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

                                  FORM 10K-SB/A

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

                  For the fiscal year ended December 31, 1999, or

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

                  For the transition period from _____ to _____.

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION
               (Name of the Small Business Issuer in its charter)

         Utah                    000-28169                 75-2184926
(State of incorporation)  (Commission File Number) (Employer Identification No.)

                     806 S. St Paul, Dallas, Texas      75206
                    (Address of principal offices)    (Zip Code)

Issuer's  telephone number:   (214) 742-1167

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

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


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

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

Aggregate  market  value  of the  voting  stock  held by  non-affiliates  of the
registrant as of December 31, 1999:
                                                     $ 48,496

Shares of common stock outstanding at December 31, 1999:   8,557,670



<PAGE>



PART I

Item 1.     Description of Business

General
         Electrical  Generation Technology  Corporation (the "Company"),  a Utah
corporation,  was incorporated under the name of Park Avenue,  Inc. on August 3,
1983.  The  Company  changed  the  name  to  Electrical   Generation  Technology
Corporation on June 6, 1994. The company engaged in operations as an engineering
company for electrical instrumentation and utility construction projects. EGT' s
past customers have been federal, state and municipal governments.  The scope of
projects completed has ranged from waste water treatment plants,  sludge plants,
and power  generation  plants to various  military  applications  of  electrical
installations. The company has had no new contracts in the last four years.

         EGT has designed and patented  the  Hydrogen  Ignition  Power Plant,  a
solar powered system which produces large  quantities of electrical  power while
reducing the CO 2 , emissions  normally found in coal-fired  electrical  plants,
resulting in a cleaner environment. EGT' s work in electronics and logic control
systems led to new developments in the technology now known as optoelectronics -
the marriage of light and electricity.  The marketing of this technology has not
begun.

         Today EGT  maintains  this  patent  and  continues  work on  additional
designs and patents related to the Hydrogen Ignition Power Plant.  Additionally,
EGT has  directed  its  focus  towards  mergers  and  acquisitions  of  suitable
companies which demonstrate long term  profitability  and a seasoned  management
team.  Through  consolidation  and  expansion of these  companies EGT intends to
maximize net profits providing for a higher rate of return to stockholders.

Following are descriptions of the current  acquisitions  contemplated by Letters
Of Intent (attached as Exhibits to this filing):

Manage America Mortgage Services, L. L. C. will design,  construct and service a
communication  infrastructure,  linking  computer  hardware  and  software.  The
initial  function of this  network  will be to  facilitate  the  processing  and
funding  of  mortgage  loans by a network of  associate  loan  officers  located
throughout  the  county  as well as  direct  loans  made  to  borrowers  via the
internet.   Manage  America's  interactive  virtual  banker  /  personal  banker
structure  will  insure  uniqueness  and  personalized   service  not  currently
available in today's market place of so called interactive banking.

         Once this network is in place  expansion will come via  acquisitions of
existing Mortgage Brokerage operations whom would benefit by this technology and
consolidation.  Manage America is currently discussing such mergers with several
Mortgage Brokerage firms who each have as many as 300 associate loan officers in
place. Manage America has not interred into an acquisition agreement with any of
these firms at this time in that Manage America  believes it is important to get
the infrastructure in place first.



                                        1

<PAGE>





         Once Manage America has  successfully  began its  acquisition  phase it
will move from a Mortgage  Brokerage firm to a Mortgage  Banking Firm. This will
allow Manage America to move into the wholesale lending arena as well as acquire
existing  portfolios from smaller  wholesale  houses  including those who may be
distressed.

         Manage  America  will  develop  specialized   products  which  will  be
innovative  in  its  market.  One  such  product  will  be  a  one  time  close,
construction  /  mortgage  loan for A  borrowers  as well as  credit  challenged
borrowers.   This  product  will  emphasize  service,  not  interest  rate.  The
construction  phase of the loan will carry an interest rate in today's market of
twelve and one half percent to eighteen percent  depending the borrowers and the
builders credit.  The mortgage phase would be set a market rate depending on the
credit of the borrower.  This process offers Manage America a substantial margin
on the  construction  phase.  There  are  currently  several  lenders  in Manage
America's  market  area  engaged in the  practice  of  providing  builders  with
construction  loans under these same terms.  None of these lenders have warped a
mortgage loan into their  product.  In fact  construction  lenders would benefit
from a relationship with Manage America in that a one time close guaranties them
of being taken out of the construction loan at completion.

