Document:

Exhibit 10.19.1  Financial  Statements of Beijing UAC Stock Exchange Online Co.,
                 Ltd.  for the period from  October 18, 1999 (date of  inception
                 to December 31, 1999

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (a Development Stage Company)

                              FINANCIAL STATEMENTS

                      FOR THE PERIOD FROM OCTOBER 18, 1999
                    (DATE OF INCEPTION) TO DECEMBER 31, 1999

 <PAGE>

                  Beijing UAC Stock Exchange Online Co., Ltd.
                          (a Development Stage Company)

Independent auditors' report ..............................................3

Financial statements
     Balance sheet ........................................................4
     Statement of operations ..............................................5
     Statement of owners' equity ..........................................6
     Statement of cash flows ..............................................7

Summary of significant accounting policies ................................8-9

Notes to financial statements .............................................10-11

                                       2

<PAGE>

Independent Auditors' Report

To the Board of Directors
Beijing UAC Stock Exchange Online Co., Ltd.
Beijing, China

We have audited the  accompanying  balance  sheet of Beijing UAC Stock  Exchange
Online Co., Ltd. (a development  stage  company) (the  "Company") as of December
31, 1999 and the related  statements of  operations,  owners'  equity,  and cash
flows for the period from October 18, 1999 (date of inception)  through December
31, 1999.  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  presentation  of the financial
statements.  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 Beijing UAC Stock  Exchange
Online Co., Ltd. (a development  stage company) as of December 31, 1999, and the
results of its  operations  and its cash flows for the period  from  October 18,
1999 (date of inception) through December 31, 1999, in conformity with generally
accepted accounting principles in the United States.

                                        /s/  BDO International
                                        --------------------------------------
                                             BDO International

Hong Kong
February 11, 2000

                                       3

<PAGE>

<TABLE>
<CAPTION>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                                  Balance Sheet

                                                                                                    December 31,
                                                                                                        1999
                                                                                                   ----------------
<S>                                                                                              <C>

Assets

Current assets:
   Cash and cash equivalents                                                                     $         672,182
   Amount due from joint venture partner (Note 1)                                                          170,773
   Other receivables, deposits and prepayments                                                              35,764
                                                                                                   ----------------

Total current assets                                                                                       878,719
                                                                                                   ----------------

Property and equipment, net (Note 2)                                                                         6,790
                                                                                                   ----------------

Total assets                                                                                     $         885,509
                                                                                                   ----------------

Liabilities and Owners' Equity

Current liabilities:
   Other payables and accrued expenses                                                           $             502
                                                                                                   ----------------

Total current liabilities                                                                                      502
                                                                                                   ----------------

Commitments and contingencies (Note 4)

Owners' equity:
   Contributed capital (Note 3)                                                                          1,000,000
   Accumulated deficit during development stage                                                            (27,755 )
   Capital account receivable                                                                              (87,238 )
                                                                                                   ----------------

Total owners' equity                                                                                       885,007
                                                                                                   ----------------

Total liabilities and owners' equity                                                             $         885,509
                                                                                                   ----------------
</TABLE>

    See accompanying summary of significant accounting policies and notes to
                              financial statements.

                                        4

<PAGE>

<TABLE>
<CAPTION>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                             Statement of Operations

                                                                                                    Period From
                                                                                                    October 18,
                                                                                                   1999 (Date of
                                                                                                     Inception)
                                                                                                      Through
                                                                                                    December 31,
                                                                                                        1999
                                                                                                  -----------------
<S>                                                                                             <C>

Net sales                                                                                       $                -

General and administrative expenses                                                                        (27,755 )
                                                                                                  -----------------

Loss before income taxes                                                                                   (27,755 )

Provision for income tax (Note 5)                                                                                -
                                                                                                  -----------------

Net loss                                                                                        $          (27,755 )
                                                                                                  -----------------
</TABLE>

    See accompanying summary of significant accounting policies and notes to
                              financial statements.

