UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                -----------------

                                   FORM 10-KSB

[X]      ANNUAL  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
         EXCHANGE ACT OF 1934
         For the fiscal year ended - September 30, 2004 OR

[_]      TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934
         For the transition period from

                        Commission file number 000-50120

                      GLOBAL NATIONAL COMMUNICATIONS CORP.
             (Exact name of registrant as specified in its charter)

            NEVADA                                          N/A
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)
                               2/F Hang Wei Bldg.
                                     Road 2
                               North Hi-Tech Park
                               Shenzhen, Guangdong
                            Peoples Republic of China
          (Address of principal executive offices, including zip code.)

                                (86755) 26994588
                     (telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
         Title of each class           Name of each exchange on which registered
         None                          None

Securities registered pursuant to Section 12(g) of the Act:
         Title of each class           Common Stock

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the  registrant  was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes [X]     No [_]


<PAGE>

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

State   issuer's   revenues  for  its  most  fiscal  year  September  30,  2004:
$18,863,838.

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was sold,  or the  average  bid and asked  price of such  common  equity.  As of
January 6, 2004, the value was $36,217,500.

State the number of shares outstanding of each of the issuer's classes of common
equity, as of January 11, 2005: 22,000,000


















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<PAGE>

PART I

ITEM 1.   DESCRIPTION OF BUSINESS.

ITEM 2.   DESCRIPTION OF PROPERTY.

ITEM 3.   LEGAL PROCEEDINGS.

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

PART II

ITEM 5.   MARKET FOR COMMON  EQUITY AND RELATED  STOCKHOLDERS  MATTERS AND SMALL
          BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.

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

ITEM 7.   FINANCIAL STATEMENTS.

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

ITEM 8A.  CONTROLS AND PROCEDURES.

ITEM 8B.  OTHER INFORMATION.

PART III

ITEM 9.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

ITEM 10.  EXECUTIVE COMPENSATION.

ITEM 11.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT AND
          RELATED STOCKHOLDER MATTERS.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

ITEM 13.  EXHIBITS, LIST AND REPORTS ON FORM 8-K.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

SIGNATURES


                                       3
<PAGE>

                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS

General

         We were  incorporated  in the State of Nevada on  October 5, 2000 under
the name  Zeolite  Mining  Corporation.  On November  18,  2004,  to reflect the
company's current  operations,  the name of the company was changed from Zeolite
Mining Corporation to Global National  Communications Corp. Our headquarters are
located at 2/F, Hang Wei Bldg., Road 2, North Hi-Tech Park, Shenzhen, Guangdong,
Peoples Republic of China. Our telephone number is (86755)26994588.

         Until August 2004,  we had nominal  assets and limited  operations.  On
August  12,  2004,  we  entered  into a Stock  Exchange  Agreement  and  Plan of
Reorganization with our principal stockholders, Alan Brandys and Douglas Hopper;
Global National Communications  Corporation, a British Virgin Island corporation
("GNCC");  and, all of the stockholders of GNCC ("Global  Stockholders") wherein
we agreed to issue to the Global  Stockholders 49,800,000 shares of common stock
in exchange  for all of the issued and  outstanding  shares of GNCC owned by the
Global Stockholders.

         Further,  we issued  7,250,000 shares of common stock to Yarek Bartosz;
6,500,000 shares of common stock to Lucky Ocean Group Ltd.;  5,000,000 shares of
common stock to Maple Leaf  Enterprises;  and,  1,560,000  restricted  shares of
common stock to Wilfred Yu (collectively that "Investor Stockholders.

         In addition,  Messrs.  Brandys and Hopper  returned  5,000,0000  of our
shares of common stock owned by them to the company treasury and the shares were
cancelled.  All share amounts  presented  herein have been adjusted to reflect a
five-for-one forward stock split effective October 25, 2004.

        At closing Mr.  Brandys  resigned  as  president,  principal  executive
officer,  treasurer,  principal  accounting  officer,  and  principal  financial
officer and Wang Hanqing was be appointed  president and chief executive officer
and Wu Wenbin was appointed  treasurer and chief  financial  officer.  Also, Mr.
Hopper was replaced by Peng Xiaoyan as secretary.

         Until the  exchange,  we had only nominal  assets and limited  business
operations.  As a  result  of  the  exchange,  we  will  continue  the  business
operations of GNCC. We are a holding  company and have no  significant  business
operations or assets other than our interest in GNCC.

Global National Communications Corp. (GNCC)

         Global  National  Communications  Corporation  ("GNCC")  is  located in
Shenzhen China, on the coast of the South Sea along Guangdong  Province,  China.
Shenzhen is the largest high tech  industry and free trade zone in China.  GNCC,
through its wholly owned  subsidiary  Guonuo  (Shenzhen)  Industrial Co. Ltd., a
high tech enterprise, established in Shenzhen, China, in May 1998, is engaged in
three lines of business.



                                       4
<PAGE>

          1.   Consumer Products - manufacturing of consumer electronic products
               such as MP3 players and Little Smart wireless city phones.

          2.   Electric Power  Management  Systems - manufacturing of electrical
               power monitoring systems.

          3.   OEM Circuit Boards - manufacturing  customized circuit boards for
               various small electronic products manufacturers, and Products

Consumer Products

         GNCC  manufactures  MP3 players and a Little  Smart  City-phone  (PHS -
Personal  Handy  System).  The PHS  equipment  is  designed to meet the needs of
subscribers  that do not  require  all of the  features  offered by  traditional
cellular  technology,  but who want more than the  features  offered by standard
fixed-line technology, including regional mobility, a more cost-effective tariff
plan,  and  access  to  value-added  data  services.   When  compared  to  other
traditional  macrocellular  wireless systems, PHS offers lower deployment costs,
easier radio frequency planning,  higher traffic capacity, better voice quality,
faster data transmission speeds, lighter handsets with lower power requirements,
and better support of advanced information services.

         PHS is  based  on  microcellular  technology.  In  comparison  to  more
traditional  macrocellular systems, PHS cell stations are small and are normally
installed on existing  utility  poles or buildings  rather than on large towers.
Mounting small  transmitters this way greatly reduces the cost and complexity of
installation as there is neither need for a major tower construction project nor
any  significant  tower  lease  fees.  Additionally,  mounting  a small PHS cell
station close to its antenna and  connecting  it to the network  using  standard
telephone  wire is far  simpler  and more cost  effective  than the  traditional
cellular  approach of installing a large  transmitter  on the ground and running
heavy coaxial cables up a tower to the antennas.  PHS cell station  installation
takes a few hours, compared to several days to install,  power, and commission a
traditional   wireless  cell  station.   Because  PHS  uses  "dynamic  frequency
allocation," a process where each cell "listens to" all available radio channels
before  selecting one for each call, the overall radio planning and  engineering
for PHS is very simple. While adding cells to handle more calls in a traditional
cellular network requires considerable frequency planning and balancing,  adding
cells to a PHS network is less  difficult  because  PHS cells can  automatically
determine what channels to use. This capability,  combined with the low cost per
cell,  allows a carrier to start with a very small system  serving only hundreds
of subscribers  and grow that system to serve  millions,  simply by adding small
cells.

         As  part  of  PHS'  production  and  technique  development,  GNCC  has
established a strategic  alliance with PHS chipset  vendors.  This  relationship
enables GNCC to receive priority chipset purchase and remain on the leading edge
of  product   technology.   GNCC  has   established   a  market   network   with
telecommunication  operators  throughout  China,  guaranteeing  market entry and
share and is a supplier to many large  corporations,  including Bell (USA). GNCC
plans  to  focus  sales  efforts  into  PHS as a  retailer  through  established
distribution networks.

                                       5

<PAGE>

Power Monitoring Systems

         GNCC is a participator in the  formulation of industrial  standards for
the power sector in China.  GNCC has achieved  large scale  production  with one
system and four  project  products  by applying  digital  control and power line
carrier  spread  spectrum  technology.  In 2001,  the State Economic and Trading
Commission  recognized  GNCC's power system product  CGZ096-IJ as a national key
new product project.

OEM Circuit Board Manufacturing

         GNCC  customizes  circuit  boards in personal  computers  main  boards,
display cards,  network interface cards, board cards for a variety of electrical
appliances and board cards for mobile phones.  GNCC is also involved in research
and  development,  production  and sales of  electrical  power line  information
management system products.

Sales, Marketing And Customer Support

         We pursue a direct  sales and  marketing  strategy  targeting  sales to
individual   telecommunications   bureaus  and  to  manufacturers  or  equipment
distributors with closely associated  customers.  We maintain sales and customer
support   sites  in  Shenzhen,   Dalian  and  Beijing.   We  also  sell  through
relationships with regional  government-owned  telecommunications  manufacturing
companies, which act as agents in the sale of our products to telecommunications
bureaus.

         We  believe  our  customer  support  services  allow  us to  offer  our
customers high quality  service.  Our customer  service  operation in Shenzen is
located  within  our  manufacturing  facility  and  serves  as both a  technical
resource and liaison to our product development  organization.  Customer service
technicians are distributed in the regional sales and customer  support sites to
provide a local presence.  We provide additional  support on a 24-hour,  365-day
basis from our customer support center in Shenzen.

Manufacturing, Assembly And Testing

         We  manufacture  or engage in the final  assembly  and  testing  of our
products at our manufacturing facility in Shenzen. The manufacturing  operations
consist of circuit board assembly, final system assembly,  software installation
and  testing.   We  assemble   circuit  boards  primarily  using  surface  mount
technology. Assembled boards are individually tested prior to final assembly and
tested again at the system  level prior to system  shipment.  We use  internally
developed  functional  and parametric  tests for quality  management and process
control and have developed an internal  system to track quality  statistics at a
serial number level.

         Our manufacturing  facility is ISO 9001-2000 certified.  ISO 9001-2000,
an upgrade  from ISO 9002  certification,  requires  that the  certified  entity
establish,   maintain  and  follow  an  auditable   quality  process   including
documentation  requirements,   development,  training,  testing  and  continuous
improvement which is periodically audited by an independent outside auditor.

         GNCC is founded on a philosophy that continuous leading-edge technology



                                       6
<PAGE>

and  development  ability is the  fundamental  force for the  development  of an
enterprise.  One of the keys to GNCC's  success is an emphasis  on research  and
development. A new technology research and development and open-style laboratory
was recently built,  specifically providing an environment conducive to on-going
research and development.

         GNCC employs over 70 research and development personnel, accounting for
13% of total  employees.  Strategic,  cooperative  relationships  with reputable
universities,  including Tsinghua  University,  have been established.  GNCC has
kept pace with a broad range of market economic developments in Shenzhen.

         Sufficient  investment  is  the  important  foundation  for  constantly
updating technologies and maintaining a competitive advantage.  Over 6% of sales
income has been annually invested in technological development in recent years.

Customers and Suppliers

         Our three largest  customers,  Oingvi  Technology  (Shenzhen) Co. Ltd.,
Shanxi Weineng  Automation  Engineering Co. Ltd., and Beijing  Te'ouma  Electric
Technology Co. Ltd.  collectively  represented 29.32% of 2004 sales. Although we
do not have long term contracts  with any of our customers,  we believe that our
ability to establish  and maintain  long-term  relationships  with our customers
depends,  in  part,  on  the  strength  of  our  customer  support  and  service
operations.  We encourage and utilize frequent  communication  with and feedback
from our  customers  and  retailers  to  continually  improve our  products  and
service.

         We have many suppliers for our products.

Doing Business in China

The Chinese Legal System

         The practical effect of the People's  Republic of China legal system on
our business operations in China can be viewed from two separate but intertwined
considerations.  First,  as a matter of  substantive  law, the Foreign  Invested
Enterprise laws provide significant protection from government interference.  In
addition,  these laws  guarantee the full enjoyment of the benefits of corporate
Articles and contracts to Foreign Invested Enterprise participants.  These laws,
however,  do impose  standards  concerning  corporate  formation and governance,
which are not qualitatively  different from the general  corporation laws of the
several  states.  Similarly,  the  People's  Republic of China  accounting  laws
mandate  accounting  practices,  which  are not  consistent  with  US  Generally
Accepted Accounting Principles. The China accounting laws require that an annual
"statutory  audit" be performed in accordance  with  People's  Republic of China
accounting  standards  and  that  the  books  of  account  of  Foreign  Invested
Enterprises are maintained in accordance with Chinese  accounting laws.  Article
14 of the  People's  Republic  of  China  Wholly  Foreign-Owned  Enterprise  Law
requires a Wholly  Foreign-Owned  Enterprise to submit certain  periodic  fiscal
reports and statements to designate  financial and tax authorities,  at the risk
of business license revocation.

         Second,  while the  enforcement of  substantive  rights may appear less
clear than United States procedures, the Foreign Invested Enterprises and Wholly
Foreign- Owned Enterprises are Chinese registered companies which enjoy the same



                                       7
<PAGE>

status as other Chinese  registered  companies in  business-to-business  dispute
resolution.  Because the terms of the respective Articles of Association provide
that all business disputes pertaining to Foreign Invested  Enterprises are to be
resolved by the  Arbitration  Institute of the Stockholm  Chamber of Commerce in
Stockholm, Sweden applying Chinese substantive law, the Chinese minority partner
in our joint venture companies will not assume a privileged  position  regarding
such  disputes.  Any award  rendered  by this  arbitration  tribunal  is, by the
express  terms  of  the  respective  Articles  of  Association,  enforceable  in
accordance  with  the  "United   Nations   Convention  on  the  Recognition  and
Enforcement  of Foreign  Arbitral  Awards  (1958)."  Therefore,  as a  practical
matter,  although no assurances can be given, the Chinese legal  infrastructure,
while  different in operation  from its United  States  counterpart,  should not
present  any  significant  impediment  to  the  operation  of  Foreign  Invested
Enterprises.

