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

                                   FORM 10-KSB

[xx] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 FOR THE FISCAL YEAR ENDED JUNE 30, 2000

[ ]  TRANSITION  REPORT  UNDER  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____ TO ____


                        Commission file Number: 000-27397

                               NEWSGURUS.COM, INC.
                    (FORMERLY ANNEX BUSINESS RESOURCES, INC.)
                 (Name of small business issuer in its charter)

                                     Nevada
         (State or other jurisdiction of incorporation or organization)

                                   98-0204280
                     (I.R.S. Employer Identification Number)

                               5774 Deadpine Drive
                            Kelowna, British Columbia
                                     V1P 1A3
                    (Address of principal executive offices)

                                  (250)765-6424
                           (Issuer's telephone number)

Securities registered under Section 12(b) of the Exchange Act:         None

Securities registered under Section 12(g) of the Exchange Act:         None

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. [ X ] Yes [ ] No

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of Issuer's  knowledge,  in definitive proxy or information  statements
incorporated  by reference  in Part III of this Form 10-KSB or any  amendment to
this Form 10-KSB. [ X ]

The Issuer's revenues for its fiscal year ended June 30, 2000 were $3,000.

<PAGE>

The  aggregate  market  value  of  the  voting  and  non-voting  stock  held  by
non-affiliates  of the registrant was $0.00 as the  Registrant's  shares are not
yet listed or quoted on an exchange.

On June 30, 2000, the number of shares  outstanding of the  registrant's  Common
Stock was 9,290,000.

Transitional Small Business Disclosure Format (Check one):  Yes __X__; No ____


                                     PART I
                                    BUSINESS

ITEM 1.  DESCRIPTION OF BUSINESS

We were incorporated under the provisions of the General  Corporation Act of the
State of Nevada on May 16, 1997 as Annex Business Resources, Inc. We changed our
name to  Newsgurus.com,  Inc.  on February 4, 2000.  We have not  undergone  any
bankruptcy,  receivership  or  similar  proceedings.  Until our  acquisition  of
Newsgurus.com,  we were a blank check company and had not conducted business. We
became a reporting company under the Securities Exchange Act of 1934 on November
20, 1999.

As directors of a blank check  company,  it was former  management's  mandate to
seek out a business merger or acquisition.  Our former  directors,  Mr. Devinder
Randhawa and Mr. Ron Schlitt  approached the  principals of Gurus  International
Corp., a private  Nevada  company,  to  investigate  the potential for a merger.
After reviewing the business plan for Gurus International Corp. and interviewing
Mr. Chris Bunka and Mr. Sudhir Khanna,  our management  decided to acquire Gurus
International  Corp.  Mr. Bunka and Mr. Khanna were  appointed  directors of our
company on November  20, 1999.  Both Mr.  Khanna and Mr.  Bunka  abstained  from
voting  on  the   resolution   by  our  board  of  directors  to  acquire  Gurus
International  Corp. In consideration for selling us all of the issued shares of
Gurus  International  Corp., Mr. Bunka and Mr. Khanna received  3,500,000 of our
common shares. The primary assets we acquired are the URL  www.newsgurus.com and
the Newsgurus business plan. We acquired no liabilities.

The acquisition of Gurus  International  Corp.  fulfilled our mandate as a blank
check  company and will  eventually  give Mr. Bunka and Mr. Khanna access to the
public  markets to finance the  development  of the Newsgurus  business plan. No
independent  fairness opinion was obtained in connection with the acquisition of
Gurus  International  Corp. The  negotiations  were conducted on an arm's length
basis and resulted in the previous owners of Gurus International Corp. acquiring
approximately 33.3% of our issued share capital.

Our Principal Products, Services and Markets

NewsGurus.com  is a source of customized  information  and opinion  delivered by
experts in their fields.  The  NewsGurus.com  website will feature  continuously
updated,   user-customized   and  exclusive   content  from  writers,   authors,
celebrities, and analysts. Members will have extensive opportunities to purchase
goods and services as future website modules are completed, including the health
and wellness store that will offer over 14,000  products from over 150 different


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<PAGE>


manufacturers.  In the future, we intend to offer additional  content,  products
and services as we implement additional modules under our lifestyles section.

NewsGurus   is  an   internet-based   consumer   network   that   includes   the
customer-focused interactive website www.NewsGurus.com. The network will provide
users with trusted content in the areas of money, health, and lifestyles.  Tools
and  services  to empower  users to manage  their  every-day  needs will also be
provided through  partnerships that enhance our brand.  Network  affiliates will
include other Internet  portals,  on-line  e-commerce  sites,  service  oriented
websites  and  traditional   sources  of  news.  Our  agreement  with  HealthNet
International Inc. is the first of these affiliate agreements.

Money,  health,  and entertainment  decisions are made by individuals on a daily
basis.  NewsGurus.com  has  evolved  from the need to  build a  community  where
members  can  express  their  changing  information  needs and have these  needs
addressed by  recognized  experts.  NewsGurus  will empower and educate  through
interactive,  thought  provoking,  timely content.  Rich content will provide an
effective link between customers from various broadcast mediums and e-commerce.

With experts as contributors, we anticipate that NewsGurus.com will be a leading
source of customized,  concise, objective analysis of important events affecting
everyday lives. Independent writers, authors,  celebrities, and analysts will be
recruited to become active  contributors and shareholders,  and to interact with
members.   The  NewsGurus.com   website  will  feature   continuously   updated,
user-customized and exclusive content from these content providers.

NewsGurus.com  intends  to  become  a  leading  provider  of  exclusive  content
available  over the  Internet by  capitalizing  on the  celebrity  status of its
writers. According to International Data Corp, at the end of 1998 there were 142
million  Internet  users  around  the  world.  By June 2000  there were over 170
million Internet users in Canada and the USA.  International  Data Corp. further
projects that, in 2002,  there will be 260 million people shopping for goods and
services over the Internet and they will spend US $1.3 trillion. Demand for high
quality content will remain strong. "Americans will spend $663.3 U.S. billion on
media by 2003 - making this sixth  largest  industry in the United States larger
than the food industry." (Veronis, Suhler & Associates)

NewsGurus.com  plans to provide  experts  in  several  fields who are well known
through prior business success in other media including the newsletter industry,
book  publishing  and other print,  audio and video media.  The public,  already
familiar  with  these  established  writers  in  traditional  media,  should  be
comfortable interacting with such writers and journalists on the Internet.

A unique aspect of NewsGurus.com is that many contributing  writers will have an
equity  position in our  company.  Traditional  media  journalists  are not well
compensated.  Through  equity  ownership,  NewsGurus.com  expects to entice many
well-known writers to produce exclusive content.

Not every  writer is  required to provide  exclusive  content.  The  strategy of
exclusive content ensures that  NewsGurus.com  will always remain a unique site.
Writers are encouraged to provide

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<PAGE>


reprints of their existing  publications  at the NewsGurus site, and to charge a
pay-per-view  fee to members to access such  content.  This helps  preserve  the
subscription  value  of  publications  to  subscribers  who are not  members  of
NewsGurus.

The  quantity of  reprinted  content at  NewsGurus  is not expected to equal the
quantity  of new  content.  Currently,  of our  database  of over  900  archived
articles, 93% are free articles; less than 1% are pay-per-view newsletters;  and
6% are  stock-specific  pay-per-view  articles.  As the  health,  wellness,  and
lifestyle  modules  begin  contributing  content  to  the  site,  the  ratio  of
restricted content is not expected to increase.

New content  provided to  NewsGurus  will include  commentary  on all sectors in
which NewsGurus is or will be active including investing and finance; health and
wellness; and lifestyles.

Unlike other Internet sites that serve as de-facto  archival sites of previously
published  work,  NewsGurus.com  will not  function  as a  repository  for stale
content.  These other Internet sites are good examples of how not to function on
the Internet.  Writers post their  earlier-printed  material to Internet  users,
offering little new value.

Successful  Internet media companies are those that provide  content  especially
crafted for the Internet audience, and where applicable,  designed to complement
e-commerce.  Internet  users need to be given reasons to return  frequently to a
content site. NewsGurus.com intends to publish new content on a continual basis.
Although  NewsGurus.com will accept previously published material as an archival
service to its subscribers,  it is new and exclusive  material that will attract
readers to NewsGurus.com.

Writers  providing  content  in  the  your  money  segment  will  be  successful
investment  newsletter editors and business journalists from well-known business
and financial newspapers.  Authors of best-selling books will also be invited to
contribute  regular articles.  Corporate  executives will offer valuable insight
into their industries.  Staff journalists employed by NewsGurus.com will provide
members with financial market update  information  every 30 or 60 minutes during
regular business hours.

Distribution Methods of our Products and Services and Website Development.

The goal of our website  interface is to enable  NewsGurus  to  cost-effectively
distribute useful information to a broad range of users. Achieving effectiveness
requires a strategy.  Part of our strategy is to provide  users with a rich menu
of products and services.

With  the  Internet,   there  are  no  more  captive  customers.  The  effective
organization  will be one that develops a structure  focused on the needs of its
customers. It is the challenge of our website developers to bring this structure
to life.

NewsGurus  is  establishing  a web  presence as quickly as  possible.  This will
assist us to attract partners,  members and content providers. It will also help
us build  revenue  streams.  The NewsGurus  Website is being  developed in three
stages, beta version, stage one, and stage two.

                                       4
<PAGE>

The beta site was  soft-launched  in May, 2000.  Users can become members for no
fee.  Notification of further site developments will be provided through e-mail.
NewsGurus has not yet widely  advertised or marketed the site although it is now
operational.

Our content is categorized,  searchable,  and database driven.  Our site has the
capability  to  advertise,  interact  with users,  and accept  credit  cards for
subscription-based  services,  pay-per-view  articles,  or other product  sales.
Credit card clearing is achieved through the Bank of America.  Our site is fully
operational  though it lacks the advanced features planned for the stage one and
stage two sites.  There are roughly 1,000  registered users at our beta site and
as many as 10,000 hits have been registered in one day. The final major addition
to the beta site will be the  health  and  wellness  content  and store  that is
expected to be launched  before the end of 2000.  Distribution  of the  products
offered for sale through the health store is achieved  through a 100,000  square
foot  computerized  fulfillment  center located in  Philadelphia,  operated by a
HealthNet International partner.  Additional fulfillment centers are planned for
Canada and the U.K.

A complete  stage one site could be launched  by the 1st  quarter of 2001.  This
would  increase  functionality  and  fully  implement  a  major  upgrade  to the
NewsGurus  website.  With the  upgrade,  the  NewsGurus  site will be capable of
withstanding increased traffic and e-commerce demands. It will implement a fully
designed  backend engine linking our databases  with back office  software.  The
capabilities  offered by these systems  should allow  NewsGurus  management  and
content  providers to access our website from any remote  location in the world.
These features are integral to the NewsGurus  business plan because they help to
control  overall  costs of operation  allowing  NewsGurus to remain  competitive
within its sector.  The  successful  construction  and  implementation  of these
systems will allow  NewsGurus  to become a company that has a minimum  number of
employees and the lowest possible  operating costs. Stage one features will also
add video and audio  capabilities  to the site,  allowing  content  providers  a
greater dimension in producing their content.  This will also allow users of the
site the ability to receive information in the media of their choice. One of the
final  modules  expected  to be  implemented  in stage  one  design  will be the
addition of the lifestyles  segment of NewsGurus,  offering expanded content and
e-commerce opportunities.