                                       5

<PAGE>

<TABLE>
<CAPTION>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                           Statement of Owners' Equity

                                                                          Capital                              Total
                                                        Contributed       Account         Accumulated         Owners'
                                                          Capital        Receivable         Deficit            Equity
                                                       --------------   -------------    ---------------     -----------
<S>                                                  <C>              <C>              <C>                 <C>

Balance, October 18, 1999 (date of inception)        $             -  $            -   $              -    $          -

Injection of capital (Note 3)                              1,000,000         (87,238 )                -         912,762

Net loss                                                           -               -            (27,755 )       (27,755 )
                                                       --------------   -------------    ---------------     -----------

Balance, December 31, 1999                           $     1,000,000  $      (87,238 ) $       (27,755  )  $    885,007
                                                       --------------  -------------    ---------------     -----------
</TABLE>

    See accompanying summary of significant accounting policies and notes to
                              financial statements.

                                       6

<PAGE>

<TABLE>
<CAPTION>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                             Statement of Cash Flows
                Increase (Decrease) in Cash and Cash Equivalents

                                                                                                    Period From
                                                                                                    October 18,
                                                                                                   1999 (Date of
                                                                                                     Inception)
                                                                                                      Through
                                                                                                    December 31,
                                                                                                        1999
                                                                                                  -----------------
<S>                                                                                             <C>

Cash flows from operating activities                                                            $          (27,755 )
   Net loss
   Adjustments  to reconcile  net loss to net cash used in operating  activities
     Changes in:
       Other receivables, deposits and prepayments                                                         (35,764 )
       Other payables and accrued expenses                                                                     502
                                                                                                  -----------------

Net cash used in operating activities                                                                      (63,017 )
                                                                                                  -----------------

Cash flows from investing activities
   Purchase of property and equipment                                                                       (6,790 )
   Advance to joint venture partner                                                                       (170,773 )
                                                                                                  -----------------

Net cash used in investing activities                                                                     (177,563 )
                                                                                                  -----------------

Cash flows from financing activities
   Injection of capital                                                                                    912,762
                                                                                                  -----------------

Net cash provided by financing activities                                                                  912,762
                                                                                                  -----------------

Net increase in cash and cash equivalents                                                                  672,182

Cash and cash equivalents, beginning of period                                                                   -
                                                                                                  -----------------

Cash and cash equivalents, end of period                                                        $          672,182
                                                                                                  -----------------
</TABLE>

    See accompanying summary of significant accounting policies and notes to
                              financial statements.

                                       7

<PAGE>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                    Summary of Significant Accounting Polices

Nature of Business

Beijing UAC Stock Exchange Online Co., Ltd. (a development  stage company) ("the
Company")  is a  Sino-foreign  co-operative  joint  venture  established  in the
People's  Republic of China (the "PRC") on October 18, 1999.  The joint  venture
partners are Beijing UAC Stock Trading  Online Co., Ltd. (the "PRC joint venture
partner") who owns 65% and Hartcourt  Companies,  Inc. (a United States Company)
(the "foreign joint venture  partner") who owns 35%. The Joint Venture is for 15
years commencing  October 18, 1999 and profits and losses are shared between the
joint venture partners on a 65% - 35% basis.

Pursuant to the joint venture  agreement dated June 20, 1999,  Beijing UAC Stock
Trading Online Co., Ltd. is required to contribute  certain  technical  know-how
and intangible  assets to the Company for its 65% interest in the Company.  Such
technical   know-how  and   intangible   assets  will  be  contributed  at  zero
consideration and therefore will not be reflected in the books of the Company.

The Company is engaged in the  provision  of internet  services  for  securities
trading  and the sales of  internet  software  in the PRC.  The  Company did not
commence operations in 1999.

