| **UNITED    STATES**SECURITIES    AND EXCHANGE COMMISSION**Washington, DC    20549   **FORM 10-KSB
[X] ANNUAL REPORT    UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year    ended December 31, 2001   
[  ] 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 December 31, 2001,  its most    recent fiscal year: none
At March 20, 2002, there were    12,051,271 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 561,334 shares are held by non-affiliates. The market value of the    shares held by non-affiliates is $11,227 based upon the closing bid price of $.02 on March    20, 2002. (*) 
DOCUMENTS INCORPORATED BY REFERENCE:
There are no documents    incorporated by reference in this Annual report on Form 10-KSB 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 Business3Item 2. Description of Property11Item 3. Legal Proceedings11Item 4. Submission of Matters to a Vote of Security    Holders11  
PART IIItem 5. Market for Registrant's Common Equity and    Related Stockholder Matters12Item 6. Management's Discussion and Analysis of    Financial Conditions and Results of Operation14Item 7. Financial Statements16Item 8. Changes In and Disagreements With    Accountants on Accounting and Financial Disclosure28  
PART IIIItem 9. Directors, Executive Officers, Promoters and    Control Persons28Item 10. Executive Compensation31Item 11. Security Ownership of Certain Beneficial    Owners and Management32Item 12. Certain Relationships and Related    Transactions32Item 13. Exhibits and Reports on Form 8-K34**PART I

ITEM 1. DESCRIPTION OF BUSINESS

Recent Developments-Skintek Labs, Inc.

This Annual Report on Form 10-KSB is being filedwith the SEC by Skintek Labs, Inc., a Delaware corporation. Skintek Labs is also referredto as the "SKNT", "we", "us" and "our", as thecase may be. This Form 10-KSB also discloses an action taken by written consent of theholders of a majority of our outstanding voting stock relating to a Share TransferAgreement involving the disposition by SKNT of all shares of  Performance Brands,Inc., our former wholly owned subsidiary, to Stacy Kaufman, our former sole executiveofficer and director and a principal shareholder.  As a result of the Share TransferAgreement, SKNT  became a company with no operations or assets. The only businessactivities that will be conducted by SKNT will be to seek potential business combinationsand continuing to remain current under the reporting requirements of the Exchange Act. Wehave filed with the SEC an amended Information Statement on Schedule 14C under theExchange Act that contains information regarding our change of management and thedisposition of all of our assets and liabilities. 

The following is a summary of the material terms ofthe Share Transfer Agreement and the related transactions.
- •  SKNT  transferred all shares of         Performance Brands, Inc., our former wholly-owned subsidiary, to Stacy Kaufman, our        former president, director and control shareholder. 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 was $217,131. The    book value of PBI at the date of the 1999 merger was $357,789. The difference between the    book value in 1999 and the book value of $217,131 at the date of divestiture was primarily    attributable to the increase in accumulated deficit from net losses. This constituted all    of our assets and liabilities. As a result of this Share Transfer Agreement we became a    non-operating company with minimal no assets or liabilities and will seek to explore    potential business combinations with entities which our sole officer and director, Marc    Baker 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 forservices to SKNT, adjusted for the reverse share recapitalization. The book value of PBIat the date of the 1999 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 TransferAgreement

*Business Objectives.*We seek businessopportunities throughout the United States to make acquisitions or enter into otherbusiness endeavors to the extent our limited assets and personnel will allow. Our businessobjective is to effect a merger, exchange of capital stock, asset acquisition or otherbusiness combination with an operating business that will have significant growthpotential.

