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<SEC-DOCUMENT>0001297077-07-000012.txt : 20070319
<SEC-HEADER>0001297077-07-000012.hdr.sgml : 20070319
<ACCEPTANCE-DATETIME>20070319150202
ACCESSION NUMBER:		0001297077-07-000012
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070131
FILED AS OF DATE:		20070319
DATE AS OF CHANGE:		20070319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHAMPIONS BIOTECHNOLOGY, INC.
		CENTRAL INDEX KEY:			0000771856
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		IRS NUMBER:				521401755
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17263
		FILM NUMBER:		07703078

	BUSINESS ADDRESS:	
		STREET 1:		2200 WILSON BLVD
		STREET 2:		SUITE 102-316
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22201
		BUSINESS PHONE:		703-526-0400

	MAIL ADDRESS:	
		STREET 1:		2200 WILSON BLVD.
		STREET 2:		SUITE 102-316
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHAMPIONS SPORTS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL GROUP INC
		DATE OF NAME CHANGE:	19860319
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>cbi10qsb_013107.htm
<TEXT>
<html>
<head><meta content="text/html; charset=iso-8859-1">
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>

<body >
<ul>
</ul>

<p>
<p align="center">
<b>SECURITIES AND EXCHANGE COMMISSION</b><br><b>Washington, D.C.
20549</b><p align="center">
<b>FORM 10-QSB</b></p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="589.333186" colspan="1" rowspan="1" >
<p>
Mark One</p>
</td>
</tr>
</table></div>
<p>
</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="29.333326" colspan="1" rowspan="1" >
<p>
[X]</p>
</td>
<td width="485.333212" colspan="1" rowspan="1" >
<p>
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF</p>
</td>
</tr>
<tr valign="top">
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="485.333212" colspan="1" rowspan="1" >
<p>
THE SECURITIES EXCHANGE ACT OF 1934</p>
</td>
</tr>
</table></div>
<p>
<p align="center">
<u>For the quarterly period ended   January 31, 2007</u><p align="center">
OR</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="31.999992" colspan="1" rowspan="1" >
<p>
[&nbsp;&nbsp;&nbsp;]</p>
</td>
<td width="487.999878" colspan="1" rowspan="1" >
<p>
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF</p>
</td>
</tr>
<tr valign="top">
<td width="31.999992" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="487.999878" colspan="1" rowspan="1" >
<p>
THE SECURITIES EXCHANGE ACT OF 1934</p>
</td>
</tr>
</table></div>
<p>
<p align="center">
For the transition period from    <u>                &nbsp;</u>&nbsp;to    <u>
</u><p align="center">
Commission file number        <u> &nbsp;0-17263</u><p align="center">
<b><u>CHAMPIONS BIOTECHNOLOGY, INC.</u></b><br>(Exact name of registrant as
specified in its charter)</p align="center">
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="245.333272" colspan="1" rowspan="1" >
<p align="center">
<u>Delaware</u></p align="center">
</td>
<td width="250.666604" colspan="1" rowspan="1" >
<p align="center">
<u>52-1401755</u></p align="center">
</td>
</tr>
<tr valign="top">
<td width="245.333272" colspan="1" rowspan="1" >
<p align="center">
(State or other jurisdiction of</p align="center">
</td>
<td width="250.666604" colspan="1" rowspan="1" >
<p align="center">
(I.R.S. Employer</p align="center">
</td>
</tr>
<tr valign="top">
<td width="245.333272" colspan="1" rowspan="1" >
<p align="center">
organization)</p align="center">
</td>
<td width="250.666604" colspan="1" rowspan="1" >
<p align="center">
Identification No.)</p align="center">
</td>
</tr>
</table></div>
<p>
<p align="center">
<u>2200 Wilson Blvd., Suite 102-316, Arlington VA 22201</u><br>(Address of
principal executive offices)<br>(Zip code)<p align="center">
<u>(703) 526-0400</u><br>(Registrant&#8217;s telephone number, including area
code)<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.  Yes
<u>&nbsp;&nbsp;&nbsp;x    </u>&nbsp;&nbsp;No    <u>        </u><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 14, 2007 the Registrant
had a total of 27,624,658 shares of common stock outstanding.</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b></b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORM 10-QSB</b><p align="center">
<u>INDEX</u></p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<u>Page</u></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
<p>
Part I. </p>
</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Financial Information</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Item 1.&nbsp;&nbsp;&nbsp;Financial Statements</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Balance Sheet
as of January 31, 2007 (Unaudited)</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
5</p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of
Operations</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the nine months and three months
ended January 31, 2007 and </p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31, 2006 (Unaudited)</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
6</p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of
Cash Flow for the</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nine months ended January 31, 2007 and
January 31, 2006 (Unaudited)</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
7</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Condensed Consolidated
Financial Statements (Unaudited)</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
8-17</p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Item 2.&nbsp;&nbsp;&nbsp;Management&#8217;s Discussions and Analysis</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Financial
Condition and Results of Operations</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
18-24</p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Item 3.&nbsp;&nbsp;&nbsp;Controls and Procedures</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
24</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
<p>
Part II.</p>
</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Other Information and Signatures</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Item 1.   Legal Proceedings</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
25</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds </p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
25</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Item 3.   Defaults Upon Senior Securities</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
25</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Item 4.&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
25</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Item 5.   Other Information</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
25</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
Item 6.&nbsp;&nbsp;&nbsp;Exhibits </p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
25</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Signatures</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
26</p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="554.666528" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
27</p>
</td>
</tr>
<tr valign="top">
<td width="554.666528" colspan="2" rowspan="1" >
<p>
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
28</p>
</td>
</tr>
<tr valign="top">
<td width="554.666528" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
29</p>
</td>
</tr>
</table></div>
<p>
</p>
&nbsp;	<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>2</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p align="center">
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b><br><b>JANUARY 31, 2007 AND 2006
(UNAUDITED)</b></p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b></b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p align="center">
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>INDEX TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b></p>
&nbsp;	<p>
</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p style="border-bottom:solid windowtext .5pt">
<font size="3"><b>Page</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" >
<p>
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" >
<p>
Condensed Consolidated Balance Sheet as of January 31, 2007 (Unaudited)</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
5</p>
</td>
</tr>
<tr valign="top">
<td width="553.333195" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="553.333195" colspan="2" rowspan="1" >
<p>
Condensed Consolidated Statements of Operations for the Nine months </p>
</td>
</tr>
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
&nbsp;Ended January 31, 2007 AND 2006(Unaudited)</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
6</p>
</td>
</tr>
<tr valign="top">
<td width="553.333195" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="553.333195" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
Condensed Consolidated Statements of Cash Flows for the Nine months Ended</p>
</td>
</tr>
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" >
<p>
&nbsp;January 31, 2007 AND 2006(Unaudited)  </p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
7</p>
</td>
</tr>
<tr valign="top">
<td width="553.333195" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="515.999871" colspan="1" rowspan="1" >
<p>
Notes to Condensed Consolidated Financial Statements (Unaudited)</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
8-17</p>
</td>
</tr>
</table></div>
<div align="center" color="#000080" style="position:relative; left: -5"><b>4</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>
<p>
</p>
<p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>CONDENSED BALANCE SHEET</b><br><b>JANUARY 31, 2007
(UNAUDITED)</b></p align="center">
<div align="center" style="position:relative; left: -1"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p align="center">
<font size="2"><b>ASSETS</b></font></p align="center">
</td>
<td width="93.333310" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="411.999897" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="81.333313" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2007</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p>
<font size="2"><b>CURRENT ASSETS</b></font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Cash and cash equivalents</font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">20,779&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" >
<p>
<font size="2"><b>Total current assets</b></font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">20,779&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" >
<p>
<font size="2"><b>TOTAL ASSETS</b></font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2">20,779&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p align="center">
<font size="2"><b>LIABILITIES AND STOCKHOLDERS&#8217;
(DEFICIT)</b></font></p align="center">
</td>
<td width="93.333310" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p>
<font size="2"><b>CURRENT LIABILITIES</b></font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Accounts payable</font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">21,662&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" >
<p>
<font size="2">Other accrued expenses</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
<p align="right">
<font size="2">311,563&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Officer loans payable</font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">43,693&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" >
<p>
<font size="2"><b>Total current liabilities</b></font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">376,918&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p>
<font size="2"><b>COMMITMENTS AND CONTINGENCIES</b></font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p>
<font size="2"><b>STOCKHOLDERS&#8217; (DEFICIT)</b></font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Preferred stock, $10 par value; 56,075 shares
authorized;</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;0 shares issued and outstanding</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
<p align="right">
<font size="2">-&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Common stock, $.001 par value; 50,000,000 shares
authorized;</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;27,324,658 issued and outstanding</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
<p align="right">
<font size="2">27,325&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Additional paid-in capital</font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">6,668,993&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" >
<p>
<font size="2">Accumulated deficit</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" >
<p align="right">
<font size="2"> (7,008,273)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">Less: prepaid consulting</font></p>
</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">(44,184)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="427.999893" colspan="2" rowspan="1" >
<p>
<font size="2">Total stockholders&#8217; (deficit)</font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (356,139)</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="26.666660" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="401.333233" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="93.333310" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="453.333220" colspan="3" rowspan="1" >
<p>
<font size="2"><b>TOTAL LIABILITIES AND STOCKHOLDERS&#8217;
(DEFICIT)</b></font></p>
</td>
<td width="14.666663" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2">20,779&nbsp;</font></p>
</td>
</tr>
</table></div>
<p>
<p align="center">
<font size="2">The accompanying notes are an integral part of these condensed
consolidated financial statements.</font></p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>5</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p align="center">
&nbsp;CHAMPIONS BIOTECHNOLOGY, INC.bFORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIESbCONDENSED STATEMENTS OF OPERATIONSbFOR THE NINE MONTHS ENDED JANUARY 31, 2007 AND 2006 (UNAUDITED)	<p align="center">
</p>
<div align="center" style="position:relative; left: -1"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="39.999990" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="227.999943" colspan="5" rowspan="1" bgcolor=#FFF3CE>
<p align="center">
<font size="2"><b>Nine Months Ended January 31,</b></font></p align="center">
</td>
<td width="46.666655" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="198.666617" colspan="6" rowspan="1" bgcolor=#FFF3CE>
<p align="center">
<font size="2"><b>Three Months Ended January  31,</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2007</b></font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2006</b></font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2007</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2006</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="202.666616" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>OPERATING REVENUE</b></font></p>
</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales</font></p>
</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="90.666644" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="75.999981" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="202.666616" colspan="3" rowspan="1" >
