<PAGE>

================================================================================

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

                                    FORM 10-Q

              /X/  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                         FOR THE QUARTERLY PERIOD ENDED
                               SEPTEMBER 30, 1999

                                       OR

              / /  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934
                  FOR THE TRANSITION PERIOD FROM _____ TO _____ .

                         COMMISSION FILE NUMBER 0-22698

================================================================================

                              GOLDEN SYSTEMS, INC.
             (Exact name of registrant as specified in its charter)

================================================================================

           CALIFORNIA                                            95-4021568
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                               2125-C MADERA ROAD
                              SIMI VALLEY, CA 93065
                    (Address of principal executive offices)
                                 (805) 582-4400
              (Registrant's telephone number, including area code)

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

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 EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS: YES       NO   X
                                      -----     -----

AS OF MARCH 31, 2000 THERE WERE 5,299,998 SHARES OF NO PAR VALUE COMMON STOCK
OUTSTANDING.

================================================================================


<PAGE>

                                  INDEX LISTING

================================================================================

<TABLE>
<CAPTION>

                                                                                                 Page
                                                                                                Number
                                                                                                ------
                                                      PART I
                                               FINANCIAL INFORMATION

<S>                                                                                             <C>
ITEM 1.  FINANCIAL STATEMENTS.

         Consolidated Balance Sheets as of September 30, 1999 (unaudited) and
         March 31, 1999.                                                                          1

         Consolidated Statements of Operations (unaudited) for the three months and
         six months ended September 30, 1999 and September 30, 1998.                              2

         Consolidated Statements of Cash Flows (unaudited) for the six months ended
         September 30, 1999 and September 30, 1998.                                               3

         Notes  To  Consolidated Financial Statements (Unaudited).                                4-6

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS.                                                                   7-9


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.                              9


<CAPTION>
                                                      PART II
                                                 OTHER INFORMATION

<S>                                                                                             <C>
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.                                                          10

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.                                                         10


<CAPTION>
                                                    SIGNATURES

<S>                                                                                             <C>
SIGNATURES                                                                                        11

</TABLE>

                                       i
<PAGE>
                 PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                                         GOLDEN SYSTEMS, INC.
                                     CONSOLIDATED BALANCE SHEETS
                                            (in thousands)

<TABLE>
<CAPTION>

                                                                    Sept. 30, 1999     March 31, 1999
                                                                    --------------     --------------
                                                                     (unaudited)
                                                ASSETS
<S>                                                                 <C>                <C>
CURRENT ASSETS:
    Cash and cash equivalents                                                 $129               $117
    Accounts receivable, net of allowances                                     448                548
    Inventories                                                                635                612
    Prepaid expenses and other current assets                                  103                143
                                                                    --------------     --------------
         Total current assets                                                1,315              1,420
                                                                    --------------     --------------

PROPERTY, PLANT AND EQUIPMENT,
   at cost, net of accumulated depreciation                                    582                628

                                                                    --------------     --------------
                                                                            $1,897             $2,048
                                                                    ==============     ==============


<CAPTION>
                                 LIABILITIES AND SHAREHOLDERS' EQUITY

<S>                                                               <C>                <C>
CURRENT LIABILITIES:
     Short-term borrowings                                                  $8,945             $8,617
     Accounts payable                                                          816                885
     Note payable under Recapitalization Plan                                2,248              2,173
     Net due to related parties                                              2,575              2,505
     Notes payable                                                           1,044                962
     Accrued liabilities                                                     1,238              1,044
                                                                    --------------     --------------
         Total current liabilities                                          16,866             16,186
                                                                    --------------     --------------

COMMITMENTS AND CONTINGENCIES


MINORITY INTEREST                                                            2,599              2,599

SHAREHOLDERS' EQUITY
    Common Stock                                                            16,405             16,405
    Accumulated deficit                                                    (34,953)           (33,957)
    Cumulative translation adjustments                                         980                815
                                                                    --------------     --------------
         Total shareholders' deficit                                       (17,568)           (16,737)
                                                                    --------------     --------------
                                                                            $1,897             $2,048
                                                                    ==============     ==============