Stage two will likely not be launched before the 3rd quarter of 2001. It will be
the final version of  development  that fully  executes the  NewsGurus  business
plan. Stage two uses the basic content modules built in the beta website and the
powerful  back-office  and data  management  systems built in stage one to offer
complete user personalization. Personalization will allow our users to order and
use only  that  content  that is of  particular  importance  to them.  NewsGurus
members  will be able to build  individual  user  profiles  that will  allow our
systems to construct  personal  on-line and even traditional hard copy magazines
with content relevant to their needs.  Advertising will be targeted specifically
at the  requested  content.  A key  component  of stage two  design  will be the
implementation  of  wireless  technology  allowing  users  remote  access to our
content and e-commerce opportunities.  Extensive interactive capabilities are an
integral  part  of  personalization,  and as  such  the  site  will  offer  many
opportunities for members to self-publish their comments and discussions, and to
interact with our content  providers.  The features and services provided by the
site will continue to grow with users' needs.

www.newsgurus.com will be an informative,  dynamic, and fun Website to visit and
use. Our guru-supplied content ensures that each visit will be informative.  The
site will be dynamic


                                       5
<PAGE>

because it will  encourage  interactivity.  Many sites do not recognize that the
Internet is a two-way medium.

Most of the content  available at our Website is free to all registered users in
return for their  provision  of nothing more than simple  personal  information.
While the no-cost  content is designed to draw people to the Website,  important
value-added  content is available to help the company generate  revenue.  As the
site develops through  subsequent  phases,  we will include written,  audio, and
video content.

The  no   charge   content   will   include   articles   in  all  of  the  major
NewsGurus-focused sectors: your money, your health, and your life. Staff writers
will provide  content on current  headlines and trends.  Corporate news releases
will be available as will articles produced by guest Gurus. All registered users
will also be able to access the categorized  NewsGurus archives,  containing the
full wealth of information previously posted at NewsGurus.

In the your  health  section the vast  majority  of content  will remain free of
charge as the  NewsGurus  revenue  model plans to leverage this content with the
sale of  products  from our  on-line  health  store that will offer over  14,000
products. NewsGurus will pursue other partnerships that could enable it to offer
additional products and content in the lifestyles category.

How Our Business Will Generate Revenue.

There will be several tiers of service available only to paying members.

For $9.95 per month,  users will have unlimited  access to otherwise  restricted
Website  content  provided to NewsGurus  from the your money content  providers.
They will also eventually  receive a print subscription to the NewsGurus monthly
magazine.

For $19.95 per month,  users will enjoy  benefits  beyond those  provided at the
$9.95 monthly  level.  Most of these  benefits  will not be available  until the
implementation  of stage one and stage two site  development is complete.  These
will include free e-mail  delivery of  previously  selected news stories as they
are posted on the  Website  and the  creation  and  delivery  of a  personalized
newsletter  or  magazine.  Users will also receive  special  offers from on-line
merchandisers  and discounts off the price of  merchandise at the NewsGurus site
as well as at any affiliate Website.

Members can also elect,  beginning  with the current  beta version  website,  to
simply  purchase guru points for use with any  pay-per-view  articles or for the
purchase of products.  With the guru point  system,  members are not prompted to
make a financial transaction every time they read an article. This would inhibit
e-commerce and severely impact  NewsGurus'  profitability due to the effect that
credit card transaction fees have on micro transactions of just $0.50, $1.00, or
$2.00.

The  guru  point  system  was  developed  to meet the  challenge  posed by these
concerns.  Guru  points are  purchased  less  frequently,  in  minimum  purchase
quantities of $20.00 (2000 points).  The financial  transaction is made with the
credit-card  clearing  company for $20.00.  The points are then stored in a data
bank accessible only by each individual  user. These points are used to purchase
individual  articles  or entire  pay-per-view  newsletters.  When the guru point
balance

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<PAGE>

reaches zero, another purchase of points is required.  Those members who
become regular users are expected to adopt a monthly  membership  plan that will
reward them with bonus points.

The NewsGurus e-commerce system and credit card verification system was designed
by and is operated by the Bank of America.

The subscription  and  pay-per-view  revenue stream is expected to be one of the
smallest revenue streams at NewsGurus. The value in Internet content lies not in
its individual resale value, but in the value realized when it is leveraged.

NewsGurus will leverage its content to produce revenue in several ways.

First,  content will be amalgamated and offered in bulk for syndication to other
websites.  We are producing  original,  exclusive  content or otherwise  gaining
rights to individually  produced  content.  Part of the value of content lies in
its exclusivity.  NewsGurus will identify other websites wishing to purchase our
content in bulk rather than trying to produce their own.  Examples might include
on-line   financial   services   firms  or  financial   websites  that  wish  to
differentiate  themselves  from others in a competitive  market sector.  One way
they can do this is by offering content that is not widely available.  NewsGurus
will attempt to sell bulk content in each of the fields in which it operates, as
it builds the respective modules at its website.

Our second  revenue  stream will come from the  NewsGurus  health  store,  where
relevant  content  will  draw the  attention  of  members  who may then  enter a
transaction to buy vitamins or other health products.

Our third revenue  stream will come from  relationships  with on line vendors of
products.  NewsGurus will collect revenue from vendors for producing  customized
advertorial  features  designed  to  publicize  a brand or  product.  This might
include  products  such as apparel,  food  supplements  or  exercise  equipment.
NewsGurus will further leverage this content by establishing  relationships only
with those  online  vendors who offer a referral  fee to  NewsGurus  each time a
NewsGurus member completes a transaction with the partnered vendor.

In the course of facilitating e-commerce transactions and providing free content
to members,  NewsGurus will gradually build a large database of users. This will
be leveraged to provide  additional  revenue streams that are expected to become
the  largest  sources  of our  revenue  over time.  The best  example of this is
through direct  marketing and advertising.  Partnered  vendors who wish to reach
our members may provide  those members with  information  on their own products.
NewsGurus intends to become a marketing company that collects a fee from product
vendors who are reaching a targeted audience.

Another  specific  source of revenue  arising out of the your money section will
come from  companies who become  corporate  members of NewsGurus.  For an annual
fee,  these  companies  will  gain  unlimited  access to the  NewsGurus  content
database.  This  excludes  third party  newsletter  content  reserved for paying
subscribers.  Corporate  members will enjoy the  benefits of offering  NewsGurus
members easy access  through the URL to the corporate  information  available at
their website.

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<PAGE>

Another  form of  marketing  revenue  arises from the assembly of a large member
database  at  NewsGurus.  Any company  can engage  NewsGurus  to conduct a large
traditional  marketing  campaign where NewsGurus can provide access to specified
target markets.  NewsGurus will never sell access to its member lists. NewsGurus
will administer access to its lists and deliver corporate  messages on behalf of
paying corporate  customers.  This ensures that only those messages  screened by
NewsGurus  are  delivered to members and further  ensures that such messages are
appropriate for the users.  Eventually,  as the NewsGurus  magazine is launched,
NewsGurus will construct customized hardcopy magazines that are relevant to each
user demographic.  This allows our subscribers to receive only content they wish
to receive,  and further allows NewsGurus to achieve higher advertising  revenue
rates from those companies  participating in targeted delivery of their messages
to our user base.

We believe that our creation of a  media-centered  website complete with revenue
from e-commerce, referrals, marketing, advertising, and content syndication will
enable us to compete effectively within a growing market.

Competitive Business Conditions and Our Competitive Position in the Industry

On-line investing is one of the fastest growing segments of the Internet. Online
investment  activity  jumped by 69% in the first  quarter of 2000,  according to
U.S.  Bancorp Piper Jaffray.  "Online  brokers added 2.5 million new accounts in
the quarter, ending with 15.95 million, almost double the 8.49 million of a year
ago. Assets rose 23.5%, or US $211 billion,  to US $1.11  trillion".  (Financial
Post)

There are various  services  available  on the  Internet  that act  primarily as
content    directories.    An    example    is    newsletteraccess.com.    While
newsletteraccess.com  boasts over 5,000 newsletters available,  it provides very
little new content.  Almost all material  available at these sites is restricted
to paying customers. What is available for free view to all is limited in scope.

Sites such as  newsletteraccess.com  are not competitors as they are not content
providers.  They are more accurately  distributors  of existing  content usually
produced for print media.

Competitors  exist for each of the three main sectors of our focus,  your money,
your health and your life.

These competitors  include  TheStreet.com and  MarketWatch.com  when compared to
NewsGurus - your  money.  They  include  WebMD.com  and others when  compared to
NewsGurus  - your  health.  And,  they  include  Martha  Stewart  Omnimedia  and
Webzine.com when compared to NewsGurus - your life.

Each of these companies is far ahead of NewsGurus.com in terms of developing its
own  on-line  brand  and in  acquiring  readers  or  subscribers.  Each of these
companies is an Internet content provider.

"There are over 3.6 million websites around the world,  with more than 4,400 new
sites added every day. 2.2 million sites offer publicly available  content,  but
only 850,000 of these are  classified  as active sites.  Finally,  only a little
less than 8,000 or 0.2% of the universe of 3.6 million sites  received  paid-for
advertising   on  a  regular   basis  and   therefore   could  be  described  as


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<PAGE>

`ad-supported'".  (eMarketer,  2000;  OCLC Office of Research,  1999.) There are
obviously a limited number of active,  content-producing  websites that make use
of all available revenue streams.

There are four levels of competitors to NewsGurus.com.

The first are  non-public  company  focus sites.  These are smaller sites with a
tight focus on a micro-segment of a larger market. They generally have a limited
subscriber  base,  limited  financial  resources,  little original  material and
little  growth  opportunity  outside of their market  niche.  Unless backed by a
corporate parent or by venture  capitalists  these private  companies may not be
able to raise the funds  required  to  effectively  compete in the  marketplace.
These are the most common  types of site on the  Internet  but they are not true
competitors  to  NewsGurus.com.  Newsletteraccess.com  is one of many  examples.
There is little brand awareness.

The second  group are public  company  stock.com  sites.  These are the smallest
niche-focused  sites that enjoy the benefits of being  public.  A typical  focus
might be on  several  micro-segments  of the  financial  markets.  For  example,
resource,  technology, and internet stocks might be the focus of one site. These
sites  generally have a relatively  small but loyal user group and offer limited
original content. The public company has limited revenue streams. Stockscape.com
and Stockgroup.com are good examples. Stockscape.com had revenue of $1.2 million
in 1999.  Stockgroup.com  had revenue of $1.9 million in 1999  (Source:  Edgar).
These companies are beginning to build their brands.

Competitors in the stock.com category will affect only the your money section of
NewsGurus. They do not compete with the your health or your life sections.

It is  expected  that  private  companies  wanting to  duplicate  the  NewsGurus
business  model will face a  six-to-twelve  month  competitive  disadvantage  as
NewsGurus  will  have  already  secured  contracts  with  many of the  available
established content providers.

As NewsGurus signs exclusive contracts with more feature writers,  its potential
competition diminishes.  There is a finite group of celebrity-style writers from
which to develop media sites.

Most  importantly,  these  competitors  do  not  share  our  business  model  of
amalgamating users with varying interests. NewsGurus will attempt to reach a far
broader  audience  than the  stock.com  sites  through its health & wellness and
lifestyles  sections.  These  broader  modules  are  expected to attract a wider
audience and enable the  implementation of several revenue streams not available
to sites with a narrower focus. We believe this is a crucial distinction.