         Manage  America's  final  step  will be the  acquisition  of state  and
federal banking  operations.  Once these  acquisitions are complete the Mortgage
banking  operations  would be  rolled  up into the  banking  operations.  Manage
America  would then  create a full  service  online  banking  operation.  Manage
America believe online banking  services as well as online  mortgage  lending is
the bases for a  profitable  financial  institution  of the  future.  We believe
strategic  alliances with large internet related companies can provide rapid yet
controlled growth.


NO FLAME, L. L. C.
------------------

         No Flame currently provides a business  opportunity for applicators and
distributors of a patented flame retardant.

         Last year,  more than 9,000 people  perished in home fires.  And untold
numbers  of  family  albums,  heirlooms,  original  art,  valuable  records  and
cherished pets were lost. Regrettably,  every one of those fires could have been
prevented  with  No  Flame,  a  patented   colorless,   odorless,   non-  toxic,
non-carcinogenic,  non-allergenic, skin-safe liquid that flame-proofs any porous
surface to which it is applied.  That means  vulnerable areas of a home, such as
floors, ceilings, joists, framing-studs,  and roofs can be sprayed with No Flame
during  construction.  In fact,  anything  treated  with No Flame will not catch
fire.

         How does No Flame work? By combining with  combustible  gases and tars,
No Flame  converts them to harmless  carbon char,  nitrogen and carbon  dioxide,
thus depriving the fire of fuel. No Flame has passed rigorous laboratory test on
a wide array of fabrics,  textiles and other  surfaces,  conducted by nationally


                                        2

<PAGE>


recognized independent United States laboratories. In short No Flame saves lives
and property like nothing else in the history of fire prevention.  Whereas,  the
use of fire retardants is not a new concept,  the biggest surprise of all is how
economical No Flame is to use.

         Several  municipalities  now  require  the use of a product  such as No
Flame in new construction. It is anticipated that within the next five years all
municipalities  may require the use a products such as No Flame.  In some states
the State Board of Insurance  have adopted  discount  policies for homes sprayed
with flame  retardants.  It is  believed  that all  states  will soon offer such
discounts.

         No  Flame  will  recruit  nationally  and  internationally  through  an
aggressive  advertising  campaign  distributors/applicators  for their  product.
Interested  candidates after purchasing a preliminary  information  package will
then purchase a complete business opportunity package.  Candidates can then make
application to become a distributor/applicator in a restricted market area. Fees
for distributor ships are based on market area.

FUTURE  ACQUISITIONS:

         In keeping with EGT's focus  towards  mergers and  acquisitions  EGT is
currently working within several industries where EGT is interested in acquiring
a presence.

         EGT is currently engaged in acquisition  discussions with a company who
has been in the industrial tire re-manufacturing and dismantling  business.  For
more than 20 years this  company has  perfected  this  process  and  developed a
prestigious  client  list.  This  company  is a natural  integration  with EGT's
patented Hydrogen Ignition Power Plant. The merger of these two processes offers
the opportunity for several new patents as well as nationwide  expansion through
company or franchised operations.

         EGT is also engaged in acquisition  discussions with several  companies
in the food service  industries.  All of these companies operate multiple units.
All are in excess of twenty years old. Annual sales for each of these operations
range from $10,000,000.00 to $20,000,000.00 annually.

Employees

         The Company has no paid  employees  at present  although  the  officers
serve without remuneration.

Item 2.     Description of Property.

         The Company presently maintains its executive offices at 806 S. St Paul
Street, Dallas, Texas 75206. Mr. Tindell is donating office space to the Company
without  charge.  The  Company  plans  to lease  its own  office  space  once it
completes the acquisitions outlined in this filing.

Item 3.     Legal Proceedings.

         At the  time of this  filing,  the  company  is  involved  in no  legal
proceedings.

Item 4.    Submission of Matters to a Vote of Security Holders.

         None.


                                       3

<PAGE>



PART II

Item 5.     Market for Common Equity and Related Stockholders Matters.

         The Company is organized  under the laws of Utah,  and its common stock
has been traded on the OTC Bulletin Board under the symbol of EGTC. No dividends
on the  Company's  common stock have been  declared or paid since the  Company's
inception and none are anticipated in the near future,  since retained  earnings
in the foreseeable  future are expected to be reinvested by the Company into the
expansion of its marketing programs and the development of new products.

         The Company had approximately 200 shareholders as of December 31, 1999

          Calendar Quarter Ending            High              Low
          -----------------------            ----              ----
          March 31, 1998                     0.15              0.01
          June 30, 1998                      0.15              0.01
          September 30, 1998                 0.15              0.01
          December 31, 1998                  0.15              0.01
          March 31, 1999                     0.15              0.01
          June 30, 1999                      0.15              0.01
          September 30, 1999                 0.15              0.01
          December 31, 1999                  0.15              0.01

The above chart reflects the trading range during each quarter.

