| **UNITED STATES**SECURITIES AND    EXCHANGE COMMISSION**Washington, DC    20549   **FORM 10-KSB/A
      (Amendment No. 3)
[X] ANNUAL REPORT    UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year    ended December 31, 2000   
[  ] TRANSITION    REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1994
For the transition    period from _______ to _______  
COMMISSION FILE    NUMBER: 0-27565   **SKINTEK LABS,    INC.
(Name of    Small Business Issuer in Its Charter)   
Delaware
65-0636227
(State or    Other Jurisdiction of Incorporation or Organization
(IRS    Employer Identification Number)    
2700    NE 29th Avenue, Hollywood, FL 
33020
(Address    of Principal Executive Offices)
(Zip    Code)   
954-923-4438
(Issuer's telephone number)   
Securities registered under Section 12 (b) of the Act:
NONE
(Title of class)   
Securities registered under Section 12 (g) of the Exchange Act:
COMMON STOCK, PAR VALUE $.001
(Title of class)   
Check whether the issuer: (i)    filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during    the past 12 months (or for such shorter period that the registrant was required to file    such reports), and (ii) has been subject to the filing requirements for the past 90 days.    Yes [X] No [  ]
Check if there is no disclosure of delinquent filers in response    to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained,    to the best of the 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]
Issuer’s revenues for its most recent fiscal year:    $1,032,655
At July 20, 2001, there were    11,921,271 shares of the issuer's Common Stock issued and outstanding. Affiliates of the    Issuer own 11,489,937  shares of the Issuer’s issued and outstanding common    stock and the remaining 431,334 shares are held by non-affiliates. The market value of the    shares held by non-affiliates is $8,627 based upon the closing bid price of $.02 on    November 7, 2001. (*) 
DOCUMENTS INCORPORATED BY REFERENCE:
There are no documents    incorporated by reference in this Annual report on Form 10-KSB/A except for certain    previously filed exhibits identified in Part III, Item 13. Reference is made to    previously  filed Annual Reports and Quarterly Reports of the Issuer.     (*) Affiliates for the purposes of this Annual Report refer to the officers, directors    and/or persons or firms owning 5% or more of Issuer’s common stock, both of record    and beneficially.
 

 

 

 
**TABLE OF CONTENTS**  PART I 
Item 1.    Description of Business.3
Item 2.    Description of Property.8
Item 3.    Legal Proceedings. 8
Item 4.    Submission of Matters to a Vote of Security Holders. 8   **PART    II
Item 5.    Market for Common Equity and Related Stockholder Matters. 9
Item 6.    Management's Discussion and Analysis of Financial Conditions and Results of Operation. 10
Item 7.    Financial Statements. 12
Item 8.    Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.22   **PART    III
Item 9.    Directors, Executive Officers, Promoters and Control Persons.22
Item 10.    Executive Compensation. 23
Item 11.    Security Ownership of Certain Beneficial Owners and Management. 24
Item 12.    Certain Relationships and Related Transactions. 24
Item 13.    Exhibits and Reports on Form 8-K.24
 

 

 

 

 

 

 

 

 

 

 

 

**PART I**

ITEM 1. DESCRIPTION OF BUSINESS

Recent Developments-Skintek Labs, Inc.

This Annual Report on Form 10-KSB/A is beingfiled with the SEC by Skintek Labs, Inc., a Delaware corporation, amending the disclosurecontained in our Form 10-KSB filed March 28, 2001. Skintek Labs is also referred to as the"SKNT", "we", "us" and "our", as the case may be.This Form 10-KSB/A also discloses an action taken by written consent of the holders of amajority of our outstanding voting stock relating to a Share Transfer Agreement involvingthe disposition by SKNT of all shares of  Performance Brands, Inc. ("PBI"),our former wholly owned subsidiary, to Stacy Kaufman ("Kaufman"), our formersole executive officer and director and a principal shareholder.  As a result of theShare Transfer Agreement, SKNT will become a public shell company with no operations orassets. The only business activities that will be conducted by SKNT will be to seekpotential business combinations and continuing to remain current under the reportingrequirements of the Exchange Act. We have filed with the SEC an amended InformationStatement on Schedule 14C under the Exchange Act that contains information regarding ourchange of management and the disposition of all of our assets and liabilities. We areincorporating by reference our amended Information Statement for further disclosure ofevents that occurred after the end of our fiscal year ended December 31, 2000. See thediscussion under "Risk Factors" in the amended Information Statement includingrisks associated with any future acquisition of a non-reporting company, potentialdilution to SKNT shareholders from any reverse merger relating to any acquisition of anon-reporting company.

The following is a summary of the material terms of the ShareTransfer Agreement and the related transactions. Reference is also made to, and thissummary is qualified in its entirety by, the more detailed information contained  inthe amended Information Statement on Schedule 14C filed with the SEC and the exhibitsthereto.
- •  SKNT will transfer all shares of  Performance        Brands, Inc. ("PBI"), our wholly-owned subsidiary, to  Stacy Kaufman, our        former president, director and control shareholder. The transfer is being made pursuant to        a Share Transfer Agreement that we have attached as Exhibit 10.1. See the discussion under        "Background and Material Features of the PBI Share Transfer Agreement" below. We        have disclosed our reasons for entering into the Share Exchange Agreement  under        "Reasons for the PBI Share Transfer Agreement" below. The principal reasons for        our decision to dispose of PBI were the financial underperformance of PBI and our        difficulties in funding PBI's continued operations. See the discussion under        "Information About PBI-Skintek Lab's Former Business" and "Management's        Discussion and Analysis" and the discussion under "Reasons for the PBI Share        Transfer Agreement" below.
•  The value of net assets    transferred to Kaufman in connection with the Share Transfer Agreement is $217,131. The    List of Assets and Liabilities transferred is attached as Exhibit 10.2 hereto. This    constituted all of our assets and liabilities. As a result of this Share Transfer    Agreement we will be a non-operating company with no assets or liabilities and will seek    to explore potential business combinations with entities which our management believes    will have greater potential for growth and profitability.- • In connection with the Share Transfer Agreement, Kaufman        resigned as an officer and director of SKNT on March 16, 2001 and agreed to waive any        rights that he has or may have had under his 1999 Employment Agreement, including rights        to purchase 1,000,000 option shares at $.50 per share which had already vested and        contingent rights under the option to purchase an additional 1.5 million shares at $.50,        in increments of 500,000 shares, based upon SKNT achieving cumulative revenues of         $2,548,000, $3,757,000 and $5,209,120, respectively. Options to purchase 500,000 shares        vested when SKNT achieved cumulative revenues of $700,000 and an options for additional        500,000 shares vested when SKNT achieved cumulative revenues of $1,540,000. The option        with respect to the remaining 1.5 million shares had not vested as of the date of        Kaufman's resignation. The options had no intrinsic value, because the exercise price was        in excess of the closing bid price of the SKNT shares on the OTC:BB during the past thirty        days.
- • Prior to Kaufman's resignation as our sole executive        officer and director on March 16, 2001, Kaufman, as the sole director, elected Marc Baker        as a director of SKNT. Mr. Baker had previously served as SKNT's merger consultant and had        made net cash advances of $637,919 to SKNT during the period from March to July, 1999 as        merger consultant. The total net cash advances made by Baker while he was merger        consultant, from March 1999 through March 2001 was $740,577. These total cash advances        were converted into 2,118,271 restricted SKNT shares that were issued from March 1999 to        July 1999. Reference is made to the disclosure in Item 11. Security Ownership of Certain        Beneficial Owners and Management and Item 12. Certain Relationships and Related        Transactions. 
On March 16, 2001, contemporaneous with the    resignation of Mr. Kaufman,  Mr. Baker was issued 6 million shares which provided him    with voting control of SKNT for no consideration. The closing bid price of the SKNT shares    was $.20 on March, 16, 2001, the date of the transaction, although no shares traded on    that date and there has been no actual trading market in the SKNT shares for some time.    However, we have expensed the sum of $1,200,000 as a non-cash expense in connection with    this transaction, based upon the closing bid price of $.20. Other than the total net cash    advances made by Mr. Baker of  $740,577, no other cash has been advanced nor have    payments been made on behalf of SKNT. All subscriptions payable or receivable with respect    to Mr. Baker have been canceled, effective with his acquisition of control.      Reference is made to the disclosure below in Item 11. "Security Ownership of Certain    Beneficial Owners and Management" and Item 12. "Certain Relationships and    Related Transactions". 
Background-Skintek Labs

We were incorporated under the name Biologistics,Inc. under the laws of Colorado on December 13, 1994, to engage in clinical consulting,contract packaging and labeling services. We never had any operations. On April 22, 1997,we merged into a subsidiary that was organized under the name Biologistics, Inc. under thelaws of Delaware on March 19, 1997 and became a Delaware corporation. We organized PBIAcquisition Corp. as a wholly-owned subsidiary on March 31, 1999, and on the same datePerformance Brands, which we operated as our former wholly-owned subsidiary until theShare Exchange Agreement dated April 30, 2001, entered into a merger agreement with andwas merged into PBI Acquisition Corp. resulting in PBI becoming our wholly-ownedsubsidiary. In consideration for the March 31, 1999 merger, the former PBI shareholders,Stacy Kaufman and Cathy Kaufman, were issued 18,500,000 shares, which were adjusted for aone for six reverse share recapitalization into 3,083,333 shares effective May 12, 1999.Prior to the March 1999 PBI merger, Stacy Kaufman was issued 288,333 shares for servicesto SKNT, adjusted for the reverse share recapitalization. The book value of PBI at thedate of the merger was $357,789.