</TABLE>

                                       1
<PAGE>

                                          GOLDEN SYSTEMS, INC.
                                 CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (in thousands, except per share data)
                                              (unaudited)

<TABLE>
<CAPTION>

                                                        Three Months Ended                    Six Months Ended
                                                  -------------------------------     --------------------------------

                                                  Sept. 30, 1999   Sept. 30, 1998     Sept. 30,1999     Sept. 30, 1998
                                                  --------------   --------------     -------------     --------------
<S>                                               <C>              <C>                <C>               <C>
NET SALES                                                 $1,220             $494            $2,208             $1,271

COST OF GOODS SOLD                                           784              437             1,434                972
                                                  --------------   --------------     -------------     --------------

    Gross Profit                                             436               57               774                299
                                                  --------------   --------------     -------------     --------------


OPERATING EXPENSES:
  Selling,  general and administration                       335              358               682                667
  Research and development                                    88               91               189                169
                                                  --------------   --------------     -------------     --------------
                                                             423              449               871                836

                                                  --------------   --------------     -------------     --------------
    Operating Income (Loss)                                   13             (392)              (97)              (537)
                                                  --------------   --------------     -------------     --------------

OTHER INCOME (EXPENSE):
  Interest expense                                          (427)            (462)             (908)              (926)
  Foreign currency transaction gains (losses)                 (2)             101                 6                 94
  Gain on sale of subsidiary                                 ---              ---               ---                 61
  Other income (expense)                                      (1)               2                 3                 15
                                                  --------------   --------------     -------------     --------------
                                                            (430)            (359)             (899)              (756)
                                                  --------------   --------------     -------------     --------------
    Loss before provision for
        income taxes                                        (417)            (751)             (996)            (1,293)

PROVISION FOR INCOME TAXES                                     1                1                 1                  1

                                                  --------------   --------------     -------------     --------------
NET LOSS                                                   $(418)           $(752)            $(997)           $(1,294)
                                                  ==============   ==============     =============     ==============

BASIC LOSS PER SHARE                              $        (0.08)          $(0.14)           $(0.19)            $(0.24)
                                                  ==============   ==============     =============     ==============


WEIGHTED AVERAGE NUMBER OF
     OUTSTANDING SHARES                                    5,300            5,300             5,300              5,300
                                                  ==============   ==============     =============     ==============

</TABLE>

                                       2
<PAGE>

                                            GOLDEN SYSTEMS, INC.
                                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                               (in thousands)
                                                (unaudited)

<TABLE>
<CAPTION>

                                                                                    Six Months Ended
                                                                            --------------------------------
                                                                            Sept. 30, 1999    Sept. 30, 1998
                                                                            --------------    --------------
<S>                                                                         <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                                            $(997)          $(1,294)
Adjustments to reconcile net loss to
   net cash used in operating activities:
     Depreciation  and amortization expense                                            46                27
     Provision for losses on accounts receivable                                       30                65
     Provision for losses on inventories                                              ---                30
     Decrease (increase) in:
          Accounts receivable                                                          70               602
          Inventories                                                                 (37)               45
          Prepaid expenses and other current assets                                    25                 2
     Increase (decrease) in:
          Accounts payable                                                            (50)             (245)
          Accrued liabilities                                                         901             1,113
                                                                            --------------    --------------
               Net cash used in (provided by) operating activities                    (12)              345
                                                                            --------------    --------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of property, plant and equipment                                       (15)              (50)
                                                                            --------------    --------------
               Net cash provided by (used in) investing activities                    (15)              (50)
                                                                            --------------    --------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Net change in related party balances                                             137               105
                                                                            --------------    --------------
               Net cash provided by financing activities                              137               105
                                                                            --------------    --------------

EFFECT OF EXCHANGE RATE CHANGES ON
   CASH AND CASH EQUIVALENTS                                                          (98)             (253)

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

NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                                                                    12               147

CASH & CASH EQUIVALENTS, beginning of period                                          117                79

                                                                            --------------    --------------
CASH & CASH EQUIVALENTS, end of period                                               $129              $226
                                                                            ==============    ==============

</TABLE>

                                       3
<PAGE>

                            GOLDEN SYSTEMS, INC.

