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, 1998
                                       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)  
                                7084 Miramar Road
                               San Diego, CA 92121
              (Address and zip code of principal executive offices

                                 (619) 566-9604
              (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: 25,000,000

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. [X]

As of March 31,  1999,  the  aggregate  market value of the voting stock held by
non-affiliates  of the registrant was  $2,340,000,  based upon a $0.18 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                        19,736,628 Shares Outstanding
   $0.001 par value                              as of March 31, 1999
                      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
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,  for the prior three  years,  was 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.  The  technology  was  developed  initially by Areil
Systems, Inc. This ownership was acquired by Greenland in December, 1995. In May
1996,  the Company and Areil entered into an exchange  agreement  which provided
for the transfer of the AMR  technology to Greenland.  The Company  marketed its
automated  meter reading ("AMR")  technology to utilities.  Greenland has funded
research and  development of a system called  AirLink TM that provides  wireless
AMR services to utilities.

The Company entered into a definitive agreement with Telenetics  Corporation,  a
publicly traded company,  for the sale of its AMR technology,  including AirLink
and  consummated  the sale on April 5,  1999.  The  Company  received  shares of
convertible preferred stock of Telenetics with a face value of $900,000.

In May 1998,  as reported  on Form 8-K,  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 money order
services delivered through a freestanding kiosk, similar in appearance to an ATM
machine  (the  "Check  Cashing  ATM" or "System"  or  "Product").  (See Notes to
Financial Statements).

Business Operations

The Company is engaged  exclusively in the  development of proprietary  software
that is capable of providing consumers with automated payroll check cashing, ATM
and money order  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. Greenland purchased the exclusive rights to Check Central's software
and hardware designs for the expressed intent of completing the development of a
Check Cashing ATM.

The Company is  addressing an  ever-increasing  market  demand.  During the last
decade,  the  number  of  consumers  who  have no  bank  affiliation  has  grown
substantially and now numbers 28% of US 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 (up to 6%). It has been  estimated
that the check cashing industry generates over $1.5 billion in fees annually.

Until very  recently,  check-cashing  stores  have been a one stop,  one service
industry generally centered in lower economic  neighborhoods.  Companies such as
Ace Cash Express,  Dollar Financial,  USA Check Cashing and United Check Cashing
have managed independent dedicated storefront businesses. In the 1990's, many of
these stores have expanded services by selling stamps, money orders, and special
event tickets.

The Company is prepared to capture a  significant  share of the $1.5  billion in
fees by offering  automated  payroll check cashing,  ATM, money order  services,
advanced payroll loans and other services. The 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

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<PAGE>



frequent.  In addition to revenue  generated  from the sale of the Check Cashing
ATM, the Company will receive a continuous  revenue stream from transaction fees
from check cashing, ATM and money order services.

The  Company  has two beta test units in the  field,  installed  in January  and
February  1999,  that are providing  check  cashing and ATM services.  The first
commercial  machines  available  for sale, in April 1999,  will provide  payroll
check cashing, ATM and money order services.

The Company plans to add future services including: bill-paying, wire transfers,
on-line purchases, payday loans 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.

The Company is not aware of any  comparable  check-cashing  system in the market
today that offers the potential benefits and broad menu that the Company intends
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 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.

Recent Developments

After  considerable  market  study,  the Check Cashing ATM was designed in early
1998.  During the next six  months  integrating  software  was  written  and the
modular low maintenance sub-components were defined, purchased, and housed in an
attractive  steel  cabinet.  The first fully working  prototype was completed in
August 1998.  Besides providing  important  engineering data, this unit has been
shown at numerous trade shows,  receiving  extremely high industry interest from
banks, independent markets, and chain outlet representatives.

Company  strategy  since August has centered on providing a final  manufacturing
prototype,  completing all software,  testing, and preparation for manufacturing
start-up.  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/March  1999.  The first unit was  installed,
January 5, 1999, in La Loma Market in Southern Los Angeles,  California. A third
fully  operational  beta  unit and two bench  units  have  been  installed  in a
simulated market  environment and used for accelerated age testing.  As a result
of the Company's  in-store beta tests and in-house testing,  management  expects
that the first Check Cashing ATM's in the market will exhibit mature and trouble
free services.

Check Central  believes it is introducing the latest  innovation in self-service
check  cashing.  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 a look and feel of a  standard  ATM,  the  Check  Cashing  ATM is the ideal
method of providing multiple  financial  services for customers.  With it's user
friendly touch screen technology, the Check Cashing ATM can perform a variety of
financial services including check cashing, ATM transactions and money orders.

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


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<PAGE>



Industry Overview

Check-cashing  businesses are proliferating.  These businesses cash checks for a
fee based upon a  percentage  of the face amount of the check (up to 6%). It has
been estimated that the  check-cashing  industry  generates over $1.5 billion in
fees annually.

Until very  recently,  check-cashing  stores  have been a one stop,  one service
industry generally centered in lower economic  neighborhoods.  Companies such as
Ace Cash Express,  Dollar Financial,  USA Check Cashing and United Check Cashing
have managed independent,  dedicated store-front businesses. In the 1990's, many
of these stores have expanded  services by selling  stamps,  money  orders,  and
special event tickets.

In the 1990's,  a strong trend emerged in the convenience  store industry toward
providing  alternative  financial  services  to its  customers.  As an  example,
convenience  stores are currently  the leading  vendors of money orders and over
50% have ATM machines on premise.  In addition,  90% of these stores felt forced
to cash  increasing  numbers  of  personal  payroll  checks to  ensure  adequate
customer  traffic but many also suffered  uncontrolled  loses due to bad checks.
Therefore,  the check-cashing kiosk with ATM and money order 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  the  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  besides Check
Central that have attempted to build free-standing,  ATM,  check-cashing kiosks.
One is Mr.  Payroll and the other is Southland  Corporation  which operates 7-11
stores.  The Company  believes that each have used machines with retail purchase
prices substantially higher than the Company's product.

Market Opportunity

As the number of consumers  without bank services 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.  Bills are
generally paid with money orders.

The  payroll   check-cashing   industry   serves  a  population  that  transacts
approximately one trillion dollars annually. This market segment is estimated to
be 28% of U.S. households. Additionally, there are at least 10 million Americans
who receive some form of  government  payment but cannot  afford bank  services,
according to the U.S. Treasury Department.