Basis of Accounting

The financial  statements  are prepared in accordance  with  generally  accepted
accounting  principles in the United States of America. This basis of accounting
differs from that used in the preparation of the Company's  statutory  financial
statements  which are prepared in accordance with the accounting  principles and
the relevant financial regulations applicable to enterprises in the PRC.

Foreign Currency Translation and Transactions

The financial  position and results of operations of the Company are  determined
using local  currency as the functional  currency.  Assets and  liabilities  are
translated  at the  prevailing  exchange  rate  in  effect  at the  end of  each
reporting  period.   Contributed  capital  accounts  are  translated  using  the
historical  rate  of  exchange  at the  time  of  capital  contribution.  Income
statement  accounts are  translated  at the average rate of exchange  during the
reporting  period.  Translation  adjustments  arising  from the use of different
exchange rates from period to period are included in the cumulative  translation
adjustment  account in owners' equity.  Gains and losses  resulting from foreign
currency transactions are included in other income (expense).

Revenue Recognition

Revenue from internet services will be recognized when the relevant services are
provided.

Revenue from goods sold will be  recognized  when title of goods sold has passed
to the buyers, which is usually at the time of delivery.

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original
maturity of three months or less.

                                       8

<PAGE>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                    Summary of Significant Accounting Polices

Property and Equipment

Property and equipment are stated at cost.  Depreciation  is computed  using the
straight-line  method  to  allocate  the  cost of  depreciable  assets  over the
estimated useful lives of the assets as follows:

<TABLE>
<CAPTION>

                                                                                                     Estimated
                                                                                                    Useful Life
                                                                                                     (in Years)
                                                                                                   ---------------
<S>                                                                                                <C>

Computer equipment                                                                                       5
Office equipment                                                                                         5
</TABLE>

Maintenance, repairs and minor renewals are charged directly to the statement of
operations as incurred.  Additions and betterments to property and equipment are
capitalized.  When  assets are  disposed  of, the related  cost and  accumulated
depreciation  thereon are removed from the accounts  and any  resulting  gain or
loss is included in the statement of operations.

Income Taxes

The Company accounts for income taxes using the liability method, which requires
an entity to recognize  deferred tax  liabilities  and assets.  Deferred  income
taxes are recognized  based on the  differences  between the tax bases of assets
and liabilities  and their reported  amounts in the financial  statements  which
will  result in taxable or  deductible  amounts in future  years.  Further,  the
effects of enacted tax laws or rate changes are included as part of deferred tax
expenses or benefits  in the year that covers the  enactment  in the near future
date.

Fair Value of Financial Instruments

The carrying  amounts of certain  financial  instruments,  including cash, other
receivables and other payables  approximate their fair values as of December 31,
1999 because of the relatively short-term maturity of these instruments.

Use of Estimates

The preparation of financial  statements in accordance  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  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.

                                       9

<PAGE>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                          Notes to Financial Statements

NOTE 1--AMOUNT DUE FROM JOINT VENTURE PARTNER

This represents  short term unsecured cash advance of RMB1,000,000 and US$50,000
made to the PRC joint venture  partner.  The amount is repayable within one year
from the date the advance is drawn and bears interest at the  prevailing  market
rate charged by PRC banks for loans with the same maturity.

NOTE 2--PROPERTY AND EQUIPMENT, NET

<TABLE>
<CAPTION>

                                                                                                   December 31,
                                                                                                       1999
                                                                                                  ----------------
<S>                                                                                               <C>

Computer equipment                                                                              $           6,422
Office equipment                                                                                              368
                                                                                                  ----------------

                                                                                                            6,790
Less:  accumulated depreciation                                                                                 -
                                                                                                  ----------------

                                                                                                $           6,790
                                                                                                  ----------------
</TABLE>

No  depreciation  is  provided  by the  Company in 1999 as all the  assets  were
acquired just before the balance sheet date.