<p>
<font size="2"><b>Total operating revenue</b></font></p>
</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="385.333237" colspan="5" rowspan="1" >
<p>
<font size="2"><b>COSTS AND OPERATING EXPENSES </b></font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="202.666616" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and
administrative</font></p>
</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">74,086&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">146,803&nbsp;</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">37,198&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">61,543&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="317.333254" colspan="4" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>Total costs and operating expenses</b></font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">74,086&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">146,803&nbsp;</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">37,198&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">61,543&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="269.333266" colspan="4" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>LOSS BEFORE OTHER (EXPENSE)</b></font></p>
</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (74,086)</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (146,803)</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(37,198)</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(61,543)</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="269.333266" colspan="4" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>DISCONTINUED OPERATIONS</b></font></p>
</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="385.333237" colspan="5" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued
operations (net of taxes)</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
<p align="right">
<font size="2">-&nbsp;</font></p align="right">
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
<p align="right">
<font size="2"> (17,676)</font></p align="right">
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
<p align="right">
<font size="2">-&nbsp;</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
<p align="right">
<font size="2"> (16,168)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="202.666616" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of
assets</font></p>
</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(142,520)</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="202.666616" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>Total discontinued operations</b></font></p>
</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(160,196)</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(16,168)</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="414.666563" colspan="6" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>NET (LOSS) BEFORE PROVISION FOR INCOME TAXES</b></font></p>
</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2"> (74,086)</font></p align="right">
</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2"> (306,999)</font></p align="right">
</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2"> (37,198)</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2"> (77,711)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="202.666616" colspan="3" rowspan="1" >
<p>
<font size="2">    &nbsp;Provision for income taxes</font></p>
</td>
<td width="66.666650" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="414.666563" colspan="6" rowspan="1" >
<p>
<font size="2"><b>NET LOSS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p>
</td>
<td width="17.333329" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="90.666644" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"> (74,086)</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"> (306,999)</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"> (37,198)</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="77.333314" colspan="2" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"> (77,711)</font></p>
</td>
</tr>
<tr valign="top">
<td width="414.666563" colspan="6" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="77.333314" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="269.333266" colspan="4" rowspan="1" >
<p>
<font size="2"><b>BASIC LOSS PER COMMON SHARE</b></font></p>
</td>
<td width="114.666638" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="90.666644" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (0.00)</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (0.02)</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (0.00)</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="75.999981" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (0.00)</font></p>
</td>
</tr>
<tr valign="top">
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="66.666650" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="114.666638" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="107.999973" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="27.999993" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="34.666658" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="102.666641" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="3" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="414.666563" colspan="6" rowspan="1" >
<p>
<font size="2"><b>WEIGHTED AVERAGE SHARES OUTSTANDING </b></font></p>
</td>
<td width="17.333329" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="90.666644" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">20,489,493&nbsp;</font></p>
</td>
<td width="27.999993" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">16,824,658&nbsp;</font></p>
</td>
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="18.666662" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">18,091,931&nbsp;</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="75.999981" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">16,824,658</font></p>
</td>
</tr>
</table></div>
<p>
<p align="center">
<font size="2">The accompanying notes are an integral part of these condensed
consolidated financial statements.</font></p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>6</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY,
INC.</b></font><br><font size="2"><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b></font><br><font size="2"><b>CONDENSED STATEMENTS OF CASH
FLOW</b></font><br><font size="2"><b>FOR THE NINE MONTHS ENDED JANUARY 31, 2007
AND 2006 (UNAUDITED)</b></font></p>
<div align="center" style="position:relative; left: -1"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2007</b></font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2006</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>CASH FLOW FROM OPERATING ACTIVITIES</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>Continuing Operations:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">   Net loss</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (74,086)</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"> (146,803)</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>   Adjustments to reconcile net loss to net cash
</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by (used
in) operating activities:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>Adjustments to reconcile net income (loss) to net change
</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in operating
activities:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
payable</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
<p align="right">
<font size="2"> (11,589)</font></p align="right">
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
<p align="right">
<font size="2">1,620&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued
expenses</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">24,221&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">59,854&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
adjustments</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">12,632&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">61,474&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in)
operating activities - operations</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(61,454)</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(85,329)</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>Discontinued Operations:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">   Loss from discontinued operations</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(160,196)</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>   Adjustments to reconcile net loss to net cash
</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by
operating activities:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of
assets</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">-&nbsp;</font></p align="right">
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">142,520&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>  Changes in assets and liabilities</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
<p align="right">
<font size="2">-&nbsp;</font></p align="right">
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
<p align="right">
<font size="2">18,459&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">11,052&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
adjustments</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">172,031&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by
operating activities - discontinued operations</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">11,835&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in)
operating activities - </b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;continuing and
discontinued operations</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(61,454)</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">(73,494)</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>CASH FLOWS FROM FINANCING ACTIVITIES</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>Continuing Operations:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">    &nbsp;Proceeds from officers loans payable</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">43,693&nbsp;</font></p align="right">
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">-&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">    &nbsp;Proceeds from the sale of restricted common
stock</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
<p align="right">
<font size="2">38,000&nbsp;</font></p align="right">
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>Discontinued Operations:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">    &nbsp;Proceeds from sale of assets</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">10,000&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by
investing activities</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">81,693&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">10,000&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>NET INCREASE (DECREASE) IN</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>    CASH AND CASH EQUIVALENTS</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
<p align="right">
<font size="2">20,239&nbsp;</font></p align="right">
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
<p align="right">
<font size="2"> (63,494)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>CASH AND CASH EQUIVALENTS -</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>    BEGINNING OF PERIOD</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">540&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">84,513&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>CASH AND CASH EQUIVALENTS - END OF PERIOD</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="2">20,779&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="2">21,019</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the
period for:</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
paid</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">2,277&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax
paid</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2"><b>SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND
FINANCING</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2"><b>ACTIVITIES:</b></font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" >
<p>
<font size="2">    &nbsp;In January 2007, the Company issued 340,000 stock
options for prepaid consulting </font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
<font size="2">    &nbsp;services valued at $44,184.</font></p>
</td>
<td width="83.999979" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
</table></div>
<p align="center">
<p align="center">
<font size="2">The accompanying notes are an integral part of these condensed
consolidated financial statements.</font></p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>7</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b></p>
&nbsp;	<p>
<b>NOTE 1-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>ORGANIZATION AND BASIS OF
PRESENTATION</u></b></p>
&nbsp;	<p style="margin-left:80">Champions Biotechnology, Inc., (the
&#8220;Company&#8221;) is a biotechnology company that intends to engage in the
acquisition and early stage development of a portfolio of new therapeutic drug
candidates and also the acquisition and development of novel technologies that
the Company hopes will improve methods of and approaches to disease
treatment.</p><p>
</p>
<p style="margin-left:80">The Company was incorporated under the laws of the
State of Delaware in June 1985 as a merger and acquisition company under the
name "International Group, Inc." In September 1985, the Company completed a
public offering, and in January 1986, acquired the world-wide rights to the
Champions sports theme restaurant concept and subsequently changed its name to
&#8220;Champions Sports, Inc.&#8221; In 1997, the Company sold its Champions
service mark and concept for sports themed restaurants to Marriott
International, Inc. and since then until January 2007, had been seeking a new
business direction.  In January 2007, the Company changed its name to Champions
Biotechnology, Inc. to reflect the decision of the Company to focus on
biotechnology as its new business approach.</p><p>
</p>
<p style="margin-left:80">The condensed consolidated unaudited interim financial
statements included herein have been prepared, without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission. The condensed
consolidated financial statements and notes are presented as permitted on Form
10-QSB and do not contain information included in the Company&#8217;s annual
consolidated statements and notes. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes that the disclosures are adequate to make the information
presented not misleading.  It is suggested that the condensed consolidated
financial statements be read in conjunction with the April 30, 2006 audited
financial statements and the accompanying notes thereto.  The results for the
nine months ended   January 31, 2007 may not be indicative of the results for
the entire year.</p><p>
</p>
<p style="margin-left:80">These statements reflect all adjustments, consisting