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
(up to 6%). 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 a cash machine that could cash
a check. Check Central provides a highly rational and profitable  alternative to
serve a large population that requires check  cashing/ATM/money  orders/on- line
transaction  services.  The underlying  technology mitigates much of the risk of
bad checks and theft.

The check-cashing industry generates an estimated $1.5 billion in fees annually.
These charges represent a base platform to provide  additional  services,  which
are estimated as follows:
                           Payroll: 80%
                           Government: 10%
                           Personal: 5%
                           Other: 5%

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<PAGE>



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.  Even
businesses  with large  workforces,  such as  factories,  could benefit from the
installation of the Check Cashing ATM.

In 1996, there were approximately  93,000 convenience stores in operation in the
U.S. The industry is large and growing.  1995 sales were $144 billion;  there is
an annual growth rate of 9%. Average annual sales per location is $1.8 million.

There is an emerging trend in the convenience  store industry  toward  providing
alternative  financial  services  to  its  customers.   Convenience  stores  are
currently the leading  vendors of money orders and the industry is emerging also
as a leader in providing ATM services with over 50% currently providing machines
on-site. Over 90% of convenience stores accept personal checks.

Soon  after the first  prototype  of the Check  Central  Check  Cashing  ATM was
completed in August 1998, it was  demonstrated  at a trade show.  Extremely high
interest   was  shown  from   distributors,   banks,   and  large  chain  outlet
representatives.  This early product  reception  from key customers has provided
the company with  significant  reassurance  that a strong and  receptive  market
exists for the Check Central Check Cashing ATM.

The Check Cashing ATM provides the perfect solution for those retailers who want
to increase sales,  profits, and market share. This exciting new technology will
draw new customers to the store and instantly put cash in their hands. Customers
who use the Check  Cashing  ATM will  often 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, and dispensing
phone cards, the Check Cashing ATM generates  multiple sources of revenue from a
single piece of equipment.

How It Works

The Check Central Check Cashing ATM has been designed for easy customer use.

A potential check-cashing customer can enroll for a check-cashing  membership at
any  Check  Cashing  ATM  location  by simply  filling  out an  application  and
inserting the  application and payroll check into the Check Cashing ATM scanner.
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
Check Central customer service  processing  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
Check Central  customer  service center  quickly  performs 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.


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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, Check Central 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.  The customer is prompted to select the
amount to be dispensed in any combination of cash or money orders.  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  may elect to
install a  four-drawer  dispensing  model  which may have $1,  $5,  $20 and $100
denominations  which means the in-store  voucher could be in amounts less than $
1, or rounded up to the nearest whole dollar and vouchers eliminated.

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  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 of 1.2% 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
and ATM  withdrawals.  This  detailed  report  enables  the  retailer to quickly
reconcile the daily check deposits to the daily summary.

Cash loading is the  responsibility of the retailer,  unless other  arrangements
are made.  Most  successful  check-  cashing  stores  cash  between  $150,000  -
$1,000,000  worth of checks  each  month.  For those  retailers  who do not have
enough cash on hand,  there are  alternative  sources for vault cash.  The Small
Business  Administration (SBA) has approved a loan package to purchase the Check
Cashing ATM at $32,000 along with  $100,000 for vault cash,  subject to customer
qualifications.  There are also  third-party  cash  providers  that are normally
willing to provide cash to qualified customers.

Competition
There is limited  competition  for Check  Cashing ATM because the  technology is
relatively new and automated check cashing has only a limited operating history.
However,  check  cashing  is  a  growing  industry.   Traditional  check-cashing
businesses are now considering automating some of their operations as well.

Ace Cash  Express,  Inc. is the largest chain of  check-cashing  services with a
network of over 900 locations.  Ace Cash Express,  Inc., charges a franchise fee
and on-going royalties to any location.  The Company's stock is traded on NASDAQ
under the symbol AACE.

Mr.  Payroll  is  the  next  most  significant   competitor.   Mr.  Payroll  has
approximately 95 machine-operated, check- cashing outlets. The company is wholly
owned by Cash America International.

Other  competitors who are significant in the  check-cashing  industry  include:
Dollar Financial, USA Check Cashing, Pay-O-Matic,  United Check Cashing, and Nix
Check  Cashing.   Dollar   Financial  is  growing  rapidly  by  acquiring  other
check-cashing firms and has nearly 400 locations.

Check Central  expects to be highly  competitive  with retail pricing of $32,000
per machine.  In addition,  no other competitor can offer the power and security
provided  by  Check  Central's   central   command  system,   which  improves  a
check-cashing  site's  operating  efficiency while reducing losses due to fraud.
Check Central machines operate very simply. They need no trained person on site.
Thus, store owners will be relieved of hiring and

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training  in-store  check  cashiers.  They  will no  longer  be  concerned  with
unanticipated  check loss and can  concentrate  on building  their store profits
from reliable Check Central fee payments and increased store traffic.

Sales Strategy

The principal  strategy  selected for Check Central  product sales is through an
experienced ATM kiosk master  distributor for both independent store outlets and
chain  markets.  As a result,  during  late 1998,  and early  1999,  the Company
engaged  in  discussions   with  several  large  ATM  distributors  and  several
check-cashing  companies  that  were  interested  in  exclusive  territorial  or
selected outlet licenses to sell Check Cashing ATMs.

In March 1999,  the Company  consummated  an agreement  with  SmartCash  ATM, an
affiliate  of  ATM  International,  Inc.,  to be  the  Master  Distributor  on a
exclusive  basis for the  Company.  Under the  terms of the  master  Distributor
Agreement,  SmartCash  ATM is required to order 385 Check  Cashing ATMs in 1999,
1,200 Check  Cashing ATMs in 2000 and 2,000 Check Cashing ATMs in 2001 to remain
the exclusive distributor of Check Central.

In addition, successful completion of product beta tests in the first quarter of
1999 will,  in the  Company's  opinion,  allow the  Company to begin a high-rate
manufacturing start-up, with deliveries beginning in early summer of 1999.

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 Check Central. In return, Check
Central 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.

Company  strategy  since  August  1998,  has  centered  on  providing  a  final,
manufacturing  prototype,  completing all software,  testing,  and preparing for
manufacturing start-up. In support of our objective to produce a highly reliable
system, the Company has chosen to introduce three  company-owned beta units into
operational  stores  during  January/April  1999.  The first unit was  installed
January 5, 1999, in La Loma Market in Southern Los Angeles, California.

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.

