SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

(Mark One)

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

                   For the Fiscal Year Ended December 31, 2002

[ ]  TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934 [No Fee Required]

        For the transition period from ______________ to _______________.

                           Commission File No. 0-26139

                          PRESIDENTIAL AIR CORPORATION
                 ----------------------------------------------
                      (Formerly MLM World News Today, Inc.)
                 (Name of small business issuer in its charter)

               Nevada                                      91-1937382
-----------------------------------      ---------------------------------------
(State or other jurisdiction             (I.R.S. Employer Identification Number)
 of incorporation or organization)

                 4225 Executive Square #200, La Jolla, CA 92037
               (Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Include Area Code: (858) 552-0841

Securities Registered Pursuant to Section 13 of the Act:

      Title of Each Class              Name of Each Exchange on Which Registered
            None                                          None

Securities Registered Pursuant to Section 12(g) of the Act:

                         Common Stock, $0.001 par value
                                (Title of Class)

         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 twelve (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 ninety (90)
days. Yes xT No

         Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [x]

         The issuer's revenues for its most recent fiscal year were $1,285.

         As of April 15, 2003, 99,399,190 shares of Common Stock of the
Registrant were outstanding and the aggregate of such shares held by
non-affiliates (based on the closing sale price of such shares on the OTC:BB on
April 15, 2003) was approximately $127,511.

                       DOCUMENTS INCORPORATED BY REFERENCE

         No annual reports to security holders, proxy or information statements,
or prospectuses filed pursuant to Rule 424(b) or (c) have been incorporated by
reference in this report.

<PAGE>
                                TABLE OF CONTENTS
                                                                          Page
PART I

         Item 1.  Description Of Business..................................  3
         Item 2.  Description Of Properties................................  3
         Item 3.  Legal Proceedings .......................................  4
         Tem 4.   Submission Of Matters To A Vote
                  Of Security Holders......................................  4

PART II

         Item 5.  Market For Common Equity And
                  Related Stockholder Matters..............................  4
         Item 6.  Management's Discussion And Analysis.....................  5
         Item 7.  Financial Statements.....................................  7
         Item 8.  Changes In And Disagreements With Accountants
                  On Accounting And Financial Disclosure...................  7

PART III

         Item 9.  Directors, Executive Officers, Promoters
                  And Control Persons; Compliance With
                  Section 16(A) Of The Exchange Act........................  7
         Item 10. Executive Compensation...................................  7
         Item 11. Security Ownership Of Certain Beneficial
                  Owners And Management....................................  7
         Item 12. Certain Relationships And Related Transactions...........  8
         Item 13. Exhibits And Reports Of Form 8-K.........................  8
         Item 14. Controls and Procedures..................................  8
         Item 16. Principal Accountant Fees and Service....................  9


Signature..................................................................  9
Financial Statements.......................................................F-1

<PAGE>


                           FORWARD LOOKING STATEMENTS

This Annual Report contains forward-looking statements about our business,
financial condition and prospects that reflect management's assumptions and
beliefs based on information currently available. The Company can give no
assurance that the expectations indicated by such forward-looking statements
will be realized. If any of the Company's assumptions should prove incorrect, or
if any of the risks and uncertainties underlying such expectations should
materialize, Presidential Air Corporation's actual results may differ materially
from those indicated by the forward-looking statements.

The key factors that are not within the Company's control and that may have a
direct bearing on operating results include, but are not limited to, acceptance
of the Company's services, its ability to expand its customer base, managements'
ability to raise capital in the future, the retention of key employees and
changes in the regulation of the Company's industry.

There may be other risks and circumstances that management may be unable to
predict. When used in this Report, words such as, "believes," "expects,"
"intends," "plans," "anticipates," "estimates" and similar expressions are
intended to identify and qualify forward-looking statements, although there may
be certain forward-looking statements not accompanied by such expressions.
However, the forward- looking statements contained herein are not covered by the
safe harbors created by Section 21E of the Securities Exchange Act of 1934.

                                     PART I


ITEM 1.  DESCRIPTION OF BUSINESS

A.     Business Development and Summary

(1)  Business Overview

Presidential Air Corporation, a Nevada corporation, hereinafter referred to as
the "Company," was originally incorporated under the name Global-Link
Enterprises, Inc., in the state of Nevada on November 20, 1998. On February 4,
2000 the Company filed a Certificate of Name Change with the State of Nevada to
"MLM World News Today, Inc. " which was granted on April 7, 2000. On August 6,
2002, the Company reverse split its shares on a one (1) for one hundred (100)
basis and on August 14, 2002, the Company amended its Articles of Incorporation
to change its name to Presidential Air Corporation.