The purpose of of the March 31, 1999 mergerbetween SKNT and PBI was to enable SKNT to become an operating company. Since itsincorporation on September 21, 1995 under the laws of Florida, PBI was engaged in the saleof products for skin fitness, self-tanning, sun protection and nutrition. PBI's productswere sold through direct mail, drug chains, mass market outlets, health food stores, gyms,and tanning, nail and hair salons, as well as private label sales. Our sole business andoperations since the merger of PBI into SKNT in March 1999 and prior to our entering intothe Share Transfer Agreement with Kaufman was the business and operations of PBI. Inconnection with the merger of PBI into SKNT, we entered into a 1999 Employment Agreementwith Kaufman which is discussed below under "Obligations Under 1999 EmploymentAgreement".

We determined to enter into the Share TransferAgreement and divest PBI for the reasons set forth below under "Reasons for the PBIShare Transfer Agreement". As part of the Share Transfer Agreement, we accepted theresignation of Stacy Kaufman as an officer and director, on March 16, 2001. Prior to hisresignation, Kaufman elected Marc Baker as a director of SKNT. Prior to Baker's electionas a director of SKNT, he served as merger consultant to SKNT from the period prior to the1999 merger with PBI until his acquisition of controlling interest in SKNT.

Conduct of Business Following the Share Transfer Agreement

*Business Objectives.*We seek acquisition possibilitiesthroughout the United States to make acquisitions or enter into other business endeavorsto the extent our limited assets and personnel will allow. Our business objective is toeffect a merger, exchange of capital stock, asset acquisition or other businesscombination (a "Business Combination") with an operating business (a"Target Business") that will have significant growth potential.

We will seek to acquire a Target Business withoutlimiting ourselves to a particular industry. Most likely, the Target Business will beprimarily located in the United States, although we reserve the right to acquire a TargetBusiness with operations and/or locations outside the United States. In seeking a TargetBusiness, we will consider, without limitation, businesses which (i) offer or provideservices or develop, manufacture or distribute goods in the United States or abroad; or(ii) is engaged in wholesale or retail distribution, among other potential Target Businessopportunities. We do not intend to register as a broker-dealer, merge with or acquire aregistered broker-dealer, or otherwise become a member of the NASD. Our soleofficer/director has had only preliminary contact with representatives of other companiesregarding the possibility of a Business Combination, although none of these have resultedin any agreements or understandings. It is possible if not likely that any BusinessCombination will be consummated with any of the parties that we have been in contacted.Our Common Stock is subject to quotation on the NASD OTC Bulletin Board under the symbol"SKNT".

*Selection of a Target Business and structuring of a BusinessCombination.*At present Marc Baker is our sole executive officer and director and isa control shareholder, owning 68.1% of our issued and outstanding shares. As a result, Mr.Baker will have substantial flexibility in identifying and selecting a prospective TargetBusiness. See  the discussion under "Business Experience of Principal" inPart III, Item 9, Directors, Executive Officers, Promoters, and Control Persons"below.  We will be almost entirely dependent on the judgment of Mr. Baker inconnection with the selection of a Target Business. In evaluating a prospective TargetBusiness, we will consider, among other factors, the following: (i) costs associated witheffecting the Business Combination; (ii) equity interest in and opportunity for control ofthe Target Business; (iii) growth potential of the Target Business in its industry; (iv)experience and skill of management and availability of additional personnel of the TargetBusiness; (v) capital requirements of the Target Business; (vi) competitive or comparativeposition of the Target Business in its industry; (vii) stage of development of the TargetBusiness; (viii) degree of current or potential market acceptance of the Target Business,products or services; (ix) proprietary features and degree of intellectual property orother protection of the Target Business; (x) the financial statements of the TargetBusiness; and (xi) the regulatory environment in which the Target Business operates.

The foregoing criteria are not intended to beexhaustive and any evaluation relating to the merits of a particular Target Business willbe based, to the extent relevant, on the above factors as well as other considerationsdeemed relevant by management in connection with effecting a Business Combinationconsistent with our business objectives. In connection with its evaluation of aprospective Target Business, management, with the possible assistance of an independentinvestment banking firm, or third party consultants, anticipates that we will conduct adue diligence review which will encompass, among other things, meeting with incumbentmanagement and inspection of facilities, as well as a review of financial, legal and otherinformation which will be made available to us.

The time and costs required to select andevaluate a Target Business (including conducting a due diligence review) and to structureand consummate the Business Combination (including negotiating and documenting relevantagreements and preparing requisite documents for filing pursuant to applicable securitieslaws and state "blue sky" and corporation laws) cannot presently be ascertainedwith any degree of certainty. Our current executive officer and director intend to devoteonly a small portion of their time to the our affairs and, accordingly, consummation of aBusiness Combination may require a greater period of time than if our management devotedtheir full time to our affairs. However, Mr. Baker will devote such time as he deemsreasonably necessary to carry out our business objective and affairs, including theevaluation of potential Target Businesses and the negotiation of a Business Combinationand, as a result, the amount of time devoted to our business and affairs may varysignificantly depending upon, among other things, whether we have identified a TargetBusiness or are engaged in active negotiation of a Business Combination. Any costsincurred in connection with the identification and evaluation of a prospective TargetBusiness with which a Business Combination is not ultimately consummated will result in aloss to us and reduce the amount of capital available to otherwise complete a BusinessCombination or for the resulting entity to utilize.

We anticipate that various prospective TargetBusinesses will be brought to our attention from various sources, includingbroker-dealers, investment bankers, venture capitalists, bankers, and other members of thefinancial community and affiliated sources, including, possibly, our executive officers,directors and their affiliates. While we have not yet ascertained how, if at all, we willadvertise and promote ourselves, we may elect to publish advertisements in financial ortrade publications seeking potential business acquisitions. We may also engage theservices of professional firms that specialize in finding business acquisitions, in whichevent we may agree to pay a finder's fee or other compensation. In no event, however, willwe pay a finder's fee or commission to our officers or directors or to any entity withwhich they are affiliated directly or indirectly. 

As a general rule, Federal and state tax laws andregulations have a significant impact upon the structuring of business combinations. Wewill evaluate the possible tax consequences of any prospective Business Combination andwill endeavor to structure a Business Combination so as to achieve the most favorable taxtreatment to us, the Target Business and their respective shareholders. There can be noassurance that the Internal Revenue Service or relevant state tax authorities willultimately agree with our tax treatment of a particular consummated Business Combination.To the extent the Internal Revenue Service or any relevant state tax authoritiesultimately disagree with our proposed tax treatment and in fact prevail inrecharacterizing the tax treatment of a Business Combination, there may be adverse taxconsequences to us, the Target Business and their respective shareholders. Taxconsiderations as well as other relevant factors will be evaluated in determining theprecise structure of a particular Business Combination, which could be effected throughvarious forms of a merger, consolidation or stock or asset acquisition.

*Acquisition Restrictions.*We may acquire a company orbusiness by purchasing, trading or selling the securities of such company or business.However, we do not intend to engage primarily in such activities. Specifically, we intendto conduct our activities so as to avoid being classified as an "investmentcompany" under the Investment Company Act of 1940, and therefore avoid application ofthe costly and restrictive registration and other provisions of the Investment Company Actof 1940 and the regulations promulgated thereunder.

We are subject to the reporting requirementsunder the Exchange Act, including the requirement to continue to file quarterly reportsand annual reports. Pursuant to Section 13 and 15(d) of the Exchange Act, in the eventsignificant acquisitions take place, we will also be required to file current reports withthe SEC which will include certified financial statements for the acquired companycovering one or two years depending upon the relative size of the acquisition.Consequently, acquisition prospects that do not have or are unable to obtain the requiredcertified financial statements will not be appropriate for acquisition so long as thereporting requirements of the Exchange Act are applicable.

Various impediments to an acquisition of abusiness or company or a merger may arise such as appraisal rights afforded theshareholders of a prospective Target Business under the laws of the state under which theprospective Target Business is organized. This may prove to be deterrent to a particularBusiness Combination. 

Reasons for the PBI Share Transfer Agreement

We determined to divest PBI, ourwholly-owned subsidiary, pursuant to a Share Transfer Agreement dated as of April 30,2001, for the following reasons: 

(i) *Financial Performance.*Despite recent market growth for skin-care products, PBI had a loss from operations duringboth 2000 and 1999 of $100,862 and $277,239, respectively. Although the losses decreasedsignificantly, sales were stagnant although PBI has introduced new products. The principalreason for the decrease in loss from operations from 1999 to 2000 was primarily from thedecrease in selling and marketing expenses, from $254,960 in 1999 to $146,365 in 2000. Ouradministrative expenses were $246,428 and $266,891 in 2000 and 1999, respectively.Approximately 30% of such administrative expenses in each year were associated with costsof being a public company, and therefore had a material adverse impact on our operatingexpenses. We did not expect PBI to be able to operate on a profit margin acceptable to ourshareholders but believe that PBI can operate successfully as a private company withreduced operating expenses. The book value of PBI at the date of the March 1999 merger was$357,789 and at the April 2001 Share Transfer Agreement the book value of $217,131; (ii) *Difficulties in Funding Operations.*SKNT had been dependent upon cash flowfrom financing activities through cash advances made by  Mr. Baker, who initiallyserved in the capacity of a merger consultant in connection with the merger between SKNTand PBI in 1999. During March to July 1999 Mr. Baker net cash advances of $637,919. Thetotal net cash advances made by Baker while he was merger consultant, from March 1999through March 2001 was $740,577. These total cash advances were converted into 2,118,271restricted SKNT shares that were issued from March 1999 to July 1999. Mr. Baker wasunwilling to continue to make additional advances to SKNT, based upon his businessjudgment and the fact that Mr. Baker did not consider the industry in which PBI operatedto be attractive to investors in public companies based upon current market conditions;and(iii) *Rescission of Previous Merger Agreement.* Effective on August 15, 2000, SKNTentered into an agreement with Ultimate Warlock, Inc., a California corporation, engagedin the manufacture and sale of power boats, for the purpose of acquiring Ultimate Warlock,which was announced in a Form 8-K in September 2000. This agreement also contemplated thedivestiture of PBI upon the closing of the Ultimate Warlock transaction. However, theagreement with Ultimate Warlock was rescinded and SKNT continued to operate PBI. Therescission of the Ultimate Warlock transaction and the lack of improvement in PBI'soperating margins led SKNT's two principal shareholders, Kaufman and Baker, to divestPBI's operations to PBI's founder, Mr. Kaufman, who had successfully operated PBI from itsinception in 1995.

