FORM 10-KSB

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

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

                  For the fiscal year ended June 30, 1999, or

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

                  For the transition period from _____ to _____.

Commission file number: (33-18050)

                             Stone Media Corporation
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            Colorado                                      87-0447213
-----------------------------------                       ----------
         (State of Incorporation)                         (Tax ID No.)

                      806 S. St. Paul, Dallas, Texas       75201
--------------------------------------------------------------------------------
               (Address of principal executive offices)   (ZIP code)

Registrant's telephone number, including area code: 214-742-1167

Securities registered pursuant to Section 12(b) of the Act:     NONE

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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the past
12 months and (2) has been  subject to such filing  requirement  for the past 90
days.

                               X    YES                        NO
                           ---------                 ---------

Aggregate  market  value  of the  voting  stock  held by  non-affiliates  of the
registrant as of June 30, 1999:

                                    $ 866,446

Shares of common stock outstanding at June 30, 1999:      23,533,096




<PAGE>



PART I.

ITEM 1   DESCRIPTION OF BUSINESS
--------------------------------

         HISTORY.  Registrant  was  organized  under  the  laws of the  State of
Colorado,  on July 14, 1987, as Harrow  Industries,  Inc. On April 7, 1994,  the
name of  Registrant  was  changed  to Stone  Media  Corporation  at  which  time
Registrant began focusing its business on interactive programs and technologies.
Registrant's   business   activities   historically   focused  on  research  and
development  and building a foundation  to implement  global access to real time
interactive technologies and broad band communications.

         GENERAL.  Historically,  Registrant developed and distributed real time
interactive   communications  and  multimedia   technologies   across  networks.
Registrant's  business  activities  have  included:  research  and  development,
marketing and sales of  technologies,  design and  implementation  of broad band
networks  and related  special  projects,  distributing  multimedia  content for
networks  and  providing   Internet  access  services.   Today,   Registrant  is
experiencing   a  financial   crisis  from  which  there  is  no   guarantee  of
recapitalizing or once again becoming a going concern.

         There have been no economic  events or changes  that have  affected the
Registrant,  for better or worse,  to attract  capital and there are no economic
trends or uncertainties  that the Registrant expects will have a material impact
on whether it can attract capital in the future.

         OFFICES.  Registrant  has an office in Dallas,  Texas which is given to
the Registrant by the Chairman at no charge.

         REVENUE FORECAST.  It is Registrant's intent to raise additional funds.
If Registrant is unable to obtain sufficient  contracts or secure its financing,
Registrant will cease to be a going concern.

         NUMBER OF  EMPLOYEES.  Registrant  no  longer  has  employees.  Certain
investors,  and friends and families of  investors,  are  assisting the Company.
Others are assisting on a consulting basis.

         CAPITAL STOCK. The authorized  number of shares of Registrant's  $0.001
par value Common Stock is 50 million; and the authorized number of shares of its
$1.00 par value Preferred Stock is 20 million.  As of June 30, 1999,  Registrant
had  issued  and  outstanding  23,533,096  shares  of its  Common  Stock  and no
Preferred Stock was outstanding.

ITEM 2   PROPERTIES

         Neither  Registrant  nor  its  subsidiary  owns  any  real  properties.
Registrant  Maintains its office at the office of the Chairman for which it pays
no rent.

                                        2


<PAGE>



ITEM 3.  LEGAL PROCEEDINGS
--------------------------

         Registrant   and/or  its   subsidiary  are  parties  to  several  legal
proceedings  involving  alleged  past due  payables.  At this time,  the amounts
claimed in the lawsuits  known to the Company are between  $50,000 and $100,000.
The Company also has a judgement against it in the amount of $150,000.

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

The  Company  submitted  no matters  to a vote of  security  holders  during the
periods presented.


















                                        3


<PAGE>



PART II.

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



         a.       Market Information.

         3rd Quarter 1998                   0.10              0.07
         4th Quarter 1998                   0.10              0.07
         1st Quarter 1999                   0.10              0.07
         2nd Quarter 1999                   0.10              0.07

         b.       Holders.

         There are approximately two hundred and forty (240) shareholders.

         c.       Dividends

         Registrant  has not paid a dividend to the holders of its common  stock
and does not anticipate paying dividends in the near future.

         e.       Warrants

         Registrant has no warrants outstanding.


ITEM 6   SELECTED FINANCIAL DATA

         No selected  financial  data of the  Registrant is included in columnar
since the Company has minimal assets and liabilities.

ITEM 7   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

The  Company  has had no  operations  during the year  ended  June 30,  1999 and
similarly, no operations for the same period last year. The Company is trying to
attract  capital  in order to  purchase  an  ongoing  business  or to  attract a
business  to buy or merge  with.  Efforts to  attract  capital to date have been
unsuccessful.

There have been no economic events or changes that have affected the Registrant,
for better or worse,  to attract  capital  and there are no  economic  trends or
uncertainties that the Registrant expects will have a material impact on whether
it can attract capital in the future.