The Company is a development-stage company and has been seeking an entity for
which to merge or to acquire. In furtherance of this objective, the Company
entered into two agreements and plans of acquisition, one in November of 2002
and the second in February of 2003. Unfortunately, as a result of the due
diligence process and based on subsequent events and the failure of certain
fundings, the Company was unable to consummate these acquisitions. Accordingly,
both of these transactions were abandoned and neither transaction ever became
effective. Subsequent thereto, the company executed a letter of intent to
acquire all of the assets of Safe Travel Care, a California general partnership.
Safe Travel Care (STC) is a travel protection service company with
administrative authority concerning product development, sales, marketing,
distribution, premium collection, customer and distributor services, claims
adjudication and payment, regarding the sale of its "Secure" and "Secure Plus"
travel protection plans. The travel protection plans focus on worldwide
emergency medical evacuation and 24-hour emergency assistance with such
essentials as: trip cancellation reimbursement, travel delay, baggage delay,
lost baggage compensation, medical/dental expense coverage, flight insurance,
and accidental death benefits... for a nominal cost per travel day.

STC will be underwritten by one or more international insurance companies and
plans to launch its Secure and Secure Plus programs on July 31, 2003 through a
comprehensive marketing campaign via television, radio, Internet, print and
business promotions. The campaign is designed to expose the availability and
affordability of travel protection insurance to the American public. On May 2,
2003, the Company's shareholders will vote on a proposal to change the Company's
name from Presidential Air Corporation to Safety Travel Care, Inc., reverse
split its shares on a 200:1 basis and re-authorize 200,000,000 common shares and
25,000,000 shares of preferred stock.

                                       3
<PAGE>


ITEM 2.  DESCRIPTION OF PROPERTIES

     The  Company  currently  operates  from a leased  facility  located at 4255
Executive Square,  #200, La Jolla, CA 92037. This facility contains 3,755 square
feet of office space.  This lease  expires on May 31, 2004 and requires  monthly
rental  payments  of $3,957  plus  yearly  increases  and  33.91% of the  common
operating expenses. The Company does not own any other property.

ITEM 3.  LEGAL PROCEEDINGS

     On May 22, 2001,  Boss  Manufacturing,  Inc.,  an  informational  packaging
manufacturer,  alleged that the Company has not been  fulfilling its contractual
obligations.  A Civil  Case,  No.  010904012  was  filed in The  Third  Judicial
District  Court for Salt Lake County,  Utah. The Company has filed its responses
to the  complaints.  However,  for nearly two years  there has been no  activity
involving this case.

     On May 21, 2001, two employees and a consultant  filed  complaints  against
the Company  for  wrongful  terminations.  Case No.  GICK67752  was filed in the
Superior Court for the State of California, County of San Diego. The Company has
filed responses to these  complaints.  The Company believes that it will be able
to settle this case on a basis favorable to the Company.

     In 2002,  Global Funding  Group,  Inc.  filed a complaint  against  several
individuals and the Company, Case No. 020914625,  filed in the District Court of
the Third  Judicial  District in Salt Lake County,  Utah seeking  repayment of a
loan for  approximately  $100,000.  However,  the  Company  believes  that  this
obligation  is the  responsibility  of the  individuals  and not the Company and
therefore, the Company has little if any exposure.

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

The following matters were submitted to a vote of security holders during the
year ended December 31, 2002.

     1.   On February 4, the  shareholders  were asked to amend the  Articles of
          Incorporation  to change  the name of the  Company  to MLM World  News
          Today, Inc.

     2.   On August 6, 2002,  the  shareholders  approved  a reverse  split on a
          1:100 basis.

     3.   On August 14, the  shareholders  approved  amending  the  Articles  of
          Incorporation  to change the Company's name from MLM World News Today,
          Inc. to Presidential Air Corporation.

                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         The Company's Common Stock is available for trading in the
over-the-counter market. The following table sets forth the high and low bid
price per share for the Company's Common Stock for each full quarterly period
within the two most recent fiscal years.

                            2002                         2001
                    --------------------        --------------------
                     High          Low           High           Low
First Quarter         .03          .02            .06           .06
Second Quarter       .025         .008            .07           .07
Third Quarter         .61 *       .002           .055          .055
Fourth Quarter        .60 *      .0021            .04           .04

         *        Reflects 1:100 reverse share split.

                                       4
<PAGE>

         As of April 15, 2003, the Company's stock was quoted at $.004.

         As of April 15, 2003, there were approximately 206 holders of record
and approximately 262 total shareholders of the Common Stock of the Company.