The  third  group  are  public  company  specific-media  sites.  These are large
companies  that have been  successful in raising  capital and have built varying
degrees of brand  recognition.  These sites have a broader focus and reach. Much
of the content is original and not found at other sites.  These  companies enjoy
diverse revenue streams derived in large part from  advertising  revenue as well
as user fees.  Examples here include  TheStreet.com,  CNET.com,  and DrKoop.com.
Other  examples  include  sites  spawned  from  traditional  media sites such as
MarketWatch.com,  CNNfn.com and  Bloomberg.com.  Substantial brand awareness has
been achieved.

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<PAGE>

Some  competitors,  such as TheStreet.com,  require  subscribers to pay a fee to
view most of the content provided.  This strategy is now seen as flawed.  Recent
employee  layoffs  in the  industry  "show the  financial  strain  in  producing
original  content for the Web." (New York Times,  June 9, 2000) We believe  that
the business plans of some of our competitors are  demonstrably  weaker than our
business plan.

Our business plan recognizes pay for content  problems and our business model is
built around  primarily  free content to registered  members.  The  registration
process provides NewsGurus.com with valuable marketing information that supports
other revenue streams.

NewsGurus.com  does face serious  competition  from this sector.  The  companies
within this sector are often  well-capitalized  or are  subsidiary  companies of
traditional media companies. They often have substantial brand-name recognition.
NewsGurus.com  will rely in part on the  motivation of  contributing  writers to
help it entice other writers from some of these competitors.

The fourth group are public company  general media sites.  These are the largest
content providers on the Internet. These companies have successfully amalgamated
content   previously   focused  on  several  market  sectors  such  as  finance,
investment,  technology,  health, news, sports, community news and others. Their
dominance as the most active  websites prove that the largest  subscriber  bases
can only be supported by diverse content.

Revenue  at  these  sites  is  diverse  and  includes  banner  ads,   marketing,
business-to-business  agreements,  co-branding,  links,  user fees,  and others.
Content  is  almost  always  exclusive  and is  designed  to  foster  a sense of
community  among  subscribers.  These early  competitors now have dominant brand
recognition.  If  NewsGurus  is capable of  penetrating  into the general  media
category it will face stiff competition.

In many important  ways,  including the diverse revenue streams and the reliance
on exclusive  content  leveraged to support  those revenue  streams,  management
feels  the  NewsGurus   business  plan  most  closely   resembles  these  larger
competitors.

Competitive Analysis

NewsGurus  believes  it is well  positioned  as a budding  specific-media  site.
NewsGurus management believes that, if internet participation  increases in line
with independent  forecasts,  there is room for two or three additional  general
media sites in North America before the Internet is fully developed.

We believe we can aggressively compete against much larger companies because few
competitors  have  built  their  business  based on a model in which many of the
content  producers  are owners in the  company.  We can place  staff  writers on
equity  incentive  programs in the future,  expanding  our  business  plan as we
attract  journalists  and writers.  These  writers may  currently be working for
NewsGurus competitors as well as for the traditional media.

NewsGurus  aggregates  content from a wide variety of writers,  and has original
content  produced for it at low cost.  We believe this plan will help us compete
against larger,  more established  companies.  The aggregation of content at low
cost is the key.

                                       10
<PAGE>

Existing  financial  and  media  sites  have  ignored  the  natural  competitive
instincts shared by all successful  people.  Newsletter  writers and journalists
who have a choice of  contributing  to an effort  that offers  strong  financial
incentives should abandon other, less rewarding efforts.

We intend to  establish an editorial  advisory  board that  enforces the highest
ethical  and  professional  standards.  The board will also have the  ability to
submit presentations to NewsGurus management and to our Board of Directors, thus
influencing our strategic  vision.  This is why we have  established a corporate
structure that places great power and responsibility in the hands of our content
providers.  The advisory board is designed to give NewsGurus  content  providers
control over their own destiny.  This advantage is one that few public companies
have been willing to grant.

Names and Credentials of Principal Suppliers of Content on Our Website

The list of people who have agreed to provide  content to our site is constantly
changing.   Writers  will  continually  be  recruited  and  are  asked  to  sign
non-disclosure  agreements.  A major effort to attract  writers has not yet been
made as we believe it is  necessary  to develop  the website and tools that will
make participation at NewsGurus compelling.

The  contributing  writers  to our  website  are  exempt  from  registration  as
investment  advisors in the United  States under section  80(b)-2(11)(d)  of the
Investment  Advisors  Act by  virtue  of  them  being  publishers  of  financial
publications of general and regular  circulation.  The contributing  writers are
also exempt under Canadian securities regulation from registration as investment
advisors  also by  virtue of the fact that they are  publishers  or  writers  of
financial publications of general and regular paid circulation.

Our  contributing  writers are under four year  contracts  to provide  exclusive
and/or non-exclusive  articles for our website. Each of our contributing writers
has subscribed and paid for units of our company consisting of common shares and
warrants.  The units were purchased by our contributing  writers through private
placements  under  Regulation S at prices  ranging from $0.05 per share to $1.00
per share.  All warrants for additional  common shares are  exercisable at $1.00
per share.  The  contributing  writers who are  currently  under  contract  will
receive no other compensation during the terms of their agreements with us other
than the seed stock which they have already purchased. The following writers are
under contract to provide us with content:

o        Chris Bunka

Mr. Bunka is the founder and  President of  NewsGurus.com,  Inc. He has been the
editor of Outsider's  Overture  newsletter since 1996 and has been widely quoted
in The Globe and Mail, The Financial Post,  Canadian  Business,  The Prospector,
Planning For Profits, Stox Magazine,  Bull & Bear and other periodicals.  He has
appeared  on  television  on the  CBC  network,  Global's  Prime  network  and a
syndication of over 100 US local stations.  He gives weekly radio  commentary on
CKWX radio in Vancouver and previously on CKNW radio. Mr. Bunka is the author of
the book,  "The Outsider's  Guide to Speculative  Stocks," and has been a public
speaker in every major city in Canada.


                                       11
<PAGE>

o        CanStock

CanStock publishes four newsletters which are the most widely-read independently
owned newsletters in Canada. Senior Editor Al Budai is a CGA. These publications
have been widely  quoted in the Canadian  Press.  Mr. Budai has also served as a
radio  talk-show host  specializing in the area of investing and has appeared on
national and local television.

o        Eric Dany

Mr. Dany has an MBA and has been  investing  for over 30 years.  He is editor of
The Prospector newsletter, a publication focused on mutual fund investing.

o        Andrew Davlin

Mr. Davlin was former  Research  Partner at Tucker Anthony and Hambrecht & Quist
and was also an  analyst/investment  banker  at New York  Securities,  Inc.  Mr.
Davlin has been a member of The New York  Society of Security  Analysts for over
30 years and is a longtime member of the  Association for Investment  Management
and Research.  He has followed  aquaculture for 18 years.  Mr. Davlin is founder
and editor of The Davlin Report, first published in 1990.

o Sudhir Khanna,  P. Eng.

Mr.  Khanna is our VP of  Information  Technology  and a  director.  Mr.  Khanna
graduated in Systems Design Engineering in 1989 from the University of Waterloo.
He has completed work for IBM and Proctor & Gamble.  Mr. Khanna is the editor of
eKhanna  and has been  quoted  in The  Prospector  and  consulted  by  reporters
regarding various resource-related  stories. He has been invited to speak at the
Prospectors and Developers Association and at investment conferences. Mr. Khanna
is a Professional Engineer.

o        Michael King

Michael King is the Director and Chief Economist of Princeton  Research,  Inc of
Nevada,  which specializes in economic  analysis of public companies,  equities,
derivatives, and cash market trends throughout the world. He hosts a weekly live
talk show "Not For Widows and Orphans" every Sunday in South Florida.

o        Vivian Lewis

Vivian Lewis enjoys a distinguished  career as a freelance business  journalist.
She  graduated  from Harvard  magna cum laude.  She became  bureau chief for the
Brussels bureau of Business Week before working for The Economist and the Sunday
Times of London. She worked in Washington first for the Joint Economic Committee
and then for the Senate Foreign Relations Committee before taking positions with
Euromoney and the  Institutional  Investor.  In 1992 she founded and remains the
editor for Global Investing,  a monthly  publication  designed to help Americans
with  their  international  investments.  Global  Investing  has been  quoted in
Barrons; Forbes; Connoisseur; Money: International Herald Tribune (Paris); Asian
Wall St. Journal; and, many other publications.

o        Robert Macallister

Mr.  Macallister  has been the editor of Investors First since 1996 and has been
quoted in  Investors  Digest of  Canada,  The  Prospector,  Bull & Bear and Dick
Davis.

                                       12
<PAGE>

o        Jay Taylor

Mr.  Taylor holds an MBA. He began working for Barclays  Bank  International  in
1973. In 1981 he began publishing North American Gold Mining Stocks,  one of the
longest  published  newsletters  in North America and one that has evolved to be
known today as J Taylor's Gold & Technology stocks. Mr. Taylor resigned from the
mining and metals  department in the New York office of ING - Bearings in August
1997 to work full-time as a consultant and journalist. He has been widely quoted
throughout North America and is an international speaker.

o        Al Thomas

Mr.  Thomas  founded  Security  Dynamics  Investment  Corporation  in  1965,  an
insurance holding company. In 1970 he co-founded and served as President of Real
Life Estate,  Inc. He later purchased a seat on the Chicago Open Board of Trade,
which he subsequently sold in 1981. In 1984 he founded World Trading Group which
grew to be the 7th largest  introducing  commodity brokerage firm in the US, and
which was sold in 1992. Mr. Thomas is a public speaker, writer and author of the
book, "If it Doesn't Go Up, Don't Buy It!"

o        Don Wilcox

Mr. Wilcox is currently employed in New York City as a currency trader.

o        William Thomson

Mr. Thomson is Chairman of the Siam Recovery Fund and Momentum Asia Ltd. He is a
consultant to asset  management  companies and a writer on Asia economic trends.
Mr. Thomson is former Vice  president of Asian  Development  Bank,  former Board
Member Asian Development Bank and a former US Treasury official

We  have  contracts  with   contributing   writers  to  provide   exclusive  and
non-exclusive articles for our Newsgurus website. These contributing editors are
also  shareholders  of our  company.  The  sole  compensation  to be paid to our
contributing  writers over the four year term of their  engagement  is the share
position  which they have  subscribed  and paid for. The number of exclusive and
non-exclusive articles our contributing writers are to produce and the number of
seed stock units they have acquired is as follows:
<TABLE>
<CAPTION>

                                 Exclusive          Non-exclusive       Compensation       Style of Equity
Name                   Term      Articles/Week      Articles/Week       Equity Units       Warrant
----                   ----      -------------      -------------       ------------       -------

<S>                    <C>            <C>              <C>              <C>                  <C>
Bunka                  4 YR            2               Variable           100,000            C
Davlin                 4 YR            1                  0                60,000            B
Canstock               4 YR            7                  0               360,000            B
Wilcox                 4 YR            4                  1               147,000            B
Dany                   4 YR            5                  0               148,500            B
Taylor                 4 YR            4                  0               125,000            B
McAllister             4 YR            2                  2               100,000            C
Khanna                 4 YR            1                  3               500,000            A
Lewis                  4 YR            1                  4               118,000            B
Thompson               2 YR            0.5                1                70,000            A
TOTAL                                 27.5               11             1,728,500
</TABLE>

                                       13
<PAGE>

Note:    "C" warrants entitle the holder to purchase two shares for each warrant
         held.  "B"  warrants  entitle the holder to purchase one share for each
         warrant  held.  "A"  warrants  entitle the holder to purchase  one-half
         share for each  warrant  held.  All  warrants  are  priced at $1.00 per
         share.

