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<SEC-DOCUMENT>0001023175-07-000101.txt : 20070514
<SEC-HEADER>0001023175-07-000101.hdr.sgml : 20070514
<ACCEPTANCE-DATETIME>20070511173450
ACCESSION NUMBER:		0001023175-07-000101
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070514
DATE AS OF CHANGE:		20070511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBALWISE INVESTMENTS INC
		CENTRAL INDEX KEY:			0001081745
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				870613716
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31671
		FILM NUMBER:		07843473

	BUSINESS ADDRESS:	
		STREET 1:		2157 S. LINCOLN ST
		STREET 2:		2157 S. LINCOLN ST
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84106
		BUSINESS PHONE:		8013232395

	MAIL ADDRESS:	
		STREET 1:		2157 S. LINCOLN ST
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84106
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>gi07q1e.htm
<DESCRIPTION>QUARTERLY REPORT ON FORM 10QSB FOR THE PERIOD ENDED MARCH 31, 2007
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="date" CONTENT="01/28/2015">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px" align=center><B>UNITED STATES</B></P>
<P style="margin:0px" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>FORM 10-QSB</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">[X]</P>
<P style="margin:0px; padding-left:48px">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE </P>
<P style="margin:0px; padding-left:48px">ACT OF 1934</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>For the quarterly period ended March 31, 2007 &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">[ &nbsp;]</P>
<P style="margin:0px; padding-left:48px">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE</P>
<P style="margin:0px; padding-left:48px">ACT OF 1934</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>Commission File No. 000-31671</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><U>GLOBALWISE INVESTMENTS, INC.</U></P>
<P style="margin:0px" align=center>(Exact name of small business issuer as specified in its charter)</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=312></TD><TD width=312></TD></TR>
<TR><TD valign=top width=312><P style="margin-top:5.533px; margin-bottom:0px" align=center><U>Nevada</U></P>
<P style="margin-top:0px; margin-bottom:2.667px" align=center>(State or other jurisdiction of incorporation or organization)</P>
</TD><TD valign=top width=312><P style="margin-top:5.533px; margin-bottom:0px" align=center><U>87-0613716</U></P>
<P style="margin-top:0px; margin-bottom:2.667px" align=center>(I.R.S. &nbsp;Employer Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><U>2157 S. Lincoln Street, Salt Lake City, Utah &nbsp;84106</U></P>
<P style="margin:0px" align=center>(Address of principal executive offices)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><U>(801) 323-2395</U></P>
<P style="margin:0px" align=center>(Issuer&#146;s telephone number)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &nbsp;&nbsp;&nbsp;Yes &nbsp;[X] &nbsp;&nbsp;No &nbsp;[ &nbsp;] </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </P>
<P style="margin:0px">Yes [X] &nbsp;&nbsp;No [ &nbsp;]</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As of April 25, 2007, Globalwise Investments, Inc. had 802,000 common shares outstanding. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Transitional small business disclosure format: &nbsp;Yes [ &nbsp;] &nbsp;No [X]</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center>TABLE OF CONTENTS</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>PART I: FINANCIAL INFORMATION</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">Item 1. &nbsp;Financial Statements</P>
<P style="margin:0px; text-indent:617.333px">2</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">Item 2. Management&#146;s Discussion and Analysis or Plan of Operation </P>
<P style="margin:0px; text-indent:617.333px">7</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">Item 3. Controls and Procedures</P>
<P style="margin:0px; text-indent:617.333px">7</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PART II: OTHER INFORMATION</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">Item 6. &nbsp;Exhibits</P>
<P style="margin:0px; text-indent:617.333px">8</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">Signatures</P>
<P style="margin:0px; text-indent:617.333px">8</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PART I - FINANCIAL INFORMATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ITEM 1. &nbsp;FINANCIAL STATEMENTS</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The financial information set forth below with respect to our statements of operations for the three month periods ended March 31, 2007 and 2006 is unaudited. &nbsp;This financial information, in the opinion of management, includes all adjustments consisting of normal recurring entries necessary for the fair presentation of such data. &nbsp;The results of operations for the three month period ended March 31, 2007, are not necessarily indicative of results to be expected for any subsequent period. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center><FONT FACE="Arial"><B>Globalwise Investments, Inc.</B></FONT></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>Financial Statements</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>March 31, 2007</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><FONT FACE="Times New Roman">2</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><BR>
<BR>
<BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=64></TD><TD width=64></TD><TD width=77.333></TD><TD width=77.333></TD><TD width=83.333></TD><TD width=72></TD><TD width=98></TD><TD width=19.8></TD><TD width=94.6></TD></TR>
<TR><TD valign=bottom width=650.4 colspan=9><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=650.4 colspan=9><P style="margin:0px; font-family:Arial" align=center><FONT FACE="Arial"><B>Globalwise Investments, Inc.</B></FONT></P>
</TD></TR>
<TR><TD valign=bottom width=650.4 colspan=9><P style="margin:0px; font-family:Arial" align=center><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=bottom width=650.4 colspan=9><P style="margin:0px; font-family:Arial" align=center><B>Balance Sheets</B></P>
</TD></TR>
<TR><TD valign=bottom width=650.4 colspan=9><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=232.667 colspan=3><P style="margin:0px; font-family:Arial" align=center><B>ASSETS</B></P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial" align=center><B>March 31</B></P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=center><B>December 31</B></P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=center><B>2007</B></P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=center><B>2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial" align=center><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">CURRENT ASSETS&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">Cash</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,152&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,757&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;TOTAL ASSETS&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,152&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,757&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=408 colspan=5><P style="margin:0px; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES AND STOCKHOLDERS' DEFICIT</B></P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">CURRENT LIABILITIES</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=282.667 colspan=4><P style="margin:0px; font-family:Arial">Accounts Payable - Related parties</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,995&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,995&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=128 colspan=2><P style="margin:0px; font-family:Arial">Accounts Payable </P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>18,000&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>18,600&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;Total Current Liabilities&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>48,995&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>49,595&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;Total Liabilities</P>