            We have not declared any cash dividends on our common stock since
our inception and do not anticipate paying such dividends in the foreseeable
future. We plan to retain earnings, if any, to support the development of the
Company's business. Payment of future dividends, if any, will be at the
discretion of our Board of Directors after taking into account various factors,
including our financial condition, operating results, current and anticipated
cash needs and plans for expansion.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS

                           FORWARD LOOKING STATEMENTS

Some of the statements contained in this Form 10-SB that are not historical
facts are "forward-looking statements" which can be identified by the use of
terminology such as "estimates," "projects," "plans," "believes," "expects,"
"anticipates," "intends," or the negative or other variations, or by discussions
of strategy that involve risks and uncertainties. We urge you to be cautious of
the forward-looking statements, that such statements, which are contained in
this Form 10-KSB, reflect our current beliefs with respect to future events and
involve known and unknown risks, uncertainties and other factors affecting our
operations, market growth, services, products and licenses. No assurances can be
given regarding the achievement of future results, as actual results may differ
materially as a result of the risks we face, and actual events may differ from
the assumptions underlying the statements that have been made regarding
anticipated events. Factors that may cause actual results, our performance or
achievements, or industry results, to differ aterially from those contemplated
by such forward-looking statements include without limitation:

1.   Our  ability  to  maintain,  attract  and  integrate  internal  management,
     technical information and management information systems;

2.   Our ability to generate customer demand for our services;

3.   The intensity of competition; and

4.   General economic conditions.

All written and oral forward-looking statements made in connection with this
Form 10-KSB that are attributable to us or persons acting on our behalf are
expressly qualified in their entirety by these cautionary statements. Given the
uncertainties that surround such statements, you are cautioned not to place
undue reliance on such forward-looking statements.

The safe harbors of forward-looking statements provided by the Securities
Litigation Reform Act of 1995 are unavailable to issuers not subject to the
reporting requirements set forth under Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended. As the Company has not registered its
securities pursuant to Section 12 of the Exchange Act, such safe harbors set
forth under the Reform Act are unavailable to the Company.

Results of Operations:

The results of operations for the year ended December 31, 2002 compared with
December 31, 2001 do not lend themselves to accurate comparison as the Company
was engaged in news and information distribution through the Internet for the
year ended December 31, 2001. These operations were phased out during the year
ended December 31, 2001 and the Company had no operations when control of the
company passed to the shareholders of Presidential Air Corporation.

                                       5
<PAGE>

For the year ended December 31, 2002, the Company had revenues of $1,285 from
retail sales. This compares with revenues of $72,140 generated from its website
hosting and news portal services for the year ended December 31, 2001.

Cost of Goods Sold. The Company incurred no cost of goods sold during the year
ended December 31, 2002, but had cost of goods sold of $30,467 for the year
ended December 31, 2001. These costs were incurred in the generation of its
revenue from its website hosting and news portal services.

General and administrative expenses for the year ended December 31, 2002 totaled
$42,453. These expenses were incurred principally in seeking a company with
which to merge or to acquire. This compares with expenses of $1,682,641 for the
year ended December 31, 2001 when the company was designing its website,
registering its domain name and marketing its Internet services.

Depreciation and Amortization for the year ended December 31, 2002 totaled
$31,784. The depreciation was incurred on its office equipment while the
amortization incurred from the amortization of website and hosting services
which previously had been capitalized. This compares with depreciation and
amortization expense of $48,519 for the year ended December 31, 2001. This
reduction resulted from less depreciation on the Company's office equipment.

For the year ended December 31, 2002 the company did not have any other income
or expense. This compares with $11,036 of other expense for the year ended
December 31, 2001. This other expense consisted of interest expense of $11,727
which was partially offset by $691 of miscellaneous income and of $116 which was
partially offset by interest expense of $17,113.

As a result of the foregoing, the company incurred a net operating loss of
$72,952 for the year ended December 31, 2002. This compares to the net operating
loss of $1,700,703 for the year ended December 31, 2001.

Liquidity and Capital Resources

As of December 31, 2002, the Company had cash of $34 and a deficit in working
capital of $82,893. This compares to cash of $40 and a deficit in working
capital of $320,605 as of December 31, 2001.

Cash used in operating activities for the year ended December 31, 2001 totaled
$281,926. This compares to $298,985 used in operations for the year ended
December 31, 2001.

For the year ended December 31, 2002, the Company's net operating loss decreased
by $1,627,751 which was subsequently offset by reduced depreciation, the absence
of $1,118,100 of non-cash compensation and other charges in the current
accounts.

Cash flow used for investing activities decreased to $9,240 for the year ended
December 31, 2002 from $39,358 for the year ended December 31, 2001. This
decrease resulted from a $4,068 decrease in fixed asset acquisition costs and a
reduction of $26,050 in website development costs.

