES

         The Company files a consolidated federal income tax return; however,
         federal income taxes are allocated between the Company and its
         subsidiaries based on statutory rates. The consolidated income tax
         expense, as a percentage of pretax earnings, differs from the statutory
         federal income tax rate as follows:
<TABLE>
<CAPTION>
                                                                             Three Months Ended
                                                                                 March 31,
                                                                         -------------------------
                                                                            2000           1999
                                                                         -----------   -----------
           <S>                                                           <C>           <C>
           Statutory federal income tax rate                                  34.00%        34.00%
           Non-deductible expenses                                              -            3.37
           Valuation allowance on net operating loss carryforwards              -             -
           Other                                                                -            1.44
                                                                         -----------   -----------
                Effective income tax rate                                       -  %        38.81%
                                                                         ===========   ===========
         Income tax expense is comprised of the following:

           Current income tax expense                                    $      -      $   60,034
           Deferred income tax expense                                          -           8,453
                                                                         -----------   -----------
                                                                         $      -      $   68,487
                                                                         ===========   ===========
</TABLE>

         The tax effects of temporary differences that gave rise to deferred tax
         assets (liabilities) as of March 31, 2000 and December 31, 1999,
         respectively:

<PAGE>

NOTE 6:  INCOME TAXES - CONTINUED
<TABLE>
<CAPTION>
                                                                            2000           1999
                                                                         -----------   -----------
           <S>                                                           <C>           <C>
           Deferred tax assets
                Net operating loss carryforwards                         $1,293,246    $  863,337
                Other                                                         9,887         7,514
                                                                         -----------   -----------

                      Total deferred tax assets                           1,303,133       870,851

           Deferred tax liabilities
           ------------------------

                Depreciation and amortization                              (100,303)      (97,930)

           Valuation allowance                                             (801,863)      371,954)
                                                                         -----------   -----------

                      Net deferred tax asset                             $  400,967    $  400,967
                                                                         ===========   ===========
</TABLE>

           At December 31, 1999, the Company had net operating loss
           carryforwards available for federal income tax purposes of
           approximately $3,500,000, which expire in the years 2014 - 2015. Of
           this amount, management has determined that approximately $2,350,000
           may not be utilized in future periods. Additionally, the Company
           believes, based on current operating losses, that it is more likely
           than not that the Company will not recover deferred tax assets in
           excess of approximately $400,000. Accordingly, a valuation allowance
           related to the uncertainty of utilization of the net operating loss
           carryforwards has been recorded. The following summarizes the changes
           in the valuation allowance:

                Valuation allowance at January 1, 1999             $          -

                      Additions during 1999                             371,954
                                                                   -------------
                Valuation allowance at December 31, 1999                371,954

                      Additions during 2000                             429,909
                                                                   -------------

                Valuation allowance at March 31, 2000              $    801,863
                                                                   =============

NOTE 7:  NOTES PAYABLE

         On February 16, 2000, the Company issued a promissory note (the
         "Promissory Note") to CNG Financial Corporation, an affiliate of the
         Company. The Promissory Note, in the principal sum of $500,000, carries
         an interest rate of 11.75% and is due and payable in one installment,
         together with all accrued and unpaid interest thereon, on demand;
         provided, however, that accrued interest shall be payable on March 1,
         2000 and on the first day of each month thereafter until the debt is
         paid in full. The outstanding balance and accrued interest payable at
         March 31, 2000 were $500,000 and $4,990, respectively.

         FICI has a real estate lien note through American State Bank formerly
         Security State Bank. The real estate note, dated August 1, 1998, in the
         amount of $160,000 carries an annual interest rate of Wall Street prime
         plus 1%, with a maturity date of August 1, 2001. The note is secured by
         a deed of trust to a building in which the note proceeds were used to
         purchase and renovate. The outstanding balance on the note as of March
         31, 2000 was $139,775.

<PAGE>

NOTE 8:  LEASE OBLIGATIONS

         The Company has entered into various operating lease agreements. Under
         terms of an operating lease with IBM Corporation, certificates of
         deposit with a carrying value of $401,000 at March 31, 2000 were
         pledged as collateral against Bank One letters of credit in favor of
         IBM. Under terms of an operating lease with Timmermen Leasing, a
         certificate of deposit with a carrying value of $100,000 at March 31,
         2000, was pledged as collateral. The future minimum payments for leased
         property under these noncancellable lease agreements for each of the
         next five years (no commitments for leased property extend more than
         five years) ending December 31, 2004 are as follows:

                                    2000                            $   950,174
                                    2001                                888,925
                                    2002                                327,233
                                    2003                                120,378
                                    2004                                108,049
                                    2005                                 92,904
                                                                    ------------
                       Lease obligations                            $ 2,487,663
                                                                    ============

         On August 24, 1999 the Company entered into a new lease for its office
         space, 36,182 square feet, from American State Bank at an annual cost
         of approximately $282,168. The former lease made on August 1, 1997,
         which included 52,248 square feet at a rate of $400,000 per year, was
         for a term of two years expiring July 31, 1999 with a 180 day
         termination clause.


