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<SEC-DOCUMENT>0001023175-09-000137.txt : 20090514
<SEC-HEADER>0001023175-09-000137.hdr.sgml : 20090514
<ACCEPTANCE-DATETIME>20090513184708
ACCESSION NUMBER:		0001023175-09-000137
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090514
DATE AS OF CHANGE:		20090513

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:		09823923

	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>gwiv09q1f.htm
<DESCRIPTION>QUARTERLY REPORT ON FORM 10Q FOR THE PERIOD ENDED MARCH 31, 2009
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>UNITED STATES</TITLE>
<META content="Terri Jackson" name=author>
<META content=05/13/2009 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 681px">
<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: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt" 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 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 quarterly period ended
<U>March 31, 2009</U></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"><BR></P>
<P style="MARGIN: 0px" align=center>Commission file number:<U> 000-31671</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>GLOBALWISE INVESTMENTS, INC<U>.</U></B></P>
<P style="MARGIN: 0px" align=center>(Exact name of registrant as specified in
its charter)</P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=360></TD>
<TD width=264></TD></TR>
<TR>
<TD vAlign=top width=360>
<P style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><U>Nevada
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px">(State or other
jurisdiction of incorporation or organization)</P></TD>
<TD vAlign=top width=264>
<P style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><U>87-0613716
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px">(I.R.S. Employer
Identification No.)</P></TD></TR>
<TR>
<TD vAlign=top width=360>
<P style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><U>2157 S. Lincoln Street,
Salt Lake City, Utah </U>&nbsp;&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px">(Address of principal
executive offices)</P></TD>
<TD vAlign=top width=264>
<P style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><U>84106
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px">(Zip
Code)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><U>(801) 323-2395</U></P>
<P style="MARGIN: 0px" align=center>(Registrant&#146;s telephone number, including
area code)</P>
<P style="MARGIN: 0px" align=center>&nbsp;</P>
<P style="MARGIN: 0px">Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. &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 has
submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such
files). &nbsp;</P>
<P style="MARGIN: 0px">Yes &nbsp;[ &nbsp;] &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. &nbsp;See the definitions of &#147;large accelerated filer,&#148;
&#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the
Exchange Act.:</P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<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: 6px; MARGIN-BOTTOM: 0px">Large accelerated filer [
&nbsp;]</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px">Non-accelerated filer
&nbsp;&nbsp;[ &nbsp;]</P></TD>
<TD vAlign=top width=336>
<P style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px">Accelerated filed [
&nbsp;]</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px">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). &nbsp;</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 1, 2009 was 1,139,000. </P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px" align=center>1</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><B>TABLE OF
CONTENTS</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>&nbsp;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: 674px">2</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 48px">Balance
Sheets</P>
<P style="MARGIN: 0px; TEXT-INDENT: 674px">3</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 48px">Statements
of Operations</P>
<P style="MARGIN: 0px; TEXT-INDENT: 674px">4</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 48px">Statements
of Cash Flows</P>
<P style="MARGIN: 0px; TEXT-INDENT: 674px">5</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 48px">Notes to the
Financial Statements</P>
<P style="MARGIN: 0px; TEXT-INDENT: 674px">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: 674px">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: 674px">8</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Item 4T. &nbsp;Controls and
Procedures</P>
<P style="MARGIN: 0px; TEXT-INDENT: 674px">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: 674px">8</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Signatures</P>
<P style="MARGIN: 0px; TEXT-INDENT: 674px">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, 2009
and 2008 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, 2009, 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, 2009</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="MARGIN: 0px" align=center>2</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<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=383></TD>
<TD width=37></TD>
<TD width=10></TD>
<TD width=7></TD>
<TD width=7></TD>
<TD width=9></TD>
<TD width=108></TD>
<TD width=9></TD>
<TD width=110></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>Balance
Sheets</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>March 31,</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>December
31,</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center><B><U>ASSETS</U></B></P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2009</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2008</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>(Unaudited)</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">CURRENT ASSETS</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Cash</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Current Assets</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
ASSETS</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=9>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>LIABILITIES
AND STOCKHOLDERS' DEFICIT</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">CURRENT LIABILITIES</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Accounts Payable</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,277&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,995&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Current Liabilities</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,277&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,995&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Liabilities</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,277&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,995&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">STOCKHOLDERS' DEFICIT</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Common Stock, $.001 par value;
50,000,000 shares</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;authorized;
1,139,000 &nbsp;shares issued and &nbsp;outstanding</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Additional Paid in
Capital</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Deficit Accumulated During the
Development Stage</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93,503)</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91,211)</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Stockholders' Deficit</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57,159)</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,867)</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=383>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=9>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<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; 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" align=center><BR><BR></P>
<P style="MARGIN: 0px" align=center>3</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px" height=0>
<TD width=333></TD>
<TD width=12></TD>
<TD width=8></TD>
<TD width=4></TD>
<TD width=3></TD>
<TD width=3></TD>
<TD width=3></TD>
<TD width=22></TD>
<TD width=101></TD>
<TD width=14></TD>
<TD width=80></TD>
<TD width=13></TD>
<TD width=78></TD></TR>
<TR>
<TD vAlign=bottom colSpan=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>Globalwise
Investments, Inc.</B></P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>(A Development
Stage Company)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>Statements of
Operations</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center>(Unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>From</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>Inception
on</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>October
3,</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>For the three
months ended</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>1997 to</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>March 31,</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>March
31,</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2009</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2008</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2009</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">REVENUES</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; 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=14>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&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=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">EXPENSES</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;General &amp;
Administrative</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>2,292&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>2,325&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>93,503&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
