**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, 2001

[   ]	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.**

(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, 2001 were $167,797.

The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant was
$3,113,100 as of the closing price of $0.54 per share on June 29, 2001 on the OTC.BB.



On June 30, 2001, the number of shares outstanding of the registrant's Common Stock was 9,815,000.

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

**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.  We became a reporting company
under the Securities Exchange Act of 1934 on November 20, 1999.

The Company attracts an audience to its website by delivering exclusive content from established writers and
personalities.  NewsGurus also reaches additional audiences through re-distribution efforts and agreements.  The
Company creates marketing revenue streams by delivering targeted content to its audience on behalf of paying
sponsors.  The Company also is attempting to create revenue streams by reselling technology-oriented products
and services developed by third parties.

Despite a difficult business environment, NewsGurus.com Inc. completed many substantial milestones during the
last twelve months.  It's web site was completed and tested, and now generates modest revenue.  More than
twenty-five writers and journalists have contributed content to the website; growth of virtually 100% during the
past year.

Website traffic has also grown strongly as compared to twelve months earlier.  There were 6,712 unique visitors
to the site during August, 2001 compared to fewer than 1,500 during the same month one year earlier.  Page
views were 132,483 in August, 2001.  Management is encouraged that traffic continues to grow despite very few
expenditures being made on marketing and is confident of the growing strength of the NewsGurus brand.

The Company unveiled a marketing campaign with a retail value of $16 million to be executed in order to build the
NewsGurus brand and awareness of the Company.  This campaign has not yet commenced as management is
evaluating whether, in light of the deteriorated market environment, it represents the best value to shareholders.

In the context of the deteriorating business environment associated with web-based initiatives, management
understood that it would need to substantially reinforce its revenue model in order for the company to succeed in
the difficult business environment.  Several possible initiatives were investigated and, subsequent to June 30, the
Company has made announcements in this regard.  Additional opportunities in all business segments are
constantly under review.

Products and Services.

NewsGurus continues its vertically integrated efforts within the media industry and is leveraging the knowledge
gleaned through distribution of such media with an eye towards revenue streams.  In January 2001, the Company
began its first real efforts at generating revenue as it felt that product and services development had matured
sufficiently to allow initial revenue streams to flow.  Most of the revenue generated during this period was
marketing related, leveraging as planned the NewsGurus retail web audience as well as other audiences.

The environment for marketing had deteriorated during 2001 to such extent that, while NewsGurus' marketing
revenue was operationally profitable, it was difficult to reach a critical mass.  Other competing media
organizations have ceased operations due to mounting losses during this same period.

NewsGurus has subsequently announced several knowledge management and business intelligence products and
services to which it has acquired rights.  Chief among these is the NtrantTM Enterprise Resource Management
system (ERM) to which the Company has acquired exclusive re-seller rights in Alberta, British Columbia, and
Washington state; as well as non-exclusive selling rights elsewhere.

Subsequent to June 30, 2001, the Company has also announced an important distribution agreement with
Multex.com Inc. of New York, NY.  Management believes that this agreement will help deliver additional
exposure to its associated writers and provide an incentive for new writers to join NewsGurus, thus helping to
create an ever-larger NewsGurus audience.

While no additional technological development is required to enable the Company to offer its existing suite of
products and services, NewsGurus.com Inc requires additional development funds in order to offer additional
products and services.  Those costs could be substantial and even necessary expenditures in order for the
Company to remain competitive.

All our plans are dependent, in whole or in part, upon our efforts at securing funding.  To that end management is
working at all times to secure acceptable funding that allows the company to continue with its development.  We
plan to undergo additional website and technological development as funds are available.  Concurrent with site
development, we plan to pursue corporate relationships as noted above; conduct marketing programs; and
generally carry out normal business activities

High traffic at our website will strengthen our business plans.  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.
Subject to the availability of sufficient funds, we propose an extensive marketing program using both traditional
and new media as our forums.

In August, 2001, we test-published our first effort at launching a regular periodical named NewsGurus magazine.
Again subject to necessary availability of funds, 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 and to generate additional advertising revenue.  If successful, this will produce an important revenue
stream through magazine subscriptions and magazine advertising, while also 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.comwebsite to meet their needs of more timely
content delivery.

Management's vision is that NewsGurus be the premier supplier to individuals and Small and Medium Sized
Enterprises (SME's) of business intelligence and knowledge management products and services in North
America.  To get there, the Company must apply the knowledge it is gaining through its role as a vertical provider
of media and media services, towards the fulfillment of specific knowledge for individual clients.  IBM estimates
that SME's will spend us$330 billion on IT products and services this year.

Media; the Internet; computer software; and more, are all used by NewsGurus to achieve its vision.  To this end
the Company's activities encompass many traditional business sectors.

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

We did not expend any funds on research and development during our last two fiscal years.

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; and, from January 2001 to
present.  Mr. Khanna worked full-time on the Newsgurus project without compensation from July, 1999 to March
31, 2000; and, from January 2001 to present.  In January 2001 we engaged Darrell Woronchak as a full-time paid
consultant.  Mr. Woronchak's compensation is dependent, in part, upon the level of sales revenue he introduces to
the Company.

