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<SEC-DOCUMENT>0001023175-08-000085.txt : 20080514
<SEC-HEADER>0001023175-08-000085.hdr.sgml : 20080514
<ACCEPTANCE-DATETIME>20080514153611
ACCESSION NUMBER:		0001023175-08-000085
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080514
DATE AS OF CHANGE:		20080514

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:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31671
		FILM NUMBER:		08831606

	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>10-Q
<SEQUENCE>1
<FILENAME>gwiv08q1e.htm
<DESCRIPTION>QUARTERLY REPORT ON FORM 10Q FOR THE PERIOD ENDED MARCH 31, 2008
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>Converted by EDGARwiz</TITLE>
<META content=01/28/2015 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<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"><BR></P>
<P style="FONT-SIZE: 14pt; MARGIN: 0px; LINE-HEIGHT: 16pt" align=center><B>FORM
10-Q</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px"><B>[X]</B></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px"><B>QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">For the quarterly period ended March
31, 2008</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px"><B>[
&nbsp;]</B></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px"><B>TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">For the transition period from ___ to
___</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>Commission file number: 000-31671</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B><U>GLOBALWISE INVESTMENTS, INC.</U></B></P>
<P style="MARGIN: 0px" align=center>(Exact name of registrant as specified in
its charter)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=342></TD>
<TD width=282></TD></TR>
<TR>
<TD vAlign=top width=342>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 0px"
align=center><U>Nevada</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 2px" align=center>(State or
other jurisdiction of incorporation or organization)</P></TD>
<TD vAlign=top width=282>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 0px"
align=center><U>87-0613716</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 2px" align=center>(I.R.S.
Employer &nbsp;Identification No.)</P></TD></TR>
<TR>
<TD vAlign=top width=342>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 0px" align=center><U>2157 S.
Lincoln Street, Salt Lake City, Utah</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 2px" align=center>(Address of
principal executive offices)</P></TD>
<TD vAlign=top width=282>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 0px"
align=center><U>84106</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 2px" align=center>(Zip
Code)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Registrant&#146;s telephone number: <U>801-323-2395</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. &nbsp;&nbsp;&nbsp;&nbsp;Yes &nbsp;[X] &nbsp;&nbsp;No [ &nbsp;]</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=270></TD>
<TD width=336></TD></TR>
<TR>
<TD vAlign=top width=270>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 0px">Large accelerated filer [
&nbsp;]</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 2px">Non-accelerated filer [
&nbsp;]</P></TD>
<TD vAlign=top width=336>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 0px">Accelerated filed [
&nbsp;]</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 2px">Smaller reporting company
[X]</P></TD></TR></TABLE>
<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">The number of shares outstanding of the registrant&#146;s
common stock as of May 6, 2008 was 1,139,000. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>1</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>PART I &#150; 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: 617px">2</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance
Sheets</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">3</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements
of Operations</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">4</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements
of Cash Flows</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">5</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to the Financial Statements</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">6</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Item 2. &nbsp;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">7</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Item 3. &nbsp;Quantitative and
Qualitative Disclosures About Market Risk</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">8</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Item 4. &nbsp;Controls and
Procedures</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">8</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>PART II &#150; 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: 617px">8</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Signatures</P>
<P style="MARGIN: 0px; TEXT-INDENT: 617px">9</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><B>PART I &#150; FINANCIAL INFORMATION</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>ITEM 1. &nbsp;FINANCIAL STATEMENTS</B></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, 2008
and 2007 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, 2008, are not necessarily
indicative of results to be expected for any subsequent period. &nbsp;</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></P>
<P style="MARGIN: 0px" align=center><B>Globalwise Investments, Inc.</B></P>
<P style="MARGIN: 0px" align=center>&nbsp;</P>
<P style="MARGIN: 0px" align=center>(A Development Stage Company)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>Financial Statements</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>March 31, 2008</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>2</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR><BR><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=64></TD>
<TD width=64></TD>
<TD width=77></TD>
<TD width=81></TD>
<TD width=81></TD>
<TD width=81></TD>
<TD width=95></TD>
<TD width=20></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globalwise
Investments, Inc.</B></P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom colSpan=4>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A
Development Stage Company)</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom colSpan=3>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance
Sheets</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS</B></P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>March 31</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>December 31</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2008</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2007</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>(Unaudited)</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">CURRENT
ASSETS</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Cash</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,633&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Current Assets</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,633&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
ASSETS</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,633&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; 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=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">CURRENT
LIABILITIES</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Accounts
Payable </P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,495&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,595&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Current Liabilities</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>52,495&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>51,595&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Liabilities</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>52,495&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>51,595&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">STOCKHOLDERS'