We currently have 16 writers who have either signed content provision  contracts
with  NewsGurus,  or have entered  casual  agreements  to provide  content on an
informal basis.  Over 900 articles are available within the NewsGurus  archives.
Approximately 35 additional articles are presently posted each week.

Estimate  of the  Amount  Spent  During  Each of the Two  Last  Fiscal  Years on
Research and Development Activities

We had no material expenses in the fiscal years ending June 30, 1998 or June 30,
1999. Since June 30, 1999, we have incurred  expenses of approximately  $104,000
in the development of our website and business plan.

Number of Total Employees and Number of Full Time Employees

On April 1, 2000,  we engaged  Chris Bunka and Sudhir  Khanna as full-time  paid
consultants. Mr. Bunka worked on the Newsgurus project without compensation from
May,  1999 to March 31, 2000.  Mr.  Khanna  worked  full-time  on the  Newsgurus
project without compensation from July, 1999 to March 31, 2000.

Beginning  in  November,  1999,  the  Company  engaged  the  services of Nebular
Research and Development Co. of Toronto, Canada. Nebular was chosen to construct
the Newsgurus  website under the direction of Sudhir Khanna.  Nebular  typically
has four full-time persons devoted to the Newsgurus project.  There are no other
direct or indirect employees of the Company.

Over  the  next 12  months,  we  expect  to hire as many as  twelve  persons  in
positions of direct  employment,  sub-contractual  relationships,  and full-time
consultants.  These  positions  will  include but will not be limited to;  Chief
Operating Officer, computer programmers,  secretarial and back-office personnel,
editors and copy writers.

ITEM 2.  DESCRIPTION OF PROPERTY

The Company occupies office space in Kelowna,  British  Columbia,  Canada.  This
space is currently  provided by management  on a rent free basis.  The Company's
Web  Servers are located in secure  environments  under a third party  agreement
with Net Nation Communications in Vancouver,  British Columbia, Canada, and with
Nebular Research and Development in Toronto, Ontario, Canada.

ITEM 3.  LEGAL PROCEEDINGS

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

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

                                       14
<PAGE>

The Company's 2000 annual general meeting is scheduled to be held on October 27,
2000 at 5774  Deadpine  Drive,  Kelowna,  British  Columbia  at  1:00  p.m.  The
Company's security holders will be requested to elect new directors,  to appoint
the Company's  auditors for the 2000/2001  fiscal year and to ratify all actions
taken by the officers and directors of the Company the preceding  year. No other
business is expected to be brought before the Company's shareholders at the 2000
annual general meeting. The Company's notice of annual general meeting, Schedule
14A proxy  statement and proxy are being filed  separately and are  incorporated
herein by reference.

                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

The  Company's  shares are not  currently  listed on any  exchange or  quotation
system.

There are  approximately 42 shareholders  holding 9,290,000 of our issued common
shares.  There are 2,243,500 options and warrants to purchase  additional common
shares of the Company.

There is a  convertible  debenture  held by one party that  could  result in the
issuance  of up to  650,000  common  shares of the  Company  with no  additional
funding required by the Company; and, up to a further 650,000 common shares upon
the Company's receipt of up to $845,000 in additional funding.

The  Company  does not  expect  to pay a  dividend  on its  common  stock in the
foreseeable  future.  Payment  of  dividends  in the future  will  depend on the
Company's earnings and its cash requirements at that time.

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

Before our appointment of Chris Bunka and Sudhir Khanna as management in May and
July, 1999, we had no operating history.  Since the appointment of Mr. Bunka and
Mr. Khanna, we have raised approximately $300,000 through private placements and
begun construction of the Newsgurus.com website.

Our  corporate  operations  commenced  in  May,  2000  with  the  launch  of the
www.newsgurus.com   website  which  is  now  capable  of   processing   customer
transactions.  This beta version website has substantial e-commerce capabilities
allowing users to select and purchase  specified  content  contained  within the
website  database.  This  includes  individual  pay-per-view  content,   monthly
subscriptions and user-selected personalized electronic magazines.

We will pursue  partnerships and  relationships  with on-line companies that are
interested in purchasing  bulk  quantities  of our content for  distribution  to
others.  Wider distribution of content and material appearing at our website can
help us increase revenues and raise awareness of the www.newsgurus.com website.

We  intend  to  eventually  publish  a monthly  magazine  to be  distributed  by
traditional  methods  such as newspaper  inserts as a way of  attracting a wider
audience for our content.  If  successful,  this will  produce  another  revenue
stream through magazine subscriptions and magazine

                                       15
<PAGE>

advertising,  while marketing our website.  The goal of the magazine would be to
popularize  the content  appearing at the website,  and to promote the NewsGurus
brand, while at the same time collecting revenue from magazine  advertisers.  We
expect that some of the magazine readers will be attracted to participate at the
www.newsgurus.com website to meet their needs of more timely content delivery.

We must raise  additional  capital in order to execute our business  plan to the
extent and within the timelines anticipated. We do not currently have sufficient
funds to develop our business plan. We require $4 million in new equity in order
to execute our business plan within the next 12 months. Our financial statements
have been prepared using generally accepted accounting  principles applicable to
a going concern.  We will not remain a going concern without additional capital.
This accounting treatment contemplates the realization of assets and liquidation
of liabilities in the normal course of our business. However, we have no current
source of revenue.  Without additional  capital,  it is unlikely that we will be
able to continue as a going concern.

The Company is in the process of organizing  additional  new  financing  through
either the issuance of equity securities or convertible debentures. There can be
no assurance  that the Company will be  successful  in obtaining  funding as and
when required.

We can function at a reduced  activity  level for a period of 12 months based on
funds already raised through our funding agreement with Canalaska.  This reduced
level of funding will not permit  aggressive  deployment  of our  business  plan
however it will allow basic operation of our website and corporate activities.

Continual development of our website is required. Ongoing development costs will
be  substantial  and  will  be  necessary  in  order  for us to  compete  in the
marketplace.  For example,  our beta version  website  requires  manual database
indexing of submitted  content.  Automated  database index systems are available
and will be implemented in future  versions of the website.  This is one of many
features  and  systems  that  will  make  our  website  competitive  within  its
marketplace.

If we raise sufficient funds, we expect to spend $1,500,000 on computer hardware
and software, and $1,900,000 on website development.  Computer hardware includes
servers,  routers and other  communications  equipment  to house and  distribute
website content. Hardware is also required to facilitate seamless communications
between content providers and the website. Computer software includes commercial
software  packages in the fields of  communications,  data management,  database
mining and automated database indexing.

Our projected website  development costs of as much as $1,900,000  include costs
of customized and proprietary code writing and project  management costs.  These
initiatives  are  expected  to  result in an  advanced  website  with  extensive
customer   management  and  processing   capabilities,   user-friendly   content
submission features, data mining and list management tools,  interactive content
request features, artificial intelligence modules and audio and video streaming.

We are  dependent on high traffic at our website.  To this end it is in our best
interests to build a useful and  informative  website that will attract  initial
interest from users, and continue to hold that interest over time.


                                       16
<PAGE>

We propose an extensive  marketing  program using both traditional and new media
as our  forums.  If we are  able to  raise  sufficient  funds,  we plan to spend
$900,000  over the next twelve  months on our  marketing  program.  This will be
sufficient  to launch and operate a controlled  circulation  magazine  that will
market the  NewsGurus  website and brand,  launch  Internet-based  marketing and
awareness initiatives,  conduct marketing campaigns using traditional media such
as print and radio, and participate in investment conferences and trade shows as
required.

On April 1, 2000,  we engaged  Chris Bunka and Sudhir  Khanna as full-time  paid
consultants.  Mr. Bunka and Mr. Khanna each currently  devote more than 50 hours
per week to our business.

In November,  1999, we engaged the services of Nebular  Research and Development
Co. of Toronto,  Canada.  Nebular was chosen to construct the Newsgurus  website
under the  direction  of Sudhir  Khanna.  Nebular  has  devoted  four  full-time
employees to the development of our website. We have no other direct or indirect
employees.

We expect to hire as many as twelve  persons in positions of direct  employment,
sub-contractual  relationships,  and  full-time  consultants  over  the  next 12
months.  These  positions  will  include  a Chief  Operating  Officer,  computer
programmers, secretarial and back-office personnel, editors and copy writers.

ITEM 7.  FINANCIAL STATEMENTS

The audited  financial  statements for  Newsgurus.com,  Inc. for the year ending
June 30, 2000 are included as part of this Form 10KSB  following  the  signature
page of this Form 10KSB.

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

On  January  26,  2000,  the  Registrant's  directors  resolved  to  change  our
accountant  from Kish,  Leake & Associates,  P.C. (the "Former  Accountant")  to
Davidson &  Company,  Chartered  Accountants.  This  resolution  of our board of
directors constitutes a dismissal of the Former Accountant,  however, we were in
no way dissatisfied  with the  professionalism  or accounting work of the Former
Accountant.  The decision to change our  accountant was approved by the board of
directors. There were no disagreements with the Former Accountant whether or not
resolved  on  any  matter  of  accounting  principles  or  practices,  financial
statement disclosure or auditing scope or procedure which if not resolved to the
Former  Accountant's  satisfaction would have caused it to make reference to the
subject matter of the  disagreements  in connection with its report.  We filed a
Form 8-K with the Commission (File No. 000-27397) on February 2, 2000.

                                    PART III

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

Biographical Information on our Officers and Directors:

Christopher Bunka, Director, President and C.F.O., Age 39

                                       17
<PAGE>

Mr.  Bunka was  appointed a director of our company on November  20,  1999.  Mr.
Bunka is not a director of any other reporting companies.

From  January to December,  1995,  Mr. Bunka  provided  independent  consulting,
management and operational services to small private businesses.  Since January,
1996 Mr.  Bunka  has been  editor  of  Outsider's  Overture  publications  which
specialize in identifying  economic trends in specific investment  sectors.  Mr.
Bunka has been quoted in international publications and has written articles for
several magazines.

In  April,  1998  Mr.  Bunka  wrote  and  published  "The  Outsider's  Guide  to
Speculative  Stocks",  a "how to" book  designed to aid  investors in building a
logical approach to discovering temporarily undervalued investment sectors.

Since  September,  1998, Mr. Bunka has presented weekly radio commentary on CKWX
and CKNW  radio in  Vancouver  and he has also  appeared  on local and  national
television.

Sudhir Khanna, Director and Secretary, Age 36

Mr.  Khanna was  appointed a director of our company on November 20,  1999.  Mr.
Khanna also serves as a director of Latitude Minerals Corp., symbol "LTU" on the
Canadian Venture Exchange.

Sudhir Khanna is a professional  engineer.  From January,  1992 until September,
1997, Mr. Khanna worked on the development of the policy  framework in the areas
of sewage biosolids, hazardous waste, and recycling for the Province of Ontario,
Canada. He also modeled, evaluated and managed approximately 80 projects dealing
with  the  Ontario  recycling  infrastructure  with a  budget  of more  than $20
million.

Since  June,  1992,  Mr.  Khanna  has also  worked  on  various  projects  as an
independent  consultant with Procter & Gamble,  Scarborough  Board of Education,
the Province of Ontario and IBM.

In January,  1997,  Mr. Khanna  launched The Resource  Indicator,  an investment
publication  covering the resource  industry.  Mr. Khanna is both the editor and
the publisher of the newsletter,  since renamed eKHANNA, and has been successful
in  increasing  the  newsletter's   exposure  by  creating  mutually  beneficial
partnerships  with  content  providers.  Mr.  Khanna  has  spoken at  investment
conferences and has been quoted in resource related journals.