Presently, Check Central has a fully certified set of subcontractors,  suppliers
and assemblers to build machines to meet the Company's  requirements.  To ensure
its ability to ramp up to manufacture and deliver hundreds of units per month by
late spring of 2000,  discussions  are underway  with several  major ATM machine
manufacturers  who have  expressed  an  interest  in  becoming  "build to print"
suppliers.


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Patents and Proprietary Technology

The  Company  will  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 United States Patent and
Trademark Office with respect to its proprietary server technology.  The Company
also  plans to file  patent  applications  in the  future  with  respect  to its
proprietary  kiosk system and any other  technology  it may develop for use with
the  Check  Cashing  ATM.  There  can  be no  assurance  that  any  U.S.  patent
application  filed  by the  Company  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.

Employees

Including its officers, the Company presently employs 8 full-time employees. The
Company  uses  independent   consultants  for  a  variety  of  tasks,  including
engineering, shareholder relations, and marketing.

Item 2.

Description of Property

Greenland  currently  occupies  approximately  7,500 square feet of office space
comprising the entire fourth floor of 7084 Miramar, San Diego, California 92121.
The Company entered into a three-year  lease,  commencing  January 1, 1997, with
three (3) three-year options to extend its tenancy.

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.

Item 4.

Submission of Matters to a Vote of Security Holders

NONE



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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.  The Company's  common stock has traded,
during the fiscal year ended  December  31, 1998 between  $4.84  (effect of 1-10
reverse  stock  split)  and $0.08 per  share.  The number of shares of record of
common  stock,  $.001 par value,  of the Company was  12,679,331 at December 31,
1998 and  19,736,628  at March 31,  1999.  The  Company  has not yet adopted any
policy regarding payment of dividends.


                                      High             Low
Quarter ended Mar.31            $     1.25  $         0.31
Quarter ended Jun.30                  4.84            0.31
Quarter ended Sep.30                  1.09            0.14
Quarter ended Dec.31                  0.34            0.08
------------------------------  ----------  --------------

At the Annual  Meeting of  Shareholders  held June 12,  1998,  the  shareholders
authorized the Company to effect a 1 for 10 reverse stock split of the Company's
Common Stock.  The proposal  provided that each ten (10) issued and  outstanding
shares of Common Stock would be  automatically  converted into one (1) new share
of Common Stock, par value $0.001.  The number of authorized  shares and the par
value designation of the Common Stock was unaffected,  the rights and privileges
of the  holders  of the  Common  Stock was  unaffected,  and each  Stockholder's
percentage  ownership  interest in the  Company,  proportional  voting power and
other rights were  unchanged by the  proposal.  The proposal was approved by the
Shareholders and the reverse split was implemented on July 2, 1998.

Item 6.

Management's Discussion and Analysis or Plan of Operation

The  following  discussion  pertains to the Company's  operations  and financial
condition as of the end of the year December 31, 1998.

In May of 1998,  the  Company  purchased  the  exclusive  rights to all of Check
Central  Inc.,  software  and  hardware  designs  for the  expressed  intent  of
completing the development and marketing of a Check Cashing ATM. Check Central's
technology  was acquired  through an exchange of all the issued and  outstanding
stock of Check  Central,  Inc. for  35,000,000  (pre-reverse  split)  restricted
shares of the Company's common stock valued at $2,625,000.

In late 1998,  after completion of further market and engineering  studies,  the
Company  determined  that a  significant  amount  of  additional  capital  and a
substantial commitment of labor resources would be required to complete research
and  development  of AMR.  Since the Company was making rapid  progress with the
Check Cashing ATM and believed that it was faster to market, took less resources
and offered a greater financial  potential for the Company, a strategic decision
was made to pursue the  development of the Company's Check Cashing ATM on a full
resource basis. Therefore,  the Company entered into a transaction,  on April 5,
1999,  with Telenetics  Corporation,  whereby  Telenetics  acquired the advanced
communication  technology  known as automated  meter reading ("AMR") in exchange
for shares of  Convertible  Preferred  Stock of Telenetics  with a face value of
$900,000.

As a result  of the sale of AMR,  the  Company  is  engaged  exclusively  in the
development  of  proprietary  software and hardware that is capable of providing
consumers  with automated  payroll check  cashing,  ATM and money order services
delivered  through a free standing kiosk,  similar to an ATM machine (the "Check
Cashing ATM").

                                        9

<PAGE>



The Company has invested, and continues to invest,  considerable time and effort
in  development  of the  Check  Cashing  ATM,  assembling  a  development  team,
analyzing the market,  planning the business,  creating  prototype and beta test
units, and locating reliable manufacturers for the Check Cashing ATM.

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.
The Company  successfully  implemented  this strategy by  consummating  a Master
Distributor  Agreement with  SmartCash ATM, Ltd. a Dallas,  Texas based national
distributor (see Subsequent Events Schedule).

This sales strategy will effect two significant revenue streams for the Company.
The first  source of revenue will result from the sales of Check  Cashing  ATMs.
Initially,  the Master  Distributor  will  purchase  the machines at a wholesale
price that will  initially  result in gross  margins of  approximately  50%. The
Company  expects  these  margins  to improve  as Check  Central  begins to order
machines in larger quantities taking advantage of volume discounts and economies
of sale.  The second revenue source will result in the continuity of transaction
fees  generated  from each Check  Cashing ATM.  Check  Central will share in the
transaction  fees  along  with the  owners of the  Check  Cashing  ATM.  The fee
generation  of Check  Central will get larger with the  placement of  additional
machines and as machines  mature in the market,  more  transaction  fees will be
generated.


Results of Operations

Revenue - The Company reported no revenue in 1998. With the acquisition of Check
Central in mid 1998,  the company  focused its efforts and available  capital to
further  develop the Check Central  technology.  To validate the market and test
mechanical  and systems  reliability,  management  produced its first demo check
cashing  model by the third  quarter of 1998  followed by two beta test units in
late 1998. After the initial "debugging" period,  Check Central placed its first
two working machines in Southern California in January and February of 1999.

With the successful completion of beta testing and consummation of the agreement
with SmartCash ATM (see Subsequent Events  Schedule),  Check Central is expected
to begin shipping the first  production  models to market by late second quarter
of 1999.

Operations - The Company  continues to fund its operations  for the  development
and   deployment  of  Check  Cashing  ATM.  The  two  beta  units  and  the  one
demonstration  unit were  financed  primarily  from funds  received  from equity
private placements.