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 and subject to our ability to raise expansion capital or sales revenue, 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 IPWorld Communications, Kelowna, 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**

****

The Company's 2001 annual general meeting is scheduled to be held on Friday, October 26, 2001 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 2001/2002 fiscal year, to change the name of the
Company to NewsGurus Inc., 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 2001
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 quoted and listed for trading on the OTC.BB under symbol NGUR.  The Company is
fully reporting.



There are an undetermined number of shareholders holding our issued common shares.  The aggregate market
value of the voting and non-voting stock held by non-affiliates of the registrant was $3,113,100 as of the closing
price of $0.54 per share on June 29, 2001 on the OTC.BB. ($1,037,700 as of the closing price of $0.18 per share
on September 18, 2001.)  There are 2,313,500 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 received 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 $400,000
through private placements and completed construction of the initial Newsgurus.com website.

Our corporate operations commenced in May, 2000 with the launch of thewww.newsgurus.comwebsite 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.

The following discussion of the plan of operations of the Company should be read in conjunction with the financial
statements and the related notes thereto included elsewhere in this annual report for the twelve months ended
June 30, 2001.  This annual report contains certain forward-looking statements and the Company's future
operation results could differ materially from those discussed herein.

Our continued development is almost entirely dependent upon our receipt of additional equity funding.  Our rate of
development and schedule of accomplishments will be largely influenced by the quantity of equity funding
received.

The year ending June 30, 2001, is widely acknowledged to have been one of the most challenging in recent
history.  Economists agree that much of North America's corporate economy is in the midst of a recession even
as the larger consumer economy is teetering on the brink of recession.  Deteriorating capital markets during the
last twelve to eighteen months have proved very difficult for developing companies as they try to execute their
business plans.

Despite a negative and deteriorating environment, NewsGurus.com Inc. completed many substantial milestones
during the last twelve months.  It's web site was completed and tested, and now generates modest revenue.
More than twenty-five writers and journalists have contributed content to the website; growth of virtually 100%
during the past year.

Website traffic has also grown strongly as compared to twelve months earlier.  There were 6,712 unique visitors
to the site during August, 2001 compared to fewer than 1,500 during the same month one year earlier.  Page
views were 132,483 in August, 2001.  Management is encouraged that traffic continues to grow despite very few
expenditures being made on marketing and is confident of the growing strength of the NewsGurus brand.

The Company unveiled a marketing campaign with a retail value of $16 million to be executed in order to build the
NewsGurus brand and awareness of the Company.  This campaign has not yet commenced as management is
evaluating whether, in light of the deteriorated market environment, it represents the best value to shareholders.

In the context of the deteriorating business environment associated with web-based initiatives, management
understood that it would need to substantially reinforce its revenue model in order for the company to succeed in
the difficult business environment.  Several possible initiatives were investigated and, subsequent to June 30, the
Company has made announcements in this regard.

NewsGurus continues its vertically integrated efforts within the media industry and is leveraging the knowledge
gleaned through distribution of such media with an eye towards revenue streams.  In January 2001, the Company
began its first real efforts at generating revenue as it felt that product and services development had matured
sufficiently to allow initial revenue streams to flow.  Most of the revenue generated during this period was
marketing related, leveraging as planned the NewsGurus retail web audience as well as other audiences.

The environment for marketing had deteriorated during 2001 to such extent that, while NewsGurus' marketing
revenue was operationally profitable, it was difficult to reach a critical mass.  Other competing media
organizations have ceased operations due to mounting losses during this same period.

NewsGurus has subsequently announced several knowledge management and business intelligence products and
services to which it has acquired rights.  Chief among these is the NtrantTM Enterprise Resource Management
system (ERM) to which the Company has acquired exclusive re-seller rights in Alberta, British Columbia, and
Washington state; as well as non-exclusive selling rights elsewhere.

Subsequent to June 30, 2001, the Company has also announced an important distribution agreement with
Multex.com Inc. of New York, NY.  Management believes that this agreement will help deliver additional
exposure to its associated writers and provide an incentive for new writers to join NewsGurus, thus helping to
create an ever-larger NewsGurus audience.

NewsGurus has not broadened its media coverage into Lifestyle and Health sectors as it had earlier planned due
to a lack of resources and our desire to concentrate on core areas of focus.  The Company website and database
are built to accommodate such broadened media and will do so if and when sufficient resources are available.

While no additional technological development is required to enable the Company to offer its existing suite of
products and services, NewsGurus.com Inc requires additional development funds in order to offer additional
products and services.  Those costs could be substantial and even necessary expenditures in order for the
Company to remain competitive.

NewsGurus.com Inc. was publicly traded on the OTC.BB under trading symbol NGUR for the first time in June,
2001.  Management is proud to have successfully filled its mandate in this regard, particularly during a time of
substantial market upheaval.  Management believes current trading activity substantially undervalues
NewsGurus.com Inc. and will continue to work diligently to create shareholder value.