Cash flows from financing activities decreased to $291,162 for the year ended
December 31, 2002 from $335,557 for the year ended December 31, 2001. The
decrease resulted from a decrease in cost over drafts and proceeds from related
party promissory notes, which was partially offset by increased proceeds from
the issuance of common stock.

The Company's current financial statements contain a "going concern"
qualification as the Company has insufficient resources to meet its business
plan for the next twelve months. In May, following the proposed reverse split of
its common shares, and the acquisition of Safe Travel Care, the Company plans an
equity offering. If this offering is not successful, the Company will have
insufficient liquidity to continue its operations.


                                       6
<PAGE>

ITEM 7.  FINANCIAL STATEMENTS

                       SEE PAGES F-1 THROUGH F-14 ATTACHED

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

         During the Company's two most recent fiscal years there were no
disagreements with Company's accountants on any matter of accounting principal
or practice, financial statement disclosure, or auditing scope or procedure.
Further, the previous accountant's report on the financial statements for the
past two years did not contain an adverse opinion or disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope or accounting
principal. The opinions, however, were qualified on a going concern basis.

                                    PART III

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

Information Regarding Present Directors and Executive Officers

         The following table sets forth the names and ages of the present
executive officers and directors of the Company and the positions held by each.


Name                      Age              Title

Paul A. Harbison          39               President, Chief Executive Officer,
                                           Chief Financial Officer

     The director has been elected to serve until the next annual meeting of the
directors by the  shareholders  or until his respective  successor has been duly
elected and shall have qualified.

     Paul A.  Harbison.  Paul A.  Harbison  has  been  with the  Company  or its
predecessors since 1998. From 1998 to February, 2000, Mr. Harbison was the Chief
Financial Officer and Director for Global-Link Enterprises,  Inc., a predecessor
of the  Company.  From  February  2000 to  October  15,  2002,  he was the Chief
Financial  Officer and Director for MLM World News Today,  also a predecessor of
this  company,  and acted as the Chief  Executive  Officer  from January 2002 to
October 15, 2002.  Since October 15, 2002, he has served as the Chief  Financial
Officer and acting President of Presidential Air Corporation.

Compliance with Section 16(a) of the Exchange Act.

     The persons  obligated  to make  filings  pursuant to Section  16(a) of the
Exchange Act have not done so as of the date of this report.  All such  filings,
however, are expected to be made within the next thirty days.

ITEM 10. EXECUTIVE COMPENSATION

     For the year ended December 31, 2002, there was no compensation paid to any
officer, director of the company.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Security Ownership of Management and Certain Beneficial Owners

     The following  table sets forth,  as of April 15, 2003 the number of shares
of the Company's Common Stock know to be held by beneficial  owners of more than
five percent of the Company's Common Stock.

                                       7
<PAGE>


Name and Address of           Amount and Nature of
Beneficial Owner              Beneficial Ownership          Percent of Class
--------------------          ---------------------         -----------------

Paul Harbison                       5,500,000                  2.05%



Wesley F. Gibbs                     2,000,000                  2.05%



Ben Hoskins                         32,500,000                33.37%



Christa D. Frans                    8,500,000                  8.73%




J. Jeffrey Frans                    8,500,000                  8.73%




Katherine R. Frans                  8,500,000                  8.73%
                                    ---------                 ------

Total All Officers & Directors
(1) person                          5,500,000                  2.05%

ITEM 12.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During 2002, $51,950 was loaned to the Company by officers and directors. At
December 31, 2002, the unpaid principal balance was $323,592. The loans are to
be repaid with interest at10 percent.

During 2001, the Company paid $31,200 in consulting fees to related parties.

Christa D. Frans, J. Jeffrey Frans and Katherine R. Frans are brothers and
sisters.

                                     PART IV

ITEM 13.EXHIBITS AND REPORTS OF FORM 8-K

     (a)  Exhibits

                  None

     (b)  Reports on Form 8-K

                  None

ITEM 14.  CONTROLS AND PROCEDURES

(a) The Company's Chief Executive Officer and Chief Financial Officer have
concluded that the Company's disclosure controls and procedures are effective,
based on their evaluation of these controls and procedures within 90 days of the
date of this report.

                                       8
<PAGE>

(b) There have been no significant changes in the Company's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation.

ITEM 16. PRINCIPAL ACCOUNTANT FEES AND SERVICES

     For each of the prior two years, the Company's fees to its outside auditors
have totaled $6,000, all of which relates to audit and review works.

                                   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.

