Golf Entertainment Inc. (OTCBB: GECC)

OTC Live's Analysis

Based on the current filing of 10k submitted by the company on Apr 15th, as indicated that the enterprise value of the shareholders equity of the company is at $1.28. While the company is trading at .04 cents, that's a fraction of the value currently trading on the market. It's a discount to the company's value and to the market, and is considered to be undervalued. We believe given the current circumstances and the company's buyback of the stock, as announced in its March 6, 2002 press release will tend to generate an increase in the value of GECC.

The 10-K, filed on April 15, can be located on Free Edgar, (also available at:

http://www.sec.gov/Archives/edgar/data/849354/000113680402000018/0001136804-02-000018.txt) the enterprise value is determined thus:

EV= (shares out * price) + Debt - cash / shareholders equity =1.28

(5.3 mil * .04) + 502k - 7,581 / 533,921 = $1.28/Share

(Formula taken from Motley fool website. Please read disclaimer prior to investing.)

Current Business Information

Golf Entertainment, Inc. is engaged in the entertainment industry. Specifically, the Company is a television broadcaster; the only Spanish language television broadcaster in Arkansas. Its current coverage area includes Northwest Arkansas, the site of the fastest growing Hispanic population in the U.S. The Company plans to expand its coverage area throughout the Southwest U.S. as the result of a capital infusion from a private placement program that is now in progress.

The Company anticipates acquiring low-power broadcast TV properties and then establishing community based news and sales forces. To pay for the expansion, the Company is now conducting a round of private fund raising. In the first round, fundraising is anticipated to be $5 million dollars.

The company now occupies a 6,000 square foot studio/office facility in Springdale, Arkansas. It began live broadcasts from the studio in February of this year. In addition to locally originated news and talk shows, the company airs network programming from Hispanic Television Network, Inc.

The Company recently recruited Michael F. Daniels back onto the Board of Directors. Mr. Daniels has been with the Company for approximately 20-years. In the past, he served the Company as the Chairman of the Board and CEO. Mr. Daniels now serves as an outside Director and Chairman of the Audit Committee.

Historical Business Information

The Company was founded in 1980 under the name TJ Computer Services, Inc. In 1989, all of the outstanding common stock of the Company was acquired by Harrison Development, Inc., an inactive public corporation organized in Colorado, which then changed its name to TJ Systems Corporation. In October 1991, the Company reincorporated in the State of Delaware and in June 1995 changed its name to Leasing Edge Corporation. In March 1997, the Company's stockholders approved a change in the Company's name to LEC Technologies, Inc. to more accurately reflect the evolving nature of the Company's business. In February 1999, the Company's stockholders approved a change in the Company's name to Golf Entertainment, Inc., to reflect the re-orientation of the Company. Management is planning an annual meeting in the near term and will suggest a name change to more closely reflect its involvement in the entertainment industry.

Until 2000, The Company's principal line of business had been leasing business and computer equipment. During 1999, the Company announced its intention to become involved in the golf entertainment business by purchasing an existing golf facility.

Although the Company briefly ceased operations on April 6, 2001, in January 2002, the Company resumed normal operation as a Spanish language television broadcaster. The company is presently concluding the acquisition of TV station KVAQ-LP located in Springdale, Arkansas. 1st Metropolitan Mortgage of Bentonville, Arkansas, has signed a Memorandum of Intent to provide short-term financing for the final payment owed on KVAQ, $291,000.

In December 2001, the Company, through The Genesis Trust, a non-profit trust, of Bentonville, Arkansas, acquired broadcast television assets, the right to complete purchase of a TV broadcast station and a network affiliation with Hispanic Television Network, Inc. The Company will issue 3.75 million

shares of its stock for the assets which the Trust acquired for approximately $1.028 million dollars. For the purposes of the transaction, the Trust valued GECC shares at $0.27/each.