.All our plans are dependent, in whole or in part, upon our efforts at securing funding.  To that end management is
working at all times to secure acceptable funding that allows the company to continue with its development.  We
plan to undergo additional website and technological development as funds are available.  Concurrent with site
development, we plan to pursue corporate relationships as noted above; conduct marketing programs; and
generally carry out normal business activities

We do not currently have sufficient funds to develop our business plans.  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 only modest current sources of
revenue.  Without additional capital or greatly increased sources of revenue, it is unlikely that we will be able to
continue as a going concern.

We can function at only the most basic of levels during the next 12 months without additional funding. Our current
funding level prohibits deployment of our business plan however it will allow basic operation of our website and
corporate existence.

High traffic at our website will strengthen our business plans.  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.
Subject to the availability of sufficient funds, we propose an extensive marketing program using both traditional
and new media as our forums.

In August, 2001, we test-published our first effort at launching a regular periodical named NewsGurus magazine.
Again subject to necessary availability of funds, 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 and to generate additional advertising revenue.  If successful, this will produce an important revenue
stream through magazine subscriptions and magazine advertising, while also 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 thewww.newsgurus.comwebsite to meet their needs of more timely
content delivery.

Management's vision is that NewsGurus be the premier supplier to individuals and Small and Medium Sized
Enterprises (SME's) of business intelligence and knowledge management products and services in North
America.  To get there, the Company must apply the knowledge it is gaining through its role as a vertical provider
of media and media services, towards the fulfillment of specific knowledge for individual clients.  IBM estimates
that SME's will spend us$330 billion on IT products and services this year.

Media; the Internet; computer software; and more, are all used by NewsGurus to achieve its vision.  To this end
the Company's activities encompass many traditional business sectors.

Chris Bunka remains our CEO, Chairman and President. Sudhir Khanna remains our VP of Information
Technology.  Darrell Woronchak was appointed as our VP Business Development during this past year.  The
Company has no other full-time employees or consultants, but does rely as needed on outside consultants to meet
its operating and development requirements.

Since November, 1999, Nebular Research and Development Co. of Toronto, Canada has remained our primary
technology partner.  Nebular was chosen to construct the Newsgurus website under the direction of Sudhir
Khanna.  Since the beta stage site development is now complete, Nebular is working for us on a care and
maintenance basis until such time as we have secured additional funding. Nebular is also the creator of the
NtrantTM Enterprise Resource Management system that NewsGurus is currently marketing.

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 may include one or more executive positions,
programmers, secretarial and back-office personnel, editors and copy writers, and sales and marketing persons.
The actual number of persons we eventually employ will be determined by our ability to attract equity investment
into our company.

NewsGurus.com Inc. thanks its shareholders for their support.  Management is extraordinarily dedicated towards
increasing shareholder value and is looking forward to a successful year ahead despite the difficult business
environment.

"CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.  Except for historical matters, the matters
discussed in this Form 10-KSB are forward-looking statements based on current expectations and involve risks
and uncertainties.  Forward-looking statements include, but are not limited to, statements under the following
heading: "Managements Discussion And Analysis Or Plan Of Operations" the timing and expected profitable
results of publishing and sales and the need for no additional financing.



**Item 7.  Financial Statements**



The audited financial statements for Newsgurus.com, Inc. for the year ending June 30, 2001 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**



There were no changes or disagreements with Accountants or Auditors during the fiscal year.



**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 40

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.  In January, 1996 Mr. Bunka began the Outsider's Overture newsletter
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 and wrote published a book
entitled published "The Outsider's Guide to Speculative Stocks" in April, 1998.

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.



**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; and an additional
consulting and employment agreement dated January 4, 2001.  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.  We
are party to a consulting and employment agreement dated January 4, 2001 under which we have contracted the
services of Darrell Woronchak doing business as DW Consulting.

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.

Under the agreement with DW Consulting, Mr. Woronchak can receive fees of $2,500 per month subject to
certain sales targets being reached.  Mr. Woronchak can also receive a 5% sales commission. This agreement
also provides that Mr. Woronchak is to receive 100,000 of our stock options which will vest over a five year
period.  The agreement also provides that Mr. Woronchak 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.

|**SUMMARY COMPENSATION TABLE**        
|--------------------------------------
|****                                  
|                                      
|(a)                                   
|Name and Principle
Position           
|Chris Bunka,

President and
Director  
|Sudhir Khanna,

Secretary and
Director
|Darrell Woronchak,
Vice President     



**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,
2001 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.

|**Title of Class**                | **Name and Address**

**of Beneficial Owner**                      | **Amount and Nature**

**of Beneficial Owner**  | **Percent**

**of Class**
|--------------------------------- | ------------------------------------------------------------------ | ----------------------------------------------- | -------------------------
|****$.001 Par Value

Common Stock | Christopher Bunka (1)

5774 Deadpine DriveKelowna, B.C.V1P 1A3     | President and Director

3,075,000 common shares | 31.33%                   
|$.001 Par Value

Common Stock     | Sudhir Khanna (1)

6407 Alderwood TrailMississauga, OntarioL5N 6W9 | Secretary and Director

1,025,000 common shares | 10.44%                   
|$.001 Par Value

Common Stock     | Darrell Woronchak

15239 92nd AveSurrey, B.C   V3R 0A8             | Vice President

No shares held                  | 0.00%                    
|$.001 Par Value

Common Stock     | Devinder Randhawa

104 - 1456 St. Paul StreetKelowna, B.C.V1Y 2E6  | Former Director

500,000 common shares          | 5.09%                    
|$.001 Par Value

Common Stock     | Management as a Group                                              | 4,050,000 common shares                         | 41.26%                   

(1)	Messrs. Bunka, Khanna and Woronchak hold options and warrants which entitle them to acquire an additional
600,000, 450,000, and 100,000 of our common shares respectively.