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 structuringof a Business Combination.*At present Marc Baker is our sole executive officer anddirector and is a control shareholder, owning 68.1% of our issued and outstanding shares.As a result, Mr. Baker will have substantial flexibility in identifying and selecting aprospective target business. See  the discussion under "Business Experience ofPrincipal" in Part III, Item 9, Directors, Executive Officers, Promoters, and ControlPersons" below.  We will be almost entirely dependent on the judgment of Mr.Baker in connection with the selection of a target business. In evaluating a prospectivetarget business, we will consider, among other factors, the following: (i) costsassociated with effecting the Business Combination; (ii) equity interest in andopportunity for control of the target business; (iii) growth potential of the targetbusiness in its industry; (iv) experience and skill of management and availability ofadditional personnel of the target business; (v) capital requirements of the targetbusiness; (vi) competitive or comparative position of the target business in its industry;(vii) stage of development of the target business; (viii) degree of current or potentialmarket acceptance of the target business, products or services; (ix) proprietary featuresand degree of intellectual property or other protection of the target business; (x) thefinancial statements of the target business; and (xi) the regulatory environment in whichthe 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 acompany or business by purchasing, trading or selling the securities of such company orbusiness. However, we do not intend to engage primarily in such activities. Specifically,we intend to 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, 2000, wedetermined 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 of PBI andSKNT, PBI contracted for services with  an advertising company for which we werecharged $104,245. We believe that the advertising company did not fulfill its obligationsas contracted, and therefore we refused to pay the amount. In January 2001, the UnitedStates District Court, Southern District of New York, dismissed the suit, and the debt wassettled for $25,000. In addition, in January 2001, we settled the claim of a model usedfor product promotion for $15,000. As a result, we recorded   net settlement incomeof $64,245, which reduced our selling expenses on our consolidated statement of operationsfor the fiscal year ended December 31, 2000. Reference is made to Note 3 of the Notes toConsolidated Financial Statements related to Settlements Payable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS.

None. However, in connection with the Share TransferAgreement, we have prepared and are sending to our shareholders an amended InformationStatement regarding the transaction involving the disposition of our former subsidiary,and related matters.

**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  March 20,2002, 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. Thequotations reflect inter-dealer prices, without retail mark-up, mark-down or commissionand may not represent actual transactions. On May 12, 1999, our shares were subject to a 1for 6 reverse split, and the table below reflects such information. 

  
High
Low
Calendar    1999
Quarter    Ended March 31,
$1.50
$0.375
Quarter    Ended June 30, (*)
$2.50
$0.375
Quarter    Ended September 30,
$2.25
$1.44
Year    Ended December 31,
$1.44
$0.56**  **
Calendar    2000
Quarter    Ended March 31,
$2.125
$0.56
Quarter    Ended June 30,$3.125$150
Quarter    Ended September 30,$3.75$1.625
Year    Ended December 31,$2.56$0.625   Calendar 2001
Quarter    Ended March 31,
$0.75
$0.14Quarter Ended June 30,
$0.23
$0.16Quarter Ended September 30,
$0.17
$0.04Year Ended December 31,    2002
$0.04
$0.02Calendar 2002Period Ending March 20,    2002$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 March 20, 2002, 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.

 
DateTitleAmount of Securities SoldPersonsCash    or Non Cash Consideration 3/31/99Common Stock3,083,333 SharesStacy Kaufman (1)Issued in connection with PBI Merger03/31/99-7/06/99Common Stock1,083,338 Shares    1,034,933 SharesMarc Baker, Merger Consultant (2)$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 $.35.12/31/99Common Stock500,000 SharesStacy Kaufman (3)Vested Options at $.50 per share, never exercised, granted under    1999 Employment Agreement12/31/00Common Stock500,000 SharesStacy Kaufman (3)Vested Options at $.50 per share, never exercised, granted under    1999 Employment Agreement03/16/01Common Stock6,000,000 SharesMarc Baker (4)Issued as compensation and an expense of $1,200,000 was reflected    in the quarter ended March 31, 200103/19/01Common Stock80,000 SharesRobert Schwartz (5)For consulting services valued at $16,00003/19/01Common Stock50,000 SharesDavid Wilpon (5)For services valued at $10,000(1) 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.(2) 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. (3) 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".(4) 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".(5) The consultants were issued restricted    shares for business evaluation consulting services rendered. The closing bid price of the    shares was $.20 on March 19, 2001 and the non-cash compensation has been expensed in 2001.
 

ITEM 6. MANAGEMENT'S PLAN OF OPERATION

The following discussion and analysis and plan of operation containsome forward-looking statements. Forward-looking statements give our current expectationsor forecasts of future events. You can identify these statements by the fact that they donot relate strictly to historical or current facts. They use words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

Also note that we provide cautionary discussion of risks, uncertaintiesand possibly inaccurate assumptions relevant to our business under the section entitled"Risk Factors" under Item 1 Part 1. Other factors besides those listed couldalso adversely affect us in the future.

Overview

Our current activity is related to seeking new business opportunities. We will use ourlimited personnel and financial resources principally in connection with the search fornew business opportunities. It may be expected that starting any new business opportunitywill involve the issuance of our shares of Common Stock. To the extent that Common Stockis used to fund any new business opportunity, any available cash, of which there can be noassurance, will be used to finance such new business operations. 