                                      PRESIDENTIAL AIR CORPORATION



                                      By /s/ Paul Harbison
                                        -----------------------------
                                        Paul Harbison, Chief Executive Officer


                                      By /s/ Paul Harbison
                                        -----------------------------
                                        Paul Harbison, Chief Financial Officer


Dated: April 29, 2003

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

Signature                           Title                             Date
----------                         -------                           ------

/s/ Paul Harbison                  Director                     April 29, 2003
------------------
Paul Harbison

                                       9
<PAGE>

                                 CERTIFICATIONS

I, Paul Harbison, certify that:

1. I have reviewed this annual report on Form 10-KSB of Presidential Air
Corporation;

2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

         a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;

         b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and

         c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

         a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

         b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
controls; and

6. The registrant's other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Dated: April 29, 2003

By:/s/ Paul Harbison
------------------------
Paul Harbison
Chief Executive Officer

<PAGE>


I, Paul Harbison, certify that:

1. I have reviewed this annual report on Form 10-KSB of Presidential Air
Corporation;

2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

         a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;

         b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and

         c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

         a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

         b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
controls; and

6. The registrant's other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Dated: April 29, 2003

By:/s/ Paul Harbison
------------------------
Paul Harbison
Chief Financial Officer

<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                              FINANCIAL STATEMENTS



                                 C O N T E N T S


Independent Auditors' Report                                          3

Balance Sheet                                                         4

Statements of Operations                                              6

Statements of Cash Flows                                              7

Statements of Stockholders' Equity (Deficit)                          8

Notes to Financial Statements                                         9



<PAGE>


                          INDEPENDENT AUDITORS' REPORT


To the Stockholders of
Presidential Air Corporation
(Formerly MLM World News Today, Inc.)
San Diego, California


I have audited the accompanying balance sheet of Presidential Air Corporation
(formerly MLM World News Today, Inc.) as of December 31, 2002 and 2001 and the
related statements of operations, stockholders' equity (deficit) and cash flows
for the years then ended. These financial statements are the responsibility of
the Company's management. My responsibility is to express an opinion on these
financial statements based on our audits.

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

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Presidential Air Corporation
(formerly MLM World News Today, Inc.) as of December 31, 2002 and 2001 and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 3 to the
financial statements, the Company has incurred significant losses and has a
working capital deficit of $298,302, which together raises substantial doubt
about its ability to continue as a going concern. Management's plans in regard
to these matters are also described in Note 3. The financial statements do not
include any adjustments that might result from the outcome of the uncertainty.



Andrew M. Smith CPA
Long Beach, Ca
April 11, 2003


                                       3
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                                  Balance Sheet
                           December 31, 2002 and 2001




                                     Assets


                                                          2002            2001
 Current Assets
        Cash and cash equivalents                      $    34           $  40


        Accounts receivable, net of allowance for            -               -
        Inventories                                      1,734           1,734
                                                    -----------     -----------
            Total Current Assets                         1,768           1,774
                                                    -----------     -----------


 Property, Plant, and Equipment

        Net of Accumulated Depreciation (Note 7)        78,101          74,308

 Other Assets

        Website, net (Note 5)                           70,831          97,168

        Deposits                                           275             275

        Advances receivable                              1,345           1,345

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

          Total Assets                               $ 152,321       $ 174,870
                                                    ===========     ===========



                                       4
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                                  Balance Sheet
                           December 31, 2002 and 2001



                       Liabilities and Stockholders Equity

                                                         2002            2001
 Current Liabilities
        Cash Defecit                                 $  19,190       $  16,150

        Accounts Payable                                43,471         127,786
        Accrued liabilities                             22,000          60,318
        Deposits                                                       118,126
                                                  -------------  --------------
          Total Currrent Liabilities                    84,661         322,379

 Loans payable - related parties                       323,592         271,643
                                                  -------------  --------------

 Commitments and contingencies (Notes 7, 8, &9)

        Total Liabilities                              408,253         594,022


 Stockholders' Equity
       Common Stock (200,000,000 shares
       authorized, par value $0.001, 97,377,675
       and 37,675,507 shares issued
       and outstanding) (Note 2)                        97,378          37,676

        Additional Paid in Capital                   2,181,413       2,004,943

        Accumulated defecit                         (2,534,723)     (2,461,771)
                                                  -------------  --------------

            Total Equity                              (255,933)       (419,152)
                                                  -------------  --------------

           Total Liabilities and Equity              $ 152,321       $ 174,870
                                                  =============  ==============


                                       5
<PAGE>
                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                             Statement of Operations
                     Years ended December 31, 2002 and 2001




                                              2002                 2001

Revenues                                   $  1,285             $  72,140

Cost of Goods Sold                                                 30,467
                                         ------------       ---------------
       Gross Margin                           1,285                41,493
Operating Expenses