Canalaska Ventures Ltd. has advanced us a convertible loan of $200,000.  This loan is convertible into 400,000
units of our company at $0.25 per unit and 250,000 units of our company at $0.40 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.  The shares underlying these units have not yet been issued to Canalaska although
negotiations to do so are underway.  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 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 5.1% 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

|**Exhibit**

**Number** | ****
Description                                                                                                                                                                                                    
|----------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|****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 September 30, 2000, filed on November 21, 2000, incorporated herein
by reference.                                                                                                   
|13.2                    | Form 10QSB for the Period ended December 31, 2000, filed on February 13, 2000, incorporated herein by
reference.                                                                                                    
|13.3                    | Form 10QSB for the Period ended March 31, 2001, filed on May 15, 2001, incorporated herein by
reference.                                                                                                            

(B)	Reports on Form 8-K

None

**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.**

Dated:  September 25, 2001			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 25, 2001

Date



**NEWSGURUS.COM, INC.**

**CONSOLIDATED FINANCIAL STATEMENTS**

**(A Development Stage Company)**

**JUNE 30, 2001**



**INDEPENDENT AUDITORS' REPORT**

To the Board of Directors and Stockholders of

NewsGurus.Com, Inc.

(A Development Stage Company)

We have audited the consolidated balance sheets of NewsGurus.Com, Inc. (A Development Stage Company) as at June 30,
2001 and 2000 and the consolidated statements of operations, stockholders' equity and cash flows for the years then ended
and the cumulative amounts from inception on May 16, 1997 to June 30, 2001.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based
on our audits.

We conducted our audits in accordance with generally accepted auditing standards 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 audits provide 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, 2001 and 2000 and the results of its operations and its cash flows for the years then ended and the
cumulative amounts from inception on May 16, 1997 to June 30, 2001 in accordance with generally accepted accounting
principles in the United States.

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.

*0.0.0.0.0.0.0.1	"DAVIDSON & COMPANY"*

|Vancouver, Canada  | Chartered Accountants
|------------------ | ---------------------
|                   |                      
|September 20, 2001 |                      



**NEWSGURUS.COM, INC.**

(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS

AS AT JUNE 30

|                                                 | 2001                                                    | 2000     
|------------------------------------------------ | ------------------------------------------------------- | ---------
|                                                 |                                                         |          
|**ASSETS**                                       | ****                                                    |          
|                                                 |                                                         |          
|**Current**                                      | ****                                                    |          
|Cash and cash equivalents                        | $	7,526                                                 | $	83,430 
|Accounts receivable                              | -                                                       | 3,000    
|Marketable securities (Note 4)                   | 1                                                       | -        
|Deposit                                          | -                                                       | 10,000   
|Prepaid advertising expenses (Note 5)            | 187,500                                                 | -        
|                                                 |                                                         |          
|Total current assets                             | 195,027                                                 | 96,430   
|                                                 |                                                         |          
|**Capital assets** (Note 6)                      | 5,955                                                   | 3,670    
|**Web site development costs**(Note 7)           | 130,058                                                 | 90,300   
|**Other assets** (Note 8)                        | 2,327                                                   | -        
|                                                 |                                                         |          
|**TOTAL ASSETS**                                 | ****$	333,367                                           | $	190,400
|                                                 |                                                         |          
|**LIABILITIES AND STOCKHOLDERS' EQUITY**         |                                                         |          
|                                                 |                                                         |          
|**Current**                                      | ****                                                    |          
|Accounts payable and accrued liabilities         | $	23,356                                                | $23,540  
|Convertible loan (Note 9)                        | 216,500                                                 | 100,000  
|                                                 |                                                         |          
|Total current liabilities                        | 239,856                                                 | 123,540  
|                                                 |                                                         |          
|**Stockholders' equity**                         |                                                         |          
|Capital stock (Note 10)                          |                                                         |          
|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                           |                                                         |          
|9,815,000                                        | common shares (June 30, 2000 ­ 9,290,000 common shares) | 9,815    
|****	Subscription funds received                 | -                                                       | 50,000   
|Additional paid in capital                       | 398,610                                                 | 192,885  
|Deficit accumulated during the development stage | (314,914)                                               | (185,315)
|                                                 |                                                         |          
|Total stockholders' equity                       | 93,511                                                  | 66,860   
|                                                 |                                                         |          
|**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY**   | $	333,367                                               | $190,400 