Economic Reform Issues

         Although the Chinese  government owns the majority of productive assets
in China,  in the past several years the  government  has  implemented  economic
reform measures that emphasize  decentralization  and encourage private economic
activity.  Because  these  economic  reform  measures  may  be  inconsistent  or
ineffectual, there are no assurances that:

-        We will be able to capitalize on economic reforms;
-        The Chinese  government  will  continue its pursuit of economic  reform
         policies;
-        The economic policies, even if pursued, will be successful;
-        Economic policies will not be significantly  altered from time to time;
         and
-        Business  operations  in China will not  become  subject to the risk of
         nationalization.

Negative impact upon economic reform policies or nationalization could result in
a total investment loss in our common stock.

         Since 1979, the Chinese  government has reformed its economic  systems.
Because many reforms are unprecedented or experimental,  they are expected to be
refined and improved.  Other  political,  economic and social  factors,  such as
political  changes,  changes in the rates of economic  growth,  unemployment  or
inflation,  or in the  disparities in per capita wealth  between  regions within
China, could lead to further readjustment of the reform measures.  This refining
and readjustment process may negatively affect our operations.

         Over the last few years,  China's  economy has registered a high growth
rate.  Recently,  there  have been  indications  that  rates of  inflation  have
increased.  In response,  the Chinese government  recently has taken measures to
curb  this  excessively   expansive   economy.   These  measures  have  included
devaluations  of  the  Chinese  currency,  the  renminbi,  restrictions  on  the
availability of domestic credit,  reducing the purchasing  capability of certain
of its  customers,  and limited  re-centralization  of the approval  process for
purchases of some  foreign  products.  These  austerity  measures  alone may not
succeed in slowing down the economy's  excessive expansion or control inflation,
and may  result in severe  dislocations  in the  Chinese  economy.  The  Chinese
government may adopt additional measures to further combat inflation,  including
the establishment of freezes or restraints on certain projects or markets.



                                       8
<PAGE>

         To date reforms to China's economic system have not adversely  impacted
our  operations  and are not  expected to  adversely  impact  operations  in the
foreseeable  future;  however,  there can be no  assurance  that the  reforms to
China's economic system will continue or that we will not be adversely  affected
by changes in China's political,  economic, and social conditions and by changes
in policies of the Chinese government,  such as changes in laws and regulations,
measures  which may be introduced to control  inflation,  changes in the rate or
method of taxation, imposition of additional restrictions on currency conversion
and  remittance  abroad,  and  reduction in tariff  protection  and other import
restrictions.

Competition

         The  industry is  extremely  competitive.  Criteria  for our  customers
include quality,  price/cost  competitiveness,  system and product  performance,
reliability and timeliness of delivery,  new product and technology  development
capability, excellence and flexibility in operations, degree of global and local
presence,  effectiveness of customer service and overall management  capability.
Certain of our competitors have greater  financial  resources,  larger sales and
marketing and product development departments, stronger name recognition, longer
operating  histories and benefit from greater economies of scale. These factors,
among  others,  may enable our  competitors  to market  their  products at lower
prices or on terms more  advantageous to customers than those we could offer for
our competitive  products.  Competition may result in price reductions,  reduced
gross  margins  and loss of market  share,  any of which  could  have a material
adverse effect on our business, financial condition and results of operations.

Employees and employment agreements

         At  present,  we have  900  employees,  other  than  our  officers  and
directors.

ITEM 2.     DESCRIPTION OF PROXY.

         We own our administrative  office located at :2/F, Hang Wei Bldg., Road
2, North  Hi-Tech  Park,  Shenzhen,  Guangdong,  Peoples  Republic of China.  We
believe our existing  facilities  and equipment are well  maintained and in good
operating  condition and we believe our  facilities  are  sufficient to meet our
needs for the foreseeable  future. Our telephone number is  (86755)26994588.  We
also own a 420,000 m2 tract of property in the Ji'an Economic  Development  Zone
in the  Province of Jiangti.  There are  currently  no  operations  on the Ji'an
property.

ITEM 3.     LEGAL PROCEEDINGS.

         We are not a party to any pending  litigation and none is  contemplated
or threatened.




                                       9
<PAGE>

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

         In October 2004,  the holders of a majority of the  outstanding  common
stock approved by written consent an amendment to the Articles of  Incorporation
to change the name of the company to Global National Communications Corporation.
A Definitive Schedule 14C was filed with the Commission on October 29, 2004.

         There were no other matters submitted to the stockholders in the final
quarter of 2004.

                                                                PART II

ITEM 5.  MARKET  FOR  COMMON  EQUITY,  RELATED  STOCKHOLDERS  MATTERS  AND SMALL
BUSINESS ISSUERS PURCHASES OF EQUITY SECURITIES.

         Our shares were listed for trading on the  Bulletin  Board owned by the
National  Association  of  Securities  Dealers,  Inc. on October 15,  2003.  Our
trading  symbol is  "GLNC."  The  table  shows the high and low bid price of our
stock for 2003 and 2004 since  trading  began on October 15, 2003.  These prices
represent prices between dealers; they do not include retail markup, markdown or
commission. These are bid prices only and do not represent actual transactions.

Quarter ended                 High         Low
2003
December 31                   $0.02       $0.02

2004
March 31                      $0.03       $0.03
June 30                       $0.06       $0.06
September 30                  $0.08       $0.03

Stockholders

         At January 3, 2005, we had approximately 100 registered stockholders of
record  of our  common  stock.  This  number  does not  include  shares  held by
brokerage clearing houses, depositories or otherwise in unregistered form.

Dividends

         We have not declared any cash dividends,  nor do we intend to do so. We
are not subject to any legal  restrictions  respecting the payment of dividends,
except that they may not be paid to render us insolvent. Dividend policy will be
based on our cash resources and needs and it is  anticipated  that all available
cash will be needed for our operations in the foreseeable future.

Securities authorized for issuance under equity compensation plans

         We do not have and equity compensation plans and accordingly we have no
securities  authorized  for issuance  thereunder.  Recent Sales of  Unregistered
Securities

         On October 25, 2004, the company  effected a five for one forward stock
split, bringing the issued and outstanding common stock to 75,00,000.

         On November 15, 2004, the company issued  2,000,000 to consultants  for
an aggregate purchase price of $2,000,000. The shares were issued for cash.

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

         The  following  is  management's  discussion  and  analysis  of certain
significant  factors which have  affected our  financial  position and operating
results during the periods included in the accompanying  consolidated  financial
statements,  as  well  as  information  relating  to the  plans  of our  current
management.  This report includes  forward-looking  statements.  Generally,  the
words "believes,"  "anticipates,"  "may," "will," "should,"  "expect," "intend,"
"estimate,"  "continue,"  and similar  expressions  or the  negative  thereof or
comparable terminology are intended to identify forward-looking statements. Such
statements are subject to certain risks and uncertainties, including the matters
set  forth in this  report  or  other  reports  or  documents  we file  with the
Securities and Exchange  Commission from time to time,  which could cause actual
results or outcomes to differ  materially from those  projected.  Undue reliance
should not be place on these  forward-looking  statements which speak only as of
the date  hereof.  We undertake no  obligation  to update these  forward-looking
statements.

         The following  discussion  and analysis  should be read in  conjunction
with and our consolidated financial statements and the related notes thereto and
other financial information contained elsewhere in this Form 10-KSB.


                                       10
<PAGE>

General Overview:

On  August  12,  2004,   Zeolite  Mining   Corporation,   a  Nevada  corporation
("Zeolite"),  entered into a Stock Exchange Agreement and Plan of Reorganization
(the "Agreement"),  as amended on September 30, 2004, by and among its principal
shareholders,   Alan  Brandys   ("Brandys")   and  Douglas   Hopper   ("Hopper")
(collectively,  the  "Zeolite  Shareholders"),  Global  National  Communications
Corporation,  a British Virgin Island corporation ("Global BVI"), and all of the
shareholders  of Global (the "Global  Shareholders"),  wherein Zeolite agreed to
issue to the  Global  Shareholders  49,000,000  shares  of its  common  stock in
exchange for all of the issued and outstanding shares of Global BVI (the "Global
Acquisition").  The Global Acquisition closed on September 30, 2004, as a result
of which Global BVI became a wholly-owned  subsidiary of Zeolite.  All share and
per share amounts  presented herein have been adjusted to reflect a five-for-one
forward stock split effective October 25, 2004.

At the closing of the  transaction,  Brandys and Hopper resigned as officers and
directors of Zeolite and Wang Hanqing,  Wu Wenbin, Peng Xiaoyan and Charles Shao
were  appointed  to the board of  directors  to replace  Brandys and Hopper.  In
addition,  Wang Hanqing, Wu Wenbin and Peng Xiaoyan were also appointed officers
of Zeolite.

On October 1, 2004, the board of directors of Zeolite changed  Zeolite's  fiscal
year end from June 30 to  September  30 to  conform  to the  fiscal  year end of
Global  BVI.  On  October  15,  2004,  shareholders  holding a  majority  of the
outstanding  shares  of  Zeolite's  common  stock  executed  a  written  consent
approving an amendment to Zeolite's articles of incorporation to change its name
from Zeolite Mining Corporation to Global National  Communications  Corporation.
The name change was effective November 18, 2004.

Global  National  Communications  Corporation,  including,  when the  context so
requires,  Global BVI and Guonuo Shenzhen  Industrial Company Ltd. (as described
below), is referred to herein as the "Company".

The acquisition of Global BVI by Zeolite was accounted for as a recapitalization
of Global BVI,  pursuant to which the  accounting  basis of Global BVI continued
unchanged subsequent to the effective date of the transaction.  Accordingly, the
pre-transaction   consolidated  financial  statements  of  Global  BVI  are  the
historical  financial  statements  of  Zeolite,  with the  shareholders'  equity
section of the balance sheet of Global BVI  reconfigured  to reflect the capital
structure of Zeolite.

In  conjunction  with the Global  Acquisition,  Zeolite  also agreed to issue an
aggregate  of  20,310,000  shares  of  common  stock  for  financial  consulting
services,  consisting  of  7,250,000  shares of common  stock to Yarek  Bartosz,
6,500,000 shares of common stock to Lucky Ocean Group Ltd.,  5,000,000 shares of
common stock to Maple Leaf Enterprises,  and 1,560,000 shares of common stock to
Wilfred Yu  (collectively,  the "Investor  Shareholders").  With respect to such
shares,  2,500,000  shares  issued to the Investor  Shareholders  were placed in
escrow,  to be released to the  Investor  Shareholders  if Zeolite,  through the
efforts of the Investor  Shareholders,  obtained a commitment for a financing (a
"Qualified  Financing")  within 60 days of the  closing  of the  transaction.  A
Qualified  Financing was defined as a cash investment of at least  $2,000,000 in


                                       11
<PAGE>


Zeolite in the form of Zeolite  common stock or  preferred  stock with a minimum
price per share of $0.20.  In the event that the Investor  Shareholders  did not
obtain a commitment for a Qualified  Financing  within 60 days of closing,  then
the Global  Shareholders were entitled to acquire the 2,500,000  escrowed shares
in consideration of $0.20 per share.

As of June 30, 2004,  Zeolite had  30,690,000  shares of common stock issued and
outstanding.   In  conjunction   with  the  Global   Acquisition,   the  Zeolite
Shareholders returned 25,000,000 shares of Zeolite common stock owned by them to
Zeolite, which were cancelled.

On November  12, 2004,  the Global  Shareholders  and the Investor  Shareholders
returned a total of 55,000,000 shares of common stock to the Company, consisting
of 36,140,000  shares owned by the Global  Shareholders  and  18,860,000  shares
owned by the Investor Shareholders.  The 55,000,000 shares that were returned to
the Company were cancelled.

The  previously  described  stock  transactions  were all deemed  effective  and
recorded as of September  30, 2004.  Accordingly,  a net of 1,450,000  shares of
common  stock  were  issued  to the  Investor  Shareholders,  consisting  of the
20,310,000  shares  originally  issued,  less the 18,860,000 shares returned and
cancelled.  The  Company  recorded  a charge to  operations  of  $12,186,000  at
September 30, 2004 to reflect the  estimated  fair market value of the shares of
common stock (4,062,000 pre-split shares;  20,310,000  post-split shares) issued
to the Investor Shareholders in conjunction with the Global Acquisition.

Effective  November 15, 2004, the Company sold 2,000,000  shares of common stock
at $1.00 per share for an aggregate purchase price of $2,000,000,  consisting of
1,000,000  shares sold to Yarek Bartosz and 1,000,000  shares sold to Dong Chen,
who are  related  parties,  thus  satisfying  the  requirement  for a  Qualified
Financing  as  noted  above.  Accordingly,  the  2,500,000  escrow  shares  were
classified  as  issued  and  outstanding  shares in the  consolidated  financial
statements at September 30, 2004.

