<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-KSB

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999
                                       OR

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

                         COMMISSION FILE NUMBER: 017833
                                    GREENLAND
                                   CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

              NEVADA                                  87-0439051
(STATE OR OTHER JURISDICTION OF        (I.R.S. EMPLOYER IDENTIFICATION NUMBER)
 INCORPORATION OR ORGANIZATION)

                              1935 AVENIDA DEL ORO
                               OCEANSIDE, CA 92056
              (ADDRESS AND ZIP CODE OF PRINCIPAL EXECUTIVE OFFICES)

                                 (760) 414-9941
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

        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 per share

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.
[X] YES    NO

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (*229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [ ]

As of March 31, 2000, the aggregate market value of the voting stock held by
non-affiliates of the registrant was $36,800,000 based upon a $0.80 per share
trading price on that date.

Indicate the number of shares outstanding of each of the registrant's classes
of common stock, as of the latest practicable date.

     CLASS A COMMON STOCK                     51,851,945 SHARES OUTSTANDING
       $0.001 PAR VALUE                            AS OF MARCH 31, 2000
DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Part III of this Form 10-KSB is included by
reference to the Company's definitive proxy statement filed in accordance with
rule 14a-101, Schedule 14A.

Traditional Small Business Disclosure Format (check one): Yes [X]  No []

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PART I

Item 1.           Business
Item 2.           Description of Property
Item 3.           Legal Proceedings
Item 4.           Submission of Matters to a Vote of Security Holders

PART II.

Item 5.           Market for Registrant's Common Equity and Related Stockholder
                  Matters
Item 6.           Management's Discussion and Analysis or Plan of Operations
Item 7.           Financial Statements and Supplementary Data
Item 8.           Changes in and Disagreements with Accountants on Accounting
                  and Financial Disclosure

PART III

Item 9.           Directors, Executive Officers, Promoters and Control Persons,
                  Compliance with Section 16(a) of the Exchange Act
Item 10.          Executive Compensation

Item 11.          Security Ownership of Certain Beneficial Owners and Management
Item 12.          Certain Relationships and Related Party Transactions.

PART IV

Item 13.          Exhibits, Financial Statement Schedules and Reports on Form
                  8-K

SIGNATURES


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                                     PART I

ITEM 1. BUSINESS

Forward Looking Information

This annual report contains certain statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act. Forward-looking statements can be identified by the use
of forward-looking terminology such as "believes," "expects," "may,"
"estimates," "will," "should," "plans," or "anticipates" or the negative
thereof, or other variations thereon, or comparable terminology, or by
discussions of strategy. Such statements include, but are not limited to, the
discussions of the Company's operations, liquidity, and capital resources.
Forward-looking statements are included in the "Liquidity and Capital Resources"
section of this annual report. Although the Company believes that the
expectations reflected in forward-looking statements are reasonable, there can
be no assurances that such expectations will prove to be accurate. Generally,
these statements relate to business plans, strategies, anticipated strategies,
levels of capital expenditures, liquidity and anticipated capital funding needed
to effect the business plan. All phases of the Company's operations are subject
to a number of uncertainties, risks and other influences, many of which are
outside the control of the Company and cannot be predicted with any degree of
accuracy. Factors such as changes in regional or national economic conditions,
changes in governmental regulations, unforeseen litigation, changes in interest
rates or tax rates, significant changes in the prevailing market price of gold,
future business decisions and other uncertainties may cause results to differ
materially from those anticipated by some of the statements made in this report.
In light of the significant uncertainties inherent in the forward-looking
statements made in this report, the inclusion of such statements should not be
regarded as a representation by the Company or any other person that the
objectives and plans of the Company will be achieved. Security holders are
cautioned that such forward-looking statements involve risks and uncertainties.
The forward-looking statements contained this report speak only as of the date
of this report and the Company expressly disclaims any obligation or undertaking
to release any updates or revisions to any such statement to reflect any change
in the Company's expectations or any change in events, conditions or
circumstance on which any such statement is based.

GENERAL

Greenland is a corporation formed on July 17, 1986, as Zebu, Inc. On September
11, 1994, the shareholders approved changing the name of the company to
Greenland Corporation. In September 1994, the Company acquired GAM Properties,
Inc., which it sold for stock, to Golden Age Homes, Inc. in December, 1997.

The Company was previously engaged in the development and marketing of advanced
communications technology known as automated meter reading ("AMR"), which enable
utilities to automate meter reading functions via the Company's AirLink system.
On April 5, 1999, the Company consummated an agreement for the sale of the AMR
technology to Telenetics Corporation, a publicly traded corporation and received
shares of convertible preferred stock of Telenetics with a face value of
$900,000.

In May 1998 the Company entered into an exchange agreement and acquired all the
issued and outstanding stock of Check Central, Inc ("Check Central"), making
Check Central, Inc., a wholly owned subsidiary of Greenland. Check Central is
the inventor of proprietary software that is capable of providing consumers with
automated payroll check cashing, ATM and other financial services delivered
through a freestanding kiosk, similar in appearance to an ATM machine (the
"Check Cashing ATM" or "System" or "Product").

                                      3

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Since the acquisition of Check Central, the Company has significantly improved
and developed the Check Cashing ATM by adding features such as, money order and
pay day advance and phone card dispensing services and expects to have
additional services including, wire transfers, bill paying, electronic tax
filing and on-line purchases. In addition, the Company has redesigned the
hardware and touch screens to make the Product user friendly and easy to use.

The Company placed its first production units in the field in the second quarter
of 1999 and currently has 11 Check Cashing ATMs in operation in eight States
including, California, Nevada, North Carolina, Louisiana, Georgia and Michigan
and in locations with nationally recognized entities such as: Wal Mart, Piggly
Wiggly and Texaco-Star Mart.

Management believes that the check cashing industry is experiencing explosive
growth and the Company is currently positioning itself to take maximum advantage
of the growth in this industry. In addition, management believes that by
positioning the Company as a provider of additional financial services related
to check cashing, the Company can become a significant force in automated
banking industry.

BUSINESS OPERATIONS

The Company is engaged exclusively in the development of proprietary software
that is capable of providing consumers with a full range of automated financial
services including payroll check cashing, ATM, payday advance, wire transfers,
bill paying, money order and phone card dispensing services delivered through a
freestanding kiosk, similar in appearance to an ATM machine. The Company
acquired this technology in May 1998, when Check Central was incorporated into
Greenland Corporation as a wholly owned subsidiary.

The Company is addressing what it believes is an ever-increasing market demand.
During the last decade, the number of consumers who have no bank affiliation or
infrequently use their accounts has grown substantially and, based on
information the Company believes is reliable, now numbers about 35% of U.S.
households. Accordingly, check cashing businesses are proliferating. These
businesses cash checks for a fee based upon a percentage of the face amount of
the check. As recently reported in the L.A. Times on March 3, 2000 it is
estimated that the fringe bank community generates about $60 billion in fees
annually.

Management believes that the check cashing industry is highly fragmented and
that significant economies of scale, increased operating efficiencies and
revenue growth are achievable through the automation of the check cashing
process and providing additional automated financial services. Until very
recently, check cashing stores have been a one stop, one service industry
generally centered in lower economic neighborhoods. In the 1990's, many of these
stores have expanded services by selling stamps, money orders, and special event
tickets.

The Company's goal is to capture a significant share of the $60 billion market
by offering automated payroll check cashing, ATM, money order services, payday
advances, phone card dispensing, wire transfers, bill paying and other services.
The Greenland Check Cashing ATM is designed for installation in retail
environments such as convenience stores, liquor stores, military exchange
stores, entertainment establishments, banks, supermarkets and other locations
where our clientele frequent.

In addition to revenue generated from the sale of the Check Cashing ATM
hardware, the Company will receive a continuous revenue stream from transaction
fees from check cashing, ATM, money order services, payday advances, wires
transfers, bill paying and other services.

                                      4

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BUSINESS STRATEGY

The Company's primary business plan is to provide a full range of financial
banking services through a fully automated free standing kiosk similar in
appearance to an ATM machine. The Company intends to market the Check Cashing
ATM on a nation-wide basis through an established network of Distributors and
Independent Sales Operators (see Sales Strategy).

The Company placed its first production units in the field in the second quarter
of 1999. These units are providing check cashing, ATM, money order and phone
card dispensing services. In addition, the Company has placed one unit in the
field for the purpose of testing the payday advance service. The Company
presently has 11 units in operation located in eight States, including
California, Michigan, Nevada, North Carolina, Maryland and Georgia.

The Company plans to add future services including: bill paying, wire transfers,
on-line purchases, and electronic tax filings, all provided through new software
upgrades. The Company believes these services will not only increase the
Company's competitive advantage but will generate additional revenues for both
the owner of the Check Cashing ATM and the Company as part of the ongoing
transaction revenue stream.

Greenland believes that no comparable check cashing system in the market today
that offers what it believes are the potential benefits and broad menu that the
Company has incorporated and will continue to incorporate into the Check Cashing
ATM. The Company believes that the technology is ahead of the competition, that
competitor's machines are substantially larger (taking too much store space),
substantially more expensive, and do not offer the full complement of services
offered by the Check Cashing ATM. The current competitor's hardware is limited
to ATM and check cashing only. In addition, management believes that no other
competitor can provide the back room processing that is critical for the full
operation of the check cashing process. The Company believes that it has the
opportunity to change the manner in which check cashing services are performed
and to become a significant competitor in the market for check cashing and
related services.

OPERATING CONTROLS

The Company has an organizational structure that it believes is capable of
supporting a nation-wide base of units in operation. The Company has implemented
an employee training program for its personnel that stresses productivity and
professionalism. Each machine in the field is monitored direct from the
Companies headquarters via on line, real time network, customer service and
support is available 24 hours a day, 7 days a week and the Company has
strengthened its operating and financial controls by increasing its internal
financial staff. Management believes that the current operating and financial
controls and systems are adequate for the Company's existing base and can
accommodate reasonably foreseeable growth in the near-term.

RECENT DEVELOPMENTS

Company strategy in 1999 has centered on the completion of a fully operational
production, market-ready unit. In support of the Company's objective to produce
a highly reliable system, the Company chose to introduce two company-owned beta
units into operational stores during January and February of 1999. A third fully
operational beta unit and two bench units were installed in a simulated market
environment and used for accelerated age testing.

As a result of what the Company believes were successful in-store beta tests and
in-house testing, the Company delivered its first production unit in the third
quarter of 1999. Throughout 1999 the Company has placed 11 machines in eight
states.

                                      5

<PAGE>


The Company continued to improve the Check Cashing ATM and emphasized the
improvement in communication lines, which led to the formation of relationships
with Cisco Systems, MC Info and Sprint.

Sprint is responsible for providing nationwide communication services between
Greenland's Check Cashing ATM and both its Oceanside and Hermosa Beach call
centers. Sprints is also responsible for end-to-end communication service from
each kiosks using frame relay circuits that move data over fiber optic lines at
the speed of light. Sprint has contractually guaranteed a 99.99% uptime. The
first quarter of 2000 Greenland and Sprint communication enjoyed 100% uptime.
Because of the improved speed of Frame Relay System, the Company has seen
decreased processing times. Most dramatically, the ATM transactions that have
averaged 25-30 seconds decreased to approximately 10 seconds.

To meet the requirement of a state of the art router to inject and receive the
automatic digital messages between the kiosks and the Company's call centers the
Company chose the Cisco hardware, which is rated the best in the world. It is
capable of handling data transmission many times faster than the hardware
formerly in use and has a proven reliable record.

The Company also engaged MC Info to offer 7 day a week, 24 hour a day network
monitoring for the Check Cashing ATM. This monitoring enables the Company to
upgrade the system easily and can do so on a machine by machine basis.
Therefore, each store can tailor their specific machine to fit their needs.

In December of 1999, the Company added Affiliated Computer Services (ACS)(NYSE:
ACS) as a Distributor pursuant to a two year, non-exclusive distributorship
agreement which allows ACS certain exclusive rights to represent the Greenland
Check Cashing ATM in the United States. ACS is a diversified company with annual
sales of approximately two billion dollars. Supported by field sales office in
most major cities, ACS Electronic Commerce Group (a division of ACS, Inc. based
in Dallas, Texas) provides processing for more than 17,000 ATM machines
nationwide and provides maintenance for more than 7,000 machines.

The Company believes it is introducing the latest innovation in self-service
check cashing and financial services. This new high-tech kiosk provides the high
returns of check cashing without incurring the excessive franchise fees,
overhead costs, or normal security risks. Engineered with security in mind, the
Check Cashing ATM takes up minimal floor space and provides full vault
protection against theft. With the look and feel of a standard ATM. The Company
believes the Check Cashing ATM is the ideal method of providing multiple
financial services for customers.

Future services are expected to include bill paying, wire transfers, electronic
tax filings, and on-line purchases. The Company believes that by automating the
delivery of financial services into a self-service kiosk, the Check Cashing ATM
should build traffic and increase sales without adding staff or huge overhead
expense for retail outlets.

INDUSTRY OVERVIEW

The Check cashing and payday advance industry is a relatively new industry, and
the Company estimates that there are approximately 7,000 dedicated check cashing
and payday advance locations throughout the United States. Ten's of thousands of
independently owned convenience and grocery stores offer check cashing on an ad
hock basis. Some states have enacted formal check cashing laws which regulate
the amount of fees that operators may charge for check cashing and in some cases
states have regulated the amount of service charges that may be charged on small
consumer advances, commonly referred to as "payday advances". The Company
believes that at least half of the check cashing locations in the United States
are operated by individuals owning from one to ten locations. The Company
further believes that this fragmented nature of the industry is due among other
factors to the lack of qualified management personnel, the difficulty of
developing adequate financial controls and reporting systems and lack of
financial resources.