        General and administrative           42,453             1,682,641
        Depreciation and amortization        31,784                48,519
                                         ------------       ---------------
       Total Operating Expenses              74,237             1,731,160
                                         ------------       ---------------
Other Income (Expense)

       Interest Expense                                           (11,727)
       Rent Income
      Other Income                                                    691
                                         ------------       ---------------
       Total Other Income (Expense)                               (11,036)
                                         ------------       ---------------
Net Income                                 $(72,952)         $ (1,700,703)
                                         ============       ===============

Basic and Diluted Loss per Share           $  (0.00)           $    (0.06)
                                         ============       ===============

Weighted Average Number of
Shares Outstanding                       41,335,214            27,962,200
                                         ============       ===============

                                       6
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                             Statement of Cash Flows
                      Year ended December 31, 2002 and 2001

                                                         2002          2001
                                                        ------        -------
CASH FLOWS FROM OPERATING ACTIVITIES
   Net Income                                         $(72,952)   $ (1,700,703)
   Adjustments to reconcile net income to net cash
   provided by operating activities
   Depreciation and amortization                        31,784          48,519
   Stock issued for service                                          1,118,100
Changes in operating assets and liabilities
     (Increase) decrease in
     Short term receivables                                               (345)
     Inventories                                                        13,086
     Other current assets

     Increase(decrease) in
     Accounts payable                                 (84,314)          86,956
     Accrued liabilities                              (38,318)          17,277
     Lease deposit payable                           (118,126)         118,126
     Payroll liabilities                            ------------    ------------
       NET CASH PROVIDED BY
       OPERATING ACTIVITIES                          (281,926)       (298,985)

CASH FLOWS FROM INVESTING ACTIVITIES

    Acquisition of Fixed Assets                        (9,240)        (13,308)
    Website development costs incurred                                (26,050)
                                                    ------------    ------------
      NET CASH USED FOR
      INVESTING ACTIVITIES                             (9,240)        (39,358)

CASH FLOWS FROM FINANCING ACTIVITIES
    Increase (decrease) in cash overdraft               3,040          11,393
    Proceeds from issuance of notes payable
    Proceeds from issuance of related party notes      51,950         124,914
    Payment on notes payable
    Payment on related party notes
    Common stock issued                               236,170         199,250
                                                    -----------     ------------
      NET CASH PROVIDED BY
      FINANCING ACTIVITIES                            291,160         335,557

Increase (Decrease) in Cash                                (6)         (2,786)

    CASH AT BEGINNING OF PERIOD                            40           2,826
                                                    -----------     ------------

    CASH AT END OF PERIOD                             $    34          $   40
                                                    ===========     ============


                                       7
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Statement of Stockholders' Equity
                      Year ended December 31, 2002 and 2001

<TABLE>

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

Balance December 31, 2000                   19,584,507      $19,585       $ 705,684     $ (761,068)     $ (35,799)

Net Income/(Loss)                                                                       (1,700,703)    (1,700,703)

Proceeds from sale of stock                  3,883,000        3,883         195,367                        199,250

Common stock issued for services            14,300,000       14,300       1,103,800                      1,118,100


Balance December 31, 2001                   37,675,507      $37,768      $2,004,851    $(2,461,771)     $ (419,152)

Net Income/(Loss)                                                                          (74,452)        (74,452)

Common stock issued for services             3,500,000        3,500           5,022                          8,445

Common stock issued for convertible
debt                                        11,000,000       11,000          15,782

Common stock issued for acquisition of
Presidential Air                            82,500,000       82,500         118,368                        247,735
                                        ---------------    ----------   ------------   -------------    ------------
Balance December 31, 2002                   97,377,675     $134,768     $ 2,144,023    $(2,536,223)    $  (255,932)
                                        ===============    ==========   ============   =============    ============
</TABLE>


                                       8
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Notes to the Financial Statements
                           December 31, 2002 and 2001

NOTE 1 - NATURE OF ORGANIZATION

     The  financial   statements   presented  are  those  of  Presidential   Air
     Corporation (the Company).  The Company was organized under the laws of the
     State of Nevada on November 20, 1999.  The Company was organized to develop
     a  multi-level  marketing  resource  web site to offer web site hosting and
     development services as well as a news portal for the multi-level marketing
     community.  The Company was  considered a  development  stage company until
     2000 when it substantially began operations.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     a.   Accounting Method

     The  financial   statements  are  prepared  using  the  accrual  method  of
     accounting. The Company has elected a December 31 year-end.

     b.   Basic Loss Per Share

     The following is an  illustration of the  reconciliation  of the numerators
     and denominators of the basic loss per share calculation:

                                                      For the Years Ended
                                                        December 31,
                                                   2002              2001
         Net (loss) (numerator)                 $ (72,952)      $ (1,700,703)

         Weighted average shares outstanding
         (denominator)                         41,335,214         27,962,200
                                              -------------      ------------

         Basic loss per share                      $(0.00)            $(0.06)
                                              =============      ============

     Fully diluted loss per share is not  presented as there are no  potentially
     dilutive items outstanding.

     c.   Use of Estimates

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

     d.   Cash and Cash Equivalents

     The Company  considers  all highly  liquid  investments  with a maturity of
     three months or less when purchased to be cash equivalents.