NOTE 9:  MARKET RISK AND CONCENTRATIONS

         For the three months ended March 31, 2000, merchant processing revenue
         through Fi-Scrip and processing fees billed to CNG accounted for
         approximately $81,000 or 21% and $67,000 or 18% of the Company's total
         revenues, respectively. Greater Nevada Credit Union, Logberg, American
         State Bank and GMAC accounted for approximately $50,000 or 13%, $44,000
         or 12%, $42,000 or 11%, and $31,000 or 10%, of the Company's total
         revenues, respectively. No other customers accounted for 10% or more of
         the Company's total revenues.

         For the year ended December 31, 1999, revenue from the Best Bank
         portfolio accounted for approximately $3,064,150 or 59% of the
         Company's total revenues and merchant processing revenue accounted for
         approximately $645,623 or 13% of the Company's total revenues. No other
         customers accounted for 10% or more of the Company's total revenues.
         Since the Best Bank failure in July 1998 the Company continued its role
         as processor for the portfolio accounts through May 17, 1999, in which
         it was receiving payment from the FDIC for its processing costs.

NOTE 10:  RELATED PARTY TRANSACTIONS

         On February 16, 2000, the Company issued an unsecured promissory note
         (the Promissory Note) to CNG Financial Corporation, an affiliate of the
         Company. The Promissory Note, in the principal sum of $500,000, carries
         an interest rate of 11.75% and is due and payable in one installment,
         together with all accrued and unpaid interest thereon, on demand;
         provided, however, that accrued interest shall be payable on March 1,
         2000 and on the first day of each month thereafter until the debt is
         paid in full. The outstanding balance and accrued interest payable at
         March 31, 2000 were $500,000 and $4,990, respectively.

<PAGE>

NOTE 11:  STOCK OPTION PLAN

         The Company adopted a stock plan to provide for the granting of options
         to senior management of the Company. As of December 31, 1999, the
         Company has allocated 1,250,000 shares of stock for issuance under the
         plan. On July 1, 1998 and August 6, 1999 the Company granted 316,666
         and 550,000 options, respectively. The options expire five years from
         the date of issuance. On December 24, 1998, the Company amended the
         exercise price of the options previously granted on July 1, 1998.

         The following table shows the vesting schedule and the exercise price,
         as amended, for each of the five current and two former directors
         awarded options on July 1, 1998.
<TABLE>
<CAPTION>
                                                                 Options vested
                                                         ---------------------------------      Total Options
                                        Exercise           July 1,   October 1, January 1,       Vested and
                      Director            Price              1998       1998      1999           Outstanding
              ----------------------    --------         ---------- ---------- ----------       --------------
              <S>                         <C>               <C>        <C>         <C>              <C>
              Glenn M. Gallant            $ .62             16,666     16,667      -                 33,333
              Douglas R. Baetz            $ .62             16,666     16,667      -                 33,333
              Kenneth A. Klotz            $ .48             16,666     16,667      16,667            50,000
              Charles LaMontagne          $ .48             16,666     16,667      16,667            50,000
              Olan Beard                  $ .48             16,666     16,667      16,667            50,000
              Donald Thone                $ .48             16,666     16,667      16,667            50,000
              Robert Feldman              $ .48             16,666     16,667      16,667            50,000
                                                                                                  ----------
                                                                                                    316,666
                                                                                                  ==========
</TABLE>
         The following table shows the vesting schedule and the exercise price
         for each of the five directors awarded options on August 6, 1999.
<TABLE>
<CAPTION>
                                                                Options vested
                                                          ----------------------------          Total Options
                                         Exercise         August 6,        October 22,            Vested and
                         Director         Price              1999             1999                Outstanding
              ----------------------    --------          ----------       -----------          --------------
              <S>                          <C>             <C>              <C>                      <C>
              Kenneth A. Klotz             $ .23           50,000           100,000                   150,000
              Charles LaMontagne           $ .23           50,000           100,000                   150,000
              Olan Beard                   $ .23           50,000           100,000                   150,000
              Donald Thone                 $ .23           50,000           -                          50,000
              Robert Feldman               $ .23           50,000           -                          50,000
                                                                                                    ----------
                                                                                                      550,000
                                                                                                    ==========
</TABLE>

         Messrs. Baetz and Gallant, having greater than 10% of the outstanding
         shares of the Company at July 1, 1998, were granted options with an
         exercise price set at 110% of the fair market value of the Company's
         common stock at the date of the grant. The remaining five directors
         were granted options with an exercise price set at 85% of the fair
         market value of the Company's common stock at the date of the grant. As
         of March 31, 2000 no options under the plan had been exercised

         The 100,000 options granted to each of Messrs. Klotz, LaMontagne and
         Beard on August 6, 1999 and vesting on November 16, 1999, originally
         were to vest over a two year period, beginning with 50,000 vesting on
         August 6, 2000 and 50,000 vesting on August 6, 2001, but were
         accelerated by the change in control of the Company's shareholders on
         October 22, 1999.

<PAGE>

NOTE 11: STOCK OPTION PLAN - CONTINUED

         Effective December 7, 1999, Mr. Roland Koch was granted 125,000 options
         to purchase the Company's common stock under the plan, with an exercise
         price of $0.40, 85% of the fair market value of the Company's common
         stock at the date of the grant. The options will vest over a three year
         period beginning December 7, 1999 at a rate of 1/3 each year. As of
         March 31, 2000 Mr. Koch has 41,667 options vested and none have been
         exercised.