In January 2002, the Company announced its new expansion plans. For the first quarter of 2002, the Company anticipates establishing two additional TV stations in Alabama, three in Arkansas, two stations in Mississippi, two in Oklahoma, and one each in Virginia, Tennessee, Georgia and North Carolina. The Company also plans to develop its own original Spanish language programs. The Company's programs include: Latino Fisherman, an exciting television show with a mixture of freshwater fishing trips on various lakes throughout the U.S. The second show is a children's game and entertainment program. Additionally, the company is in negotiations with an independent entertainment group to provide network-class weekly programming in the form of professional wrestling.

Market Makers

FLTT - Fleet Securities

GVRC - GVR Company

HILL - Hill Thompson Magid & Co., Inc.

HRZG - herzog, Heine, Geduld, Inc.

LTCO - Ladenburg, Thalmann & Co., Inc.

NDBC - National Discount Brokers

NITE - Knight Securities, Inc.

Regulatory Actions

There are no recorded Regulatory Actions for Golf Entertainment Inc

Technical Analysis

Exchange: OTC BB

Shares Outstanding: 5,293,004

Market Cap: 185,255

Short Interest: Exchange provides no short interest data.

52-Week EPS: -0.01

52-Week High: 0.30 on Tuesday, January 29, 2002

52-Week Low: 0.03 on Monday, April 23, 2001

P/E Ratio: n/a

Yield: n/a

Average Price: 0.0651 (50-day) 0.0594 (200-day)

Average Volume: 26,500 (50-day) 12,400 (200-day)

technical analysis

Averages:
20d avg dly share vol: 17,525
100d avg dly share vol: 11,051

20d avg dly dollar vol: $ 1,125
100d avg dly dollar vol: $ 1,162

20d avg spread: $ 0.013
20d avg % spread: 21.99%

Moving Averages:
5d MA: $ 0.047
20d MA: $ 0.062
50d MA: $ 0.095
100d MA: $ 0.069

Volatility:
20d avg intraday % UP: 4.70%
20d avg intraday % DWN: 1.17%
20d avg intraday % TOT: 5.87%

Support Levels:
5 day: $ 0.041
20 day MA: $ 0.041
50 day MA: $ 0.030
100 day MA: $ 0.030

Resistance Levels:
5 day: $ 0.055
20 day MA: $ 0.100
50 day MA: $ 0.300
100 day MA: $ 0.300

Disclaimer

This profile published by OTC Live, Inc is an independent electronic publication providing information and factual analysis on selected companies. All statements and expressions are the opinion of OTC Live, Inc and are not meant to be either investment advice or a solicitation or recommendation to buy, sell, or hold securities. Investing in micro-cap securities is highly speculative and carries an extremely high degree of risk. OTC Live, Inc is not a registered investment advisor or a broker dealer. It is possible that an investor's investment may be lost or impaired due to the speculative nature of the companies profiled. Profiles rely on information provided by the featured Companies and/or Edgar filings. While OTC Live, Inc believes its sources to be reliable, associates of OTC Live, Inc, or any affiliated parties make no representation or warranty as to the accuracy of the information provided. Readers should not rely solely on the information contained in this publication, but should consult with their own independent tax, business and financial advisors with respect to any investment opportunity, including any contemplated investment in the advertised Company.

Factual statements in this publication are made as of the date stated and are subject to change without notice. OTC Live, Inc is not responsible for any claims made by the Company. We have prepared this report, drawing upon a range of public news, the company's website and information from sources in the industry, as well as data and opinions provided by the company. Prior to issuing this report, the Company reviewed and approved the contents in writing hereof. OTC Live, Inc has not independently verified the Company's representations. Any opinions expressed in this report are statements of judgment as of the date of publication. We urge readers to carefully verify all presentations within the report independently. The receipt of this publication shall not create, under any circumstances, any implication that there has been no change in the affairs of the company profiled since the date of review. This advertisement does not provide an analysis of the Company's financial position. OTC Live, Inc of this advertisement has been compensated 260000 free trading shares of GECC from a third party for the preparation and electronic dissemination of this report. This should be viewed as a potential conflict of interest. Furthermore, associates of OTC Live, Inc may have stock positions on profiled companies from time to time. We may profit in the event the shares of the Company profiled by us increase in value. These positions may be liquidated from time to time even after we have made positive comments regarding the Company. The receipt of this information constitutes your acceptance of these terms and conditions.

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