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (UNAUDITED)

================================================================================

NOTE 1.   GENERAL

          In management's opinion, all adjustments, which are necessary for a
fair presentation of financial condition and results of operations, are
reflected in the accompanying interim consolidated financial statements. All
such adjustments are of a normal recurring nature. All amounts are unaudited,
except the March 31, 1999 balance sheet. This report should be read in
conjunction with the audited consolidated financial statements, notes, and
disclosures presented in the Company's 1999 Annual Report on Form 10-K.
Footnotes and other disclosures which would substantially duplicate the
disclosures in the Company's audited financial statements for fiscal year 1999
contained in the Company's 1999 Annual Report on Form 10-K, have been omitted.
The interim financial information herein is not necessarily representative of
operations for a full year.

NOTE 2.   RISKS AND BASIS OF PRESENTATION

     Results of operations for quarter and six months ended September 30,
1999 have been determined assuming that the Company will continue as a going
concern. However, the Company is currently facing significant issues which
raise substantial doubt that the Company has the ability to continue as a
going concern. These issues are summarized as follows:

     -    At September 30, 1999, the Company had outstanding amounts due to four
          separate Indian lenders in the amount of $9,989,000, all of which are
          currently in default. Of that amount, three banks have issued notices
          to the Company demanding immediate repayment of $8,945,000. At March
          31, 2000, the amount due to the banks was approximately $9.5 million.
          The Company has insufficient funds available to repay the banks.
          Because the Indian debt is secured by the assets of Ultra Tek,
          alternatives available to the banks include closing the operations of
          Ultra Tek and forcing Ultra Tek into liquidation.

     -    In fiscal 1995, Ultra Tek's importing of computer components into
          India came under investigation by the Indian customs authorities. In
          September 1997, the Indian customs authorities issued a separate "show
          cause" notice alleging that Ultra Tek has not provided valid
          explanations for shortages of imported raw material in its
          inventories. In fiscal 1997, Ultra Tek came under the investigation of
          the Indian Department of Revenue Intelligence concerning the import
          and export of certain components used in the manufacture of power
          supplies and customer returned product. Subsequently, a separate "show
          cause" notice was issued requesting explanation of why duties should
          not be assessed. The above governmental allegations and investigations
          could lead to additional duty and penalties being assessed against
          Ultra Tek in the amount of $2.5 million (106,474,000 Indian rupees),
          using the Indian rupee translation rate at January 31, 2000, and penal
          action being initiated against Ultra Tek. In addition, penal action
          under Indian law, which the Company believes is very unlikely, could
          result in possible monetary fines of up to a maximum of $16.9 million.
          The Company is contesting these allegations, but currently, the
          matters are unresolved and the outcomes uncertain.

     -    The Company has incurred significant losses from operations over the
          past five fiscal years and the six months ended September 30, 1999;
          has lost its two main historical


                                       4
<PAGE>

          customers, which has significantly impacted its revenues; and at
          September 30, 1999, had a shareholders' deficit of $17.6 million.
          During fiscal 2000, the Company continued to incur significant
          losses, and management has not successfully executed on its efforts
          to achieve profitable operations and positive cash flows. Outside
          of related party financing, the Company has identified no viable
          source of financing.

Due to the significance of these factors in the Company's financial statements
at September 30, 1999, all assets have been stated at their estimated realizable
values. Costs of resolving the contingencies noted above or settling amounts due
to Indian banks or Company creditors have not been recorded as management is
currently unable to estimate these amounts. Accounts receivable and inventories
were valued at their subsequently realized amounts (inventories at cost), and
property, plant and equipment were valued based on estimates by management and
in accordance with the guidelines of Statement of Financial Accounting Standards
No. 121 "Accounting for Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of" ("SFAS 121"). The estimated realizable values and
settlement amounts may be different from the proceeds ultimately received or
payments made.