         Effective December 7, 1999, Mr. John Courter was granted 25,000 options
         to purchase the Company's common stock under the plan, with an exercise
         price of $0.40, 85% of the fair market value of the Company's common
         stock at the date of the grant. The options are currently vested as of
         December 7, 1999. As of March 31, 2000 Mr. Courter has 25,000 options
         vested and none have been exercised.

         The Company accounts for the options in accordance with Accounting
         Principles Board Opinion No. 25, Accounting for Stock Issued to
         Employees, under which compensation cost is recognized for the
         difference in the option's exercise price and the fair market value of
         the stock as of the date of each grant over the vesting period. The
         effect of further compensation cost for the plan, had it been included
         in the income statement as provided for in SFAS No. 123, Accounting for
         Stock-Based Compensation, would have resulted in an insignificant
         reduction to the Company's net earnings and earnings per share on a pro
         forma basis, based on estimates using an accepted options pricing
         model.


NOTE 12: CONDENSED FINANCIAL INFORMATION - PARENT COMPANY

         The following represents consolidated financial information of the
         parent company as of and for the three months ended March 31, 2000 and
         as of and for the year ended December 31, 1999 utilizing the equity
         method of accounting.

      CONDENSED BALANCE SHEET:
<TABLE>
<CAPTION>
                                    ASSETS                  March 31,        December 31,
                                                              2000              1999
                                                         --------------   --------------
           <S>                                           <C>              <C>
           Current assets
              Cash and cash equivalents                  $      25,565    $           -
              Prepaid expenses and other assets                 17,500           36,820
              Federal income tax receivable                    -                      -
              Due from subsidiaries                          1,859,054        1,920,928
                                                         --------------   --------------
                Total current assets                         1,902,119        1,957,748

           Other assets
              Deferred tax asset                                17,637           17,637
              Other investments                                 90,000           90,000
              Investment in subsidiaries                      (372,103)         792,635
                                                         --------------   --------------
                Total other assets                            (264,466)         900,272
                                                         --------------   --------------

              TOTAL ASSETS                               $   1,637,653    $   2,858,020
                                                         ==============   ==============
</TABLE>

<PAGE>

NOTE 12: CONDENSED FINANCIAL INFORMATION - PARENT COMPANY - CONTINUED
<TABLE>
<CAPTION>
                                                                             March 31,    December 31,
                                                                               2000           1999
                                                                         --------------- ---------------
                      LIABILITIES AND SHAREHOLDERS' EQUITY
<S>                                                                      <C>             <C>
           LIABILITIES
              Accrued expenses and other liabilities                     $      134,631  $       90,562
              Due to subsidiaries                                                     -               -
                                                                         --------------- ---------------
                Total current liabilities                                       134,631          90,562

           SHAREHOLDERS' EQUITY
              Common stock                                                       38,512          38,512
              Capital surplus                                                 5,891,096       5,891,096
              Retained (deficit) earnings                                    (4,426,586)     (3,162,150)
                                                                         --------------- ---------------
                Total shareholders' equity                                    1,503,022       2,767,458
                                                                         --------------- ---------------

              TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                 $    1,637,653  $    2,858,020
                                                                         =============== ===============
           CONDENSED STATEMENT OF OPERATIONS:

           REVENUES
              Undistributed (loss) earnings of subsidiaries              $   (1,164,737) $   (2,722,064)

           EXPENSES
              Stockholder costs and fees                                            582           5,115
              Professional and outside services                                  90,601         405,584
              Marketing                                                           5,866         106,987
              Other operating                                                     2,650           2,503
                                                                         --------------- ---------------
                Total operating expenses                                         99,699         520,189

              Compensation to directors                                               -          10,000
                                                                         --------------- ---------------
                Total other expense                                                   -          10,000
                                                                         --------------- ---------------

           (LOSS) INCOME BEFORE FEDERAL INCOME TAX                           (1,264,436)     (3,252,253)
              Income tax benefit                                               (   -   )        (20,636)
                                                                         --------------- ---------------
           Net (loss)                                                    $   (1,264,436) $   (3,231,617)
                                                                         =============== ===============

           CONDENSED STATEMENT OF CASH FLOWS:

           CASH FLOWS FROM OPERATING ACTIVITIES
              Net (loss) income                                          $   (1,264,436) $   (3,231,617)
              Adjustments to reconcile net (loss) income
                to net cash provided by operations
                      Undistributed loss (earnings) in subsidiaries           1,164,737       2,722,063
                      Decrease (increase) in receivables                         61,874      (1,338,319)
                      Decrease in prepaid
                            expenses and other assets                            19,321          51,543
                      Increase (decrease) in accruals
                            and accounts payable                                 44,069      (1,565,859)
                                                                         --------------- ---------------
              Net cash provided by (used by) operating activities                25,565      (3,362,189)
</TABLE>

