SECURITIES AND EXCHANGE COMMISSION
                                              WASHINGTON, D.C. 20549

                                                    FORM 10-KSB

[x]     Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
 Act of 1934 [Fee Required]

For the fiscal year ended December 31, 1999

[ ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]

For the transition period from                          to

Commission file number 0-27873

                                          SPACE LAUNCHES FINANCING, INC.
                         (Exact name of small business issuer in its charter)

                         Nevada                                     98-0178621
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer
 Identification No.)

56 Quai Gustave Ador, Geneva, Switzerland                          CH-1206
           (Address of principal executive offices)                  (Zip Code)

Registrant's telephone number, including area code:               (949) 489-2400
                                                             -------------------

Securities registered pursuant to Section 12(b) of the Act:              None
                                                             ----------------

Securities registered pursuant to Section 12(g) of the Act:
  Common Stock, par value $.001


           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

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

           State issuer's revenues for its most recent fiscal year: None

           The aggregate market value of the voting stock held by non-affiliates
of the registrant as of December 31, 1999 was not determinable  since the Common
Stock was not traded.

           The number of shares  outstanding  of the issuer's  classes of Common
Stock as of December 31, 1999:

Common Stock, $.001 Par Value - 6,017,471 Shares

                                    DOCUMENTS INCORPORATED BY REFERENCE:  NONE


<PAGE>



                                                      PART I

Item 1.   DESCRIPTION OF BUSINESS

 Space Launches  Financing,  Inc., a Nevada corporation,  formerly  Transcendent
Corporation (the "Company"), was incorporated on February 11, 1997.

 The  Company  was  originally  organized  to  develop,  manufacture  and market
specialty channels in Toronto,  Ontario Canada. This business was not successful
and in November  1997 the Company  changed its business  objectives to financing
satellite launches.  No contracts have been entered into as of October 1999. The
Company is in the formative stages.

Item 2.   DESCRIPTION OF PROPERTY

 Not applicable.


Item 3.   LEGAL PROCEEDINGS

 Not Applicable.

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 No matters  were  submitted  to a vote of  security  holders  during the fourth
quarter of the fiscal year ended December 31, 1999.

                                                         2

<PAGE>



                                                      PART II


Item 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
          MATTERS

         (a) Market Information

         The Company's  Common Stock has been listed on the NASD OTC  Electronic
Bulletin Board sponsored by the National Association of Securities Dealers, Inc.
under the symbol "SPCL" since 1997. There has been limited trading of the Common
Stock.

         (b)  Holders

         As of May 1999, there were  approximately 100 holders of Company common
stock and one holder of Series A preferred stock.

         (c) Dividends

         The Company has not paid any dividends on its common stock. The Company
currently intends to retain any earnings for use in its business,  and therefore
does not anticipate paying cash dividends in the foreseeable future.


Item 6.      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

             The Company has had limited  operations  to date.  In November 1997
the  Company  raised  $100,000  in an  offering  of common  stock.  The  Company
anticipates  that it will  require  approximately  $4,000,000  to carry  out its
business plan, which is expected to be met from the exercise of warrants.

Item 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

            The consolidated  financial statements of the Company required to be
            included in Item 7 are set forth in the Financial Statements Index.

Item 8.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            FINANCIAL DISCLOSURE

            Not Applicable.

                                                         3

<PAGE>



                                                     PART III

Item 9.     DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
            COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.

Directors and Executive Officers


            The members of the Board of Directors of the Company serve until the
next  annual  meeting  of  stockholders,  or until  their  successors  have been
elected. The officers serve at the pleasure of the Board of Directors.
Information  as to the  directors  and  executive  officers of the Company is as
follows:

Name                                                       Age         Position

Maurice Tolub                                               36        President,
                Secretary/Treasurer and Director

Yves Silliard                                               63          Director

          Mr. Tolub has been a director and officer since  November 1997. He has
been a private  investor  for the past five  years.  After  graduating  from the
University of Geneva he was engaged in real estate development in Europe and New
York.

          Mr. Sillard has been a director since November 1997.  He has been
charge de Mission by the French
Ministry of Defense for the Space Politic since March 1997.  From 1994 to
February 1997 he was President and
General Manager of Defense International Council.


Item 10. EXECUTIVE COMPENSATION

          No compensation is paid or anticipated to be paid by the Company until
  the receipt of license revenues.  Directors  currently receive no compensation
  for their duties as directors.