EXPENSES</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>2,292&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>2,325&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>93,503&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Net
Operating Loss</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(2,292)</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(2,325)</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(93,503)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">LOSS BEFORE TAXES</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(2,292)</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(2,325)</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>(93,503)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">TAXES</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>-&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">NET LOSS</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,292)</P></TD>
<TD vAlign=bottom width=14>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,325)</P></TD>
<TD vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=78>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93,503)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">NET LOSS PER SHARE</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=80>
<P style="MARGIN: 0px; 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=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">WEIGHTED AVERAGE SHARES</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=101>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;OUTSTANDING</P></TD>
<TD vAlign=bottom width=8>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=22>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=101>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,139,000&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>1,139,000&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><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" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="MARGIN: 0px" align=center>4</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<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=266></TD>
<TD width=14></TD>
<TD width=13></TD>
<TD width=13></TD>
<TD width=73></TD>
<TD width=89></TD>
<TD width=6></TD>
<TD width=9></TD>
<TD width=6></TD>
<TD width=74></TD>
<TD width=15></TD>
<TD width=100></TD></TR>
<TR>
<TD vAlign=bottom colSpan=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>Globalwise
Investments, Inc.</B></P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>(A Development
Stage Company)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>Statements of Cash
Flows</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=center>(Unaudited)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>From</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>Inception
on</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=74>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>October
3,</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>For the three
month ended</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>1997
through</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>March 31,</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>March
31,</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2009</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2008</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center>2009</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash Flows from Operating
Activities</B></P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Net Loss</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;(2,292)</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,325)</P></TD>
<TD vAlign=bottom width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93,503)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Adjustment to
reconcile net loss to cash provided</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;(used) by operating
activities:</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Capital
contributions - expenses</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; 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=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,550&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Changes in assets
and liabilities:</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Increase
in inventory</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; 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=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,744)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Increase
in accounts payable &amp; accrued expenses</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,282&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,876&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Net Cash Provided
(Used) by Operating Activities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,425)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41,821)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash Flows from Investing
Activities</B></P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Purchase of
equipment</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,530)</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Loss of cash in
spin-off</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,531)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Net Cash Used by
Investing Activities</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22,061)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"><B>Cash Flows from Financing
Activities</B></P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Proceeds from stock
issuance</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Net Cash Provided
by Financing Activities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Increase (Decrease) in
Cash</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,425)</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Cash and Cash Equivalents,
Beginning of Period</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,633&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=100>
<P style="MARGIN: 0px; 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;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Cash and Cash Equivalents, End
of Period</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">Supplemental Cash Flow
Information:</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Stock issued for
services</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Issuance of stock
in settlement of debt</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; 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=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;Cash Paid
For:</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Interest</P></TD>
<TD vAlign=bottom width=14>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&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="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;Income
Taxes</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=13>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P></TD>
<TD vAlign=bottom colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
</P></TD>
<TD vAlign=bottom width=15>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=right>$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; 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></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><FONT face=Arial>The accompanying notes are
an integral part of these financial statements<BR></FONT></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="MARGIN: 0px" align=center>5</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=center><BR></P>
<P style="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, 2009</P>
<P style="MARGIN: 0px" align=justify><BR></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, 2009, since there have been no material changes
(other than indicated in other footnotes) to the information previously reported
by the Company in its Annual Report filed on the Form 10-K for the twelve months
ended December 31, 2008.</P>
<P style="MARGIN: 0px" align=justify><BR></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"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px" align=center>6</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<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;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>Executive Overview</I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">We are a development stage company and have not recorded
revenues from operations for the past two fiscal years. &nbsp;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 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 with or acquisition of 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,
management believes the struggling global economy will restrict the number of
business opportunities available to us and will restrict the cash available for
such transactions. &nbsp;There can be no assurance in the current economy that
we will be able to acquire an interest in an operating company. &nbsp;If a
merger or acquisition proves unsuccessful, then it is possible that we may
decide not to pursue further merger/acquisition activities.</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 or merger. &nbsp;Potential
investors must recognize that our management may effect transactions having a
potentially adverse impact upon our shareholders pursuant to the authority and
discretion of our management to complete acquisitions without submitting any
proposal to the stockholders for their consideration. &nbsp;In addition, because
we have limited capital available for investigation of business opportunities
and management has limited experience in business analysis, we may not discover
or adequately evaluate adverse facts about any particular business opportunity.