</TD><TD valign=bottom width=77.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=83.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>48,995&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>49,595&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=77.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=83.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=72><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">STOCKHOLDERS' DEFICIT</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=366 colspan=5><P style="margin:0px; font-family:Arial">Common Stock, $.001 par value; 50,000,000 shares</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=366 colspan=5><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;authorized; 802,000 &nbsp;shares issued and &nbsp;&nbsp;outstanding</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>802&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>802&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=128 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">Additional paid in Capital</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>27,542&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>27,542&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=366 colspan=5><P style="margin:0px; font-family:Arial">Deficit Accumulated During the Development Stage</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>(75,187)</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>(75,182)</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=205.333 colspan=3><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;Total Stockholders' Deficit</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>(46,843)</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>(46,838)</P>
</TD></TR>
<TR><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=64><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=77.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=83.333><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=98><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=366 colspan=5><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)</P>
</TD><TD valign=bottom width=72><P style="margin:0px; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=98><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,152&nbsp;</P>
</TD><TD valign=bottom width=19.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=94.6><P style="margin:0px; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,757&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><FONT FACE="Times New Roman">3</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=61.867></TD><TD width=61.867></TD><TD width=61.867></TD><TD width=10.4></TD><TD width=45.8></TD><TD width=5.867></TD><TD width=10.8></TD><TD width=5.867></TD><TD width=122.8></TD><TD width=5.867></TD><TD width=116.933></TD><TD width=5.867></TD><TD width=110.2></TD></TR>
<TR><TD valign=bottom width=626 colspan=13><P style="margin:0px; font-family:Arial" align=center><FONT FACE="Arial"><B>Globalwise Investments, Inc.</B></FONT></P>
</TD></TR>
<TR><TD valign=bottom width=626 colspan=13><P style="margin:0px; font-family:Arial" align=center><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=bottom width=626 colspan=13><P style="margin:0px; font-family:Arial" align=center><B>Statements of Operations</B></P>
</TD></TR>
<TR><TD valign=bottom width=626 colspan=13><P style="margin:0px; font-family:Arial" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=626 colspan=13><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>For the three months</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122.8 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>For the three months</P>
</TD><TD valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>From Inception on</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>ended March 31,</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>ended March 31,</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>October 3, 1997</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>2007</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>2006</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>to March 31, 2007</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=116.933><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=110.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=123.733 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">REVENUES</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=123.733 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">EXPENSES</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=196 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;General &amp; Administrative&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>5&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>265&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>75,187&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=185.6 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>5&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>265&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>75,187&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=185.6 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;Net Operating Loss</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(5)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(265)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(75,187)</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=185.6 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">LOSS BEFORE TAXES</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(5)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(265)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(75,187)</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=61.867><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">TAXES</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=123.733 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">NET LOSS</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75,187)</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=185.6 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">NET LOSS PER SHARE</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</P>
</TD></TR>