Item 11.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information  relating to the beneficial ownership
of Company  common stock by those persons  beneficially  holding more than 5% of
the Company  capital stock, by the Company's  directors and executive  officers,
and by all of the Company's  directors and  executive  officers as a group.  The
address of each officer and director is care of the Company.
<TABLE>
<CAPTION>

                                                                                   Percentage
               Name of                           Number of                       of Outstanding
             Stockholder                      Shares Owned(1)                     Common Stock

<S>                                                    <C>                                 <C>
Maurice Tolub                                            --                                 --

Yves Sillard                                             --                                 --

Marina Zuliani                                      600,000                                10%
Calle Martinengo 5974/B
30122 Venezia
Italia

Andrea Leardini                                     600,000                                10%
Calle Martinengo 5974/B
30122 Venezia
Italia


                                                         4

<PAGE>



Societe Financiere du Seujet Limited                600,000                                10%
ICC House 17
Dame Street
Dublin 2
Ireland

Preferred Stock(3)                                        *

Francois Allaz                                      600,000                                10%
7 Rue de Veyrot
1217 Geneva, Switzerland

Sangate Enterprises, Inc.(2)                      2,600,000                              32.5%
Road Town-Pasea Estate
P.O. Box 3149
Tortola
British Virgin Islands

Societe Financiere Privee, S.A.                     600,000                                10%
3 Rue Maurice
1205 Geneve, Switzerland

Orazio Pizzardi                                     600,000                                10%
Via Milano
10100 Settimo Torinese

Barbara Burhop                                      600,000                                10%
26 Rue du Nod
1225 Hermance, Switzerland

Attilie Ferrari                                     600,000                                10%
Via XX Miglia 65
10141 Torino, Italy

Gabriela Ferrari                                    600,000                                10%
Via XX Miglia 65
10141 Torino, Italy

Operadora Financiera de Inverscones 4
Comercio S.A.
Via Espana y Calle Columbia
Panama                                                  (3)                                (3)

All officers and
directors as a group
(2 persons) --                                           --
</TABLE>

(1)     Unless  otherwise  noted below,  the Company  believes  that all persons
        named in the table have sole voting and investment power with respect to
        all shares of Common  Stock  beneficially  owned by them.  For  purposes
        hereof, a person is deemed to be the beneficial owner of securities that
        can be acquired by such person  within 60 days from the date hereof upon
        the  exercise of warrants or options or the  conversion  of  convertible
        securities.  Each beneficial owner's percentage  ownership is determined
        by assuming that any such warrants,  options or  convertible  securities
        that are held by such  person  (but not those held by any other  person)
        and which are exercisable within 60 days from the date hereof, have been
        exercised.
(2) Includes options to purchase 2,000,000 shares at a price of $2.00 per share.
(3)     Does not include 1,000 shares of Series A Preferred Stock, which give
 this holder the right to elect two-thirds

                                                         5

<PAGE>



        of the Company's board of directors.


Item 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

            In August  1997,  the  Company  issued  6,000  shares  for  services
rendered by its then officers and directors at a price of $.01667 per share. The
shares  were  issued  with a  restrictive  legend.  The  Company  believes  this
transaction  is exempt  under  Section 4(2) of the  Securities  Act of 1933 as a
transaction not involving a public offering.

            On March 18, 1998,  the Company  issued  6,000,000  Shares of Common
Stock  (600,000 to each  person) for  $100,000 to ten  persons,  1,000 shares of
Series A preferred stock to one person and issued options to purchase  2,000,000
shares of common stock at a price of $2.00 per share to one of the purchasers of
the Common  Stock.  The  issuance of the common stock was made under Rule 504. A
Form D was filed with the  Securities  and Exchange  Commission  on November 17,
1997. The options and preferred stock were issued under Section 4(2).

            All  information in this  Registration  Statement  gives effect to a
1-for-50 reverse stock split and an additional 1-for-4 reverse stock split, both
effected in November 1997.



                                                         6

<PAGE>



                                                      PART IV


Item 13.    EXHIBITS AND REPORTS ON FORM 8-K

            (a) Exhibits.  The following exhibits of the Company are
included herein.


    Exhibit No.            Document Description

        2.                 Charter and Bylaws

                           2.1.     Articles of Incorporation(1)
                           2.2      Articles of Amendment(1)
                           2.3      Bylaws(1)

        3.                 Instruments Defining the rights of security holders

                           3.1      Option Agreement(1)

        5.                 Voting Trust Agreement

                           Not Applicable.