We may determine to seek to raise funds from the sale of equity or debtsecurities, from bank or other borrowings as part of any new business opportunity. We mayissue a substantial number of additional shares and to the extent that such additionalshares are issued, our shareholders will experience a dilution in their ownershipinterest. Additionally, if a substantial number of shares of Common Stock are issued inconnection with a new business opportunity, a change in control of the Company may beexpected to occur.

There currently are no limitations on our ability to borrow fundspursue new business opportunity. However, our limited resources and may make it difficultto borrow funds. The amount and nature of any borrowing by us will depend on numerousfactors, including the Company's capital requirements, potential lenders' evaluation ofthe Company's ability to meet debt service on borrowing and the then prevailing conditionsin the financial markets, as well as general economic conditions. The inability of theCompany to borrow funds required to pursue new business opportunities, or to provide fundsfor an additional infusion of capital, may have a material adverse affect on the Company'sfinancial condition.

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".

At present Marc Baker is our sole executive officerand director and is a control shareholder, owning 68.1% of our issued and outstandingshares. As a result, Mr. Baker will have substantial flexibility in identifying andselecting a prospective target business. See  the discussion under "BusinessExperience of Principal" in Part III, Item 9, Directors, Executive Officers,Promoters, and Control Persons" below.  We will be almost entirely dependent onthe judgment of Mr. Baker in connection with the selection of a target business. Inevaluating a prospective target business, we will consider, among other factors, thefollowing: (i) costs associated with effecting the Business Combination; (ii) equityinterest in and opportunity for control of the target business; (iii) growth potential ofthe target business in its industry; (iv) experience and skill of management andavailability of additional personnel of the target business; (v) capital requirements ofthe target business; (vi) competitive or comparative position of the target business inits industry; (vii) stage of development of the target business; (viii) degree of currentor potential market acceptance of the target business, products or services; (ix)proprietary features and degree of intellectual property or other protection of the targetbusiness; (x) the financial statements of the target business; and (xi) the regulatoryenvironment 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.

We may acquire a company or business by purchasing,trading or selling the securities of such company or business. However, we do not intendto engage primarily in such activities. Specifically, we intend to conduct our activitiesso as to avoid being classified as an "investment company" under the InvestmentCompany Act of 1940, and therefore avoid application of the costly and restrictiveregistration and other provisions of the Investment Company Act of 1940 and theregulations 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. 

Results of Operations

During the Company's fiscal yearsended December 31, 2001 and 2000, respectively, we generated sales no revenues, aftergiving effect to our divestiture of our former operating subsidiary, PBI. Reference isalso made to the discussion under Results of Operations in our Form 10-KSB/A filed onFebruary 27, 2002 regarding our former subsidiary's business and results of operations.

We incurred a net loss fromoperations of $1,241,575 in 2001 and 2,935 in 2000. This loss from operations is mainlydue to non-cash expenses of $1,200,000 associated with the issuance of 6,000,000restricted shares to Mr. Baker in March 2001. Our basic and diluted loss per shares infiscal year 2001 and 2000 was $0.12 and $0.00, respectively. 

Liquidity and Capital Resources

At December 31, 2001 and 2000, we hadno assets as a result of our divestiture of our subsidiary PBI. 

Our current liabilities were $15,575of which $2,881 are accounts payable and $12,694 due to our officer Mr. Baker. We had noliabilities at December 31, 2000.  

During the fiscal year ended December 31, 2001 and 2000, wehad no cash flow from operations, no cash flow from financing and investing activities.

 

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 17   Consolidated Financial    Statements   Consolidated Balance    Sheets December 31, 2001 and December 31, 200018   Consolidated Statements    of Operations for the Years Ended December 31, 2001 and 200019   Consolidated Statements    of Stockholders' Equity Years Ended December 31, 2001 and 200020   Consolidated Statements    of Cash Flows Years December 31, 2001 and 200021   Notes to Consolidated    Financial Statements22
**REPORT OF INDEPENDENT CERTIFIED PUBLICACCOUNTANTS**

To the Board of Directors and    Stockholders of
Skintek Labs, Inc.
Sunrise, Florida

We have audited the accompanying balance sheets of Skintek Labs, Inc.    (the Company) as of December 31, 2001 and December 31, 2000, and the related statements of    operations, stockholders’ equity, and cash flows for the years then ended. These    financial statements are the responsibility of the Company’s management. Our    responsibility is to express an opinion on these financial statements based on our audit. 