Skintek Lab's Former Business

SKNT, though its former subsidiary,Performance Brands, Inc., was in the skin fitness, self-tanning, sun protection andnutrition business since 1995.  The skin fitness, self-tanning and sun protectionbusiness is part of the Sun and Body Care Industry, which has been a growing industry.PBI's products were sold though specific classes of trade: i.e. direct mail, drug chains,mass market outlets, health food stores, gyms, and tanning, nail and hair salons, as wellas private label sales. 

This industry growth has been theresult, in part, of the increasing public awareness of the potential danger to skin andhealth from prolonged exposure to the sun and the fact that the ozone layer will continueto erode over the next 20 years. Our former management and our principal shareholdersbelieved that SKNT would benefit by the trend toward products with higher SPFs (SunProtection Factor), which is the measure of the UVB protection in a sun care product andfrom the trend in the US for the use of sunscreen products year-round. Notwithstanding the foregoing, SKNT was not able to successfully exploit the growth withinits industry because of limited cash flow from operations. 

Commencing in 1994, the NationalWeather Service, in its daily weather reports, started projecting the amount ofultraviolet intensity expected in 58 different cities in the United Stated between11:30a.m. and 12:30p.m. the following day. Called the UV Index, ultraviolet intensity isranked on a scale of 1 to 15. This program, created in cooperation with the EnvironmentalProtection Agency and the Center for Disease Control and Protection, relates the UVintensity with the SPF or 20 or higher is recommended for an index over 10. We believedthat this focus by Federal agencies on the impact of the sun's intensity, and the dailyreporting on television and radio and other media of the index, would continue the trendto greater consumption of protective sun care products. However, we were not able tobenefit from this increase in public awareness to generate any material growth inrevenues. 

In addition to PBI's line of sun-careproducts, we also marketed a line of body washes, which we believed were enjoyingincreasing consumer use and acceptance generally throughout the industry. In fact, untilapproximately four to five years ago, most Americans relied upon bar soaps and washclothes for their personal cleansing needs but we estimate that 25% or more of thepopulation have already changed the way they bathe, using body washes and cleansing puffsrather than bar soap. Since their wide introduction in 1994, body washes have become thefastest growing trend in the personal cleansing category and we believed that this trendto liquid soaps would be of benefit to our business.

Products in the sun and body carebusiness consist primarily of body lotions, oils, and gels designed either to prevent theskin from sunburning and/or promote sun tanning. In addition, there are products designedto moisturize the skin after sun bathing like aloe vera gels or lotions. "Bodywashes" are a form of skin cleansers that are either poured or squeezed out of abottle, usually in a bath or shower. The appearance is of a thick liquid like substancewith a variety of different colors and fragrances. A key attribute to body washes are thefact that they lather and rinse of easily. In addition, body washes are considered by manypersons to serve as a better moisturizer than a traditional soap bar. However, it shouldbe understood that bar soap is widely used and accepted by a great majority of usershistorically and there can be no assurance that body washes will ever become the industrystandard. The manufacturing process of body washes allows more oil based ingredients to beincorporated into the formula, thus providing certain moisturizing benefits to the skin.This is not the case with bar soaps.

"Cleansing puffs" alsoknown as poufs or sponges are sometimes used in conjunction with body washes to maximizethe amount of lather. Made of a variety of materials, such as sea sponges, nylon or acombination of polyurethane/nylon in a form of an oversized sponge.

Competition and Ease of Entry IntoThe Sun and Body Care Industry

There are few barriers to entry intothe sun and body care industry. Further, there exists substantial competition in the sunand body care industry, virtually of which have longer operating history, far greaterfinancial, personal and other resources, with substantial product lines and sales andmarketing budgets and proven records of success than PBI. Among other entities that we hadto compete with include the very large corporations such as Cheesebrough-Pond's(R),Gillette(R), Proctor & Gamble(R) and Lever Brothers(R), and the smaller, butwell-established companies such as Tom's of Maine(R) and Freeman Cosmetics(R). Theselatter two companies have entered and established themselves in the specialized body washproduct market.

Major corporations as well asindividual entrepreneurs and businesses are capable of modifying existing sun careformulas on the market and, with a reasonable investment, begin selling competitiveproducts in a fairly quick time-frame, as large staffs are not needed to be successful inthis industry, provided that a company has qualified sales and marketing efforts. Theindustry is growing in many ways domestically and internationally, which should continueto serve to attract competition. There are many new sun care products and many newconsumers, for which we competed. 

In order  to be competitive, wehad to devote substantial funds and time, including professional and management, andretain outside marketing experts, to promote our product line, SOAPSCREEN(R), whichinvolved relatively   high front-end cost compared to our resources. We were not ableto continue to finance our selling and marketing expense from cash flow from operations.As noted above and in reflected in our financial statements, the principal reason we wereable to experience a decrease in loss from operations from 1999 to 2000 was primarily fromthe decrease in selling and marketing expenses, from $254,960 in 1999 to $146,365 in 2000.See also the discussion under Part II, Item 6, "Management's Discussion andAnalysis" below.

Our ability to compete was alsodependent upon our success in establishing our products in the field of SPF soaps/bodywashes. Sunscreens have been used as a major ingredient in face creams for several yearsby major manufacturers, with which we had to compete. For our professional skin fitnessline, sold in gyms and health food stores, we had one principal competitor, Jan Tana.Notwithstanding our belief   that we would be able to successfully compete, there wasno assurance that we would generate sufficient cash flow from operations to continue toour selling and marketing expenses and expenses associated with being a public companyreporting under the Exchange Act. Following our year ended December 31, 2001 weedetermined that SKNT on a consolidated basis would not  be able to compete with anyentities that have established presence in sun and body care industry. 

While we were required to competewith larger, more established firms, our primary focus was to market our products into theniche markets, for specialty products that include skin care products with sunscreens. Ourprofessional tanning product line, sold under the ProTan(R) name, is distributed to theprofessional gym/health club and the health food markets. These are examples of the nichemarkets where competition is not as intense, and where we believed that we would  beable to successfully compete. However, there exists intense competition developing in"niche" market. Our ProTan(R) line competes with six key producers, includingthe established Australian Gold(R), California Tan(R), Swedish Beauty(R), Supre(R), PowerTan(R) and Most products. We believed and PBI's management continues to believe that itwill be able to successfully compete on the basis of quality and price in the market forits ProTan(R) line and PBI's other products, with the ability to operate more efficiently,as discussed under Part II, Item 6, "Management's Discussion and Analysis" andelsewhere in this amended Form 10-KSB/A. 

Our ability to compete was alsoeffected by our limited number of employees, which prior to the Share Transfer Agreement,was only 5 persons including Stacy Kaufman, our former president and sole executiveofficer. We were also dependent upon continued success in accessing distribution channelsand an ability to fund increasing selling and marketing expenses from cash flow fromoperations. We had projected   that the budget for selling and marketing expenses, inorder to be successful, should be approximately $1,000,000 during the next twelve months.Mr. Baker and Mr. Kaufman concluded that financing in this amount would not be achievablethrough the sale of SKNT shares. 

The Bar and Liquid Soap Industry

Total 1997 sales of bar soaps for allretail outlets in the country were $1.4 billion, a slight drop of 4% from the prior year.However, the sales of other soaps and cleansers (body washes) increased 33% during thatyear to $670 million. The current trend in the industry is to liquid soaps. Until threeyears ago, most Americans relied on bar soaps and wash clothes for their personalcleansing needs. Today, approximately one- quarter have already changed the way theybathe, using body washes and cleansing puffs instead. Introduced in 1994, they have becomethe fastest growing trend in the personal cleansing category. According to an article inthe October, 1997, Soap/Cosmetics/Chemical Specialties, "The rising popularity of thebody wash can be attributed to two things-body washes are cleaner and more convenient touse in the shower or bath and they simplify the skin care process by combining thecleansing and moisturizing steps."

The significant growth pattern ofbody washes has attracted a variety of products from many manufacturers, including thelong- established and financially strong companies such as Cheesebrough-Pond's(TM),Gillette(R), Procter & Gamble(R), and Lever Bros.(R). The industry also includesestablished smaller producers such as Tom's of Maine(R) and Freeman Cosmetics(R), whichhave also entered and become competitive in the specialized body wash products into themarket.

Sources of Supply

The component ingredients for PBI'sproducts are manufactured by third parties and during 1999 and 2000 we were not dependentupon any single manufacturer, and that other sources of supply would be available, ifnecessary.   Cosmetic Corporation of America, located in Medley, FL("CCA"), the prime filler for PBI's products, is estimated to be operating withexcess capacity and therefore should be able to provide its products and services for PBIfor the foreseeable future. PBI also sourced and continues to source from othermanufacturers, including Custom Manufacturing Corporation, Medley, FL, Farmanatural,Davie, FL, Five Star Brands LLC, Grand Rapids, MI and D'Arcy Revolutionary Skincare, BocaRaton, FL. As a result of the Share Transfer Agreement, we have become a non-operatingcompany and are not dependent upon the business and development of PBI and its productlines.

Sales, Marketing and Distributionof Products

During 1999 and 2000 and prior to ourdivestiture of PBI, our sun and body care products were sold through a variety of retailoutlets, including drug chains, grocery/supermarkets, health food stores, and tanning nailand hair/beauty salons, among other outlets. We owned and PBI continues to own thefollowing registered or trademarked proprietary names: ProTan(R), SOAPSCREEN(R), SunscreenBarrier System(R), Earthen Naturals(TM), Earthen Treasures(TM), Beauty Bites(TM), and MetaSlim 2000(TM), Slim Tan(TM), Quick Tan(TM). In addition, there is a patent pending andseveral PCT patents pending for PBI's liquid body wash and sunscreen compositions. During1999, 2000 and through the divestiture of PBI, our products were marketed and sold underthe names ProTan(R), SOAPSCREEN(R), System(R), Earthen Naturals(TM), EarthenTreasures(TM), and there are plans to commence marketing efforts under the trade names,Beauty Bites(TM) and Meta Slim 2000(TM). All of these assets have been transferred to PBIin connection with the Share Transfer Agreement. Prior to the agreement we also utilizedapproximately fifty wholesale distributors to market and sell our products, whichdistributors also inventoried, shipped and billed our former customers directly, as partof their distribution services.