                                       9
<PAGE>
                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Notes to the Financial Statements
                           December 31, 2002 and 2001


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     e.   Revenue Recognition Policy

     The Company  recognizes revenue when services are performed or products are
     delivered.

     f.   Income Taxes

     At December 31, 2002, the Company had net operating loss  carry-forwards of
     approximately  $2,534,723  that may be offset against future taxable income
     through  2022.  No tax  benefit  has  been  reported  in  the  consolidated
     financial  statements as the Company believes that the carry-forwards  will
     expire unused. Accordingly, the potential tax benefits of the net operating
     loss carry-forwards are offset by a valuation allowance of the same amount.

     Due to the change in  ownership  provisions  of the Tax Reform Act of 1986,
     net operating loss carry-forwards for Federal income tax reporting purposes
     are subject to annual limitations.  Should a change in ownership occur, net
     operating loss carry-forwards may be limited as to use in future years.

     g.   Inventory

     Inventory  consists  of  finished  goods  recorded  at the lower of cost or
     market on a first in, first out basis.

     h.   New Accounting Pronouncements

     The  Company  has  adopted  the   provisions  of  FASB  Statement  No.  138
     "Accounting for Certain Derivative Instruments and Hedging Activities,  (an
     amendment of FASB  Statement No. 133.)" Because the Company had adopted the
     provisions  of FASB  Statement  No.  133,  prior  to June  15,  2000,  this
     statement is effective  for all fiscal  quarters  beginning  after June 15,
     2000.  The  adoption  of  this  principal  had no  material  effect  on the
     Company's consolidated financial statements.

     The  Company  has  adopted  the   provisions  of  FASB  Statement  No.  140
     "Accounting   for  Transfers   and   Servicing  of  Financial   Assets  and
     Extinguishments  of Liabilities (a replacement of FASB Statement No. 125.)"
     This statement provides accounting and reporting standard for transfers and
     servicing of financial  assets and  extinguishments  of liabilities.  Those
     standards are based on  consistent  application  of a  financial-components
     approach  that  focuses on control.  Under that  approach,  the transfer of
     financial assets, the Company recognized the financial and servicing assets
     it controls and the  liabilities it has incurred,  de-recognizes  financial
     assets when control has been surrendered, and de-

                                       10
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Notes to the Financial Statements
                           December 31, 2002 and 2001



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

recognizes  liabilities when extinguished.  This statement  provides  consistent
standards for  distinguishing  transfers of financial assets that are sales from
transfers that are secured borrowings. This statement is effective for transfers
and servicing of financial assets and  extinguishments of liabilities  occurring
after  March  31,  2001.   This  statement  is  effective  for  recognition  and
reclassification   of  collateral  and  for  disclosures   relating  to  secured
transactions and collateral for fiscal years ending after December 15, 2000. The
adoption of this principal had no material effect on the Company's  consolidated
financial statements.

The  Company  has  adopted  the  provisions  of FIN 44  "Accounting  for Certain
Transactions  Involving Stock Compensation (an interpretation of APB Opinion No.
25.)" This  interpretation  is  effective  July 1, 2000.  FIN 44  clarifies  the
application of Opinion No. 25 for only certain  issues.  It does not address any
issues related to the application of the fair value method in Statement No. 123.
Among other issues,  FIN 44 clarifies the definition of employee for purposes of
applying Opinion 25, the criteria for determining  whether a plan qualifies as a
non-compensatory  plan, the accounting  consequence of various  modifications to
the terms of a previously  fixed stock option or award,  and  accounting  for an
exchange of stock compensation awards in a business combination. The adoption of
this principal had no material  effect on the Company's  consolidated  financial
statements.

NOTE 3 - GOING CONCERN

The  Company's  financial  statements  are  prepared  using  generally  accepted
accounting  principles  applicable  to a going concern  which  contemplates  the
realization  of assets and  liquidation  of  liabilities in the normal course of
business. However, the Company does not have significant operations to date, nor
does it have an  established  source  of  revenues  sufficient  to  allow  it to
continue as a going concern. The Company projects substantial increases in first
year revenues as a result of the expansion of its operations  into Japan and the
launch of Tier II of its business model. It is the intent of the Company to seek
additional  working  capital for the Company  through the issuance of its common
stock, however,  there can be no assurance that the Company will be able to meet
its financial goals.