NOTE 3.   INVENTORIES

     Inventories are valued at the lower of cost (first in, first out) or
market. Cost includes cost of material, freight and manufacturing overhead.
Inventories consist of the following (in thousands):

<TABLE>
<CAPTION>

                                                               Sept. 30, 1999             March 31, 1999
                                                               --------------             --------------
                      <S>                                      <C>                        <C>
                      Raw materials                                      $33                        $359
                      Work-in-progress                                   281                         156
                      Finished goods                                     321                          97
                                                               --------------             --------------
                                                                        $635                        $612
                                                               ==============             ==============

</TABLE>

NOTE 4.   COMMITMENTS AND CONTINGENCIES

     a)       LEASES

     GSI leases its corporate headquarters from a related party under a
     three year operating lease which expires in December 1999. Ultra Tek
     leases certain factory premises from the Indian Government under
     operating leases which expire at various dates through October 2000.
     Future minimum payments under these and other various operating leases
     are as follows (in thousands):

<TABLE>
<CAPTION>

                  YEAR ENDING MARCH 31:
                  ---------------------
                  <S>                                                           <C>
                       2000 (six months)                                        $  44
                       2001                                                        27
                       2002                                                         -
                       2003                                                         -
                       2004                                                         -
                                                                                 ----
                                                                                 $ 71
                                                                                 ====

</TABLE>

                                       5
<PAGE>



     b)       LITIGATION

     The Company is subject to lawsuits in the normal course of business. In
     the opinion of management and legal counsel to the Company, pending
     litigation will not result in a material loss to the Company.

     c)       CONTINGENCIES

     During fiscal year 1995, the Company's imports of computer components
     for final assembly and sale into the domestic tariff area (DTA) of
     India (outside the SEEPZ) came under investigation by the Indian
     customs authorities. As a result, Company inventories of $1,088,000
     (47,447,000 in Indian rupees) were seized by the authorities. On May
     30, 1995, the authorities issued a notice to the Company alleging
     misdeclaration of purported imports of complete computer systems as
     imports of computer system components. The notice calls upon the
     Company to explain why the authorities should not (a) confiscate all
     the goods so imported, (b) levy additional duty of $1,121,000
     (48,885,000 in Indian rupees) on the goods already sold into the DTA,
     and (c) take penal action against the Company under the law. The
     Company paid an advance of $700,000 (20,000,000 in Indian rupees)
     against customs duty that may ultimately be levied by the authorities
     and recorded this amount in "cost of goods sold" in fiscal 1995. During
     fiscal 1996, the authorities released the seized goods. However,
     because of difficulties encountered in re-exporting the goods and
     technological obsolescence, the entire amount of the seized goods has
     been included in the inventory reserve amounts at September 30, 1999.
     No other penalties or expenses related to this government action have
     been incurred by the Company.

     In September 1997, the Indian customs authorities issued a "show cause"
     notice alleging that Ultra Tek has not provided valid explanations for
     shortages of raw material in its inventories. The notice called upon
     the Company to explain why the authorities should not (a) impose duty
     of $590,000 (25,725,000 in Indian rupees) leviable on imported
     components which were alleged not accounted for in the terms of bond
     executed, (b) why penal action should not be initiated against the
     Company, and (c) why a penalty equal to the duty held to be leviable,
     $590,000 (25,725,000 in Indian rupees), in respect of unaccounted goods
     should not be imposed.

     In fiscal 1997, the Company came under investigation by the Indian
     Department of Revenue Intelligence (DRI) in connection with the import
     and export of certain components and goods used in the manufacture of
     power supplies and customer returns. The investigation focused on the
     alleged discrepancy noted between the physical stock records and books,
     in respect of the work-in-process inventory at March 31, 1996 and 1997
     and customer returned product at March 31, 1992 through March 31, 1997.
     In May 1998, the DRI issued a "show cause" notice requesting that the
     Company explain why the DRI should not impose duties of approximately
     $590,000 (25,720,000 in Indian rupees). Penalties relating to the
     investigation, if any, have not yet been determined.

     The aggregate of threatened duties and penalties to the Company is
     approximately $2,442,000, using the Indian rupee translation rate at
     January 31, 2000. Although the Company is contesting the allegations of
     the authorities, the outcome of these matters is uncertain at this
     time. Accordingly, no additional provisions for any losses that may
     ultimately result have been made in these financial statements. In
     addition, penal action under Indian law, which the Company believes is
     very unlikely, could result in possible monetary fines of up to
     $16,897,000 at January 31, 2000.