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.  The Company has successfully  blended both
employee and consultant based infrastructure that is comprised of mechanical and
design engineers,  software engineers,  back-end support personnel, with payroll
check cashing  experience,  and financial support  personnel.  This organization
will be critical  to the  successful  ramp-up of  production  schedule  for late
second quarter of 1999.

Check  Central  has a  fully  certified  set of  subcontractors,  suppliers  and
assemblers to build machines to meet the Company's  requirements.  To ensure its
ability to meet production  schedules and gear for increased  output  (estimated
100 units  monthly by late spring  2000),  the Company has engaged in discussion
with major ATM machine  manufacturers who have expressed an interest in becoming
turnkey manufacturing partners.


                                       10

<PAGE>



Expenses - General and  Administrative  expenses for the year ended December 31,
1998 were $2,656,095 compared with $1,820,050 for 1997. The major reason for the
increase in G&A was due directly to the Check Central  acquisition and extensive
product  development  costs.  In addition to this  increase  for Check  Central,
limited  resources were allocated to Airlink  Systems.  Depreciation,  interest,
property taxes and other  expenses  decreased from $95,099 in 1997 to $54,726 in
1998.  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 as G&A expense.

Income (Loss) - During the year ending December 31, 1998, the Company had losses
of  $3,322,163  compared to losses of  $1,663,040  for the calendar  year ending
1997.  The  increase  in  losses  were  due to the  loss on the sale of the Lake
Elsinore  property of $627,025 and  increases in product  development  costs for
Check Central.

Liquidity and Capital Resources

Assets  increased  substantially in 1998 due to the acquisition of Check Central
of  $2,625,000.  The year ending  December  31, 1997 assets  totaled  $4,410,000
versus  $6,337,242  for  year  ending  1998.  The  Company's  total  liabilities
decreased  for  1998  through   efforts  of  management  to  pay  down  existing
obligations and bring vendors current.  Total  liabilities were $556,672 for the
year ending  December 31, 1998 compared  with $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.  As a result of this process,  the Company will
continue  to evaluate  its assets,  including  a  promissory  note from  Quantix
Corporation and the convertible preferred shares of GAHI.

Stockholder's   equity  was  $5,780  at  December  31,  1998,  and  increase  of
$2,184,262.

The Company has a working capital  deficiency of $(457,422) at December 31, 1998
and a retained deficit of $(6,884,321).  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.

Subsequent Events

Subsequent  to December 31, 1998,  the Company  entered into a  transaction,  on
April 5, 1999,  with Telenetics  Corporation,  whereby  Telenetics  acquired the
advanced  communication  technology  known as automated meter reading ("AMR") in
exchange for shares of  Convertible  Preferred  Stock of Telenetics  with a face
value of  $900,000.  In late  1998,  after  completion  of  further  market  and
engineering  studies,  the  Company  determined  that a  significant  amount  of
additional  capital and a  substantial  commitment of labor  resources  would be
required to complete  research  and  development  of AMR.  Since the Company was
making rapid progress with the Check Cashing ATM and believed that it was faster
to market, took less resources and offered a greater financial potential for the
Company,  a  strategic  decisions  was made to  pursue  the  development  of the
Company's Check Cashing ATM on a full resource basis.

Subsequent to December 31, 1998, the Company entered into a transaction on March
30, 1999,  with SmartCash ATM, Ltd.  ("SmartCash")  whereby the Company  entered
into a Master Distributor Agreement with SmartCash

                                       11

<PAGE>



ATM, an affiliate of ATM International  (collectively,  "SmartCash ATM") located
in Dallas, Texas. Under the terms of the Master Distributor Agreement, SmartCash
ATM is required to order 385 Check  Cashing  ATMs in 1999,  1,200 Check  Cashing
ATMs in 2000  and  2,000  Check  Cashing  ATMs in 2001 in order  to  remain  the
exclusive  distributor for Check Central. The Company believes this relationship
will enable Check Central to achieve rapid market  penetration  by utilizing the
services of an existing  operation with marketing and sales  personnel in place.
The Company will also pursue direct  corporate sales on a limited basis and will
pay SmartCash ATM a commission on said sales.

Subsequent  to December  31,  1998,  the Board of  Directors  of  Greenland  has
approved  the  commencement  of  a  private  placement  offering.   The  Company
anticipates commencing the offering shortly.

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

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  1999  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,
1999.

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, 1999.



                                       12

<PAGE>



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, 1999.

Item 13.
Exhibits and Reports on Form 8-K

(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
                  None
                                   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.

                                            Greenland Corporation

Date:    April 15, 1999                     By:
                                            Louis T. Montulli
                                            CEO, Chairman of Board

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.


Date:  April 15, 1999                       By:
                                            Lee R. Swanson
                                            Chief Financial Officer, Director

Date:    April 15, 1999                     By:
                                            Thomas J. Beener
                                            Secretary, Director

Date:    April 15, 1999                     By:
                                            Richard Wray
                                            Director, COO

Date:    April 15, 1999                     By:
                                            Louis T. Montulli
                                            CEO, Chairman of Board



                                       13

<PAGE>



                                    CONTENTS


                                                                     Page
INDEPENDENT AUDITOR'S REPORT........................................  F-2
CONSOLIDATED BALANCE SHEET..........................................  F-3
CONSOLIDATED STATEMENTS OF OPERATIONS...............................  F-4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY..........  F-5
CONSOLIDATED STATEMENTS OF CASH FLOWS...............................  F-6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS..........................  F-7

See Notes to Consolidated Financial Statements.


                                       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                           FACSIMILE:       (801) 575-8306
     CERTIFIED PUBLIC ACCOUNTANTS             E-MAIL: smith&co@smithandcocpa.com
--------------------------------------------------------------------------------



                          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 years ended December 31, 1998 and
1997,  and for the period of July 17, 1986 (date of  inception)  to 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   respects,   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 years ended  December  31,  1998 and 1997,  and for the
period of July 17, 1986 (date of  inception) to 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 Company 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 to 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.