DEFICIT</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Common
Stock, $.001 par value; 50,000,000 shares</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;authorized;
1,139,000 shares issued and outstanding</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>1,139&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>1,139</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Additional
paid in Capital</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>35,205&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>35,205</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Deficit
Accumulated During the Development Stage</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(87,631)</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(85,306)</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Total
Stockholders' Deficit</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(51,287)</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(48,962)</P></TD></TR>
<TR>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD>
<TD vAlign=bottom width=20>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,633&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; FONT-FAMILY: Arial" align=center>The accompanying notes
are an integral part of these financial statements.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>3</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=73></TD>
<TD width=73></TD>
<TD width=73></TD>
<TD width=74></TD>
<TD width=99></TD>
<TD width=8></TD>
<TD width=94></TD>
<TD width=12></TD>
<TD width=101></TD></TR>
<TR>
<TD vAlign=bottom colSpan=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>Globalwise
Investments, Inc.</B></P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>(A Development
Stage Company)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>Statements of
Operations</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center>(Unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=9>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>From</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>For the three</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>For the three</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>Inception on</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>months ended</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>months ended</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>October 3,</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>March 31,</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>March 31,</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>1997 to</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2008</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2007</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>March 31, 2008</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">REVENUES</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
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>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&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=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
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=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">EXPENSES</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;General
&amp; Administrative</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>2,325&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>5&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>87,631&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
EXPENSES</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>2,325&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>5&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>87,631&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Net
Operating Loss</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(2,325)</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(5)</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(87,631)</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">LOSS
BEFORE TAXES</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(2,325)</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(5)</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(87,631)</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">TAXES</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>-&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">NET
LOSS</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,325)</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &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=12>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=101>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87,631)</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">NET
LOSS PER SHARE</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
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;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
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>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">WEIGHTED
AVERAGE SHARES</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;OUTSTANDING</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=99>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>1,139,000</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=94>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>1,604,000&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&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></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; LINE-HEIGHT: normal; FONT-FAMILY: Arial" align=center>The
accompanying notes are an integral part of these financial statements<FONT
style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"> </FONT></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>4</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=62></TD>
<TD width=62></TD>
<TD width=62></TD>
<TD width=90></TD>
<TD width=73></TD>
<TD width=91></TD>
<TD width=8></TD>
<TD width=73></TD>
<TD width=11></TD>
<TD width=90></TD></TR>
<TR>
<TD vAlign=bottom colSpan=10>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>Globalwise
Investments, Inc.</B></P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=10>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>(A Development
Stage Company)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=10>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>Statements of Cash
Flows</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=10>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center>(Unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>From</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>Inception on</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>October 3,</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;For
the three months ended</P></TD>
<TD vAlign=bottom width=11>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>1997 Through</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March
31,</P></TD>
<TD vAlign=bottom width=11>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>March 31,</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2008 </P></TD>
<TD vAlign=bottom width=8>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2007 </P></TD>
<TD vAlign=bottom width=11>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=center>2008</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"><B>Cash
Flows from Operating Activities</B></P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Net
Loss&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(2,325)</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;(87,631)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Adjustment
to reconcile net (loss) to cash provided</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;(used)