The  Company   conducts  its  operations   through  Global  BVI's   wholly-owned
subsidiary, Guonuo Shenzhen Industrial Company Ltd. ("GSIC"). GSIC was organized
in Guangdong  Province of the People's  Republic of China ("China" or the "PRC")
on May 26, 1998, and has an approved operating period through July 9, 2014. GSIC
designs  and  manufactures   electrical  power  monitoring   systems,   computer
components,  telecommunications  devices,  digital  television  components,  MP3
recorders and accessories.  GSIC sells its products primarily in the PRC. GSIC's
sales are to both original equipment manufacturers and under its own brand name.
GSIC's facilities are located in the Shenzhen Hi-Tech Park.

GSIC faces a number of risks and challenges  since its operations are located in
the PRC. GSIC's operations in the PRC are subject to special  considerations and
significant  risks not typically  associated with companies in North America and
Western Europe. The Company's  consolidated  results of operations and financial
condition  may be  adversely  affected by changes in, among other  factors,  the
political  and social  conditions  in the PRC, and by changes in the  government
policies  with  respect  to laws and  regulations,  anti-inflationary  measures,
currency exchange rates,  currency  conversion and remittance  abroad, and rates
and methods of taxation.



                                       12
<PAGE>


Critical Accounting Policies:

The Company  prepares its consolidated  financial  statements in accordance with
accounting  principles  generally accepted in the United States of America.  The
preparation  of these  financial  statements  requires the use of estimates  and
assumptions  that affect the reported  amounts of assets and liabilities and the
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements and the reported amount of revenues and expenses during the reporting
period.  Management  periodically  evaluates the  estimates and judgments  made.
Management  bases its estimates and  judgments on historical  experience  and on
various  factors that are  believed to be  reasonable  under the  circumstances.
Actual  results  may  differ  from  these  estimates  as a result  of  different
assumptions or conditions.

The following critical accounting policies affect the more significant judgments
and estimates used in the  preparation of the Company's  consolidated  financial
statements.

Revenues:

The  Company  recognizes  product  sales  generally  at the time the  product is
shipped  and title  passes to the  customer  and  collectibility  is  reasonably
assured.  Revenues  are  presented  net of any  sales  tax or value  added  tax.
Shipping and handling  costs are included  either in general and  administrative
expenses or in selling and distribution expenses.

Accounts Receivable:

In order to  determine  the  value of the  Company's  accounts  receivable,  the
Company  records a provision  for doubtful  accounts to cover  estimated  credit
losses.  Management  reviews and adjusts this  allowance  periodically  based on
historical  experience and its evaluation of the  collectibility  of outstanding
accounts  receivable.  The Company  evaluates  the credit risk of its  customers
utilizing historical data and estimates of future performance.

Inventories:

Inventories  are stated at the lower of cost or net  realizable  value.  Cost is
calculated on the  weighted-average  basis and includes all costs to acquire and
other costs  incurred in bring the  inventories  to their  present  location and
condition.  The Company evaluates the net realizable value of its inventories on
a  regular  basis and  records  a  provision  for loss to  reduce  the  computed
weighted-average cost if it exceeds the net realizable value.

Income Taxes:

The  Company  records a tax  provision  to reflect the  expected  tax payable on
taxable income in the applicable  jurisdiction  for the period,  using tax rates
enacted or  substantially  enacted at the balance sheet date, and any adjustment
to tax payable in respect of previous periods. A valuation allowance is provided
for the amount of deferred tax assets that, based on available evidence, are not
expected to be realized.

Impairment of Long-Lived Assets:

The Company's  long-lived  assets  consist of property,  plant and equipment and
certain  intangible  assets.  In assessing the  impairment  of such assets,  the
Company periodically makes assumptions regarding the estimated future cash flows



                                       13
<PAGE>

and other factors to determine the fair value of the respective assets. If these
estimates or the related  assumptions  indicate that the carrying amount may not
be recoverable,  the Company records impairment charges for these assets at such
time.

Results of Operations:

Fiscal Years Ended September 30, 2004 and 2003:

Net Sales.  Net sales  increased by $5,156,952 or 37.6% to  $18,863,838  for the
fiscal year ended  September 30, 2004, as compared to $13,706,886 for the fiscal
year ended September 30, 2003.  Sales increased in 2004 as compared to 2003 as a
result of increased  business  activities  and, in  particular,  the PHS market.
Sales to related parties aggregated  $1,215,536 in 2004, as compared to $221,698
in 2003. Sales to individual  related parties did not account for 10% or more of
sales in 2003 or 2004.

Gross Profit.  Gross profit was  $3,291,132 or 17.4% of net sales for the fiscal
year ended  September  30, 2003,  as compared to gross profit of  $1,870,367  or
13.6% of net sales for the fiscal year ended September 30, 2003. The increase in
the gross  margin in 2004 as compared  to 2003 was  primarily a result of a 122%
increase in the sales of circuit boards in 2004 as compared to 2003,  which have
a gross profit margin of 21.5%.

The Company's  other products  generally have gross profit margins  ranging from
approximately  17.0% to 18.5%,  although certain OEM business has an approximate
10.5% gross product margin.

Selling and  Distribution  Expenses.  Selling  expenses  decreased by $20,615 to
$78,908 for the fiscal year ended September 30, 2004, as compared to $99,523 for
the fiscal year ended  September 30, 2003.  The major  components of selling and
distribution expenses are salesmen's compensation and travel expenses.

General  and  Administrative  Expenses.   General  and  administrative  expenses
increased by $334,097 or 76.1% to $773,288  for the fiscal year ended  September
30, 2004, as compared to $439,191 for the fiscal year ended  September 30, 2003,
as a result of  increased  administrative  personnel  and audit fees.  The major
components of general and  administrative  expenses are management  compensation
and related personnel costs and audit fees.

Bad Debt  Expense.  Bad debt  expense  was  $711,519  for the fiscal  year ended
September  30,  2004,  as  compared  to  $1,203,199  for the  fiscal  year ended
September 30, 2003.

Research and  Development  Expenses.  Research  and  development  expenses  were
$55,482 for the fiscal year ended September 30, 2004, as compared to $56,782 for
the fiscal year ended September 30, 2003.

Depreciation and  Amortization  Expense.  Depreciation and amortization  expense
included in costs and expenses was $369,208 for the fiscal year ended  September
30, 2004, as compared to $228,408 for the fiscal year ended September 30, 2003.



                                       14
<PAGE>

Shares Issued for Financial  Consulting.  The Company recorded a non-cash charge
to operations of $12,186,000 at September 30, 2004 to reflect the estimated fair
market value of the shares of common  stock issued to the Investor  Shareholders
in conjunction with the Global Acquisition.

Income (Loss) From Operations.  As a result of the aforementioned  factors,  the
loss from  operations was  $10,514,065  for the fiscal year ended  September 30,
2004, as compared to income from operations of $71,672 for the fiscal year ended
September 30, 2003.

Financial  Expenses.  Financial expenses were $328,166 for the fiscal year ended
September 30, 2004, as compared to $144,247 for the fiscal year ended  September
30, 2003. The increase in financial expenses was a result of an increase in bank
loans.

Other Income.  Other income was $$33,244 for the fiscal year ended September 30,
2004, as compared to $181,689 for the fiscal year ended September 30, 2003.

Non-Operating Expenses.  Non-operating expenses were $64,930 for the fiscal year
ended  September  30,  2004,  as compared to $158,116  for the fiscal year ended
September 30, 2003.

Loss  Before  Provision  for  Income  Taxes.  As a result of the  aforementioned
factors,  the loss before  provision  for income taxes was  $10,873,917  for the
fiscal year ended September 30, 2004, as compared to a loss before provision for
income taxes of $49,002 for the fiscal year ended September 30, 2003.

Provision for Income Taxes. The provision for income taxes, which is computed on
a per country basis,  was $151,770 for the fiscal year ended September 30, 2004,
as compared to $93,915 for the fiscal year ended September 30, 2003.

China has a preferential tax policy for high-tech  enterprises that provides for
income  taxes to be  cancelled  for the  first  two  profitable  years and to be
reduced by 50% for the subsequent three years. Accordingly, for the fiscal years
ended  September  30,  2004 and  2003,  SGIC was  subject  to a tax rate of 15%,
reduced by a tax holiday of 7.5%,  resulting in a net tax rate of 7.5%. This tax
holiday will expire in 2005.

Net  Loss.  As a  result  of  the  aforementioned  factors,  the  net  loss  was
$11,025,687  for the fiscal year ended  September 30, 2004, as compared to a net
loss of $142,917 for the fiscal year ended September 30, 2003.


Financial Condition - September 30, 2004:

Liquidity and Capital Resources:

Operating.  The Company's operations utilized cash resources of $493,911 for the
fiscal year ended September 30, 2004, as compared to utilizing cash resources of
$1,112,434 for the fiscal year ended  September 30, 2003. At September 30, 2004,
cash and cash  equivalents  were  $325,545.  The Company  had a working  capital
deficiency  of $831,944 at  September  30, 2004,  reflecting a current  ratio of
0.93:1.



                                       15
<PAGE>

Net accounts  receivable  increased to  $6,736,756  at  September  30, 2004,  as
compared to  $3,714,385  at September  30, 2003,  an increase of  $3,022,371  or
81.4%, as a result of an increase in sales.

Inventories  decreased  to  $2,694,454  at September  30,  2004,  as compared to
$5,095,387 at September 30, 2003, a decrease of $2,400,933 or 47.1% primarily as
a result of a decrease in raw materials.  The Company decreased its raw material
inventory  level due to cash flow  limitations  and in an  attempt  to  increase
inventory turnover.

The Company  anticipates that its working capital resources are adequate to fund
anticipated costs and expenses for the fiscal year ending September 30, 2005.

Investing. During the fiscal year ended September 30, 2004, the Company utilized
$3,056,877  in  investing  activities,  the major  components  of which were the
acquisition  of property and  equipment of  $2,418,434  and an increase in loans
receivable of $642,733.  During the fiscal year ended  September  30, 2003,  the
Company  utilized  $1,535,391 in investing  activities,  the major components of
which were the acquisition of property and equipment of $746,358 and an increase
in loans receivable of $785,024.

Financing.  During the  fiscal  year  ended  September  30,  2004,  the  Company
generated $2,114,431 from financing  activities,  consisting of the net proceeds
from  borrowings.  During the fiscal year ended  September 30, 2003, the Company
generated $3,420,372 from financing  activities,  consisting of the net proceeds
from borrowings.

At September 30, 2004,  the Company does not have any material  commitments  for
capital expenditures or have any transactions, obligations or relationships that
could be considered off-balance sheet arrangements.

Inflation and Currency Matters:

In the most recent decade, the Chinese economy has experienced  periods of rapid
economic growth as well as relatively high rates of inflation, which in turn has
resulted  in  the  periodic  adoption  by  the  Chinese  government  of  various
corrective  measures  designed to regulate  growth and  contain  inflation.  The
success of the Company depends in substantial  part on the continued  growth and
development of the Chinese economy.

Foreign operations are subject to certain risks inherent in conducting  business
abroad,  including price and currency exchange controls, and fluctuations in the
relative value of currencies. The Company conducts virtually all of its business
in China and, accordingly, the sale of its products is settled primarily in RMB.
As a result,  devaluation  or  currency  fluctuation  of the RMB against the USD
would adversely affect the Company's financial performance when measured in USD.
Although prior to 1994 the RMB experienced  significant  devaluation against the
USD, the RMB has remained fairly stable since then. In addition,  the RMB is not
freely convertible into foreign  currencies,  and the ability to convert the RMB
is subject to the  availability  of foreign  currencies.  Effective  December 1,
1998,  all  foreign  exchange  transactions  involving  the RMB must take  place
through  authorized  banks or financial  institutions in China at the prevailing
exchange rates quoted by the People's Bank of China.



                                       16
<PAGE>

As China has recently been admitted as a member of the World Trade Organization,
the central government of China is expected to adopt a more rigorous approach to
partially  deregulate  currency  conversion  restrictions,  which  may  in  turn
increase the exchange  rate  fluctuation  of the RMB.  Should there be any major
change in the central  government's  currency  policies,  the  Company  does not
believe that such an action  would have a  detrimental  effect on the  Company's
operations,  since the Company conducts  virtually all of its business in China,
and the sale of its products is settled in RMB.

Although prior to 1994 the RMB experienced  significant  devaluation against the
USD,  the RMB has remained  fairly  stable  since then.  The  exchange  rate was
approximately US$1.00 to RMB 8.28 at September 30, 2003 and 2004.

Quantitative and Qualitative Disclosures about Market Risk:

The  Company  does not have any  market  risk with  respect  to such  factors as
commodity  prices,  equity  prices,  and other market changes that affect market
risk  sensitive  investments.  A 10 point basis change in the Company's  average
debt interest rate would not have a material effect on the Company's  results of
operations.

With respect to foreign  currency  exchange rates,  the Company does not believe
that a  devaluation  or  fluctuation  of the RMB  against  the USD would  have a
detrimental  effect on the  Company's  operations,  since the  Company  conducts
virtually  all of its  business in China,  and the sale of its  products and the
purchase of raw  materials  and  services  are  settled in RMB.  The effect of a
devaluation or fluctuation of the RMB against the USD would affect the Company's
results of operations,  financial position and cash flows, when presented in USD
(based on a current exchange rate) as compared to RMB.