**History and organization of the Company** (Note 1)

**Commitments** (Note 13)

|**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.*

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                    | From

Inceptionon May 16,1997to June 30,*2001* | Year Ended

June 30,2001 | Year Ended

June 30,2000
|--------------------------------------------------- | ---------------------------------------------- | ------------------------ | ------------------------
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**REVENUE**                                         | ****$170,797                                   | $167,797                 | $3,000                  
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**EXPENSES**                                        |                                                |                          |                         
|Advertising                                         | 3,615                                          | -                        | 3,615                   
|Amortization                                        | 3,437                                          | 3,060                    | 377                     
|Amortization of web-site development costs (Note 7) | 32,514                                         | 32,514                   | -                       
|Consulting fees                                     | 117,350                                        | 38,850                   | 78,500                  
|Direct mail costs                                   | 110,407                                        | 110,407                  | -                       
|Licences and fees                                   | 11,149                                         | 9,179                    | 1,735                   
|Office and miscellaneous                            | 18,964                                         | 11,100                   | 7,364                   
|Professional fees                                   | 139,745                                        | 56,578                   | 83,167                  
|Site maintenance                                    | 3,458                                          | 3,458                    | -                       
|Travel and promotion                                | 18,973                                         | 6,151                    | 12,822                  
|                                                    |                                                |                          |                         
|                                                    | (459,612)                                      | (271,297)                | (187,580)               
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**Loss before other items**                         | (288,815)                                      | (103,500)                | (184,580)               
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**OTHER ITEMS**                                     |                                                |                          |                         
|Write-down of marketable securities                 | (9,599)                                        | (9,599)                  | -                       
|Interest on loan (Note 9)                           | (16,500)                                       | (16,500)                 | -                       
|                                                    |                                                |                          |                         
|                                                    | (26,099)                                       | (26,099)                 | -                       
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**Loss for the year**                               | $(314,914)                                     | $(129,599)               | $(184,580)              
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**Basic and diluted loss per common share**         |                                                | (0.02)                   | (0.03)                  
|                                                    |                                                |                          |                         
|                                                    |                                                |                          |                         
|**Weighted average common shares outstanding**      |                                                | 9,350,480                | 6,506,278               

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

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                               | FromInceptionon May 16,1997to June 30,*2001* | Year Ended

June 30,2001 | Year Ended

June 30,2000
|---------------------------------------------- | -------------------------------------------- | ------------------------ | ------------------------
|                                               |                                              |                          |                         
|                                               |                                              |                          |                         
|                                               |                                              |                          |                         
|**CASH FLOWS FROM OPERATING ACTIVITIES**       |                                              |                          |                         
|Loss for the year                              | $(314,914)                                   | $(129,599)               | $(184,580)              
|Items not affecting cash:                      |                                              |                          |                         
|Amortization                                   | 3,437                                        | 3,060                    | 377                     
|Amortization of web-site development costs     | 32,514                                       | 32,514                   | -                       
|Stock issued for services                      | 22,750                                       | 18,750                   | 3,500                   
|Write-down of marketable securities            | 9,599                                        | 9,599                    | -                       
|Interest accrued on convertible loan           | 16,500                                       | 16,500                   | -                       
|                                               |                                              |                          |                         
|Changes in non-cash working capital items:     |                                              |                          |                         
|(Increase) decrease in accounts receivable     | (9,600)                                      | (6,600)                  | (3,000)                 
|(Increase) decrease in deposit                 | -                                            | 10,000                   | (10,000)                
|Increase (decrease) in accounts payable        | 23,356                                       | (184)                    | 23,305                  
|                                               |                                              |                          |                         
|****	Net cash used in operating activities     | (216,358)                                    | (45,960)                 | (170,398)               
|                                               |                                              |                          |                         
|                                               |                                              |                          |                         
|**CASH FLOWS FROM FINANCING ACTIVITIES**       |                                              |                          |                         
|****	Convertible loan                          | 200,000                                      | 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 | 398,175                                      | 50,000                   | 348,175                 
|                                               |                                              |                          |                         
|                                               |                                              |                          |                         
|**CASH FLOWS FROM INVESTING ACTIVITIES**       |                                              |                          |                         
|****	Acquisition of capital assets             | (8,719)                                      | (4,672)                  | (4,047)                 
|Acquisition of subsidiary                      | (3,000)                                      | (3,000)                  | -                       
|****	Web site development costs                | (162,572)                                    | (72,272)                 | (90,300)                
|                                               |                                              |                          |                         
|****	Net cash used in investing activities     | (174,291)                                    | (79,944)                 | (94,347)                





-  *continued*  -

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

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                              | FromInceptionon May 16,1997to June 30,*2001* | Year Ended

June 30,2001 | Year Ended

June 30,2000
|------------------------------------------------------------- | -------------------------------------------- | ------------------------ | ------------------------
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|*Continued*                                                   | **                                           |                          |                         
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|**Change in cash and cash equivalents during the year**       | 7,526                                        | (75,904)                 | 83,430                  
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|**Cash and cash equivalents, beginning of the year**          | -                                            | 83,430                   | -                       
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|**Cash and cash equivalents, end of the year**                | $7,526                                       | $7,526                   | $83,430                 
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|**Supplemental disclosure with respect to cash flows**        | ****                                         |                          |                         
|Cash paid for income taxes                                    | $-                                           | $-                       | $-                      
|Cash paid for interest                                        | -                                            | -                        | -                       
|                                                              |                                              |                          |                         
|                                                              |                                              |                          |                         
|**Supplemental disclosure of non-cash operating, investing,** | ****                                         |                          |                         
|**and financing activities:**                                 | ****                                         |                          |                         
|Common shares issued for services                             | $	22,750                                     | $18,750                  | $3,500                  
|Common shares issued for acquisition of subsidiary            | 3,500                                        | -                        | -                       
|Common shares issued for prepaid advertising                  | 187,500                                      | 187,500                  | -                       