We also generated sales via mailorder, from direct mail and Internet marketing and used the services of independent salesbrokers nationwide, who were paid commissions equal to 5% of the sales generated. Theseindependent brokers primarily sold the products of our former subsidiary to the drug, massretail and grocery/supermarket markets, and generated sales under a private label programfor products designed and marketed exclusively for a group of national direct mail ordermerchants.

Government Regulations 

There are no specific regulations orapprovals required by or from the Federal or state government or any agency for theproducts manufactured and sold by our former subsidiary, and all the products aremanufactured under GRAS ("Generally Recognized as Safe") for the cosmeticindustry.

Generally Recognized as Safe is acategory of food additives established in 1958 by the Food and Drug Administration as partof a revised Food, Drug, and Cosmetic Act of 1938. The original Generally Regarded as Safelist included approximately 700 food additives that had "stood the test oftime", meaning that they had been subject to human use and or consumption and werebelieved to be harmless. A current revision by the FDA to reevaluate and reclassify allGenerally Regarded as Safe additives is underway, with the potential for the FDA banningany additives deemed hazardous. While the FDA governs the GRAS standards, the ongoingrevisions are specifically related to the raw materials which are additives, not to thefinished cosmetic product, which PBI's products are considered.

Also, while the skin care industry isbasically self-regulated, the FDA regulations do apply to fragranced personal careproducts, perfumes and cosmetics. Since there are limitless skin care formulationsrecognized as "trade secrets" the actual impact of the FDA regulation islimited. However, by law, all the ingredients of a product must be listed on the label.These are listed in order of predominance, which means the percentage of the make-up orcomposition of each product.

At present, the FDA does not requiresafety testing on any ingredient that goes into cosmetics or perfumes. Only once theproduct is on the market does the FDA have any regulatory authority. The FDA must prove incourt that the product is unsafe before it can require the product to be removed from themarketplace. Nevertheless, on many occasions, manufacturers will voluntarily recall aproduct that is in question, either as a result of the manufacturer's own determination orany public report, or otherwise. The FDA does not require companies to register with theFDA, file the ingredients used, or even keep a record of injuries related to use of theirproducts. In the event of any recall of one or more of PBI's products, there existed apotential adverse impact on our revenues from any recalled product. None of PBI's products are hazardous or contain any hazardous additives and therefore, we do not believethat there could exist any claim against SKNT from consumers or any businesses that boughtand used PBI's products during the period that PBI was our wholly-owned subsidiary. Inconnection with the Share Transfer Agreement, we also transferred all of the assets andliabilities of PBI, which constituted all of our assets and liabilities.

ITEM 2. DESCRIPTION OF PROPERTY

Following the resignation of StacyKaufman as president and sole director of SKNT, we moved the executive offices of SKNTinto the offices of Marc Baker and DC Capital, located at 2700 NE 29th Avenue, Hollywood,FL 33020 on a rent-free basis. These office facilities consist of approximately 800 squarefeet of space which Mr. Baker and DC Capital rent from an unaffiliated third party. Webelieve that these facilities are sufficient for SKNT for the foreseeable future and wewill continue to have such space on a rent-free basis until such time as we shall concludea Business Combination. 

Prior to the Share ExchangeAgreement, we leased approximately 5,400 square feet of executive office space at 959Shotgun Road, Sunrise, FL, for $3,100 per month. The condition of these leased facilitiesin Sunrise, FL were and continue to be  excellent, and sufficient for PBI's use forthe foreseeable future. We also had available from third party manufacturers of thecomponents used to manufacture PBI's products and the manufacturer/suppliers of thepackaging for its products the use of storage space to store such components and materialsat no cost. This arrangement is and was adequate for our prior operations. Prior to ourlease of the facility in Sunrise, FL, we leased approximately 6,000 square feet of spacein Plantation, FL at a monthly rate of $3,500. 

ITEM 3. LEGAL PROCEEDINGS

We are not a party to any litigationthat is material.   During the year ending December 31, 1998, prior to the merger ofPBI and SKNT, PBI contracted for $104,245 an advertising company. We believe that theadvertising company did not fulfill its obligations as contracted, and therefore werefused to pay the amount. In January 2001, the United States District Court, SouthernDistrict of New York, dismissed the suit, and the debt was settled for $25,000, resultingin legal settlement income of $79,245. During the year ending December 31, 1999, a modelfor a product promotion sued SKNT for compensation from a product advertisement. InJanuary 2001, this matter was settled for $15,000. Reference is made to Note 3 of theNotes to Consolidated Financial Statements related to Settlements Payable.

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

None. However, in connection with the Share Transfer Agreement,we have prepared and are sending to our shareholders an amended Information Statementregarding the transaction involving the disposition of our former subsidiary, and relatedmatters.
**PART II**
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATEDSTOCKHOLDER MATTERS.

(A) MARKET INFORMATION

Our shares of common stock are tradedover-the-counter in what is referred to as the OTC:Bulletin Board. As of November 7, 2001,there were 16 market makers submitting quotations on the OTC:BB. However, we do notbelieve that there has been any significant trading volume during the past four months andany trading that occurred has been sporadic. The following information with respect to thehigh and low bid price of our shares was obtained from the National Quotation Bureau. OnMay 12, 1999, our shares were subject to a 1 for 6 reverse split, and the table belowreflects such information. 

  
**High**
**Low**
**CALENDAR 1999**
First Quarter Ended March 31,
$1.50
$0.375
Second Quarter Ended June 30, (*)
$2.50
$0.375
Third Quarter Ended September 30,
$2.25
$1.44
Year Ended December 31,
$1.44
$0.56**  **
**CALENDAR 2000**
First Quarter Ended March 31,
$2.125
$0.56
Second Quarter Ended June 30,$3.125$150
Third Quarter Ended September 30,$3.75$1.625
Year Ended December 31,$2.56$0.625      **CALENDAR    2001**
First Quarter Ended March 31,
$0.75
$0.14Second    Quarter Ended June 30,
$0.23
$0.16Quarter    Ended September 30,
$0.17
$0.04Period    Ending November 7, 2001
$0.04
$0.02
(*) On May 12, 1999, we had a 1 for 6 reverse stock split and the    price of the shares reflects this share recapitalization.
(B) HOLDERS

As of November 7, 2001, there were 228 holders of our shares. 

(C) DIVIDENDS

We have never paidany of dividends on our shares, have no funds from which to pay dividends and do notintend to pay dividends for the foreseeable future. As a result of our divestiture of PBI,we have no assets or liabilities. Payment of dividends in the future will depend, amongother things, upon our success in entering into a Business Combination and thereafter ourability to generate earnings, and the need of such operating company, if any, for workingcapital and our overall financial condition.

RECENT SALES OF UNREGISTERED SECURITIES

The followinginformation is given with regard to unregistered securities sold by SKNT during the pastthree years, including the dates and amounts of securities sold; the persons or class ofpersons to whom we sold the securities; the consideration received in connection with suchsales and if the securities were issued or sold other than for cash, the description ofthe transaction and the type and amount of consideration received. The number ofunregistered shares sold reflects a 1 for 6 reverse split on May 12, 1999.