by operating activities:</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
contributions - expenses</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>6,550&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Changes
in assets and liabilities:</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
in inventory</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(21,744)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
in accounts payable &amp; accrued expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>900&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(600)</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>61,094&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Net
Cash Provided (Used) by Operating Activities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(1,425)</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(605)</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(41,731)</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"><B>Cash
Flows from Investing Activities</B></P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Purchase
of equipment</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(20,530)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Loss
of cash in spin-off</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(1,531)</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Net
Cash Provided (Used) by Investing Activities</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(22,061)</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"><B>Cash
Flows from Financing Activities</B></P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Proceeds
from stock issuance</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>65,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Net
Cash Provided (Used) by Financing Activities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>65,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Increase
(Decrease) in Cash</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(1,425)</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>(605)</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>1,208&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Cash
and Cash Equivalents, Beginning of Period</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>2,633&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>2,757&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>&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=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">Cash
and Cash Equivalents, End of Period</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,152&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"><U>Supplemental
Cash Flow Information</U>:</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Stock
issued for services</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &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=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Issuance
of stock in settlement of debt</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &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=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;Cash
Paid For:</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Interest</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$
&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=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &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 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Income
Taxes</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &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=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial"
align=right>$ &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"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>The accompanying notes
are an integral part of these financial statements</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>5</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><B>Globalwise
Investments, Inc.</B></P>
<P style="MARGIN: 0px" align=center>(A Development Stage Company)</P>
<P style="MARGIN: 0px" align=center>Notes to the Financial Statements</P>
<P style="MARGIN: 0px" align=center>March 31, 2008</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><U>GENERAL</U></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" 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, 2008, &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-K for the
twelve months ended December 31, 2007.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><U>STOCK SPLIT</U></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>On January 30, 2008 the Board of Directors
approved a 2-for-1 forward stock split which was effective on February 15, 2008.
&nbsp;The financial statements reflect this split with the balance sheet
retroactively restated.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><U>UNAUDITED INFORMATION</U></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" 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>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>6</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; 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><B>FORWARD LOOKING STATEMENTS</B></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;intend,&#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 statements. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>ITEM 2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><I>Plan of Operation</I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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">To position the company for a potential acquisition or
merger, our board of directors effected a 2-for-1 forward split of our
outstanding common stock on February 15, 2008. &nbsp;Pre-split common shares of
569,500 outstanding on February 15, 2008 were forward split to 1,139,000 shares
of common stock. </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">We are a development stage company without revenues from
operations and we have had recurring operating losses for the past two fiscal
years. &nbsp;Our independent auditors have expressed doubt that we can continue
as a going concern unless we obtain financing to continue operations.
&nbsp;&nbsp;At March 31, 2008, we had $1,208 in cash and total liabilities of
$52,495 and we cannot satisfy our cash requirements for our operations. &nbsp;We
will need to raise additional capital during the next twelve months to fund our
operations and we will likely rely on equity or debt transactions. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">We may issue common stock for cash, to convert debt, or
for services rendered and we anticipate that the common stock will be issued
&nbsp;pursuant to exemptions to registration provided by federal and state
securities laws. &nbsp;The purchasers and manner of issuance will be determined
according to our financial needs and the available exemptions to registration.
&nbsp;We do not currently intend to make a public offering of our stock.
&nbsp;We also note that if we issue more shares of our common stock, then our
shareholders may experience dilution in the value per share of their common
stock. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">During the next twelve months, provided we do not acquire
or merge with an operating business, we do not anticipate that we will conduct
product research and development, nor do we expect to purchase or sell a plant
or equipment, or intend to hire employees.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>7</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><B>ITEM 3. &nbsp;QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Not applicable.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>ITEM 4. &nbsp;CONTROLS AND PROCEDURES</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><I>Disclosure Controls and Procedures</I></B></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 to allow timely decisions regarding required disclosure.