NOTE 3--CONTRIBUTED CAPITAL

The registered  capital of the Company is $1,000,000 and is fully  contributable
by the foreign joint venture partner. As of December 31, 1999, the foreign joint
venture partner has paid $912,762.  The remaining $87,238 is recorded as capital
account receivable under owners' equity in the balance sheet.

NOTE 4--COMMITMENTS AND CONTINGENCIES

Operating lease commitments

As of December  31,  1999,  the Company had  commitments  under  non-cancellable
operating leases requiring future minimum lease payments as follows:

Years ending December 31,      Amount
-------------------------     --------

         2000                 $ 20,007
         2001                   20,007
         2002                   10,782
                              --------
                              $ 50,796
                              --------

                                       10

<PAGE>

                   Beijing UAC Stock Exchange Online Co., Ltd.
                          (A Development Stage Company)

                          Notes to Financial Statements

NOTE 5--INCOME TAX

No provision  for income tax has been made as the Company has not yet  commenced
operations during the period.

No  provision  for  deferred  taxation  has been  made as  there is no  material
temporary difference at the balance sheet date.

NOTE 6--RELATED PARTY TRANSACTIONS

The Company has advanced RMB 1,000,000  ($120,773)  and $50,000 to the PRC joint
venture  partner.  The amount is unsecured and payable  within one year from the
date the  advance is drawn and bears  interest  at the  prevailing  market  rate
charged by PRC banks for loans with the same maturity.

The registered  capital of the Company is $1,000,000 and is fully  contributable
by the foreign joint venture partner. As of December 31, 1999, the foreign joint
venture  partner paid  $912,762.  The  remaining  $87,238 is recorded as Capital
account  receivable  under Owners'  Equity in the balance  sheet.  The PRC joint
venture  partner is  required  to  contribute  certain  technical  know-how  and
intangible assets to the Company.  Such technical know-how and intangible assets
will be contributed at zero consideration and therefore will not be reflected in
the books of the Company.

Included  in  other  receivables,  deposits  and  prepayments  are  advances  to
employees of $6,528 and unsecured advances to a company related to the PRC joint
venture party,  bearing  interest at the  prevailing  market rate charged by PRC
banks of $24,155 at December 31, 1999.

                                       11Exhibit 10.20  Agreement with GoCall.com

                               EXCHANGE AGREEMENT

         THIS  EXCHANGE  AGREEMENT  (the  "Agreement")  is made this 23rd day of
December,  1999 by and between The Hartcourt  Companies Inc., a Utah corporation
(`Hartcourt") and GoCall Inc., a Delaware corporation ("GoCall")

         WHEREAS, GoCall and Hartcourt wish to form a strategic alliance for the
development of certain common interests of the two  corporations,  including but
not limited to the development of GoCall's  internet  related  development-stage
businesses and software; and

         WHEREAS,  Hartcourt  and GoCall wish to effect the  proposed  strategic
alliance by exchanging shares of the two respective corporations' common stock.

         IN CONSIDERATION of the mutual promises  contained herein, the benefits
to be derived by each party hereunder and other good and valuable consideration,
the  receipt  and  sufficiency  of  which  are  hereby  expressly  acknowledged,
Hartcourt and GoCall agree as follows:

1.       Exchange

         On the basis of the  representations  and warranties  herein contained,
         subject to the terms and conditions set forth herein,  GoCall agrees to
         exchange One  Million(1,000,000  ) shares of its Convertible  Preferred
         Stock (par value @ $5.00) stock (the GoCall Shares")  exercisable to 10
         shares  of  GoCall  Common  Stock  (Restricted  under  Rule  144 for 12
         months)for each share of Convertible  Preferred Shares so exchanged for
         all of the shares as set forth in Schedule "A" attached hereto and made
         a part hereof.("Hartcourt Shares").