Since  January  of 1998  the  Company  has  engaged  in the  following  sales of
unregistered securities.

         a. In  January  of 1998  1,521,064  common  shares  were  issued to its
officers and directors at a valuation of five cents ($.05) per share in reliance
on the exemption  from  registration  provided by Section 4(2) of the Securities
Act of 1933 (the "Act").  No underwriter was involved in the transactions and no
commissions or selling commissions were paid.

Item 6.  Management's Discussion and Analysis or Plan of Operation

         The Company's plan of mergers and  acquisitions  with  companies  which
demonstrate  long term  profitability  and seasoned  management will satisfy its
cash  requirements.  Mergers will be effected through stock exchanges.  Although
the company may raise capital  through the sale of stock in the future it is not
believed to be necessary to sustain operations.

         The company will employee key management and accounting personal in the
future.  Employee  growth  will occur as mergers  and  acquisitions  occur.  The
company intends to maintain a zero net effect to employee cost by  consolidating
duplicate functions with merged or acquired companies.

Item 7.   Financial Statements.

         The financial  statements  dated December 31, 1999 are  incorporated by
reference and attached as an exhibit to this document.

Item  8.  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosure.

         The  Company  has  not  had  any  disagreements  with  its  accountants
regarding accounting and financial disclosure.



                                       4
<PAGE>



PART  III

Item 9.     Directors and Executive Officers, Promoters and Control Persons.

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

         Name                      Age    Position                    Held Since

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

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

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

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

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

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

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

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


                                       5
<PAGE>


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

Item 10.     Executive Compensation

         The Company  currently  is not now paying,  and has not during the past
three years, paid any compensation to officers, directors or executives. It does
not have any pension, profit-sharing,  stock bonus, or other benefit plans. Such
plans may be adopted in the future at the discretion of the Board of Directors.

Item 11.     Security Ownership of Certain Beneficial Owners and Management

The following table sets forth the amount and nature of beneficial  ownership of
each of the  executive  officers  and  directors  of the Company and each person
known to be a  beneficial  owner of more than five  percent  of the  issued  and
outstanding  shares of the Company as of October 31, 1999.  The table sets forth
the information  based on 17,219,600  common shares issued and outstanding as of
October 31, 1999.

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

Common            James Roach                     511,667          6.06%
                  801 S. St Paul Street
                  Dallas, Texas 75206

Common            Elbert Tindell                1,619,727         19.21%
                  806 S. St Paul Street
                  Dallas, Texas 75206

Common            Elbert & Nancy Tindell        1,576,659         18.70%
                  801 S. St Paul Street
                  Dallas, Texas 75206
--------------------------------------------------------------------------------


Common            All Directors and
                  Officers as a Group           3,708,053         43.97%


         None of the  foregoing  have any right to acquire  other or  additional
shares of the Company.  There is no existing  arrangement  which may result in a
change in control of the Company.  However,  if an active business is found with
which to enter into some form of corporate  reorganization,  a change in control
of the Company will be contemplated as part of such reorganization.

Item 12.     Certain Relationships and Related Transactions

         The only transactions  between the Company and any officers,  directors
or holders of more than five percent of any class of  outstanding  securities of
the issuer involve the issuance of common shares as compensation for services.

         On January 5, 1998 the Board of  Directors  approved  the  issuance  of
1,521,064  common  shares to its officers and directors in exchange for services
valued by the company at $76,053 or $0.05 per share.


                                       6

<PAGE>


Part  III

Index to Exhibits:

Financial Statements
--------------------

Balance Sheets dated December 31, 1999 and 1998

Statement of Operations for Years Ended December 31, 1999 and 1998

Statement of Stockholders' Equity and accumulated Deficit for the
Years 1999 and 1998

Statement of Cash Flows for the Years Ended December 31, 1999 and 1998



SIGNATURES

         Pursuant  to the  requirements  of  Section  12(g)  of  the  Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized on September 9, 2000.

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION


                           By:  /s/  Gary L. Cain
                                ----------------------------
                                 Mr. Gary L. Cain, President

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities indicated on September 9, 2000.