As the Company's debt obligations are primarily short-term in nature, with fixed
interest  rates,  the Company  does not have any risk from an increase in market
interest rates.  However, to the extent that the Company arranges new borrowings
in the future,  an increase in market  interest rates would cause a commensurate
increase in the interest expense related to such borrowings.

Recent Accounting Pronouncements:

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
establishes standards for how an issuer classifies and measures in its statement
of financial position certain financial instruments with characteristics of both
liabilities  and  equity.  SFAS No.  150  requires  that an  issuer  classify  a
financial  instrument  that is within its scope as a  liability  (or an asset in
some circumstances)  because that financial instrument embodies an obligation of
the issuer. SFAS No. 150 is effective for financial  instruments entered into or
modified  after May 31, 2003 and  otherwise is effective at the beginning of the
first  interim  period  beginning  after  June 15,  2003.  SFAS No. 150 is to be
implemented  by  reporting  the  cumulative  effect  of a change  in  accounting
principle for financial instruments created before the issuance date of SFAS No.
150 and still  existing  at the  beginning  of the interim  period of  adoption.
Restatement  is not  permitted.  The  adoption  of SFAS  No.  150 did not have a
significant  effect  on  the  Company's  financial  statement   presentation  or
disclosures.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and Disclosure  Requirements for Guarantees,  Including  Indirect  Guarantees of
Indebtedness of Others" ("FIN 45"). FIN 45 elaborates on the existing disclosure



                                       17
<PAGE>

requirements  for most  guarantees,  including loan  guarantees  such as standby
letters  of  credit.  It also  clarifies  that at the  time a  company  issues a
guarantee,  the company must recognize an initial  liability for the fair market
value of the  obligations it assumes under that guarantee and must disclose that
information  in  its  interim  and  annual  financial  statements.  The  initial
recognition and measurement provisions of FIN 45 apply on a prospective basis to
guarantees  issued or modified after December 31, 2002. The Company  implemented
the  disclosure  provisions  of FIN 45 in its  September  30, 2003  consolidated
financial statements, and the measurement and recording provisions of FIN No. 45
effective October 1, 2003.

In January  2003,  the FASB  issued  Interpretation  No. 46,  "Consolidation  of
Variable  Interest  Entities"  ("FIN 46"),  which  clarifies the  application of
Accounting  Research  Bulletin  No.  51,  "Consolidated  Financial  Statements",
relating to consolidation of certain entities. In December 2003, the FASB issued
a revised  version of FIN 46 ("FIN 46R") that  replaced the original FIN 46. FIN
46R requires  identification  of a company's  participation in variable interest
entities ("VIEs"), which are defined as entities with a level of invested equity
that is not  sufficient  to fund future  activities to permit it to operate on a
standalone  basis. For entities  identified as a VIE, FIN 46R sets forth a model
to evaluate potential consolidation based on an assessment of which party to the
VIE (if any) bears a majority of the exposure to its expected losses,  or stands
to gain from a majority of its expected returns. FIN 46R also sets forth certain
disclosures  regarding  interests in VIEs that are deemed  significant,  even if
consolidation is not required. The Company is not currently participating in, or
invested in any VIEs, as defined in FIN 46R. Accordingly,  the implementation of
the  provisions  of FIN 46R did not have a  significant  effect on the Company's
consolidated financial statement presentation or disclosures.












                                       18
<PAGE>

ITEM 7.     FINANCIAL STATEMENTS.

INDEPENDENT AUDITOR'S REPORT                                  F-2

FINANCIAL STATEMENTS

          Balance Sheets                                      F-3

          Statements of Operations                            F-4

          Statement of Stockholders' Equity                   F-5

          Statements of Cash Flows                            F-6

NOTES TO THE FINANCIAL STATEMENTS                             F-7 - F-19

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

         On October 5, 2004, the accounting firm of Williams & Webster, P.S. was
dismissed by the Registrant's Board of Directors as the Registrant's independent
auditors. During the two most recent fiscal years and subsequent interim period,
there were no disagreements  on matters of accounting  principles and practices,
financial disclosure,  or auditing scope of procedure between the Registrant and
Williams & Webster.

         The Report of Williams & Webster,  P.S. on the  Registrant's  financial
statements  as of and for the years  ended  September  30, 2004 and 2003 did not
contain an adverse, qualified or disclaimer of opinion. However, the Reports did
contain  an  explanatory   paragraph   wherein  Williams  &  Webster   expressed
substantial doubt about the Registrant's ability to continue as a going concern.

         The  Registrant  has requested  Williams & Webster to furnish it with a
letter  addressed to the Securities and Exchange  Commission  stating whether or
not it agrees with the  statements  made by the  Registrant  in response to this
Item 4.01 and,  if not,  stating the  respects  in which it does not agree.  The
Registrant  delivered  a copy of this Form 8-K  report to  Williams & Webster on
October 6, 2004, via email. We have received a reply from Williams & Webster and
it is attached as Exhibit 16.1 hereto.

         At its board meeting on October 1, 2004,  the Board of Directors of the
Registrant engaged Rotenberg and Company LLP, Certified Public Accountants, 1870
Winton Road South, Suite 200,  Rochester,  New York, as its independent  auditor
for its fiscal  year  ending  September  30,  2004.  Rotenberg  and  Company LLP
accepted such  appointment on October 1, 2004. Prior to their  appointment,  the
Registrant did not consult with Rotenberg and Company LLC on any matters related
to accounting or the type of opinion they may issue.

ITEM 8A.   CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

         As of September 30, 2004, the end of the period covered by this report,
our  Chief  Executive  Officer  and our Chief  Financial  Officer  reviewed  and
evaluated the  effectiveness  of the our disclosure  controls and procedures (as
defined in Exchange Act Rule  13a-15(e)  and  15d-15(e)),  which are designed to
ensure  that  material  information  we must  disclose  in our  report  filed or
submitted  under the Securities  Exchange Act of 1934, as amended (the "Exchange
Act") is recorded,  processed,  summarized,  and reported on a timely basis, and
have concluded,  based on that evaluation,  that as of such date, our disclosure
controls and procedures were effective to ensure that information required to be
disclosed  by us in reports  that we file or submit  under the  Exchange  Act is
accumulated and communicated to our Chief Executive  Officer and Chief Financial
Officer as appropriate to allow timely decisions regarding required disclosure.



                                       19
<PAGE>

Changes in Internal Control over Financial Reporting

         There was no change in our internal  control over  financial  reporting
that  occurred  during the fourth  fiscal  quarter of the fiscal year covered by
this Annual Report on Form 10-KSB that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.

ITEM 8B.   OTHER INFORMATION.

                                                               PART III

ITEM 9.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

The name, age and position held by each of the directors and officers of our
company are as follows:

Name and Address          Age    Positions

Wang Hanqing              40     President, Chief Executive Officer and Director

Wu Wenbin                 42     Treasurer, Chief Financial Officer and Director

Peng Xiaoyan              39     Secretary and Director

Charles Shao              41     Director

         All directors have a term of office expiring at the next annual general
meeting of our company,  unless re-elected or earlier vacated in accordance with
our Bylaws.  All officers  have a term of office  lasting until their removal or
replacement by the board of directors.

Background of Officers and Directors

Wang Hanqing - President, Chief Executive Officer and Director

         Wang Hanqing,  has served as the President and Chief Executive  Officer
of the company and has served on the Board of Directors  since August 2004. Wang
Hanqing  graduated  from  the  Electrical  Engineering  Department  of  Tsinghua
University in 1985. He joined Shenzhen  Development  Technology Co., Ltd. in the
same year and worked there until May,  1998,  holding the positions of technical
and engineering  manager,  planning manager and director of cooperation workshop
in succession being  responsible for product testing,  personnel  management and
marketing as well. In 1998, he founded  Shenzhen Guonuo  Industrial Co., Ltd and
since that time services as its general manager and director with responsibility
for overall management and planning.

Wu Wenbin - Treasurer, Chief Financial Officer and Director

         Wu Wenbin, has served as the Chief Financial Officer of the company and
has  served  on the  Board of  Directors  since  August  2004.  In July  1982 he
graduated from  Zhengzhou  College of  Aeronautics.  From July 1982 to September
1985 he acted as the teaching  assistant  for the  accounting  class in the same
college.  During the period from  September 1985 to July 1987, he majored in law



                                       20
<PAGE>

in Nanjing College of  Aeronautics.  From July 1987 to September 1993, he worked
as  the  lecturer  teaching   accounting  class  in  the  Zhengzhou  College  of
Aeronautics.  From October 1993 to July 1997, he worked as the financial manager
in the Shenzhen Guangxia Industrial Company.  From August 1997 to February 2000,
he acted as the deputy  general  manager and the  director of the Jiangxi  Xinyu
Yugang Industrial Co., Ltd with  responsibility for marketing and finance.  From
March 2000 to August 2001, he worked as the financial controller in the Shenzhen
Sannuo Electronic Co., Ltd. From November 2001 to June 2003, he studied business
administration  of the Queens  University of Brighton  where he received an MBA.
Since October 2001 he has served as the financial  controller in Shenzhen Guonuo
Industrial Co., Ltd.

Peng Xiaoyan - Secretary and Director

         Peng Xiaoyan, has served as the Secretary of the company and has served
on the Board of Directors  since  August 2004.  She  graduated  from  Enterprise
Management Department of Xiamen University in 1991. From March 1986 to September
1991,  she  acted  as  an  administration  supervisor  in  Shenzhen  Development
Technology  Co.,  Ltd.   responsible  for  personnel   management  and  customer
relations.  From October 1991 to October 2001, she acted as the general  manager
of APSI  (SHENZHEN)  INDUSTRIAL  COMPANY.  She has been a director  of  Shenzhen
Guonuo  Industrial  Co., Ltd since June 2001 and she has served as the executive
deputy general manager since November 2001.

Charles Shao - member of the board of director

         Charles Shao has been a director of the company since August 2004.  Mr.
Shao graduated from the Electrical Engineering Department of Tsinghua University
in July,  1985. From October 1997 to April 1999, he was the operations  director
and  manufacturing  director,   responsible  for  company  set  up  and  product
production  of Netscreen  Technologies,  Inc.  From April 1999 to June 2002,  he
founded and  operated  ServGate  Technologies,  Inc. In July 2002 he founded and
serves as the Chief  Technical  Officer of EPIN  Technologies  Inc.  where he is
responsible  for  the  research  and  development  of  broadband  wireless  data
products,  wireless  network  products,  PHS and GSM  terminal  products and MP3
products.

Involvement in Certain Legal Proceedings

         To our  knowledge,  during  the  past  five  years,  our  officers  and
directors:  have not filed a petition under the federal  bankruptcy  laws or any
state  insolvency  law,  nor had a  receiver,  fiscal  agent or similar  officer
appointed  by a court for the  business  or  present  of such a  person,  or any
partnership in which he was a general  partner at or within two years before the
time of such filing, or any corporation or business  association of which he was
an executive  officer within two years before the time of such filing;  were not
convicted  in a  criminal  proceeding  or named  subject  of a pending  criminal
proceeding (excluding traffic violations and other minor offenses); were not the
subject of any order, judgment or decree, not subsequently  reversed,  suspended
or vacated, of any court of competent  jurisdiction,  permanently or temporarily
enjoining him from or otherwise limiting the following activities: (i) acting as
a futures commission  merchant,  introducing broker,  commodity trading advisor,
commodity pool operator, floor broker, leverage transaction merchant, associated



                                       21
<PAGE>

person of any of the foregoing, or as an investment advisor, underwriter, broker
or dealer in securities,  or as an affiliated person, director of any investment
company, or engaging in or continuing any conduct or practice in connection with
such activity; (ii) engaging in any type of business practice; (iii) engaging in
any  activity  in  connection  with  the  purchase  or sale of any  security  or
commodity or in  connection  with any  violation of federal or state  securities
laws or federal  commodity laws; were not the subject of any order,  judgment or
decree, not subsequently reversed, suspended or vacated, of any federal or state
authority  barring,  suspending or otherwise  limiting for more than 60 days the
right of such person to engage in any activity  described above under this Item,
or to be associated with persons engaged in any such activity; were not found by
a court of competent  jurisdiction  in a civil action or by the  Securities  and
Exchange Commission to have violated any federal or state securities law and the
judgment in subsequently reversed,  suspended or vacate; and were not found by a
court of competent  jurisdiction  in a civil action or by the Commodity  Futures
Trading  Commission  to have  violated  any  federal  commodities  law,  and the
judgment  in such  civil  action or  finding by the  Commodity  Futures  Trading
Commission has not been subsequently reversed, suspended or vacated.

Compliance with Section 16 (a) of the Exchange Act

         Based  solely  upon a review  of Forms 3 and 4 and  amendments  thereto
furnished to us pursuant to Rule 16a-3(e) under the  Securities  Exchange Act of
1934  during our most  recent  fiscal  year and Forms 5 and  amendments  thereto
furnished  to us with  respect to our most recent  fiscal  year,  all  officers,
directors  and owners of 10% or more of our  outstanding  shares  have filed all
Forms 3, 4 an 5 required by Section 16(a) of the Securities Exchange Act of 1934
with the exception of Alan Brandys and Douglas  Hopper who failed to timely file
a Form 4 in  connection  with their  disposition  of 5,000,000  shares of common
stock. Further,  Messrs. Hanqing, Wenbin, Xiaoyan and Shao failed to timely file
their Form 3s.