of normal recurring adjustments, which in the opinion of management, are
necessary for fair presentation of the information contained herein.</p><p>
</p>
<p style="margin-left:80">The Company has reclassified its financial statements
to take effect for the disposal of its only operating business.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>8</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 2-</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</u></b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Principles
of Consolidation</u></b></p>
<p style="margin-left:80">The condensed consolidated financial statements
include the accounts of the Company and its subsidiaries. All material
intercompany transactions have been eliminated in consolidation. </p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Property
and Equipment</u></b></p>
<p style="margin-left:45"></p><p style="margin-left:80">Property and equipment
are stated at cost. Depreciation and amortization is computed from the date
property is placed in service using the straight-line method over estimated
useful lives as follows:</p><p>
</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="195.999951" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="190.666619" colspan="1" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">Life</font></p>
</td>
</tr>
<tr valign="top">
<td width="195.999951" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="190.666619" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="195.999951" colspan="1" rowspan="1" >
&nbsp;Furniture and equipment	</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="190.666619" colspan="1" rowspan="1" >
<p align="center">
5-15 years</p align="center">
</td>
</tr>
<tr valign="top">
<td width="195.999951" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="190.666619" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="195.999951" colspan="1" rowspan="1" >
<p>
Leasehold improvements</p>
</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="9.333331" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="190.666619" colspan="1" rowspan="1" >
<p align="center">
Remaining term of the lease</p align="center">
</td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:80">Depreciation and amortization expense was $0 and $0
for the Nine months ended January 31, 2007 and 2006, respectively. </p><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Use
of Estimates</u></b></p>
<p style="margin-left:80">The preparation of consolidated financial statements
in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets
and liabilities at the date of the consolidated financial statements and the
reported amounts of revenues and expenses during the reporting period.  Actual
results could differ from those estimates. </p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Net
(Loss) Per Share</u></b></p>
<p style="margin-left:80">Historical net (loss) per common share is computed
using the weighted average number of common shares outstanding. Diluted earnings
per share (EPS) includes additional dilution from common stock equivalents, such
as stock issuable pursuant to the exercise of stock options and warrants. Common
stock equivalents were not included in the computation of diluted earnings per
share when the Company reported a loss because to do so would be antidilutive
for periods presented.  </p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>9</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 2-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </u>(CONTINUED)</b></p>
<p style="margin-left:80">The following is a reconciliation of the computation
for basic and diluted EPS:</p><p>
</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">2007</font></p>
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">2006</font></p>
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Net loss</p>
</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="3"> (74,086)</font></p>
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="3"> (306,999)</font></p>
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="215.999946" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p>
Weighted-average common shares</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="143.999964" colspan="2" rowspan="1" >
<p>
Outstanding (Basic)</p>
</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
<p align="right">
20,489,493&nbsp;</p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right">
16,824,658&nbsp;</p align="right">
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="215.999946" colspan="3" rowspan="1" >
<p>
Weighted-average common stock</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="143.999964" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
Equivalents</p>
</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="143.999964" colspan="2" rowspan="1" >
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options</p>
</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right">
- -&nbsp;</p align="right">
</td>
</tr>
<tr valign="top">
<td width="143.999964" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants</p>
</td>
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="3">-&nbsp;</font></p>
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="3">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="215.999946" colspan="3" rowspan="1" bgcolor=#FFF3CE>
<p>
Weighted-average common shares</p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="143.999964" colspan="2" rowspan="1" >
<p>
Outstanding (Diluted)</p>
</td>
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">20,489,493&nbsp;</font></p>
</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">16,824,658&nbsp;</font></p>
</td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:80">Options and warrants outstanding to purchase stock
were not included in the computation of diluted EPS for January 31, 2007 and
2006 because inclusion would have been antidilutive.  </p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Cash
and Cash Equivalents</u></b></p>
<p style="margin-left:80">For purposes of the condensed consolidated statements
of cash flow, the Company considers all highly liquid debt instruments purchased
with a maturity of three months or less, unless restricted as to use, to be cash
equivalents. At various times throughout the periods the Company had amounts on
deposit at financial institutions in excess of federally insured limits.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>10</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 2-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </u>(CONTINUED)</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Income
Taxes</u></b></p>
<p style="margin-left:80">The Company has adopted the provisions of Statement of
Financial Accounting Standards No. 109 (the Statement), Accounting for Income
Taxes. The Statement requires an asset and liability approach for financial
accounting and reporting for income taxes, and the recognition of deferred tax
assets and liabilities for the temporary differences between the financial
reporting bases and tax bases of the Company&#8217;s assets and liabilities at
enacted tax rates expected to be in effect when such amounts are realized or
settled.</p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fair
Value of Financial Instruments</u></b></p>
<p style="margin-left:80">The carrying amounts of the Company&#8217;s financial
instruments, including cash and cash equivalents, accounts payable, and accrued
expenses, officer loans payable approximate fair values because of the short
maturities of these instruments.</p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stock-Based
Compensation</u></b></p>
<p style="margin-left:80">Employee stock awards prior to periods beginning
January 1, 2006 under the Company&#8217;s compensation plans are accounted
under the Company&#8217;s  for in accordance with Accounting Principles Board
Opinion No. 25 (&#8220;APB 25&#8221;), &#8220;Accounting for Stock Issued to
Employees&#8221;, and related interpretations. The Company provides the
disclosure requirements of Statement of Financial Accounting Standards No. 123,
&#8220;Accounting for Stock-Based Compensation&#8221; (&#8220;FAS 123&#8221;),
and related interpretations. Stock-based awards to non-employees are accounted
for under the provisions of FAS 123 and the Company has adopted the enhanced
disclosure provisions of FAS No. 148 &#8220;Accounting for Stock-Based
Compensation- Transition and Disclosure,&#8221; an amendment of FAS No.
123.</p><p>
</p>
<p style="margin-left:80">The Company measures compensation expense for its
employee stock-based compensation using the intrinsic-value method. Under the
intrinsic-value method of accounting for stock-based compensation, when the
exercise price of options granted to employees is less than the estimated fair
value of the underlying stock on the date of grant, deferred compensation is
recognized and is amortized to compensation expense over the applicable vesting
period.  </p><p>
</p>
<p style="margin-left:80">The Company measures compensation expense for its
non-employee stock-based compensation under the Financial Accounting Standards
Board (FASB) Emerging Issues Task Force (EITF) Issue No. 96-18,
&#8220;Accounting for Equity Instruments that are Issued to Other Than Employees
for Acquiring, or in Conjunction with Selling, Goods or Services&#8221;. The
fair value of the option issued is used to measure the transaction, as this is
more reliable than the fair value of the services received. The fair value is
measured at the value of the Company&#8217;s common stock on the date that the
commitment for performance by the counterparty has been reached or the
counterparty&#8217;s performance is complete. The fair value of the equity
instrument is charged directly to compensation expense and additional paid-in
capital.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>11</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 2-  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </u>(CONTINUED)</b><p>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Recent
Accounting Pronouncements</u> (Continued)</b></p>
<p style="margin-left:80">In May&nbsp;2005, the FASB issued SFAS No.&nbsp;154,
&#8220;Accounting Changes and Error Corrections.&#8221; SFAS No.&nbsp;154
replaces Accounting Principles Board (&#8220;APB&#8221;) Opinion No.&nbsp;20,
&#8220;Accounting Changes&#8221; and SFAS No.&nbsp;3, &#8220;Reporting
Accounting Changes in Interim Financial Statements.&#8221; SFAS No.&nbsp;154
requires retrospective application to prior periods&#8217; financial statements
of a voluntary change in accounting principle unless it is impracticable. APB
No.&nbsp;20 previously required that most voluntary changes in accounting
principle be recognized by including the cumulative effect of changing to the
new accounting principle in net income in the period of the change. SFAS
No.&nbsp;154 is effective for accounting changes and corrections of errors made
in fiscal years beginning after December&nbsp;15, 2005. The adoption of SFAS
No.&nbsp;154 did not have a material impact on the Company&#8217;s financial
position, results of operations, or cash flows.</p><p>
</p>
<p style="margin-left:80">In February&nbsp;2006, the FASB issued SFAS
No.&nbsp;155, &#8220;Accounting for Certain Hybrid Financial Instruments, an
amendment of FASB Statements No.&nbsp;133 and 140.&#8221; SFAS No.&nbsp;155
resolves issues addressed in SFAS No.&nbsp;133 Implementation Issue No.&nbsp;D1,
&#8220;Application of Statement 133 to Beneficial Interests in Securitized
Financial Assets,&#8221; and permits fair value remeasurement for any hybrid
financial instrument that contains an embedded derivative that otherwise would
require bifurcation, clarifies which interest-only strips and principal-only
strips are not subject to the requirements of SFAS No.&nbsp;133, establishes a
requirement to evaluate interests in securitized financial assets to identify
interests that are freestanding derivatives or that are hybrid financial
instruments that contain an embedded derivative requiring bifurcation, clarifies
that concentrations of credit risk in the form of subordination are not embedded
derivatives and amends SFAS No.&nbsp;140 to eliminate the prohibition on a
qualifying special-purpose entity from holding a derivative financial instrument
that pertains to a beneficial interest other than another derivative financial
instrument. SFAS No.&nbsp;155 is effective for all financial instruments
acquired or issued after the beginning of the first fiscal year that begins
after September&nbsp;15, 2006. The adoption of FAS 155 is not anticipated to
have a material impact on the Company&#8217;s financial position, results of
operations, or cash flows.</p><p>
</p>
<p style="margin-left:80">In March&nbsp;2006, the FASB issued SFAS No.&nbsp;156,
&#8220;Accounting for Servicing of Financial Assets, an amendment of FASB
Statement No.&nbsp;140.&#8221; SFAS No.&nbsp;156 requires an entity to recognize
a servicing asset or liability each time it undertakes an obligation to service
a financial asset by entering into a servicing contract under a transfer of the
servicer&#8217;s financial assets that meets the requirements for sale
accounting, a transfer of the servicer&#8217;s financial assets to a qualified
special-purpose entity in a guaranteed mortgage securitization in which the
transferor retains all of the resulting securities and classifies them as either
available-for-sale or trading securities in accordance with SFAS No.&nbsp;115,
&#8220;Accounting for Certain Investments in Debt and Equity Securities&#8221;
and an acquisition or assumption of an obligation to service a financial asset
that does not relate to financial assets of the servicer or its consolidated
affiliates.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>12</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>
<p style="margin-left:80"> </p><p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 2-  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </u>(CONTINUED)</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Recent
Accounting Pronouncements</u> (Continued)</b></p>
<p style="margin-left:80">Additionally, SFAS No.&nbsp;156 requires all
separately recognized servicing assets and servicing liabilities to be initially
measured at fair value, permits an entity to choose either the use of an
amortization or fair value method for subsequent measurements, permits at
initial adoption a one-time reclassification of available-for-sale securities to
trading securities by entities with recognized servicing rights and requires
separate presentation of servicing assets and liabilities subsequently measured
at fair value and additional disclosures for all separately recognized servicing
assets and liabilities. SFAS No.&nbsp;156 is effective for transactions entered
into after the beginning of the first fiscal year that begins after
September&nbsp;15, 2006. The adoption of FAS 156 is not anticipated to have a
material impact on the Company&#8217;s financial position or results of
operations.</p><p>
</p>
<p style="margin-left:80">In September 2006, The Financial Accounting Standards
Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No.