<PAGE>

NOTE 12: CONDENSED FINANCIAL INFORMATION - PARENT COMPANY - CONTINUED
<TABLE>
<CAPTION>
                                                                            March 31,      December 31,
                                                                              2000             1999
                                                                         --------------- ---------------
           <S>                                                           <C>             <C>
              CASH FLOWS FROM INVESTING ACTIVITIES
                Other investments                                                -              (90,000)
                                                                         --------------- ---------------
              Net cash used by investing activities                              -              (90,000)

              CASH FLOWS FROM FINANCING ACTIVITIES

                Proceeds from line of credit, net of payments                    -              451,128
                Issuance of common stock                                         -            3,000,000
                                                                         --------------- ---------------
              Net cash provided by financing activities                          -            3,451,128

           NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                  25,565          (1,061)
           Cash and cash equivalents at beginning of year                        -                1,061
                                                                         --------------- ---------------

           CASH AND CASH EQUIVALENTS AT END OF PERIOD                    $       25,565  $         -
                                                                         =============== ===============
</TABLE>

NOTE 13: CONSULTING AGREEMENTS

         On March 20, 1998, the Company entered into a consulting agreement with
         Worldwide Corporate Finance (Worldwide). Worldwide, through its
         individual affiliate, Michael Markow, provided the Company with
         consulting services, including long-term business, managerial and
         financial planning; investigating and analysis in corporate
         reorganizations and expansion in merger and acquisition opportunities;
         and the introduction of business opportunities for credit card
         processing services. As compensation for services, the Company granted
         to Mr. Markow options to purchase up to 700,000 shares of Common Stock,
         at varying prices between $0.95 and $1.70, which are the subject of a
         currently effective registration statement. The fair value of the
         options granted approximated the value of the services provided by Mr.
         Markow and has been recognized as a component of consulting fees in the
         consolidated income statement.

         In February 1999, the Company's management and Mr. Markow reached an
         agreement to terminate the existing consulting agreement between the
         Company and Worldwide. In settlement the Company agreed to allow Mr.
         Markow to exercise 10,000 additional options to purchase an equal
         number of shares of the Company's Common Stock at $1.70 per share
         resulting in a transaction valued at $17,000. Additionally the Company
         agreed to pay Mr. Markow $15,000 in cash and terminate the remaining
         unexercised balance of options initially granted to Mr. Markow and
         Worldwide under the consulting agreement. The Company does not expect
         to enter into any additional consulting agreements with Mr. Markow or
         Worldwide in the future. Mr. Markow and Worldwide had exercised a total
         of 275,000 options valued at $298,750 under the former consulting
         agreement. As of the date of this report there are no remaining options
         outstanding related to the former consulting agreement with Mr. Markow
         and Worldwide.

         The fair value of the options granted approximate the value of the
         services provided by Mr. Markow and has been recognized as a component
         of consulting fees in the income statement over the term of the
         agreement.

<PAGE>

NOTE 13: CONSULTING AGREEMENTS - CONTINUED

         On July 1, 1998, Columbia Capital Corp. entered into a consulting
         agreement with Matthias and Berg, LLP ("the Firm"). The Firm, through
         its partner, Jeffrey Berg, provides the Company with consulting and
         litigation services, including long term business, managerial and
         financial litigation support; investigating and analysis in corporate
         reorganizations and legal expertise on merger and acquisition
         opportunities. As compensation for services, the Company granted to the
         Firm options to purchase up to 100,000 shares of Common Stock, which
         are the subject of a currently effective registration statement, on the
         following terms and conditions: (i) options to purchase up to 100,000
         shares of Common Stock at an exercise price of $0.48 per share,
         exercisable from July 1, 1998. The fair value of consulting and
         litigation services provided by the Firm is being recognized as the
         services are provided. As of March 31, 2000 no options have been
         exercised under the agreement.


NOTE 14: STOCK PURCHASE AGREEMENT

         On September 16, 1999, pursuant to the terms of an Agreement for
         Purchase of Stock, dated as of September 16, 1999, and as amended as of
         December 31, 1999 (the CLCK/CNG Stock Purchase Agreement), by and
         between the Company and CNG, an Ohio corporation (CNG), CNG purchased
         4,000,000 shares of common stock of the Company for a purchase price of
         $500,000. CNG is a holding company of subsidiaries which provide
         consumer financial services. CNG is based in Mason, Ohio.

         On October 22, 1999, CNG obtained a controlling interest in the
         Company, when pursuant to the terms of the CLCK/CNG Stock Purchase
         Agreement, CNG acquired an additional 20,000,000 shares of common stock
         (the Second Installment) for a purchase price of $2,500,000 (the Second
         Installment Payment). As of the date of this report CNG effectively
         holds 24,000,000 or 62.3% of the 38,511,512 common shares outstanding.
         CNG controls in excess of a majority of the issued and outstanding
         voting securities of the Company, able to elect all of the directors of
         the Company and effectively control the Company's affairs.

         The Company has been advised by CNG that the source of payment for the
         purchase of the 24,000,000 shares was from the working capital line of
         credit provided by CNG's credit facility lenders.