2.       Closing

         A.       Closing Date. The closing of the exchange contemplated by this
                  Agreement (the "Closing") shall occur upon the transfer of the
                  GoCall Shares to Hartcourt (the Transfer  Date"),  on December
                  29, 1999 at 4:00 PM of that day at the offices of Hartcourt. .
                  At the Closing,  Hartcourt shall deliver its  consideration to
                  GoCall and GoCall shall deliver its consideration to Hartcourt
                  in a  simultaneous  transaction.  Notwithstanding  the date of
                  Closing, the Effective Date shall be December 29, 1999.

3.       Representations  and Warranties of GoCall GoCall hereby  represents and
         warrants to Hartcourt that:

         A.       Organization.  GoCall is a corporation validly existing and in
                  good standing  under the laws of Delaware.  with the power and
                  authority to carry on its business as now being conducted. The
                  execution and delivery of this Agreement and the  consummation

<PAGE>

                  of the  transaction  contemplated in this Agreement have been,
                  or will be prior to Closing,  duly authorized by all requisite
                  corporate  action  on the part of  GoCall,  including  but not
                  limited  to  Board  of  Director  Resolutions  ratifying  this
                  transaction and that this Agreement has been duly executed and
                  delivered by GoCall and  constitutes a binding and enforceable
                  obligation  of GoCall.  On  Closing,  a single five (5) member
                  Board of  Directors  shall be  formed  having  three(3)members
                  appointed by Hartcourt and two(2)members appointed by GoCall.

         B.       Third Party Consent No authorization, consent, or approval of,
                  or registration or filing with, any governmental  authority or
                  any other  person is required to be obtained or made by GoCall
                  in connection  with the execution,  delivery or performance of
                  this Agreement, or if required, GoCall has or will obtain same
                  prior to Closing;

         C.       Litigation.  GoCall is not a defendant or a plaintiff  against
                  whom a claim  has been made or  reduced  to  judgement  in any
                  litigation  or  proceedings  before any  local,  state or U.S.
                  foreign government,  or any department,  board, body or agency
                  thereof,  which  could  result in a claim  against  the GoCall
                  Shares or any of GoCall's assets;

         D.       Status of GoCall  Shares.  The GoCall  Shares  will be validly
                  issued by GoCall and it shall  deliver  same to  Hartcourt  at
                  Closing, as well as resolutions of GoCall's Board of Directors
                  wherein GoCall agrees not to issue or demand a "stop transfer"
                  be put into  effect or against  any of the GoCall  Shares,  or
                  otherwise  attempt to restrict the transfer or exchange of the
                  GoCall Shares issued to Hartcourt hereunder.  Further.  GoCall
                  represents  that  it has  not  created  any  option,  security
                  interest or encumbrance upon the GoCall Shares that would give
                  rise to any claims by third parties or otherwise conflict with
                  or preclude the exchange as contemplated herein; and

         E.       Authority.  This  Agreement  has been duly executed by GoCall,
                  and the execution and  performance  of this Agreement will not
                  violate,  or result in a breach of, or constitute a default in
                  any agreement, instrument, judgement, order or decree to which
                  GoCall  is a  party  or to  which  the  GoCall  Shares  may be
                  subject.

4.       Representations and Warranties of Hartcourt

         Hartcourt hereby represents and warrants to GoCall that:

         A.       Organization.  Hartcourt is a corporation validly existing and
                  in good  standing  under  the laws of Utah  with the power and
                  authority to carry on its business  now being  conducted.  The
                  execution and delivery of this Agreement and the  consummation
                  of the  transaction  contemplated in this Agreement have been,
                  or will be prior to Closing,  duly authorized by all requisite
                  corporate action on the part of Hartcourt.  This Agreement has
                  been duly executed and delivered by Hartcourt and  constitutes
                  a binding, and enforceable obligation of Hartcourt;

         B.       Third Party Consent.  No authorization,  consent,  or approval
                  of, or registration or filing with, any governmental authority
                  or any other  person is  required  to be  obtained  or made by
                  Hartcourt  in  connection  with  the  execution,  delivery  or
                  performance of this Agreement,  or if required,  GoCall has or
                  will obtain same prior to Closing;

<PAGE>

         C.       Litigation.  Hartcourt  is  not  a  defendant  or a  plaintiff
                  against  whom a  counterclaim  has  been  made or  reduced  to
                  judgement in any litigation or  proceedings  before any local,
                  state U.S. or foreign  government,  or any department,  board,
                  body or agency thereof,  which could result in a claim against
                  Hartcourt enacting this transaction.