                                      6

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In the 1990's, a strong trend emerged in the convenience store industry
toward providing alternative financial services to its customers. As an
example, the Company believes convenience stores are currently the leading
vendors of money orders and a significant number have ATM machines on
premise. Therefore, the check cashing kiosk with ATM, money order and other
financial services offers the convenience store owner a new reliable profit
center requiring only a small amount of space, increased retail customer
traffic, and the generation of new customers with ready cash to make
purchases.

As a result of what the Company believes to be increasing number of new
customers seeking payroll check cashing services outside a banking environment
and their tendency to turn toward neighborhood convenience stores for these
services, it is natural that several companies were attracted to the idea of
providing this capability from a free-standing kiosk. The Company is aware of
two other companies that have attempted to build free-standing, ATM, check
cashing kiosks. The Company believes that each have used machines with retail
purchase prices substantially higher and with fewer services than the Company's
product.

MARKET OPPORTUNITY

As the number of consumers without formal bank affiliations grows, so do the
check cashing businesses that cater to them. These consumers generally do not
have checking accounts; some do not have any formal banking relationship
whatever.

Check cashing businesses (in storefronts) are proliferating. These businesses
cash checks for a fee based upon a percentage of the face amount of the check.
These businesses have to absorb traditional operating costs such as rent,
telephone, and personnel.

Additionally, losses due to bad checks can be substantial.

Until recently, there has never been an automated machine that could cash a
check. The Company provides a highly rational and profitable alternative to
serve what it believes is a large population that requires check cashing, ATM,
money orders, and on-line transaction services. The underlying technology
appears to mitigate much of the risk of bad checks and theft.

There are a wide variety of retail establishments that could profit from the
Check Cashing ATM. These include: convenience stores, supermarkets, laundromats,
liquor stores, military exchange stores and entertainment establishments.

The Company believes there is an emerging trend in the convenience store
industry toward providing alternative financial services to its customers and
the Check Cashing ATM provides the perfect solution for those retailers who want
to increase sales, profits, and market share. Customers who use the Check
Cashing ATM may be prone to impulse spending right after they cash a check or
withdraw cash. The Check Cashing ATM provides a full check cashing operation
with no additional staffing overhead and no loss exposure from bad checks.

By cashing checks, dispensing money orders, accepting ATM cards, dispensing
phone cards and providing other financial services, the Check Cashing ATM
generates multiple sources of revenue from a single piece of equipment.

                                      7

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HOW IT WORKS

 CHECK CASHING/GENERAL OPERATION

A potential check cashing customer can enroll for a check cashing membership at
any Check Cashing ATM location by simply filling out and inserting the
application into the machine or enrolling by voice over a dedicated telephone.
The check is scanned and returned to the customer. A photo image of the
customer, the application, and the check are transmitted for approval to the
Company's call center. The initial approval process may take as little as 10
minutes, depending upon how quickly the applicant's information can be verified.
The approval process involves confirmation of basic information such as
employment, employer's bank account, driver's license, and address. Upon
approval, customers can then cash their payroll check by inserting the check
into the scanner and following the on screen directions. The customer has a
choice of selecting either Spanish or English by simply touching the screen.

Once the check is inserted, the customer will be prompted to enter a Personal
Identification Number ("PIN") the customer selected when filling out the
application. If there are any questions, a phone handset is conveniently
provided and when lifted by the customer, it dials directly into the customer
service center. With the video camera display, a well-trained customer service
professional can easily help the customer through the prompts in either Spanish
or English. If there are no questions, the screen will prompt the customer to
enter the check date and amount, insert the check into the scanner, and once
approved, the check is cashed. The advanced processing software used by the
Company's call center is designed to perform up to one hundred and twenty-four
separate algorithms and can approve the check in seconds. Any checks that are
not approved are rejected and returned to the customer.

For all future transactions, the customer will be mailed a membership card that
contains a magnetic strip and looks like an ATM card. If a card is lost or
stolen, customers will still be able to cash checks by remembering the social
security or unique identification number and PIN. If the customer loses his card
and forgets all his numbers, the Company can still cash the check by comparing
the customer's original photo with the person standing in front of the Check
Cashing ATM camera.

Once the check is approved, the check cashing fee is deducted from the face
value of the check and the remaining balance is then available to the customer
to be taken as cash and/or money orders, phone cards and/or other services
purchased. The customer is prompted to select the amount to be dispensed in any
combination of cash or services purchased. No coins are dispensed so the Check
Cashing ATM dispenses cash to the customer in increments of $50's and $20's with
any balance paid via a voucher. This in-store voucher is good for purchases or
cash back at the register. The Company also has a four-drawer dispensing model
has $1, $5, $20 and $100 denominations which means the in-store voucher is
eliminated by rounding the transaction up or down to the nearest whole dollar.

This in-store voucher feature provides a valuable means of getting the check
cashing customers to spend more while they are in the store.

The checks cashed during the day are stored in a keyed lock box. The retailer
will remove the checks from the Check Cashing ATM at the end of the day and
deposit the checks into a designated clearing account at a local bank. A fee
based on a percentage of the total amount of checks authorized will be deducted
from the clearing account on a daily basis. A transaction detail report will be
provided that clearly shows the fee breakdown along with all in-store vouchers,
money orders, checks cashed, ATM withdrawals and any other transactions. The
daily reports are available via on-line Internet access provided by the Company.
This detailed report enables the retailer to quickly reconcile the daily check
deposits to the daily summary.

                                      8

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Cash loading is the responsibility of the retailer, unless other arrangements
are made. The Company has entered into an arrangement with Bantec to load
certain machines placed in operation by the Company. Bantec loads the machine
twice a week and deposits the checks at a central bank account. Depending on the
volume of checks cashed and other services provided a merchant is expected to
load approximately, $50,000 to $100,000 of cash in each machine. If a merchant
does not have cash available, the Company can assist in the supply of vault cash
through third party sources.

PAYDAY ADVANCE

The Company's payday advances are unsecured, short term advances in which the
customer writes the Company a personal check in exchange for cash, net of a
transaction fee. Fees for payday advances may be regulated by state law and are
generally 15% to 18% of the amount advanced per transaction. The term of these
advances is thirty days or less.

To qualify for a payday advance, customers generally must have proof of steady
income, a checking account with a minimum of returned items within a specified
period, and valid identification. Upon completing an application and subsequent
approval, the customer writes a check on their personal checking account for the
amount of the advance, plus applicable fees. At maturity, the customer may
either, return to the location and pay off the advance with cash, in which case
the check is returned to the customer, or the Company can deposit the check into
its checking account. The Company anticipates that a significant amount of
payday advance checks deposited by the Company will be returned by the bank;
however, a large percentage of these bad debts will subsequently be collected by
the Company through various means. The profitability of the Company's payday
advance activities will be dependent upon adequate collection of these returned
items.

OTHER SERVICES

The Company will supply money orders and wire transfers through an arrangement
with Western Union, Travelers Express and others as required. Bill payment
services, telephone card sales, auto and medical discount programs will be
available to those in the near future.

WARRANTY/MAINTENANCE

The Company provides a one year full parts and labor warranty for the Check
cashing ATM and an extended maintenance plan at additional cost to the
purchaser.

COMPETITION

The Company encounters significant competition in connection with all aspects of
its business operations. These competitive conditions may adversely affect the
Company's revenues, profitability and ability to expand. The Company competes
with traditional check cashing businesses performing the services in a non
automated over the counter manner and other companies that utilize automated
check cashing kiosks.

Because the automated check cashing technology is relatively new and has only a
limited operating history, the competition is limited to a few competitors.
However, check cashing is a growing industry and traditional check cashing
businesses are now considering automating some of their operations as well.

In addition, the Company is in competition with financial institutions, such as
consumer finance companies, which generally lend on an unsecured as well as on a
secured basis, often on terms more favorable than provided by the Company. The
majority of the Company's competitors have greater financial resources than the
Company.

                                      9

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The Company expects to be highly competitive with retail pricing of the machine.
In addition, no other competitor can offer the power and security provided by
the Company's system.

SALES STRATEGY

The initial principal strategy selected for the Company's sales was through an
experienced ATM kiosk Master Distributor for both independent store outlets and
chain markets. In March 1999, the Company consummated an agreement with
SmartCash ATM, an affiliate of ATM International, Inc., to be the Master
Distributor on an exclusive basis for the Company.

The strategy of a single, exclusive Master Distributor was altered in the fourth
quarter of 1999 through the addition of Affiliated Computer Services (ACS) as a
distributor for the Company pursuant to a two year, non-exclusive
distributorship agreement which allows ACS certain exclusive rights to market,
sell and distribute the Check Cashing ATM in the United States. ACS is a
diversified company with annual sales of approximately two billion dollars.
Supported by field sales office in most major cities, ACS Electronic Commerce
Group (a division of ACS, Inc. based in Dallas, Texas) provides processing for
more than 17,000 ATM machines nationwide and provides maintenance for more than
7,000 machines. Management believes that ACS can provide the access to large
chain outlets and banking institutions that otherwise may not be accessible to
the Company.

The Company continued to adjust its sales strategy by repurchasing the rights to
the Master Distributorship from SmartCash ATM, while allowing SmartCash ATM to
remain a non-exclusive distributor of the Company (see Subsequent Events). The
Company believes the repurchase of the rights to the Master Distributorship
offers significant advantages to the Company including; increased gross hardware
and software profits, enables the Company to work directly with the Independent
Sales Operators and Distributors and provides the Company unencumbered access to
corporate chain market sales such as Wal Mart and Piggly Wiggly.

The Company added to its marketing efforts by implementing a sales and marketing
support staff at the Oceanside facility. This staff is primarily engaged in
locating and supporting qualified Distributors and Independent Sales Operators
for the distribution of the Check Cashing ATM and coordinating effective
coverage of regional and national chain accounts. Presently the Company has
contracts with approximately 37 Distributors. The Company's distributor
agreements provide for two level pricing depending on the number of machines
sold. Distributors are not required to purchase product for inventory.

In addition, to directing sales to nationally recognized customers such as
Piggly Wiggly and Texaco Star Mart, the Company has demonstrated a willingness
to place machines with nationally recognized chains, such as Wal Mart, on a test
basis (see Subsequent Events) as a means of solidifying market acceptance.

The banking industry interest in the Check Cashing ATM has subtle differences
from those in the convenience store business sector. Both want to provide
customers a reliable and highly desired service at a profitable fee. However,
banks unlike other customer sectors, will also want to convert the best clients
into full time bank customers or at least provide them additional banking
services such as car, home, or other loans.

The Company believes that it is in its best interest to develop a strategic
banking relationship with possibly one or two nationwide banks that will become
the cash provider, and master check processor to the Company. In return, the
Company will pay for these financial services and provide the selected bank with
exclusive on-screen advertisement to help handle customers who need additional
banking services.

                                      10
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MANUFACTURING AND QUALITY CONTROL

The Check Cashing ATM has been designed using a fully modular approach. The
outside case is made of a thick, high-grade steel to provide maximum protection.
Each sub-component (monitor, magnetic card reader, printer, scanner, money
dispenser, CPU, etc.) is common to ATM machines and chosen for its high
reliability. All key sub-components are mounted on easy access slides to
facilitate replacement if necessary. Brackets, power supplies, cable bundles,
hinges and all other peripherals are heavy-duty components to ensure long life
and low repair cost. In addition, Check Central has taken special care in the
final design phase to provide itself a complete design package with full CAD/CAM
digital drawings, which will be used to set up a multiple vendor supply system.

The Company is ready for just-in-time production through the support of Fourth
Shift Complete Care Program. The implementation of this system enables the
Company to meet its goal of becoming a paperless factory and supply product on
demand. Fourth Shift Corporation is a Minneapolis based global software company
that provides e-business solutions. Fourth Shift software is licensed by more
than 3,700 customer sites in 60 countries.

The Company has a fully certified set of subcontractors, suppliers and
assemblers to build machines to meet the Company's requirements. The Oceanside
manufacturing facility is now able to manufacture and deliver hundreds of units
per month starting in late spring of 2000.

PATENTS AND PROPRIETARY TECHNOLOGY

The Company intends to protect its technology by filing copyright and patent
applications for the patentable technologies that it considers important to the
development of its business. The Company also intends to rely upon trade
secrets, know-how and continuing technological innovations to develop and
maintain a competitive advantage.

The Company has filed a copyright application with the U. S. Patent and
Trademark Office with respect to its proprietary server technology. The Company
is filing patent applications with respect to its proprietary kiosk system and
any other technology it has developed for use with the Check Cashing ATM. There
can be no assurance that any U.S. Patent application filed by the Company, if
any and when filed, will be granted or, if obtained, will sufficiently protect
the Company's proprietary rights.

Even if the patents the Company applies for are granted, they do not confer on
the Company the right to manufacture and market products if such products
infringe patents held by others. The Company has not undertaken or conducted any
comprehensive patent infringement searches or studies. If any such third parties
hold any such conflicting rights, the Company may be required in the future to
stop making, using or selling its products or to obtain licenses from and pay
royalties to others, which could have a significant and material adverse effect
on the Company. Further, in such event, there can be no assurance that the
Company would be able to obtain or maintain any such licenses on acceptable
terms or at all.

                                      11


<PAGE>


REGULATION

GENERAL

The Company is subject to extensive regulation in several jurisdictions in which
it operates, including jurisdictions that regulate check cashing fees and payday
advance fees. The Company could also become subject to federal and state
regulations relating to the reporting and recording of certain currency
transactions. There can be no assurance that additional state or federal
statutes or regulations will not be enacted at some future date which could
inhibit the ability of the Company to expand, significantly decrease the service
charges for check cashing, payday advances and/or other services, or prohibit or
more stringently regulate the sale of certain goods which could cause a
significant adverse effect on the Company's future prospects.