         The CLCK/CNG Stock Purchase Agreement also provides that CNG shall be
         granted a Non- Qualified Stock Option (Stock Option) to purchase an
         additional 10,000,000 shares of common stock for the purchase price of
         $2,000,000 (the Third Installment Payment), which Stock Option must be
         exercised by CNG on or before September 16, 2000. The Stock Option is
         exercisable in whole, and not in part.

         In connection with the CLCK/CNG Stock Purchase Agreement, the Company
         entered into a stock purchase agreement (the CLCK/Century Stock
         Purchase Agreement), dated as of September 16, 1999, with Century
         Financial Group, Inc., a Florida corporation (Century). Century is an
         affiliate of two of the Company's principal stockholders, Douglas R.
         Baetz and Glenn M. Gallant. Century and Messrs. Baetz and Gallant are
         not affiliated with CNG. Under the terms and conditions of the
         CLCK/Century Stock Purchase Agreement, Century purchased 1,736,512
         shares of common stock of the Company in consideration of the
         cancellation of the obligation of $434,128 due and payable by the
         Company to Century.

         Further, the Company has agreed to issue to Century an additional
         1,736,512 shares of Common Stock for no further consideration, in the
         event that the following contingencies (collectively, the Century
         Contingencies) are satisfied: (i) that Century shall procure or broker,
         without compensation, executed processing contracts (the Processing
         Contracts) between the Company and one or more customers;

<PAGE>

NOTE 14: STOCK PURCHASE AGREEMENT - CONTINUED

         (ii) that each of the Processing Contracts shall have a term length of
         not less than five (5) years; (iii) that the Processing Contracts shall
         collectively generate not less than $150,000 of processing revenues for
         the Company during the month of March, 2000; and (iv) that CNG shall
         pay the Second Installment Payment to the Company in accordance with
         the terms and conditions of the CLCK/CNG Stock Purchase Agreement.

         Further, in connection with the CLCK/CNG Stock Purchase Agreement, CNG
         has agreed to sell an additional 1,000,000 shares of common stock to
         Century for the purchase price of $10; provided, however, that the
         Century Agreement shall be null and void, and CNG shall have no
         obligation whatsoever to sell any shares of common stock to Century, in
         the event that the Century Contingencies are not satisfied. For
         purposes of calculating the percentage of beneficial ownership of a
         stockholder in the following paragraphs, pursuant to the rules of the
         Securities and Exchange Commission, shares of common stock which an
         individual or group has a right to acquire within 60 days pursuant to
         the exercise of options or warrants are deemed to be outstanding for
         the purpose of computing the percentage ownership of such individual or
         group, but are not deemed to be outstanding for the purpose of
         computing the percentage ownership of any other person.

         Immediately prior the closing of the transactions contemplated by the
         CLCK/CNG Stock Purchase Agreement, Messrs. Baetz and Gallant
         beneficially owned, in the aggregate, 10,697,916 shares of common stock
         (including options to purchase 66,666 shares), or approximately 83.3%
         of the issued and outstanding shares of common stock (12,841,666 shares
         issued and outstanding for purposes of calculating the percentage of
         beneficial ownership).

         Immediately following the issuance of the 4,000,000 shares to CNG and
         the 1,736,512 shares to Century, Messrs. Baetz and Gallant collectively
         beneficially owned 12,434,428 shares of common stock, or approximately
         66.9% of the issued and outstanding shares of common stock (18,578,178
         shares issued and outstanding for purposes of calculating the
         percentage of beneficial ownership) and CNG beneficially owned
         4,000,000 shares of common stock, or approximately 21.6% of the
         18,511,512 issued and outstanding shares of common stock (excluding the
         20,000,000 shares relating to the Second Installment and the 10,000,000
         shares relating to the Stock Option).

         Immediately following the issuance of the 20,000,000 shares and now
         being entitled to exercise the Stock Option with respect to the
         additional 10,000,000 shares, CNG will beneficially own 34,000,000
         shares of common stock, or 70.01% of the assumed issued and outstanding
         common stock (48,511,512 shares issued and outstanding for purposes of
         calculating the percentage of beneficial ownership).

         In the further event that the Century Contingencies are satisfied, and
         the Company will issue an additional 1,736,512 shares of common stock
         to Century and Century purchases the 1,000,000 shares of common stock
         from CNG, CNG will beneficially own 33,000,000 shares of common stock
         (including options to purchase 10,000,000 shares), or approximately
         65.7% of the then issued and outstanding common stock (50,248,024
         shares issued and outstanding for purposes of calculating the
         percentage of beneficial ownership), and Messrs. Baetz and Gallant will
         collectively beneficially own 15,170,940 shares (including options to
         purchase 66,666 shares), or approximately 37.6% of the then issued and
         outstanding common stock (40,314,690 shares issued and outstanding for
         purposes of calculating the percentage of beneficial ownership).