         D.       Status of  Hartcourt  Owned  Shares.  The Shares  constituting
                  Hartcourt's  consideration  Schedule  "A"  annexed  hereto and
                  incorporated  herein by reference will be validly  endorsed by
                  Hartcourt or released to GoCall by written  authorization duly
                  executed  by  Hartcourt  which it shall  deliver  to GoCall at
                  Closing. Further, Hartcourt represents that it has not created
                  any option,  security  interest or encumbrance upon the Shares
                  that  would  give  rise to any  claims  by  third  parties  or
                  otherwise   conflict   with  or  preclude   the   exchange  as
                  contemplated herein; and Hartcourt has never been an affiliate
                  of any of the companies in Schedule "A."

         E.       Authority. This Agreement has been duly executed by Hartcourt,
                  and the execution and  performance  of this Agreement will not
                  violate,  or result in a breach of, or constitute a default in
                  any agreement, instrument, judgement, order or decree to which
                  Hartcourt is a party or to which the  Hartcourt  Shares may be
                  subject.

5.       Conditions Precedent to Obligations of Hartcourt and GoCall

         All  obligations  of  Hartcourt  and GoCall  under this  Agreement  are
         subject to the fulfillment, prior to or as of the Closing Date, of each
         of the following conditions:

         A.       Transfer and Delivery of the Securities.  Hartcourt shall have
                  endorsed  or assigned  or  delivered  the Shares to GoCall and
                  GoCall shall have issued and  delivered  the GoCall  Shares to
                  Hartcourt pursuant to this Agreement.

         B        Acceptance  of  Documents.   All   instruments  and  documents
                  delivered to the parties hereto, pursuant to the provisions of
                  this   Agreement,   and  the  terms  and   conditions  of  the
                  agreement(s) shall be satisfactory to Hartcourt and GoCall.

6.       Availability of Information

         Hartcourt and GoCall each represent that, by virtue of their respective
         business  activities and economic  bargaining power or otherwise,  they
         have been able to conduct  their own due  diligence and have had access
         to or have  been  furnished  with,  prior to or  concurrently  with the
         execution hereof, the information which they consider to be adequate to
         make a decision to exchange the GoCall Shares for the  Hartcourt  owned
         Shares.

7.       Private Transaction

         A.       Private  Offering.  GoCall and Hartcourt each  understand that
                  the  exchange   contemplated  herein  constitutes  a  private,
                  arms-length transaction between the parties without the use or
                  reliance upon a distribution or securities underwriter.

<PAGE>

         B.       Purchase for Own Account.  Neither  GoCall nor  Hartcourt  are
                  underwriters  of, or dealers in, the respective  securities to
                  be exchanged hereunder, and neither party is acting as such or
                  participating  pursuant  to a  contractual  agreement,  in the
                  distribution of such securities.

         C.       Investment Risk. Hartcourt and GoCall acknowledge the exchange
                  contemplated  by this  Agreement  may involve a high degree of
                  financial  risk,  including  the risk that one or both parties
                  may lose its entire investment.

         D.       Access to Information. GoCall and Hartcourt and their advisors
                  each  have  been  afforded  the  opportunity  to  discuss  the
                  transaction  contemplated  herein  with  legal and  accounting
                  professionals,  and to  examine  and  evaluate  the  financial
                  impact of such exchange.