STATE

Certain states have different licensing requirements. Some states require that
the owner of a check cashing machine obtain the license, others require that the
provider of the vault cash (the cash in the machine) obtain a license or the
possessor of the machine obtain the license or that the Company jointly with the
owner, possessor or vault cash provider obtain a license. Certain states require
that the entity to be licensed maintain certain levels of liquid assets for each
location at which a machine is placed.

The Company operates in eight states that have licensing and/or fee regulations
on check cashing and/or other services provided by the Company. The Company
and/or the appropriate party is licensed in each of the states in which a
licensed is currently required to operate as a check casher and/or other service
provider. The Company's fee structures are at or below the applicable rate
ceilings adopted by each of these states.

FEDERAL

Under the bank Secrecy Act regulations of the U.S. Department of the Treasury
(the "Treasury Department"), transactions involving currency in an amount
greater than $10,000 or the purchase of monetary instruments for cash in amounts
from $3,000 to $10,000 must be recorded. In general, every financial
institution, including the Company, must report each deposit, withdrawal,
exchange of currency or other payment or transfer, whether by, through or to the
financial institution, that involves currency in an amount greater than $10,000.
In addition, multiple currency transactions must be treated as single
transactions if the financial institution has knowledge that the transactions
are by, or on behalf of any person and result in either cash in or cash out
totaling more than $10,000 during any one business day

OTHER

In jurisdictions that do not have favorable laws, the Company anticipates, but
there can be no assurance, will enter into agreements with out-of-state
federally insured financial institutions to act as the service/loan provider in
that jurisdiction.

There can be no assurance that additional local, state or federal legislation
will not be enacted or that existing laws and regulations will not be amended
which could have a material adverse effect on the Company's operations and
financial condition.

                                      12

<PAGE>


EMPLOYEES

Including its officers, the Company presently employs 27 full-time employees.
The Company uses independent consultants for a variety of tasks, including
engineering, shareholder relations, and marketing. None of the Company's
employee's are covered by collective bargaining agreements and the Company
considers its employee relations to be satisfactory.

ITEM 2.  DESCRIPTION OF PROPERTY

Greenland currently occupies approximately 12,000 square feet of office space at
1935 Avenida Del Oro, Oceanside, California for its executive offices and its
assembly operations. The Company entered into a five-year lease, commencing May
1, 1999 and pays approximately $11,000 per month rental payment. The monthly
rental payment includes approximately $200,000 of lease improvements, which were
amortized over the lease period. The Company believes that the facility is
suitable for its operations and that its equipment, furniture and fixtures are
in excellent condition.

ITEM 3.  LEGAL PROCEEDINGS

The Company's officers and directors are aware of no threatened or pending
litigation which would have a material, adverse effect on the Company. From time
to time the Company is a defendant (actual or threatened) in certain lawsuits
encountered in the ordinary course of its business, the resolution of which, in
the opinion of management, should not have a material adverse effect on the
Company's financial position results of operations, or cash flows.

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

NONE

                                PART II

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

The Company's common stock is traded in the over-the-counter market, and quoted
on the OTC Electronic Bulletin Board under the symbol "GLCP". The Company's
common stock has traded, during the fiscal year ended December 31, 1999 between
$.09 and $0.62 per share. The number of shares of record of common stock, $.001
par value, of the Company was 32,298,622 at December 31, 1999 and 51,851,945 at
March 31, 2000. The following table sets forth the quarterly high and low last
sales prices per share for the common stock as reported by the OTC Electronic
Bulletin Board:

<TABLE>
<CAPTION>

                                                      Common Stock
                                                      Price Range
                                                      -----------
                                                       High         Low
<S>                                                   <C>           <C>
Year Ended December 31, 1998
         Quarter Ended March 31, 1998                 $.32          $.10
         Quarter Ended June 30, 1998                  $.84          $.31
         Quarter Ended September 30, 1998             $.14          $.09
         Quarter Ended December 31, 19998             $.34          $.08
</TABLE>


                                      13

<PAGE>

<TABLE>

Year Ended December 31, 1999
<S>                                                   <C>           <C>
         Quarter Ended March 31, 1999                 $.21          $.09
         Quarter Ended June 30, 1999                  $.46          $.17
         Quarter Ended September 30, 1999             $.40          $.21
         Quarter Ended December 31, 1999              $.62          $.29
</TABLE>

On March 31, 2000, the last sales price for the common stock as reported by the
OTC Electronic Bulletin Board was $.80 per share. On March 31, 2000 there were
approximately 4,300 shareholders of record of the common stock.

No cash dividends have been paid by the Company on its common stock, and the
Company does not currently intend to pay cash dividends on its common stock. The
current policy of the Company's Board of Directors is to retain earnings, if
any, to provide funds for operation and expansion of the Company's business.
Such policy will be reviewed by the Board of Directors of the Company from time
to time in light of, among other things, the Company's earnings and financial
position and limitations imposed by its lenders, if any.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Forward Looking Information

This annual report contains certain statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act. Forward-looking statements can be identified by the use
of forward-looking terminology such as "believes," "expects," "may,"
"estimates," "will," "should," "plans," or "anticipates" or the negative
thereof, or other variations thereon, or comparable terminology, or by
discussions of strategy. Such statements include, but are not limited to, the
discussions of the Company's operations, liquidity, and capital resources.
Forward-looking statements are included in the "Liquidity and Capital Resources"
section of this annual report. Although the Company believes that the
expectations reflected in forward-looking statements are reasonable, there can
be no assurances that such expectations will prove to be accurate. Generally,
these statements relate to business plans, strategies, anticipated strategies,
levels of capital expenditures, liquidity and anticipated capital funding needed
to effect the business plan. All phases of the Company's operations are subject
to a number of uncertainties, risks and other influences, many of which are
outside the control of the Company and cannot be predicted with any degree of
accuracy. Factors such as changes in regional or national economic conditions,
changes in governmental regulations, unforeseen litigation, changes in interest
rates or tax rates, significant changes in the prevailing market price of gold,
future business decisions and other uncertainties may cause results to differ
materially from those anticipated by some of the statements made in this report.
In light of the significant uncertainties inherent in the forward-looking
statements made in this report, the inclusion of such statements should not be
regarded as a representation by the Company or any other person that the
objectives and plans of the Company will be achieved. Security holders are
cautioned that such forward-looking statements involve risks and uncertainties.
The forward-looking statements contained this report speak only as of the date
of this report and the Company expressly disclaims any obligation or undertaking
to release any updates or revisions to any such statement to reflect any change
in the Company's expectations or any change in events, conditions or
circumstance on which any such statement is based.

The following discussion pertains to the Company's operations and financial
condition as of December 31, 1999.

The Company was previously engaged in the development and marketing of advanced
communications technology known as automated meter reading ("AMR"), which
enables utilities to automate meter reading functions via the Company's AirLink
system. On April 5, 1999, the Company consummated an agreement for the sale of
the AMR technology to Telenetics Corporation, a publicly traded corporation and
received shares of convertible preferred stock of Telenetics with a face value
of $900,000.

The Company is engaged exclusively in the development of proprietary software
that is capable of providing consumers with a full range of automated financial
services including payroll check cashing, ATM, payday advance, wire transfers,
bill paying, money order and phone card dispensing services delivered through a
freestanding kiosk, similar in appearance to an ATM machine. The Company
acquired this technology in May 1998, when Check Central was incorporated into
Greenland Corporation as a wholly-owned subsidiary.

The Company has invested, and continues to invest substantial amount of capital,
considerable time and effort in continuing development and evolution of the
Check Cashing ATM. The formation of relationships with Cisco Systems, MC Info,
Sprint, Fourth Shift and Bantec reflects the emphasis the Company has placed in
assembling the best available technology and service providers. Management has
engaged in considerable effort to hire the best possible talent and has
assembled a first class team.

Management believes that it has created a convenient and cost effective system
for the reporting of activity and earnings generated from its Check Cashing ATMs
through a secure website. The website allows the users to view transactions in
both summary and detail formats, and to download transaction information into
spreadsheets.

The Company's strategy for marketing and sales of the Check Cashing ATM has been
directed at locating an established large, national distributor of ATM machines.
Established distributors have the infrastructure in place to sell, service and
maintain a large volume of machines and are best equipped to penetrate the
market quickly and efficiently. This strategy allows the Company to concentrate
its resources on doing what it does best, develop reliable, efficient products.

                                      14

<PAGE>


The strategy of a single, exclusive Master Distributor was altered in the fourth
quarter of 1999 through the addition of Affiliated Computer Services (ACS) as a
distributor for the Company pursuant to a two year, non-exclusive
distributorship agreement which allows ACS certain exclusive rights to represent
the Check Cashing ATM in the United States. Management believes that ACS can
provide the access to large chain outlets and banking institutions that
otherwise may not be accessible to the Company.

The Company continued to adjust its sales strategy by repurchasing the rights to
the Master Distributorship from SmartCash ATM, while allowing SmartCash ATM to
remain a non-exclusive distributor of the Company (see Subsequent Events).
Management believes the repurchase of the rights to the Master Distributorship
offers significant advantages to the Company including; increased gross hardware
and software profits, enables the Company to work directly with the independent
sales operators and distributors and provides the Company unencumbered access to
corporate chain market sales such as Wal Mart and Piggly Wiggly.

The Company added to its marketing efforts by implementing a sales and marketing
support staff at the Oceanside facility. This staff is primarily engaged in
locating and supporting qualified distributors and of Independent Sales
Operators for the distribution of the Check Cashing ATM and coordinating
effective coverage of regional and national chain accounts. Presently the
Company has contracts with approximately 37 distributors.

The Company will receive revenue from two revenue streams. The first is through
the sale of the Check Cashing ATM. The Company anticipates initial gross sales
margins of approximately 40% and the Company requires a deposit equal to 50% of
the wholesale purchase price of the machine to implement the order process and
the balance paid upon installation. The Company expects that the margins will
improve as larger volumes of machines are purchased and the Company can take
advantage of volume discounts.

The second revenue stream is generated from the fees earned in connection with
the various banking services provided on each of the machines in operation. Fees
from check cashing are regulated by the vast majority of the states and range
from 2% to 6% of the face value of the check cashed. Fees from payday advances
are also regulated by the states and range from 15% to 18% of the amount of the
advance. Fees from other services range from $0.35 to 30% per transaction. The
Company will share this revenue stream with the owner of the machine and/or
other parties. The fee generation of the Company will increase with the
placement of additional machines and as machines mature in the market, more
transaction fees will be generated.

RESULTS OF OPERATIONS

OPERATIONS

The Company continues to fund its operations for the development and deployment
of the Check Cashing ATM. The Company financed its operations primarily from
funds received from the Private Placement Offering, which commenced in May 1999.

The Company spent a significant part of the year building the infrastructure
necessary to support not only the research and development effort but laying the
ground work for the various support groups that will be required for successful
transition from a development stage company to a complete manufacturing,
marketing and service organization.

Management believes that during 1999, it has successfully transitioned the
Company from a development stage company to a production stage company.

                                      15

<PAGE>


REVENUE

The Company reported revenues of $272,042 in 1999 primarily from the sale of
machines. During 1999 the Company focused its efforts and available capital to
further develop the technology and place production units in the field. To
validate the market and test mechanical and systems reliability, management
produced and placed its first beta units in Southern California in January and
February of 1999. In the third quarter 1999, the Company commenced placement of
its production units and by December 31, 1999 had placed 11 production units in
8 states.

With the successful completion of the placement of production units, the
formation of relationships with MC Info, Cisco Systems and Sprint for the
expansion and improvement of the Company's nationwide communication services and
the direct focus on sales and distribution through the reacquisition of the
rights to the Master Distributorship Agreement from SmartCash ATM, Ltd (see
Subsequent Events) and the distribution relationship with ACS, the Company
expects to commence the ramp up of the placement of Units in the second quarter
of 2000.

COST OF SALES

The Company incurred costs of sales of $545,835 for the year ending December 31,
1999. Of these costs, $282,499 related to the cost of manufacturing the
machines, resulting in a $(14,509) gross sales margin. The above costs include
overhead costs such as labor and facility expenses. Management anticipates
significant improvements in the gross margin on machine sales as the volume of
machines sold increases to a level sufficient to absorb these overhead costs.

Costs associated with transaction processing, included in cost of sales, were
$263,336 for year ending December 31, 1999, resulting in a gross margin on
transaction revenue of $(259,284). Processing costs included amortization and
depreciation, labor and communications. Management anticipates improvements in
the gross margin with the placement of additional machines in the field, and
their associated economies of scale.

EXPENSES

General and Administrative expenses for the year ended December 31, 1999 were
$4,039,826 compared with $1,186,065 for 1998. The major reason for the increase
in G&A was due directly to the extensive product development costs and costs
associated with substantial upgrades in the infrastructure. Due to lack of
capital, the Company has paid the officers and certain consultants their
compensation in the form of stock and as a result the Company has issued shares
of its common stock, which is reflected in G&A expense. Depreciation expenses
increased from $6,319 in 1998 to $253,224 in 1999 due to the depreciation and
amortization of the technology.

INCOME FROM DISCONTINUED OPERATIONS

In April 1999, the Company sold its automated meter reading technology (AMR
division) in exchange for shares of convertible preferred stock with a face
value of $900,000. Accordingly, the AMR division is accounted for as
discontinued operations and its operating results are shown separately in the
accompanying financial statements. The AMR division had no net sales in 1999 and
1998. The only asset identifiable with the AMR division consisted of the
automated meter reading technology. The Company realized a gain of $713,277 on
the disposal of this asset in 1999.

                                      16

<PAGE>


INCOME (LOSS)

During the year ending December 31, 1999, the Company had losses of $6,822,212
compared with losses of $3,322,163 in 1998 and losses of $1,663,040 for the
calendar year ending 1997. The increase in losses were due to increased product
development costs; a $1,900,000 reserve against an assets of the Company
represented by 1,100,000 Convertible Preferred Shares of a public company
("Reserve"); and the sale of 290,000 Convertible Preferred Shares of Golden Age
Homes, Inc., previously valued at $1,450,000, for a loss of $1,300,000. ("GAHI
Transaction").