Date
Title
Amount    of Securities Sold
Persons
Cash or    Non Cash Consideration 11/10/98
Common Stock164,667 Shares Accredited Investors (1)$82,333 in cash at $.50 per    share.11/11/98Common Stock288,333 Shares Stacy Kaufman (2)Services prior to SKNT prior    to the merger valued at $104,166.3/31/99Common Stock3,083,333    SharesStacy Kaufman (3)Issued in connection with PBI    Merger03/31/99-    7/06/99Common Stock1,083,338    Shares    1,034,933 SharesMarc Baker, Merger Consultant    (4)$740,577 in net cash advances    was converted into a total of 2,118,271 restricted shares.  The average conversion    price for the entire 2,118,271 shares issued was $.35.12/31/99
Common Stock500,000 SharesStacy Kaufman (5)Vested Options at $.50 per    share, never exercised, granted under 1999 Employment Agreement12/31/00
Common Stock500,000 SharesStacy Kaufman (5)Vested Options at $.50 per    share, never exercised, granted under 1999 Employment Agreement03/16/01
Common Stock6,000,000    SharesMarc Baker (6)Issued as compensation and an    expense of $1,200,000 was reflected in the quarter ended March 31, 2001   
(1) The issuance and sale of the 164,667 restricted shares was    based upon Rule 504 of Regulation D under the Act. The Company was under previous    management at the date of this offering and does not have copies of the subscription    documentation related to the offering pursuant to Rule 504. However, the Company was    informed that these shares were issued to persons who were accredited investors and who    had access to the same kind of information that would be included in a registration    statement. The Company was further informed that there was no general solicitation or    advertising.  The calculation of the sale price of restricted shares offered and sold    pursuant to Rule 504 was arbitrary and was not based upon any active trading market in the    Company’s Common Stock at the time of the offering. 
(2) The issuance and sale of the restricted shares to Stacy    Kaufman for services prior to the merger with PBI was based upon Section 4 (2) under the    Act. The calculation of the sale price of restricted shares was arbitrary and was not    based upon any active trading market in the Company’s Common Stock. There was no    liquidity applicable to the Company’s Common and no independent basis to price the    shares.(3) The issuance    of the 3,083,333 shares issued in connection with the merger of PBI into SKNT was based    upon Section 4 (2) under the Act, in an arm's length transaction. The book value of PBI at    the date of the merger was $357,789, which represents a price of $.11 per share. There was    limited liquidity and only very sporadic trading in the shares at the time of the merger    and the issuance of restricted shares to Kaufman. We believe that the terms of the merger    transaction with PBI was at the fair value of the restricted SKNT shares on the date of    the merger.  The 3,083,333 shares were issued to Stacy Kaufman and Cathy Kaufman as    JTWROS.
(4) The issuance and sale of the restricted shares to the Marc    Baker, as merger consultant, was based upon Section 4(2) under the Act. Mr. Baker made    total net cash advances during 1999 of $740,577 to SKNT.  At March 31, 2001, the    subscription receivable from Mr. Baker was $289,629 and subsequent to the quarter ended    March 31, 2001, the subscription receivable from Mr. Baker was waived. The average    purchase price of the 2,118,271 restricted shares issued to Mr. Baker as merger consultant    was $.35 per share. See Part III, Item 12, "Certain Relationships and Related    Transactions". We believe that these restricted shares were issued at the fair market    value of SKNT shares based upon the restrictive nature of the shares, the limited    liquidity and sporadic trading in SKNT shares. 
(5) The 1,000,000 shares were never issued to Mr. Kaufman, but    were granted under an option pursuant to his 1999 Employment Agreement with SKNT. A total    of 2.5 million shares were subject to this option, exercisable at $.50 per share. 500,000    shares subject to the option vested at December 31, 1999 after SKNT achieved cumulative    revenues in excess of $700,000 and an addition 500,000 shares vested at December 31, 2000    after SKNT achieved cumulative revenues in excess of $1,540,000. The options to purchase 1    million shares and options to purchase an additional 1.5 million shares that had not    vested were all canceled upon Mr. Kaufman's resignation and as part of the consideration    for the Share Transfer Agreement. See Part III, Item 10, "Executive    Compensation". (5) The issuance    and sale of the restricted shares to Mr. Baker, the Company's President, was based upon    Section 4(2) under the Act. Mr. Baker was issued the shares as compensation and no cash    consideration was paid to the Company. In determining the purchase price paid by Baker for    the 6 million restricted SKNT shares,  SKNT considered the total net cash advances    made by Baker of $740,577 through March 31, 2001  and that at the date of the sale of    the 6 million restricted shares to Mr. Baker, SKNT had no business operations or assets.    SKNT shares have had only a limited and sporadic trading market, and we believe that the    issuance of the 6 million shares to Mr. Baker was fair. SKNT has not sought any fairness    opinion with respect to the Baker transactions. While there was no trading in the SKNT    shares on March 16, 2001, the closing bid price of the shares on such date was $.20 and    SKNT recorded as non-cash compensation expense the sum of $1,200,000 in its Form 10-QSB/A    for the period ended March 31, 2001. See Part III, Item 12, "Certain Relationships    and Related Transactions".
ITEM 6. MANAGEMENT'S DISCUSSION OF FINANCIAL CONDITIONS ANDRESULTS OF OPERATION

Results of Operations

During the Company's fiscal yearsended December 31, 2000 and 1999, respectively, we generated sales of $1,032,655 and$1,014,997, respectively. The reason for the stagnation in sales from fiscal 1999 to 2000was principally due to efforts of the management to control operating expenses whichincluded a reduction in selling and marketing expenses. This resulted in decliningexpenditures for advertising which decrease from $118,513 in 1999 to 33,920 in 2000. Webelieve this may have had a negative impact on our sales during the year 2000. 

Reference is made to Note 10-GoingConcern, to the Notes to Consolidated Financial Statements. As shown in the accompanyingfinancial statements, we incurred a net loss from operations of $100,862 during the yearended December 31, 2000 after a net loss of $227,239 during the year ended December 31,1999. The accounts payable exceed the accounts receivable by $76,890, and the sales werebasically flat from 1999 to 2000. Those factors as well as the uncertain conditions offuture capital contributions to the Company, created an uncertainty about our ability tocontinue as a going concern. The Company had been actively seeking funding during 2000 andthrough the first quarter of 2001. Our inability to generate additional funding andquestions by principal shareholders resulted in our determination to divest PBI. Thefinancial statements for our year ended December 31, 2000 did not include any adjustmentsthat might be necessary if the Company is unable to continue as a going concern. However,we make reference to our amended Schedule 14C Information Statement that reflects ourdisposition of PBI and the fact that we have no assets or liabilities as of the date offiling our Form 10-KSB/A.

We had commenced marketing of our newproduct, SOAPSCREEN(R), following the completion of clinical testing, patent registrationand packaging. The SOAPSCREEN(R) product accounted for approximately 25% of our sales in2000 compared to 15% of our sales in 1999. We also generated sales of our new Slim Tan(R)product and increased sales of its existing Pro-Tan(R) product line. In addition, we haddeveloped and introduced several private label products for key customers that generatedorders during the 1999 fiscal to increase sales. Private label sales accounted forapproximately 20% of our sales in 2000 or approximately the same level as in 1999. We alsoexperienced additional sales in 2000 from its ProTan(R) and SlimTan(R) products. 

Notwithstanding to our stagnatingsales during the year 2000 from SOAPSCREEN(R) and from private label products, we did notbelieve that we were or would have been dependent upon any single product for a materialpercentage of our sales during the year 2001. However, we decided because of the abovementions reason to divest PBI. 

We had also experienced delays in theintroduction of these new products because of negative cash flow from operations anddecreasing cash flow from financing activities, which decreased from $450,265 during 1999to $68,219 during 2000.

We incurred a net loss of $34,047($0.01 per Share) during 2000 compared to a net loss of $185,822 ($0.04 per Share) during1999. The Company's net loss for the year ended December 31, 2000 decreased by 82% fromthe prior year principally as a result of declining operating expenses.

Our selling, general andadministrative expenses were $544,674 in 2000 compared to $657,528 in 1999. Our sellingexpense declined from $254,960 in 1999 to and $146,365 in 1998 and our administrativeexpense declined from $266,891 in 1999 to $246,428 in 2000.

We were able to keep our selling,general and administrative expenses from increasing significantly by: using outsidepersonnel for selling efforts; by eliminating the need for temporary personnel, which inprior periods were used to office and warehouse operations; and from increased experienceof our staff and employees. Prior to the Share Transfer Agreement disposing of PBI, we hadconsidered increasing the number of personnel during 2001. 

Our general expense increased from$135,677 in 1999 to $151,881 in 2000. This increase resulted primarily from the costsassociated with being a public company and fees related to compliance with SEC reportingrequirements under the Securities Exchange Act of 1934. We estimate that approximately 30%of our total administrative expenses were associated with being a public company.

Liquidity and Capital Resources

At December 31, 2000, we had currentassets of $300,157, compared to current assets of $355,276 at December 31, 1999. Thedecrease in current assets is the result of decreased accounts receivable, from $47,679 in1999 to $24,861 in 2000, decreased inventory from $192,539 in 1999 to $169,256, decreasedamount due from stockholder from $107,311 in 1999 to $87,430 in 2000. Our accountsreceivable were considered current and collectible, with no return privileges, and theinventory is all ready for sale. As a result of the sale of PBI, we have no assets orliabilities. Our total assets at year end 2000 decreased to $373,290 from $411,533 at yearend 1999. 

Our stock subscriptions receivable inthe amount of $301,994 at December 31, 2000 and $374,287 at December 31, 1999 were deemedfully collectible but in connection with the Share Transfer Agreement and the dispositionof PBI, the subscriptions receivable, which equaled $289, 629 from Mr. Baker were waived. 

Our current liabilities declined from$241,202 at December 31, 1999 to $158,231 at December 31, 2000 because we reduced ouraccounts payable by $123,103. We settled two suits and made a provision for settlementpayments in the amount of $40,000. See Note 3 to the Notes to Consolidated FinancialStatements).

There are no trends that we wereaware of that would have adversely impacted our liquidity and we had no plans for anylarge capital expenditures.

The season for our sun protectionproducts was from January through August. We believed that as we had broadened our productline, we would have been able to increase the use of our products year round. Materialevents that would have effected our financial condition were related directly to themarket acceptance for existing and new products. Any decline in acceptance would have hadan adverse effect on our ability to increase our distribution, which in turn would haveincreased our sales. Our liquidity and future success would have been dependent upon themarket acceptance of our proprietary liquid body wash with sunscreen, which we believed isthe only product of its kind on the market. We had also introduced the Beauty Bites snackbar into the professional salon arena, which had received initial market acceptance as theproduct's quality and uniqueness. Initial sales had begun and we had expected to continueat a steady pace.

Except for the historical informationherein, the matters discussed in this Annual Report includes forward-looking statementsthat may involve a number of risks and uncertainties. Actual results may vary based upon anumber of factors, including, but not limited to, risks in product and productdevelopment, market acceptance of new products and continuing demand, the impact ofcompetitive products and pricing, changing economic conditions and other risk factorscontained in the Company's Form 10-SB/12g/A which was filed with the Securities andExchange Commission on February 1, 2000. 

ITEM 7. FINANCIAL STATEMENTS

Set forth below are the audited financialstatements for the Company for the year ended December 31, 2000 and 1999.
**INDEX TO CONSOLIDATED FINANCIAL STATEMENTSREPORTS OF    INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 13CONSOLIDATED    FINANCIAL STATEMENTS
   CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2000 AND DECEMBER 31, 199913
   CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER    31, 2000 AND 199914      CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY YEARS ENDED DECEMBER 31, 2000 AND 199915
   CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2000    AND 199916      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS17**REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Board of Directors and    Stockholders of
Skintek Labs, Inc.
Sunrise, Florida
We have audited the accompanyingconsolidated balance sheets of Skintek Labs, Inc. and Subsidiary (the Company) as ofDecember 31, 2000 and December 31, 1999, and the related consolidated statements ofoperations, stockholders’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit.The consolidated financial statements give retroactive effect to the merger of SkintekLabs, Inc. and Performance Brands, Inc. (the Subsidiary), which has been accounted for asa reverse purchase as described in Note 1 of the accompanying notes to consolidatedfinancial statements.

