Balance Sheet
Churches of God Cyber Auxiliary
December 31, 1997

Current Assets:
  Cash                                                                                                 $    1,138.52
  Deposits & Prepaids                                                                                      1.00
                                                                                                          --------------
Total Current Assets                                                                           $    1,139.52
                                                                                                          =========
Equities:
  Contributions Recieved                                               $     2,224.52
  Less: Expenses                                                                  1,085.00
                                                                                  ---------------
Total Contributions less Expenses Retained                                         $    1,139.52
                                                                                                          --------------
Total Equities                                                                                     $    1,139.52
                                                                                                          =========

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Statement of Receipts & Expenses
Churches of God Cyber Auxiliary
For period from September 18, 1997 through December 31, 1997

Contributions Recieved (Note 3)                                                         $    2,224.52
Less Expenses:
  Equipment Expense (Note 2)                                    $      803.00
  Consulting expense (Note 2)                                             240.00
  Office Expense                                                                   12.00
  Bank Expense                                                                    10.00
  P.O.Box Rental Expense                                                    20.00
                                                                                --------------
  Total Expenses                                                                                       1,085.00
                                                                                                        ---------------
Total Contributions less Expenses                                                       $    1,139.52
                                                                                                          =========
Note: These financial statements have not been audited

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Financial Statement Notes
Churches of God Cyber Auxiliary
For period from September 18, 1997 through December 31, 1997

Note 1:
Dan Deininger, president of Churches of God Cyber Auxiliary (CGCA) negotiated T1 Internet access with business associate Rob Jackson, President of Internections, Dan's employer.  Dan is a 20% shareholder of Internections.  He negotiated T1 line access at a cost of $100.00 per month and technical support payable at $40.00 per hour.

Note 2:
CGCA purchase a Pentium 90 computer with 32 megabytes of RAM and a 3.5-gigabyte hard disk drive from Computer Exchange.  Internections installed Linux on the computer and connected it to the Internet.  A vidio capture card and software were added for video teleconferencing capabilities.

Note 3:
Initial funding and other 1997 cash contributions were provided by two United Church of God, an International Association local congregations and individuals.

Note 4:
On December 31, 1997, CGCA ordered a REAL Networks Basic server 5.0 - 60 stream version at a special price of $763.46, which includes shipping & sales tax (not included on 1997 financials).  Plans call for loading video programs onto the computer for use by individual web sites.  This amount is not included in 1997 financials.

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