Audit Committee and Charter

         We have an audit  committee  and  audit  committee  charter.  Our audit
committee is comprised of all of our officers and  directors.  None of directors
are deemed independent.  All directors also hold positions as our officers.  Our
audit  committee  is  responsible  for:  (1)  selection  and  oversight  of  our
independent accountant;  (2) establishing procedures for the receipt,  retention
and treatment of complaints regarding accounting, internal controls and auditing
matters; (3) establishing procedures for the confidential,  anonymous submission
by our employees of concerns  regarding  accounting  and auditing  matters;  (4)
engaging  outside  advisors;  and, (5) funding for the outside  auditory and any
outside advisors engagement by the audit committee.

Audit Committee Financial Expert

         We have no financial expert. We believe the cost related to retaining a
financial  expert at this time is prohibitive.  Further,  because of our limited
operations, we believe the services of a financial expert are not warranted.




                                       22
<PAGE>
<TABLE>
<CAPTION>

Code of Ethics

         We have  adopted a  corporate  code of ethics.  We believe  our code of
ethics is reasonably designed to deter wrongdoing and promote honest and ethical
conduct; provide full, fair, accurate,  timely and understandable  disclosure in
public reports; comply with applicable laws; ensure prompt internal reporting of
code violations; and provide accountability for adherence to the code.

Disclosure Committee and Charter

         We have a disclosure  committee and disclosure  committee charter.  Our
disclosure  committee is comprised  of all of our  officers and  directors.  The
purpose of the committee is to provide assistance to the chief executive officer
and the chief financial officer in fulfilling their  responsibilities  regarding
the  identification  and  disclosure  of material  information  about us and the
accuracy, completeness and timeliness of our financial reports.

ITEM 10.     EXECUTIVE COMPENSATION.

         The following table sets forth information with respect to compensation
paid by us to the chief executive officer since the Exchange. No other executive
officer  received  compensation  in excess of $100,000 for the fiscal year ended
September 30, 2004.

                        Summary Compensation Table
                                                                                Long Term Compensation
                                      Annual Compensation                     Awards               Payouts
           (a)           (b)      (c)        (d)         (e)           (f)          (g)         (h)        (i)
                                                        Other
                                                       Annual      Restricted   Securities
                                                       Compen         Stock     Underlying     LTIP     All Other
Name and Principal               Salary     Bonus       ation       Award(s)     Options /    Payouts   Compens-
     Position           Year      ($)        ($)         ($)           ($)       SARs (#)       ($)     ation ($)
<S>                     <C>      <C>        <C>        <C>          <C>         <C>           <C>       <C>

Wang Hanqing            2004     20,000       0           0             0            0           0          0
president & director    2003       0          0           0             0            0           0          0
                        2002       0          0           0             0            0           0          0
</TABLE>


         There are no stock option, retirement, pension, or profit sharing plans
for the benefit of our officers and directors.

Option/SAR Grants

         No individual  grants of stock  options,  whether or not in tandem with
stock  appreciation  rights ("SARs") and freestanding SARs have been made to any
executive  officer or any director  since our inception,  accordingly,  no stock
options have been exercised by any of the officers or directors in fiscal 2004.




                                       23
<PAGE>

Long-Term Incentive Plan Awards

         We do not have any long-term incentive plans that provide  compensation
intended to serve as incentive  for  performance  to occur over a period  longer
than one fiscal year,  whether such  performance is measured by reference to our
financial performance, our stock price, or any other measure.

Compensation of Directors.

         The  directors  did not receive any other  compensation  for serving as
members of the board of directors. The Board has not implemented a plan to award
options.  There are no contractual  arrangements with any member of the board of
directors.

         We do not expect to pay any salaries to any of our officers  until such
time as we generate  sufficient  revenues to do so. We do not anticipate  paying
any  salaries to our officers  until  fiscal  2005.  We do not intend to pay any
additional  compensation  to our directors.  As of the date hereof,  we have not
entered into employment  contracts with any of our officers and we do not intend
to enter into any  employment  contracts  until such time as it profitable to do
so.

Indemnification

         Pursuant  to  the   articles  of   incorporation   and  bylaws  of  the
corporation,  we may indemnify an officer or director who is made a party to any
proceeding,  including a law suit, because of his position,  if he acted in good
faith and in a manner he  reasonably  believed  to be in our best  interest.  In
certain  cases,  we  may  advance  expenses   incurred  in  defending  any  such
proceeding.  To the extent that the officer or  director  is  successful  on the
merits in any such proceeding as to which such person is to be  indemnified,  we
must indemnify him against all expenses  incurred,  including  attorney's  fees.
With respect to a  derivative  action,  indemnity  may be made only for expenses
actually and reasonably incurred in defending the proceeding, and if the officer
or director is judged  liable,  only by a court order.  The  indemnification  is
intended  to be to the  fullest  extent  permitted  by the laws of the  state of
Nevada.

         Regarding  indemnification for liabilities arising under the Securities
Act of 1933 which may be  permitted  to  directors  or officers  pursuant to the
foregoing provisions, we are informed that, in the opinion of the Securities and
Exchange Commission, such indemnification is against public policy, as expressed
in the Act and is, therefore unenforceable.

ITEM 11.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT AND
RELATED STOCKHOLDERS MATTERS.

Security Ownership of Certain Beneficial Owners

         The following  table sets forth, as of January __, 2005, the beneficial
shareholdings  of persons or entities holding five percent or more of our common
stock, each director  individually,  each named executive officer and all of our



                                       24
<PAGE>
<TABLE>
<CAPTION>

directors  and officers as a group.  Each person has sole voting and  investment
power with respect to the shares of common stock shown,  and all ownership is of
record and beneficial.  Unless otherwise  disclosed,  the address of each person
set forth below is that of the company.


                                        Amount and
Name of Beneficial                        Nature                                 Percent
Owner                                Beneficial Owner          Position          of Class
<S>                                  <C>                       <C>               <C>
Wang Hanqing                            8,156,000       President and director    37.07%

Wu Wenbin                                 980,000       Treasurer and director     4.45%

Peng Xiaoyan                            2,254,000       Secretary and director     10.2%

Charles Shao                                  -0-              director            0.00%

Officers and Directors as a Group      11,390,000                                  51.8%
(4 persons)

Principal Shareholders

Yarek Bartoz                            1,450,000                                  6.59%

Lucky Ocean Group Ltd.                  1,500,000                                  6.81%
12th Floor
Ruttonjee House
11 Duddell Street
Central, Hong Kong

Maple Leaf Enterprises                  1,075,000                                  4.88%


Principal Stockholders as a Group       4,025,000                                 18.29%
</TABLE>


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

         On November 12, 2004, certain of our directors and consultants returned
an aggregate of 55,000,000 shares of common stock for cancellation.

ITEM 13.     EXHIBITS, LIST AND REPORTS ON FORM 8-K.

Reports on Form 8-K

                (a)     Form 8-K/A coving Items (4.01,  9.01) filed  January __,
                        2005

                (b)     Form 8-K covering Items (1.01,  4.01,  5.01, 5.02, 5.03,
                        9.01) filed October 6, 2004

                (c)     Form 8-K/A covering Items (1.01,  9.01) filed  September
                        8, 2004




                                       25
<PAGE>

                (d)     Form 8-K covering Items (1.01,  9.01) filed September 2,
                        2004

                (e)     Form 8-K  covering  (7.01,  9.01) filed  August 27, 2004
                        Exhibits

Exhibit No.       Document Description

3.1               Articles of Incorporation. (1)

3.2               Bylaws. (1)

4.1               Specimen Stock Certificate. (1)

14.1              Code of Ethics (2)

99.1              Audit Committee Charter (2)

99.2              Disclosure Committee Charter (2)

10.1              Stock Exchange Agreement and Plan of Reorganization (3)

10.2              Subscription Agreement, dated October 25, 2004

31.1              Certification of Principal  Executive Officer pursuant to Rule
                  13a-14 and Rule  15d-14(a),  promulgated  under the Securities
                  and Exchange Act of 1934, as amended. (4)

31.2              Certification of Principal  Financial Officer pursuant to Rule
                  13a-14 and Rule  15d-14(a),  promulgated  under the Securities
                  and Exchange Act of 1934, as amended. (4)

32.1              Certification  pursuant to 18 U.S.C.  Section 1350, as adopted
                  pursuant  to  Section  906 of the  Sarbanes-Oxley  Act of 2002
                  (Chief Executive Officer). (4)

32.2              Certification  pursuant to 18 U.S.C.  Section 1350, as adopted
                  pursuant  to  Section  906 of the  Sarbanes-Oxley  Act of 2002
                  (Chief Financial Officer). (4)
-----------------

(1)  Incorporated   herein  by  reference  from  the   Registrant's   Form  SB-2
Registration  Statement filed with the Securities and Exchange  Commission,  SEC
file  #333-56686  on March 7, 2001.  Such  exhibits are  incorporated  herein by
reference pursuant to Rule 12b-32.

(2) Incorporated  herein by reference from the  Registrant's  Form 10-KSB Annual
Report  and  amendment  thereto  as  filed  with  the  Securities  and  Exchange
Commission,  on September  25, 2003.  Such exhibits are  incorporated  herein by
reference pursuant to Rule 12b-32:

(3)  Incorporated  herein by reference  from the  Registrant's  Form 8-K Current
Report  and  amendment  thereto  as  filed  with  the  Securities  and  Exchange
Commission,  on September 2, 2004.  Such  exhibits  are  incorporated  herein by
reference pursuant to Rule 12b-32.

(4) Filed herein.



                                       26
<PAGE>

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

         Williams and Webster,  P.S.,  Certified  Public  Accountants,  were the
Company's  independent  auditors  to examine  the  financial  statements  of the
Company  for the fiscal  year ending  June 30,  2004.  Williams & Webster,  P.S.
performed the following services and has been paid the following fees.

Audit Fees

         Williams &  Webster,  P.S.  was paid  aggregate  fees of  approximately
$5,033 for the fiscal year ended June 30, 2003 and approximately $10,000 for the
fiscal year ended June 30, 2004 for professional services rendered for the audit
of the  Company's  annual  financial  statements  and  for  the  reviews  of the
financial  statements included in the Company's quarterly reports on Form 10-QSB
during these fiscal years.

Audit-Related Fees

         Williams & Webster,  P.S. was not paid  additional  fees for the fiscal
year ended June 30, 2003 and June 30, 2004 for  assurance  and related  services
reasonably  related to the  performance  of the audit or review of the Company's
financial statements.

Tax Fees

         Williams & Webster, P.S. was not paid any aggregate fees for the fiscal
year  ended  June 30,  2003 and for the  fiscal  year  ended  June 30,  2004 for
professional services rendered for tax compliance,  tax advice and tax planning.
This service was not provided.

All Other Fees

         Williams  &  Webster,  P.S.  was  paid no other  fees for  professional
services during the fiscal years ended June 30, 2003 and June 30, 2004.


         Williams and Webster,  Certified Public Accountants,  are the Company's
independent  auditors to examine the financial statements of the Company for the
fiscal year ending June 30, 2004.

         Rottenberg & Company LLP has performed  the following  services and has
been paid the following fees.

Audit Fees

         Rottenberg  & Company  LLP, was paid  aggregate  fees of  approximately
$60,000 for the fiscal year ended September 30, 2004 for  professional  services
rendered for the audit of the Company's annual financial  statements and for the
reviews of the financial  statements included in the Company's quarterly reports
on Form 10-QSB during these fiscal years.




                                       27
<PAGE>

Audit-Related Fees

         Rottenberg  & Company LLP was not paid  additional  fees for the fiscal
year ended  September  30, 2004 for assurance  and related  services  reasonably
related to the  performance  of the audit or review of the  Company's  financial
statements.

Tax Fees

         Rottenberg  &  Company  LLP,  was not paid any  aggregate  fees for the
fiscal year ended September 30, 2004 for professional  services rendered for tax
compliance, tax advice and tax planning. This service was not provided.

All Other Fees

         Rottenberg  &  Company  LLP,  was paid no other  fees for  professional
services during the fiscal years September 30, 2004.















                                       28
<PAGE>

                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
and  Exchange  Act of 1934,  the  Registrant  has duly  caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized, on this 13th
day of January, 2005.


                          GLOBAL NATIONAL COMMUNICATIONS CORP.
                          (Registrant)


                          By:  /s/ Wang Hanqing
                             ---------------------------------------------------
                             Wang Hanqing
                             President, Principal Executive Officer and Director

                          By: /s/ Wu Wenbin
                             ---------------------------------------------------
                             Wu Wenbin
                             Treasurer, Principal Financial Officer and Director

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

Signatures            Title                                     Date

/s/ Wang Hanqing      President, Principal Executive Officer    January 13, 2005
-------------------
Wang Hanqing          and a member of the Board of Directors

/s/ Wu Wenbin         Treasurer, Principal Financial Officer    January 13, 2005
-------------------
Wu Wenbin             and Directors

/s/ Peng Xiaoyan      Secretary and Director                    January 13, 2005
-------------------
Peng Xiaoyan

/s/ Charles Shao      Director                                  January 13, 2005
-------------------
Charles Shao







                                       29
<PAGE>

INDEX TO FINANCIAL STATEMENTS


                                                                      Pages
                                                                      -----


Independent Auditors' Report                                          F-2

Consolidated Balance Sheets as of September 30, 2004 and 2003         F-3

Consolidated Statements of Operations for the years ended
  September 30, 2004 and 2003                                         F-4


Consolidated Statements of Changes in Shareholders' Equity for the
  years ended September 30, 2004 and 2003                             F-5

Consolidated Statements of Cash Flows for the years ended
  September 30, 2004 and 2003                                         F-6


Notes to the Consolidated Financial Statements                        F-7 - F-19




<PAGE>

REPORT OF INDEPENDENT PUBLIC ACCOUNTING FIRM

The Board of Directors
Global National Communications Corporation and Subsidiary
(Formerly Zeolite Mining Corporation)
Shenzhen, Peoples Republic of China

We have audited the accompanying  consolidated balance sheets of Global National
Communications Corporation and Subsidiary as of September 30, 2004 and 2003, and
the related  consolidated  statements of  operations,  changes in  shareholders'
equity, and cash flows for the years then ended. These financial  statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We  conducted  our  audits in  accordance  with The  Public  Company  Accounting
Oversight Board Standards (United States).  Those standards require that we plan
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
consolidated  financial statements are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the  consolidated  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 consolidated financial position of Global
National Communications  Corporation and Subsidiary as of September 30, 2004 and
2003,  and the  results of their  operations  and their cash flows for the years
then ended, in conformity with accounting  principles  generally accepted in the
United States of America.