There are no family  relationships  among the directors or executive officers of
the Company.

No  director  or  executive  officer  of ours has been a director  or  executive
officer  of  any  business  which  has  filed  a  bankruptcy  petition  or had a
bankruptcy  petition filed against it. No director or executive  officer of ours
has been convicted of a criminal offence or is the subject of a pending criminal
proceeding. No director or executive officer of ours has been the subject of any
order,  judgment or decree of any court  permanently or  temporarily  enjoining,
barring,  suspending  or  otherwise  limiting  his  involvement  in any  type of
business, securities or banking activities.

No  director  or officer  of ours has been  found by a court to have  violated a
federal or state securities or commodities law.

                                       18
<PAGE>


ITEM 10.  EXECUTIVE COMPENSATION

Compensation received by officers,  directors,  and management personnel will be
determined from time to time by our Board of Directors. Officers, directors, and
management personnel will be reimbursed for any out-of-pocket  expenses incurred
on our behalf.

We are party to two consulting and  employment  agreements  both dated March 20,
2000.  Under  these  agreements,  we have  contracted  the  services  of  C.A.B.
Financial  Services Ltd. and S.K. Services Ltd. C.A.B.  Financial  Services Ltd.
and S.K. Services Ltd. are private companies wholly owned by Mr. Chris Bunka and
Mr. Sudhir Khanna, respectively.

Under the agreement with C.A.B. Financial Services Ltd., Mr. Bunka received fees
of $2,500 per month since April 1, 2000. The agreement provides that Mr. Bunka's
payments  will  increase  to $5,000  per month at such time as we have  raised a
cumulative total of $1,000,000 in equity financing. This agreement also provides
that Mr. Bunka is to receive 400,000 of our stock options which will vest over a
three year period.  The  agreement  also provides that Mr. Bunka may not compete
against us in our chosen line of business  during the term of his  employment or
for one year following his employment.

Under the agreement with S.K.  Services Ltd., Mr. Khanna received fees of $1,750
per month since April 1, 2000. The agreement provides that Mr. Khanna's payments
will  increase to $3,500 per month at such time as we have  raised a  cumulative
total of $1,000,000 in equity  financing.  This agreement also provides that Mr.
Khanna is to receive  200,000 of our stock  options which will vest over a three
year period. The agreement also provides that Mr. Khanna may not compete against
us in our chosen line of business  during the term of his  employment or for one
year following his employment.

Other than as described  above,  none of our  directors or officers  receive any
other compensation for their services. The salaries shown in the following table
are for three months of fiscal 1999/2000 only.


                           SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>


                                                                              Long Term Compensation
                                                                       --------------------------------------
                                         Annual Compensation                    Awards            Payouts
                                 ------------------------------------- -------------------------- -----------
          (a)             (b)        (c)         (d)          (e)          (f)          (g)          (h)         (i)
------------------------------------------------------------------------------------------------------------------------
                                                             Other                                               All
                                                             Annual    Restricted   Securities                  Other
Name and Principle                                           Comp-       Stock      Underlying       LTIP       Comp-
    Position                       Salary       Bonus       ensation    Award(s)    Option/SARs     Payouts    ensation
                         Year        ($)         ($)          ($)         ($)          (#)            ($)        ($)
------------------------------------------------------------------------------------------------------------------------
<S>                      <C>      <C>           <C>          <C>          <C>         <C>           <C>         <C>
Chris Bunka,             1999/    7,500.00      $0.00        $0.00        $0.00       400,000       $0.00       $0.00
President and Director   2000
------------------------------------------------------------------------------------------------------------------------

Sudhir Khanna,           1999/    5,250.00      $0.00        $0.00        $0.00       200,000       $0.00       $0.00
Secretary and Director   2000
------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       19
<PAGE>

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table provides  information  regarding the beneficial ownership of
our common stock as of June 30, 2000 by:

         *        each person or entity known by us to be the  beneficial  owner
                  of more than 5% of the outstanding shares
                  of common stock,

         *        each of our directors and named executive officers, and

         *        all of our directors and executive officers as a group.

<TABLE>
<CAPTION>
                            NAME AND ADDRESS                 AMOUNT AND NATURE              PERCENT
TITLE OF CLASS              OF BENEFICIAL OWNER              OF BENEFICIAL OWNER            OF CLASS
--------------              -------------------              -------------------            --------

<S>                         <C>                              <C>                            <C>
$.001 Par Value             Christopher Bunka (1)            President and Director         33.10%
Common Stock                5774 Deadpine Drive              3,075,000 common shares
                            Kelowna, B.C.
                            V1P 1A3

$.001 Par Value             Sudhir Khanna (1)                Secretary and Director         11.03%
Common Stock                6407 Alderwood Trail             1,025,000 common
                            Mississauga, Ontario             shares
                            L5N 6W9

$.001 Par Value             Devinder Randhawa                Former Director                5.38%
Common Stock                104 - 1456 St. Paul Street       500,000 common shares
                            Kelowna, B.C.
                            VIY 2E6

$.001 Par Value             Management as a Group            4,050,000 common shares        49.51%
Common Stock
</TABLE>

(1)      Messrs.  Bunka and Khanna hold options and warrants  which entitle them
         to acquire  an  additional  600,000  and  450,000 of our common  shares
         respectively.

Canalaska  Ventures  Ltd. has advanced us a convertible  loan of $100,000.  This
loan is  convertible  into units of our company at $0.25 per unit.  Each unit is
comprised of one common share and one warrant to acquire one  additional  common
shares at $1.30 per share for two years  expiring May 24, 2002.  Canalaska  also
has the right to subscribe for an additional  1,100,000 units at $0.40 per unit.
Each unit is  comprised  of one common  share and one  warrant  to  acquire  one
additional common share at $1.30 per share for a two year period. As of June 30,
2000,  Canalaska has  subscribed for 250,000 units at $0.40 per unit. The shares
underlying  these units have not yet been issued to  Canalaska.  Canalaska  is a
public company listed on the Canadian Venture Exchange.

Beneficial  ownership  is  determined  in  accordance  with  the  rules  of  the
Securities and Exchange  Commission and generally  includes voting or investment
power  with  respect to  securities.  Shares of our  common  stock  which may be
acquired  upon  exercise  of stock  options  or  warrants


                                       20
<PAGE>

which are currently  exercisable or which become  exercisable  within 60 days of
the date of the table are deemed beneficially owned by the optionees. Subject to
community  property  laws, the persons or entities named in the table above have
sole  voting and  investment  power with  respect  to all  shares  indicated  as
beneficially owned by them.

Changes in  Control.  We are not aware of any  arrangements  which may result in
"changes in control" as that term is defined by the provisions of Item 403(c) of
Regulation S-B.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

We acquired our  Newsgurus.com URL and the business plan which we are developing
from Gurus International  Corp., a private Nevada company which was owned by Mr.
Chris Bunka and Mr. Sudhir Khanna.  Messrs.  Bunka and Khanna were  subsequently
elected  to the  Company's  board  of  directors  and  appointed  President  and
Secretary respectively.  Mr. Bunka and Mr. Khanna are responsible for developing
the  Company's   business   plan.  Mr.  Bunka  owned  297,500  shares  of  Gurus
International  Corp.  and Mr. Khanna owned 52,500 shares of Gurus  International
Corp.  In  consideration  for selling  these share  positions  to us, Mr.  Bunka
received 2,975,000 of our shares and Mr. Khanna received 525,000 of our shares.

Chris Bunka and Sudhir  Khanna were  appointed  directors  on November 20, 1999.
Both Mr. Bunka and Mr.  Khanna  abstained  from voting on the  resolution by our
Board of Directors to acquire Gurus International Corp. The acquisition of Gurus
International  Corp.  was  approved  by our  disinterested  directors,  Mr.  Dev
Randhawa  and Mr.  Ron  Schlitt  after  reviewing  the  business  plan for Gurus
International  Corp. and  considering the experience of Mr. Bunka and Mr. Khanna
in the investment newsletter industry.

The original director and promoter of our company was Mr. Devinder Randhawa. Mr.
Randhawa  owns 500,000  common shares or 5.5% of our issued share  capital.  Mr.
Chris Bunka and Mr. Sudhir Khanna are the current promoters of our company.

We  have  contracts  with   contributing   writers  to  provide   exclusive  and
non-exclusive articles for our website. These contributing writers have acquired
seed stock in our  company  and  warrants  to acquire  additional  shares of our
company at $1.00 per share. The sole compensation to be paid to our contributing
writers over the four year term of their  engagement is the share position which
they  have  subscribed  and  paid  for.   Additional  details  relating  to  the
obligations of our writers to provide  content and the share positions they have
acquired  is  described  under  the  description  of  business  section  of this
prospectus.

We have no policy with  respect to entering  into  transactions  with members of
management or affiliated companies. Any non arm's length transaction we consider
will  be  reviewed  and  voted  on by  disinterested  members  of our  board  of
directors.

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

(A)      Exhibits


                                       21
<PAGE>
<TABLE>
<CAPTION>

EXHIBIT
NUMBER          DESCRIPTION

<S>              <C>
3.1             Articles of  Incorporation  filed May 16, 1997,  and  amendments
                thereto  filed August 11, 1999,  as filed with the Issuer's Form
                10-SB  (file  no.   000-27397)   filed  on  September  21,  1999
                incorporated herein by reference.

3.3             Bylaws  as  filed  with  the  Issuer's   Form  10-SB  (file  no.
                000-27397)  on  September  21,  1999   incorporated   herein  by
                reference.

4.1             Form of Lock Up Agreement Executed by the Issuer's  Shareholders
                as filed with the Issuer's Form 10-SB (file no. 000-27397) filed
                on September 21, 1999, incorporated herein by reference.

13.1            Form 10QSB for the Period  ended  December  31,  1999,  filed on
                February 15, 2000,  incorporated  herein by reference.

13.2            Form 10QSB for the Period ended March 31, 2000, filed on May 15,
                2000,  incorporated  herein  by reference.

16              Letter  from Kish,  Leake &  Associates,  P.C. as filed with the
                Issuer's  Form 8-K on February 2, 2000,  incorporated  herein by
                reference.

27              Financial Data Schedule
</TABLE>

(B)      Reports on Form 8-K

The Issuer filed a Form 8-K on January 13, 2000 and on February 2, 2000.


                                       22
<PAGE>


                                   SIGNATURES

In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                              NEWSGURUS.COM, INC.

                              (formerly Annex Business Resources, Inc.)


Dated:  September 22, 2000    Per:  /s/ Chris Bunka
                                    ---------------
                                    Chris Bunka, President, C.E.O. and Director

In  accordance  with the Exchange  Act, this report has been signed below by the
following  person on behalf of the  Registrant  and in the capacities and on the
dates indicated.

                                   /s/ Chris Bunka
                                   ---------------
                                   Chris Bunka, President, C.E.O. and Director

                                   September 22, 2000
                                   ------------------
                                   Date


                                       23
<PAGE>

                              NEWSGURUS.COM, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                        CONSOLIDATED FINANCIAL STATEMENTS

                                  JUNE 30, 2000

<PAGE>

                         DAVIDSON & COMPANY [LETTERHEAD]

                          INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of NewsGurus.Com, Inc.

(A Development Stage Company)


We have  audited  the  consolidated  balance  sheet of  NewsGurus.Com,  Inc.  (A
Development  Stage Company) as at June 30, 2000 and the consolidated  statements
of operations,  changes in stockholders' equity and cash flows for the year then
ended and the  cumulative  amounts  from  inception  on May 16, 1997 to June 30,
2000.  These  financial  statements  are  the  responsibility  of the  Company's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audit.