LIQUIDITY AND CAPITAL RESOURCES

During 1999, the Company received approximately $1,106,000 in proceeds from the
Offering. The Offering was completed in February 2000 and the Company received
an additional $2,171,000 plus approximately $583,000 from the exercise of
certain Warrants (See Subsequent Events). The proceeds from the exercise of all
outstanding warrants could total $36 million.

Current assets increased substantially in 1999 to $792,530 compared with $99,250
in 1998. Total Assets decreased substantially in 1999 due to the Reserve (see
above) and the GAHI Transaction (see above). The decrease in assets was offset
in part by the sale of AMR Technology and receipt of the Convertible Preferred
Stock of Telenetics valued at $900,000. The year ending December 31, 1997,
assets totaled $4,410,000 versus $6,337,242 for year ending 1998. The Company's
total liabilities increased for 1999 primarily because of accrued expenses.
Total liabilities were $1,367,976 for the year ending 1999 compared with
$556,672 for 1998 and $812,000 for year ending December 31, 1997.

The Company's strategy has been and will continue to be to maximize the return
of assets for the Company and its shareholders. The Company reevaluates its
assets on an on-going basis to determine the most effective use and benefit to
the Company in relation to the Company's operations needs. Based on this review,
the Company will either sell or leverage the asset for liquidity to support the
Company's capital requirements.

Stockholder's equity was $3,384,961 at December 31, 1999, a decrease from
$5,780,570.

The Company has a working capital deficiency of $(575,446) at December 31, 1999
and a retained deficit of $(13,706,533). The Company's needs for working capital
is a key issue for management and necessary for the Company to meet its goals
and objectives. The Company continues to pursue additional capitalization
through private placement and other activities in order to raise funds for
ongoing operations, including institutional lending, lines of credit, purchase
order financing and the sale of or financing of its assets.

Management believes that institutional lending will be available to the Company
once the Company establishes a track record of production and shipping
stability.

RISK FACTORS

LIMITED OPERATING HISTORY, SUBJECT TO RISKS ENCOUNTERED BY EARLY STAGE COMPANIES

The Company began its check cashing operations in 1998. Accordingly, the Company
has a limited operating history and its business and prospects must be
considered in light of the risks and uncertainties to which early stage
companies in rapidly evolving industries such as automated check cashing are
exposed to. These risks include that our check cashing machines may not operate
effectively after we have completed development and sell them on a commercial
scale, risks that competition and rapid technological change in the check
cashing industry could adversely affect market acceptance of our products and
services; risks that automated check

                                      17

<PAGE>


cashing machines may not be accepted. The Company cannot provide assurances
that its business strategy will be successful or that the Company will
successfully address these risks and the risks described herein.

HISTORY OF LOSSES, NO ASSURANCE OF PROFITABILITY

Although the Company has generated revenues from the sale of its check cashing
machines, the Company is not profitable and cannot be certain it will achieve
sufficient revenue to achieve profitability. The Company has incurred net losses
of $1,663,040 in the year ended December 31, 1997, $3,322,163 in the year ended
December 31, 1998, and $6,822,212 in the year ended December 31, 1999. As of
December 31, 1999, the Company had an accumulated deficit of $13,706,533. The
Company plans to increase its operating expenses to continue research and
development to refine its check cashing machines, expand its distributors and
sales and marketing staff, broaden its check cashing machine support
capabilities and to build its operational infrastructure and establish
relationships with suppliers, manufacturers and banking and finance entities.
The Company expects that it will continue to lose money at least through the
year 2000.

NEWLY INTRODUCED PRODUCTS MAY CONTAIN UNDETECTED UNRESOLVED DEFECTS

Any new or enhanced services to its machines the Company may introduce, such as
bill paying, wire transfer and on-line purchases may contain undetected or
unresolved software or hardware defects when they are first introduced or as new
versions to the system are released. In the past the Company has discovered
errors in the products and it is possible design defects will occur in new
products or upgraded products. These defects could result in a loss of sales and
additional costs as well as damage to our reputation and the loss of
relationships with our customers.

FUTURE CAPITAL REQUIREMENTS UNCERTAIN, NO ASSURANCES OF FUTURE FUNDING

The Company will be required to make substantial expenditures for existing
and future research and development to continue the manufacture of its check
cashing machines, to market its check cashing machines, and to supplement its
relationships with the service providers. As of December 31, 1999 the Company
had a working capital deficiency of $575,000. The company will need
additional funding during the next twelve months and could seek additional
funding after that time. There can be no assurances any additional funding
will be available on acceptable terms or at all, when required by the
Company. If additional funding is not available, the Company could be
required to reduce or suspend its operations, such as acquiring partners, or
sell securities on terms that may be highly diluted. The Company has
experienced in the past and may continue to experience, operational
difficulties and delays in its product development and commercial products
due to working capital deficiency. Any such difficulties or delays could have
a material adverse effect on the Company's business, financial condition and
results of operation.

DEPENDENCE ON OTHERS FOR MANUFACTURING AND DISTRIBUTION OF PRODUCTS

The company is also currently dependent on other parties for the distribution
and marketing of its product. The company has entered into distribution
agreements with a party to provide distribution, processing and maintenance of
its Check Cashing machines. There can be no assurances that its distributor
agreements will prove effective for the Company.

GOVERNMENT REGULATIONS

The business of check cashing is subject to regulation in certain states,
including states which regulate check cashing fees, require the registration of
the check cashing companies or money transmission agents, and licensing of
companies which offer payday loans. There are also federal and state regulation
relating to the reporting and recording of certain currency transactions. The
failure of the Company and/or it licensees to be

                                      18

<PAGE>


licensed and/or to comply with the requirements register as check cashing or
money transmitter agent, or to comply with the regulations on check cashing
fees or the reporting or recording of certain currency transactions could
have a material adverse effect on the Company's business, financial condition
and results of operation.

DEPENDENCE ON LIMITED NUMBER OF COMPONENT SUPPLIERS

The Company acquires the components for its check cashing machines from a
limited number of third parties. The Company does not have any written supply
agreements with any of its current suppliers. Therefore, the Company's future
success will be dependent upon maintaining its relationships with existing
suppliers and developing relationships with new suppliers. Any significant
disruption or delay in the supply of components from the Company's suppliers or
any diminishment of quality resulting from such supplies, insufficient controls,
or inadequate component testing, would have a material adverse effect on the
Company's business, financial condition, and results of operation.

RISK OF TECHNICAL PROBLEMS OR PRODUCT DEFECTS

Once the Company completes the development of its check cashing machines and
begins manufacturing them for broad commercial scale production and sale, there
can be no assurances that despite testing and quality assurance effort that may
be performed by the Company and/or its manufactures and subcontractors that
technical problems or product defects will not be found. These problems or
product defects could result in the loss of or a delay in market acceptance and
sales, diversion of development resources, injury to the Company's reputation,
increased service and support costs, any one of which could have material
adverse effects on the Company's business, financial condition, and results in
operation.

KEY EMPLOYEES

If the Company loses its key personnel, it may not be able to successfully
operate its business. The Company believes its future success is highly
dependent upon its senior management and in particular upon it's Chief Executive
Officer, Louis Montulli, it's President Max Farrow and its Vice President and
Corporate Counsel Thomas Beener. The Company has employment contracts with
Messer's Montulli, Farrow and Beener. The terms of the employment contracts
would not prevent any key employees from terminating their employment with the
Company. The loss of the services of any senior management could have a material
adverse effect on the Company's business, financial condition, and results of
operation.

YEAR 2000 COMPLIANCE

In 1999, the Company completed its year 2000 compliance review of its
information technology systems and non-information technology systems and
successfully implemented all related upgrades, replacements, or modifications
necessary. The Company experienced virtually no year 2000 business interruptions
either internally or related to its major vendors. The total cost of the year
2000 related enhancements was approximately $50,000, including an estimate of
internal payroll committed to year 2000 related projects.

SUBSEQUENT EVENTS

Subsequent to December 31, 1999, the Company entered into a transaction on March
20, 2000, with SmartCash ATM, Ltd. ("SmartCash") whereby the Company reacquired
the rights to the Master Distributorship from SmartCash. Although SmartCash will
remain an non-exclusive distributor, the Company believes that the repurchase of
the rights to the Master Distributorship provides the Company with the certain
advantages including: increase in gross hardware and software profits, allows
the Company to work directly with Independent Sales Representatives and provides
the Company with unencumbered access to corporate

                                      19

<PAGE>


chain market sales. Among other terms and conditions the Company loaned
SmartCash $200,000 (which SmartCash will repay from proceeds of sale of
stock) and the Company will continue to pay commission on sales of machines
by SmartCash until said commissions equal $320,000. SmartCash released its
distributors from any obligation to SmartCash that would have prevented said
distributor from contracting directly with Greenland for the sale of the
Company's Product.

Subsequent to December 31, 1999, the Company entered into an agreement with Wal
Mart whereby the Company placed five check cashing machines at five locations in
California. The machines will provide check cashing services and will operate as
a test for Wal Mart. The Company will pay Wal Mart a monthly fee of $1,000 per
location and the Company will retain all fee revenues generated from the
operation of the machines.

Subsequent to December 31, 1999, the Company fully subscribed its Private
Placement Offering (the "Offering"), which was commenced on May 1999 pursuant to
Regulation D Rule 506 of the Securities Act of 1933, as amended. The Offering
provided for the sale of units, each unit consisting of 11.5 Shares of Common
Stock of Greenland and Class A Warrants to purchase 10 Shares of Greenland
Common Stock at $.50, Class B Warrants to purchase 10 Shares of Greenland Common
Stock at $1.00 and Class C Warrants to purchase 10 shares of Greenland Common
Stock at $1.50. The Class A Warrants expire in 12 months from date of issuance,
Class B warrants 18 months from date of issuance and Class C Warrants 24 months
from date of issuance.

The Company realized approximately $3,450,000 net proceeds from the Offering and
issued 16,000,000 restricted shares of Common Stock. As of March 31, 2000 the
Company had also realized proceeds of $582,500 from the exercise of the Class A
Warrants. If all Class A Warrants are exercised the Company will realize
approximately $6,080,000 of proceeds, if all Class B Warrants are exercised the
Company will realize approximately $12,160,000 of proceeds and if all Class C
Warrants are exercised the Company will realize approximately $18,240,000 of
proceeds. There can be no assurance that any portion of the Class A, Class B
and/or Class C Warrants will be exercised. Said exercise is dependant upon many
factors outside the control of the Company.

Subsequent to December 31, 1999, Randell Coleman resigned from the Company's
Board of Directors.

Subsequent to December 31, 1999, Lee Swanson resigned his position of President
of Check Central and acting CFO of Greenland to accept a position with another
company. Mr. Swanson will remain a member of the Board of Directors of
Greenland.

Subsequent to December 31, 1999, Max Farrow accepted the position of President
of Greenland Corporation and Check Central, Inc., and was appointed to the Board
of Directors of Greenland.

On or about June 11, 1999 Hwa Sook Shin commenced a legal action in the San
Diego Superior Court against Greenland Corporation. On or about March 13, 2000
the Company entered into a settlement agreement with Ms. Shin, which provided
for the payment to Ms. Shin in the form of Shares of Common Stock of Greenland
Corporation in an amount equal to the original loan of $125,000 plus interest.
Other claims of Ms. Shin were released and certain shares of Greenland Common
Stock previously issued to Ms. Shin were returned to Greenland.

Manuel Zambrana and Mary Zambrana ("Zambrana") commenced a legal action in the
San Diego Superior Court against Eleven defendants, including Greenland
Corporation (the "Defendants"). On or about February 12, 2000, Zambrana
dismissed with prejudice all claims against Greenland Corporation in exchange
for Greenland releasing Zambrana from any and all actual or potential claims
Greenland had or may of had against Zambrana.

                                      20

<PAGE>


ITEM 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

See index to financial statements included herein

ITEM 8.  CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

None

                                  PART III


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

The information required by this item relating to the Company's directors and
nominees and disclosure relating to compliance with Section 16(a) of the
Securities Exchange Act of 1934 is included under the captions "Election of
Directors" and "Compliance with Section 16(a) of the Securities Exchange Act of
1934" in the Registrant's Proxy Statement for the 2000 Annual Meeting of
Shareholders and is incorporated herein by reference.

ITEM 10. EXECUTIVE COMPENSATION

The information required by item 10 of Form 10-KSB is incorporated by reference
to the information contained in the section captioned "Executive Compensation"
in the Proxy Statement to be filed with the Commission on or before April 30,
2000.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The information required by item 11 of Form 10-KSB is incorporated by reference
to the information contained in the section captioned "Security Ownership of
Certain Beneficial Owners and Management" in the Proxy Statement to be filed
with the Commission on or before April 30, 2000.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information required by item 12 of Form 10-KSB is incorporated by reference
to the information contained in the section captioned "Certain Relationships and
Related Transactions" in the Proxy Statement to be filed with the Commission on
or before April 30, 2000.

                                     PART IV

<TABLE>
<CAPTION>

ITEM 13.          EXHIBITS AND REPORTS ON FORM 8-K
<S>     <C>       <C>
(A)     List of documents filed as part of this report.

         (1)      Financial Statements
                  Reference is made to the index to Financial Statements under
                  Item 7 in Part II hereof, where these documents are listed.