<PAGE>

ELECTRICAL GENERATION TECHNOLOGY CORPORATION

Financial Statements

December 31, 1999 and 1998















                                                     Charles E. Smith
                                                     CERTIFIED PUBLIC ACCOUNTANT



<PAGE>


                                Table of Contents


                                                                         Page

Independent Accountant's Report                                            1

Balance Sheets                                                             2

Statement of Operations                                                    3

Statement of Stockholders' Equity and Accumulated Deficit                  4

Statement of Cash Flows                                                    5

Notes to Financial Statements                                            6 - 7


<PAGE>


<TABLE>
<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                                 BALANCE SHEETS
                           December 31, 1999 and 1998



                                     ASSETS
                                     ------

                                                                     Dec 31, 1999        Dec 31, 1998
                                                                   ----------------    -----------------
<S>                                                                <C>                 <C>

CURRENT ASSETS:
    Cash                                                                        $0                   $0
    Advances
                                                                   ----------------    -----------------
        Total current assets                                                     0                    0

OTHER ASSETS
    Organization costs - net                                                                         56
                                                                   ----------------    -----------------

TOTAL ASSETS                                                                    $0                  $56
                                                                   ================    =================




                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------


LIABILITIES
  Accounts payable                                                           5,000
  Accounts payable - related party                                           9,954                8,484
  Short term notes payable
  Advances from shareholders                                               228,831              228,831
                                                                   ----------------    -----------------
        Total Current Liabilities                                         $243,785             $237,315

STOCKHOLDERS' EQUITY
    Commonstock, $0.001 par value, 8,557,670 and 8,207,670 shares
          issued and outstanding at December 31, 1999
          and 1998 respectively                                              8,558                8,208
    Additional paid-in-capital                                             150,516              143,866
    Accumulated Deficit                                                   (402,859)            (389,333)
                                                                   ----------------    -----------------
        Total Stockholders' Equity                                        (243,785)            (237,259)
                                                                   ----------------    -----------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                       0                   56
                                                                   ================    =================

</TABLE>












                             See accompanying notes

                                        2
<PAGE>



                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                             STATEMENT OF OPERATIONS

                 Twelve Months Ended December 31, 1999 and 1998



                                              Twelve months     Twelve months
                                                ended               ended
                                            Dec 31, 1999         Dec 31, 1998
                                           ----------------    -----------------

REVENUE:                                   $          -0-      $           -0-

OPERATING EXPENSE:
    Amortization                                        57                   57
    Services - related party                                             69,803
    General & administrative                         8,470                  500
                                           ----------------    -----------------
        Total Operating Expense                      8,527               70,360

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

NET LOSS                                           ($8,527)            ($70,360)
                                           ================    =================


Weighted average shares outstanding              8,207,670            8,186,833
                                           ================    =================

LOSS PER SHARE                                      ($0.00)              ($0.01)
                                           ================    =================



















                             See accompanying notes

                                        3
<PAGE>

<TABLE>

<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

            STATEMENT OF STOCKHOLDERS' EQUITY AND ACCUMULATED DEFICIT

               Period from December 31, 1997 to December 31, 1999




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

Balance, December 31, 1987              6,686,606       $6,687              $75,459       ($318,848)           ($236,702)

Shares issued for services
        January 5, 1998                 1,521,064        1,521               68,407                              $69,928

Net Loss - 1998                                                                             (70,485)            ($70,485)

                                  -----------------------------    ---------------------------------    -----------------
Balance, December 31, 1988              8,207,670       $8,208             $143,866       ($389,333)           ($237,259)
                                  ==================================================================    =================

Shares issued for services
        October 1, 1999                   350,000          350                6,650                               $7,000

Net Loss - 1999                                                                             (13,526)            ($13,526)

                                  -----------------------------    ---------------------------------    -----------------
Balance, December 31, 1999              8,557,670       $8,558             $150,516       ($402,859)           ($243,785)
                                  ==================================================================    =================

</TABLE>


















                             See accompanying notes

                                        4
<PAGE>

<TABLE>

<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                             STATEMENT OF CASH FLOWS

                 Twelve Months Ended December 31, 1999 and 1998


                                                              Twelve months      Twelve months
                                                                 ended               ended
                                                             Dec 31, 1999         Dec 31, 1998
                                                            ----------------    -----------------
<S>                                                         <C>                 <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss                                                        ($8,527)            ($70,360)
    Adjustments to reconcile net loss to net
            cash (used) by operating activities:
                Amortization                                             57                   57
                Advances from shareholder                             1,470                  500
                Stock issued for services                             7,000               69,803

                                                            ----------------    -----------------
NET CASH (USED) BY OPERATING ACTIVITIES:                                  0                    0


CASH FLOWS FROM INVESTING ACTIVITIES:
    Increase in notes payable - short term                                0                    0

CASH FLOWS FROM FINANCING ACTIVITIES:
    Sale of common stock                                                  0                    0

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

NET INCREASE IN CASH                                                     $0                   $0

CASH, BEGINNING OF PERIOD                                               -0-                  -0-
                                                            ----------------    -----------------