157, "Fair Value Measurement" ("SFAS No. 157"). This standard provides guidance
for using fair value to measure assets and liabilities. SFAS No. 157 applies
whenever other standards require (or permit) assets or liabilities to be
measured at fair value but does not expand the use of fair value in any new
circumstances. Prior to SFAS No. 157, the methods for measuring fair value were
diverse and inconsistent, especially for items that are not actively traded. The
standard clarifies that for items that are not actively traded, such as certain
kinds of derivatives, fair value should reflect the price in a transaction with
a market participant, including an adjustment for risk, not just the
company&#8217;s mark-to-model value. SFAS No. 157 also requires expanded
disclosure of the effect on earnings for items measured using unobservable data.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods within those fiscal
years. The Company is currently evaluating the impact of this statement on its
financial statements and expects to adopt SFAS No.157 on December 31,
2007.</p><p>
</p>
<p style="margin-left:80">In September 2006, the FASB issued SFAS No. 158,
"Employers&#8217; Accounting for Defined Benefit Pension and Other
Postretirement Plans -- An Amendment of FASB Statements No. 87, 88, 106, and
132R." </p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>13</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 2-  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </u>(CONTINUED)</b><p>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Recent
Accounting Pronouncements</u> (Continued)</b></p>
<p style="margin-left:80">This standard requires an employer to: (a) recognize
in its statement of financial position an asset for a plan&#8217;s overfunded
status or a liability for a plan&#8217;s underfunded status; (b) measure a
plan&#8217;s assets and its obligations that determine its funded status as of
the end of the employer&#8217;s fiscal year (with limited exceptions); and (c)
recognize changes in the funded status of a defined benefit postretirement plan
in the year in which the changes occur. Those changes will be reported in
comprehensive income. The requirement to recognize the funded status of a
benefit plan and the disclosure requirements are effective as of the end of the
fiscal year ending after December&nbsp;15, 2006. The requirement to measure plan
assets and benefit obligations as of the date of the employer&#8217;s fiscal
year-end statement of financial position is effective for fiscal years ending
after December&nbsp;15,&nbsp;2008. The Company is evaluating the impact of this
statement on its financial statements and believes that such impact may be
material.</p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Reclassifications</u></b></p>
<p style="margin-left:80">The loss from discontinued operations for the nine
months ended January  31, 2006 was reclassified to reflect the sale of the
Company&#8217;s only operating business activity in the condensed consolidated
statements of operations in accordance with the provisions of FAS 144. The
reclassifications had no effect on net loss for the nine months ended January
31, 2007 and 2006, respectively. </p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>14</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 3-</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>COMMITMENTS AND
CONTINGENCIES</u></b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Operating
leases</u></b></p>
<p style="margin-left:80">The Company leased, as tenant, restaurant space under
an operating lease, which expired June 30, 2005 and was not renewed. The lease
escalated for increases in the landlord&#8217;s expenses for increases in the
Consumer Price Index, and required additional rentals based on a percentage of
restaurant sales over a defined amount. The lease granted the Company certain
concessions, which were amortized to lease expense over the term of the
lease.</p><p>
</p>
<p style="margin-left:80">Rental expense during the nine months ended January
31, 2007 and 2006 was $315 and $43,132, respectively.</p><p>
<p>
<b>NOTE 4-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARRIOTT LICENSE</b></p>
<p style="margin-left:80">The Company was an exclusive supplier of sports
memorabilia and a consultant to all new Champions Sports Bars located in
Marriott and Renaissance Hotels worldwide. This agreement was terminated by
Marriott effective May 28, 2005. </p>&nbsp;	<p>
<p>
<b>NOTE 5-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>OTHER ACCRUED EXPENSES</u></b></p>
<p style="margin-left:80">This account represents accrued officer&#8217;s
payroll and related payroll taxes. </p><p>
<p>
<b>NOTE 6- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>OFFICER LOANS PAYABLE</u></b></p>
<p style="margin-left:80">The Company has received working capital advances from
an officer of the Company which are due on demand without interest.  </p><p>
<p>
<b>NOTE 7-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>STOCKHOLDERS&#8217; DEFICIT</u>
</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Common
Stock </u></b></p>
<p style="margin-left:80">The Company has 50,000,000 shares authorized and
27,324,658 shares issued and outstanding at January 31 2007.</p><p>
</p>
<p style="margin-left:80">There were 10,500,000 shares of common stock issued
during the Nine months ended January 31, 2007.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>15</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 7-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>STOCKHOLDERS&#8217; DEFICIT</u>
(CONTINUED)</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Preferred
Stock </u></b></p>
<p style="margin-left:80">The Company has 56,075 shares of preferred stock
authorized and 0 shares issued and outstanding at January 31, 2007. </p><p>
</p>
<p style="margin-left:80">There were no issuances of preferred stock during the
nine months ended January 31, 2007. The 32,450 shares as of July&nbsp;31, 2006
were cancelled in October 2006.</p><p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stock
Options</u></b></p>
<p style="margin-left:80">On January 15, 2007, the Company entered into various
agreements with consultants to issue three hundred and forty thousand options,
exercisable over a five year period based on a fair value exercise price on the
date of issuance ($0.17) exercisable expiring through January 15, 2012 for
services to be rendered.  The options vest on January 15, 2008 and have been
valued at $44,184 using the Black-Scholes Model with an annualized volatility
rate of 100% and a bond interest rate of 4.43%.</p><p>
<p>
<b>NOTE 8-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>GOING CONCERN</u> </b></p>
<p style="margin-left:80">As shown in the accompanying condensed consolidated
financial statements, the Company has sustained net operating losses for the
nine months ended January 31, 2007 and 2006 and has sustained large accumulated
deficits that raise substantial doubt about its ability to continue as a going
concern.  </p><p>
</p>
<p style="margin-left:80">The Company&#8217;s future success is dependent upon
its ability to achieve profitable operations and generate cash from operating
activities, and upon additional financing. There is no guarantee that the
Company will &nbsp;&nbsp;be able to raise enough capital or generate revenues to
sustain its operations. The condensed consolidated financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>16</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b><br><b>FORMERLY CHAMPIONS SPORTS, INC. AND
SUBSIDIARIES</b><br><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)</b><br><b>JANUARY 31, 2007 AND 2006 (UNAUDITED)</b><p>
<b>NOTE 9-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>PROVISION FOR INCOME
TAXES</u></b></p>
<p style="margin-left:80">Deferred income taxes will be determined using the
liability method for the temporary differences between the financial reporting
basis and income tax basis of the Company&#8217;s assets and liabilities.