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

In our opinion, the financial statements referred to above present    fairly, in all material respects, the financial position of Skintek Labs, Inc. at    December 31, 2001 and 2000, and the results of its operations and its cash flows for    the years then ended, in conformity with accounting principles generally accepted in the    United States of America.
 /s/ GRASSANO ACCOUNTING, P.    A.Boca Raton, FloridaMarch 9, 2002**SKINTEK LABS, INC.
BALANCE SHEETS DECEMBER 31, 2001 AND 2000     
**ASSETS**
2001
2000            **TOTAL ASSETS**
$
-
$
-   
**STOCKHOLDERS' EQUITY (DEFICIT)**   CURRENT    LIABILITIES      Accounts payable
$
2,881
$
-      Due to Officer12,694
-        TOTAL CURRENT LIABILITIES
15,575
-          TOTAL LIABILITIES15,575
-STOCKHOLDERS'    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; 12,051,000 and 5,921,271 Shares 
-       Issued and Outstanding
12,051
5,921      Additional paid-in capital
1,223,570
5,921      Retained earnings (accumulated deficit)
(1,223,570)
(35,621)        TOTAL STOCKHOLDERS' EQUITY (DEFICIT)
(15,575)
-          **TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES (DEFICIT)**
$
-
$
-
The accompanying Notes to the Financial Statements are integral    part**SKINTEK LABS, INC. 
STATEMENTS OF OPERATIONS 
FOR THE YEARS ENDED DECEMBER 31, 2001 AND    2000    
2001
2000  REVENUES
$
-
$
-  OPERATING EXPENSES   Administrative
1,241,575
2,935     TOTAL OPERATING EXPENSES
1,241,575
2,935       INCOME (LOSS) FROM OPERATIONS
(1,241,575)
(2,935)      NET INCOME (LOSS) BEFORE PROVISION FOR      (BENEFIT FROM) INCOME TAXES
(1,241,575)
(2,935)  Provision for (Benefit from) Income Taxes
-
-              NET INCOME (LOSS)
$
(1,241,575)
$
(2,935)NET INCOME (LOSS) COMMON STOCK:   Basic
$
(.12)
$
(.00)   Diluted
$
(.12)
$
(.00)  SHARES USED IN COMPUTING NET INCOME (LOSS) PER COMMON SHARE   Basic
10,790,613
5,921,271   Diluted
10,790,613
5,921,271
The accompanying Notes to the Financial Statements are integral    part**SKINTEK LABS, INC. 
STATEMENTS OF STOCKHOLDERS’ EQUITY    (DEFICIT)           
Retained
Total  
Addi-
Earnings
Stock-  
Common Stock
tional
(Accu-
holders'  
Number
Paid-in
mulated
Equity
of Shares
Amount
Capital
Deficit)
(Deficit)Balance,    December 31, 1999
5,921,271
5,921
29,700
(32,686)
2,935Net Loss---(2,935)(2,935)Balance,    December 31, 2000
5,921,271
$
5,921
$
29,700
$
(35,621)
$
-Issued    6,000,000 shares ofcommon stock to    officer ascompensation6,000,0006,0001,194,000-1,200,000Issued 130,000    shares ofcommon stock    for services130,00013025,870--Net Loss
  -
   -
   -
(1,241,575)
(1,215,575)Balance,    December 31, 2000
12,051,271
$
12,051
$
1,249,570
$
(1,277,196)
$
(15,575)
The accompanying Notes to the Financial    Statements are integral part**SKINTEK LABS, INC.
STATEMENTS OF CASH FLOWS YEARS ENDED    DECEMBER 31, 2001 AND 2000
2000
1999CASH FLOWS FROM OPERATING ACTIVITIES:   Net Income (Loss)
$
(1,241,575)
$
(2,935)   Adjustments to Reconcile Net Income (Loss)    to Net Cash Used in Operating Activities:     Stock issued for compensation
1,226,000
-     Increase in Accounts payable
2,881
-     Increase in due to officer
12,694
-       NET CASH PROVIDED IN OPERATING ACTIVITIES
-
-CASH FLOW FROM INVESTING ACTIVITIES:       NET CASH PROVIDED BY INVESTING ACTIVITIES:
-
-CASH FLOWS FROM FINANCING ACTIVITIES:       NET CASH PROVIDED BY FINANCING ACTIVITIES
-
-NET INCREASE (DECREASE) IN CASH
-
-CASH, BEGINNING OF PERIOD
$
-
$
-CASH, END OF PERIOD
$
-
$
-SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:   Cash paid during the period for:     Interest
$
-
$
-     Income Taxes
$
-
$
-
The accompanying Notes to the Financial    Statements are integral part
SKINTEK LABS, INC. 
NOTES TO FINANCIAL STATEMENTS
**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