We conducted our audits in accordancewith generally accepted auditing standards. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

In our opinion, the consolidatedfinancial statements referred to above present fairly, in all material respects, thefinancial position of Skintek Labs, Inc. and Subsidiary at December 31, 2000 and1999, and the results of its operations and its cash flows for the years then ended, inconformity with generally accepted accounting principles.

The accompanying financial statementshave been prepared assuming the Company will continue as a going concern. As discussed inNote 10 to the financial statements, the Company has suffered significant losses fromoperations during the last two years that raises substantial doubt about its ability tocontinue as a going concern.

 /s/ GRASSANO ACCOUNTING, P.    A.Boca Raton, FloridaFebruary 28, 2001, except with respect to Note 9 to    which the date is July 18, 2001.
 

 
**SKINTEK    LABS, INC. AND SUBSIDIARY
CONSOLIDATED    BALANCE SHEETS DECEMBER 31, 2000 AND 1999     
ASSETS
2000
1999CURRENT ASSETS   Cash
$18,610
$
7,747   Accounts    receivable24,861
47,679   Inventory169,256
192,539   Due from    Stockholders87,430
107,311        TOTAL CURRENT ASSETS300,157
355,276     Machinery and    Equipment
30,960
28,860   Furniture and    Fixtures12,351
6,966   Office    Equipment19,193
16,148   Website9,392
4,654   Leasehold    Improvements
16,151
-  
88,047
56,628   Less    Accumulated Depreciation
43,481
31,170        NET PROPERTY AND EQUIPMENT
44,566
25,458  OTHER ASSETS   Security    Deposits3,220
6,745   Patent and    Trademarks (Less: Accumulated Amortization of     $1,895    in 2000 and $385 in 1999)25,347
24,054        TOTAL OTHER ASSETS28,567
30,799            TOTAL ASSETS
$
373,290
$
411,533   
LIABILITIES    AND STOCKHOLDERS' EQUITY   CURRENT LIABILITIES   Accounts    payable
$
101,751
$
224,854   Payroll Taxes    Payable
776
4,694   Settlements    Payable40,000
-   Current    Portion of Long-Term Debt4,050
-   Note Payable11,654
11,654        TOTAL CURRENT LIABILITIES
158,231
241,202   LONG TERM LIABILITIES   Long-Term    Liabilities6,482
-          TOTAL LIABILITIES164,713
241,202STOCKHOLDERS' EQUITY   Preferred    Stock, $.001 Par Value, Non-Voting, 1,000,000 Shares   Authorized;    None Issued and Outstanding-
-   Common Stock,    $.001 Par Value; 50,000,000 Shares       Authorized; 5,921,271 Shares Issued and Outstanding
5,921
5,921   Additional    paid-in capital
1,022,731
1,202,731   Less: Stock    Subscriptions Receivable
(301,994)
(374,287)   Retained    earnings (accumulated deficit)
(518,081)
(484,034)        TOTAL STOCKHOLDERS' EQUITY
208,577
170,331          TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES
$
373,290
$
411,533
The accompanying Notes to Consolidated Financial Statements are integral part of    these Consolidated Financial Statements.
 
**SKINTEK LABS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS 
FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999       
2000
1999  SALES$
1,032,655
$
1,014,997COST OF GOODS    SOLD
588,843
584,708          GROSS PROFIT
443,812
430,289  OPERATING    EXPENSES      Selling 146,365254,960      General151,881135,677      Administrative
246,428
266,891        TOTAL OPERATING EXPENSES
544,674
657,528          INCOME (LOSS) FROM OPERATIONS
(100,862)
(277,239)  OTHER INCOME    AND EXPENSES      Legal Settlements
64,245
-      Miscellaneous Income
-
38,351      Interest Income
4,227
5,280      Interest Expense
(1,657)
(2,214)        TOTAL OTHER INCOME (EXPENSE)
66,815
41,417         NET INCOME (LOSS) BEFORE PROVISION FOR         (BENEFIT FROM) INCOME TAXES
(34,047)
(185,822)  Provision for    (Benefit from) Income Taxes
--                    NET INCOME (LOSS)
$
(34,047)
$
(185,822)NET INCOME    (LOSS) COMMON STOCK:      Basic
$
(.01)
$
(.04)      Diluted
$
(.01)
$
(.04)  SHARES USED IN    COMPUTING NET INCOME (LOSS) PER COMMON SHARE      Basic
5,921,271
5,123,921      Diluted
6,713,621
5,291,044
The accompanying Notes to Consolidated Financial Statements are    integral part of these Consolidated Financial Statements.
 
**SKINTEK LABS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF    STOCKHOLDERS’ EQUITY (DEFICIT)           
Retained
Total  
Addi-
Stock
Earnings
Stock-  
Common Stock
tional
Subscrip-
(Accu-
holders'  
Number
Paid-in
tions
mulated
Equity
of Shares
Amount
Capital
Receivable
Deficit)
(Deficit)Balance, January 1, 1999
3,803,000
$
3,803
$
(22,642)
$
-
$
(298,212)
$
(317,051)March 31, 1999 converted $541,667 of merger consultant's note into1,083,338 shares of common stock
1,083,338
1,083
540,584-
-
541,667Additional Merger Costs
-
-
(11,643)
-
-
(11,643)July 6, 1999 issued 1,034,933 shares of common stock to merger consultant for    $96,252 of consultant's   note and $392,287 cash due
1,034,933
1.035
516,432
(392,287)
-
125,180Advances from merger consultant
-
-
-
18,000
-
18,000Net loss
-
-
-
-
(185,822)
(185,822)Balance, December 31, 1999
5,921,271
5,921
1,022,731
(374,287)
(484,034)
170,331Advances from merger consultant
-
-
-
72,293
-
72,293Net Loss
  -
   -
   -
-
   (34,047)
(34,047)Balance, December 31, 2000
5,921,271
$
5,921
$
1,022,731
$
(301,994)
$
(518,081)
$
208,577
The accompanying Notes to Consolidated    Financial Statements are integral part of these Consolidated Financial Statements.
 
**SKINTEK LABS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER    31, 2000 AND 1999   
2000
1999CASH FLOWS FROM OPERATING ACTIVITIES:   Net Income (Loss)
$
(34,047)
$
(185,822)   Adjustments to Reconcile Net Income (Loss)    to Net Cash Used in Operating Activities:   Depreciation and Amortization
13,821
7,180     Decrease (Increase) in Accounts Receivable
22,818
(30,790)     Decrease (Increase) in Inventory
23,283
(109,440)     Decrease (Increase) in Income Taxes Receivable
28,948     Decrease (Increase) in Security Deposits
3,525
(1,860)     Increase (Decrease) in Accounts payable
(123,103)
(40,414)     Increase (Decrease) in Payroll Taxes Payable
(3,918)
(918)     Decrease in Income Taxes Payable
-
-     Increase in Settlements Payable
40,000
(9,000)       NET CASH (USED) PROVIDED IN OPERATING    ACTIVITIES
(57,621)
(342,116)CASH FLOW FROM INVESTING ACTIVITIES:   Loan Repayment from (Advances to) Stockholders (Net)
19,881
(46,544)   Purchases of Property and Equipment
(16,813)
(29,419)   Purchase of Intangible Assets
(2,803)
(24,439)       NET CASH PROVIDED BY (USED IN) INVESTING    ACTIVITIES:
265
(100,402)CASH FLOWS FROM FINANCING ACTIVITIES:   Proceeds from Note Payable
72,293
450,265   Principal payments on Long-Term Debt
(4,074)
-       NET CASH (USED IN) PROVIDED BY FINANCING    ACTIVITIES
68,219
450,265NET INCREASE (DECREASE) IN CASH
10,863
7,747CASH, BEGINNING OF PERIOD
$
7,747
$
-CASH, END OF PERIOD
$
18,610
$
7,747SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:   Cash paid during the period for:     Interest
$
1,657
$
2,214     Income Taxes
$
0
$
0SUPPLEMENTARY DISCLOSURE OF NON-CASH OPERATING ACTIVITIES:On March 31, 1999, $541,667 of merger consultant’s    cash advances was converted into 1,083,338 shares of common stock.
On July    6, 1999, $96,252 of merger consultant’s cash advances and a subscription receivable    of $392,287 from the merger consultant was converted into 1,034,933 restricted     shares of common stock.  On February 1, 2000, PBI, a wholly-owned subsidiary,    financed the excess build-out of $14,606 on the new leased office and warehouse space with    an unsecured promissory note with the landlord.  See Note 5.
The accompanying Notes to Consolidated    Financial Statements are integral part of these Consolidated Financial Statements.
 

SKINTEK LABS, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL    STATEMENTS**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

Organization

On December 13, 1994, Skintek Labs,Inc. (the "Company") under the name of Biologistics, Inc. was incorporated underthe laws of Colorado, to engage in the business of clinical consulting, contract packagingand labeling services for clinical studies. The Company issued stock but never had anyoperations. On April 22, 1997, the Company became a Delaware corporation when it mergeditself into its subsidiary, also called Biologistics, Inc., which was incorporated underthe laws of Delaware on March 19, 1997.

Performance Brands, Inc.("PBI" or the "Subsidiary") was incorporated September 21, 1995 underthe laws of the State of Florida. On March 31, 1999, the Company incorporated awholly-owned subsidiary, PBI Acquisition Corp. On the same day PBI merged with PBIAcquisition Corp. when the sole stockholder exchanged his stock in PBI for 18,500,000shares of Skintek Labs, Inc. Then PBI Acquisition Corp. was dissolved, leaving PBI as thesurviving subsidiary of Skintek Labs, Inc. This stock-for-stock transfer was accounted foras a reverse purchase. Since the share exchange between the Company and PBI, the Companyhas been engaged in the wholesale and retail distribution and sale of various products inthe skin-care market, which products have been manufactured, to the Company’sspecifications, in South Florida by several independent fillers and by the Company.