<TR><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=241.8 colspan=5><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">WEIGHTED AVERAGE SHARES&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=122.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=110.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=123.733 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;OUTSTANDING</P>
</TD><TD valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=45.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=10.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=122.8><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>802,000&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=116.933><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>802,000&nbsp;</P>
</TD><TD valign=bottom width=5.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=110.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>732,735&nbsp;</P>
</TD></TR>
</TABLE>
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<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><FONT FACE="Times New Roman">4</FONT></P>
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<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=93.4></TD><TD width=57.2></TD><TD width=57.333></TD><TD width=83.667></TD><TD width=24></TD><TD width=72.2></TD><TD width=15.8></TD><TD width=69.4></TD><TD width=13.8></TD><TD width=99.267></TD></TR>
<TR><TD valign=bottom width=586.067 colspan=10><P style="margin:0px; font-family:Arial" align=center><FONT FACE="Arial"><B>Globalwise Investments, Inc.</B></FONT></P>
</TD></TR>
<TR><TD valign=bottom width=586.067 colspan=10><P style="margin:0px; font-family:Arial" align=center><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=bottom width=586.067 colspan=10><P style="margin:0px; font-family:Arial" align=center><B>Statements of Cash Flows</B></P>
</TD></TR>
<TR><TD valign=bottom width=586.067 colspan=10><P style="margin:0px; font-family:Arial" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=586.067 colspan=10><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>From Inception on</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=157.4 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>For the three months ended</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>October 3, 1997</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=157.4 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>March 31,</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>Through</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>2007</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>2006</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=center>March 31, 2007</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=99.267><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px"><B>Cash Flows from Operating Activities</B></P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=99.267><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=99.267><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Net Loss</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265)</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75,187)</P>
</TD></TR>
<TR><TD valign=bottom width=315.6 colspan=5><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Adjustment to reconcile net (loss) to cash provided</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;(used) by operating activities:&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;Capital contributions - expenses</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>6,550&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Changes in assets and liabilities:</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=207.933 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;Increase in inventory</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(21,744)</P>
</TD></TR>
<TR><TD valign=bottom width=315.6 colspan=5><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;Increase in Accounts Payable &amp; Accrued Expenses</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(600)</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>262&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>49,594&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=315.6 colspan=5><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Net Cash Provided (Used) by Operating Activities</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(605)</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(3)</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(40,787)</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px"><B>Cash Flows from Investing Activities</B></P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=207.933 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Purchase of equipment</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(20,530)</P>
</TD></TR>
<TR><TD valign=bottom width=207.933 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Loss of cash in spin-off</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(1,531)</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=315.6 colspan=5><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Net Cash Provided (Used) by Investing Activities&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(22,061)</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px"><B>Cash Flows from Financing Activities</B></P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Proceeds from stock issuance&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>65,000&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=315.6 colspan=5><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Net Cash Provided (Used) by Financing Activities</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>65,000&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=207.933 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">Increase (Decrease) in Cash</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(605)</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>(3)</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>2,152&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">Cash and Cash Equivalents, Beginning of Period</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>2,757&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>3,201&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">Cash and Cash Equivalents, End of Period</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,152&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,198&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,152&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=291.6 colspan=4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">Supplemental Cash Flow Information:</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=207.933 colspan=3><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Stock issued for services</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=150.6 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;Cash Paid For:</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=93.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;Interest</P>
</TD><TD valign=bottom width=57.2><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=150.6 colspan=2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px">&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</P>
</TD><TD valign=bottom width=57.333><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=83.667><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=24><P style="margin:0px; font-family:Arial; font-size:12px">&nbsp;</P>