Deferred income taxes will be measured based on the tax rates expected to be in
effect when the temporary differences are included in the Company&#8217;s
consolidated tax return. Deferred tax assets and liabilities are recognized
based on anticipated future tax consequences attributable to differences between
financial statement carrying amounts of assets and liabilities and their
respective tax bases.</p><p>
</p>
<p style="margin-left:80">At January 31, 2007 and 2006, deferred tax assets
consist of the following: </p><p>
</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="227.999943" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
</p>
</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">2007</font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">2006</font></p>
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="1" rowspan="1" >
<p>
Deferred tax asset  </p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right">
2,452,896&nbsp;</p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right">
2,428,114&nbsp;</p align="right">
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Less:  valuation allowance</p>
</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="3">(2,452,896)</font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
&nbsp;</p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="3"> (2,428,114)</font></p>
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="1" rowspan="1" >
<p>
Net deferred tax asset</p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-0-&nbsp;</font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-0-</font></p>
</td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:80">At January 31, 2007 and 2006, the Company had federal
net operating loss carryforwards in the approximate amounts of $7,008,273 and
$6,937,468 available to offset future taxable income. The Company established
valuation allowances equal to the full amount of the deferred tax assets due to
the uncertainty of the utilization of the operating losses in future
periods.</p><p>
<p>
<b>NOTE 10- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISPOSAL OF BUSINESS</b></p>
<p style="margin-left:80">On June 23, 2005, the Company ceased operations of
it&#8217;s only sports bar located in San Antonio, Texas.  Fixed assets with a
net book value of $152,520 were sold for $10,000 and inventory consisting of
primarily restaurant food and beverage was sold for $3,200.  The Company&#8217;s
condensed consolidated financial statements have been reclassified to reflect
this sale as discontinued operations, for all periods presented. Summarized
operating results of discontinued operations are as follows:</p><p>
</p>
<div align="center" style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="179.999955" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="95.999976" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="center">
January 31,</p align="center">
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="center">
January 31,</p align="center">
</td>
</tr>
<tr valign="top">
<td width="179.999955" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="95.999976" colspan="1" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">2007</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">2006</font></p>
</td>
</tr>
<tr valign="top">
<td width="179.999955" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="95.999976" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="179.999955" colspan="1" rowspan="1" >
<p>
Revenues</p>
</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="95.999976" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="179.999955" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;Net loss before income taxes	</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="95.999976" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="3"> (160,196)</font></p>
</td>
</tr>
<tr valign="top">
<td width="191.999952" colspan="2" rowspan="1" >
<p>
Provision for taxes</p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="95.999976" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
</tr>
<tr valign="top">
<td width="179.999955" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p>
Net loss</p>
</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#FFF3CE>
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="95.999976" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="3"> (160,196)</font></p>
</td>
</tr>
<tr valign="top">
<td width="191.999952" colspan="2" rowspan="1" >
<p>
Net loss per share</p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="95.999976" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3"> (0.01)</font></p>
</td>
</tr>
<tr valign="top">
<td width="191.999952" colspan="2" rowspan="1" bgcolor=#FFF3CE>
<p>
Diluted loss per share</p>
</td>
<td width="23.999994" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="95.999976" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="3">-&nbsp;</font></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right">
$</p align="right">
</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#FFF3CE>
<p align="right" style="border-bottom:double">
<font size="3"> (0.01)</font></p>
</td>
</tr>
</table></div>
<p>
<p>
<b>NOTE 11- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENT</b></p>
<p style="margin-left:80">On February 14, 2007 the Company agreed to acquire all
of the patent rights underlying a pending U.S. Patent Application.  The purchase
price for the patent rights consisted of an aggregate of up 550,000 restricted
shares of common stock, of which 300,000 were issued to four individuals upon
execution of the acquisition agreement and 250,000 restricted shares are
issuable upon the issuance of the patent based on the U.S. Patent Application.
The transaction will be accounted under FASB 142 &#8220;Goodwill and other
Intangible Assets&#8221;.</p>&nbsp;	<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>17</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p>
<b>Item 2.&nbsp;&nbsp;&nbsp;Managements Discussion and Analysis of Financial
Condition and Results of Operations.</b><p align="center">
<b>SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document contains
"forward-looking statements" within the meaning of Section 27A of the Securities
Act and Section 21E of the Securities Exchange Act that inherently involve risk
and uncertainties.  The Company generally uses words such as "believe," "may,"
"could," "will," "intend," "estimate," "expect," "anticipate," "plan," "likely,"
"promise" and similar expressions to identify forward-looking statements.  One
should not place undue reliance on these forward-looking statements.  The
Company&#8217;s actual results could differ materially from those anticipated in
the forward-looking statements for many unforeseen factors, which may include,
but are not limited to, changes in general economic conditions, the ongoing
threat of terrorism, ability to have access to financing sources on reasonable
terms and other risks that are described in this document. Although the Company
believes the expectations reflected in the forward-looking statements are
reasonable, they relate only to events as of the date on which the statements
are made, and the Company&#8217;s future results, levels of activity,
performance or achievements may not meet these expectations.  The Company does
not intend to update any of the forward-looking statements after the date of
this document to conform these statements to actual results or to changes in the
Company&#8217;s expectations, except as required by law.<p>
<b>Overview</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Biotechnology, Inc. is a
biotechnology company that intends to engage in the acquisition and early stage
development of a portfolio of new therapeutic drug candidates and also the
acquisition and development of novel technologies that the Company hopes will
improve methods of and approaches to disease treatment.  This will be
accomplished by drawing upon the established expertise, knowledge and insight of
experts, including two of the Company&#8217;s shareholders, Drs. David Sidransky
and Manuel Hidalgo, who have wide-ranging contacts in the pharmaceutical
industry, academia and government. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company plans to develop a
portfolio of new therapeutic drug candidates through pre-clinical trials and
possibly early phase ("first in man") clinical trials.  If therapeutic drug
candidates reach this early stage of development, the Company intends to partner
with, sell or license to pharmaceutical and/or biotechnology companies, as
appropriate. Management believes this strategy will enable the Company to
leverage the competencies of these partners or licensees to maximize the
Company&#8217;s return on investment in a relatively short time frame. This
model is unlike that of typical new biotechnology companies that look to bring
the process of drug development through all phases of discovery, development,
regulatory approvals, and marketing, which requires a very large financial
commitment and a long time, typically more than a decade, to realize.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2007, the Company acquired
the patent rights&nbsp;to&nbsp;two Benzoylphenylurea (BPU) sulfur analog
compounds that have shown promising potent activity against prostate and
pancreatic cancer cell lines (<i>Journal of Medicinal Chemistry</i>, 2006, Vol.
49, No.7, 2357-2360).&nbsp; The acquired rights include&nbsp;pending U.S. Patent
Application no. 11/673,519 and the corresponding international&nbsp;patent
application (PCT/US2006/014449) filed under the Patent Cooperation Treaty (PCT),
both entitled Design and Synthesis of Novel Tubulin Polymerization
Inhibitors:&nbsp; Benzoylphenylurea (BPU) Sulfur Analogs.  <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company was incorporated under the
laws of the State of Delaware in June 1985 as a merger and acquisition company
under the name "International Group, Inc." In September 1985, the Company
completed a public offering, and in January 1986, acquired the world-wide rights
to the Champions sports theme restaurant concept and subsequently changed its
name to &#8220;Champions Sports, Inc.&#8221; In 1997, the Company sold its
Champions service mark and concept for sports themed restaurants&nbsp;to
Marriott International, Inc. and since then until January 2007, had been seeking
a new business direction.  In January 2007, the Company changed its name to
Champions Biotechnology, Inc. to reflect the decision of the Company to focus on
biotechnology as its new business approach.<p align="center">
<b>RISK FACTORS</b></p>
<p style="margin-left:45">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should
carefully consider the risks described below together with all of the other
information included in this report on Form 10-QSB. The risks and uncertainties
described below are not the only ones we face.  Additional risks not presently
known or that we currently consider insignificant may also impair our business
operations in the future. An investment in our common stock is very risky. If
any of the following risks materialize, our business, financial condition or
results of operations could be adversely affected. In such an event, the trading
price of our common stock could decline, and you may lose part or all of your
investment. When used in these risk factors, the terms "we" or "our" refer to
Champions Biotechnology, Inc.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>18</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>
<p style="margin-left:45"><b>We historically have lost money, expect losses to
continue for the foreseeable future and may never achieve profitability.</b></p><p>
</p>
<p style="margin-left:45">We historically have lost money. In the year ended
April 30, 2006, we sustained net losses of approximately $303,718, and for the
nine months ended January 31, 2007 we sustained net losses of approximately
$74,086. In the year ended April 30, 2005, we sustained a net loss of
approximately $246,544. At January 31, 2007, we had an accumulated deficit of
approximately $7,008,273.</p><p>
</p>
<p style="margin-left:45">The amount of these losses may vary significantly from
year-to-year and quarter-to-quarter and will depend on, among other
factors:</p><p>
</p>
<div style="position:relative; left: 34"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>the timing and cost of product and technology development;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>the progress and cost of preclinical and possibly early phase clinical
development programs;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>the timing and cost of obtaining necessary regulatory approvals;
and</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>the costs of pending and any future litigation of which we may be
subject.</li></ul></td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:45">We currently have no operations and do not have any
commercially marketable products or technologies. We intend to engage in
product research and development, a process that requires significant capital
expenditures, and we do not have any other sources of revenue to off-set such
expenditures. Accordingly, we expect to generate additional operating losses at
least until such time as we are able to generate significant revenues.</p><p>
</p>
<p style="margin-left:45">To become profitable, we will need to generate
revenues to off-set our operating costs, including our general and
administrative expenses. We may not achieve or, if achieved, sustain our revenue
or profit objectives, and our losses may increase in the future, and,
ultimately, we may have to cease operations.</p><p>
</p>
<p style="margin-left:45">In order to generate new and significant revenues, we
must successfully develop our products and then partner with, sell or license to
pharmaceutical and/or biotechnology companies, as appropriate, who can
successfully commercialize them. Even if our proposed products are commercially
introduced, they may never achieve market acceptance and we may never generate
significant revenues or achieve profitability.</p><p>
</p>
<p style="margin-left:45"><b>Our independent auditor has expressed substantial
doubt about our ability to continue as a going concern. We need to raise
substantial additional capital to fund our operations and we may be unable to
raise such funds on a timely basis and on acceptable terms.</b></p><p>
</p>
<p style="margin-left:45">In its audit report relating to our fiscal year ended
April 30, 2006, our independent auditor expressed substantial doubt our ability
to continue as a going concern due to recurring losses and working capital
shortage and the fact that there is no guarantee that we will be able to raise
enough capital or generate revenues to sustain our operations. As of the date of
this filing, we have not alleviated our working capital needs. We have been
meeting our working capital needs with advances from our executive officer,
James Martell.  In addition, we received proceeds of $38,000 through the sale of
restricted common shares in January 2007.  If we must devote a substantial
amount of time to raising capital, it will delay our ability to achieve our
business goals within the time frames that we now expect, which could increase
the amount of capital we need. In addition, the amount of time expended by our
management on fund raising distracts them from concentrating on our business
affairs.</p><p>
</p>
<p style="margin-left:45"><b>Our lack of operating history in the biotechnology