                                       6
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

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

GENERAL

     Any forward looking statements made in this Form 10-Q report involve risks
and uncertainties. The Company's future financial results could differ
materially from those anticipated due to the Company's dependence on conditions
in the electronics industry, level of consumer demand for products containing
the Company's power supply components, competitive pricing pressures, technology
and product development risks and uncertainties, product performance, increasing
consolidation of customers and suppliers in the electronics industry, and other
factors beyond the Company's control.

RESULTS OF OPERATIONS

     OVERVIEW

     As has been previously reported, the Company's operations and cash flow
were significantly impacted by the product rejection that took place during
the third quarter of fiscal 1995. Those returns cost the Company $4.2 million
in uncollected accounts receivable as a result of the issuance of credits for
the rejected units and $2.2 million relating to other direct costs, as well
as additional costs for transportation, unutilized capacity, business
interruption, reorganization, inventory carrying costs, and interest on
short-term borrowings.

     In fiscal 1996, the Company implemented a program to overcome its cash
difficulties by reducing inventory, organizational restructuring, price
increases, volume growth and more favorable payment terms from the Company's
existing customers. While a number of elements of that program were successfully
implemented, the Company has not been able to generate anticipated amounts of
cash from inventory reduction and, to date, has been unsuccessful in its efforts
to resell any significant number of units of the reworked rejected product. In
addition, the Company has not been successful, to date, in significantly
building its sales volumes to its existing customers or to new customers. While
the Company has implemented a plan to transition its business focus to power
supplies for products that are less price sensitive and therefore provide a
greater opportunity to develop positive profit margins, it has not been
successful in doing so. There can be no assurance that the Company will have
sufficient resources to carry out its plan in the future, or even if the
resources are available, that the Company will be able to successfully develop
the necessary customer relationships and obtain the product contracts to allow
it to continue to operate its business. In light of these facts, and the
operating results discussed below, the Company continues to look at
opportunities to obtain additional capital from sources outside the Company and
at transactions that would change it's fundamental structure.

     In summary, the Company suffered a considerable decline in cash flow
during the five fiscal years ended March 31, 1999 and during the six months
ended September 30, 1999. At September 30, 1999, the Company had negative
working capital of $15,552,000 and an accumulated deficit of $35,015,000.
Subsequent to September 30, 1999, the Company continues to experience negative
cash flow as a result of continuing


                                       7
<PAGE>

losses and working capital required to ramp-up production in India. While
current action is being taken to develop a viable operating plan to increase
sales and renegotiate the terms of certain short-term obligations with the
Indian banks, there can be no assurance that any of these actions will be
successfully completed.

     SECOND QUARTER OF FISCAL YEAR 1999

     Sales for the three months ended September 30, 1999 were $1,220,000
compared to $494,000 for the same quarter in the prior year. This increase in
sales of 147% is due principally to an increase in orders from the Company's
largest customer for adapters.

     Gross profit on second quarter sales was $436,000 compared to a gross
profit of $57,000 for the second quarter in fiscal year 1999. This increase in
gross profit was due to the aforementioned increase in sales, as well as a
significant increase in gross margins on those sales.

     Foreign currency transaction losses were $2,000 during the three months
ended September 30, 1999, compared to a gain of $101,000 during the comparable
period for fiscal 1999. During the current quarter there was little fluctuation
in the Indian rupee translation rate.

     Net loss for the second quarter ended September 30, 1999 was $418,000
compared to a net loss of $752,000 for the same period in the prior year. The
significant reasons for the loss decrease are set forth in the foregoing
discussion.

     SIX MONTHS OF FISCAL YEAR 2000

     For the six months ended September 30, 1999, net sales were $2,208,000
compared to $1,271,000 for the same period in fiscal 1999. This 74% increase is
due principally to the increase in demand for adapters from the Company's
largest customer.