</TD><TD valign=bottom width=72.2><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=15.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=69.4><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=13.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=99.267><P style="line-height:14.667px; margin:0px; font-family:Arial; font-size:12px" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><FONT FACE="Times New Roman">5</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px; page-break-before:always" align=center><FONT FACE="Arial"><B>Globalwise Investments, Inc.</B></FONT></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>Notes to the Financial Statements</P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=center>March 31, 2007</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=justify><U>GENERAL</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=justify>Globalwise Investments, Inc. (the Company) has elected to omit substantially all footnotes to the financial statements for the three months ended March 31, 2007, &nbsp;since there have been no material changes (other than indicated in other footnotes) to the information previously reported by the Company in their Annual Report filed on the Form 10-KSB for the twelve months ended December 31, 2006.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=justify><U>UNAUDITED INFORMATION</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-family:Arial; font-size:14.667px" align=justify>The information furnished herein was taken from the books and records of the Company without audit. &nbsp;However, such information reflects all adjustments which are, in the opinion of management, necessary to properly reflect the results of the interim period presented. &nbsp;The information presented is not necessarily indicative of the results from operations expected for the full fiscal year.</P>
<P style="margin:0px" align=justify><BR></P>
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<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><FONT FACE="Times New Roman">6</FONT></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px"><I>In this report references to &#147;Globalwise,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Globalwise Investments, Inc. </I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Securities and Exchange Commission (&#147;SEC&#148;) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. &nbsp;This report contains these types of statements. &nbsp;Words such as &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;project,&#148; or &#147;continue&#148; or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. &nbsp;You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. &nbsp;All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking state
ments. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ITEM 2. &nbsp;MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are a shell company and during the next twelve months our management intends to actively seek an operating company to acquire or merge with which may provide operating revenue. &nbsp;Based on current economic and regulatory conditions, management believes that it is possible, if not probable, for a company like ours, without many assets or liabilities, to negotiate a merger or acquisition with a viable private company. &nbsp;The opportunity arises principally because of the high legal and accounting fees and the length of time associated with the process of &#147;going public.&#148; &nbsp;However, should a merger or acquisition prove unsuccessful, it is possible that we may decide not to pursue further acquisition activities and management may abandon its activities and our shares would become worthless.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As of the date of this filing, we have not identified any assets or business opportunities for acquisition. &nbsp;Potential investors must recognize that because we have limited capital available for investigation of business opportunities and management&#146;s limited experience in business analysis, we may not discover or adequately evaluate adverse facts about any business opportunity to be acquired. &nbsp;All risks inherent in new and inexperienced enterprises are inherent in our plan. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">It is emphasized that our management may effect transactions having a potentially adverse impact upon our shareholders pursuant to the authority and discretion of our management to complete acquisitions without submitting any proposal to the stockholders for their consideration.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As of March 31, 2007 we had $2,152 cash on hand, total current liabilities of $48,995 and we have not recorded revenues for the past two years. &nbsp;The majority of our operating expenses are related to our reporting obligations under the Exchange Act. &nbsp;These expenses include legal, accounting and professional services and costs required to prepare and file our reports with the SEC. &nbsp;We are unable to pay cash for these services and historically, we have relied on loans or related parties to pay for costs on our behalf. &nbsp;We may repay our debt with cash, if available, or may convert the debt into common stock.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ITEM 3. CONTROLS AND PROCEDURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. &nbsp;This information is accumulated and communicated to our executive officers to allow timely decisions regarding required disclosure. &nbsp;Our President, who acts in the capacity of principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. &nbsp;Based on that evaluation, he concluded that our disclosure controls and procedures were effective. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>7</P>
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<P style="margin:0px; page-break-before:always">Also, he determined that there were no changes made in our internal controls over financial reporting during the first quarter of 2007 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PART II - OTHER INFORMATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ITEM 6. &nbsp;EXHIBITS </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>Part I Exhibits</I></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">31.1</P>
<P style="margin:0px; padding-left:48px">Principal Executive Officer Certification</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">31.2</P>
<P style="margin:0px; padding-left:48px">Principal Financial Officer Certification</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">32.1</P>
<P style="margin:0px; padding-left:48px">Section 1350 Certification</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>Part II Exhibits</I></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">3.1</P>
<P style="margin:0px; padding-left:48px">Articles of Incorporation, as amended (Incorporated by reference to exhibit 3.1 of Form 10-QSB, filed October 11, 2001)</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">3.2</P>
<P style="margin:0px; padding-left:48px">Bylaws of Globalwise (Incorporated by reference to exhibit 3.3 of Form 10-SB, filed October 2, 2000.)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>SIGNATURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=264></TD><TD width=360></TD></TR>