Basis of Presentation andConsolidation

The consolidated financial statementshave been prepared in accordance with generally accepted accounting principles and includethe accounts of Skintek Labs, Inc. and its wholly-owned subsidiary Performance Brands,Inc. All material intercompany transactions and balances have been eliminated inconsolidation.

As described in Organization above,effective March 31, 1999, the Company acquired all of the common stock of PerformanceBrands, Inc. The business combination was accounted for as a purchase and accordingly, theCompany’s financial statements have been presented to include the results ofPerformance Brands, Inc. as though the business combination occurred as of January 1,1998. The May 12, 1999 of one for six reverse stock split (Note 4) was also presented asthough it occurred on January 1, 1998.

Accounts Receivable

All accounts receivable are due fromunaffiliated third parties. The Company considers all accounts receivable to be fullycollectible; accordingly, no allowance for doubtful accounts is required. If amountsbecome uncollectible, they will be charged to operations when that determination is made.

Inventory

Inventory is stated at the lower ofcost or market, using the first-in, first-out (FIFO) method and consists of bottles ofproduct, empty bottles, displays, and boxes. The raw materials are expensed as purchasedbecause their inventoried value would be immaterial.

Property, Equipment andDepreciation

Property additions, major renewalsand betterments are included in the assets accounts at cost. Maintenance, repairs andminor renewals are charged to earnings when incurred.

Depreciation is computed using themodified accelerated cost recovery system and the straight-line method over the estimateduseful lives of the assets. The Company has elected to expense, rather than depreciate,the cost of certain depreciable personal property under Section 179 of the InternalRevenue Code. Although, these methods are not generally accepted accounting principles,the difference between them and any other acceptable method is immaterial to the currentfinancial statements.

Patent & Trademarks

During the year ending December 31,1999, the Company paid $17,149 in patent fees and expenses and $7,290 for trademark feesand expenses. During the year ending December 31, 2000, the Company paid $605 in patentfees and expenses and $1,668 for trademark fees and expenses. Patents and trademarks arebeing amortized over seventeen years.

Long-Lived Assets

The Company periodically reviews thevalues assigned to long-lived assets, such as property and equipment and acquired customerbases, to determine whether any impairments are other than temporary. Management believesthat the long-lived assets in the accompanying balance sheets are appropriately valued.

Revenue Recognition

Revenue from sales is recognized inthe period in which the products are shipped and invoiced to the customer. Sales are finalupon the shipment of the goods to customers. The customers are generally the fiftyindependent distributors throughout the world and an additional approximately eighteenhundred wholesale accounts, principally in the U.S.A.

Advertising

Costs associated with advertising areexpensed in the year incurred. Advertising expenses, which are comprised primarily ofprint media, were $33,920 and $118,513 for the years ending on December 31, 2000 and 1999,respectively.

Income Taxes

Since inception, the Company hasmaintained a fiscal year ending on each 31st day of December. Provisions for income taxeshave not been presented as there is no taxable income after consideration of net operatinglosses, and there are no timing differences.

Earnings Per Common Share

The Company adopted Statement ofFinancial Accounting Standard No. 128 ("FAS 128"), *Earnings Per Share* forthe period of these financial statements. Basic earning per common share is computed usingthe weighted average number of common shares outstanding. Diluted earnings per commonshare is computed using the weighted average number of shares outstanding adjusted for theincremental shares attributed to the potential officer’s stock option of 500,000shares of common stock as of August 31, 1999 and 500,000 shares as of May 31, 2000. Theshares were also numbered as though the May 12, 1999 reverse stock split occurred onJanuary 1, 1998.

Recent Accounting Pronouncements

In 1999, the Company was subject tothe provisions of Statement of Financial Accounting Standards No. 130 ("SFAS130"), "Reporting Comprehensive Income" and Statement of FinancialAccounting Standards No. 131 ("SFAS 131"), "Disclosures about Segments ofan Enterprise and Related Information." Neither statement had any impact on theCompany’s financial statements as the Company does not have any "comprehensiveincome" type earnings (losses) and its financial statements reflect how the "keyoperating decisions maker" views the business. The Company will continue to reviewthese statements over time, in particular SFAS 131, to determine if any additionaldisclosures are necessary based on evolving circumstances.

Estimates

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

Fair Value of FinancialInstruments

The carrying amounts of financialinstruments including cash, accounts receivable, accounts payable and accrued expensesapproximated fair value because of the immediate or short-term maturity of theseinstruments.

NOTE 2 – DUE FROM STOCKHOLDERS

As of December 31, 1998, thestockholders owed the Company $60,767. During the year ending December 31, 1999, thestockholders repaid $42,000 and borrowed an additional $83,264. Interest of $5,280 wasaccrued, resulting in a balance of $107,311 and evidenced by an unsecured promissory noteat an interest rate of 6%, principal and accrued interest due on demand or on December 31,2000.

During the year ended December 31,2000, the stockholders repaid $50,000 and borrowed an additional $24,609. Interest of$5,510 was accrued, resulting in a balance of $87,430 and evidenced by an unsecuredpromissory note at an interest rate of 6% principal and accrued interest due on demand oron December 31, 2001.

NOTE 3 - FOURTHQUARTER AGGREGATE ADJUSTMENTS

The fourth quarteraggregate adjustments were immaterial except for the following:

During the yearending December 31, 1998, the Company contracted for $104,245 of advertising from a thirdparty company. The advertising was not effective as contracted, and the Company refused topay the amount. In January 2001, the United States District Court, Southern District ofNew York, dismissed the suit, and the debt was settled for $25,000, resulting in legalsettlement income of $79,245.

During the year ending December 31, 1999, amodel for a Company promotion sued the Company for compensation from the product lineadvertised. In January 200 1, this matter was settled for $15,000.

Both balances due, totaling $40,000, are beingpaid in installments in 2001, The net legal settlement income is $64,245.
**NOTE 4 – NOTES PAYABLE

On September 1, 1996, the Subsidiarypurchased a forklift for $12,954, financing $11,654 of the balance owed with a notesecured by the forklift at an interest rate of 12%. The monthly installments are $338through December 1, 1999. No payments have ever been made; consequently, the note is indefault, although no demands for payment have ever been made.

During 1998 and 1999, a mergerconsultant advanced the Subsidiary $657,000 and paid an additional $118,095 in mergerexpenses for the Company. As of December 31, 1999, the Company had converted all of theconsultant’s advances into common stock and had issued additional common stock to theconsultant resulting in stock subscriptions receivable of $374,287. During the year endingDecember 31, 2000, the merger consultant paid $72,293, reducing the stocksubscriptions receivable to $301,994.
**NOTE 5 – LONG TERM DEBT

On August 25, 1999, the Subsidiaryentered into a new lease agreement for office and warehouse space from February 1, 2000through April 30, 2003. As part of the agreement, the Subsidiary agreed to repay thelandlord $14,606 for leasehold improvements which exceeded the landlord’s obligation.The Subsidiary financed this repayment with an unsecured promissory note with thirty-ninepayments of principal and interest at a rate of 8.5% per annum. The following shows theprincipal due for the years ending December 31:
2001$4,05020024,79220031,690
$10,532**NOTE 6 – STOCK TRANSACTIONSAND OPTIONS

Common Stock

The Company initially authorized50,000 shares of $0.001 par value common stock. On April 22, 1997 the Companyre-incorporated in Delaware through a merger with its wholly owned Delaware subsidiary.The Company changed its authorized capital to 30,000,000 shares of $0.001 par value. As ofDecember 31, 1998, the Company had issued 4,318,000 shares of common stock. On March 31,1999, 18,500,000 shares (pre-split) were issued to effect the merger with PerformanceBrands, Inc., which had a book value of $357,789 at the date of the merger, and 6,500,000shares (pre-split) were issued in conversion of cash advances of $541,667 from the mergerconsultant. On May 12, 1999, the Company declared a 6 to 1 reverse stock split, leavingpar at $.001, and changing the number of shares authorized to 50,000,000. On July 6, 1999,the Company issued an additional 1,034,933 shares of its common stock to the mergerconsultant for approximately $.50 per share including a subscription receivable of$392,287. As of December 31, 1999 and 2000, the Company had issued 5,921,271 shares of itscommon stock.

Preferred Stock

The Company has authorized 1,000,000preferred shares $0.001 par value, non-voting, the rights and preferences of which to bedetermined by the Board of Directors at the time of issuance. Currently, there are nopreferred shares outstanding.

The Company has declared no dividendsthrough December 31, 2000.

Stock Options

On March 30, 1999, the Companyentered into an employment agreement with the president and majority stockholder, which was included an incentive compensation stock option grant, entitling the presidentto purchase up to 2,500,000 shares of common stock at $.50 per share, expiring March 29,2009. The grant provided for vesting when certain cumulative revenue levels are reached.For the year ending December 31, 1999, the first level of cumulative revenues of $700,000was reached   and 500,000 shares were included in the diluted shares for the earningsper share calculation. The second level of cumulative revenues of $1,540,000 was reachedand as of December 31, 2000, and an additional 500,000 shares were included in the dilutedshares for the earnings per share calculation. None of the additional options vested andno options were exercised.
**NOTE 7 – PROVISION FOR(BENEFIT FROM) INCOME TAXES

As a result of the net losses for theyears ended December 31, 2000 and 1999, provisions for income taxes are not required. Asof December 31, 2000, the Company’s Federal and State NOL carryovers are as follows:
FederalState  NOL Carryover Expiring 2013$268,332    $447,428NOL Carryover Expiring 2014186,449186,449NOL Carryover Expiring 202029,88329,883$484,664  $663,760**NOTE 8 – COMMITMENTS

The Subsidiary is obligated for anautomobile lease which is properly treated as non-cancelable operating lease. The term ofthe lease is 36 months with monthly payments of $511. The amounts due under this operatinglease are as follows for the years ending December 31:
2001$6,13220026,13220032,044
$14,308
The Subsidiary leased new office andwarehouse space beginning on February 1, 2000. The amounts due under this lease areas follows for the years ending December 31:
2001$ 22,817200224,09520038,804
$ 55,716**NOTE 9 – SUBSEQUENT EVENT

On or about February 21, 2001, theCompany rescinded its acquisition of Ultimate Warlock, Inc., ab initio, which was reportedon the Form 8-K filed September 22, 2000. The Company has not reflected any effect fromthis transaction in its current financial statements, as no costs were incurred, and noinformation is relevant to the past or future operating results of the Company.