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

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

| | Common Stock | Additional

Paid in | Deficit

AccumulatedDuring theDevelopment | Share

Subscriptions | Total

Stockholders'
| | ------------ | ------------------- | ----------------------------------------- | -------------------- | --------------------

|                                             | Shares         | Amount  | Capital  | Stage      | Received | Equity   
|-------------------------------------------- | -------------- | ------- | -------- | ---------- | -------- | ---------
|                                             |                |         |          |            |          |          
|                                             |                |         |          |            |          |          
|                                             |                |         |          |            |          |          
|0.0.0.0.0.0.1Balance, 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 year                       | -              | -       | -        | (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                 | 112,500        | 112     | 44,888   | -          | -        | 45,000   
|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   
|****                                         | ****           |         |          |            |          |          
|Share subscription converted

to debt        | -              | -       | -        | -          | (50,000) | (50,000) 
|Common stock issued for services             | 25,000         | 25      | 18,725   | -          | -        | 18,750   
|Common stock issued

for prepaid advertising | 500,000        | 500     | 187,000  | -          | -        | 187,500  
|Loss for the year                            | -              | -       | -        | (129,599)  | -        | (129,599)
|                                             |                |         |          |            |          |          
|******Balance, June 30, 2001**               | **** 9,815,000 | $9,815  | $398,610 | $(314,914) | $-       | $93,511  

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

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**1.	HISTORY AND ORGANIZATION OF THE COMPANY**

NewsGurus.Com, Inc. ("the Company") was incorporated on May 16, 1997 under the laws of Nevada.
The Company's principal business consists of providing opinion and information in the areas of money,
health and lifestyles and eventually into e-commerce through the Internet.

During the year ended June 30, 2000, the Company acquired a 100% interest in Gurus International Corp.  During the
year ended June 30, 2001 the Company acquired a 100% interest in Independent Outsider, Inc.

**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 $129,599 for the year and aggregate losses from inception to June 30, 2001 of $314,914.  The Company
anticipates significant expenditures over the next twelve months in pursuing its anticipated plan of operations.  The
Company anticipates covering these costs by operating revenues and additional equity financing.  The Company
has entered into a convertible debt agreement for $200,000 of which it has received all the proceeds as of June 30,
2001. Subsequent to June 30, 2001, the Company entered into negotiations with the holder of the convertible debt
and expects to report resolution of said debt prior to September 30, 2001. The Company may need to issue 650,000
shares should this debt be converted to equity. The Company is not at this time capable of repaying the debt should
it be required to do so.  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 subsidiaries,
Gurus International Corp. and Independent Outsider, Inc.  All significant intercompany balances and transactions
have been eliminated.

**Use of estimates**

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

**Basic loss per share**

In February 1997, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting
Standards ("SFAS") No. 128, "Earnings Per Share". Under SFAS No. 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.

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



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

**Cash and cash equivalents**

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

**Capital assets**

Tangible capital assets, being computer equipment and software, are recorded at cost.  Amortization of capital assets
is calculated using the declining balance method at an annual rate of 30% for computer equipment and 100% for
software.

**Marketable securities**

In May 1993, the FASB issued SFAS No. 115, "Accounting for Certain investments in Debt and Equity Securities",
which became effective for years beginning after December 31, 1993.  The statement requires that certain investments
be classified into available-for-sale or trading securities stated at fair market values.  Any unrealized holding gains or
losses are to be reported as a separate component of shareholders' equity until realized for available-for-sale
securities, and included in earnings for trading securities.

**Software development**

The Company has adopted Statement of Position ("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.

**Revenue recognition**

The Company recognizes marketing and advertising revenues as services are sold and as collection of these
amounts is reasonably assured.  To date, revenues have been for marketing services offered by the Company to
implement wide-ranging shareholder awareness, sales, and advertising programs.



**Advertising costs**

The Company recognizes advertising expenses in accordance with SOP 98-7, "Reporting on Advertising Costs".  As
such, the Company expenses the cost of advertising in the year in which the services are rendered.

**Income taxes**

Income taxes are provided in accordance with SFAS 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.

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



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

**Other assets**

Intangible assets, being merchant credit rights, are amortized over 3 years on a straight line basis.****

**Accounting for derivative instruments and hedging activities**

In June 1998, the FASB issued SFAS No. 133 "Accounting for Derivative Instruments and Hedging Activities"
which establishes accounting and reporting standards for derivative instruments and for hedging activities.  SFAS
No. 133 is effective for all fiscal quarters of fiscal years beginning after June 15, 1999.  In June, 1999, the FASB issued
SFAS No. 137 to defer the effective date of SFAS No. 133 to fiscal quarters of fiscal years beginning after June 15,
1999.  In June, 2000, the FASB issued SFAS No. 138, which is a significant amendment to SFAS No. 133. The
adoption of these statements did not have a significant impact on the Company's financial statements as it has no
derivative instruments or hedging activities.