                                                       Smith & Company
                                                   CERTIFIED PUBLIC ACCOUNTANTS
Salt Lake City, Utah
April 5, 1999



                                       F-2

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET
                                December 31, 1998



<TABLE>
<CAPTION>
ASSETS
Current Assets
<S>                                                                                                       <C>             
              Cash in banks                                                                               $          3,332
              Accounts receivable - officers (Note 2)                                                               44,250
              Prepaid expenses - current portion                                                                    51,668
                                                                                                          ----------------

                                                                                 TOTAL CURRENT ASSETS               99,250

Equipment, net of depreciation of $18,453 (Note 1)                                                                  24,600

Other Assets
              Prepaid expenses                                                                                      51,669
              Notes Receivable (Note 4)                                                                          1,900,000
              Investments (GAHI) (Note 4)                                                                        1,450,000
              Capitalized software costs (Note 1)                                                                  186,723
              Licenses - Check Central (Note 6)                                                                  2,625,000
                                                                                                          ----------------

                                                                                                          $      6,337,242
                                                                                                          ================

LIABILITIES AND EQUITY
Current Liabilities
              Accounts payable                                                                            $        172,672
              Notes payable (Note 7)                                                                               150,000
              Note payable - related party (Note 7)                                                                223,000
              Stock subscription refunds payable                                                                    11,000
                                                                                                          ----------------

                                                                            TOTAL CURRENT LIABILITIES              556,672

STOCKHOLDERS' EQUITY
              Common Stock $.001 par value:
                 Authorized -100,000,000 shares
                 Issued and outstanding 12,708,331 shares                                                           12,708
              Additional paid-in capital                                                                        12,652,183
              Deficit accumulated during development stage                                                      (6,884,321)
                                                                                                          ----------------

                                                                           TOTAL STOCKHOLDERS' EQUITY            5,780,570
                                                                                                          ----------------

                                                                                                          $      6,337,242
                                                                                                          ================
</TABLE>

See Notes to Consolidated Financial Statements.


                                       F-3

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS



<TABLE>
<CAPTION>
                                                                                                                7/17/86
                                                                                                               (Date of
                                                                                 Year Ended December 31,     inception) to
                                                                                  1998           1997          12/31/98  
                                                                             -------------   -------------  -------------
REVENUES
<S>                                                                          <C>             <C>            <C>          
           AMR Sales                                                         $           0   $      15,000  $      55,000
           Other income                                                             15,683          11,381         76,004
                                                                             -------------   -------------  -------------

                                                                                    15,683          26,381        131,004

EXPENSES
           General and administrative                                            2,656,095       1,820,050      5,217,863
           Depreciation                                                              6,319          12,134         18,453
           Interest                                                                 22,349          38,257         64,590
           Property taxes and other taxes                                           26,058          44,708         79,767
           Bad debts                                                                     0               0         59,668
                                                                             -------------   -------------  -------------

                                                                                 2,710,821       1,915,149      5,440,341
                                                                             -------------   -------------  -------------

LOSS FROM OPERATIONS                                                            (2,695,138)     (1,888,768)    (5,309,337)

OTHER INCOME (LOSS)
           Gain on disposition of subsidiary                                             0         531,388        531,388
           Loss on sale of investments                                            (627,025)       (115,000)      (742,025)
                                                                             -------------   -------------  -------------

                                        NET LOSS FROM CONTINUING OPERATIONS     (3,322,163)     (1,472,380)    (5,519,974)

           Loss from discontinued operations (Note 1)                                    0        (190,660)    (1,364,347)
                                                                             -------------   -------------  -------------

                                               NET LOSS BEFORE INCOME TAXES     (3,322,163)     (1,663,040)    (6,884,321)

PROVISION FOR INCOME TAXES                                                               0               0              0
                                                                             -------------   -------------  -------------

                                                                   NET LOSS  $  (3,322,163)  $  (1,663,040) $  (6,884,321)
                                                                             =============   =============  =============

Loss before discontinued operations                                          $        (.43)  $        (.73)
Loss from discontinued operations                                                      .00            (.09)
                                                                             -------------   -------------

                                        NET LOSS PER WEIGHTED AVERAGE SHARE  $        (.43)  $        (.82)
                                                                             =============   =============

Weighted average number of common shares used to
           compute net income (loss) per weighted average share                  7,702,050       2,027,017
                                                                             =============   =============
</TABLE>


See Notes to Consolidated Financial Statements.


                                       F-4

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY



<TABLE>
<CAPTION>
                                                           Common Stock                Additional
                                                         Par Value $0.001              Paid - in         Retained
                                                   Shares            Amount            Capital           Deficit   
                                               --------------   ----------------   ----------------  ----------------   
<S>                                            <C>              <C>                <C>               <C>             
Balances at 7/17/86 (date of inception)                     0   $              0   $              0  $              0
  Issuance of common stock (restricted)
   At $.02 per share at 7/17/86                       100,000                100              1,900
Net loss for period                                                                                            (1,950)
                                               --------------   ----------------   ----------------  ---------------- 

Balances at 12/31/86                                  100,000                100              1,900            (1,950)
Net loss for period                                                                                               (10)
                                               --------------   ----------------   ----------------  ----------------  

Balances at 12/31/87                                  100,000                100              1,900            (1,960)
Net loss for period                                                                                               (10)
                                               --------------   ----------------   ----------------  ----------------  

Balances at 12/31/88                                  100,000                100              1,900            (1,970)
Net loss for period                                                                                               (10)
                                               --------------   ----------------   ----------------  ----------------  

Balances at 12/31/89                                  100,000                100              1,900            (1,980)
Net loss for period                                                                                               (10)
                                               --------------   ----------------   ----------------  ----------------  

Balances at 12/31/90                                  100,000                100              1,900            (1,990)
Net loss for period                                                                                               (10)
                                               --------------   ----------------   ----------------  ----------------   

Balances at 12/31/91                                  100,000                100              1,900            (2,000)
Net loss for period                                                                                                 0
                                               --------------   ----------------   ----------------  ----------------  

Balances at 12/31/92                                  100,000                100              1,900            (2,000)
Net loss for period                                                                                                 0
                                               --------------   ----------------   ----------------  ---------------- 

Balances at 12/31/93                                  100,000                100              1,900            (2,000)
 Issuance of common stock (restricted)
   at $.33 per share for cash                         120,000                120             39,880
  to acquire subsidiary at $30.40 per 
   share at 10/1/94                                    10,000                 10            303,983          (257,612)
  to acquire additional rental properties
   at $29.20 per share at 10/1/94                      52,415                 52          1,530,275
   at par 10/21/94 for services rendered               13,200                 13                119
Net loss for period                                                                                          (110,338)
                                               --------------   ----------------   ----------------  ----------------   
Balance at 12/312/94                                  295,615                295         1,876,157          (369,950)
 Issuance of common stock (regulation
   S) at $1.00 per share for stock
    subscription                                      110,000                110           109,890
 Issuance of common stock (restricted)
   at $48.29 per share to cancel debt                   2,554                  3           123,317
   at $.01 per share for services                      20,940                 21               188
   at $.85 per share for assets                       850,000                850           718,479
   at $20.00 per share for assets                         840                  1            16,807
   at $50.00 per share to cancel debt                   2,000                  2            99,998
   at $51.43 per share to cancel debt                     500                  0            25,719
   at $60.34 per share to land option                  40,851                 41         2,464,959
 Cancellation of restricted common
   stock                                               (4,275)                (4)         (124,825)
Net loss for period                                                                                          (587,153)
                                               --------------   ----------------   ----------------  ----------------   

Balances at 12/31/95                                1,319,025              1,319          5,310,689          (957,103)
</TABLE>

See Notes to Consolidated Financial Statements.