         (2)      Financial Statement Schedules
                  None

         (3)      Exhibits

         (3a)     On April 9,1999 the Company filed Form 8-K to report the terms
                  of the Stock Purchase Agreement with Louis T. Montulli.*

                                      21

<PAGE>

<S>     <C>       <C>
         (3b)     On August 20, 1999, the Company filed Form 8-K to report the
                  change of its certifying accountant to Levitz, Zacks &
                  Ciceric*

         (3c)     Amended Certificate of Incorporation*

         (3d)     Amended Bylaws*

         (3e)     Common Stock Specimen*

         (10a)    Greenland Corporation 1999 Stock Option Plan*

         (10b)    Employment Agreement, Louis T. Montulli dated September 1,
                  1999

         (10c)    Employment Agreement, Thomas J. Beener dated September 1, 1999

         (10d)    Employment Agreement, Lee Swanson dated September 1, 1999

         10(e)    Confidential Settlement Agreement by and between SmartCash ATM
                  and Greenland Corporation dated March 30, 2000 for the
                  repurchase of rights to master Distributorship.

         10(f)    Asset Purchase Agreement by and between Telenetics Corporation
                  and Greenland Corporation dated April 7, 1999 for the sale of
                  AMR Technology.

         (10g)    Standard Industrial/Commercial Multi-Tenant Lease dated May 1,
                  1999. (10g) Cisco Master Agreement to Lease Equipment dated
                  February 10, 2000.

         (10h)    Cisco Master Agreement.

         (10i)    Mc Info Agreement with Greenland Corporation dated December 1,
                  1999 for monitoring of services.

         (10j)    Distribution Agreement between Greenland Corporation and ACS
                  dated December 1, 1999.

         (10k)    Master Distribution Agreement between SmartCash ATM, Ltd and
                  Greenland Corporation dated March 1999*
</TABLE>

         *Incorporated by Reference from previous filing.

The Company will furnish a copy of any exhibit to a requesting stockholder upon
payment of the Company's reasonable expenses in furnishing such exhibit.

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.

<TABLE>

<S>                                         <C>
                                            Greenland Corporation

Date:    April 14, 2000                     By:/s/ LOUIS T. MONTULLI
                                               ---------------------
                                            Louis T. Montulli
                                            CEO, Chairman of Board
</TABLE>

Pursuant to the requirements 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.

<TABLE>

<S>                                         <C>
Date:  April 14, 2000                       By:/s/ GENE CROSS
                                               --------------
                                            Gene Cross
                                            Chief Financial Officer, Director


Date:    April 14, 2000                     By:/s/ THOMAS J. BEENER
                                               --------------------
                                            Thomas J. Beener
                                            Secretary, Director
</TABLE>



                                      22
<PAGE>


                      GREENLAND CORPORATION AND SUBSIDIARY
                   INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
                                                                                       PAGE
                                                                                       ----

<S>                                                                                    <C>
Report of Independent Certified Public Accountants
   for the year ended December 31, 1999............................................      F-1

Independent Auditor's Report for the year ended December 31, 1998                        F-2

Consolidated Balance Sheets at December 31, 1999 and 1998..........................      F-3

Consolidated Statements of Operations for the years ended
  December 31, 1999 and 1998.......................................................      F-4

Consolidated Statements of Stockholders' Equity for the
  years ended December 31, 1999 and 1998...........................................      F-5

Consolidated Statements of Cash Flows for the years ended
  December 31, 1999 and 1998.......................................................    F-6 - 7

Notes to Consolidated Financial Statements.........................................    F-8 -31
</TABLE>

<PAGE>


           REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF
GREENLAND CORPORATION AND SUBSIDIARY
OCEANSIDE, CALIFORNIA

        We have audited the accompanying consolidated balance sheet of Greenland
Corporation and Subsidiary as of December 31, 1999, and the related consolidated
statements of operations, stockholders' equity, and cash flows for the year then
ended. 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 audit.

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

        In our opinion, the December 31, 1999 consolidated financial statements
referred to above present fairly, in all material respects, the financial
position of Greenland Corporation and Subsidiary as of December 31, 1999, and
the results of their operations and their cash flows for the year then ended in
conformity with generally accepted accounting principles.

        The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in Note
2, the Company has suffered recurring losses from operations, has a working
capital deficiency of $575,446 and a retained deficit of $13,706,553 at December
31, 1999, and limited cash resources with which to carry out management's plans.
These conditions raise substantial doubt about its ability to continue as a
going concern. Management's plans regarding these matters are also described in
Note 2. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

LEVITZ, ZACKS & CICERIC
San Diego, California
February 18, 2000 (except Notes 2 and 24 as to
which the date is March 23, 2000)


                                      F-1
<PAGE>


                              SMITH & COMPANY
                       A PROFESSIONAL CORPORATION OF
                        CERTIFIED PUBLIC ACCOUNTANTS

MEMBERS OF                                         10 WEST 100 SOUTH,SUITE 700
AMERICAN INSTITUTE OF                               SALT LAKE CITY, UTAH 84101
   CERTIFIED PUBLIC ACCOUNTANTS                     TELEPHONE:   (801)575-8297
UTAH ASSOCIATION OF                                 FACSMILE:    (801)575-8306
   CERTIFIED PUBLIC ACCOUNTANTS                     E-MAIL: [illegible]
-------------------------------------------------------------------------------


                   INDEPENDENT AUDITOR'S REPORT

Board of Directors
Greenland Corporation

We have audited the accompanying consolidated balance sheet of Greenland
Corporation (a development stage company) and subsidiary as of December 31,
1998, and the related consolidated statements of operations, changes in
stockholders' equity, and cash flows for the year ended 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 audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respect, the financial position of Greenland
Corporation (a development stage company) and subsidiary as of December 31,
1998, and the results of their operations, changes in stockholders' equity,
and their cash flows for the year ended December 31, 1998, in conformity with
generally accepted accounting principles.

The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As shown in the
consolidated financial statements, the Company has a working capital
deficiency of $(457,422) at December 31, 1998, and a retained deficit of
$(6,884,321). The Comapny has suffered losses from operations and has a
substantial need for working capital. This raises substantial doubt about its
ability to continue as a going concern. Management's plans in regard in these
matters are described in Note 3 to the consolidated financial statements. The
accompanying financial statements do not include any adjustments that may
result from the outcome of this uncertainty.

                                                 /s/ Smith & Company
                                                 CERTIFIED PUBLIC ACCOUNTANTS

Salt Lake City, Utah
April 5, 1999

                                      F-2

<PAGE>

                      GREENLAND CORPORATION AND SUBSIDIARY
                           Consolidated Balance Sheets
                           December 31, 1999 and 1998

                                  ...ASSETS...

<TABLE>
<CAPTION>
                                                                           1999                1998
                                                                       -------------      -------------
<S>                                                                    <C>                <C>
Current Assets:
  Cash                                                                 $     235,574      $       3,332
  Accounts receivable (less allowance for uncollectible accounts
    of $120,300 in 1999)                                                       6,508                -0-
  Receivables from employees                                                  26,080                -0-
  Inventories                                                                299,116                -0-
  Accounts receivable - officers                                             161,838             44,250
  Prepaid officers compensation                                               63,414             51,668
                                                                       =============      =============

        Total current assets                                                 792,530             99,250

Property and equipment, net                                                  190,004             24,600
Notes receivable (less allowance for uncollectible
  accounts of $1,900,000 in 1999)                                                -0-          1,900,000
Investments                                                                  900,000          1,450,000
Intangibles, net                                                           2,862,903          2,811,723
Other assets                                                                   7,500             51,669
                                                                       -------------      -------------

       Total assets                                                    $   4,752,937      $   6,337,242
                                                                       =============      =============


                   ...LIABILITIES AND STOCKHOLDERS' EQUITY...

Current Liabilities:
  Notes payable                                                        $      98,100      $     150,000
  Trade accounts payable                                                     426,918            172,672
  Accrued expenses                                                           572,958                -0-
  Notes payable to related parties                                           270,000            223,000
  Stock subscription refunds payable                                             -0-             11,000
                                                                       -------------      -------------

        Total current liabilities                                          1,367,976            556,672
                                                                       -------------      -------------

Stockholders' Equity:
  Common stock, $.001 par value; and 100,000,000 shares authorized,
    35,298,622 (12,708,331 in 1998) issued and outstanding                    35,298             12,708
  Additional paid-in capital                                              16,881,759         12,652,183
  Subscribed shares unissued                                                 174,437                -0-
  Retained deficit                                                       (13,706,533)        (6,884,321)
                                                                       -------------      -------------

        Total stockholders' equity                                         3,384,961          5,780,570
                                                                       -------------      -------------

        Total liabilities and stockholders' equity                     $   4,752,937      $   6,337,242
                                                                       ================   =============
</TABLE>

          See accompanying notes to consolidated financial statements.


                                      F-3

<PAGE>
                      GREENLAND CORPORATION AND SUBSIDIARY
                      Consolidated Statement of Operations
                     Years Ended December 31, 1999 and 1998

<TABLE>
<CAPTION>
                                                                           1999                1998
                                                                       -------------      -------------

<S>                                                                    <C>                <C>
Net sales                                                              $     272,042      $         -0-
Cost of goods sold                                                           545,835                -0-
                                                                       -------------      -------------

        Gross loss                                                          (273,793)               -0-

General and administrative expenses                                        4,039,826          1,186,065
                                                                       -------------      -------------

        Operating loss                                                    (4,313,619)        (1,186,065)

Other income (expense):
  Reserve for note receivable                                             (1,900,000)               -0-
  Loss on sale of investments                                             (1,300,000)          (627,025)
  Interest expense                                                           (43,353)           (22,349)
  Other income (expense)                                                      22,283             15,683
                                                                       -------------      -------------

        Loss from continuing operations before income taxes               (7,534,689)        (1,819,756)

Income tax expense                                                               800                -0-
                                                                       -------------      -------------

        Loss from continuing operations                                   (7,535,489)        (1,819,756)

Discontinued operations (Note 19):
  Loss from discontinued operations (zero income taxes)                          -0-         (1,502,407)
  Gain on disposal of discontinued operations (zero income taxes)            713,277                -0-
                                                                       -------------      -------------
  Net loss                                                             $  (6,822,212)     $  (3,322,163)
                                                                       =============      =============

Loss per share, continuing operations:
  Basic loss per share                                                 $        (.30)     $        (.23)
                                                                       =============      =============
  Diluted loss per share                                               $        (.30)     $        (.23)
                                                                       =============      =============

Earnings (loss) per share, discontinued operations:
  Basic earnings (loss) per share                                      $         .03      $        (.20)
                                                                       =============      =============
  Diluted earnings (loss) per share                                    $         .03      $        (.20)
                                                                       =============      =============

Net loss per share:
  Basic loss per share                                                 $        (.27)     $        (.43)
                                                                       =============      =============
  Diluted loss per share                                               $        (.27)     $        (.43)
                                                                       =============      =============

Weighted average shares outstanding
     Basic                                                                25,261,805          7,702,050
                                                                       =============      =============
     Diluted                                                              25,261,805          7,702,050
                                                                       =============      =============
</TABLE>

          See accompanying notes to consolidated financial statements.


                                      F-4

<PAGE>

                     GREENLAND CORPORATION AND SUBSIDIARY
                Consolidated Statements of Stockholders' Equity
                    Years Ended December 31, 1999 and 1998

<TABLE>
<CAPTION>
                                                                       Additional   Subscribed
                                               Common Stock             Paid-in      Shares        Retained
                                     ---------------------------
                                        Shares           Amount        Capital      Unissued       Deficit        Total
                                     ------------   ------------   ------------  ------------   ------------   ------------

<S>                                    <C>          <C>            <C>           <C>            <C>            <C>
Balance at December 31, 1997            2,709,778   $      2,710   $  7,155,756  $              $ (3,562,158)  $  3,596,308

Stock issued to purchase subsidiary     3,500,000          3,500      2,621,500                                   2,625,000
Stock issued to retire debenture        1,000,000          1,000        649,000                                     650,000
Sale of common stock                      363,500            363        352,037                                     352,400
Shares issued for services,
  at the cost of the services           5,135,053          5,135      1,873,890                                   1,879,025
Net loss                                                                                          (3,322,163)    (3,322,163)
                                     ------------   ------------   ------------  ------------   ------------   ------------

Balance at December 31, 1998           12,708,331         12,708     12,652,183                   (6,884,321)     5,780,570
                                     ------------   ------------   ------------  ------------   ------------   ------------

Shares issued to retire debt and
  to purchase assets                    4,273,166          4,273        766,254                                     770,527
Sale of common stock                    5,897,231          5,897      1,099,804                                   1,105,701
Shares issued for services             12,419,894         12,420      2,358,618                                   2,371,038
Subscribed shares unissued                                                            174,437                       174,437
Warrants to purchase shares                                               4,900                                       4,900
Net loss                                                                                          (6,822,212)    (6,822,212)
                                     ------------   ------------   ------------  ------------   ------------   ------------


Balance at December 31, 1999           35,298,622   $     35,298   $ 16,881,759  $    174,437   $(13,706,533)  $  3,384,961
                                     ============   ============   ============  ============   ============   ============
</TABLE>




          See accompanying notes to consolidated financial statements.