     Gross profit for the six months ended September 30, 1999 was $774,000
compared to a gross profit of $299,000 for the same period in 1998. This
increase of 159% is due to the increased sales volume, as well as an increase in
gross margins on those sales.

     Foreign currency transaction gains of $6,000 for the first half of
fiscal 1999 compared to a gain of $94,000 in the comparable period. As in the
second quarter, the exchange rate for the Indian rupee was stable in relation to
the U.S. dollar.

     The gain on sale of subsidiary company of $61,000 during the six months
ended September 30, 1998 represented the recovery of an account receivable by
Ultra Tek, the Company's manufacturing subsidiary in India. At the time the Sri
Lanka company was sold in the fourth quarter of fiscal 1998, the receivable
resulting from the sale of equipment was thought to be uncollectible and
consequently written off in computing the net gain on sale of the Sri Lanka
subsidiary. During fiscal 1999, the new owner of the Sri Lanka company returned
the equipment to Ultra Tek in full satisfaction of its obligation.


                                       8
<PAGE>

     Net loss for the six months ended September 30, 1999 was $997,000
compared to a net loss of $1,294,000 for the same period in the prior year.
The significant reasons for the change in the net loss are set forth in the
foregoing discussion.

LIQUIDITY AND CAPITAL RESOURCES

     OPERATING ACTIVITIES

     During the six months ended September 30, 1999, the Company used $12,000
in cash in operating activities. The net loss from operations was essentially
offset by the increase in accrued liabilities, a significant element of which
is the accrued interest on outstanding loan balances.

     INVESTING ACTIVITIES

     Cash used in investing activities during the first half of fiscal year
2000 was $15,000 due to the purchase of equipment.

     FINANCING ACTIVITIES

     Cash provided in the first half of fiscal year 2000 from financing
activities was $137,000, resulting from a net increase in related party
payable balances, which is due primarily to accrued interest on related party
loans to the Company.

     For the six months ended September 30, 1999, the Company provided
$12,000 in cash, increasing the $117,000 cash balance at the beginning of the
period to $129,000 at September 30, 1999. At March 31, 2000 the Company had a
cash balance of $249,000. Outside of related party financing, the Company has
identified no viable source of financing. While current actions are being
taken to implement a viable operating plan to increase sales, renegotiate the
terms of certain short-term obligations with three Indian banks and raise
additional capital, there can be no assurance that any of these actions will
be successfully completed.

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

          Inapplicable


                                       9
<PAGE>



                          PART II -- OTHER INFORMATION



ITEM 3.           DEFAULTS UPON SENIOR SECURITIES.

                  At September 30, 1999, the Company had outstanding amounts due
                  to four separate Indian lenders in the amount of $9,989,000,
                  all of which are currently in default because of non-payment
                  of principal. Of that amount, three banks have issued notices
                  to the Company demanding immediate repayment of $8,945,000. At
                  January 31, 2000, the amount due was approximately $9.5
                  million. The Company has insufficient funds available to repay
                  the banks. Because the Indian debt is secured by the assets of
                  Ultra Tek, alternatives available to the banks include closing
                  the operations of Ultra Tek and forcing Ultra Tek into
                  liquidation.

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

                  (a)      EXHIBITS

                                 Exhibit 27.  Financial Data Sheet

                  (b)      REPORTS ON FORM 8-K

                                 No reports on Form 8-K were filed during the
                           three month period ended September 30, 1999.


                                       10
<PAGE>



                                   SIGNATURES



Pursuant to the requirements 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.



                                    GOLDEN SYSTEMS, INC.




                            By:     /s/ Jawahar L. Tandon
                                    -------------------------------
                                    Jawahar L. Tandon
                                    CHIEF EXECUTIVE OFFICER
                                    (DULY AUTHORIZED OFFICER OF THE REGISTRANT)



                            By:     /s/ Harvey A. Marsh
                                    -------------------------------
                                    Harvey A. Marsh
                                    VICE PRESIDENT, CHIEF FINANCIAL OFFICER
                                    (DULY AUTHORIZED OFFICER OF THE REGISTRANT)





                            Date:   May 31, 2000
                                    -------------------------------


                                       11