                                                      F-5

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                   (Continued)



<TABLE>
<CAPTION>
                                                   Common Stock                         Additional
                                                   Par Value $0.001                        Paid - in         Retained
                                                   Shares                 Amount            Capital           Deficit  
                                               --------------   ----------------   ----------------  ----------------      
<S>                                            <C>              <C>                <C>               <C>             

Balances at 12/31/95                                1,319,025              1,319          5,310,689          (957,103)
 Issuance of common stock (restricted)
   correction to issue price of shares
     previously sold on subscription                                     (14,195)
   at $.001 per share for assets                      127,036                127               (127)
   at $.001 per share for services                     11,886                 12                (12)
   at $5.00 per share for cash                         24,250                 24            121,226
   at $2.50 per share for cash                        143,850                144            359,482
   at $20.00 per share for cash                         5,450                  6            108,994
   at $10.00 per share for cash                            60                  0               600
   at $50.00 per share for cash                            20                  0              1,000
   at $30.00 per share for cash                         2,800                  3             83,997
   at $8.17 per share for services                      6,000                  6             48,994
   at $10.68 per share for cash                           289                  0              3,087
   at $7.56 per share for services                        450                  0              3,401
   at $3.10 per share for cash                         13,200                 13             40,905
 Cancellation of restricted common stock             (132,870)              (133)          (459,299)
Net loss for year                                                                                            (886,162)
                                               --------------   ----------------   ----------------  ----------------   
Balances at 12/31/96                                1,521,446              1,521          5,608,742        (1,843,265)
 Issuance of common stock (restricted)
   at $2.50 per share for cash                         88,700                 89            221,661
   at $2.60 per share for cash                          1,500                  2              3,898
   at $2.83 per share for services                        530                  1              1,499
   at $2.50 per share for services                     16,500                 16             41,234
   at $2.60 per share for services                      1,650                  2              4,288
   at $1.50 per share for cash                        200,000                200            299,800
   at par $.001 to settle lawsuit                       6,138                  6                 (6)
   at $2.50 to settle debt                                 20                  0                 50
   at $1.00 per share for cash                        294,400                294            294,106
   at $2.20 per share for services                     30,000                 30             65,970
   at $1.00 per share for services                     26,810                 27             26,783
   at $2.77 per share for services                      1,084                  1              3,002
   S-8 shares at
     $2.60 per share for services                      70,000                 70            181,930
     $2.00 per share for services                      10,000                 10             19,990
     $1.00 per share for services                     210,000                210            209,790
     $.75 per share for services                      231,000                231            173,019
 Disposition of subsidiary                                                                                    (55,853)
Net loss for year                                                                                          (1,663,040)
                                               --------------   ----------------   ----------------  ----------------   
Balances at 12/31/97                                2,709,778              2,710          7,155,756        (3,562,158)
</TABLE>


See Notes to Consolidated Financial Statements.


                                                      F-6

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                   (Continued)



<TABLE>
<CAPTION>
                                                   Common Stock                         Additonal
                                                   Par Value $0.001                        Paid - in         Retained
                                                   Shares                 Amount            Capital           Deficit 
                                               --------------   ----------------   ----------------  ----------------       
<S>                                            <C>              <C>                <C>               <C>             
Balances at 12/31/97                                2,709,778   $          2,710   $      7,155,756  $     (3,562,158)
  Issuance of common stock
    S-8 shares
      $.13 per share for services                   1,000,000              1,000            129,000
      $.19 per share for services                     674,000                674            127,386
      $.20 per share for services                     300,000                300             59,700
      $.275 per share for services                    200,000                200             54,800
      $.30 per share for services                     291,666                292             87,208
      $.50 per share for services                     246,500                246            123,004
      $.60 per share for services                     760,000                760            455,240
      $.70 per share for services                     167,500                167            117,083
      $1.00 per share for services                     20,000                 20             19,980
      $1.50 per share for services                     96,053                 96            143,988
    Regulation "S" shares
      $.40 per share to retire debenture              500,000                500            199,500
      $.50 per share to retire debenture              100,000                100             49,900
      $1.00 per share to retire debenture             400,000                400            399,600
  Issuance of restricted shares 
    $.07 per share for services                       310,386                310             21,417
    $.10 per share for services                        20,000                 20                180
    $.14 per share for services                        26,900                 27              3,739
    $.275 per share for services                      115,000                115             31,510
    $.295 per share for services                      161,028                161             47,342
    $.40 per share for services                       145,000                145             57,855
    $.45 per share for services                        35,000                 35             15,715
    $.50 per share for cash                            22,200                 22             11,078
    $.50 per share for services                       208,729                209            104,051
    $.75 per share for subsidiary                   3,500,000              3,500          2,621,500
    $.75 per share for services                       350,000                350            262,150
    $.85 per share for services                         3,000                  3              2,547
    $1.00 per share for cash                          341,300                341            340,959
    $2.00 per share for services                        2,500                  3              4,997
    $2.50 per share for services                        2,000                  2              4,998
Net loss for year                                                                                          (3,322,163)
                                               --------------   ----------------   ----------------  ----------------   

Balances at 12/31/98                               12,708,331   $         12,708   $     12,652,183  $     (6,884,321)
                                               ==============   ================   ================  ================
</TABLE>


See Notes to Consolidated Financial Statements.