        6.                 Material Contracts

                           Not Applicable.

        7.        Material Foreign Patents

                  Not Applicable

(1)      Incorporated by reference to such exhibit as filed with the Company's
registration statement on Form 10-SB,
         File No. 0-27873.

        (b)       Reports on Form 8-K.

                  Not Applicable.


                                                         7

<PAGE>






                                           INDEPENDENT AUDITORS' REPORT



To the Board of Directors and Shareholders
Space Launches Financing, Inc.


We  have  audited  the  statements  of  financial  position  of  Space  Launches
Financing, Inc. ( a development stage company) as of December 31, 1998 and 1997,
and the related  statements of operations,  changes in stockholders'  equity and
cash flows for the years then ended and cumulative  for the period  February 11,
1997 (date of inception)  through December 31, 1998. These financial  statements
are the  responsibility of the Company's  management.  Our  responsibility is to
express an opinion on these financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Space Launches Financing,  Inc.
(a development  stage company) as of December 31, 1998 and 1997, and the results
of its operations, changes in stockholders' equity and cash flows for the period
February 11, 1997 (date of inception)  through  December 31, 1998, in conformity
with generally accepted accounting principles.




Bountiful, Utah
May 28, 1999



                                                         1

<PAGE>

<TABLE>
<CAPTION>


                         SPACE LAUNCHES FINANCING, INC.
                          (A Development Stage Company)
                        Statements of Financial Position
                        December 31, 1999, 1998 and 1997



                                                                                          1999            1998             1997


ASSETS                                                                                 (unaudited)

<S>                                                                                  <C>             <C>             <C>
Current assets   -- Cash                                                             $     107,420   $      103,528  $       99,319






           Total current assets                                                      $     107,420   $      103,528  $       99,319



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities                                                                  $          --   $           --  $           --


Stockholders' equity
      Common stock, $.00001 par value; 100,000 shares
      authorized; 6,017,471 shares issued and outstanding                                       61               61              61

      Additional paid-in capital                                                           141,559          141,559         141,559

      Accumulated deficit during the development stage                                    (34,201)         (38,092)        (42,301)



      Total Stockholders' equity                                                           107,420          103,528          99,319



           Total liabilities and stockholders' equity                                $     107,420   $      103,528  $       99,319










</TABLE>










                 See accompanying notes to financial statements

                                                                 2

<PAGE>
<TABLE>
<CAPTION>



                         SPACE LAUNCHES FINANCING, INC.
                          (A Development Stage Company)
                             Statement of Operations
                  Years Ended December 31, 1999, 1998 and 1997
               and Cumulative from Inception to December 31, 1999


                                                                                                                     Cumulative
                                                                                                                        From
                                                                                                                      Inception
                                                                                                                   (Feb. 11, 1997)
                                                                                                                   to December 31,
                                                                 1999              1998              1997               1999


                                                               (unaudited)                                            (unaudited)
<S>                                                          <C>                    <C>                  <C>                <C>
Revenues                                                     $                      $--               $ --               $ --



Operating expenses
      General and Administrative                                      1,134               597             42,811             43,408



Total operating expenses                                              1,134               597             42,811             43,408



Other income
      Interest                                                        5,026             4,806                510              5,316



      Total other income                                              5,026             4,806                510              5,316



Net income (loss)                                          $          3,892  $          4,209   $       (42,301)   $       (38,092)



Net income (loss) per share                                $             --  $             --   $         (0.06)   $         (0.01)



Weighted average number of
      shares outstanding                                          6,017,471         3,814,428            709,769          3,814,428






</TABLE>











                 See accompanying notes to financial statements

                                                                 3

<PAGE>

<TABLE>
<CAPTION>


                         SPACE LAUNCHES FINANCING, INC.
                          (A Development Stage Company)
                  Statement of Changes in Stockholders' Equity
          From Inception (February 11, 1997) Through December 31, 1999

                                                                                                    Accumulated
                                                                                                      Deficit
                                                                                 Additional         During the
                                                      Common Stock                 Paid-In          Development


                                               Shares            Amount            Capital             Stage             Total



Issuance of common stock for cash,
<S>                        <C> <C>                 <C>      <C>              <C>                <C>                <C>
 .00001 per share on April 16, 1997                10,500   $              1 $            2,099 $              -   $          2,100