CASH, END OF PERIOD                                                      $0                   $0
                                                            ================    =================

</TABLE>
















                             See accompanying notes

                                        5
<PAGE>




                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 1999 and 1998

Note A - Nature of Business  and  Summary of  Significant  Accounting  Policies:
--------------------------------------------------------------------------------
History:
--------
The Company was organized  under the laws of the State of Utah on August 3, 1983
under the name of Park  Avenue,  Inc.  and on June 6, 1994  changed  its name to
Electrical Generation Technology  Corporation.  The Company has been dormant for
the last three years but has signed two letters of intent to purchase  assets of
a mortgage  brokerage  business and the assets of company with a fire  retardant
product.

Basis of Accounting:
--------------------
It is the Company's  policy to prepare its  financial  statements on the accrual
basis of accounting in conformity with generally accepted accounting principles.
Sales are recorded as income in the period in which they are earned and expenses
are recognized in the period in which the related liability is incurred.

Revenue Recognition:
--------------------
Revenue is recognized when work is performed and amount invoiced.

Cash and Cash Equivalents:
--------------------------
For purposes of the  statement of cash flows,  the Company  considers all highly
liquid  debt  instruments  with a  maturity  of three  months or less to be cash
equivalents.

Loss per Common Share:
----------------------
Loss  applicable  to common  share is based on the  weighted  average  number of
shares of common stock outstanding during the year.

Accounting Estimates:
---------------------
The preparation of financial  statements in conformity  with generally  accepted
accounting   principles  requires  management  to  make  certain  estimates  and
assumptions  that affect the amount  reported in the  financial  statements  and
accompanying notes. Actual results could differ from those estimates.

Income Tax:
-----------
The Company is subject to the greater of federal income taxes computed under the
regular system or the alternative  minimum tax (ATM) system. The Company uses an
asset and  liability  approach for the  accounting  and  financial  reporting of
income  tax.  Under  this  method,  deferred  tax  assets  and  liabilities  are
determined based on temporary differences between the financial carrying amounts
and the tax bases of assets and liabilities using enacted tax rates in effect in
the years in which the temporary differences are expected to reverse.

                                        6

<PAGE>



                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 1999 and 1998


Note B - Stockholders' Equity:
------------------------------

Common Stock:
-------------
The Company is  authorized to issue  50,000,000  common shares of stock at a par
value of $0.001 per share. These shares have full voting rights. At December 31,
1999 and December 31, 1998 there were 8,557,670and  8,207,670 shares outstanding
respectively.

The Company has not paid a dividend to its shareholders.

Preferred Stock:
----------------

The Company is authorized to issue 20,000,000 preferred shares of stock at a par
value of $1.00. No preferred stock is outstanding.

Note C - Income Taxes:
----------------------

The  Company  had net  operating  losses  totaling  of $84,987  for the  periods
presented.  No deferred tax asset has been  recognized for the operating loss as
any valuation allowance would reduce the benefit to zero.

Note D - Going Concern:
-----------------------

The Company has minimal capital resources available to meet obligations expected
to be  incurred  given  that  it is a  start  up  enterprise.  Accordingly,  the
Company's continued existence is dependent upon the successful  operation of the
Company's plan of operations,  selling common stock in the Company, or obtaining
financing.  Unless  these  conditions  among  others are met, the Company may be
unable to continue as a going concern.






                                        7

<PAGE>


                                Charles E. Smith

                           Certified Public Accountant
                                 709-B West Rusk
                                    Suite 580
                              Rockwall, Texas 75087

                            TELEPHONE (214) 212-2307



                          INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Shareholders
of Electrical Generation Technology Corporation

         We  have  audited  the   accompanying   balance  sheets  of  Electrical
Generation  Technology  Corporation  as of December  31, 1999 and 1998,  and the
related statements of operations,  stockholders' equity and accumulated deficit,
and cash flows for the years ended December 31, 1999 and 1998.  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 audit in accordance with generally  accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides 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  Electrical
Generation  Technology  Corporation  as of December  31, 1999 and 1998,  and the
results of operations  and its cash flows for the years ended  December 31, 1999
and 1998 in conformity with generally accepted accounting principles.

         The accompanying  financial statements have been prepared assuming that
the Company  will  continue as a going  concern.  As  described in Note D to the
financial statements the Company is a start up enterprise and presently does not
have  capital  resources  which  raises  doubt  about the  Company's  ability to
continue  as a going  concern.  The  financial  statements  do not  include  any
adjustment that might arise from the outcome of this uncertainty.



Charles E. Smith
Rockwall, Texas
March 7, 2000