                                       F-7

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                                                                                7/17/86
                                                                                                               (Date of
                                                                                 Year Ended December 31,     inception) to
                                                                                  1998           1997          12/31/98  
                                                                             -------------   -------------  -------------
OPERATING ACTIVITIES
<S>                                                                          <C>             <C>            <C>           
           Net loss                                                          $  (3,322,163)  $  (1,663,040) $  (6,884,321)
           Adjustments to reconcile net loss
             to cash provided (required) by operating activities:
                Depreciation and amortization                                        6,319         192,881        582,669
                Unrealized decrease in investments                                 189,143          47,576        272,969
                Book value of disposed assets/liabilities                          500,000        (313,465)       700,374
                Stock issued for services                                        1,929,025         728,153      2,752,447
           Changes in operating assets and liabilities:
                Accounts receivable                                                102,336         (16,188)        15,418
                Escrow accounts                                                          0           7,518              0
                Prepaid expenses                                                  (103,337)              0       (102,795)
                Accounts payable                                                    49,170          48,952        172,672
                Accrued expenses                                                   (78,508)        (27,572)        11,000
                Deposits                                                                 0         (20,814)             0
                Property taxes payable                                                   0         (83,782)      (112,522)
                                                                             -------------   -------------  -------------

                                                       NET CASH REQUIRED BY
                                                       OPERATING ACTIVITIES       (728,015)     (1,099,781)    (2,592,089)

INVESTING ACTIVITIES
           Capitalization of software costs                                              0               0       (186,723)
           Purchase of stock                                                             0               0        (55,000)
           Purchase of equipment                                                      (581)              0        (18,139)
           Organization cost                                                             0               0            (50)
                                                                             -------------   -------------  -------------

                                      NET CASH USED BY INVESTING ACTIVITIES           (581)              0       (259,912)

FINANCING ACTIVITIES
           Cash from subsidiary                                                          0               0         23,415
           Proceeds from sale of stock                                             352,400         820,050      1,989,736
           Collections of stock subscription                                             0               0         40,000
           Amounts borrowed from (repaid to) stockholders                          223,000        (290,790)       223,000
           Repayment of loans                                                            0         (29,860)      (243,818)
           Proceeds from new loans                                                 150,000         600,000        823,000
                                                                             -------------   -------------  -------------

                                                          NET CASH PROVIDED
                                                    BY FINANCING ACTIVITIES        725,400       1,099,400      2,855,333
                                                                             -------------   -------------  -------------

                                                        INCREASE (DECREASE)
                                               IN CASH AND CASH EQUIVALENTS         (3,196)           (381)         3,332

           Cash and cash equivalents at beginning of year                            6,528           6,909              0
                                                                             -------------   -------------  -------------

                                                              CASH AND CASH
                                                 EQUIVALENTS AT END OF YEAR  $       3,332   $       6,528  $       3,332
                                                                             =============   =============  =============

           SUPPLEMENTAL INFORMATION
             Cash paid for interest                                          $      22,349   $     306,892  $     973,670
             Assets acquired by assumption of debt and issuance of stock         2,625,000               0     13,558,790
             Cancellation of stock previously issued for
                assets determined to be worthless (Note 4)                               0               0        459,432
             Investment received in exchange for non-cash assets                         0       3,850,000      3,850,000
             Net book value of assets exchanged for investment                           0      (1,412,077)    (1,412,077)
             Land option exchanged for investment                                        0      (2,515,000)    (2,515,000)
             Stock issued to cancel debt                                           650,000               0        907,039
                                                                             -------------   -------------  -------------

                                                                             $   3,297,349   $     229,815  $  15,821,854
                                                                             =============   =============  =============
</TABLE>

See Notes to Consolidated Financial Statements.


                                       F-8

<PAGE>



                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 1998


NOTE 1:               SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
                      Principal Operations
                      The principal  business of the Company is the marketing of
                      advanced communications technology,  which automates check
                      - cashing  through  machines  similar to bank ATMs through
                      its  wholly-owned   subsidiary  Check  Central,  Inc.  The
                      Company's  efforts  to  further  enhance  and  market  its
                      AirLink automated meter reading system have been postponed
                      pending additional funding.

                      Accounting Methods
                      The Company  recognizes  income and expenses  based on the
                      accrual method of accounting.

                      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.

                      Discontinued Operations
                      In December, 1997 the Company disposed of its wholly-owned
                      subsidiary  Gam  Properties,  Inc.  (which was in the real
                      estate rental  business).  The net loss from operations of
                      the subsidiary during 1997 was $(190,660).

                      Development Stage
                      The  Company was in the  development  stage prior to 1994,
                      when it acquired its subsidiary Gam Properties,  Inc. Upon
                      the  disposition  of the  subsidiary at December 31, 1997,
                      the Company has re-entered the development stage.

                      Equipment
                      Equipment  is recorded at cost.  Depreciation  is provided
                      for using the straight-line method over a seven year life.
                      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;  additions and  improvements  are
                      capitalized.

                      Dividend Policy
                      The  Company  has not yet  adopted  any  policy  regarding
                      payment of dividends.

                      Capitalized Software
                      The Company has capitalized  expenses  incurred to install
                      live test sites for its AirLink  automated  meter  reading
                      systems.  Those costs will be amortized  against  revenues
                      from sales of the systems over a period not to exceed five
                      years.

                      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.

                      Fair Market Value of Financial Instruments
                      The Company considers all highly liquid investments with a
                      maturity  of three  months or less to be cash  equivalents
                      and are deemed to approximate  fair value. In management's
                      opinion,   the  carrying  value  of  long-term  debt  also
                      approximates fair value.

                      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.  Tax credits
                      are recorded in the year  realized.  Since the Company has
                      not yet realized income as of the date of this report,  no
                      provision for income taxes has been made.


                                       F-9

<PAGE>


                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                                December 31, 1998

NOTE 1:               SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (continued)
                      Income Taxes (continued)
                      The Company  utilizes the  liability  method of accounting
                      for income  taxes as set forth in  Statement  of Financial
                      Accounting  Standards  No.  109,  "Accounting  for  Income
                      Taxes" (SFAS 109).  Under the liability  method,  deferred
                      taxes are determined  based on the difference  between the
                      financial   statement   and  tax  bases  of   assets   and
                      liabilities using enacted tax rates in effect in the years
                      in which the  differences  are  expected  to  reverse.  An
                      allowance  against deferred tax assets is recorded when it
                      is more likely than not that such tax benefits will not be
                      realized.