         E.       This  Agreement has been duly  executed by Hartcourt,  and the
                  execution and  performance of this Agreement will not violate,
                  or  result  in a breach  of, or  constitute  a default  in any
                  agreement,  instrument,  judgement,  order or  decree to which
                  Hartcourt is a party or to which the  Hartcourt  Shares may be
                  subject.

8.       Termination

         This  Agreement  may be  terminated  at  anytime  prior  to the date of
         Closing by either party if (a) there shall be any actual or  threatened
         action or proceeding  by or before any court or any other  governmental
         body  which  shall  seek  to  restrain,  prohibit,  or  invalidate  the
         transaction  contemplated by this Agreement, and which, in the judgment
         of such party giving  notice to terminate  and based upon the advice of
         legal counsel,  makes it  inadvisable  to proceed with the  transaction
         contemplated by this Agreement.

9.       Miscellaneous

         A.       Authority. The officers of Hartcourt and GoCall executing this
                  Agreement  are duly  authorized  to do so and each  party  has
                  taken all action  required by law or otherwise to properly and
                  legally execute this Agreement.

         B.       Notices.  Any notice under this  Agreement  shall be deemed to
                  have  been  sufficiently   given  if  sent  by  registered  or
                  certified mail, postage prepaid, addressed as follows:

                  To GoCall Inc.   GoCall Inc.
                                   15 Queen Street East
                                   Cambridge, Ontario, Canada N3C 2A7
                                   Telephone: (519)651-2121
                                   Facsimile: (519) 651-0457

                  To Hartcourt:    The Hartcourt Companies Inc.
                                   1196 E. Willow St.
                                   Long Beach, CA 90806
                                   Telephone: (562) 426-9796
                                   Facsimile:  (562) 426-8896

                  or to any other  address  which may hereafter be designated by
                  either party by notice given in such manner. All notices shall
                  be deemed to have been given as of the date of receipt.

<PAGE>

         C.       Entire  Agreement.   This  Agreement  sets  forth  the  entire
                  understanding  between the  parties  hereto and no other prior
                  written or oral statement or agreement  shall be recognized or
                  enforced.

         D.       Severability.  If a court of competent jurisdiction determines
                  that any clause or  provision  of this  Agreement  is invalid,
                  illegal or unenforceable,  the other clauses and provisions of
                  the  Agreement  shall  remain in full force and effect and the
                  clauses  and  provisions  which  are  determined  to be  void,
                  illegal or  unenforceable  shall be limited so that they shall
                  remain in effect to the extent permissible by law.

         E.       None of the parties hereto may assign this  Agreement  without
                  tbe  express  written  consent  of the other  parties  and any
                  approved  assignment  shall  be  binding  on and  inure to the
                  benefit  of such  successor  or,  in the  event  of  death  or
                  incapacity on assignor's heirs, executors,  administrators and
                  successors.

         F.       Applicable  Law.  This  Agreement bas been  negotiated  and is
                  being contracted for in the State of California,  and it shall
                  be governed by the laws of California,  County of Los Angeles,
                  notwithstanding any conflict-of-law provision to the contrary.

         G        Litigation.   If  any   legal   action   or  other   preceding
                  (non-exclusively  including  arbitration)  is brought  for the
                  enforcement  of or to declare  any right or  obligation  under
                  this  Agreement  or  as a  result  of  a  breach,  default  or
                  misrepresentation  in connection with any of the provisions of
                  this  Agreement,  or otherwise  because of a dispute among the
                  parties  hereto,  the  prevailing  party will be  entitled  to
                  recover  actual  attorney's  fees  (including  for appeals and
                  collection)  and other  expenses  incurred  in such  action or
                  proceeding,  in  addition  to any other  relief to which  such
                  party may be entitled.

         H.       No  Third  Party  Beneficiary.   Nothing  in  this  Agreement,
                  expressed or implied.,  is intended to confer upon any person,
                  other than the parties hereto and their successors, any rights
                  or remedies under or by reason of this Agreement,  unless this
                  Agreement specifically states such intent.