Issuance of common stock in private
 placement, .00001 per share on
 April 16, 1997                                       460                  -             30,826                -             30,826

Issuance of shares for option, .00001
 per share on July 25, 1997                           500                  -              5,000                -              5,000

Issuance of shares for cancellation
 of debt, .00001 per share on
 August 1, 1997                                     6,000                  -              3,694                -              3,694

 Rounding for split                                    11                  -                  -                -                  -

Issuance of shares for cash, .00001
 per share on December 1, 1997                  6,000,000                 60             99,940                -            100,000

Net (loss)                              -                  -                -                  (42,301)         (42,301)



Balances at December 31, 1997                   6,017,471                 61            141,559         (42,301)             99,319



Net income                                              -                  -                  -            4,209              4,209



Balances at December 31, 1998                   6,017,471                 61            141,559         (38,092)            103,528



Net income (unaudited)                                  -                 --                  -            3,892              3,892



Balances at December 31, 1999
 (unaudited)                                    6,017,471   $             61 $          141,559 $       (34,201)   $        107,420


</TABLE>






                 See accompanying notes to financial statements

                                                                 4

<PAGE>
<TABLE>
<CAPTION>



                         SPACE LAUNCHES FINANCING, INC.
                          (A Development Stage Company)
                            Statements of Cash Flows
                  Years Ended December 31, 1999, 1998 and 1997
               and Cumulative from Inception to December 31, 1999

                                                                                                                     Cumulative
                                                                                                                        From
                                                                                                                      Inception
                                                                                                                   (Feb. 11, 1997)
                                                                                                                   to December 31,
                                                                 1999              1998              1997               1999


                                                               (unaudited)                                            (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                        <C>               <C>                <C>                <C>
      Net income (loss)                                    $          3,892  $          4,209   $       (42,301)   $       (38,092)



           Net cash flows from operating activities                   3,892             4,209           (42,301)           (38,092)



CASH FLOWS FROM INVESTING ACTIVITIES                                     --                --                 --                 --



CASH FLOWS FROM FINANCING ACTIVITIES
      Proceeds from issuance of common stock                             --                --            141,620            141,620



           Net cash flows from financing activities                      --                --            141,620            141,620



Net decrease in cash                                                     --             4,209             99,319            103,528

Cash balance at beginning of period                                 103,528            99,319                 --                 --



Cash balance at end of period                              $        107,420  $        103,528   $         99,319   $        103,528




</TABLE>

















                 See accompanying notes to financial statements

                                                                 5

<PAGE>



                         SPACE LAUNCHES FINANCING, INC.
                          (A Development Stage Company)
                          Notes to Financial Statements
                          Year Ended December 31, 1998


1.       ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

         Space Launches Financing,  Inc., formerly Transcendent Corporation (the
         "Company")  was  incorporated  under the laws of the State of Nevada on
         February  11,  1997,  to develop,  manufacture  and market a variety of
         specialty chemicals to industrial,  commercial and retail clients.  The
         Company is in the  development  stage and will be very dependent on the
         skills,  talents, and abilities of management to successfully implement
         its business plan.  Due to the Company's lack of capital,  it is likely
         that the  Company  will not be able to  compete  with  larger  and more
         experienced  entities for business  opportunities  which are lower risk
         and are more attractive for such entities.  Business  opportunities  in
         which the  Company  may  participate  will  likely be highly  risky and
         speculative.  Since  inception,  the  Company's  activities  have  been
         limited to organizational matters.

         On November 26, 1997 the board of directors  approved a name change and
         filed the  amendment  with the Nevada  Secretary of State  changing the
         name of the corporation to Space Launches Financing, Inc.


2.       CASH AND CASH EQUIVALENTS

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


3.       STOCK SPLIT

         On November 27, 1997, the Company's board of directors approved a 200:1
         reverse  stock split.  The  Company's  financial  statements  have been
         restated for all periods presented for effects of the stock split.

4.       1999 FINANCIAL STATEMENTS

         The 1999  Financial  Statements are unaudited as permitted by Rule 3-11
of Regulation S-X.

                                                                 6

<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 April 10, 1999.


        SPACE LAUNCHES FINANCING, INC.


        By: /s/Maurice Tolub                                        President

        Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities on April 10, 2000.



By /s/ Maurice Tolub  President, Secretary, Chief Financial Officer and Director


By:      /s/ Yves Silliard                                    Director



                                                                 7

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