&nbsp;Our President, who serves as our principal executive officer and principal
financial officer, 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"><B><I>Management&#146;s Report on Internal Control over
Financial Reporting</I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Our President is responsible to design or supervise a
process to be effected by our board of directors that provides reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles. &nbsp;The policies and procedures include:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: WP TypographicSymbols">$</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">maintenance of records in reasonable
detail to accurately and fairly reflect the transactions and dispositions of
&nbsp;assets,</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: WP TypographicSymbols">$</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">reasonable assurance that
transactions are recorded as necessary to permit preparation of financial
statements in accordance with &nbsp;generally accepted accounting principles,
and that receipts and expenditures are being made only in accordance with
authorizations of management and directors, and</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: WP TypographicSymbols">$</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of assets that could have a material effect on our financial statements.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Our management determined that there were no changes made
in our internal controls over financial reporting during the first quarter of
2008 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" align=center><B>PART II &#150; OTHER INFORMATION</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>ITEM 6. &nbsp;EXHIBITS</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><I>Part I Exhibits</I></B></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px"><U>No.</U></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px"><U>Description</U></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px">31.1</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Principal Executive Officer
Certification</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px">31.2</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Principal Financial Officer
Certification</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px">32.1</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Section 1350 Certification</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><I>Part II Exhibits</I></B></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px"><U>No.</U></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px"><U>Description</U></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px">3.1</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">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; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px">3.2</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Certificate of Correction, effective
May 22, 2007 (Incorporated by reference to exhibit 3.1 of Form 8-K, filed June
17, 2007)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px">3.3</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">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><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>8</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"
align=center><B>SIGNATURES</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly 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: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=372></TD>
<TD width=252></TD></TR>
<TR>
<TD vAlign=top width=372>
<P style="MARGIN-TOP: 5px; 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-TOP: 0px; MARGIN-BOTTOM: 2px">By:
<I><U>&nbsp;&nbsp;/s/&nbsp; Donald R. Mayer
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P></TD>
<TD vAlign=top width=252>
<P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 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: 2px">Date: May 13,
2008</P></TD></TR></TABLE>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Donald R. Mayer</P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">President and Principal Financial
Officer </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>9</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN: 0px"><BR></P></DIV></BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>gwiv08marchex311.htm
<DESCRIPTION>PRINCIPAL EXECUTIVE OFFICER CERTIFICATION
<TEXT>
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<HEAD>
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px">Exhibit 31.1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</B></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-Q 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 registrant 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 registrant&#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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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) &nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(c) Evaluated the effectiveness of the registrant&#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">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#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 registrant&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of registrant&#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 registrant&#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 registrant&#8217;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=246></TD><TD width=378></TD></TR>
<TR><TD valign=top width=246><P style="margin:0px"><BR></P>
<P style="margin:0px">Date: May 13, 2008</P>
</TD><TD valign=top width=378><P style="margin:0px"><BR></P>
<P style="margin:0px"><I><U>/s/ Donald R. Mayer</U></I></P>
<P style="margin:0px">Donald R. Mayer</P>
<P style="margin:0px">Principal Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>gwiv08marchex312.htm
<DESCRIPTION>PRINCIPAL FINANCIAL OFFICER CERTIFICATION
<TEXT>
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px">Exhibit 31.2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>PRINCIPAL FINANCIAL OFFICER CERTIFICATION</B></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-Q 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 registrant 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 registrant&#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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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) &nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(c) Evaluated the effectiveness of the registrant&#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">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#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 registrant&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of registrant&#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 registrant&#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 registrant&#8217;s internal control over financial reporting.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=246></TD><TD width=378></TD></TR>
<TR><TD valign=top width=246><P style="margin:0px"><BR></P>
<P style="margin:0px">Date: May 13, 2008</P>
</TD><TD valign=top width=378><P style="margin:0px"><BR></P>
<P style="margin:0px"><I><U>/s/ Donald R. Mayer</U></I></P>
<P style="margin:0px">Donald R. Mayer</P>
<P style="margin:0px">Principal Financial Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>gwiv08marchex321.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION
<TEXT>
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<DIV style="width:624px"><P style="margin:0px">Exhibit 32.1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>Globalwise Investments, Inc.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><U>CERTIFICATION OF PERIODIC REPORT</U></P>
<P style="margin:0px" align=center>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0px" align=center>18 U.S.C. Section 1350</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">The undersigned executive officer of Globalwise Investments, Inc. certifies pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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">the quarterly report on Form 10-Q of Globalwise Investments, Inc. for the quarter ended March 31, 2008 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</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">the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Globalwise Investments, Inc. </P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=246></TD><TD width=378></TD></TR>
<TR><TD valign=top width=246><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: May 13, 2008</P>
</TD><TD valign=top width=378><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I><U>/s/ Donald R. Mayer</U></I></P>
<P style="margin:0px">Donald R. Mayer</P>
<P style="margin:0px">Principal Executive Officer</P>
<P style="margin:0px">Principal Financial Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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