                                      F-5

<PAGE>

                       GREENLAND CORPORATION AND SUBSIDIARY
                       Consolidated Statements of Cash Flows
                       Years Ended December 31, 1999 and 1998


<TABLE>
<CAPTION>
                                                                          1999                1998
                                                                     -------------       --------------
<S>                                                                  <C>                 <C>
Cash flows from operating activities:
  Net loss                                                           $  (6,822,212)      $   (3,322,163)
  Adjustments to reconcile net loss to cash used in
   operating activities:
    Depreciation and amortization                                          253,224                6,319
    Gain on disposal of AMR technology                                    (713,277)                 -0-
    Allowance for uncollectible note receivable                          1,900,000              189,143
    Realized loss on disposal of investment                              1,300,000              500,000
    Gain on sale of equipment                                               (1,488)                 -0-
    Stock issued for services                                            2,119,706            1,929,025
    (Increase) decrease in:
      Accounts receivable                                                   (6,508)             102,336
      Inventories                                                         (299,116)                 -0-
      Accounts receivable - officers and other assets                      140,086             (103,337)
    Increase (decrease) in:
      Trade accounts payable                                               254,246               49,170
      Accrued expenses                                                     583,208              (78,508)
                                                                     -------------       --------------

        Net cash used in operating activities                           (1,292,131)            (728,015)
                                                                     -------------       --------------

Cash flows from investing activities:
  Purchase of equipment                                                   (189,765)                (581)
  Proceeds from sale of equipment                                            8,000                  -0-
                                                                     -------------       ----------------
        Net cash used in investing activities                             (181,765)                (581)
                                                                     -------------       --------------

Cash flows from financing activities:
  Proceeds from sale of stock                                            1,105,701              352,400
  Proceeds from subscribed shares unissued                                 174,437                  -0-
  Repayment of stock subscription                                          (11,000)                 -0-
  Amounts borrowed from stockholders                                           -0-              223,000
  Proceeds from notes payable to related parties                           327,000                  -0-
  Repayments of notes payable to related parties                            (5,000)                 -0-
  Proceeds from notes payable                                              110,100              150,000
  Proceeds from sale of stock warrants                                       4,900                  -0-
                                                                     -------------       --------------

        Net cash provided by financing activities                        1,706,138              725,400
                                                                     -------------       --------------
</TABLE>



          See accompanying notes to consolidated financial statements.


                                      F-6

<PAGE>

                          GREENLAND CORPORATION AND SUBSIDIARY
                          Consolidated Statements of Cash Flows
                          Years Ended December 31, 1999 and 1998
                                        (continued)

<TABLE>
<CAPTION>
                                                                          1999                 1998
                                                                     -------------       --------------

<S>                                                                  <C>                 <C>
        Increase (decrease) in cash                                        232,242               (3,196)

Cash at beginning of year                                                    3,332                6,528
                                                                     -------------       --------------

Cash at end of year                                                  $     235,574       $        3,332
                                                                     =============       ==============

Supplemental information:

  Cash paid for interest                                             $      19,153       $       22,349
                                                                     =============       ==============

  Cash paid for income taxes                                         $         -0-       $          -0-
                                                                     =============       ==============
</TABLE>

Supplemental disclosure of non cash investing and financing activities:

       The Company acquired assets in the amount of $473,277 and $2,625,000 by
       assuming debt and issuing stock in 1999 and 1998, respectively.

       The Company repaid debt through the issuance of stock in the amounts of
       $12,000 and $650,000 in 1999 and 1998, respectively.

       In 1999, the Company transferred debt and accrued interest in the amount
       of $435,250 and an investment in the amount of $1,450,000 to a
       stockholder in exchange for stock of $285,250.

       The Company exchanged its AMR technology property for shares of
       convertible preferred stock in the amount of $900,000 in 1999.

       At December 31, 1999, the Company has a receivable from its officers in
       the amount of $161,838 for the employee portion of withholding from
       compensation paid in the form of Company stock.

       At December 31, 1999, the Company has a receivable from its employees in
       the amount of $26,080 for the employee portion of withholding from
       compensation paid in the form of Company stock.

       In 1999 the Company provided compensation advances to certain officers in
       the form of common stock in the amount of $63,414.

       The Company paid for1999 services by issuing shares of its common stock
       in the amount of $2,119,706.

          See accompanying notes to consolidated financial statements.


                                      F-7

<PAGE>

                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                        Years Ended December 31, 1999 and 1998


Note 1.    SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

           Greenland Corporation is engaged in the production, distribution,
           servicing and marketing of advanced automatic check cashing machines
           similar to bank ATMs through its wholly-owned subsidiary Check
           Central, Inc. (collectively, the Company). The Company markets and
           sells its products throughout the United States and grants unsecured
           credit to its customers.

           BASIS OF CONSOLIDATION

           The consolidated financial statements include the accounts of
           Greenland Corporation and its wholly-owned subsidiary Check Central,
           Inc. All significant intercompany transactions and accounts have been
           eliminated in consolidation.

           DEVELOPMENT STAGE

           The Company was formed on July 17, 1986 and was in the development
           stage until September 1994, when it acquired its subsidiary Gam
           Properties, Inc. Upon the disposition of the subsidiary at December
           31, 1997, the Company reentered the development stage and was in the
           development stage until the third quarter of 1999.

           INVENTORIES

           Inventories are stated at lower of cost, first-in first-out basis, or
           market. Provision for potentially obsolete or slow-moving inventory
           is made based on management's analysis of inventory levels and future
           sales forecasts.

           PROPERTY AND EQUIPMENT

           Property and equipment, including renewals and betterments are
           recorded at cost. Depreciation is computed using the straight-line
           method over useful lives of 1.5 to 7 years. The cost of assets sold
           or retired and the related amounts of accumulated depreciation are
           removed from the accounts in the year of disposal. Any resulting gain
           or loss is reflected in current operations.

           Expenditures for maintenance and repairs are charged to operations as
           incurred.


                                      F-8

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

           CAPITALIZATION OF INTERNAL-USE SOFTWARE COSTS

           The Company capitalizes internal and external costs incurred to
           develop internal-use computer software during the application and
           development stage. Capitalized software is amortized over a period of
           5 years using the straight-line method. Amortization begins when the
           software is available for its intended use.

           STOCK-BASED COMPENSATION

           The Company accounts for stock-based compensation plans under
           Statement of Financial Accounting Standards No. 123, "Accounting for
           Stock-Based Compensation." (SFAS 123). This accounting standard
           permits the use of either a fair value based method or the method
           defined in Accounting Principles Board Opinion No. 25, "Accounting
           for Stock Issued to Employees" (APB 25) to account for stock-based
           compensation arrangements. Companies that elect to use the method
           provided in APB 25 are required to disclose the pro forma net income
           and earnings per share that would have resulted from the use of the
           fair value based method. The Company has elected to account for its
           stock based compensation to employees under APB 25.

           REVENUE RECOGNITION

           The Company recognizes revenue and related cost of sales when product
           is shipped or services are rendered.

           ADVERTISING

           Expenditures for advertising and sales promotion are charged to
           expense as incurred. Advertising costs for the years ended December
           31, 1999 and 1998 were $63,938 and $32,139, respectively.

           INCOME TAXES

           The Company records the income tax effect of transactions in the same
           year that the transactions enter into the determination of income,
           regardless of when the transactions are recognized for tax purposes.
           Deferred income taxes are recorded for these temporary differences.


                                      F-9

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998



Note 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

           SHARES ISSUED TO ACQUIRE GOODS AND SERVICES FROM NON-EMPLOYEES

           The Company accounts for the issuance of equity instruments to
           acquire goods and services based on the fair value of the goods and
           services or the fair value of the equity instrument at the time of
           issuance, whichever is more reliably measurable.

           USE OF ESTIMATES

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

           RECLASSIFICATIONS

           Certain amounts on the 1998 financial statements have been
           reclassified to conform to the 1999 presentation.

           NEW ACCOUNTING PRONOUNCEMENTS

           REPORTING THE COST OF START-UP ACTIVITIES

           Effective January 1, 1999, the Company adopted Statement of Position
           (SOP) 98-5, "Reporting on the Costs of Start-Up Activities." SOP 98-5
           provides, among other things, guidance on the reporting of start-up
           costs and organization costs. It requires costs of start-up
           activities and organization costs to be expensed as incurred.
           Adoption of the standard did not have a material effect on the
           Company's financial statements.

           DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

           Statement of Financial Accounting Standards No. 133, "Accounting for
           Derivative Instruments and Hedging Activities" (SFAS No. 133) issued
           by the FASB is effective for all fiscal quarters of fiscal years
           beginning after June 15, 1999 (Deferred to all fiscal quarters of all
           fiscal years beginning after June 2000 by SFAS 137). SFAS No. 133
           establishes accounting and reporting standards for derivative
           instruments, including certain derivative instruments imbedded in
           other contracts and for hedging activities. The Company does not
           expect the adoption of SFAS No. 133 to have a material effect, if
           any, on its financial position or results of operations.


                                      F-10

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

           MORTGAGE-BACKED SECURITIES RETAINED AFTER THE SECURITIZATION OF
           MORTGAGE LOANS HELD FOR SALE BY A MORTGAGE BANKING ENTERPRISE.

           Statement of Financial Accounting Standards No. 134, "Accounting for
           Mortgage-Backed Securities Retained after the Securitization of
           Mortgage Loans Held for Sale by a Mortgage Banking Enterprise" (SFAS
           No. 134) issued by the FASB is effective for the first fiscal quarter
           beginning after December 15, 1998. SFAS No. 134 amends Statement of
           Financial Accounting Standards No. 65, "Accounting for Certain
           Mortgage Banking Activities". The statement does not affect the
           Company's financial position or results of operations.

           RESCISSION OF FASB STATEMENT NO. 75 AND TECHNICAL CORRECTIONS

           Statement of Financial Accounting Standards No. 135, "Rescission of
           FASB Statement No. 75 and Technical Corrections" (SFAS No. 135)
           issued by the FASB is effective for financial statements with fiscal
           years ending after February 15, 1999. Earlier Application is
           encouraged. SFAS No. 135 rescinds FASB statement No. 75 "Deferral of
           the Effective Date of Certain Accounting Requirements for Pension
           Plans of State and Local Governmental Units". The Statement also
           amends other existing authoritative literature to make various
           technical corrections, clarify meanings, or describe applicability
           under changed conditions. The Company adopted SFAS No. 135 for the
           year ended December 31, 1999, and the statement did not have a
           material effect on its financial position or results of operations.

           TRANSFER OF ASSETS TO A NOT-FOR-PROFIT ORGANIZATION OR CHARITABLE
           TRUST

           Statement of Financial Accounting No. 136, "Transfers of Assets to a
           Not-for-Profit Organization or Charitable Trust that Raises or Holds
           Contributions for Others" (SFAS No. 136) issued by the FASB is
           effective for financial statements issued for fiscal periods
           beginning after December 15, 1999. Earlier application is encouraged.
           SFAS No. 136 establishes standards for transactions in which a donor
           entity makes a contribution by transferring assets to a
           not-for-profit organization or charitable trust. The statement does
           not affect the Company's financial position or results of operations.


                                      F-11

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 2.    GOING CONCERN UNCERTAINTY

           As shown in the accompanying consolidated financial statements, the
           Company has suffered recurring losses from operations, has a net
           working capital deficiency of $575,446 and a retained deficit of
           $13,706,553 as of December 31, 1999. These factors, among others,
           raise substantial doubt about the Company's ability to continue as a
           going concern. The Company's need for working capital is a key issue
           for management and necessary for the Company to meet its goals and
           objectives. The Company continues to meet its obligations and pursue
           additional capitalization opportunities. Subsequent to December 31,
           1999, the Company fully subscribed its private placement offering
           realizing $2,170,513 in net proceeds. In addition, the Company
           realized $582,500 from the exercise of class A warrants. Proceeds
           from the exercise of all outstanding warrants could total $36
           million. The Company is also pursuing institutional and private party
           lending and purchase order financing. There is no assurance, however,
           that the Company will be successful in meeting its goals and
           objectives in the future.

Note 3.    CONCENTRATION OF CREDIT RISK

           The Company maintains cash balances at several banks. Accounts at
           each institution are insured by the Federal Deposit Insurance
           Corporation up to $100,000.

Note 4.    RECEIVABLES FROM EMPLOYEES

           In 1999, the Company held receivables from employees for the
           employees' portion of payroll tax withholding paid by the Company
           from compensation paid in the form of Company stock.

Note 5.    INVENTORIES

           Inventories at December 31, 1999 were as follows:

<TABLE>
<CAPTION>
<S>                                                                <C>
           Raw materials                                           $  181,649
           Work-in-process                                            175,981
           Finished goods                                                 -0-
                                                                   ----------

                                                                      357,630
           Less allowance for obsolescence                            (58,514)
                                                                   ----------

                                                                   $  299,116
                                                                   ==========
</TABLE>


                                      F-12

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 6.    ACCOUNTS RECEIVABLE - OFFICERS

           In 1999, the Company held receivables from officers for the officers'
           portion of payroll tax withholding paid by the Company from
           compensation paid in the form of Company stock.

           In 1998, the Company prepaid certain compensation costs to its
           officers and employees in the amount of $147,507. These costs were
           expensed in 1999.

Note 7.    PROPERTY AND EQUIPMENT

           Net property and equipment at December 31, 1999 and 1998 was as
           follows:

<TABLE>
<CAPTION>
                                                                       1999           1998
                                                                   ------------      ----------

<S>                                                                <C>               <C>
           Computers and equipment                                 $  115,852        $      -0-
           Demonstration equipment                                     30,334               -0-
           Furniture and fixtures                                      71,935            43,053
           Leasehold improvements                                       3,300               -0-
                                                                   ----------        ----------

                                                                      221,421            43,053
           Accumulated depreciation                                    31,417            18,453
                                                                   ----------        ----------

                                                                   $  190,004        $   24,600
                                                                   ==========        ==========
</TABLE>

           Depreciation expense for the years ended December 31, 1999 and 1998
           was $17,850 and $6,319, respectively.

Note 8.    NOTES RECEIVABLE

           During 1998, the Company exchanged 1,100,000 convertible preferred
           shares in a public company for notes receivable valued at $1,900,000
           with interest at 9%. The Company has substantial doubt about the
           collectibility of the notes and has established a 100% allowance at
           December 31, 1999. The Company does not recognize interest income on
           impaired notes.