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

In our opinion,  these consolidated  financial statements present fairly, in all
material respects, the financial position of the Company as at June 30, 2000 and
the  results of its  operations,  changes in  stockholders'  equity and its cash
flows for the year then ended and the  cumulative  amounts from inception on May
16, 1997 to June 30,  2000 in  accordance  with  generally  accepted  accounting
principles in the United States.

The audited financial statements as at June 30, 1999 and for the year then ended
were examined by other auditors who expressed an opinion without  reservation on
those statements in their report dated August 26, 1999.

The accompanying  consolidated  financial statements have been prepared assuming
that NewsGurus.Com,  Inc. will continue as a going concern. As discussed in Note
2 to the financial  statements,  unless the Company  attains  future  profitable
operations and/or obtains additional financing, there is substantial doubt about
the  Company's  ability to continue  as a going  concern.  Management's  plan in
regards to these matters are  discussed in Note 2. The  financial  statements do
not  include  any  adjustments  that  might  result  from  the  outcome  of this
uncertainty.

                                                          /S/ DAVIDSON & COMPANY
                                                            "DAVIDSON & COMPANY"
                                                           Chartered Accountants

Vancouver, Canada

August 17, 2000
                          A Member of SC INTERNATIONAL

Suite 1200, Stock Exchange Tower, 609 Granville Street, P.O. Box 10372, Pacific
                     Centre, Vancouver, BC, Canada, V7Y 1G6
                  TELEPHONE (604) 687-0947 FAX (604) 687-6172



                                      F-2

<PAGE>

NEWSGURUS.COM, INC.

(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
AS AT JUNE 30

<TABLE>
<CAPTION>
========================================================================= =============== ================
                                                                                    2000            1999
------------------------------------------------------------------------- --------------- ----------------
<S>                                                                       <C>             <C>
ASSETS

CURRENT

    Cash                                                                  $       83,430  $          --
    Accounts receivable                                                            3,000             --
    Deposit                                                                       10,000             --
                                                                          --------------  -------------

    Total current assets                                                          96,430             --

CAPITAL ASSETS (Note 4)                                                            3,670             --

WEB SITE DEVELOPMENT COSTS (Note 5)                                               90,300             --
                                                                          --------------  -------------

TOTAL ASSETS                                                              $      190,400  $          --
========================================================================= =============== ================
</TABLE>

Continued.....



                                      F-3

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
AS AT JUNE 30

<TABLE>
<CAPTION>
============================================================================================== =============== ================

                                                                                                         2000            1999
---------------------------------------------------------------------------------------------- --------------- ----------------
<S>                                                                                            <C>             <C>
Continued.....

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT

    Accounts payable and accrued liabilities                                                   $       23,540  $           235
                                                                                               --------------  ---------------

    Total current liabilities                                                                          23,540              235
                                                                                               --------------  ---------------


LONG TERM

    Convertible loan (Note 7)                                                                         100,000              --
                                                                                               --------------  --------------

    Total long term liabilities                                                                       100,000             --
                                                                                               --------------  --------------

Total liabilities                                                                                     123,540              235
                                                                                               --------------  ---------------


STOCKHOLDERS' EQUITY
    Capital stock (Note 8)
       Authorized

              50,000,000  common shares with a par value of $0.001
              25,000,000  preferred shares with a par value of $0.001
       Issued and outstanding
               9,290,000  common shares (June 30, 1999 - 7,000,000 common shares)                       9,290           7,000

    Subscription funds received                                                                        50,000              --

    Additional paid in capital                                                                        192,885           (6,500)
    Deficit accumulated during the development stage                                                 (185,315)            (735)
                                                                                               --------------  ---------------

Total stockholders' equity                                                                             66,860             (235)
                                                                                               --------------  ---------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                     $      190,400  $            --
============================================================================================== =============== ================
</TABLE>

HISTORY  AND  ORGANIZATION  OF  THE  COMPANY  (Note  1)  COMMITMENTS  (Note  11)
SUBSEQUENT EVENTS (Note 17) ON BEHALF OF THE BOARD:

/s/ Chris Bunka, Director                            /s/ Sudhir Khanna, Director

-------------------------                            ---------------------------

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

                                      F-4

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
=========================================================== ================ ================ =============== ================
                                                                                 Period From
                                                                                     May 16,
                                                                                        1997
                                                                             (Incorporation)      Year Ended       Year Ended
                                                                                 to June 30,        June 30,         June 30,
                                                                                        2000            2000             1999
----------------------------------------------------------- ---------------- ---------------- --------------- ----------------
<S>                                                                          <C>              <C>             <C>
REVENUE                                                                      $         3,000  $        3,000  $            --
                                                                             ---------------  --------------  ---------------

EXPENSES

    Advertising                                                                        3,615           3,615               --
    Amortization                                                                         377             377               --
    Bank charges                                                                         124             124               --
    Consulting                                                                        78,500          78,500               --
    Licences and fees                                                                  1,970           1,735              235
    Office and miscellaneous                                                           7,714           7,214               --
    Professional fees                                                                 83,167          83,167               --
    Telephone                                                                             26              26               --
    Travel and promotion                                                              12,822          12,822               --
                                                                             ---------------  --------------  ---------------

                                                                                     188,315         187,580               --
                                                                             ---------------  --------------  ---------------

LOSS FOR THE YEAR                                                            $      (185,315) $     (184,580) $          (235)
=========================================================== ================ ================ =============== ===============

BASIC AND DILUTED LOSS PER SHARE                                                              $        (0.03) $        (0.01)
=========================================================== ================ ================ =============== ===============
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING                                                      6,506,278       7,000,000
=========================================================== ================ ================ =============== ==============
</TABLE>

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

                                      F-5

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
============================================================ ================ ================ =============== ===============
                                                                                  Period From
                                                                                      May 16,
                                                                                         1997
                                                                              (Incorporation)      Year Ended       Year Ended
                                                                                  to June 30,        June 30,         June 30,
                                                                                         2000            2000             1999
------------------------------------------------------------ ---------------- ---------------- --------------- ---------------
<S>                                                                           <C>              <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Loss for the year                                                         $      (185,315) $     (184,580) $          (235)
    Items not affecting cash:
       Amortization                                                                       377             377               --
       Stock issued for services                                                        4,000           3,500               --

    Changes in non-cash working capital items:
       Increase in accounts receivable                                                 (3,000)         (3,000)              --
       Increase in deposit                                                            (10,000)        (10,000)              --
       Increase in accounts payable                                                    23,540          23,305              235
                                                                              ---------------  --------------  ---------------

    Net cash used in operating activities                                            (170,398)       (170,398)              --
                                                                              ---------------  --------------  ---------------

CASH FLOWS FROM FINANCING ACTIVITIES
    Convertible loan                                                                  100,000         100,000               --
    Issuance of capital stock                                                         198,175         198,175               --
    Share subscriptions received                                                       50,000          50,000               --
                                                                              ---------------  --------------  ---------------

    Net cash provided by financing activities                                         348,175         348,175               --
                                                                              ---------------  --------------  ---------------

CASH FLOWS FROM INVESTING ACTIVITIES
    Acquisition of capital assets                                                      (4,047)         (4,047)              --
    Web site development costs                                                        (90,300)        (90,300)              --
                                                                              ---------------  --------------  ---------------

    Net cash used in investing activities                                             (94,347)        (94,347)              --
                                                                              ---------------  --------------  ---------------

CHANGE IN CASH POSITION DURING THE YEAR                                                83,430          83,430               --

CASH POSITION, BEGINNING OF THE YEAR                                                       -               -                --
                                                                              ---------------  --------------  ---------------

CASH POSITION, END OF THE YEAR                                                $        83,430  $       83,430  $            --
============================================================ ================ ================ =============== ===============
</TABLE>

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Note 13)

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

                                      F-6

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
==============================================================================================================================
                                                                                        Deficit
                                                                                    Accumulated
                                                                                         During
                                              Common Stock            Additional            the          Share          Total
                                     ---------------------------         Paid in    Development  Subscriptions  Stockholders'
                                            Shares         Amount        Capital          Stage       Received         Equity
------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>            <C>            <C>            <C>            <C>            <C>
BALANCE, MAY 16, 1997                           --  $          --  $          --  $          --  $          --  $          --

    Common stock issued for services     7,000,000          7,000         (6,500)            -              --            500

    Loss for the period                         --             --             --           (500)            --           (500)
                                     -------------  -------------  -------------  -------------  -------------  -------------

BALANCE, JUNE 30, 1997 AND 1998          7,000,000          7,000         (6,500)          (500)            --             --

    Loss for the period                         --             --             --           (235)            --           (235)
                                     -------------  -------------  -------------  -------------  -------------  -------------

BALANCE, JUNE 30, 1999                   7,000,000          7,000         (6,500)          (735)            --           (235)

    Common stock issued to acquire
       subsidiary                        3,500,000          3,500         (3,500)            --             --             --

    Common stock issued for cash         1,147,500          1,148         60,027             --             --         61,175

    Common stock issued for cash           278,000            278         13,622             --             --         13,900

    Common stock issued for cash           100,000            100         24,900             --             --         25,000

    Common stock issued for cash            20,000             20            980             --             --          1,000

    Common stock issued for services        20,000             20            980             --             --          1,000

    Common stock issued for services        50,000             50          2,450             --             --          2,500

    Cancellation of shares              (3,756,000)        (3,756)         3,756             --             --             -

    Common stock issued for cash           152,000            152          7,448             --             --          7,600

    Common stock issued for cash           500,000            500          4,500             --             --          5,000

    Common stock issued for cash            70,000             70          3,430             --             --          3,500

    Common stock issued for cash            96,000             96         35,904             --             --         36,000

    Common stock issued for cash            25,000             25          9,975             --             --         10,000

    Common stock issued for cash            25,000             25          9,975             --             --         10,000

    Common stock issued for cash            62,500             62         24,938             --             --         25,000

    Share subscriptions received                --             --             --             --         50,000         50,000

    Loss for the year                           --             --             --       (184,580)            --       (184,580)
                                     -------------  -------------  -------------  -------------  -------------  -------------

BALANCE, JUNE 30, 2000                   9,290,000  $       9,290  $     192,885  $    (185,315) $      50,000  $      66,860
==================================== =============  =============  =============  =============  =============  =============
</TABLE>

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

                                      F-7

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

1.   HISTORY AND ORGANIZATION OF THE COMPANY

     NewsGurus.Com,  Inc. ("the Company") was incorporated on May 16, 1997 under
     the laws of Nevada to engage in any lawful  business or activity  for which
     corporations  may be organized  under the laws of the State of Nevada.  The
     Company's  principal  business  consists of  providing  expert  opinion and
     information  in the areas of money,  health and  lifestyles  and eventually
     into e-commerce through the Internet.

     The Company entered the development  stage in accordance with SFAS No. 7 on
     May 16, 1997.  Its purpose is to evaluate,  structure and complete a merger
     with, or acquisition of a privately  owned  corporation.  During the period
     ended  June  30,  2000,  the  Company  acquired  a 100%  interest  in Gurus
     International Corp.