/s/ Rotenberg & Co., LLP

Rotenberg & Co., LLP
Certified Public Accountants

Rochester, New York
January 6, 2005








                                      F-2
<PAGE>
<TABLE>
<CAPTION>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                           CONSOLIDATED BALANCE SHEETS
                           SEPTEMBER 30, 2004 AND 2003

     Assets
     ------
                                                                           2004              2003
                                                                       -----------       -----------
<S>                                                                    <C>               <C>
Current Assets
     Cash and Cash Equivalents                                     US$     325,545   US$   1,761,902
     Accounts Receivable, Net of Provision                               6,736,756         3,714,385
     Other Receivable, Net of Provision                                  1,793,643         2,224,705
     Short Term Investment                                                  12,077             9,058
     Prepayments                                                            25,341           394,072
     Deferred Expenses                                                     141,703            34,835
     Inventory                                                           2,694,454         5,095,387
                                                                       -----------       -----------
          Total Current                                                 11,729,519        13,234,344

Fixed Assets
     Property, Plant and Equipment                                       4,588,648         2,339,275
     Less: Accumulated Depreciation                                       (880,459)         (622,214)
                                                                       -----------       -----------
          Fixed Assets, Net                                              3,708,189         1,717,061

Other Assets
     Loans Receivable                                                    1,427,757           785,024
     Intangible Assets, Net of Accumulated Amortization                     11,942               531
     Deferred Assets                                                        68,918            83,882
                                                                       -----------       -----------
          Total Other                                                    1,508,617           869,437

                                                                       -----------       -----------
     Total Assets                                                  US$  16,946,325   US$  15,820,842
                                                                       ===========       ===========


     Liabilities and Shareholders' Equity
     ------------------------------------

Current Liabilities
     Bank Loans                                                    US$   7,393,221   US$   3,683,575
     Notes Payable                                                               0         1,570,048
     Accounts Payable                                                    2,626,039         4,904,668
     Advances from Customers                                               478,196           556,864
     Other Payables                                                      1,999,377         2,279,963
     Accrued Expenses                                                       64,630            56,510
                                                                       -----------       -----------
          Total Current Liabilities                                     12,561,463        13,051,628

Long-Term Liabilities
     Long-Term Liabilities                                                 179,907           205,074
     Deferred Grant                                                        458,696                 0
                                                                       -----------       -----------

          Total Liabilities                                             13,200,066        13,256,702

Shareholders' Equity
     Common Stock - Par Value $.00001: 100,000,000 Shares
                   Authorized, 20,000,000 Issued and Outstanding               200               797
     Paid In Capital                                                    14,623,065         2,414,662
     Reserves                                                              425,929           189,101
     Retained Earnings (Deficit)                                       (11,302,935)          (40,420)
                                                                       -----------       -----------
                                                                         3,746,259         2,564,140

                                                                       -----------       -----------
     Total Liabilities and Shareholders' Equity                    US$  16,946,325   US$  15,820,842
                                                                       ===========       ===========
</TABLE>


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

                                       F-3

<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                FOR THE YEARS ENDING SEPTEMBER 30, 2004 AND 2003


                                                       2004             2003
                                                   -----------      -----------

Sales                                           US$ 18,863,838   US$ 13,706,886

Cost of Sales                                       15,572,706       11,836,519
                                                   -----------      -----------

Gross Profit                                         3,291,132        1,870,367

Expenses:
     Selling and Distribution Expenses                  78,908           99,523
     General and Administrative Expenses               773,288          439,191
     Bad Debt Expense                                  711,519        1,203,199
     Research and Development                           55,482           56,782
     Shares Issued for Financial Consulting         12,186,000                0
                                                   -----------      -----------
         Total Expenses                             13,805,197        1,798,695

Loss from Operations                               (10,514,065)          71,672

Financial Expenses                                    (328,166)        (144,247)
Other Income                                            33,244          181,689
Non-Operating Expenses                                 (64,930)        (158,116)
                                                   -----------      -----------

Loss Before Provision for Income Taxes             (10,873,917)         (49,002)

Provision for Income Taxes                             151,770           93,915
                                                   -----------      -----------

Net Loss                                        US$(11,025,687)  US$   (142,917)
                                                   ===========      ===========

Net Loss per Common Share-
 - Basic and Diluted                               ($      .14)     ($      .00)
                                                   ===========      ===========

Weighted Average Common
 Shares Outstanding                                 79,526,466       79,690,000
                                                   ===========      ===========



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

                                       F-4

<PAGE>
<TABLE>
<CAPTION>

            Global National Communications Corporation AND SUBSIDIARY
                      (Formerly Zeolite Mining Corporation)
           CONSOLIDATED Statements of Changes in Shareholders' Equity
                For The Years Ending September 30, 2004 and 2003

                                                        Par Value
                                                            Of
                                             (1)          Common                                   Retained
                                                          Stock         Paid in                    Earnings      Shareholders'
                                        # of Shares      $.00001        Capital       Reserves     (Deficit)        Equity
                                        -----------    -----------    -----------   -----------   -----------    -----------
<S>                                     <C>            <C>            <C>           <C>           <C>            <C>
Balance - September 30, 2002             79,690,000            797      2,414,662        29,120       262,478      2,707,057

Net Loss                                                                                             (142,917)      (142,917)

Additions to Reserve                                                                    159,981      (159,981)             0
----------------------------------------------------------------------------------------------------------------------------
Balance - September 30, 2003             79,690,000            797      2,414,662       189,101       (40,420)     2,564,140

Net Loss                                                                                          (11,025,687)   (11,025,687)

Additions to Reserve                                                                    236,828      (236,828)             0

Shares Issued - Financial Consultants
 Valued at $.60 per Share                20,310,000            203     12,185,797                                 12,186,000

Shares Returned and Cancelled -
Zeolite Shareholders (2)                (25,000,000)          (250)           250                                          0

Shares Returned and Cancelled -
Global Shareholders and
Investor Shareholders (2)               (55,000,000)          (550)           550                                          0

Paid In Capital Contributions                                              21,806                                     21,806
----------------------------------------------------------------------------------------------------------------------------

Balance - September 30, 2004             20,000,000            200     14,623,065       425,929   (11,302,935)     3,746,259
============================================================================================================================
</TABLE>

     (1)  All share and per share  amounts have been restated to reflect a 5 for
          1 forward split which was effective October 25, 2004.

     (2)  See  footnote 1 -  Recapitalization  and return  and  cancellation  of
          shares.




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

                                       F-5

<PAGE>
<TABLE>
<CAPTION>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE YEARS ENDING SEPTEMBER 30, 2004 AND 2003


                                                                               2004              2003
                                                                           -----------       -----------
<S>                                                                        <C>               <C>
Cash Flows from Operating Activities
Net Loss                                                               US$ (11,025,687)  US$    (142,917)
  Adjustments to Reconcile Net Loss to Net Cash
   from Operating Activities:
  Bad Debt Expense                                                             711,519         1,203,199
  Shares Issued for Financial Consulting                                    12,186,000                 0
  Loss from Sale/Disposal of Assets                                             58,061            49,732
  Amortization                                                                   6,880                 0
  Depreciation                                                                 369,268           228,408
  Changes in Assets and Liabilities:
  Accounts Receivable                                                       (3,618,630)       (1,877,818)
  Other Receivables                                                            315,802        (1,219,169)
  Inventory                                                                  2,400,933           851,006
  Prepayments                                                                  368,732           613,607
  Deferred Expenses                                                           (106,868)          (12,141)
  Deferred Assets                                                               14,964           (65,394)
  Accounts and Other Payables                                               (2,563,032)       (1,089,102)
  Advances from Customers                                                      (78,668)          352,178
  Accrued Expenses                                                               8,119            (4,023)
  Deferred Grant                                                               458,696                 0
                                                                           -----------       -----------
       Net Cash Flows from Operating Activities                               (493,911)       (1,112,434)

Cash Flows from Investing Activities
  Acquisition of Property and Equipment                                     (2,418,434)         (746,358)
  Cash Proceeds from Sales of Assets                                            18,720             5,580
  Cash Purchase of Short Term Investment                                        (3,019)           (9,058)
  Increase in Loans Receivable                                                (642,733)         (785,024)
  Investment in Intangible Assets                                              (11,411)             (531)
                                                                           -----------       -----------
       Net Cash Flows from Investing Activities                             (3,056,877)       (1,535,391)

Cash Flows from Financing Activities
  Proceeds from Borrowings                                                   9,651,675         5,495,169
  Repayment of Borrowings                                                   (7,537,244)       (2,074,797)
                                                                           -----------       -----------
         Net Cash flows from Financing Activities                            2,114,431         3,420,372

Net Increase (Decrease) in Cash                                             (1,436,357)          772,547

Cash - Beginning of Year                                                     1,761,902           989,355

                                                                           -----------       -----------
Cash - End of Year                                                     US$     325,545   US$   1,761,902
                                                                           ===========       ===========


Supplemental Cash Flow Disclosures:
                                                                           -----------       -----------
  Interest Paid                                                               (328,166)         (144,247)
                                                                           ===========       ===========

Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Contribution of Equipment by Bankrupt Company                                   25,625                 0
                                                                           ===========       ===========
</TABLE>

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

                                       F-6

<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


1.   ORGANIZATION AND PRINCIPAL ACTIVITIES

On August 12, 2004,  Zeolite Mining  Corporation  (Zeolite) entered into a Stock
Exchange Agreement and Plan of Reorganization with their principal shareholders,
Alan Brandys and Douglas Hopper; Global National Communications  Corporation,  a
British Virgin Island  corporation  ("Global");  and, all of the shareholders of
Global  ("Global  Shareholders")  wherein  Zeolite agreed to issue to the Global
Shareholders 49,000,000 restricted shares of common stock in exchange for all of
the issued and outstanding shares of Global owned by the Global Shareholders.

Further,  Zeolite issued for financial  consulting services 7,250,000 restricted
shares of common stock to Yarek Bartosz;  6,500,000  restricted shares of common
stock to Lucky Ocean Group Ltd.;  5,000,000 shares of common stock to Maple Leaf
Enterprises;  and  1,560,000  restricted  shares of common  stock to  Wilfred Yu
(collectively that "Investor Shareholders").  The shares were valued at $.60 per
share and a charge of $12,186,000 for financial consulting services is reflected
in the  accompanying  statement of operations  for the year ended  September 30,
2004. 2,500,000 of the shares issued to the Investor Shareholders were placed in
escrow to be released to the Investor  Shareholders if the Company,  through the
efforts of the  Investor  Shareholders,  obtained  a  commitment  for  qualified
financing within 60 days of Closing. Qualified financing means a cash investment
of at least $2,000,000 in consideration of common stock or preferred stock to be
issued  with a  minimum  price per share of $.20.  In the  event  that  Investor
Shareholders did not obtain a commitment for at least $2,000,000  within 60 days
of Closing,  then Global  Shareholders  were  entitled to acquire the  2,500,000
escrowed shares in consideration of $.20 per share.

Prior to the plan of  reorganization  Zeolite  had  30,690,000  shares of common
stock outstanding.  In conjunction with the share exchange transaction,  Messrs.
Brandys and Hopper returned  25,000,000  shares of common stock owned by them to
the company treasury and the shares were cancelled.

On November 12, 2004, in connection  with the plan of  reorganization  effective
September  30,  2004,  the Global  Shareholders  and the  Investor  Shareholders
returned  36,140,000 shares and 18,860,000 shares of common stock owned by them,
respectively,  to the Company.  The  55,000,000  shares that were  returned were
cancelled.  After these transactions were completed there were 20,000,000 shares
of common stock  outstanding.  All share and per share amounts  presented herein
have been  adjusted  retroactively  to reflect a 5 for 1 forward  stock split on
October 25, 2004 and the November 12, 2004 return and  cancellation of shares by
the Global Shareholders and the Investor Shareholders.

At Closing Mr. Brandys was replaced as president,  principal  executive officer,
treasurer,  principal  accounting  officer,  and principal financial officer and
Wang Hanquing was appointed  president and chief executive officer and Wu Wenbin
was  appointed  treasurer  and chief  financial  officer.  Also,  Mr. Hopper was
replaced by Pen Xiaoyan as secretary.