**Stock-based compensation**

SFAS 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 ("APB") 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.



The Company accounts for stock-based compensation issued to non-employees in accordance with the
provisions of SFAS 123 and the Emerging Issues Task Force consensus in Issue No. 96-18 ("EITF 96-18"), "Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring or in
Conjunction with Selling, Goods or Services".





**4.	MARKETABLE SECURITIES**



|                   | 2001 | 2000
|------------------ | ---- | ----
|                   |      |     
|Trading securities | $1   | $-  

For the year ended June 30, 2001, the Company recognized a holding loss of $9,599 (2000 - $Nil).

**5.	PREPAID ADVERTISING EXPENSES**

Prepaid advertising expenses are for prepaid contract advertising.  Pursuant to an agreement with News USA, Inc.,
the Company issued 500,000 shares of the Company in exchange for advertising media availabilities in News USA,
Inc. media.  This media will be made available to the Company on an as ordered basis for a period of 12 months.  This
prepaid advertising will be expensed as the Company orders advertising from News USA, Inc.

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**6.	CAPITAL ASSETS**

|                   |         |                           | Net Book Value
|------------------ | ------- | ------------------------- | --------------
|                   | Cost    | Accumulated

Amortization | 2001          
|                   |         |                           |               
|Computer equipment | $	8,031 | $	2,076                   | $	5,955       
|Computer software  | 688     | 688                       | -             
|                   |         |                           |               
|                   | $	8,719 | $	2,764                   | $	5,955       

**7.	WEB-SITE DEVELOPMENT COSTS**

|                           |           |                           | Net Book Value
|-------------------------- | --------- | ------------------------- | --------------
|                           | Cost      | Accumulated

Amortization | 2001          
|                           |           |                           |               
|Web-site development costs | $	162,572 | $	32,514                  | $	130,058     

Web site development costs 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.

**8.	BUSINESS COMBINATION**

During the year, the Company entered into an acquisition agreement whereby the Company acquired all of the
outstanding shares of Independent Outsider, Inc. ("Independent") by paying $3,000. At the date of acquisition,
Independent's net assets had a fair value of $3,100.  As of June 30, 2001, Independent's net assets had a net book
value of $2,327.

The total cost of $3,000 has been allocated to other assets which consist of an intangible right to merchant credit.

**9.	CONVERTIBLE LOAN**

|                        |           |          
|----------------------- | --------- | ---------
|                        | 2001      | 2000     
|                        |           |          
|Canalaska Ventures Ltd. | $	216,500 | $	100,000

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**9.	CONVERTIBLE LOAN** (cont'd)

The convertible loan bears interest at a rate of 7% per annum and is repayable beginning on March 7, 2001 unless
converted into common stock of NewGurus.com, Inc. at a price of $0.25 per share on the first $100,000 and at a price
of $0.40 on the second $100,000.  To date, $16,500 of interest has been accrued.  The Company is currently in
negotiation with the lender regarding the repayment of the existing loan (Note 13).  The lender has made no formal
demand for payment.

**10.	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 stockholders' equity has been restated to give recognition to 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.

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**10.	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.

On September 30, 2000, the Company converted subscription funds received in advance into debt.

On October 10, 2000, the Company issued 25,000 shares at an agreed value of $18,750 as payment of fees for services
received.

On June 1, 2001, the Company issued 500,000 shares with a value of $187,500 as payment for prepaid advertising
costs.

**11.	STOCK OPTIONS AND WARRANTS**

As at June 30, 2001, the Company had outstanding stock options, enabling the holders to acquire the following
number of common shares:

| | Numberof Shares |  | ExercisePrice |  | Expiry Date       
| | --------------- |  | ------------- |  | ------------------
| |                 |  |               |  |                   
| | 600,000         |  | $  1.00       |  | February 1, 2005  
| | 100,000         |  | 1.00          |  | January 4, 2005   
| | 70,000          |  | 1.00          |  | September 18, 2005

As at June 30, 2001, the Company had outstanding share purchase warrants, enabling the holders to acquire the
following number of shares:

| | Numberof Shares |  | Exercise

Price |  | Expiry Date      
| | --------------- |  | --------------- |  | -----------------
| |                 |  |                 |  |                  
| | 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

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**12.	STOCK BASED COMPENSATION EXPENSE**

SFAS 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 APB 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.

The Company accounts for stock issued to non-employees in accordance with the provisions of SFAS 123 and the
Emerging Issues Task Force consensus in Issue No. 96-18, "Accounting for Equity Instruments that are Issued to
Other Than Employees for Acquiring or in Conjunction with Selling, Goods or Services".   No stock based
compensation has resulted from use of this standard.

Following is a summary of the stock option activity:

|                             | Numberof Shares | Weighted

AverageExercisePrice
|---------------------------- | --------------- | ------------------------------
|                             |                 |                               
|Outstanding at June 30, 1999 | -               | $		-                          
|Granted                      | 600,000         | 1.00                          
|Forfeited                    | -               | -                             
|Exercised                    | -               | -                             
|                             |                 |                               
|Outstanding at June 30, 2000 | 600,000         | 1.00                          
|Granted                      | 170,000         | 1.00                          
|Forfeited                    | -               | -                             
|Exercised                    | -               | -                             
|                             |                 |                               
|Outstanding at June 30, 2001 | 770,000         | $	1.00                        



The fair value of options granted during the year ended June 30, 2001 was $Nil.