<TR><TD valign=top width=264><P style="margin-top:5.533px; margin-bottom:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:2.667px">Date: May 9, 2007</P>
</TD><TD valign=top width=360><P style="margin-top:5.533px; margin-bottom:0px">GLOBALWISE INVESTMENTS, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">By: <I><U>/s/ Donald R. Mayer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald R. Mayer</P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Principal Executive Officer, </P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer, and Director</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>8</P>
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<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>global07march10qex311.htm
<DESCRIPTION>PRINCPAL EXECUTIVE OFFICER CERTIFICATION
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<DIV style="width:624px"><P style="margin:0px">Exhibit 31.1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">I, Donald R. Mayer, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">1.</P>
<P style="margin:0px; padding-left:48px">I have reviewed this quarterly report on Form 10-QSB of Globalwise Investments, Inc.;</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">2.</P>
<P style="margin:0px; padding-left:48px">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 statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this quarterly report; </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">3.</P>
<P style="margin:0px; padding-left:48px">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">4.</P>
<P style="margin:0px; padding-left:48px">The small business issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(b) Evaluated the effectiveness of the small business issuer&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(c) Disclosed in this report any change in the small business issuer&#8217;s internal control over financial reporting that occurred during the small business issuer&#8217;s most recent fiscal quarter (the small business issuer&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer&#8217;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">5.</P>
<P style="margin:0px; padding-left:48px">The small business issuer&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer&#8217;s auditors and the audit committee of small business issuer&#8217;s board of directors (or persons performing the equivalent function):</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer&#8217;s ability to record, process, summarize and report financial information; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer&#8217;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px; text-indent:-288px">Date: May 9, 2007</P>
<P style="margin:0px; padding-left:288px"><I><U>/s/ Donald R. Mayer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="margin:0px; text-indent:288px">Donald R. Mayer, Principal Executive Officer</P>
<P style="margin:0px"><BR></P>
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<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>global07march10qex312.htm
<DESCRIPTION>PRINCIPAL FINANCIAL OFFICER CERTIFICATION
<TEXT>
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<DIV style="width:624px"><P style="margin:0px">Exhibit 31.2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PRINCIPAL FINANCIAL OFFICER CERTIFICATION</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">I, Donald R. Mayer, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">1.</P>
<P style="margin:0px; padding-left:48px">I have reviewed this quarterly report on Form 10-QSB of Globalwise Investments, Inc.;</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">2.</P>
<P style="margin:0px; padding-left:48px">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 statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this quarterly report; </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">3.</P>
<P style="margin:0px; padding-left:48px">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">4.</P>
<P style="margin:0px; padding-left:48px">The small business issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(b) Evaluated the effectiveness of the small business issuer&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(c) Disclosed in this report any change in the small business issuer&#8217;s internal control over financial reporting that occurred during the small business issuer&#8217;s most recent fiscal quarter (the small business issuer&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer&#8217;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">5.</P>
<P style="margin:0px; padding-left:48px">The small business issuer&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer&#8217;s auditors and the audit committee of small business issuer&#8217;s board of directors (or persons performing the equivalent function):</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer&#8217;s ability to record, process, summarize and report financial information; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer&#8217;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:288px; text-indent:-288px">Date: May 9, 2007</P>
<P style="margin:0px; padding-left:288px"><I><U>/s/ Donald R. Mayer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="margin:0px; text-indent:288px">Donald R. Mayer, Principal Financial Officer</P>
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<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>global07march10qex321.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION
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<DIV style="width:624px"><P style="margin:0px">Exhibit 32.1</P>
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<P style="margin:0px" align=center><B>Globalwise Investments, Inc.</B></P>
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<P style="margin:0px" align=center><B><U>CERTIFICATION OF PERIODIC REPORT</U></B></P>
<P style="margin:0px" align=center><B>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></P>
<P style="margin:0px" align=center><B>18 U.S.C. Section 1350</B></P>
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<P style="margin:0px">The undersigned executive officer of Globalwise Investments, Inc. (the &#8220;Company&#8221;) certifies pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:</P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">&#8226;</P>
<P style="margin:0px; padding-left:48px">the quarterly report on Form 10-QSB of the Company for the quarter ended March 31, 2007, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">&#8226;</P>
<P style="margin:0px; padding-left:48px">the information contained in the Form 10-QSB fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>
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<P style="margin-top:0px; margin-bottom:-16px">Date: May 9, 2007</P>
<P style="margin:0px; text-indent:288px"><I><U>/s/ Donald R. Mayer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="margin:0px; text-indent:288px">Donald R. Mayer</P>
<P style="margin:0px; text-indent:288px">Principal Executive Officer</P>
<P style="margin:0px; padding-left:288px">Principal Financial Officer</P>
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