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

On March 31, 1999, the Company incorporated a wholly-owned subsidiary    PBI Acquisition Corp. On the same day Performance Brands, Inc. merged with PBI Acquisition    Corp. when the sole stockholder exchanged his stock in Performance Brands, Inc. for    18,500,000 shares of Skintek Labs, Inc. Then PBI Acquisition Corp. was dissolved, leaving    Performance Brands, Inc. as the surviving subsidiary of Skintek Labs, Inc. This    stock-for-stock transfer was accounted for as a reverse purchase.

On April 30, 2001, the Company agreed to sell its shares in Performance    Brands, Inc., the Subsidiary, in consideration of the cancellation of the 1999 employment    agreement between the Buyer and the Company and in addition cancellation of options to    purchase 500,000 shares of the Company stock because the Subsidiary failed to achieve the    projected sales and profits that led to its purchase. This divestiture is described in the    Company’s June 30, 2001 Form 10-QSB.

The management of the Company intends to use it as a "blind    pool" or "blank check" company for the purpose of either merging with or    acquiring an operating company.

Income Taxes

Since inception, the Company has maintained a fiscal year ending on    each 31st day of December. Provisions for income taxes have not been presented as there is    no taxable income and there are no timing differences. Net operating losses of    approximately $51,000 expire from the year 2011 through 2016.

Earnings Per Common Share

The Company adopted Statement of Financial Accounting Standard No. 128    ("FAS 128"), *Earnings Per Share* for the period of these financial    statements. Basic earning per common share is computed using the weighted average number    of common shares outstanding. Diluted earnings per common share is the same as the basic.

Recent Accounting Pronouncements

In 1999, the Company was subject to the provisions of Statement of    Financial Accounting Standards No. 130 ("SFAS 130"), "Reporting    Comprehensive Income" and Statement of Financial Accounting Standards No. 131    ("SFAS 131"), "Disclosures about Segments of an Enterprise and Related    Information." Neither statement had any impact on the Company’s financial    statements as the Company does not have any "comprehensive income" type earnings    (losses) and its financial statements reflect how the "key operating decisions    maker" views the business. The Company will continue to review these statements over    time, in particular SFAS 131, to determine if any additional disclosures are necessary    based on evolving circumstances.

Estimates

The preparation of financial statements in conformity with generally    accepted accounting principles requires management to make estimates and assumptions that    affect the reported amounts of assets and liabilities and disclosure of contingent assets    and liabilities at the date of the financial statements and the reported amounts of    revenues and expenses during the reporting period. Actual results could differ from those    estimates.
**NOTE 2 – RELATED PARTY TRANSACTIONS

During the year ended December 31, 2001, the Company’s president    and majority stockholder paid all administrative expenses for the Company, resulting in a    balance of $12,694 in the due to officer account.
**NOTE 3 – STOCK TRANSACTIONS

Common Stock

As of December 31, 1999, the Company had issued 5,921,271 shares of its    common stock. On March 16, 2001, a newly appointed board member was elected president, and    6,000,000 shares of the Company’s common stock were issued to him as compensation.    The stock was valued at $0.20 per share. These shares were issued so the president would    have control of the company with 50.3% of the common stock. On March 19, 2001, 130,000    shares were issued to two consultants as compensation. The stock was valued at $0.20 per    share.

Preferred Stock

The Company has authorized 1,000,000 preferred shares $0.001 par value,    non-voting, the rights and preferences of which to be determined by the Board of Directors    at the time of issuance. Currently, there are no preferred shares outstanding.
**NOTE 4 – GOING CONCERN

The Company has sustained recurring operating losses and has minimal assets. These    factors raise substantial doubt as to the Company’s ability to continue as a going    concern. Management’s plans regarding this uncertainty is to raise additional working    capital and to seek potential merger candidates
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE

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:
NameAgePositionsStacy Kaufman36President, Chief Executive Officer    and Director (until resignation on March 16, 2001)Marc Baker40President 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. Mr. Baker has negotiated on behalf ofBSD the sale or transfer of his control interest, pursuant to which BSD has changed itsname to BSD Software and is expected to have a change in control; (vii) CombinedProfessional Services, Inc., a current reporting company that had no operations throughits year ended December 31, 2001. Mr. Baker was elected as director on February 27, 2001following which former officers and directors resigned. Mr. Baker appointed himself aspresident and as sole officer and director is pursuing acquisitions for CombinedProfessional Services. Mr. Baker was issued 2,300,000 restricted shares by CombinedProfessional Services none of which have been sold. It has recently concluded anacquisition of less than 5% interest in an operating company and is negotiating to acquirean additional interest in this entity; and (viii) Mr. Baker was elected as a director ofOptical Concepts of America, Inc., a non-operating, non-reporting public company during2000. Following his election as a director, the sole officer and director resigned and Mr.Baker was issued 35,000,000 restricted shares at a subscription price of par value of$0.001 per share. None of these shares have been sold and Mr. Baker has funded the costsof professional accounting fees in order for Optical Concepts to complete the audit of itsfinancial statements for 2000 and 2001. The costs of less than $5,000 funded by Mr. Bakerfor Optical Concepts have not been significant. 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)
(i)
Name and Principal Position
Year
Salary
Bonus 
Other Annual Compensation
Restricted Stock Award(1) 
Securities Underlying Options/SAR 
LTIP Payouts 
All other compensation         
($)($)($)($)(#)($)($)Marc    Baker, President and ChairmanSince March 2001
0000000
Stacy Kaufman, President and Chairman
2000
112,1150
00500,000(1)00Stacy    Kaufman, President and Chairman 1999101,9230
00500,000(1)00Stacy    Kaufman, President and Chairman 199865,9420
80,0000000Cathy    Kaufman Secretary, Treasurer200016,0000
00000Cathy    Kaufman Secretary, Treasurer19996,3500
00000Cathy    Kaufman Secretary, Treasurer199800
00000(1)    Based upon the Company's 1999 Employment Agreement with Mr. Kaufman, options to purchase    2.5 million shares were granted, subject to vesting upon certain levels of cumulative    revenues, discussed below. All options were exercisable at $.50 per share and no options    were ever exercised. In connection with Mr. Kaufman's resignation effective March 16,    2001, all options, including the 500,000 that vested in each of 1999 and 2000 and the 1.5    million unvested unvested options were canceled and any and all rights of and obligations    to Mr. Kaufman under the 1999 Employment Agreement terminated.
Stacy Kaufman has served as SKNT'schief executive officer and president during the respective years set forth above. OnMarch 30 ,1999, SKNT entered into the 1999 Employment Agreement, a five year executiveemployment agreement, with Mr. Kaufman, which provided for annual base salary of $100,100,subject to an annual increase of 10%, a bonus based upon performance determined by theboard of directors, which consisted of Mr. Kaufman. The 1999 Employment Agreement alsoincluded incentive compensation in the form of stock options, granting Mr. Kaufman theright to purchase 2,500,000 shares exercisable at $.50 per share, which expired March 29,2009. The right to exercise the options was contingent upon the the receipt of cumulativerevenues, as follows: if and when the cumulative revenues reached $700,000, the option toexercise 500,000 shares vested; at $1,540,000 in cumulative revenues options to purchasean additional 500,000 shares vested; and at $2,548,000, $3,757,600 and $5,209,120 incumulative revenues, respectively, options to purchase additional increments of 500,000shares were to vest. The options to purchase a total of 1,000,000 shares had vested basedupon cumulative revenues in 1999 and 2000. None of the options were ever exercised and allof the vested and unvested options were canceled upon Mr. Kaufman's resignation effectiveMarch 16, 2001 and in connection with the Share Transfer Agreement between SKNT, PBI andMr. Kaufman. Cathy Kaufman has served as Secretary and Treasurer during the respectiveyears set forth above and resigned on February 21, 2001.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forthcertain information regarding the beneficial ownership of the Common Stock of SKNT as ofMarch 20, 2002, beneficially by each person owning more than 5% of such common shares andthe directors and executive officers, and by all officers and directors, as a group.
Title of Class Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percent of Class Outstanding (1) Common StockStacy Kaufman, former president and director, 1750 NW 65th Ave.,    Plantation, FL 33313 3,371,666 (2)(3)28.3%Common StockCathy Kaufman, former secretary and treasurer, 1750 NW 65th Ave.,    Plantation, FL 33313 3,083,333 (3)25.9%Common StockMarc Baker, president and director, 2700 North Avenue, Suite 305,    Hollywood, FL 330208,118,271 (4)68.1%Common StockAll Officers and Directors as a Group (one person) 8,118,271 (4)68.1%(1) Based upon 11,921,271 shares issued and    outstanding at March 20, 2002, which reflects the cancellation of 1,000,000 shares    underlying vested options that had been granted to Stacy Kaufman under the 1999 Employment    Agreement and the issuance and sale to Marc Baker of 6 million shares on March 16, 2001. (2) Includes 3,083,333 shares jointly owned of    record and beneficially by Stacy Kaufman and his wife, Cathy Kaufman, as JTWROS issued in    connection with the March 1999 merger with PBI, and 288,333 shares solely owned of record    and beneficially by Stacy Kaufman, with respect to which Cathy Kaufman disclaims any    beneficial interest, which was issued to Mr. Kaufman in November 1998. (3) A total of 3,083,333 shares are owned of    record and beneficially by Stacy Kaufman and Cathy Kaufman, as JTWROS. (4) Marc Baker is the sole officer and director    of SKNT. Mr. Baker was issued 2,118,271 shares in consideration for his net cash advances    of $740,577 to SKNT from March 1999 through March 2001 while he was SKNT's merger    consultant. Mr. Baker was also issued 6,000,000 shares in March 2001 in consideration for    a subscription receivable of $6,000 pursuant to Mr. Baker acquiring voting control of    SKNT.
Reference is made to the discussionunder Item 10, "Executive Compensation" regarding Mr. Kaufman's 1999 EmploymentAgreement. On March 16, 2001, Mr. Baker was appointed a board member and was subsequentlyelected president of SKNT and on the same date, Mr. Kaufman resigned as president anddirector of SKNT.