When the Company  becomes  fully  operational,  the central  convergence  of the
enterprise  will be centered on a global  news and  information  web portal that
focuses on the needs of the  worldwide  Network  Marketing  Industry.  Principle
features  of the web site  will  include  international  and  national  news and
information  related to over 1,000 companies engaged in this industry,  free web
based e-mail,  chat rooms,  message  boards,  and a personal  calendar.  Revenue
generating  services at the site will include  internet  services as an ISP, web
site design, web site hosing, domain name registration, communications services,
a credit repair membership program and an e-commerce mall.  Additional  services
will be added, as they become economically viable.

                                       11
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Notes to the Financial Statements
                           December 31, 2002 and 2001



NOTE 4 - RELATED PARTY TRANSACTIONS

Loans Payable

During  2002,  an  additional  $51,950 was loaned to the Company by officers and
directors.  At December 31, 2002, the unpaid principal balance was $323,592. The
loans are to be repaid with interest of 10 percent.

During 2002, the Company paid $31,200 in consulting fees to related parties.

NOTE 5 - WEB SITE DEVELOPMENT

The Company is developing a web site to provide web site development and hosting
services  as  well  as a news  portal  to the  multi-level  marketing  community
including home businesses and second income opportunity  seekers. The website is
amortized  over  a  period  of  60  months,  beginning  March  1,  2000  on  the
straight-line basis:

                                                     December 31,
                                               2002                2001
                                             --------             -------
      Website                              $ 131,684            $ 131,684
      Amortization                            60,852               34,515
                                            --------             ---------
                                           $  70,832            $  97,169
                                            --------             =========

     Amortization  for the years  ended  December  31, 2002 and 2001 was $26,337
respectively.


                                       12
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Notes to the Financial Statements
                           December 31, 2002 and 2001


NOTE 6 - PROPERTY AND EQUIPMENT

Property and equipment are recorded at cost.  Major  additions and  improvements
are capitalized. Minor replacements,  maintenance and repairs that do not extend
the useful life of the assets are expensed as incurred. Depreciation of property
and equipment is  determined  using the  straight-line  method over the expected
useful lives of the assets,  primarily  from three to seven years.  Property and
equipment consisted of the following at December 31, 2001:



                                                December 31,
                                          2002                2001
                                        ---------          ----------

         Office equipment                $32,734          $   25,579
         Accumulated depreciation -
           office equipment               (6,850)             (5,721)
         Software                         27,755              25,670
         Accumulated depreciation -
           software                      (14,267)            (12,141)
         Computer equipment               50,839              53,131
         Accumulated depreciation-
           computer equipment            (12,110)             (12,210)
                                        ----------          ----------
                                        $ 78,101              $74,308
                                        ==========          ==========

Depreciation  expense for the years ended December 31, 2002 and 2001 was $22,182
and $7,610, respectively.

NOTE 7 - LEASE COMMITMENT AND TOTAL RENTAL EXPENSE

During 2000, the Company leased property under a non-cancelable  operating lease
agreement which expires on May 31, 2004 and requires  monthly rentals of $3,957,
plus yearly increases, plus 33.91% of the common area operating expenses.

The Company subleased a portion of the building to a related party company under
a  non-cancelable  agreement which expires on May 31, 2004 and requires  monthly
rentals  of $3,957,  plus  yearly  increases,  plus  33.91% of the  common  area
operating expenses. On


                                       13
<PAGE>

                          PRESIDENTIAL AIR CORPORATION
                      (Formerly MLM World News Today, Inc.)
                        Notes to the Financial Statements
                           December 31, 2002 and 2001


NOTE 8 - CONTRACTS AND AGREEMENTS

During February 2001, the Company engaged PMR and Associates, LLC to support the
Company's business development and investor relation's needs.

During  February  2001,  the  Company  entered  into  an  agreement  with  EDUCO
International   Associates  to  provide   business   development   and  cultural
integration into the Japanese market.

During  February 2001, the company  authorized the issuance of 100,000 shares of
its previously  authorized  but un-issued  common stock for services for $10,000
(or $0.10 per share).

During  February 2001, the Company granted 900,000 options for services at $0.25
per share with an expiration date of February 5, 2002.

During February 2001, the Company authorized the issuance of 1,500,000 shares of
previously  authorized but un-issued common stock for services for $150,000 (or
$0.10 per share).