         I.       It is  understood  and  agreed  that  this  Agreement  may  be
                  executed  in any  number of  identical  counterparts,  each of
                  which may be deemed an original for all purposes.

         J.       Further  Assurances.  At any time, and from time to time after
                  the Closing,  each party  hereto will execute such  additional
                  instruments   and  take  such  action  as  may  be  reasonably
                  requested  by the other  party to confirm or perfect  title to
                  the securities being exchanged pursuant to this Agreement,  or
                  otherwise  to  carry  out  the  intent  and  purposes  of this
                  Agreement.

          K.      Broker's or Finder' s Fee: Expenses. GoCall and Hartcourt each
                  warrant that they have not incurred any liability,  contingent
                  or  otherwise,  for  brokers' or finders  fees or  commissions
                  relating  to this  Agreement  for which the other  party shall
                  have responsibility.  Except as otherwise provided herein, all
                  fees, costs and expenses  incurred by either party relating to
                  this Agreement shall be paid by the party incurring same.

<PAGE>

         L.       Amendment or Waiver.  Every right and remedy  provided  herein
                  shall be cumulative with every other right and remedy, whether
                  conferred  herein,  at law, or in equity,  and may be enforced
                  concurrently  herewith,  and no  waiver  by any  party  of the
                  performance  of any obligation by the other shall be construed
                  as  a  waiver  of  the  same  or  any  other   default   then,
                  theretofore,  or thereafter occurring or existing. At any time
                  prior to Closing,  this  Agreement may be amended by a writing
                  signed by all parties hereto.

         M.       Headings The section and subsection headings in this Agreement
                  are inserted for convenience  only and shall not affect in any
                  way the meaning or interpretation of this Agreement.

         N.        Facsimile.  A facsimile,  telecopy or other  reproduction  of
                   this instrument may be executed by one or more parties hereto
                   and such  executed  copy may be  delivered  by  facsimile  or
                   similar instantaneous electronic transmission device pursuant
                   to which the  signature  of or on behalf of such party can be
                   seen,  and such  execution  and delivery  shall be considered
                   valid, binding and effective for all purposes. At the request
                   of any party hereto, all parties agree to execute an original
                   of this  instrument  as well as any  facsimile,  telecopy  or
                   other reproduction hereof.

         O.       Announcements  Except as  required  by law,  no  announcements
                  shall be made by either  party with  respect to the receipt or
                  acceptance  of this  agreement,  or the  transaction  proposed
                  herein without the prior written permission of the other.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed the day and year first above written.

"GoCall"                                "Hartcourt"
GoCall, Inc.                            The Hartcourt Companies, Inc.
By:                                     By:

--------------------------              ------------------------------
Michael Ruge, CEO                       Alan V. Phan, Chairman

<PAGE>

                                  SCHEDULE "A"

1.       2,850,000 Common Stock Shares in Dega Technology, Inc.,
         symbol:  DEGA        500,000 Restricted, Balance without legend

2.       2,400,000 Preferred Shares in NuOasis Resorts, Inc.
         symbol:  NUOA        without legend

3.       1,500,000 Common Stock Shares in Oasis Resorts International Inc.
         symbol:  OAIS        without legend

4.       192,000 Common Stock Shares in Electronic Components & Systems, Inc.
         symbol:  ECSX        without legend

AS TO ALL OF THE ABOVE  SHARES,  HARTCOURT  REPRESENTS  AND WARRANTS  THAT IT IS
RELYING  UPON  THE  REPRESENTATIONS  OF  ITS  PREDECESSOR  IN  TITLE  CONCERNING
"LEGENDS"  AND IT  CANNOT  ITSELF  CONFIRM  THIS  INFORMATION  NOR IS IT  HEREIN
PRESENTING AS TO THE TRUTH OR VALIDITY OF SUCH CLAIMS.

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