                                      F-13

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998



Note 9.    INVESTMENTS

           Investments at December 31, 1999 and 1998 consisted of the following:

<TABLE>
<CAPTION>
                                                                         1999            1998
                                                                     -----------     ------------

<S>                                                                  <C>             <C>
           Convertible preferred stock recorded at the lower of
             cost or market (Note 19).                               $   900,000     $        -0-

           25,000 shares in a public company at a cost of $55,000.
             The stock is not currently traded and a reserve has
             been established for the full amount of the assets.
             During 1999, the Company eliminated the asset and
             reserve account.                                                -0-           55,000

           49% interest in a limited liability company accounted
             for under the equity method. The Company has been
             unsuccessful in locating the principals of this LLC
             in the last three years. Accordingly, a reserve has
             been established for the full amount. During 1999,
             the Company eliminated the asset and reserve account.           -0-           134,143

           290,000 convertible preferred shares in GAHI, a public
             company. The shares are convertible in December 1999
             to the number of common shares (at the then current
             market price) equivalent to $1,450,000. The shares
             were sold during 1999 to an officer of the Company (Note
             17).                                                            -0-        1,450,000
                                                                     -----------     ------------

                 Total                                                   900,000        1,639,143

           Less reserve                                                      -0-          189,143
                                                                     -----------     ------------

                                                                     $   900,000     $  1,450,000
                                                                     ===========     ============
</TABLE>


                                      F-14

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 10.         INTANGIBLE ASSETS

           Intangible assets at December 31, 1999 and 1998 consisted of the
           following:

<TABLE>
<CAPTION>
                                                                         1999             1998
                                                                    ------------   --------------

<S>                                                                 <C>              <C>
           Capitalized software costs                               $    344,278     $    186,723
           Licenses                                                      675,000          675,000
           Excess of purchase price over fair value of net
             assets acquired                                           2,079,000        1,950,000
                                                                    ------------     ------------

                                                                       3,098,278        2,811,723

           Less accumulated amortization                                 235,375              -0-
                                                                    ------------     ------------

                                                                    $  2,862,903     $  2,811,723
                                                                    ============     ============
</TABLE>

           In 1999, the Company capitalized $344,278 of costs incurred to
           upgrade and enhance the check cashing software purchased from Check
           Central, Inc. (Note 11). The software was not ready for its intended
           use at December 31, 1999. The Company amortizes capitalized software
           costs over 5 years. The Company incurred $1,175,982 in 1999 related
           to engineering design.

           During 1998, as part of the purchase of the net assets of Check
           Central, Inc. (Note 11), the Company acquired licenses to use certain
           software in the development of check cashing machines. The Company is
           amortizing these licenses over 5 years. The excess of the purchase
           price over the fair value of the identifiable net assets acquired was
           capitalized and is being amortized over 12 years.

Note 11.   BUSINESS COMBINATION

           During 1998, the Company acquired 100% of Check Central, Inc. (a
           Nevada corporation) by issuing 3,500,000 shares of its common stock
           with a fair value of $2,625,000 in exchange for all of the
           outstanding common stock of Check Central, Inc. The transaction was
           accounted for as a purchase. The accompanying consolidated financial
           statements include all of the operating results of Check Central,
           Inc. since the acquisition date. The Company allocated $675,000 of
           the purchase price to the software and $1,950,000 to the excess of
           the purchase price over the fair value of the net assets acquired. In
           1999, the Company issued additional shares with a fair value of
           $129,000 in final settlement of the purchase. The fair value of these
           shares was added to the excess of the purchase price over the fair
           value of the net assets acquired.


                                      F-15

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 12.   LINE OF CREDIT

           The Company has a revolving line-of-credit agreement with a
           commercial bank which allows for advances up to a maximum of $50,000.
           There were no outstanding borrowings on this line of credit at
           December 31, 1999 and 1998. The line expires December 10, 2000. The
           line bears interest at the bank's reference rate plus 2.5%.

Note 13.   NOTES PAYABLE

           Notes payable at December 31, 1999 and 1998 were as follows:

<TABLE>
<CAPTION>
                                                                      1999             1998
                                                                  ------------     ------------

<S>                                                               <C>              <C>
           Notes payable to an individual, interest at 8%,
             payable monthly; balance due at various dates
             through May 2000.  Secured by Company assets.        $   38,300       $      -0-

           Notes payable to an individual, interest at 8%,
             payable monthly; principal due at various dates
             through May 2000.  Secured by Company assets.            33,600              -0-

           Note payable to an individual, interest at 8%,
             payable monthly; principal due May 2000.
             Secured by Company assets.                               14,400              -0-

           Note payable to an individual, interest at 8%,
             payable monthly; principal due July 2000.
             Secured by Company assets.                               11,800              -0-

           Note payable to an individual, with interest at 8%.
             Due December 31, 1998.                                      -0-          125,000

           Note payable to an individual, no interest.
             Due January 1999.                                           -0-           25,000
                                                                  ----------       ----------

                                                                  $   98,100       $  150,000
                                                                  ==========       ==========
</TABLE>


                                      F-16

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 14.   ACCRUED EXPENSES

           Accrued expenses at December 31, 1999 consist of the following:

<TABLE>
<CAPTION>
<S>                                                               <C>
           Accrued stock compensation                             $  251,901
           Accrued payroll liabilities                               245,715
           Accrued interest                                           38,292
           Accrued warranty expense                                   26,500
           Customer deposits                                          10,000
           Income taxes payable                                          550
                                                                  ----------

                                                                  $  572,958
                                                                  ==========
</TABLE>


Note 15.   NOTES PAYABLE TO RELATED PARTIES

<TABLE>
<CAPTION>
                                                                      1999             1998
                                                                  ------------     ------------

<S>                                                               <C>              <C>
           Notes payable to a related party and stockholder.
             Interest at 8%, payable monthly.  Principal due
             at various times through July 2000.                  $  100,000       $      -0-

           Note payable to a stockholder and officer of the
             Company.  Interest at 8%.  Principal due
             December 2000.                                          100,000              -0-

           Note payable to a stockholder and officer of the
             Company.  Interest at 8%.  Principal due
             February 2000.                                           25,000              -0-

           Note payable to a stockholder and officer of the
             Company.  Interest at 8%.  Principal due March
             2000.                                                    20,000              -0-

           Notes payable to a stockholder and officer of the
             Company.  Interest at 8%.  Principal due at
             various times through May 2000.                          15,000              -0-

           Note payable to a stockholder.  Interest at 8%.
             Principal due January 2000.                               5,000              -0-
</TABLE>


                                      F-17

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 15.   NOTES PAYABLE TO RELATED PARTIES (continued)

<TABLE>
<CAPTION>
                                                                      1999             1998
                                                                  ----------       ----------

<S>                                                               <C>              <C>
           Note payable to a stockholder.  Interest at 8%.
             Principal due January 2000.                               5,000              -0-

           Notes payable to an officer and stockholder.
             Interest at 8% due February 28, 2000. This note
             was settled during 1999 through the issuance of
             common stock and the sale of Golden Age Homes,
             Inc. (Note 17).                                             -0-          223,000
                                                                  ----------       ----------

                                                                  $  270,000       $  223,000
                                                                  ==========       ==========
</TABLE>

           In connection with the loans, the Company sold warrants for $4,900 to
           acquire 1,166,329 shares of Company common stock. The warrants have
           an exercise period of two years and 50% are exercisable at $.10 and
           50% at $.13.

Note 16.   STOCKHOLDERS' EQUITY

           PRIVATE PLACEMENTS OF COMMON STOCK

           On July 28, 1999, the Company offered to sell, pursuant to a
           confidential private placement memorandum, up to 1,600,000 units of
           common stock and attached warrants at $5 per unit. Proceeds from the
           offering were to be used to fund development and begin manufacture of
           the Company's check cashing machines. Each unit offered included 11.5
           shares of common stock and warrants to purchase 30 additional shares
           of common stock at prices ranging from $.50 per share to $1.50 per
           share. In 1999, the Company realized net proceeds of $1,280,138 after
           deducting costs related to the offering of $1,685,450.

           COMMON STOCK ISSUED IN EXCHANGE FOR SERVICES

           The Company issued 12,419,894 and 5,135,053 shares of its common
           stock for services during the years ended December 31, 1999 and 1998,
           respectively. The Company has recognized expenses for such services
           in the amount of $2,371,038 and $1,879,025 in 1999 and 1998,
           respectively.


                                      F-18

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 16.   STOCKHOLDERS' EQUITY (continued)

           SUBSCRIBED SHARES UNISSUED

           During 1999, the Company received $174,437 for the purchase of
           930,354 shares of common stock. The shares were unissued as of
           December 31, 1999. The proceeds from the unissued shares are carried
           in the accompanying consolidated statement of stockholders equity.

           COMMON STOCK OPTION PLANS

           During 1999, the Company adopted a stock option plan for employees,
           directors and consultants. The Company's stockholders have authorized
           a total of 8,000,000 common shares to be available for grant under
           the plan. The plan allows for incentive options with exercise prices
           of at least 100% of the fair market value of the Company's common
           stock. However, 10% or greater shareholders may not be granted
           options with exercise prices below 110% of the fair market value of
           the Company's common stock.

           The Company accounts for stock based compensation under Statement of
           Financial Accounting Standards No. 123 ("SFAS 123"). SFAS 123 defines
           a fair value based method of accounting for stock based compensation.
           However, SFAS 123 allows an entity to continue to measure
           compensation cost related to stock and stock options issued to
           employees using the intrinsic method of accounting prescribed by
           Accounting Principles Board Opinion No. 25 ("APB 25"), "Accounting
           for Stock Issued to Employees". Entities electing to remain with the
           accounting method of APB 25 must make pro forma disclosures of net
           income and earnings per share, as if the fair value method of
           accounting defined in SFAS 123 had been applied. The Company has
           elected to account for its stock based compensation to employees
           under APB 25. No options were issued with an exercise price below the
           estimated fair market value of the Company's common stock at the date
           of grant. Accordingly, no compensation cost has been recognized.

           Pro forma information regarding net income and earnings per share is
           required by SFAS 123, and has been determined as if the Company had
           accounted for its employee stock options under the fair value method
           of SFAS 123. The fair value for these options was estimated at the
           date of grant using the Black-Scholes option pricing model with the
           following weighted average assumptions for the years ended December
           31, 1999: risk free interest rate of 5.25%; dividend yield of 0%;
           expected lives of the options of 5 to 10 years; and volatility of
           2.09.


                                      F-19

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 16.   STOCKHOLDERS' EQUITY (continued)

           The Black-Scholes option valuation model was developed for use in
           estimating the fair value of traded options which have no vesting
           restrictions and are fully transferable. In addition, option
           valuation models require the input of highly subjective assumptions.
           Because the Company's stock options have characteristics
           significantly different from those of traded options, and because
           changes in the subjective input assumptions can materially affect the
           fair value estimate, in management's opinion, the existing models do
           not necessarily provide a reliable single measure of the fair value
           of its stock options.

           For purposes of pro forma disclosures, the estimated fair value of
           the options is amortized to expense over the options' vesting period.
           Adjustments are made for options forfeited prior to vesting. The
           effects on compensation expense and net income had compensation costs
           for the Company's stock option plans been determined based on a fair
           value at the date of grant consistent with the provisions of SFAS
           123, for the year ended December 31, 1999 are as follows:

<TABLE>
<CAPTION>
<S>                                                                                 <C>
            Net loss, as reported                                                   $ (6,822,212)
            Adjustment to compensation expense under SFAS 123                           (784,724)
                                                                                    ------------

            Net loss, pro forma                                                     $ (7,606,936)
                                                                                    ============

            Loss per share, pro forma                                               $       (.30)
                                                                                    ============
</TABLE>

            The following summary presents the options under the plan granted,
            exercised, expired and outstanding at December 31, 1999:

<TABLE>
<CAPTION>
                                                                                        Weighted
                                                                                        Average
                                                                     Number of         Exercise
                                                                      Shares             Price
                                                                     ---------         ---------

<S>                                                                  <C>                <C>
            Outstanding at January 1, 1999                                  --          $   .00
            Granted                                                  6,255,000              .16
            Exercised                                                       --
            Expired                                                         --
                                                                    ----------          -------

            Outstanding at December 31, 1999                         6,255,000          $   .16
                                                                    ==========          =======

            Options exercisable at December 31, 1999                 2,992,000          $   .16
                                                                    ==========          =======
</TABLE>


                                      F-20

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 16.   STOCKHOLDERS' EQUITY (continued)

            The weighted average fair value of options granted during 1999 was
            $.16.

            The following summary presents the exercise prices, number of
            options outstanding and exercisable, and the remaining contractual
            lives of the Company's stock options at December 31, 1999:

<TABLE>
<CAPTION>
                                    Non-exercisable Options                 Exercisable Options
                                    -----------------------              -------------------------
                                                 Weighted                               Weighted
                                                 Average                                 Average
                                                Remaining                               Remaining
                                               Contractual                             Contractual
            Exercise Price          Number         Life                  Number            Life
            --------------          ------      ----------               ------         ----------

<S>               <C>              <C>          <C>                    <C>              <C>
                  .15              2,540,000    6.93 years             2,510,000        7.71 years
                  .20                723,000    9.19 years               482,000        9.19 years
</TABLE>

            WARRANTS

            The following summary presents warrants sold, exercised, expired and
            outstanding at December 31, 1999:

<TABLE>
<CAPTION>
                                                                                        Weighted
                                                                                        Average
                                                                     Number of         Exercise
                                                                      Warrants           Price
                                                                      --------           -----

<S>                                                                 <C>                 <C>
            Outstanding at January 1, 1999                                  --          $   .00
            Issued                                                  21,677,385              .85
            Exercised                                                       --
            Expired                                                         --
                                                                  ------------          -------

            Outstanding at December 31, 1999                        21,677,385          $   .85
                                                                  ============          =======

            Warrants exercisable at December 31, 1999               21,677,385          $   .85
                                                                  ============          =======
</TABLE>


                                      F-21

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 16.    STOCKHOLDERS' EQUITY (continued)

            The following summary presents the exercise prices, number of
            warrants outstanding and exercisable, and the remaining contractual
            lives of the Company's stock warrants at December 31, 1999:

<TABLE>
<CAPTION>
                                                    Outstanding Warrants
                                                    --------------------
                                                                  Weighted
                                                                   Average
                                                                  Remaining
                                                                 Contractual
                       Exercise Price            Number              Life
                       --------------            ------          -----------

<S>                            <C>              <C>              <C>
                               .10              1,166,330        1.23 years
                               .13                833,330        1.17 years
                               .15                 83,332        1.00 years
                               .20                933,333        2.29 years
                               .25                850,000        2.42 years
                               .50              5,937,020          .78 years
                              1.00              5,937,020        1.28 years
                              1.50              5,937,020        1.78 years
</TABLE>

            COMMON STOCK SPLITS

            The Company effected a 1:10 reverse stock split on July 2, 1998. All
            references to stock prices and numbers of shares in these financial
            statements have been adjusted to reflect the reverse split as if it
            were effective on the earliest date reported.