                      At December  31,  1997,  a deferred tax asset has not been
                      recorded  due to  the  Company's  lack  of  operations  to
                      provide  income to use the net  operating  loss  carryover
                      which expires as follows:

<TABLE>
<CAPTION>
                            Year Ended                Expires                Amount         
                       --------------------- ------------------------   ---------------
<S>                    <C>                   <C>                        <C>            
                         December 31, 1986       December 31, 2001      $         1,950
                         December 31, 1987       December 31, 2002                   10
                         December 31, 1988       December 31, 2003                   10
                         December 31, 1989       December 31, 2004                   10
                         December 31, 1990       December 31, 2005                   10
                         December 31, 1991       December 31, 2006                   10
                         December 31, 1994       December 31, 2009               39,780
                         December 31, 1995       December 31, 2010              378,664
                         December 31, 1996       December 31, 2011              718,121
                         December 31, 1997       December 31, 2012            1,892,413
                         December 31, 1998       December 31, 2018            3,000,000
                                                                        ---------------
                                                                        $     6,030,978
                                                                        ===============
</TABLE>

NOTE 2:               ACCOUNTS RECEIVABLE - OFFICERS
                      During 1996 through 1998, the Company advanced $147,507 to
                      officers and employees.  $44,250 was paid in January 1999.
                      The balance was  converted to prepaid  expenses to be used
                      in 1999 and 2000.

NOTE 3:               GOING CONCERN ITEMS
                      The Company's financial  statements have been presented on
                      the basis that it is a going concern,  which  contemplates
                      the realization of assets and  satisfaction of liabilities
                      in the normal course of business. The Company has incurred
                      losses  from  inception  and  has a  retained  deficit  of
                      $(6,884,321).

                      Management  believes  the Company will be able to continue
                      as a going concern for the following reasons:

                    1.   The  Company is in the  process of a private  placement
                         offering to sell shares of  restricted  common stock to
                         raise up to $5,000,000.

                      2.       The  Company  expects  to  leverage  some  of its
                               investments in other  publicly-held  corporations
                               to borrow funds for working capital.

                      See Note 9: Subsequent Events

NOTE 4:               INVESTMENTS
                      Investments consist of the following items:
                      1.       25,000   shares  of  common  stock  in  a  public
                               company.  The cost was $55,000.  The stock is not
                               currently  trading;  this  asset  has been  fully
                               reserved.
                      2        A 49%  interest  in a limited  liability  company
                               which is reported  at  $134,143  under the equity
                               method.  The  Company  has been  unsuccessful  in
                               locating the  principals  of this LLC in the last
                               three years; this asset is fully reserved.
                      3.       1,100,000   convertible  preferred  shares  in  a
                               public  company.  The  basis in the  land  option
                               given  in   exchange   for   these   shares   was
                               $2,515,000.  During 1998,  the Company  exchanged
                               the  shares  for  notes   receivable   valued  at
                               $1,900,000.  The investment has been reflected at
                               a value of  $1,900,000  as of December  31, 1998.
                               The shares are  convertible in 1999 to the number
                               of  common  shares  (at the  then-current  market
                               price) equivalent to $2,860,000.
                      4.       290,000  convertible  preferred shares in GAHI, a
                               public  company.   The  net  book  value  of  the
                               Company's  subsidiary  which  was  exchanged  for
                               these shares was $1,412,077. The negotiated price
                               at December 31, 1997 was  $1,630,000.  The shares
                               are  convertible  in 1999 to the number of common
                               shares  (at  the   then-current   market   price)
                               equivalent  to  $1,450,000,  which  is the  value
                               reflected on these financial statements.



                                      F-10

<PAGE>


                      GREENLAND CORPORATION AND SUBSIDIARY
                          (A Development Stage Company)
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                                December 31, 1998

NOTE 5:               LEASES
                      In January,  1997,  the Company  entered into a three-year
                      operating  lease of office space.  Required lease payments
                      are $73,313 in 1998, and $79,560 in 1999.

NOTE 6:               LICENCES
                      During 1998,  the Company  acquired 100% of Check Central,
                      Inc. (a Nevada corporation) by issuing 3,500,000 shares of
                      its common stock. The sole of asset of Check Central, Inc.
                      was a license to use certain  software in the  development
                      of check-cashing  machines.  The transaction was accounted
                      for as a purchase and recorded at the fair market value of
                      the stock issued.

NOTE 7:               NOTES PAYABLE
                      Notes  payable at  December  31,  1998 are  summarized  as
                      follows:

                      Individual           125,000 at 8% due December 31, 1998
                      Individual           25,000 at 0% paid January 20, 1999
                      Officer              223,000 at 8% due February 28, 2000

                      As  additional  inducement  to the person to loan money to
                      the Company,  certain warrants have been promised, but not
                      yet issued as follows:

                               2000,000  shares  at $.33  effective  for 2 years
                               from  August  31,  1998  10,000  shares  at  $.50
                               effective for 2 years from August 23, 1998 10,000
                               shares  at  $.40   effective  for  2  years  from
                               September   10,  1998   10,000   shares  at  $.19
                               effective  for 2 years from  September  23,  1998
                               15,000 shares at $.41  effective for 2 years from
                               October 23, 1998

NOTE 8:               REVERSE STOCK SPLIT
                      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 9:               SUBSEQUENT EVENTS
                      Subsequent to December 31, 1998, the Company  entered into
                      a   transaction   on  April  5,  1999,   with   Telenetics
                      Corporation,  whereby  Telenetics  acquired  the  advanced
                      communication  technology known as automated meter reading
                      ("AMR") in exchange  for shares of  Convertible  Preferred
                      Stock of Telenetics with a face value of $900,000.

                      Subsequent to December 31, 1998, the Company  entered into
                      a transaction on March 30, 1999,  with SmartCash ATM, Ltd.
                      ("SmartCash")  whereby the Company  entered  into a Master
                      Distributor Agreement with Smart Cash ATM, an affiliate of
                      ATM International (Collectively,  "SmartCash ATM") located
                      in   Dallas,   Texas.   Under  the  terms  of  the  Master
                      Distributor Agreement,  SmartCash ATM is required to order
                      385 Check  Cashing ATMs in 1999,  1,200 Check Cashing ATMs
                      in 2000,  and 2,000 Check Cashing ATMs in 2001 in order to
                      remain the exclusive  distributor  for Check Central.  The
                      Company  believes  this  relationship  will  enable  Check
                      Central to achieve rapid market  penetration  by utilizing
                      the services of an existing  operation  with marketing and
                      sales  personnel  in place.  The Company  will also pursue
                      direct  corporate  sales on a  limited  basis and will pay
                      SmartCash ATM a commission on said sales.

                      Subsequent to December 31, 1998, the Board of Directors of
                      the Company has  approved  the  commencement  of a private
                      placement offering. The Company anticipates commencing the
                      offering shortly.




                                      F-11