industry makes it difficult to evaluate or predict our future business
prospects.</b></p><p>
</p>
<p style="margin-left:45">We have no operating history in the biotechnology
industry, and our operating results are impossible to predict because we have
not begun selling any products. We are in the development stage, and our
proposed operations are subject to all of the risks inherent in establishing a
new business enterprise, including:</p><p>
</p>
<div style="position:relative; left: 25"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>the absence of an operating history;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>the lack of commercialized products;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>insufficient capital;</li></ul></td>
</tr>
</table></div>
<div align="center" color="#000080" style="position:relative; left: -5"><b>19<ul>
<li></li></ul></b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><div style="position:relative; left: 34"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>expected substantial and continual losses for the foreseeable
future;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>limited experience in dealing with regulatory issues;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>limited marketing experience;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>an expected reliance on third parties for the commercialization of our
proposed products;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>a competitive environment characterized by numerous, well-established and
well-capitalized competitors;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>uncertain market acceptance of our proposed products; and</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>reliance on key personnel.</li></ul></td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:45">The likelihood of our success must be considered in
light of the problems, expenses, difficulties, complications, and delays
frequently encountered in connection with the formation of a new business, the
development of new technology, and the competitive and regulatory environment in
which we will operate. </p><p>
</p>
<p style="margin-left:45">Because we are subject to these risks, you may have a
difficult time evaluating our business and your investment in our
company.</p><p>
</p>
<p style="margin-left:45"><b>Our initial proposed products are in the early
development stages and will likely not be commercially introduced for several
years, if at all.</b></p><p>
</p>
<p style="margin-left:45">Our proposed initial products still are in the early
development stage and will require further development, preclinical and early
phase clinical testing and investment prior to their possible commercialization
in the United States and abroad. We cannot be sure that these products in
development will:</p><p>
</p>
<div style="position:relative; left: 34"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>be successfully developed;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>prove to be safe and efficacious in clinical trials;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>meet applicable regulatory standards or obtain required regulatory
approvals;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>demonstrate substantial protective or therapeutic benefits in the prevention
or treatment of any disease;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>be capable of being produced in commercial quantities at reasonable
costs;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>obtain coverage and favorable reimbursement rates from insurers and other
third-party payors; or</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>be successfully marketed or achieve market acceptance by physicians and
patients.</li></ul></td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:45"><b>We have very limited staffing and will continue to be
dependent upon key employees.</b></p><p>
</p>
<p style="margin-left:45">Our success, currently, is dependent upon the efforts
of our only employee, James Martell, our Chairman, President and CEO.  The loss
of Mr. Martell&#8217;s services would have a material adverse affect on our
business and financial condition. We will need to develop a management team and
attract and retain qualified personnel in all functional areas to expand and
grow our business. This will be difficult in the biotechnology industry, where
competition for skilled personnel is intense. </p><p>
</p>
<p style="margin-left:45"><b>Because our industry is very competitive and many of
our competitors have substantially greater capital resources and more experience
in research and development than us, we may not succeed in developing our
proposed products and technologies and having them brought to market.</b></p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>20</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>
<p style="margin-left:45">Competition in the pharmaceutical industry is intense.
Potential competitors in the United States and abroad are numerous and include
pharmaceutical, chemical and biotechnology companies, most of which have
substantially greater capital resources and more experience in research and
development than us. Academic institutions, hospitals, governmental agencies and
other public and private research organizations are also conducting research and
seeking patent protection and may develop and commercially introduce competing
products or technologies on their own or through joint ventures. We cannot
assure you that our competitors will not succeed in developing similar
technologies and products more rapidly than we do, commercially introducing such
technologies and products to the marketplace prior to introduction of our
products, or that these competing technologies and products will not be more
effective or successful than any of those that we currently are developing or
will develop.</p><p>
</p>
<p style="margin-left:45"><b>If we are unable to protect our intellectual property,
we may not be able to compete as effectively.</b></p><p>
</p>
<p style="margin-left:45">The biotechnology industry places considerable
importance on obtaining patent and trade secret protection for new technologies,
products and processes. Our success will depend, in part, upon our ability to
obtain, enjoy and enforce protection for any products we develop or acquire
under United States and foreign patent laws and other intellectual property
laws, preserve the confidentiality of our trade secrets and operate without
infringing the proprietary rights of third parties.</p><p>
</p>
<p style="margin-left:45">Where appropriate, we will seek patent protection for
certain aspects of our technology. However, our owned and licensed patents and
patent applications may not ensure the protection of our intellectual property
for a number of other reasons:</p><p>
</p>
<div style="position:relative; left: 34"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
<ul>
<li>Competitors may interfere with our patents and patent process in a variety
of ways. Competitors may claim that they invented the claimed invention before
us or may claim that we are infringing on their patents and therefore we cannot
use our technology as claimed under our patent. Competitors may also have our
patents reexamined by showing the patent examiner that the invention was not
original or novel or was obvious.</li></ul></td>
</tr>
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
<ul>
<li>We are in the development stage and will be in the process of developing
proposed products and technologies. The mere receipt of a patent does not
necessarily provide much practical protection. If we receive a patent with a
narrow scope, then it will be easier for competitors to design products that do
not infringe on our patent. Even if the development of our proposed products is
successful and approval for sale is obtained, there can be no assurance that
applicable patent coverage, if any, will not have expired or will not expire
shortly after this approval. Any expiration of the applicable patent could have
a material adverse effect on the sales and profitability of our proposed
product.</li></ul></td>
</tr>
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
<ul>
<li>Enforcing patents is expensive and may require significant time by our
management. In litigation, a competitor could claim that our issued patents are
not valid for a number of reasons. If the court agrees, we would lose protection
on products covered by those patents.</li></ul></td>
</tr>
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="709.333156" colspan="1" rowspan="1" >
<ul>
<li>We also may support and collaborate in research conducted by government
organizations or universities. We cannot guarantee that we will be able to
acquire any exclusive rights to technology or products derived from these
collaborations. If we do not obtain required licenses or rights, we could
encounter delays in product development while we attempt to design around other
patents or we may be prohibited from developing, manufacturing or selling
products requiring these licenses. There is also a risk that disputes may arise
as to the rights to technology or products developed in collaboration with other
parties.</li></ul></td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:45">It also is unclear whether efforts to secure our trade
secrets will provide useful protection. While we will use reasonable efforts to
protect our trade secrets, our employees or consultants may unintentionally or
willfully disclose our proprietary information to competitors resulting in a
loss of protection. Enforcing a claim that someone else illegally obtained and
is using our trade secrets, like patent litigation, is expensive and time
consuming, and the outcome is unpredictable. In addition, courts outside the
United States are sometimes less willing to protect trade secrets. Finally, our
competitors may independently develop equivalent knowledge, methods and
know-how.</p><p>
</p>
<p style="margin-left:45"><b>Claims by others that our products infringe their
patents or other intellectual property rights could adversely affect our
financial
condition.</b></p><div align="center" color="#000080" style="position:relative; left: -5"><b>21</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>
<p style="margin-left:45">The biotechnology industry has been characterized by
frequent litigation regarding patent and other intellectual property rights.
Patent applications are maintained in secrecy in the United States and also are
maintained in secrecy outside the United States until the application is
published. Accordingly, we can conduct only limited searches to determine
whether our technology infringes the patents or patent applications of others.
Any claims of patent infringement asserted by third parties would be
time-consuming and could likely:</p><p>
</p>
<div style="position:relative; left: 34"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>result in costly litigation;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>divert the time and attention of our technical personnel and
management;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>cause product development delays;</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>require us to develop non-infringing technology; or</li></ul></td>
</tr>
<tr valign="top">
<td width="673.333165" colspan="1" rowspan="1" >
<ul>
<li>require us to enter into royalty or licensing agreements.</li></ul></td>
</tr>
</table></div>
<p>
</p>
<p style="margin-left:45">Although patent and intellectual property disputes in
the biotechnology industry often have been settled through licensing or similar
arrangements, costs associated with these arrangements may be substantial and
often require the payment of ongoing royalties, which could hurt our gross
margins. In addition, we cannot be sure that the necessary licenses would be
available to us on satisfactory terms, or that we could redesign our products or
processes to avoid infringement, if necessary. Accordingly, an adverse
determination in a judicial or administrative proceeding, or the failure to
obtain necessary licenses, could prevent us from developing, manufacturing and
selling some of our products, which could harm our business, financial condition
and operating results.</p><p>
</p>
<p style="margin-left:45"><b>If any of our products that we license or partner with
pharmaceutical and/or biotechnology companies  fail to obtain regulatory
approval to commercially manufacture or if approval is delayed or withdrawn, we
will be unable to generate revenue from the sale or license of our
products.</b></p><p>
</p>
<p style="margin-left:45">Our products have to obtain regulatory approval to be
able to be sold in the United States and abroad. In the United States, approval
of the FDA has to be obtained for each product or drug to be commercialized. The
FDA approval process is typically lengthy and expensive, and approval is never
certain. Products to be commercialized abroad are subject to similar foreign
government regulation.</p><p>
</p>
<p style="margin-left:45">Generally, only a very small percentage of newly
discovered pharmaceutical products that enter preclinical development are
approved for sale. Because of the risks and uncertainties in biopharmaceutical
development, our proposed products could take a significantly longer time to
gain regulatory approval than we expect or may never gain approval. If
regulatory approval is delayed or never obtained, our management&#8217;s
credibility, the value of our company and our operating results and liquidity
might be adversely affected. Furthermore, even if a product gains regulatory
approval, the product and the manufacturer of the product may be subject to
continuing regulatory review. Even after obtaining regulatory approval, the
product may be restricted or prohibited from marketing or manufacturing a
product if previously unknown problems with the product or its manufacture are
subsequently discovered. </p><p>
</p>
<p style="margin-left:45"><b>Even if our proposed products receive FDA approval,
they may not achieve expected levels of market acceptance, which could have a
material adverse effect on our business, financial position and operating
results and could cause the market value of our common stock to decline.</b></p><p>
</p>
<p style="margin-left:45">Even if our proposed products obtain required
regulatory approvals, the success of those products is dependent upon market
acceptance by physicians and patients. Levels of market acceptance for our new
products could be impacted by several factors, including:</p><p>
</p>
<div style="position:relative; left: 43"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="661.333168" colspan="1" rowspan="1" >
<ul>
<li>the availability of alternative products from competitors;</li></ul></td>
</tr>
<tr valign="top">
<td width="661.333168" colspan="1" rowspan="1" >
<ul>
<li>the price of our products relative to that of our
competitors;</li></ul></td>
</tr>
<tr valign="top">
<td width="661.333168" colspan="1" rowspan="1" >
<ul>
<li>the timing of our market entry; and</li></ul></td>
</tr>
<tr valign="top">
<td width="661.333168" colspan="1" rowspan="1" >
<ul>
<li>the ability to market our products effectively.</li></ul></td>
</tr>
</table></div>
<div align="center" color="#000080" style="position:relative; left: -5"><b>22</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>
<p style="margin-left:45">Some of these factors are not within our control. Our
proposed products may not achieve expected levels of market acceptance.