Effective March 16, 2001, theCompany's president and sole director resigned as an officer and director of the Company,in contemplation of the Company divesting itself of PBI in a share transfer agreement withsuch individual. Prior to his resignation, the Company's president and sole directorelected Marc Baker, who had been the Company's merger consultant, as director.

NOTE 10 – GOING CONCERN

As shown in the accompanying financial statements, the Company incurred anet loss from operations of $100,862 during the year ended December 31, 2000 after a netloss of $227,239 during the year ended December 31, 1999. Currently, the accounts payableexceed the accounts receivable by $76,890, and the sales were basically flat from 1999 to2000. Those factors as well as the uncertain conditions of future capital contributions tothe Company create an uncertainty about its ability to continue as a going concern. TheCompany is actively seeking funding. The financial statements do not include anyadjustments that might be necessary if the Company is unable to continue as a goingconcern.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE

None.
**PART III**
ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

At present we have one executiveofficer and director. We contemplate that we will elect one or more additional directorsand appoint additional officers in connection with a Business Combination transaction. Ourdirector(s) are elected to serve until the next annual meeting of shareholders and untilhis (their) respective successors will have been elected and will have qualified.

The following table sets forth as the name, age and position heldwith respect to our directors and executive officers:
Name
Age
PositionsStacy Kaufman
36
President, Chief    Executive Officer and Director (until resignation on March 16, 2001)Marc Baker
40President and Director (commencing    March 16, 2001)
*Business Experience of Principal.*Our present managementcommencing March 16, 2001, consists of Marc Baker, who serves as our president, soleexecutive officer, director and a control shareholder, owning 68.1% of our issued andoutstanding shares. Mr. Baker is a certified public accountant licensed in the State ofFlorida. During the past five years, Mr. Baker has had experiences in negotiating mergers,acquisitions and stock purchase agreements involving several different private operatingcompanies with public non-operating companies. Some of these public non-reportingcompanies involved in these transactions continued to be non-reporting companies under theExchange Act after the transactions or became reporting companies and then ceased toreport under the Exchange Act. However, Mr. Baker was not part of the post-transactionmanagement in these non-reporting companies. Mr. Baker has also provided consultingservices to  independent public accounting firms and attorneys in severaltransactions which services have facilitated other companies in becoming operatingcompanies. Mr. Baker has also worked closely with the professionals engaged by theentities seeking to enter into Business Combinations, similar to those that we may pursuefor the purpose of due diligence and evaluation of Target Businesses and conductingnegotiations for Business Combinations.

During the past five years, Mr. Baker served asan officer and director of the public non-operating companies each of which entered into aBusiness Combination. (i) Life Industries Inc. - Mr. Baker served as president of LifeIndustries Inc., a public non-operating company, that filed its Form 10 in 1995, prior toMr. Baker's involvement, but never filed any Exchange Act reports. Mr. Baker afterbecoming president of Life Industries caused Life Industries to engage an accounting firmand legal representation so that it could enter into a business combination with QuillIndustries, an operating company, in 1997. At the date of the transaction with Quill, Mr.Baker resigned his position as an officer and director and disposed of his share interestin Life Industries to an unaffiliated party. Prior to the business combination betweenLife and with Quill, and as a result of Mr. Baker's efforts, Life Industries had availablecurrent information required by Rule 15c-2-11, which permitted a market maker to enterquotes for the Life shares on the pink sheets. However, while Quill Industries on August21, 1998 filed a Form 10-SB under the Exchange Act to become a reporting company, whichwas after Mr. Baker's resignation, the Form 10-SB was withdrawn on June 4, 1999 and LifeIndustries never filed any reports under the Exchange Act. Pursuant to the transactionsinvolving Life Industries, Mr. Baker was granted options to purchase 140,000 LifeIndustries shares, exercisable at a price of $.10. Mr. Baker exercised the options andsold the underlying shares at prices ranging from $.50 to $1.00; (ii) Stetson Oil ExchangeInc. - Mr. Baker was an officer and director of Stetson Oil Exchange Inc., a publicnon-operating company that entered into a business combination transaction with TelecomWireless Corp., an operating company, in 1998, and resigned his positions and disposed ofhis share interest in Stetson when it entered into a business combination with TelecomWireless. Telecom Wireless became a reporting company under the Exchange Act and itsshares were traded on the OTC:BB until the shares were delisted for failure to continue toremain current under the Exchange Act. Pursuant to the transactions involving Stetson Oil,Mr. Baker was granted options to purchase 1,400,000 shares of Stetson exercisable at aprice of $.50. Mr. Baker assigned his right to under the option with respect to 925,000shares for consideration of $225,000 to a third party. The option with respect to theremaining 475,000 shares was exercised at $.50 which shares were sold at an average priceof $.75 per share; (iii) Skintek Labs, Inc., formerly known as Biologistics Inc. - Mr.Baker was an officer and director of  Biologistics Inc. which was a publicnon-operating company. When it entered into a merger agreement with Performance Brands,Inc. in 1999, it changed its name to Skintek Labs Inc. and became an operating company.Mr. Baker resigned as an officer and director of SKNT upon the merger.  Skintek Labscontinued to be an operating and reporting company under the Exchange Act until the ShareTransfer Agreement with PBI, at which time it became a non-operating company. Its sharesare subject to quotation on the OTC:BB. Mr. Baker made total net cash advances to SKNTwhile he was merger consultant in the amount of $740,577 which were converted into2,118,271 restricted SKNT shares. In addition, Mr. Baker was issued 6 million restrictedshares in March 2001 in connection with the change in control as non-cash compensationwhich resulted in an expense of $1,200,000 during the first quarter of 2001; (iv) UnionChemical Corp. -  Mr. Baker was president of  Union Chemical Corp., a publicnon-operating company that was never a reporting company under the Exchange Act. Mr. Bakeracquired control of Union Chemical for  $125,000 in cash and prior to Union Chemicalentering into a merger agreement with HotYellow98.com, an operating company, Mr. Bakersold his interest in Union Chemical for $150,000 and resigned as president  prior toUnion Chemical. Mr. Baker had no involvement in the merger transaction. HotYellow filed aregistration statement on Form 10-SB on August 23, 1999, but never filed any requiredExchange Act reports and is not current under the reporting requirements under theExchange Act; (v) National Venture Capital Fund, Inc. - Mr. Baker was thesecretary-treasurer and a director of  National Venture Capital Fund, Inc., anon-operating company that filed its Form 10-SB/12g on May 6, 1999 and filed its annualreport for its year ended April 30, 2000 and its quarterly report for the first quarterended July 31, 2000 but has failed to file the required quarterly reports under theExchange Act  and is therefor not current in its reporting requirements. Mr. Bakerresigned as an officer and director of National Venture Capital in October 2001 and neverreceived any compensation nor was he issued any shares or securities from this issuer;(vi) BSD Healthcare, Inc. -  Mr. Baker is presently also serving as Presidentand director of BSD Healthcare, Inc., a non-operating company, which is current in itsreporting requirements under the Exchange Act. Mr. Baker was issued 6,750,000 restrictedshares by BSD in December 2000  at par value and through November 1, 2001 Mr. Bakerhas not sold any of these BSD shares. Mr. Baker is negotiating a business combinationtransaction which may involve the sale or transfer of his control interest; and (vii)Combined Professional Services, Inc., a current reporting company that had no operationsthrough its year ended December 31, 2000. Mr. Baker was elected as director on February27, 2001 following which former officers and directors resigned. Mr. Baker appointedhimself as president and as sole officer and director is pursuing acquisitions forCombined Professional Services. It has recently concluded an acquisition of a 5% interestin an operating company.Mr. Baker was issued 2,300,000 restricted shares by CombinedProfessional Services none of which have been sold. From 1994 to 1996, Mr. Baker was amanaging director of Paige and Associates, an investment banking firm with offices inDeerfield, FL. 

Officers serve at the discretion ofthe Board of Directors. The Company effective March 30, 1999 entered into a five yearemployment agreement with Stacy Kaufman. See Item 10. Executive Compensation below. Thedisclosure hereunder relates to the management of the Company and does not reflect thetransaction with Ultimate Warlock, Inc. in September 2000 which was rescinded effectiveFebruary 21, 2001, as if the transaction did not occur. 

Stacy Kaufman served as our full-timePresident, Chief Executive Officer and sole director from the 1999 merger between SKNT andPBI until his resignation dated March 16, 2001. Mr. Kaufman was the founder of PBI and itschief executive officer, director and principal shareholder from PBI's inception inSeptember, 1995. Mr. Kaufman has worked for SKNT  and its predecessor, PBI, for morethan the past five years. Effective March 30, 1999, the Company entered into a five (5)year executive employment agreement with Stacy Kaufman. This Employment Agreement wasterminated in connection with the Share Transfer Agreement dated as of April 30, 2001,which was executed after Mr. Kaufman's resignation on March 16, 2001. See Part III, Item10, "Executive Compensation" below.

Section 16(a) Beneficial OwnershipReporting Compliance:

Compliance with Section 16(a) of theExchange Act. We became subject to the requirements of the Exchange Act in 1999. Ourformer and present officers, directors and 10% shareholders have informed us that theyhave filed the required Forms 3, 4 and 5 although these were filed late.

ITEM 10. EXECUTIVE COMPENSATION
                         
Long Term Compensation                 
Annual Compensation
Awards
Payouts     
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)**************************************** |
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