&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"><B><I>Financial Condition</I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">We have had recurring operating losses for the past two
fiscal years and, historically, we have relied on loans to meet our cash
requirements. &nbsp;The majority of our expenses are related to the preparation
of our periodic reports under the Exchange Act. &nbsp;These expenses include
legal, accounting and professional services and costs required to prepare and
file our reports with the SEC. &nbsp;We are unable to pay cash for these
services and we will need to raise additional funds during the next twelve
months.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">At March 31, 2009 we had cash of $1,118 and total
liabilities of $58,277. &nbsp;In the short term, we intend to rely on debt or
equity transactions with third parties and/or related parties to provide
operating capital. &nbsp;We may repay this debt with cash, if available, or we
may convert the debt into common stock. &nbsp;We also may issue common stock in
consideration for services rendered to us.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">If we obtain a business opportunity, then it may be
necessary to raise additional capital through the sale of our common stock.
&nbsp;We anticipate that the common stock will be issued 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 from the registration requirements. &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"><BR><BR></P>
<P style="MARGIN: 0px" align=center>7</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><B><I>Off-Balance Sheet
Arrangements</I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">None. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="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 4T. &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 (as
defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) 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 management is responsible for establishing and
maintaining adequate internal control over financial reporting (as defined in
Rule 13a-15(f) under the Exchange Act). &nbsp;Management conducted an evaluation
of the effectiveness of our internal control over financial reporting and
determined that there were no changes made in our internal control over
financial reporting during the first quarter of our 2009 fiscal year 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(i)</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(i)(a)</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(ii)</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></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="MARGIN: 0px" align=center>8</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<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: 6px; MARGIN-BOTTOM: 0px"><STRONG>GLOBALWISE
INVESTMENTS, INC. </STRONG></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">By: &nbsp;<U>/s/&nbsp;&nbsp; Donald R. Mayer</U>
<I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Donald R. Mayer</P>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">President and Director</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 3px; TEXT-INDENT: 48px">Principal
Financial Officer </P></TD>
<TD vAlign=top width=252>
<P style="MARGIN-TOP: 6px; 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: 3px">Date: May 11,
2009</P></TD></TR></TABLE>
<P
style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px" align=center>9</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN: 0px"><BR></P></DIV></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>globalwise09mar10qex311.htm
<DESCRIPTION>PRINCIPAL EXECUTIVE OFFICER CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Terri Jackson">
<META NAME="date" CONTENT="05/04/2009">
</HEAD>
<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"><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 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 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&#146;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) &nbsp;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) &nbsp;Evaluated the effectiveness of the registrant&#146;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) &nbsp;Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;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&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of registrant&#146;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) &nbsp;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&#146;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) &nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;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-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:3.2px">Date: May 11, 2009</P>
</TD><TD valign=top width=378><P style="margin-top:6.667px; margin-bottom: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-top:0px; margin-bottom:3.2px">Principal Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>globalwise09mar10qex312.htm
<DESCRIPTION>PRINCIPAL FINANCIAL OFFICER CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Terri Jackson">
<META NAME="date" CONTENT="05/04/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:14pt; margin:0px; font-size:12pt">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"><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 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 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&#146;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) &nbsp;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) &nbsp;Evaluated the effectiveness of the registrant&#146;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) &nbsp;Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;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&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of registrant&#146;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) &nbsp;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&#146;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) &nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;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-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:3.2px">Date: May 11, 2009</P>
</TD><TD valign=top width=378><P style="margin-top:6.667px; margin-bottom: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-top:0px; margin-bottom:3.2px">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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>globalwise09mar10qex321.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 32</TITLE>
<META NAME="author" CONTENT="Terri Jackson">
<META NAME="date" CONTENT="05/04/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:672px"><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">a.</P>
<P style="margin:0px; padding-left:48px">the quarterly report on Form 10-Q of Globalwise Investments, Inc. for the quarter ended March 31,2009 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">b.</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-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:3.2px">Date: May 11, 2009</P>
</TD><TD valign=top width=378><P style="margin-top:6.667px; margin-bottom: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-top:0px; margin-bottom:3.2px">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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