Additionally, continuing studies of the proper utilization, safety and efficacy
of pharmaceutical products are being conducted by the industry, government
agencies and others. Such studies, which increasingly employ sophisticated
methods and techniques, can call into question the utilization, safety and
efficacy of previously marketed products. In some cases, these studies have
resulted, and may in the future result, in the discontinuance of product
marketing. These situations, should they occur, could have a material adverse
effect on our business, financial position and results of operations, and the
market value of our common stock could decline.</p><p>
</p>
<p style="margin-left:45"><b>Because the biotechnology industry is heavily
regulated, we face significant costs and uncertainties associated with our
efforts to comply with applicable regulations. Should we fail to comply, we
could experience material adverse effects on our business, financial position
and results of operations, and the market value of our common stock could
decline.</b></p><p>
</p>
<p style="margin-left:45">The biotechnology industry is subject to regulation by
various federal and state governmental authorities. For example, we must comply
with FDA requirements with respect to the development of our proposed products
and our early clinical trials, and if any of our proposed products are approved,
the manufacture, labeling, sale, distribution, marketing, advertising and
promotion of our products. Failure to comply with FDA and other governmental
regulations can result in fines, disgorgement, unanticipated compliance
expenditures, recall or seizure of products, total or partial suspension of
production and/or distribution, suspension of the FDA&#8217;s review of NDAs,
enforcement actions, injunctions and criminal prosecution. Under certain
circumstances, the FDA also has the authority to revoke previously granted drug
approvals. Despite our efforts at compliance, there is no guarantee that we may
not be deemed to be deficient in some manner in the future. If we were deemed to
be deficient in any significant way, our business, financial position and
results of operations could be materially affected and the market value of our
common stock could decline.</p><p>
</p>
<p style="margin-left:45"><b>Your investment in our common stock may be dilute if
we issue additional shares in the future.</b></p><p>
</p>
<p style="margin-left:45">We may issue additional shares of common stock, which
would reduce your percentage ownership and may dilute your share value. Our
Articles of Incorporation authorize the issuance of 50,000,000 shares of common
stock. As of March 14, 2007, we had 27,624,658 shares of common stock issued and
outstanding.  The future issuance of all or part of the remaining authorized
common stock would result in substantial dilution in the percentage of the
common stock held by existing shareholders.  We may value any common stock
issued in the future on an arbitrary basis. The issuance of common stock for
future services or acquisitions or other corporate actions may have the effect
of diluting the value of the shares held by existing shareholders, and might
have an adverse effect on any trading market for our common stock.</p><p>
</p>
<p style="margin-left:45"><b>There is a limited trading market for our common
stock, which may make it difficult for you to sell your shares.</b></p><p>
</p>
<p style="margin-left:45">Our common stock is quoted on the OTC Bulletin Board.
Like many stocks quoted on the OTC Bulletin Board, trading in our common stock
is thin and characterized by wide fluctuations in trading prices, due to many
factors that may have little to do with our operations or business prospects.
This volatility could depress the market price of our common stock for reasons
unrelated to operating performance. Moreover, trading on the OTC Bulletin Board
is often more sporadic and volatile than the trading on security exchanges like
NASDAQ, American Stock Exchange or New York Stock Exchange. Accordingly, you may
have difficulty reselling your shares of our common stock in short time
periods.</p><p>
</p>
<p style="margin-left:45"><b>Our common stock may be deemed a &#8220;penny
stock,&#8221; which would make it more difficult for you to sell your
shares.</b><br>Our common stock may be subject to the &#8220;penny stock&#8221;
rules adopted under Section 15(g) of the Securities Exchange Act of 1934, as
amended (the &#8220;Exchange Act&#8221;). The penny stock rules apply to
companies whose common stock is not listed on the NASDAQ Stock Market or another
national securities exchange and trades at less than $5.00 per share or that
have tangible net worth of less than $5,000,000 ($2,000,000 if the company has
been operating for three or more years). These rules require, among other
things, that brokers who trade penny stock to persons other than
&#8220;established customers&#8221; complete certain documentation, make
suitability inquiries of investors and provide investors with certain
information concerning trading in the security, including a risk disclosure
document and quote information under certain circumstances. Many brokers have
decided not to trade penny stocks because of the requirements of the penny stock
rules and, as a result, the number of broker-dealers willing to act as market
makers in such securities is limited. If we remain subject to the penny stock
rules for any significant period, it could have an adverse effect on the market,
if any, for our common stock. If our common stock is subject to the penny stock
rules, you will find it more difficult to dispose of the shares of our common
stock that you have purchased.</p><p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>23</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p>
<b>Results of Operation</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended January 31,
2007, the Company&#8217;s net loss was $74,086 and the net loss for the three
months ended January 31, 2007 was $37,198.  The Company&#8217;s total assets at
January 31, 2007 were $20,779. For the nine months ended January 31, 2006, the
Company&#8217;s net loss was $306,999 and the net loss for the three months
ended January 31, 2006 was $77,711, which reflected the expenses of
discontinuing the Champions restaurant operations in 2005. The Company&#8217;s
total assets at January 31, 2006 were $21,019.<p>
<b>Revenues</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s total operating
revenues were $0.00 for the nine months ended January 31, 2007 and $0.00 for the
three month period ended January 31, 2007.  The Company has had no operations
since June 23, 2005, when the lease on its only Champions restaurant location
expired. The Company&#8217;s condensed consolidated financial statements have
been reclassified to reflect this cessation of business as discontinued
operations for the comparative nine-month period ending January 31, 2006.<p>
<b>Expenses</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses
were $74,086 for the nine months ended January 31, 2007 and $37,198 for the
three months ended January 31, 2007, compared to $146,803 for the nine months
ended January 31, 2006 and $61,543 for the three months ended January 31, 2006,
which reflected the expenses of discontinuing the Champions restaurant
operations in 2005.<p>
<b>Liquidity and Capital Resources</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s cash position as
of January 31, 2007 was $20,779, compared to $540 on April 30, 2006. For the
nine month period, the Company&#8217;s continuing operations used $61,544. The
Company met its liquidity needs by receiving advances from its executive
officer, James Martell, in the amount of $43,693 and from the proceeds from the
sale of restricted common stock in the amount of $38,000. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company had a working capital
deficit of $356,139 at January 31, 2007 and $670,513 at April 30, 2006.  This
reduction is due to the conversion, on October 16, 2006, of a current liability
of $350,460 of dividend payment on preferred stock that was converted into
1,000,000 shares of common stock, a five-year warrant to purchase up to 500,000
shares of common stock at an exercise price of $.15 per share, and a five-year
warrant to purchase up to 500,000 shares of common stock at an exercise price of
$.25 per share. The Company&#8217;s working capital is very unfavorable when
compared to other public companies.<p>
<b>Item 3.&nbsp;&nbsp;&nbsp;Controls and Procedures</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains a set of
disclosure controls and procedures designed to ensure that information required
to be disclosed by the Company in the reports filed under the Securities
Exchange Act, is recorded, processed, summarized and reported within the time
periods specified by the SEC&#8217;s rules and forms. Disclosure controls are
also designed with the objective of ensuring that this information is
accumulated and communicated to the Company&#8217;s management, including the
Company&#8217;s chief executive officer and chief financial officer, as
appropriate, to allow timely decisions regarding required disclosure.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon his evaluation as of the
end of the period covered by this report, the Company&#8217;s chief executive
officer concluded that, the Company&#8217;s disclosure controls and procedures
are not effective to ensure that information required to be included in the
Company&#8217;s periodic SEC filings is recorded, processed, summarized, and
reported within the time periods specified in the SEC rules and forms.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s Board of Directors
was advised by Bagell, Josephs, Levine &amp; Company, L.L.C., the
Company&#8217;s independent registered public accounting firm, that during their
performance of audit procedures for the fiscal year ended 2006, Bagell, Josephs,
Levine &amp; Company, L.L.C. identified a material weakness as defined in Public
Company Accounting Oversight Board Standard No. 2 in the Company&#8217;s
internal control over financial reporting.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This deficiency consisted primarily of
inadequate staffing and supervision that could lead to the untimely
identification and resolution of accounting and disclosure matters and failure
to perform timely and effective reviews. However, the size of the Company
prevents it from being able to employ sufficient resources to enable the Company
to have adequate segregation of duties within its internal control system.