<PAGE>

NOTE 15: BAYTREE SETTLEMENT

         On June 30, 1998, the Company, FICI, Douglas R. Baetz and Glenn M.
         Gallant filed a complaint (the Complaint) in the United States District
         Court for the Southern District of Florida (Case No. 98- 6701) against
         Baytree., Michael Gardner (Gardner), certain former officers and
         directors of the Company, and certain other parties. The complaint
         alleges claims against the named defendants, including fraud,
         securities fraud and breach of fiduciary duty, in connection with the
         transactions related to the Stock Purchase Agreement, entered into as
         of September 23, 1997, among the Company, FICI, and Messrs. Gallant and
         Baetz. The complaint seeks relief against the named defendants,
         including monetary damages relating to improper sales of shares of
         common stock into the public market by the named defendants and the
         cancellation of the shares of common stock issued by the Company to
         Baytree for services rendered for arranging the transactions which are
         the subject of the Stock Purchase Agreement. On September 16, 1999,
         Baytree and Gardner filed an answer to the Complaint, denying the
         claims and asserting counterclaims against the Company and affiliates.
         On September 29, 1999, the Company, FICI, Douglas R. Baetz, Glenn M.
         Gallant, Baytree and Gardner entered into a settlement agreement. Under
         the terms of the settlement agreement each party has agreed to drop the
         complaints against each of the other parties. Additionally, under terms
         of the settlement agreement Baytree/Gardner agreed to sell their
         holdings of 400,000 restricted shares of the Company's common stock to
         an unaffiliated third party. The Company views the settlement as
         favorable to the interests of the Company and other shareholders.

NOTE 16: IMPAIRMENT OF GOODWILL

         Based on circumstances and events which occurred during the year ended
         December 31, 1999, which includes the termination of the Master
         Agreement related to the BestBank portfolio (Note 6) and a change in
         control of the Company's principal shareholders (Note 18), management
         of the Company has determined that the significant tangible and
         intangible assets acquired in the purchase of FICI in 1997, no longer
         exist or have been fully depreciated and that the related goodwill is
         fully impaired. Accordingly, the balance of goodwill was written off at
         December 31, 1999, resulting in a non-recurring charge of $844,066
         reflected in the Statement of Operations under the caption other
         expense.

NOTE 17: AMENDMENT OF CERTIFICATE OF INCORPORATION

         Effective March 1, 2000, FICI amended its certificate of incorporation
         effectively changing its name to Finity Corporation. This amendment
         will not affect current operations of the Company.

NOTE 18: EMPLOYEE BENEFIT PLAN

         The Company and its subsidiaries have an employee benefit plan covering
         substantially all employees. The plan is a qualified salary reduction
         plan under Section 401(k) of the Internal Revenue Code, which allows
         deferral of compensation, effective January 1, 1998. Under this plan,
         the Company's annual contribution is at the discretion of the Company's
         Board of Directors and cannot exceed fifteen (5%) of eligible
         compensation. The Company contributed $74,739 to the plan in 1999.

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

This report, including the disclosures below, contains certain forward-looking
statements that involve substantial risks and uncertainties. Unless the context
otherwise requires, the term "Company" refers to Columbia Capital Corp. and its
wholly-owned subsidiaries, Finity Corporation, a Texas corporation ("Finity")
and Fi-Scrip, Incorporated, a Nevada corporation ("Fi-Scrip"), through which the
Company principally conducts its business operations. When used herein, the
terms "anticipates," "expects," "estimates," "believes" and similar expressions,
as they relate to the Company or its management, are intended to identify such
forward-looking statements. The Company's actual results, performance or
achievements may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause or contribute to such
material differences include inability to replace lost business, inability to
generate sufficient additional capital, consolidation of banks and other
financial institutions, government regulation, competition and various other
factors discussed in this report and in the Company's Annual Report on Form
10-KSB for the year ended December 31, 1999.

OVERVIEW OF PRESENTATION

The following should be read in conjunction with the Consolidated Financial
Statements of Columbia Capital Corp., a Delaware corporation ("Columbia"), and
the related notes thereto, contained elsewhere in this report.

Columbia was organized under the laws of the State of Delaware on February 5,
1993. Columbia operates through its wholly-owned subsidiaries, Finity, formerly
known as First Independent Computers, Inc. ("FICI"), a Texas corporation and
Fi-Scrip, Incorporated, a Nevada corporation ("Fi-Scrip"). FICI changed its name
to Finity by amendment to its articles of incorporation effective March 1, 2000.
The amendment was implemented as part of management's strategic marketing plan
and is not expected to have an immediate affect on the operations of the
subsidiary. Unless stated otherwise, Columbia, Finity and Fi-Scrip shall
hereinafter be referred to collectively as the Company.

The Company has included in this Report the unaudited consolidated financial
statements of the Company for the three (3) months ended March 31, 2000 and
1999, which include the consolidated balance sheets of the Company as of March
31, 2000 (unaudited) and December 31, 1999 (audited), and the related
consolidated income statements and statements of changes in shareholders' equity
and cash flows for the three (3) month periods ended March 31, 2000 and 1999.
The consolidated income statements and statements of cash flows of the Company
for the three (3) months ended March 31, 2000 and 1999, which form a part of the
Company's consolidated financial statements for such periods, reflect the
consolidated results of operations and cash flows of the parent holding company,
Finity and Fi-Scrip.

RESULTS OF OPERATIONS FOR THE THREE (3) MONTHS ENDED MARCH 31, 2000 AND 1999

Total operating revenues for the three months ended March 31, 2000 decreased
approximately 80% to $596,077 from $3,007,904 for the three months ended March
31, 1999. Total operating revenues principally include (i) credit card
processing revenues, (ii) mail operations and (iii) merchant processing
revenues.