Note 17.    RELATED PARTY TRANSACTIONS

            In 1999, due to cash requirements, the Company sold its 290,000
            shares of convertible preferred stock in Golden Age Homes, Inc. to
            one of its officers. The shares were not convertible until December
            1999 and the value at the time of conversion was uncertain. The
            shares were carried at $1,450,000 at the time of sale. As part of
            the transaction, the Company was relieved of debts totaling $435,250
            and issued 2,800,000 shares to the officer valued at $285,250. The
            Company recorded a loss of $1,300,000 on the transaction.


                                      F-22

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 18.    PROVISION FOR INCOME TAXES

<TABLE>
<CAPTION>
                                                                     1999             1998
                                                                  ----------       ----------

           Current:
<S>                                                               <C>              <C>
                Federal                                           $      -0-       $      -0-
                State                                                    800              -0-
                                                                  ----------       ----------

                                                                         800              -0-
                                                                  ----------       ----------

           Deferred:
                Federal                                              604,000              -0-
                State                                                191,000              -0-
                Tax benefit of net operating loss carryforwards    1,954,000          701,000
                                                                  ----------       ----------

                                                                   2,749,000          701,000

                Change in valuation allowance                     (2,749,000)        (701,000)
                                                                  ----------       ----------

                                                                         800              -0-

                Discontinued operations                                  -0-              -0-
                                                                  ----------       ----------
                                                                  $      800       $      -0-
                                                                  ==========       ==========
</TABLE>

           The total change in the valuation allowance from continuing and
           discontinued operations for the years ended December 31, 1999 and
           1998 was $2,402,000 and $1,300,000, respectively.


                                      F-23

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 18.   PROVISION FOR INCOME TAXES (continued)

           Income tax benefit at the federal statutory rate is reconciled to the
           Company's actual income tax provision as follows:

<TABLE>
<CAPTION>
                                                    1999                           1998
                                           ----------------------        -----------------------
                                                           % of                           % of
                                                          Pretax                         Pretax
                                            Amount        Income          Amount         Income
                                            ------        ------          ------         ------

<S>                                       <C>               <C>        <C>             <C>
           Federal income tax
             benefit at statutory rate    $ (2,562,000)     (34.00%)   $ (618,700)     (34.00%)

           State tax benefit, net
             of federal tax provision         (439,000)      (5.83%)     (106,000)      (5.83%)

           Change in valuation
             allowance                       2,749,000       36.48%       701,000       38.52%

           Permanent variance in stock
             issued for services               283,900        3.76%           -0-         .00%

           Other                               (31,100)       (.41%)       23,700        1.31%
                                          ------------    ---------    ------------    ---------

           Total income tax
             provision                    $        800        0.00%    $        -0-        0.00%
                                          ============    =========    ============    =========
</TABLE>


                                      F-24

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 18.   PROVISION FOR INCOME TAXES (continued)

           The Company's total deferred tax assets and deferred tax liabilities
           at December 31, 1999 and 1998 are as follows:

<TABLE>
<CAPTION>
                                                                     1999            1998
                                                                -------------    -------------

<S>                                                                 <C>              <C>
                 Deferred tax asset:
                      Net operating loss carryforwards              3,997,000        2,300,000
                      Note receivable allowance                       814,000              -0-
                      Other                                           113,000              -0-
                                                                -------------    -------------

                           Total deferred tax asset:                4,924,000        2,300,000

                      Valuation allowance                          (4,702,000)      (2,300,000)
                                                                -------------    -------------

                           Net deferred tax asset                     222,000              -0-
                                                                -------------    -------------

                 Deferred tax liability:
                      State income tax                                222,000              -0-
                                                                -------------    -------------

                           Total deferred tax liability               222,000              -0-
                                                                -------------    -------------

                           Net deferred tax                     $         -0-    $         -0-
                                                                =============    =============
</TABLE>

            Federal and state net operating loss carryforwards of $10,397,000
            and $5,229,000 will expire through 2019 and 2004, respectively. The
            valuation allowance will be evaluated at the end of each year,
            considering positive and negative evidence about whether the asset
            will be realized. At that time, the allowance will either be
            increased or reduced; reduction could result in the complete
            elimination of the allowance if positive evidence indicates that the
            value of the deferred tax asset is no longer impaired and the
            allowance is no longer required.


                                      F-25

<PAGE>

                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998

Note 19.    DISCONTINUED OPERATIONS

            In April 1999, the Company sold its automated meter reading
            technology (AMR division) in exchange for shares of convertible
            preferred stock with a face value of $900,000. Accordingly, the AMR
            division is accounted for as discontinued operations and its
            operating results are shown separately in the accompanying financial
            statements. The consolidated statement of operations for 1998 has
            been reclassified to conform with the 1999 presentation. The AMR
            division had no net sales in 1999 and 1998. The only asset
            identifiable with the AMR division consisted of the automated meter
            reading technology. The Company realized a gain of $713,277 on the
            disposal of this asset.

Note 20.    OPERATING LEASE

            The Company leases its office facilities under an operating lease
            expiring April 30, 2000 with monthly payments of $7,488 due at the
            beginning of the month. At the end of the lease term, the Company
            has the right to renew the lease under the same terms and conditions
            for a period of five years. Rent in the first year of the option
            will be $7,488 increasing annually at a fixed rate of 4%.

            Rent expense under the lease was $86,424 and $73,313 for the years
            ended December 31, 1999 and 1998, respectively. Future minimum lease
            payments under the lease are $29,952 for the year ended December 31,
            2000.


                                      F-26

<PAGE>

                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998

Note 21.    FAIR VALUE OF FINANCIAL INSTRUMENTS

            The estimated fair value of the Company's financial instruments are
as follows:

<TABLE>
<CAPTION>
                                                      1999                       1998
                                              ----------------------------------------------
                                              Carrying     Fair          Carrying      Fair
                                               Amount      Value          Amount       Value
                                               ------      -----          ------       -----

<S>                                         <C>         <C>           <C>           <C>
            Assets:
               Cash                         $  235,574  $   235,574   $     3,332   $    3,332
               Receivables from employees       26,080       26,080           -0-          -0-
               Accounts receivable - officers  161,838      161,838        44,250       44,250
               Notes receivable                    -0-          -0-     1,900,000    1,900,000

               Investments                     900,000                  1,450,000

            Liabilities:
               Notes payable                    98,100       98,100       150,000      150,000
               Notes payable to related
                  parties                      270,000      270,000       223,000      223,000
</TABLE>

            The carrying values of receivables from employees, accounts
            receivable - officers, notes receivable, notes payable and notes
            payable to related parties approximate fair value due to their
            short-term nature and interest rates which approximate market rates.

            The fair value of the investments is not determinable because quoted
            market prices are not available and the costs of obtaining
            independent valuations are excessive.


                                      F-27

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 22.    EARNINGS PER SHARE

            The Company adopted Statement of Financial Accounting Standards No.
            128, "Earnings per Share" (SFAS No. 128). SFAS No. 128 provides for
            the calculation of Basic and Diluted earnings per share. Basic
            earnings per share includes no dilution and is computed by dividing
            income available to common stockholders by the weighted average
            number of common shares outstanding for the period. Diluted earnings
            per share reflects the potential dilution of securities that could
            share in earnings of an entity, such as stock options, warrants or
            convertible debentures.

            The following is a reconciliation of the weighted average number of
            shares used to compute basic and diluted earnings per share:

<TABLE>
<CAPTION>
                                                                    1999              1998
                                                                ------------     -------------

<S>                                                             <C>              <C>
            Numerators for basic earnings per share -
              Loss from continuing operations                   $ (7,535,489)    $  (1,819,756)
              Gain (loss) from discontinued operations          $    713,277     $  (1,502,407)

            Denominator for basic earnings per share
              weighted-average shares                             25,261,805         7,702,050

            Denominator for diluted loss per share -
              adjusted weighted-average shares and
              assumed conversions                                 25,261,805         7,702,050

            Basic earnings (loss) per share:
              Continuing operations                             $       (.30)    $        (.23)
                                                                ============     =============
              Discontinued operations                           $        .03     $        (.20)
                                                                ============     =============
              Net loss                                          $       (.27)    $        (.43)
                                                                ============     =============

            Diluted earnings (loss) per share:
              Continuing operations                             $       (.30)    $        (.23)
                                                                ============     =============
              Discontinued operations                           $        .03     $        (.20)
                                                                ============     =============
              Net loss                                          $       (.27)    $        (.43)
                                                                ============     =============
</TABLE>



                                      F-28
<PAGE>

                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 22.    EARNINGS PER SHARE (continued)

            Options and warrants in the amount of 27,932,385 were outstanding
            during 1999 but were not included in the computation of diluted EPS
            because the effect of their exercise would be anti-dilutive.

            For the year ended December 31, 1998, common stock outstanding is
            adjusted retroactively to equivalent shares as a result of a 1:10
            reverse stock split during July 1998.

Note 23.    SEGMENTS AND MAJOR CUSTOMERS

            The Company has two reportable segments consisting of (1) the sale
            and distribution of automatic check cashing machines and (2)
            customer service and fee income earned through check cashing
            transaction processing. The accounting policies of the segments are
            the same as those described in the summary of significant accounting
            policies. The Company evaluates performance based on sales, gross
            profit margins and operating profit before income taxes.

            The following is information for the Company's reportable segments
            for the year ended December 31, 1999:

<TABLE>
<CAPTION>
                                             Sales      Processing
                                            Segment     Segment      Unallocated       Total
                                            -------     -------      -----------       -----

<S>                                       <C>         <C>           <C>           <C>
            Revenue                       $  267,990  $     4,052   $        -0-  $    272,042
            Gross margin                     (14,509)    (259,284)                    (273,793)
            Depreciation and amortization      4,213       68,020        180,991       253,224
            Interest expense                                              43,353        43,353
            Other, net                                                 7,036,391     7,036,091
            Income (loss) from continuing
              operations before income
              taxes                          (18,722)    (255,232)    (7,260,735)   (7,534,689)

            Identifiable assets           $   30,334  $    67,202   $  4,655,401  $  4,752,937
            Capital expenditures              30,334      540,479         92,229       663,042
</TABLE>

            The processing segment's gross margin is net of $67,500 of
            depreciation expense.

            The Company had one reportable segment during 1998.

            The Company had one customer which accounted for 100% of the
            Company's sales during the year ended December 31, 1999.


                                      F-29

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 24.    SUBSEQUENT EVENTS

            REPURCHASE OF DISTRIBUTION RIGHTS

            During March 2000, the Company repurchased the exclusive
            distribution rights to the Master Distribution Agreement with
            SmartCash ATM.Ltd. (SmartCash). In consideration, the Company agreed
            to release certain restrictions on Company common stock held by
            SmartCash, issue warrants to repurchase shares of Company common
            stock, loan SmartCash $200,000 and continue to pay commissions on
            sales of machines until said commissions equal $320,000.

            ADDITIONAL COMMON STOCK ISSUED

            Subsequent to year-end, the Company issued 930,354 shares in
            satisfaction of the sale of common stock. During 1999, the Company
            received proceeds in the amount of $174,437 which is shown as
            subscribed shares unissued in the accompanying consolidated
            statement of stockholders equity (Note 16).

            Subsequent to year-end, the Company sold an additional 11,576,342
            shares pursuant to the confidential private placement memorandum
            (Note 16) and realized total proceeds of $2,170,513.

            SHARES ISSUED TO REPAY NOTES PAYABLE

            During January and March 2000, the Company issued 1,036,000 shares
            in settlement of notes payable totaling $181,851.

            SHARES ISSUED FOR SERVICES

            Subsequent to year-end, the Company issued 1,579,097 shares in
            payment of services performed during 1999 and 2000 totaling
            $1,342,402.

            AGREEMENT TO SUPPLY MACHINES

            Subsequent to year end the Company entered into agreements with two
            companies to place its check cashing machines in stores throughout
            the west coast, midwest and southwest United States.


                                      F-30

<PAGE>


                         GREENLAND CORPORATION AND SUBIDIARY
                      Notes to Consolidated Financial Statements
                                      (Continued)
                        Years Ended December 31, 1999 and 1998


Note 25.    YEAR 2000 CONVERSION (UNAUDITED)

            The Company recognizes the need to ensure its operations will not be
            adversely impacted by year 2000 software failures.

            The Company's accounting software and other applications used in its
            operations were purchased from outside vendors. Management believes
            that these applications are Year 2000 compliant. As a result,
            management of the Company does not believe that the Year 2000 issue
            will have an adverse impact on its financial statements or on its
            operations.

Note 26.    FOURTH QUARTER RESULTS

            During the fourth quarter of 1999, certain year-end adjustments were
            made to, among other items capitalize internally developed software,
            amortize intangibles and record an allowance for uncollectible
            receivables. The aggregate effect of fourth quarter adjustments was
            to increase net losses for the fourth quarter by $750,813.


                                      F-31