Global National Communications Corp. was organized under the laws of the British
Virgin Islands.  Global's wholly owned subsidiary is Shenzhen Guonuo  Industrial
Company Ltd.,  ("SGIC") a Peoples Republic of China ("PRC") Company.  Located in
Shezhen  Hi-Tech Park, PRC, SGIC was  incorporated in Guangdong  province of the
PRC on May 26, 1998. The Company has an approved  operating period until July 9,
2014.

SGIC is a manufacturer of telecommunications  devices, digital television parts,
MP3 recorders and accessories. Their major market is in the PRC.

The acquisition of Global BVI by Zeolite was accounted for as a recapitalization
of Global BVI,  pursuant to which the  accounting  basis of Global BVI continued
unchanged subsequent to the effective date of the transaction.  Accordingly, the
pre-transaction   consolidated  financial  statements  of  Global  BVI  are  the
historical  financial  statements  of  Zeolite,  with the  shareholders'  equity
section of the balance sheet of Global BVI  reconfigured  to reflect the capital
structure of Zeolite.



                                      F-7
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003

2.   SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

A.   PRINCIPALS OF CONSOLIDATION
--------------------------------

The Company  prepares its financial  statements in  accordance  with  accounting
principles  generally  accepted in the United States of America and includes its
wholly  owned  subsidiary   Shenzhen  Guonuo   Industrial   Company,   Ltd.  All
Intercompany transactions have been eliminated in consolidation.

B.   CASH AND CASH EQUIVALENTS
------------------------------

The Company  considers  cash and cash  equivalents  to include  cash on hand and
demand deposits with banks with an original maturity of three months or less.

C.   TRADE RECEIVABLE
---------------------

In order to  determine  the  value of the  Company's  accounts  receivable,  the
Company  records a provision  for doubtful  accounts to cover  estimated  credit
losses.  Management  reviews and adjusts this  allowance  periodically  based on
historical  experience and its evaluation of the  collectibility  of outstanding
accounts  receivable.  The Company  evaluates  the credit risk of its  customers
utilizing historical data and estimates of future performance.

D.   INVENTORIES
----------------

Inventories  are stated at the lower of cost or net  realizable  value.  Cost is
calculated on the  weighted-average  basis and includes all costs to acquire and
other costs incurred in bringing the  inventories to their present  location and
condition.  The Company evaluates the net realizable value of its inventories on
a  regular  basis and  records  a  provision  for loss to  reduce  the  computed
weighted-average cost if it exceeds the net realizable value.

E.   PROPERTY, PLANT AND EQUIPMENT
----------------------------------

Property,  plant and  equipment  are  carried at cost.  The cost of repairs  and
maintenance is expensed as incurred;  major  replacements  and  improvements are
capitalized.

When assets are retired or disposed  of, the cost and  accumulated  depreciation
are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition.

Depreciation  is calculated on a straight-line  basis over the estimated  useful
life of the assets. The estimated useful lives are:

            Land Use Rights                          50 Years
            Buildings                                20 Years
            Machinery                                5 - 10 Years
            Motor vehicles                           5 Years
            Office equipment and other               3 - 5 Years

F.   FAIR VALUE OF FINANCIAL INSTRUMENTS
----------------------------------------

The  carrying  value  of  financial  instruments  including  cash,  receivables,
accounts payable and accrued expenses and debt, approximates their fair value at
September  30, 2004 and 2003 due to the  relatively  short-term  nature of these
instruments.

G.   INTANGIBLES
----------------

Intangibles  are carried at cost and are amortized on the  straight-line  method
over the life assigned to the  intangible.  The design fees are still in process
at September 30, 2004.  The  trademark  will be amortized  beginning  October 1,
2004.


                                      F-8
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


H.   INCOME TAXES
-----------------

Taxes are calculated in accordance with taxation principles  currently effective
in the PRC. The Company  accounts for income taxes using the  liability  method.
Deferred  tax  assets  and   liabilities  are  recognized  for  the  future  tax
consequences   attributable  to  differences  between  the  financial  statement
carrying  amounts of existing assets and  liabilities  and their  respective tax
bases.  Deferred tax assets and liabilities are measured using enacted tax rates
expected  to apply to  taxable  income  in the  years in which  those  temporary
differences are expected to be recovered or settled.  The effect on deferred tax
assets and  liabilities  of a change in tax rates is recognized in income in the
period that includes the enactment  date. A valuation  allowance is provided for
the amount of deferred tax assets that,  based on  available  evidence,  are not
expected to be realized.

I.    GOVERNMENT SUBSIDIES
--------------------------

Subsidies  from the government are recognized at their fair values when received
or there is reasonable  assurance  that they will be received,  and all attached
conditions are complied with.

J.    RELATED PARTIES
---------------------

Parties are  considered to be related if one party has the ability,  directly or
indirectly,  to control the other party or exercise  significant  influence over
the other party in making financial and operational decisions.  Parties are also
considered  to be  related  if they are  subject  to  common  control  or common
significant influence. Related parties may be individuals or corporate entities.

K.   FOREIGN CURRENCY TRANSLATION
---------------------------------

The Company maintains its books and accounting records in Renminbi ("RMB"),  the
PRC's currency,  being the functional currency.  Translation of amounts from RMB
in United  States  dollars  ("US$") has been made at the exchange rate of 1 U.S.
Dollar to 8.28 RMB for the respective years ended September 30, 2004 and 2003:

Foreign  currency  transactions in RMB are reflected using the temporal  method.
Under  this  method,  all  monetary  items are  translated  into the  functional
currency  at the rate of  exchange  prevailing  rate  the  balance  sheet  date.
Non-monetary  transactions  are  translated  at  historical  rates.  Income  and
expenses  are  translated  at the  rate  in  effect  on the  transaction  dates.
Transaction  gains and losses,  if any, are included in the determination of net
income for the period.



                                      F-9
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


In  translating  the  financial  statements  of the Company from its  functional
currency into its reporting  currency in United  States  dollars,  balance sheet
accounts are translated using the closing exchange rate in effect at the balance
sheet date and income and  expense  accounts  are  translated  using the average
exchange rate prevailing during the reporting period. Adjustments resulting from
the translation,  if any are included in cumulative other  comprehensive  income
(loss) in stockholder's equity.

The RMB is not readily  convertible  into United States dollars or other foreign
currencies.  The foreign  exchange rate between the United States dollar the RMB
has been stable at  approximately  1RMB to US$.1205  for the last few years.  No
representation  is made  that the RMB  amounts  could  have  been or  could  be,
converted  into United States  dollars or any other currency at that rate or any
other rate.

L.   USE OF ESTIMATES
---------------------

The preparation of financial  statements in conformity  with generally  accepted
accounting  principles  in the United States of America  requires  management to
make estimates and  assumptions  that affect the reported  amounts of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements,  and the  reported  amounts of revenue and  expenses
during the reporting  period.  Actual  results when  ultimately  realized  could
differ from those estimates.


M.   REVENUE RECOGNITION
------------------------

The  Company  recognizes  revenue  when the  significant  risks and  rewards  of
ownership have been transferred to the customer  pursuant to PRC law,  including
factors such as when persuasive evidence of an arrangement exists,  delivery has
occurred,  the sales price is fixed or  determinable,  sales and value added tax
laws have been  complied  with,  and  collectibility  is  probable.  The Company
recognizes  product  sales  generally  at  the  time  the  product  is  shipped.
Concurrent  with the  recognition of revenue,  the Company  reduces  revenue for
estimated  product returns.  Revenue is presented net of any sales tax and value
added tax.

N.   EMPLOYEES' BENEFITS
------------------------

Mandatory contributions are made to the Government's health,  retirement benefit
and  unemployment  schemes at the  statutory  rates in force  during the period,
based on gross  salary  payments.  The cost of these  payments is charged to the
statement of income in the same period as the related salary cost.




                                      F-10
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


O.   CONCENTRATION OF CREDIT RISK
---------------------------------

Financial  instruments  that  potentially  subject  the  Company to  significant
concentrations  of credit risk consist  primarily of trade accounts  receivable.
The Company  performs  ongoing credit  evaluations with respect to the financial
condition  of its  creditors,  but  does  not  require  collateral.  In order to
determine the value of the Company's accounts receivable,  the Company records a
provision for doubtful  accounts to cover  probable  credit  losses.  Management
reviews and adjusts this allowance  periodically based on historical  experience
and its evaluation of the collectibility of outstanding accounts receivable.

P.   WARRANTIES
---------------

The Company  recognizes  the cost of product  warranties  at the time expense is
incurred.  Warranty costs are included in cost of sales. The Company's  warranty
obligation is affected by product  failure rates and material  usage and service
delivery costs incurred in correcting a product  failure.  Should actual product
failure  rates,  material  usage  or  service  delivery  costs  differ  from the
Company's estimates, the Company may be required to revise its estimated product
warranty  liability.  At this  time,  the  Company  has not  accrued a  warranty
obligation, since warranty costs to date have not been material.

Q.   RECENT PRONOUNCEMENTS
--------------------------

In  April  2002,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial Accounting Standards ("SFAS") No.145,  Rescission of FASB
Statements No. 4, 44, and 64,  Amendment of FASB Statement No. 13, and Technical
Corrections.  SFAS 145  rescinds  the  provisions  of SFAS  No. 4 that  requires
companies  to classify  certain  gains and losses from debt  extinguishments  as
extraordinary  items,  eliminates  the  provisions  of  SFAS  No.  44  regarding
transition  to the Motor  Carrier Act of 1980 and amends the  provisions of SFAS
No. 13 to require that certain lease  modifications be treated as sale leaseback
transactions.  The  provisions  of SFAS 145  related to  classification  of debt
extinguishments  are  effective for fiscal years  beginning  after May 15, 2002.
Earlier application is encouraged.

In July 2002,  the FASB  issued  SFAS No.  146,  "Accounting  for  Restructuring
Costs." SFAS 146 applies to costs  associated  with an exit activity  (including
restructuring)  or with a disposal of long-lived  assets.  Those  activities can
include  eliminating  or  reducing  product  lines,  terminating  employees  and
contracts and  relocating  plant  facilities  or personnel.  Under SFAS 146, the
Company will record a liability for a cost  associated  with an exit or disposal
activity when that liability is incurred and can be measured at fair value. SFAS
146 will require the Company to disclose information about its exit and disposal
activities,  the related  costs,  and changes in those costs in the notes to the
interim and annual financial statements that include the period in which an exit
activity  is  initiated  and in any  subsequent  period  until the  activity  is
completed.  SFAS 146 is effective  prospectively for exit or disposal activities



                                      F-11
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


initiated after December 31, 2002, with earlier adoption encouraged.  Under SFAS
146, a company cannot restate its previously issued financial statements and the
new statement  grandfathers  the accounting for  liabilities  that a company had
previously recorded under Emerging Issues Task Force Issue 94-3.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation-Transition and Disclosure - an amendment of SFAS Statement No. 123,
"Accounting for Stock Based Compensation" which provides alternative methods for
accounting  for a change by  registrants  to the fair value method of accounting
for  stock-based  compensation.  Additionally,  SFAS 148 amends  the  disclosure
requirements  of SFAS 123 to require  disclosure in the  significant  accounting
policy footnote of both annual and interim financial statements of the method of
accounting for stock  based-compensation  and the related pro forma  disclosures
when the intrinsic value method continues to be used. The statement is effective
for fiscal  years  beginning  after  December  15,  2002,  and  disclosures  are
effective for the first fiscal quarter beginning after December 15, 2002.

In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative  Instruments  and  Hedging  Activities".  SFAS  No.  149  amends  and
clarifies  financial  accounting  and  reporting  for  derivative   instruments,
including   certain   derivative   instruments   embedded  in  other   contracts
(collectively  referred to as derivatives) and for hedging activities under SFAS
No. 133, "Accounting for Derivative Instruments and Hedging Activities".

The  changes in SFAS No. 149  improve  financial  reporting  by  requiring  that
contracts  with  comparable  characteristics  be accounted for  similarly.  This
statement is effective  for  contracts  entered into or modified  after June 30,
2003 and all of its provisions should be applied prospectively.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  For Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
changes the accounting for certain financial instruments with characteristics of
both liabilities and equity that, under previous  pronouncements,  issuers could
account for as equity.  The new  accounting  guidance  contained in SFAS No. 150
requires that those  instruments  be classified  as  liabilities  in the balance
sheet.

SFAS No. 150 affects the  issuer's  accounting  for three types of  freestanding
financial  instruments.  One type is  mandatory  redeemable  shares,  which  the
issuing company is obligated to buy back in exchange for cash or other assets. A
second type includes put options and forward purchase contracts,  which involves
instruments  that do or may require the issuer to buy back some of its shares in
exchange  for cash or other  assets.  The  third  type of  instruments  that are
liabilities under this SFAS is obligations that can be settled with shares,  the
monetary  value of which is fixed,  tied solely or  predominantly  to a variable
such as a market  index,  or varies  inversely  with the  value of the  issuers'
shares.  SFAS No.  150  does  not  apply to  features  embedded  in a  financial
instrument that is not a derivative in its entirety.