Credit card processing revenues during the three months ended March 31, 2000
decreased 89% to $289,616 from $2,673,269 during the three months ended March
31, 1999. This decrease primarily relates to the loss of the revenues associated
with the processing contract (the "Master Agreement") with BestBank of Boulder,
Colorado ("BestBank") which was terminated by the Federal Deposit Insurance
Corporation ("FDIC") on March 4, 1999.

<PAGE>

Banking and financial service revenues during the three months ended March 31,
2000 decreased to $0 from $73,842. This decrease related to the expiration of
the Company's processing arrangements with American State Bank during 1999.

Merchant processing revenue was $293,883 and $27,074 for the three months ended
March 31, 2000 and 1999, respectively. Merchant processing revenue is from the
Company's subsidiary Fi-Scrip, which was consolidated into the Company as of
January 1, 1999 and has experienced significant growth in Electronic Benefits
Transfer transactions throughout 1999.

Total operating expenses during the three months ended March 31, 2000 decreased
34% to $1,857,869 from $2,821,594 during the three months ended March 31, 1999.
Total operating expenses principally include: (i) cost of salaries and employee
benefits, (ii) equipment and software expenses, (iii) professional and outside
services, as follows:

Cost of salaries and employee benefits during the three months ended March 31,
2000 decreased 19% to $746,703 from $920,183 during the three months ended March
31, 1999. This decrease primarily resulted from a decrease of approximately 16
full time employees through attrition. The Company generally did not replace
those employees that left and worked to consolidate job responsibilities among
fewer employees. The Company has struggled to maintain its professional staff,
including officers, management, computer programmers and equipment operators,
following the decreased in demand for credit card processing services relating
to the loss of the Master Agreement.

Equipment and software expenses during the three months ended March 31, 2000
decreased 28% to $431,949 from $598,521 during the three months ended March 31,
1999. This decrease primarily related to the Company renegotiating terms of its
software lease with PaySys.

Cost of professional and outside services during the three months ended March
31, 2000 decreased 61% to $128,909 from $332,907 during the three months ended
March 31, 1999. The decline in professional and outside services expense for
1999 resulted from a decline in the Company's legal and accounting fees.

Further, certain miscellaneous operating expenses, including insurance, postage
and delivery fees, and franchise use and sales taxes, during the three months
ended March 31, 2000, decreased 64% to $153,924 from $432,635 during the three
months ended March 31, 1999. These decreases resulted primarily from no bad debt
being recorded during the first quarter of 1999 versus bad debt being recorded
during the first quarter of 1999 related to uncollected processing fees on the
former BestBank portfolio.

Other income and expenses resulted in net expenses of $2,643 and $9,851 for the
three months ended March 31, 2000 and 1999, respectively. Other income and
expenses consist of interest income of $9,314 offset by interest expenses of
$11,957 for the three months ended March 31, 2000. Other income and expenses
consist of interest income of $10,421 offset by interest expenses of $20,272 for
the three months ended March 31, 1999.

As a result of the foregoing, the Company generated net loss of $1,264,436
during the three months ended March 31, 2000, as compared to a net income of
$107,972 during the three months ended March 31, 1999. This loss primarily
resulted from a decline in revenue from credit card processing related to the
termination of the Master Agreement.

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2000, the ratio of current assets to current liabilities was 1 to 1
as compared to 1.45 to 1 at December 31, 1999.

The Company's cash flow needs for the three months ended March 31, 2000 were
primarily provided from capital injections and borrowings related to the
agreements between the Company and its principal shareholder, CNG Financial
Corporation ("CNG"). The Company's cash flow needs for the three months ended
March 31, 1999 were primarily provided from operations. At March 31, 2000 and
December 31, 1999, $20,000 of unallocated reserve for bad debt was carried by
the Company. At March 31, 2000, prepaid expenses were $392,583 and are
anticipated to be expensed as used in the future. Net property and equipment was
$1,125,439 at March 31, 2000.

There were no major capital additions during the three months ended March 31,
2000.

The termination of the Master Agreement, which eliminated approximately 84% of
the Company's monthly revenues from processing, as measured during 1998, has had
a material adverse affect on the Company's results of operations during the
three months ended March 31, 2000 and the year ended December 31, 1999, and is
anticipated to have a material adverse effect on the Company's results of
operations during the near future unless and until the Company rebuilds and
replaces its revenue sources.

Management of the Company hopes the Company will be able to replace the loss of
revenue from the Master Agreement and is currently working to negotiate new
business to offset such loss. Management is continuing to work to strategically
reduce operating costs in an effort to streamline the Company's operations while
maintaining the integrity of systems and the overall ability of the Company to
move swiftly and effectively to implement new business.

On September 16, 1999, Finity effectively terminated an eight hundred thousand
dollars ($800,000) unsecured operating line of credit through Century Financial
Group, Inc. ("Century"). Finity agreed to offset $576,352 in accounts receivable
from Century to Finity against the $827,921 balance of the line of credit, which
included $27,921 in accrued interest payable, and through the Company, issued
1,006,276 shares of Common Stock in consideration of the cancellation of the
remaining $251,569 balance of the line of credit. The line of credit carried an
annual percentage rate of ten percent (10%). Under the terms of the line of
credit, Finity paid interest on a monthly basis with the unpaid principal due at
maturity, September 15, 1999.