ITEM 12. CERTAIN RELATIONSHIPS ANDRELATED TRANSACTIONS

During fiscal 2001 and 2000, SKNTengaged in certain transactions with related parties as disclosed below. 

In November 1998 as consideration forservices to SKNT valued at $104,166 prior to the merger with PBI, Mr. Kaufman was issued288,333 shares. As of December 31, 1998, and as reflected in Note 2 to the Notes toConsolidated Financial Statements, Stacy Kaufman, our former president and sole director,owed the Company $60,767. In March 1999 SKNT entered into a merger with PBI pursuant towhich Stacy Kaufman was issued 3,083,333 shares in consideration for all of the shares ofPBI, which had a book value of $357,789 at the date of the merger. During the year endingDecember 31, 1999, Mr. Kaufman repaid $42,000 and borrowed an additional $83,264. Interestof $5,280 was accrued, resulting in a balance of $107,311. This item was reflected incurrent assets in SKNT's consolidated balance sheet as due from stockholders at December31, 1999, which was evidenced by an unsecured promissory note at an interest rate of 6%,principal and accrued interest due on demand or on December 31, 2000.

During the year ended December 31,2000, Mr. Kaufman repaid $50,000 and borrowed an additional $24,609. Interest of $5,510was accrued, resulting in a balance of $87,430 and evidenced by an unsecured promissorynote at an interest rate of 6% principal and accrued interest due on demand or onDecember 31, 2001. At December 31, 2000 SKNT's current assets in the consolidatedbalance sheet  reflected $87,430 due from stockholders, related to the transactionswith Mr. Kaufman. 