2.   GOING CONCERN

     The Company's financial statements have been presented on the basis that it
     is a going concern,  which  contemplates  the realization of assets and the
     satisfaction  of liabilities in the normal course of business.  The Company
     incurred a loss of $185,315 for the period from inception to June 30, 2000.
     The Company anticipates  expending  approximately  $4,000,000 over the next
     twelve month period in pursuing its  anticipated  plan of  operations.  The
     Company  anticipates   covering  these  costs  by  operating  revenues  and
     additional  equity  financing.  The  Company is  presently  undertaking  an
     offering  of  4,000,000  common  shares  at a price of $2.00  per  share in
     accordance  with the United States  Securities  Act of 1933.  To date,  the
     Company has not received any of the funds from this  offering  which,  once
     fully  completed,  will enable the Company to complete its anticipated plan
     of  operations.  The Company has also  entered  into  additional  financing
     agreements  including a convertible debt agreement for $100,000 of which it
     has received all of the proceeds as at June 30, 2000. In  association  with
     this agreement, the Company has entered into a separate financing agreement
     whereby it may issue  1,100,000  shares for total  proceeds of $440,000 and
     warrants to acquire an additional  1,500,000 shares for additional proceeds
     in the amount of $1,950,000. To date, the Company has received $50,000 from
     this  financing.  If the  Company  is  unable  to  complete  its  financing
     requirements  or achieve  revenue  as  projected,  it will then  modify its
     expenditures  and plan of operations to coincide with the actual  financing
     completed and actual operating  revenues.  The financial  statements do not
     include any adjustments  relating to the  recoverability and classification
     of recorded asset amounts or the amounts and  classification of liabilities
     that  might be  necessary  should  the  Company  be unable to  continue  in
     existence.

3.   SIGNIFICANT ACCOUNTING POLICIES

     PRINCIPLES OF CONSOLIDATION

     These consolidated financial statements include the accounts of the Company
     and its wholly-owned  subsidiary,  Gurus International Corp. The subsidiary
     was  incorporated  on  October  29,  1999  under  the laws of  Nevada.  All
     significant intercompany balances and transactions have been eliminated.

     USE OF ESTIMATES

     The  preparation  of financial  statements  in  conformity  with  generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that  affect the  reported  amount of assets and  liabilities,
     disclosure  of  contingent  assets  and  liabilities  at  the  date  of the
     financial  statements  and the  reported  amount of revenues  and  expenses
     during the period. Actual results could differ from these estimates.

                                      F-8

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

3.   SIGNIFICANT ACCOUNTING POLICIES (cont'd.....)

     BASIC LOSS PER SHARE

     In February 1997, the Financial Accounting Standards Board issued Statement
     of Financial  Accounting  Standards  No. 128,  "Earnings  Per Share" ("SFAS
     128").  Under  SFAS 128,  basic and  diluted  earnings  per share are to be
     presented.  Basic  earnings  per  share  is  computed  by  dividing  income
     available to common  shareholders by the weighted  average number of common
     shares  outstanding  during the year. Diluted earnings per share takes into
     consideration common shares outstanding  (computed under basic earnings per
     share) and potentially dilutive common shares.

     CASH AND CASH EQUIVALENTS

     Cash and cash equivalents  include highly liquid  investments with original
     maturities of three months or less.

     CAPITAL ASSETS

     Capital   assets,   being  computer   equipment,   are  recorded  at  cost.
     Amortization  of capital assets is calculated  using the declining  balance
     method at an annual rate of 30%.

     SOFTWARE DEVELOPMENT

     The  Company  has  adopted   Statement  of  Position   98-1  ("SOP  98-1"),
     "Accounting  for the Costs of Computer  Software  Developed or Obtained for
     Internal Use", as its accounting policy for internally  developed  computer
     software  costs.  Under SOP 98-1,  computer  software costs incurred in the
     preliminary  development stage are expensed as incurred.  Computer software
     costs incurred during the application development stage are capitalized and
     amortized over the software's estimated useful life.

     INCOME TAXES

     Income  taxes are  provided  in  accordance  with  Statement  of  Financial
     Accounting Standards No. 109, "Accounting for Income Taxes". A deferred tax
     asset or  liability  is  recorded  for all  temporary  differences  between
     financial and tax reporting and net operating loss carryforwards.  Deferred
     tax  expenses  (benefit)  result  from the net  change  during  the year of
     deferred tax assets and liabilities.

     Deferred  tax assets are  reduced by a  valuation  allowance  when,  in the
     opinion of management,  it is more likely than not that some portion or all
     of the deferred  tax assets will not be  realized.  Deferred tax assets and
     liabilities  are  adjusted for the effects of changes in tax laws and rates
     on the date of enactment.

     ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

     In June 1998, the Financial  Accounting Standards Board issued Statement of
     Financial   Accounting   Standards  No.  133   "Accounting  for  Derivative
     Instruments  and  Hedging   Activities"   ("SFAS  133")  which  establishes
     accounting  and reporting  standards  for  derivative  instruments  and for
     hedging activities. SFAS 133 is effective for all fiscal quarters of fiscal
     years beginning after June 15, 1999. In June 1999, the FASB issued SFAS 137
     to defer the effective date of SFAS 133 to fiscal  quarters of fiscal years
     beginning  after June 15, 2000.  The Company does not  anticipate  that the
     adoption of the statement  will have a significant  impact on its financial
     statements.

                                      F-9

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

3.   SIGNIFICANT ACCOUNTING POLICIES (cont'd.....)

     REPORTING ON COSTS OF START-UP ACTIVITIES

     In April 1998,  the American  Institute of  Certified  Public  Accountant's
     issued Statement of Position 98-5 ("SOP 98-5"),  "Reporting on the Costs of
     Start-Up  Activities" which provides guidance on the financial reporting of
     start-up  costs and  organization  costs.  It  requires  costs of  start-up
     activities and organization  costs to be expensed as incurred.  SOP 98-5 is
     effective for fiscal years  beginning  after December 15, 1998 with initial
     adoption  reported  as the  cumulative  effect  of a change  in  accounting
     principle.  The adoption of SOP 98-5 by the Company  during the year had no
     effect on its financial statements.

     COMPREHENSIVE INCOME

     In 1998, the Company adopted  Statement of Financial  Accounting  Standards
     No. 130 ("SFAS 130"),  "Reporting  Comprehensive  Income".  This  statement
     establishes  rules  for  the  reporting  of  comprehensive  income  and its
     components.  The adoption of SFAS 130 had no impact on total  stockholders'
     equity as of June 30, 2000.

     STOCK-BASED COMPENSATION

     Statement  of  Financial  Accounting  Standards  No. 123,  "Accounting  for
     Stock-Based  Compensation,"  encourages, but does not require, companies to
     record  compensation cost for stock-based  employee  compensation  plans at
     fair value. The Company has chosen to account for stock-based  compensation
     using  Accounting  Principles  Board Opinion No. 25,  "Accounting for Stock
     Issued to Employees."  Accordingly,  compensation cost for stock options is
     measured as the excess, if any, of the quoted market price of the Company's
     stock at the date of the grant over the amount an  employee  is required to
     pay for the stock.

4.   CAPITAL ASSETS

<TABLE>
<CAPTION>
=========================================================================================================
                                                                                 Net Book Value
                                                            Accumulated   -------------------------------
                                                Cost        Amortization       2000            1999
---------------------------------------------------------------------------------------------------------
<S>                                        <C>             <C>            <C>             <C>
Computer equipment                         $        4,047  $          377 $        3,670  $           --
=========================================================================================================
</TABLE>

5.   WEB SITE DEVELOPMENT COSTS

     Web site  development  costs of $90,300 are  comprised  of  software  costs
     incurred  by  the  Company  in  developing  its  web  site.  The  Company's
     amortization  policy concerning these costs is to amortize the costs over a
     period of five years commencing from the date of operations. As at June 30,
     2000, no amortization has been taken.

6.   BUSINESS COMBINATION

     During the year, the Company entered into an acquisition  agreement whereby
     the Company  acquired  all the  outstanding  shares of Gurus  International
     Corp.  ("Gurus").  The Company issued  3,500,000 of its common shares at an
     agreed  value of  $3,500 to  acquire  the  shares of Gurus.  At the date of
     acquisition, Gurus' net assets had a fair value of $Nil.

                                      F-10

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

7.       CONVERTIBLE LOAN

<TABLE>
<CAPTION>
===========================================================================================================
                                                                                       2000            1999
-----------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>
Canalaska Ventures Ltd.                                                     $      100,000  $           --
===========================================================================================================
</TABLE>

     The  convertible  loan  bears  interest  at a rate of 7% per  annum  and is
     repayable  by  March  7,  2001  unless   converted  into  common  stock  of
     NewGurus.com, Inc. at a price of $0.25 per share.

8.   CAPITAL STOCK

     On August 16, 1999, the Company  implemented a 1,000:1  forward stock split
     and on December 17, 1999, a 7:1 forward  stock  split.  The  statements  of
     changes in  stockholders'  equity  has been  restated  to give  retroactive
     recognition  of the stock  splits by  reclassifying  to common  stock  from
     additional paid in capital, the par value of shares arising from the split.
     In addition,  all  references  to number of shares and per share amounts of
     common stock have been restated to reflect the stock split.

     On May 16, 1997,  the Company issued  7,000,000  shares with a par value of
     $0.001 for services valued at $500.

     On December 17, 1999, the Company issued  3,500,000 shares with a par value
     of $0.001 to acquire all of the outstanding  shares of Gurus  International
     Corp.

     On January 12, 2000, the Company issued 1,147,500 shares at $0.05 per share
     for cash proceeds in the amount of $61,175.

     On February 1, 2000,  the Company  issued 278,000 shares at $0.05 per share
     for cash proceeds in the amount of $13,900.

     On February 24, 2000,  the Company issued 100,000 shares at $0.25 per share
     for cash proceeds in the amount of $25,000.

     On February 24, 2000,  the Company  issued 20,000 shares at $0.05 per share
     for cash proceeds in the amount of $1,000.

     On February 24, 2000,  the Company  issued 20,000 shares at an agreed value
     of $1,000 as payment of fees for services received.

     On February 28, 2000,  the Company  issued 50,000 shares at an agreed value
     of $2,500 as payment of fees for services received.

     On February 28, 2000, the Company cancelled 3,756,000 shares gifted back to
     treasury.

     On February 28, 2000,  the Company issued 152,000 shares at $0.05 per share
     for cash proceeds in the amount of $7,600.

     On February 28, 2000,  the Company issued 500,000 shares at $0.01 per share
     for cash proceeds in the amount of $5,000.

     On March 21, 2000,  the Company issued 70,000 shares at $0.05 per share for
     cash proceeds in the amount of $3,500.

                                      F-11

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

8.   CAPITAL STOCK (cont'd.....)

     On March 27, 2000, the Company issued 96,000 shares at $0.375 per share for
     cash proceeds in the amount of $36,000.

     On March 27, 2000, the Company issued 112,500 shares at $0.40 per share for
     cash proceeds in the amount of $45,000.

     INITIAL PUBLIC OFFERING

     The Company is currently in the process of filing a registration  statement
     under the  Securities  Act of 1933 for its  Initial  Public  Offering.  The
     offering consists of two million units offered by the Company at a price of
     $2.00 per unit,  each unit being  comprised of one share and one warrant to
     acquire one  additional  common share at a price of $2.00 per share for six
     months following acceptance of its registration  statement and at $2.50 per
     share for the period which is seven to twelve months  following  acceptance
     of its registration  statement and an additional  11,533,500 shares offered
     by selling stock  holders which may be sold if the Company's  shares become
     quoted or listed on an exchange or quotation service.