Following is a summary of the status of options outstanding at June 30, 2001:

|               | Outstanding Options |                                           | Exercisable Options           
|-------------- | ------------------- | ----------------------------------------- | ------------------------------
|Exercise Price | Number              | Weighted

AverageRemainingContractualLife | Weighted

AverageExercisePrice
|               |                     |                                           |                               
|$ 1.00         | 770,000             | 3.53                                      | $  1.00                       

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**12.	STOCK BASED COMPENSATION EXPENSE** (cont'd)

**Compensation**

Had compensation costs for stock options granted to employees 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:

|                                          |  | June 30,

2001 | June 30,

2000
|----------------------------------------- |  | -------------- | --------------
|                                          |  |                |               
|0.0.0.0.1Net loss                         |  |                |               
|As reported                               |  | $(129,599)     | $(184,580)    
|                                          |  |                |               
|Pro forma                                 |  | $(129,599)     | $(184,580)    
|                                          |  |                |               
|0.0.0.0.2Basic and diluted loss per share |  |                |               
|As reported                               |  | $(0.02)        | $(0.03)       
|                                          |  |                |               
|Pro forma                                 |  | $(0.02)        | $(0.03)       

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:

|                             |  | June 30,

2001 | June 30,

2000
|---------------------------- |  | -------------- | --------------
|                             |  |                |               
|Risk-free interest rate      |  | 6.002%         | 6.434%        
|Expected life of the options |  | 2 years        | 2 years       
|Expected volatility          |  | 0.001          | 0.001%        
|Expected dividend yield      |  | -              | -             

The Company has granted 70,000 options to a consultant which is accounted for under SFAS 123 and EITF 96-18.
Accordingly, using the Black-Scholes option pricing model, the options are marked to fair value through charges to
operations as stock-based compensation.  Stock-based compensation recognized during the period ended June 30,
2001 was $Nil (2000 - $Nil).

**13.	COMMITMENTS**

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

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**13.	COMMITMENTS** (cont'd)

a)	(cont'd)

To date, the Company has received $200,000 from Canalaska. Canalaska has the option to convert the first
$100,000 loan into common shares of the Company at a price of $0.25 per share within 30 days of the Canadian
Venture Exchange approving the loan agreement. The remaining $100,000 can be converted to common shares of
the Company at a price of $0.40 per share.

As of June 30, 2001, Canalaska has not received regulatory approval and therefore all of the advances to June
30, 2001 in the amount of $200,000 are carried as a convertible loan (Note 9).  As of June 30, 2001 the Company is
in discussions with Canalaska with regard to the agreement, however, no resolution has been reached.

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.

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

The Company paid $35,000 for an initial license, production and set-up fee and is required 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. To date there have been no sales.

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.

**14.	RELATED PARTY TRANSACTIONS**

During the year ended June 30, 2001, the Company entered into the following related party transactions:

a)	The Company paid $3,000 to acquire Independent Outsider Inc., a company controlled by common directors
(Note 8).

b)	The Company paid consulting fees of $25,500 (June 30, 2000 - $8,500) to companies controlled by directors.

c)	The Company paid consulting fees of $Nil (June 30, 2000 - $70,000) to a company controlled by a former director.

d)	The Company paid professional fees of $Nil (June 30, 2000 - $30,000) to a company controlled by a former
director.

The amounts charged to the Company for the services provided have been determined by negotiation among the
parties and, in certain cases, are covered by signed agreements.  These transactions were in the normal course of
operations and were measured at the exchange value which represented the amount of consideration established and
agreed to by the related parties.

**NEWSGURUS.COM, INC.**

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2001



**15.	INCOME TAXES**

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

|                                                             |  | ****2001  | 2000    
|------------------------------------------------------------ |  | --------- | --------
|                                                             |  |           |         
|****Tax benefit relating to net operating loss carryforwards |  | $	110,220 | $64,388 
|Valuation allowance                                          |  | (110,220) | (64,388)
|                                                             |  |           |         
|                                                             |  | $	-       | $-      

The Company has a net operating loss carryforward of approximately $315,000 which expires through 2021.  The
Company has provided a full valuation allowance on the deferred tax asset because of the uncertainty regarding
realizability.

**16.	FINANCIAL INSTRUMENTS**

The Company's financial instruments consist of cash and cash equivalents, marketable securities, 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.

**17.	CONCENTRATIONS**

****During the year, the Company had revenues of $143,918 from one customer, Peace Arch Entertainment Group Inc.
which was in excess of 10% of total revenue.

**18.	SUBSEQUENT EVENTS**

On July 10, 2001 the Company entered into a consulting agreement for general public relations services whereby it
issued 100,000 common shares of the Company.

On July 11, 2001 the Company entered into a consulting agreement for sales and marketing services whereby it
issued 150,000 common shares of the Company.