                                        4


<PAGE>


Liquidity
---------

The  Registrant  has  minimal  assets;  its main  asset  is  400,000  shares  of
Electrical Generation Technology Corporation common stock, an affiliate company.
The Registrant has no liquidity and the liquidity the Registrant will be able to
attract will from the sale of stock in the company,  either for cash or issuance
of stock for purchase of a business.

The Registrant has minimal current expenses and no commitments.

Capital Resources
-----------------

The Registrant has no capital resources and if it can generate capital,  it will
be from the  sale of stock in the  company  for cash or  issuance  of stock  for
purchase of a business.

There were no stock offerings during the quarter and none are currently planned.

There were no plans or  requirements  for  purchase of capital  items during the
quarter.  The Registrant does not foresee any material  capital  purchase in the
coming twelve months.

ITEM 8   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
----------------------------------------------------

      Unaudited financial statements of the Registrant are attached hereto.

ITEM 9   CHANGES IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
-----------------------------------------------------------------------------

         There have been no  disagreements  with  auditors on and  accounting or
financial  disclosures.  The Registrant has been unable to pay the auditor, J.S.
Osborn, P.C., so no audited statements are included with this filing.












                                        5


<PAGE>

<TABLE>

<CAPTION>



PART III.

ITEM 10  DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT
-------------------------------------------------------

         The  following  table lists the executive  officers,  directors and key
consultants of the Company.  The directors will continue to serve until the next
annual shareholders meeting,  scheduled for May, 2000, or until their successors
are elected and qualified.  All officers serve at the discretion of the Board of
Directors.




         Name                            Age         Position                       Held Since
<S>      <C>                             <C>         <C>                            <C>

         Elbert G. Tindell               52          Chief Executive Officer        May 1999
         801 S. St Paul Street                       Director
         Dallas, Texas 75206

         Jeffrey B. Tindell              24          President, Secretary &         May 1999
         806 S. St Paul Street                       Treasurer
         Dallas, Texas 75206

         Somkuan Usachoke                            Director                       May 1999
         142 Two Pacific Place Bldg.
         23FL Sukhumvit Road
         Bangkok 10110 Thailand


</TABLE>


         Elbert G. Tindell:  President.  Mr.  Tindell has over twenty five years
experience in national and international  business  affairs.  From 1987 to 1995,
Mr.  Tindell  spent  approximately  twenty  five  percent of his time in Central
America.  During the past three  years he has lived in Europe and Asia where his
main focus has been on positioning EGT to take advantage of opportunities to bid
for both urban and rural infrastructure  construction projects in Thailand.  EGT
has believes they have developed an impressive circle of successful business and
government contacts in Thailand and throughout Asia.

         Jeffrey B. Tindell: President,  Secretary and Treasurer. Mr. Tindell is
head of the corporate  offices in Dallas and has maintained the stability of the
company  while   reorganizing  the  corporation.   He  has  some  experience  in
reorganizing companies on a consulting basis.

         To the  knowledge  of the  Company,  no  present  or  former  director,
executive  officer or person  nominated to become a director or executive of the
Company has ever:

         1) Filed a bankruptcy petition by or against any business of which such
person was a general  partner  or  executive  officer  wither at the time of the
bankruptcy or with two years prior to that time;

         2) Had any  conviction  in a criminal  proceeding or being subject to a
pending  criminal  proceeding  (excluding  traffic  violations  and other  minor
offenses);

                                        6


<PAGE>



          3) Been subject to any order,  judgment,  or decree,  not subsequently
reversed,  suspended  or  vacated,  of  any  court  of  competent  jurisdiction,
permanently or temporarily enjoining,  barring, suspending or otherwise limiting
his involvement in any type of business, securities or banking activities; and

         4) Been found by a court of competent jurisdiction (in a civil action),
the Commission or the Commodity  Futures  Trading  Commission to have violated a
federal or state  securities or  commodities  law, and the judgment has not been
reversed suspended or vacated.

ITEM 11  EXECUTIVE COMPENSATION
-------------------------------

         No compensation has paid to any officer or director in the period being
reported on.

         The Company has no retirement or stock option or bonus plan.

ITEM 12  SECURITY OWNERSHIP OF MANAGEMENT AND BENEFICIAL OWNERS
---------------------------------------------------------------

         Set forth below is the direct ownership of Registrant's common Stock by
management and any owner of 5% or more of Stock of Registrant.

                                                                          % of
Title of      Name and address                     Amount of shares       class
               of owner                                                   owned
--------------------------------------------------------------------------------

Common       Elbert G. Tindell                     6,155,300              26.1%
             as General Partner of
             Tindell Family LP
             806 S. St. Paul
             Dallas, Texas 75201

Common       Alpha CommSat                         5,000,000              21.3%
             142 Two Pacific Place Bldg.
             23FL Sukhumvit Road
             Bangkok 10110 Thailand

Common       All Officers, Directors &            11,155,300              47.4%
             Beneficial Holders as a Group


ITEM 13      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-----------------------------------------------------------

         There were no transactions during this reporting period.