9.   STOCK OPTIONS AND WARRANTS

     As at June 30, 2000, the Company had  outstanding  stock options,  enabling
     the holders to acquire the following number of common shares:

<TABLE>
<CAPTION>
===========================================================================================================
                         Number                Exercise
                      of Shares                   Price                  Expiry Date
-----------------------------------------------------------------------------------------------------------
<S>                    <C>                     <C>                       <C>
                       600,000                 $  1.00                   February 1, 2005
===========================================================================================================
</TABLE>

     As at June 30, 2000, the Company had outstanding  share purchase  warrants,
     enabling the holders to acquire the following number of shares:

<TABLE>
<CAPTION>
============================================================================================================
                                              Original
                        Number                Exercise
                     of Shares                   Price                   Expiry Date
------------------------------------------------------------------------------------------------------------
<S>                                            <C>                       <C>
                        60,000                 $  1.00                   January 25, 2003
                        35,000                    1.00                   February 28, 2003
                       125,000                    1.00                   November 29, 2004
                       200,000                    1.00                   November 29, 2004
                       200,000                    1.00                   November 30, 2004
                       148,500                    1.00                   December 13, 2004
                       118,000                    1.00                   January 3, 2005
                       147,000                    1.00                   February 15, 2005
                       360,000                    1.00                   February 25, 2005
                       250,000                    1.00                   February 25, 2005
============================================================================================================
</TABLE>

                                      F-12

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

10.  STOCK BASED COMPENSATION EXPENSE

     Statement  of  Financial  Accounting  Standards  No. 123,  "Accounting  for
     Stock-Based  Compensation",  encourages  but does not require  companies to
     record  compensation cost for stock-based  employee  compensation  plans at
     fair value. The Company has chosen to account for stock-based  compensation
     using  Accounting  Principles  Board Opinion No. 25,  "Accounting for Stock
     Issued to Employees".  Accordingly,  compensation cost for stock options is
     measured as the excess,  if any, of quoted  market  price of the  Company's
     stock  at the  date  of  grant  over  the  option  price.  No  stock  based
     compensation has resulted from the use of this standard.

     Following is a summary of the status of the plan during 1999 and 2000:

<TABLE>
<CAPTION>
==========================================================================================================
                                                                                                 Weighted
                                                                                                  Average
                                                                                    Number       Exercise
                                                                                 of Shares          Price
----------------------------------------------------------------------------------------------------------
<S>                                                                               <C>             <C>
Outstanding at June 30, 1999 and 1998                                                  --         $    --

    Granted                                                                       600,000         $  1.00
    Forfeited                                                                          --         $    --
    Exercised                                                                          --         $    --
                                                                             ------------    ------------

Outstanding at June 30, 2000                                                      600,000         $  1.00
==========================================================================================================

Weighted average fair value of options granted                                                    $    --
==========================================================================================================
</TABLE>

     Following  is a summary of the status of  options  outstanding  at June 30,
     2000:

<TABLE>
<CAPTION>
=====================================================================================================================
                                                  Outstanding Options                      Exercisable Options
                                       -------------------------------------------    -------------------------------
                                                           Weighted
                                                            Average      Weighted                           Weighted
                                                          Remaining       Average                            Average
                                                        Contractual      Exercise                           Exercise
Exercise Price                                Number           Life         Price             Number           Price
---------------------------------------------------------------------------------------------------------------------
<S>                                          <C>              <C>          <C>               <C>            <C>
$ 1.00                                       600,000          4.60         $  1.00           600,000        $  1.00
=====================================================================================================================
</TABLE>

                                      F-13

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

10.  STOCK BASED COMPENSATION EXPENSE (cont'd.....)

     COMPENSATION

     Had  compensation  cost been recognized on the basis of fair value pursuant
     to Statement of Financial  Accounting  Standards No. 123, net loss and loss
     per share would have been adjusted as follows:

<TABLE>
<CAPTION>
=====================================================================================
                                                            June 30,       June 30,
                                                                2000           1999
-------------------------------------------------------------------------------------
<S>                                                    <C>            <C>
NET LOSS

    As reported                                        $    (184,580) $        (235)
                                                       ============== ===============

    Pro forma                                          $    (184,580) $        (235)
                                                       ============== ===============

BASIC AND DILUTED LOSS PER SHARE

    As reported                                        $       (0.03) $       (0.01)
                                                       ============== ===============

    Pro forma                                          $       (0.03) $       (0.01)
=====================================================================================
</TABLE>

     The fair value of each option granted is estimated  using the Black Scholes
     Option Pricing Model. The assumptions used in calculating fair value are as
     follows:

<TABLE>
<CAPTION>
======================================================= ============== ==============
                                                            June 30,        June 30,
                                                                2000            1999
------------------------------------------------------ -------------- ---------------
<S>                                                         <C>                <S>
Risk-free interest rate                                      6.434%            --
Expected life of the options                                2 years            --
Expected volatility                                           .001%            --
Expected dividend yield                                        --              --
=====================================================================================
</TABLE>

11.  COMMITMENTS

     a)   On March 7, 2000, the Company  entered into a Financing and Management
          Agreement  with  Canalaska  Ventures  Ltd.   ("Canalaska")  to  obtain
          financing for information technology and software development.

          The terms of the agreement between the Company and Canalaska  includes
          the following provisions:

          Canalaska  has the  exclusive  right  to  earn  up to a  26.6%  (three
          milliion  shares)  interest  in the  Company by  purchasing  an equity
          position in the Company in three phases, subject to specific terms and
          conditions.

          Phase One, of the  agreement,  requires  Canalaska  to issue a $30,000
          convertible  loan  (received)  to the  Company  and a further  $70,000
          (received) subject to regulatory approval. The entire convertible loan
          must be converted to common  shares of the Company at a price of $0.25
          per common share within 30 days of the date of regulatory approval.

                                      F-14

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

11.  COMMITMENTS (cont'd.....)

          Phase Two, of the agreement,  requires Canalaska to make an investment
          of $440,000 ($50,000  received) by purchasing  1,100,000 common shares
          at a price of $0.40 per share of the Company.  After each increment of
          financing  provided,  Canalaska earns a warrant that allows  Canalaska
          the right to  purchase  an equal  number of  additional  shares in the
          Company at a price  $1.30 per  common  share for a period of two years
          from the date each increment is executed or exercised.

          Phase Three, of the agreement,  gives Canalaska the right to invest up
          to an  additional  $1,950,000  in the common  shares of the Company by
          executing its warrants to purchase up to 1,500,000  common shares at a
          price of $1.30 per share, on a pro rata basis.

          Subject  to  completion  of the  Phase II  financing  of the  Company,
          Canalaska has the exclusive  right to own 51% and be the operator of a
          similarly  structured company for Europe,  South America,  Mexico, the
          Caribbean and Central and South America.

12.  RELATED PARTY TRANSACTIONS

     During the year ended June 30, 2000, the Company entered into the following
     related party transactions:

     a)   The Company paid consulting fees of $70,000 (June 30, 1999 - $Nil) to
          a company controlled by a former director.

     b)   The Company paid  professional  fees of $30,000 (June 30, 1999 - $Nil)
          to a company controlled by a former director.

     c)   The  Company  issued  3,500,000  common  shares at an agreed  value of
          $3,500 to acquire all of the outstanding shares of Gurus International
          Corp., a company controlled by common directors (Note 6).

     d)   The Company paid consulting fees of $8,500 (June 30, 1999 - $Nil) to
          companies controlled by directors.

13.  SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

<TABLE>
<CAPTION>
=====================================================================================
                                                           June 30,       June 30,
                                                               2000           1999
-------------------------------------------------------------------------------------
<S>                                                    <C>            <C>
Cash paid for income taxes                             $         --   $          --
Cash paid for interest                                           --              --
=====================================================================================
</TABLE>

     Non-cash  investing and financing  transactions  during the year ended June
     30, 2000 were as follows:

     a)   The Company issued 3,500,000 shares of common stock at an agreed value
          of  $3,500  to  acquire  100%  of  the  outstanding  shares  of  Gurus
          International Corp.

     b)   The  Company  issued a total of 70,000  shares  of common  stock at an
          agreed value of $3,500 for services rendered.

                                      F-15

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

13.  SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (cont'd.....)

     No  significant  non-cash  investing  and financing  transactions  occurred
     during the year ended June 30, 1999.

14.  INCOME TAXES

     The Company's total deferred tax asset is as follows:

<TABLE>
<CAPTION>
===============================================================================================
                                                                     June 30,         June 30,
                                                                         2000             1999
-----------------------------------------------------------------------------------------------
<S>                                                            <C>             <C>
Tax benefit relating to net operating loss carryforwards       $       64,388  $            80
Valuation allowance                                                   (64,388)             (80)
                                                               --------------  ---------------
                                                               $           --  $            --
===============================================================================================
</TABLE>

     The Company has a net operating loss carryforward of approximately $185,315
     which expires in 2019 and 2020.  The Company has provided a full  valuation
     allowance on the deferred tax asset  because of the  uncertainty  regarding
     realizability.

15.  FINANCIAL INSTRUMENTS

     The Company's  financial  instruments consist of cash and cash equivalents,
     accounts  payable and accrued  liabilities  and convertible  loans.  Unless
     otherwise noted, it is management's opinion that the Company is not exposed
     to  significant  interest,  currency  or credit  risks  arising  from these
     financial  instruments.  The  fair  value of  these  financial  instruments
     approximate their carrying values, unless otherwise noted.

16.  UNCERTAINTY DUE TO THE YEAR 2000 ISSUE

     The Year 2000 Issue arises because many computerized systems use two digits
     rather than four to identify a year.  Date-sensitive  systems may recognize
     the  year  2000 as 1900  or some  other  date,  resulting  in  errors  when
     information  using  year 2000  dates is  processed.  In  addition,  similar
     problems  may  arise in some  systems  which use  certain  dates in 1999 to
     represent  something  other  than a date.  Although  the change in date has
     occurred,  it is not possible to conclude that all aspects of the Year 2000
     Issue that may affect the entity,  including  those  related to  customers,
     suppliers, or other third parties, have been fully resolved.

17.  SUBSEQUENT EVENTS

     The following are events which occurred subsequent to year end:

     a)   The Company entered into an acquisition  agreement whereby the Company
          acquired all the  outstanding  shares of  Independent  Outsider,  Inc.
          ("Independent")  from a company owned by a director.  The Company paid
          $3,000 to acquire all of the outstanding shares of Independent. At the
          date of acquisition,  Independent's net assets had a fair market value
          of $Nil.

     b)   The Company entered into a hardware and software  licensing  agreement
          with Healthnet  International  Inc.  ("Healthnet") so that the Company
          may operate web-based e-commerce health stores.

                                      F-16

<PAGE>

NEWSGURUS.COM, INC.
(A Development Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------

17.  SUBSEQUENT EVENTS (cont'd.....)

     The terms of the agreement  between the Company and  Healthnet  include the
     following provisions:

     The payment of an initial license,  production and set-up fee of $35,000 of
     which  $10,000 is payable  upon  execution  of the  agreement  (paid).  The
     outstanding  balance  shall be paid in six equal  payments of $4,167 over a
     six month  period,  beginning  one month  following  the  execution  of the
     agreement. The Company further agreed to pay 10% of the initial license fee
     per annum as a  renewal  fee,  and  royalty  fees  based on  monthly  gross
     revenues. In addition, the Company agreed to pay marketing fees equal to 3%
     of quarterly  sales (net of shipping) and a sub-license  fee for use of the
     Super-Nutrition Distribution Inc. product database.

     The agreement  shall  automatically  renew for one year terms unless either
     party  gives not less than three  months  written  notice that it wishes to
     have the agreement expire.

                                      F-17