Reference is made to the discussion under Item 1, Description ofBusiness and specifically to the discussion under "Recent Developments-Skintek Labs,Inc." related to SKNT's divestiture of PBI and the Share Transfer Agreement betweenSKNT, PBI and Kaufman, dated as of April 30, 2001, which is attached as Exhibit 10.1 tothe amended Information Statement on Schedule 14C being filed by SKNT with the SEC. Asummary of the material terms of the Share Transfer Agreement is disclosed in Item 1 aboveand in the Schedule 14C, which is incorporated by reference herein. As a result of theShare Transfer Agreement, SKNT has no assets and no liabilities and the amount formerlydue from Kaufman at December 31, 2000 has been transferred to PBI as have all other assetsand liabilities. The book value of the assets transferred was $217,131. - Mr. Baker, who became a director of SKNT on March 16, 2001 as    disclosed above, had previously served as SKNT's merger consultant in connection with the    PBI merger. As merger consultant, Mr. Baker made initial net cash advances totaling    $541,667 to SKNT which were converted into 1,083,338 restricted shares in March 1999.    Additional cash advances of $96,252 were made by Mr. Baker and in addition, Mr. Baker had    a subscription payable of $392,287 as of July 1999 which cash advance and subscription was    applied to the issuance to Mr. Baker of an additional 1,034,933 restricted shares in July    1999. Prior to year end December 31, 1999, Mr. Baker made additional cash advances of    $18,000 which reduced his subscription payable to $374,287 at year end 1999.
-  
- During 2000, Mr. Baker made additional payments of $72,293 toward    his subscription payable which was reduced to $301,994. 
-  
- During the first quarter of 2001, Mr. Baker paid an additional    $12,365 toward the subscription receivable, resulting in a subscription receivable of    $289,629 as of March 31, 2001. During the quarter ended June 30, 2001, the subscription    receivable of $289,629 from Mr. Baker was waived in connection with his acquisition of    control and the divestiture of PBI under the Share Transfer Agreement. 
-  
- Reference is also made to the disclosure under "Recent Sales    of Unregistered Securities" contained in Item 5 above. The total net cash advances    made by Baker while he was merger consultant, from March 1999 through March 2001 was    $740,577, which was effectively converted into 2,118,271 restricted SKNT shares that were    issued from March 1999 to July 1999. The average conversions price of Mr. Baker's net cash    advances while he served as merger consultant was $.35 per share. 
-  
- On March 16, 2001, Mr. Baker also acquired voting control of SKNT    by his purchase of 6,000,000 restricted SKNT shares for no consideration. In    determining to issue Mr. Baker the 6 million restricted SKNT shares,  SKNT considered    the net cash advances made by Baker of $740,577 during 1999, 2000 and through March 2001,    that he converted into 2,118,271 restricted SKNT shares at an average price per share of    $.35 and that at the date of the sale of the 6 million restricted shares SKNT had no    continuing business operations or assets. SKNT shares have had only a limited and sporadic    trading market, and we believe that the collective transactions including the sale of the    6 million shares to Mr. Baker, was fair. While there was no trading in the SKNT shares on    March 16, 2001, the closing price of the SKNT shares on that date was $.20 and non-cash    compensation of $1,200,000 was expensed by the Company. 

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(A) Exhibits

EXHIBIT    NO.
DESCRIPTION
3.1
Articles of Incorporation (filed as Exhibits 3.1, 3.2 and 3.3 to    the Company's Registration Statement on Form 10-SB/12g and incorporated herein by    reference) 
3.2
Bylaws (filed as Exhibit 3.4 to the Company's Registration    Statement on Form 10-SB/12g and incorporated herein by reference) 
19
Reports Furnished to Security Holders-Amendment to Schedule 14C and Exhibit 10.1    thereto (incorporated herein by reference)
23
Consent of independent public accountant
DESCRIPTION OF EXHIBITS

EXHIBIT 23 

Consent of Accountants
SKINTEK LABS, INC.2700 North 29th Avenue, Suite 305Hollywood, FL 33020
March 20, 2002
Re: Consent to include audit report in Form 10-KSB

Gentlemen:

We consent to the inclusion of ourIndependent Auditor's Report dated February 28, 2001, covering the financial statementsfor the years ended December 31, 2001 and December 31, 2000 contained in Form 10-KSB forSkintek Labs, Inc.

Yours truly,
GRASSANO ACCOUNTING, P.A./s/  Grassano Accounting, P.A.
(B) Reports on Form 8-K

The Company filed a Form 8-K on March7, 2001 disclosing that the contemplated changes in control of the Company in connectionwith the transaction with Ultimate Warlock, Inc., was rescinded effective February 21,2001, ab initio, as if the transaction did not occur. See Note 9 to the Notes toConsolidated Financial Statements.  The transaction which was to take the form of ashare exchange, was as reported in our Form 8-K dated September 22, 2000. We also filed aForm 8-K/A on November 15, 2000 in connection with the proposed transaction with UltimateWarlock, Inc. Pursuant to the rescission, the interim management appointed by UltimateWarlock resigned and the board of directors of the Company was reconstituted. 
**SIGNATURES**
Pursuant to the requirements ofSection 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly causedthis report to be signed on its behalf by the undersigned, thereunto duly authorized.

Skintek Labs, Inc.
Marc L. Baker, President, Chief    Executive Officer and Chairman
By: /s/ Marc L. Baker
Hollywood, FL
Dated: March 20, 2002**************************** |
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