Management is required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures. As soon as the Company is able
to obtain sufficient funding, it will apply the necessary corrective action to
remedy the weakness.</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>24</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>Part II.&nbsp;&nbsp;&nbsp;Other Information</b></p>
<p>
</p>
<p>
<b>Item 1. Legal Proceedings</b></p>
<p>
</p>
<p>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>None<p>
<b>Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds</b></p>
&nbsp;	<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 3, 2007, the Company issued
2,500,000 restricted shares of common stock to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.
Manuel Hidalgo, an individual investor, for an aggregate purchase price of
$10,000.  These securities were issued pursuant to a privately negotiated
transaction without an underwriter in reliance upon the exemption from
registration provided by Section 4(2) of the Securities Act. Proceeds were used
for working capital.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 5, 2007, the Company issued
7,000,000 restricted shares of common stock to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.
David Sidransky, an individual investor, for an aggregate purchase price of
$28,000.  These securities were issued pursuant to a privately negotiated
transaction without an underwriter in reliance upon the exemption from
registration provided by Section 4(2) of the Securities Act. Proceeds were used
for working capital.<p>
<b>Item 3.   Defaults Upon Senior Securities</b></p>
&nbsp;	<p>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>None<p>
<b>Item 4.&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security
Holders</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None<p>
<b>Item 5.  Other Information</b></p>
&nbsp;	<p>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent event</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 14, 2007, the Company
acquired all of the patent rights underlying pending U.S. Patent Application no.
11/673,519 and corresponding international patent application
(PCT/US2006/014449) filed under the Patent Cooperation Treaty (PCT), both
entitled &#8220;Design and Synthesis of Novel Tubulin Polymerization Inhibitors:
Benzoylphenylurea (BPU) Sulfur Analogs.&#8221; The acquisition represented the
commencement of the Company&#8217;s strategy to develop a biotechnology business
based on therapeutic drug candidates, among other possible ventures. The
purchase price for the patent rights consisted of an aggregate of up to 550,000
restricted shares of common stock, of which 300,000 restricted shares were
issued upon execution of the acquisition agreement and 250,000 restricted shares
are issuable upon the issuance of one of patents based on U.S. Patent
Application no. 11/673,519. <p>
<b>Item 6.&nbsp;&nbsp;&nbsp;Exhibits </b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
of the Chief Executive and Financial Officer required by Rule 13a-14(a) or Rule
15d-14(a).<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
of the Chief Executive and Financial Officer required by Rule 13a-14(b) or Rule
15d-14(b) and 18 U.S.C. 1350.</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>25</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>SIGNATURES</b><p>
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="377.333239" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="251.999937" colspan="1" rowspan="1" >
<p>
<b>CHAMPIONS BIOTECHNOLOGY, INC.</b></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="659.999835" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="659.999835" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="377.333239" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="251.999937" colspan="1" rowspan="1" >
<p>
<u>/s/ James Martell</u></p>
</td>
<td width="29.333326" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="377.333239" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="281.333263" colspan="2" rowspan="1" >
<p>
James Martell</p>
</td>
</tr>
<tr valign="top">
<td width="377.333239" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="281.333263" colspan="2" rowspan="1" >
<p>
Chairman, President , CEO and CFO</p>
</td>
</tr>
<tr valign="top">
<td width="659.999835" colspan="3" rowspan="1" >
<p>
Date: March 14, 2006</p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>26</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
CERTIFICATION OF CHIEF EXECUTIVE OFFICER<p align="center">
Section 302 Certification<p>
I, JAMES MARTELL, certify that:<p>
(1) I have reviewed this quarterly report on Form 10Q-SB of CHAMPIONS
BIOTECHNOLOGY, INC., a Delaware corporation (the "registrant");<p>
(2) Based on my  knowledge,  this  quarterly  report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;<p>
(3) Based on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;<p>
(4) The  registrant&#8217;s  other  certifying  officers  and I are  responsible
for establishing and maintaining  disclosure  controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls
and procedures to ensure that material information relating to the registrant,
including its consolidated  subsidiaries, is made known to us by others within
those entities, particularly during the period in which this quarterly report is
being   prepared;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the
effectiveness of the registrant&#8217;s disclosure controls and  procedures  as
of a date  within 90 days prior to the  filing  date of this  quarterly report
(the "Evaluation Date"); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Presented  in  this  quarterly   report  our  conclusions   about  the
effectiveness  of the  disclosure  controls  and  procedures  based  on our
evaluation as of the Evaluation Date;<p>
(5) The registrant&#8217;s  other certifying  officers and I have disclosed,
based on our most recent evaluation, to the registrant&#8217;s auditors and the
audit committee of the  registrant&#8217;s  board of directors (or persons
performing  the equivalent functions):<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all  significant  deficiencies  in
the design or  operation of internal controls which could adversely affect the
registrant&#8217;s ability to record,  process,  summarize and report  financial
data and have  identified for the registrant&#8217;s auditors any material
weaknesses in internal controls;
and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud,  whether or not
material,  that involves management or other employees who have a significant
role  in  the  registrant&#8217;s  internal controls; and<p>
(6) The registrant&#8217;s  other  certifying  officers and I have  indicated in
this quarterly report whether there were significant  changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.<p>
Date:  March 14, 2007</p align="right">
<div style="position:relative; left: 35"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="443.999889" colspan="1" rowspan="1" >
<p align="right">
By:&nbsp;</p align="right">
</td>
<td width="143.999964" colspan="1" rowspan="1" >
<p>
<u>/s/ James Martell</u></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="443.999889" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="167.999958" colspan="2" rowspan="1" >
<p>
James Martell</p>
</td>
</tr>
<tr valign="top">
<td width="443.999889" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="167.999958" colspan="2" rowspan="1" >
<p>
Chief Executive Officer</p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>27</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
CERTIFICATION OF CHIEF FINANCIAL OFFICER<p align="center">
Section 302 Certification<p>
I, James Martell, certify that:<p>
(1) I have reviewed this quarterly report on Form 10Q-SB of CHAMPIONS
BIOTECHNOLOGY, INC., a Delaware corporation (the "registrant");<p>
(2) Based on my knowledge, this  quarterly  report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report.<p>
(3) Based on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report; <p>
(4) The  registrant&#8217;s  other  certifying  officers  and I are  responsible
for establishing and maintaining  disclosure  controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed  such  disclosure
controls  and  procedures  to ensure  that  material information relating to the
registrant, including its consolidated subsidiaries, is  made  known  to  us by
others  within  those  entities, particularly  during  the period in which  this
quarterly  report is being
prepared;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the
effectiveness of the registrant&#8217;s disclosure controls and procedures  as
of a date  within 90 days prior to the  filing  date of this quarterly report
(the "Evaluation Date"); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Presented  in  this  quarterly   report  our  conclusions   about  the
effectiveness  of the  disclosure  controls  and  procedures  based  on our
evaluation as of the Evaluation Date;<p>
(5) The registrant&#8217;s other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant&#8217;s auditors and the audit
committee of the registrant&#8217;s board of directors (or persons performing
the equivalent functions):<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all  significant  deficiencies  in
the design or  operation of internal controls which could adversely affect the
registrant&#8217;s  ability to record, process,  summarize and report  financial
data and have  identified for the registrant&#8217;s auditors any material
weaknesses in internal controls;
and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud,  whether or not
material,  that involves management or other employees who have a significant
role  in  the  registrant&#8217;s  internal controls; and<p>
(6) The registrant&#8217;s other certifying officers and I have indicated in
this quarterly report whether there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.<p>
Date: March 14, 2007</p align="right">
<div style="position:relative; left: 35"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="431.999892" colspan="1" rowspan="1" >
<p align="right">
By:&nbsp;</p align="right">
</td>
<td width="167.999958" colspan="1" rowspan="1" >
<p>
<u>/s/ James Martell</u></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="431.999892" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="203.999949" colspan="2" rowspan="1" >
<p>
James Martell</p>
</td>
</tr>
<tr valign="top">
<td width="431.999892" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="203.999949" colspan="2" rowspan="1" >
<p>
Chief Financial Officer</p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>28</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
<p align="center">
<b>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT
TO</b><br><b>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b><p>
In connection with the quarterly report of Champions Biotechnology, Inc. (the
"Company") on Form 10-QSB for the nine months ended January 31, 2007 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
each of the undersigned, in the capacities and on the dates indicated below,
hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that to their knowledge:<p>
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
<br>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report
fairly presents, in all material respects, the financial condition and results
of operation of the Company. </p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="341.333248" colspan="1" rowspan="1" >
<p>
Dated March 14, 2007</p>
</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right">
By:&nbsp;</p align="right">
</td>
<td width="287.999928" colspan="1" rowspan="1" >
<p>
<u>/s/ James Martell</u></p>
</td>
</tr>
<tr valign="top">
<td width="341.333248" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="287.999928" colspan="1" rowspan="1" >
<p>
James M. Martell, Chief Executive Officer and</p>
</td>
</tr>
<tr valign="top">
<td width="341.333248" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="287.999928" colspan="1" rowspan="1" >
<p>
Chief Financial Officer</p>
</td>
</tr>
<tr valign="top">
<td width="707.999823" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
</table></div>
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>29</b><hr size="3" color="#999999" STYLE="page-break-after: always"> &nbsp; </div><p>
</p>


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