                                        7


<PAGE>



PART IV.

ITEM 14  EXHIBITS, FINANCIAL STATEMENTS AND REPORTS ON FORM 8-K
---------------------------------------------------------------



(a)      The following documents are filed as a part of this report:
         Included in Part II, Item 8 of this report:

         Balance Sheets - June 30, 1999, and 1998

         Statement of Revenues and Expenses for the Years Ended
         June 30, 1999 and 1998

         Statement of Stockholders' Equity and Accumulated Deficit
         Twelve Months Ended June 30, 1999 and 1998

         Statement of Cash Flows for the Years Ended
         June 30, 1999 and 1998

(b)      The following reports on Form 8-K were filed  for the Company during
         1999:

         NONE.

(c)      The Company is not filing any exhibits.

(d)      This section not applicable to the Company.









                                        8


<PAGE>


SIGNATURES.

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

                                                 Stone Media Corporation
                                                 Registrant

                                                 By:  /s/  Elbert G. Tindell
                                                      -----------------------
                                                      Elbert G. Tindell
                                                 Its: Chairman

Date:     April 20, 2000


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

Signature                            Title                    Date

/s/  Elbert G. Tindell              President                 April 20, 2000
-----------------------
Elbert G. Tindell










                                        9


<PAGE>

<TABLE>

<CAPTION>


                             Stone Media Corporation
                           Consolidated Balance Sheets

                             June 30, 1999 and 1998

                                     ASSETS

                                                              June 30, 1999           June 30, 1998
<S>                                                           <C>                        <C>

CURRENT ASSETS:
Cash                                                                      0                       0
Total current assets                                                      0                       0

OTHER ASSETS:
Restricted common stock                                               8,000                   8,000
Total other assets                                                    8,000                   8,000
TOTAL ASSETS                                                         $8,000                  $8,000


                                 LIABILITIES AND

LIABILITIES:
Current liabilities:
Accounts payable                                                 $1,050,253              $1,050,253
Accrued expenses                                                    285,800                 276,400
Total current liabilities                                         1,336,053               1,326,653

TOTAL LIABILITIES                                                $1,336,053              $1,326,653

STOCKHOLDER'S EQUITY
Preferred stock, $1.00 par                                                0                       0
Common stock, no par value
  authorized 50,000,000
  and outstanding 22,268,250                                          23533                   23533
Additional paid in capital                                          5239977                 5239977
Retained earnings                                                  -6591563                -6582163
TOTAL STOCKHOLDER'S EQUITY                                         -1328053                -1318653

        STOCKHOLDER'S EQUITY                                           8000                    8000



</TABLE>


<PAGE>

<TABLE>

<CAPTION>


                             Stone Media Corporation
                            Consolidated Statement of

                               Revenue and Expense

                   Twelve Months Ended June 30, 1999 and 1998

                                                       Twelve months           Twelve months
                                                       June 30, 1999           June 30, 1998
<S>                                                    <C>                             <C>

Revenues:
Sales                                                              0                       0
Cost of sales                                                      0                       0
Gross profit                                                       0                       0

Expenses:
General and administrative                                       600                     600
Total expenses                                                   600                     600

Operating income (loss)                                         -600                    -600

Other income (expense):
Interest expense                                               23968                   24768
Total other income (expense)                                   -8800                   -8000

Net income before provision                                    -9400                   -8600

Provision for federal income                                       0                       0

Net income                                                     -9400                   -8600


</TABLE>








<PAGE>



<TABLE>

<CAPTION>


                             Stone Media Corporation

                 Consolidated Statement of Stockholders' Equity

                   Twelve Months Ended June 30, 1999 and 1998

                                     Common Stock        Common Stock
                                        Shares               Amount            Paid in Capital               Total
                                     ------------        ------------          ---------------               ---------
<S>                                  <C>                 <C>                   <C>                           <C>

Balance,
        June 30, 1997                    23533096               23533                  5239977                -6573563

Net Loss                                                                                                         -8600

Balance

        June 30, 1998                    23533096               23533                  5239977                -6582163

Net Loss                                                                                                         -9400

Balance
        June 30, 1999                    23533096               23533                  5239977                -6591563


</TABLE>



<PAGE>


<TABLE>

<CAPTION>

                             Stone Media Corporation
                      Consolidated Statement of Cash Flows

                   Twelve Months Ended June 30, 1999 and 1998

                                                                        Twelve months           Twelve months
                                                                        June 30, 1999           June 30, 1998
<S>                                                                     <C>                     <C>

Cash flows provided by
    Net income                                                                  -9400                   -8600
    Non-cash charges included in income
    Depreciation and amortization                                                   0                       0
    Changes in working capital, not including cash:
        Accrued expenses                                                         9400                    8600
        Net cash provided by operating activities                                   0                       0

Cash flows used by investing activities:                                            0                       0

Cash flows provided by financing activities:                                        0                       0

Increase in cash                                                                    0                       0

Cash, beginning of period                                                           0                       0

Cash, end of period                                                                 0                       0


</TABLE>