On September 16, 1999, Fi-Scrip effectively terminated an operating line of
credit through Century. The Company agreed to issue 730,236 shares of Common
Stock in consideration of the cancellation of the $182,559 balance of the line
of credit, including $6,604 in accrued interest payable. The line of credit,
dated May 1, 1998, with Century provided Fi-Scrip with a maximum operating line
of credit of two hundred and fifty thousand dollars ($250,000). The note carried
an annual percentage rate of ten percent (10%). Under the terms of the note,
Fi-Scrip paid interest on a monthly basis with the unpaid principal due on
demand.

<PAGE>

In September and November, 1999, pursuant to the terms of a stock purchase
agreement between CNG and the Company (the "CLCK/CNG Stock Purchase Agreement"),
CNG purchased 24,000,000 shares of Common Stock for a purchase price of
$3,000,000. Pursuant to the CLCK/CNG Stock Purchase Agreement, CNG was granted
an option (the "CNG Stock Option") to purchase an additional 10,000,000 shares
of Common Stock for the purchase price of $2,000,000. CNG has agreed to exercise
the CNG Stock Option at any time that the Company indicates a need for these
funds for operations. However, no assurance can be given that CNG will exercise
the CNG Stock Options when called upon to do so.

In connection with the CLCK/CNG Stock Purchase Agreement, the Company entered
into the CLCK/Century Stock Purchase Agreement, dated as of September 16, 1999,
with Century. Under the terms and conditions of the CLCK/Century Stock Purchase
Agreement, Century purchased 1,736,512 shares of Common Stock of the Company in
consideration of the cancellation of the obligation of $434,128 due and payable
by the Company to Century.

On February 16, 2000, the Company entered into a promissory note (the "Note")
payable to CNG in consideration of $500,000. The Note is due and payable on
demand with accrued interest due and payable monthly at a rate of 11.75%. The
accrued interest payable to CNG on March 31, 2000 was $4,990. The proceeds of
the note will be used for operations of the Company.

Cash and cash equivalents were $2,630,295 as of March 31, 2000, as compared to
$2,133,740 at December 31, 1999. This increase was primarily attributable to
proceeds the Company received from the Note.

As of March 31, 2000 and December 31, 1999, the Company's long-term borrowings
were $123,985 and $124,847, respectively. Long-term borrowings consisted of the
note payable to American State Bank, less the current portion of the note
payable.

As of March 31, 2000, the Company had short-term borrowings in the aggregate
amount of $515,790, as compared to $12,441 at December 31, 1999. This increase
resulted primarily from borrowing under the Note.

In October, 1997, the Company entered into a 36-month equipment lease with IBM
related to the Company's credit card processing operations. The Company upgraded
the equipment lease in March, 1998 to provide for continued increases in the
Company's processing volume and efficiencies, and expansion of business
operations. The Company financed the lease agreement by the pledge of
certificates of deposit in the aggregate amount of $501,000.

The certificates of deposit are for one-year terms and are automatically
renewable for an additional year. The certificates of deposit bear varying rates
of interest based on the date of the establishment of the certificates of
deposit.

Net cash (used in) provided by operating activities was $(1,520) and $553,637
for the three months ended March 31, 2000 and 1999, respectively. Net cash used
by operations during the three months ended March 31, 2000 primarily consisted
of net losses from operations, offset primarily by increases in accruals and
accounts payable. Net cash provided by operations during the three months ended
March 31, 1999 primarily consisted of net income from operations, increases in
accruals and accounts payable and deferred income taxes, decreases in accounts
receivable, deposits and prepaid expenses and depreciation and amortization.

Net cash used in investing activities was $1,925 and $13,744 for the three
months ended March 31, 2000 and 1999, respectively. In the three months ended
March 31, 2000, the Company utilized $1,925 to purchase certain fixed assets. In
the three months ended March 31, 1999, the Company utilized $13,744 to purchase
certain fixed assets.

<PAGE>

Net cash provided by financing activities was $500,000 and $525,917 for the
three months ended March 31, 2000 and 1999, respectively. In the three months
ended March 31, 2000, the Company received proceeds of $500,000 from the Note.
For the three months ended March 31, 1999, the Company drew $95,701 on the Line
of Credit with Century, net of payments, received proceeds of $17,000 from the
issuance of common stock and benefited from $413,216 in cash and cash
equivalents related to the acquisition of Fi-Scrip.


PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)  Exhibits
     --------

     27.  Financial Data Schedule

Reports on Form 8-K
-------------------

         None

<PAGE>

                                   SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

COLUMBIA CAPITAL CORP.


Dated: May 15, 2000                         By:  /s/ Kenneth A. Klotz
                                                 -------------------------------
                                                     Kenneth A. Klotz
                                                     President


Dated: May 15, 2000                         By:  /s/ Charles La Montagne
                                                 -------------------------------
                                                     Charles La Montagne
                                                     Chief Financial Officer