                                      F-12

<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


Most of the  provisions  of  Statement  150 are  consistent  with  the  existing
definition  of  liabilities  in FASB  Concepts  Statement  No. 6,  "Elements  of
Financial Statements". The remaining provisions of this SFAS are consistent with
the FASB's proposal to revise that definition to encompass  certain  obligations
that a reporting entity can or must settle by issuing its own shares.  This SFAS
shall be effective for financial  instruments entered into or modified after May
31, 2003 and otherwise  shall be effective at the beginning of the first interim
period beginning after June 15, 2003, except for mandatory  redeemable financial
instruments of a non-public entity, as to which the effective date is for fiscal
periods beginning after December 15, 2004.

In January 2003, and as revised in December 2003, the FASB issued Interpretation
No. 46, "Consolidation of Variable Interest Entities"  "Interpretation No. 46"),
an interpretation of Accounting Research Bulletin ("ARB") No. 51", "Consolidated
Financial Statements". Interpretation No. 46 addresses consolidation by business
enterprises  of  variable  interest  entities,  which  have  one or  both of the
following  characteristics:  (i) the equity investment at risk is not sufficient
to permit the entity to finance its activities without  additional  subordinated
support from other parties, which is provided through another interest that will
absorb  some or all of the  expected  losses  of the  entity;  (ii)  the  equity
investors  lack  one or more of the  following  essential  characteristics  of a
controlling financial interest: the direct or indirect ability to make decisions
about the entity's  activities  through voting rights or similar rights;  or the
obligation  to absorb the  expected  losses of the entity if they  occur,  which
makes it possible for the entity to finance its activities; the right to receive
the  expected  residual  returns  of the  entity  if they  occur,  which  is the
compensation for the risk of absorbing the expected losses.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and Disclosure  Requirements for Guarantees,  Including  Indirect  Guarantees of
Indebtedness of Others" ("FIN 45"). FIN 45 elaborates on the existing disclosure
requirements  for most  guarantees,  including loan  guarantees  such as standby
letters  of  credit.  It also  clarifies  that at the  time a  company  issues a
guarantee,  the Company must  recognize an initial  liability of the fair market
value of the  obligations it assumes under that guarantee and must disclose that
information  in  its  interim  and  annual  financial  statements.  The  initial
recognition and measurement provisions of FIN 45 apply on a prospective basis to
guarantees issued or modified after December 31, 2002.

Interpretation  No. 46, as revised,  also requires  expanded  disclosures by the
primary  beneficiary  (as  defined)  of a  variable  interest  entity  and by an
enterprise  that holds a significant  variable  interest in a variable  interest
entity but is not the primary beneficiary.



                                      F-13

<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


Interpretation  No. 46, as revised,  applies to small business  issuers no later
than the end of the first  reporting  period that ends after  December 15, 2004.
This effective date includes those entities to which  Interpretation  No. 46 had
previously  been  applied.   However,  prior  to  the  required  application  of
Interpretation  No. 46, a public  entity that is a small  business  issuer shall
apply  Interpretation  No.  46 to  those  entities  that  are  considered  to be
special-purpose  entities  no later  than as of the end of the  first  reporting
period that ends after December 15, 2003.

Interpretation  No. 46 may be  applied  prospectively  with a  cumulative-effect
adjustment  as of  the  date  on  which  it is  first  applied  or by  restating
previously   issued   financial   statements  for  one  or  more  years  with  a
cumulative-effect adjustment as of the beginning of the first year restated.

Management does not expect these recent pronouncements to have a material impact
on the Company's financial position or results of operations.

3.   ACCOUNTS RECEIVABLE

The Company's accounts  receivable at September 30, 2004 and 2003 are summarized
as follows:

                                                            2004         2003
                                                         ----------   ----------
Accounts receivable                                      $8,113,508   $4,494,878
Less: Allowance for doubtful accounts                     1,376,752      780,493
                                                         -----------------------
                                                         $6,736,756   $3,714,385
                                                         =======================

The change in the allowance for doubtful accounts at September 30, 2004 and 2003
are summarized as follows:

                                                            2004         2003
                                                         ----------   ----------
Balance -Beginning of Year                               $  780,493   $     --
Add:  Current Year Provision                                596,259      780,493
Less:  Accounts written off                                    --           --

                                                         -----------------------
Balance - End of Year                                    $1,376,752   $  780,493
                                                         =======================

4.   OTHER RECEIVABLES

The Company's other receivables at September 30, 2004 and 2003 are summarized as
follows:

                                                            2004         2003
                                                         ----------   ----------
Other receivables                                        $2,343,686   $2,659,488
Less: Allowance for doubtful accounts                       550,043      434,783
                                                         -----------------------

                                                         $1,793,643   $2,224,705
                                                         =======================



                                      F-14
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003



The change in the allowance for doubtful accounts at September 30, 2004 and 2003
are summarized as follows:

                                                            2004         2003
                                                         ----------   ----------
Balance -Beginning of Year                               $  434,783   $   12,078
Add: Current year Provision                                 115,260      422,705
Less: Accounts written off                                     --           --
                                                         -----------------------
Balance - End of Year                                    $  550,043   $  434,783
                                                         =======================

5.   PROPERTY, PLANT AND EQUIPMENT

                                                            2004         2003
                                                         ----------   ----------

Cost :
Land use rights                                          $  458,696   $     --
Buildings                                                   310,626      310,626
Machinery                                                 3,573,516    1,912,636
Motor vehicles                                              142,184       74,389
Office equipment and other                                  103,626       41,624
                                                         -----------------------
                                                          4,588,648    2,339,275

Less Accumulated depreciation and Amortization:
Land use rights                                               6,880         --
Buildings                                                    39,605       24,462
Machinery                                                   748,562      548,968
Motor vehicles                                               47,365       27,627
Office equipment and other                                   38,047       21,157
                                                         -----------------------
                                                            880,459      622,214

                                                         -----------------------
Property, plant and equipment, net                       $3,708,189   $1,717,061
                                                         =======================


Depreciation expense relating to property,  plant and equipment was $369,268 and
$228,408 for the years ended September 30, 2004 and 2003, respectively.

Amortization expense for the years ended September 30, 2004 and 2003 was $6,880
and $-0-, respectively. Estimated amortization expense for each of the five
years succeeding September 30, 2004 is $9,174.

6.   INVENTORIES

                                                            2004         2003
                                                         ----------   ----------

Raw materials                                            $1,568,420   $3,607,003
Finished goods                                            1,099,933    1,464,886
Low value items                                              26,101       23,498
                                                         -----------------------

Total Inventories                                        $2,694,454   $5,095,387
                                                         =======================


                                      F-15
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


7.   INTANGIBLES

Intangibles at September 30, 2004 and 2003 are summarized as follows:

                                                            2004         2003
                                                         ----------   ----------

Cost :
Trademark                                                $      804   $      531
Design fees                                                  11,138         --
                                                         -----------------------
                                                         $   11,942   $      531
Less Accumulated Amortization:
Trademark                                                      --           --
Design fees                                                    --           --
                                                         -----------------------

Intangibles, Net                                         $   11,942   $      531
                                                         =======================

Amortization expense for each of the years ended September 30, 2004 and 2003 was
$-0-.

8.   BANK LOANS

The  Company  has several  bank loans  totaling  $7,393,221  and  $3,683,575  at
September 30, 2004 and 2003,  respectively.  Per the loan contracts, all are due
on demand, with fixed interest rates accruing between 4.779% and 6.903% for each
of the years ended September 30, 2004 and 2003.  Loans are guaranteed by various
companies  and a shareholder  of SGIC.  One loan is also  collateralized  by the
Company's bank deposit account.

9.   INCOME TAXES

The Company,  registered  in the PRC, is subject to state and local income taxes
within the PRC at the  applicable  tax rate on the taxable income as reported in
their PRC statutory financial  statements in accordance with the relevant income
tax laws.  SGIC was  subject  to a tax rate of 7.5%  during  2004 and 2003.  The
Company  is  entitled  to a tax  concession  of half the tax rate for  Corporate
income tax.  SGIC is also  subject to a PRC value added tax of 17% for the years
ended September 30, 2004 and 2003.

The  reconciliation  of the  effective  income  tax rate of the  Company  to the
statutory  income tax rate in the PRC for the years ended September 30, 2004 and
2003 is as follows:

                Statutory tax rate                        15.0%
                Tax holidays and concessions              (7.5%)
                                                     ----------
                Effective tax rate                         7.5%
                                                     ==========

                                      F-16

<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


The provisions  for income taxes for each of the years ended  September 30, 2004
and 2003 are summarized as follows:

                                                            2004         2003
                                                         ----------   ----------

Current                                                  $  151,770   $   93,915
                                                         =======================

Had this tax holiday not been available, income tax expense would have increased
by approximately US$151,700 for the year ended September 30, 2004, and US$86,600
for the year ended  September  30, 2003,  respectively.  The effect of recording
this  increase  in tax  expense  would have  resulted  in net  income  (loss) of
approximately$1,008,600  and $(229,500)  for the years ended  September 30, 2004
and 2003, respectively.  The stock issued for financial consulting of 12,186,000
is not currently available for tax purposes in the PRC or in the United States.

10.  RESERVES

Reserves consist of the statutory  surplus reserve fund. 15% of current year net
income is provided into the reserve as mandated under law of PRC.

11.  RELATED PARTY TRANSACTIONS

The Company sold and received  goods from a related  company,  Shenzhen  Guoyuan
Electronics Ltd. Sales amounted to $411,932 and $0 while purchases were $100,133
and $0 for the years ended September 30, 2004 and 2003,  respectively.  Included
in  other  receivable  was  $60,944  and $0 at  September  30,  2004  and  2003,
respectively.  Accounts  payable to the  related  company  was $91,892 and $0 at
September 30, 2004 and 2003, respectively.

The Company sold and received goods from Hongkong  Guonuo Ltd., a related party.
Sales to this company  amounted to $58,848 and $0 for the years ended  September
30, 2004 and 2003, respectively. Included in accounts receivable was $58,848 and
$0  at  September  30,  2004  and  2003,   respectively.   SGIC  also  purchased
services/products  from this  company in the amount of  $192,744  and $0 for the
years  ended  September  30,  2004 and 2003,  respectively.  $43,016 and $0 were
included in accounts payable and $1,556 and $0 were included in other payable at
September 30, 2004 and 2003, respectively.

SGIC sold goods to  Shenzhen  Kingyo  Technology,  Co.  Ltd.,  a related  party,
amounting to $204,248 and  $221,698 for the years ended  September  30, 2004 and
2003,  respectively.  Other  receivable from the related company was $23,396 and
$7,981 at September 30, 2004 and 2003, respectively.




                                      F-17
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


Included in other  receivable  are amounts due from related  party Zigong Guonuo
Ltd. of $72,464 for each of the years ended September 30, 2004 and 2003.

SGIC also sold goods to Shenzhen  Guonuo  Communication  Equipment  Co., Ltd., a
related  party,  amounting to $537,508 and $0 for the years ended  September 30,
2004 and 2003, respectively.  Included in other receivable was $18,184 and $0 at
September 30, 2004 and 2003.

These  transactions  were  consummated  under  similar  terms as those  with the
Company's customers.

The  above  companies  are  incorporated  in the PRC,  and are  related  through
directors and/or legal representatives, to the principal shareholder of SGIC.

12. COMMITMENTS AND CONTINGENCIES

A.   Contingent Liabilities
---------------------------

At September 30, 2004 SGIC was guarantor and contingently liable for the
following:

                                                                         2004
                                                                     -----------
Shenzhen Jinli Communication Equipment
Co., Ltd                                                             $ 2,415,459
                                                                     ===========

The loan was  subsequently  repaid by the  primary  obligor  and the Company was
relieved  of its  obligation  under the  guaranty.  Accordingly,  no accrual for
potential  guaranty  obligations  was  recorded  in the  accompanying  financial
statements.

B.   Legal Proceedings
----------------------

The  Company  is not  currently  a party  to any  threatened  or  pending  legal
proceedings.

C.   Commitments
----------------

The Company rents offices and a  manufacturing  plant.  The leases are for a two
and a three year term  ending  October and  November  2005,  respectively.  Rent
expense  for the  years  ended  September  30,  2004 and 2003 was  $163,223  and
$146,125, respectively.


                                      F-18
<PAGE>

            GLOBAL NATIONAL COMMUNICATIONS CORPORATION AND SUBSIDIARY
                      (FORMERLY ZEOLITE MINING CORPORATION)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2004 AND 2003


Future minimum rental payments as of September 30, 2004 are as follows:

                      2005                       2006                     Total
--------------------------------------------------------------------------------
                 $ 163,223                    $ 5,870                 $ 169,093
================================================================================

13.  CURRENT VULNERABILITY DUE TO CERTAIN CONCENTRATIONS

SGIC faces a number of risks and challenges since its operations are in the PRC.
The Company's  operations in the PRC are subject to special  considerations  and
significant  risks not typically  associated with companies in North America and
Western Europe.  The Company's  results may be adversely  affected by changes in
the political and social  conditions in the PRC, and by changes in  governmental
policies  with  respect  to laws and  regulations,  anti-inflationary  measures,
currency  conversion and remittance  abroad,  and rates and methods of taxation,
among other things.

14.  SUBSEQUENT EVENTS

In October 2004 Global National was acquired 100% by Zeolite Mining  Corporation
as US Corp. The Company then changed its name to Global National  Communications
Corporation as shown in the preceeding financial statements.

On December 1, 2004 the Company  entered into an agreement to acquire all of the
assets of  Richview  Digital  Technology  Co. Ltd.  The assets were  received in
exchange for shares previously held by the principal shareholder of the Company.








                                      F-19