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<SEC-DOCUMENT>0001023175-10-000052.txt : 20100324
<SEC-HEADER>0001023175-10-000052.hdr.sgml : 20100324
<ACCEPTANCE-DATETIME>20100323195527
ACCESSION NUMBER:		0001023175-10-000052
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100324
DATE AS OF CHANGE:		20100323

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-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31671
		FILM NUMBER:		10700356

	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-K
<SEQUENCE>1
<FILENAME>gwiv_0910kfinale.htm
<DESCRIPTION>ANNUAL REPORT ON FORM 10K FOR THE YEAR ENDED DECEMBER 31, 2009
<TEXT>
<HTML>
<head><title>Form 10K</title> </head> <body style="MARGIN-TOP:0px; FONT-SIZE:10pt; COLOR:#000000; FONT-FAMILY:Times New Roman"> <div style=WIDTH:681px> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>UNITED STATES</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>Washington, D.C. 20549</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:22pt; MARGIN:0px" align=center><b>FORM 10-K</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px"><b>[X]</b></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE </b><b>ACT OF 1934 </b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>For the fiscal year ended December 31, 2009</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt
; MARGIN:0px" align=center>OR</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px"><b>[ &nbsp;]</b></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 </b></p> <p style="CLEAR:left; FONT-SIZE:11pt; MARGIN:0px" align=center>&nbsp;</p> <p style="CLEAR:left; FONT-SIZE:11pt; MARGIN:0px" align=center>For transition period ___ to ____</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>Commission file number: <u>000-31671</u></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:16pt; MARGIN:0px" align=center><b>GLOBALWISE INVESTMENTS, INC<u>.</u></b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(Exact name of registrant as specified in its charter)</p> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0 align=center> <tr height=0 
style=FONT-SIZE:0px> <td width=402> <td width=276 /> <tr> <td width=402 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; 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;&nbsp;&nbsp;&nbsp;</u></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">(State or other jurisdiction of incorporation or organization)</p></td> <td width=276 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; 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;&nbsp;</u></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">(I.R.S. Employer Identification No.)</p></td></tr> <tr> <td width=402 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px"><u>2157 S. Lincoln Street, Salt Lake City, Utah </u>&nbsp;&nbsp;</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">(Address of principal executive offices)</p></td> <td width=276 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px"><u>84106 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">(Zip Code)</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Registrant&#146;s telephone number: <u>801-323-2395</u></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Secu
rities registered under Section 12(b) of the Exchange Act: &nbsp;<u>None</u></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Securities registered under Section 12(g) of the Exchange Act: &nbsp;<u>Common Stock</u></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &nbsp;&nbsp;Yes [ &nbsp;&nbsp;] &nbsp;&nbsp;No [X]</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. &nbsp;&nbsp;&nbsp;Yes [ &nbsp;&nbsp;] &nbsp;&nbsp;No [X]</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Indicate by check mark whether the registrant (1) 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;&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="FONT-SIZE:11pt; MARGIN:0px">Yes [X] &nbsp;&nbsp;No [ &nbsp;&nbsp;]</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; 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;&nbsp;Yes &nbsp;[ &nbsp;] &nbsp;&nbsp;No [ &nbsp;]</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant&#146;s knowledge, in definitive prox
y or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. &nbsp;[X]</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>1</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; 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="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=270> <td width=336 /> <tr> <td width=270 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px"
>Large accelerated filer [ &nbsp;]</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Non-accelerated filer [ &nbsp;]</p></td> <td width=336 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px">Accelerated filed [ &nbsp;]</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Smaller reporting company [X]</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes [X] &nbsp;&nbsp;No [ &nbsp;&nbsp;]</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The registrant did not have an active trading market for its common stock as of the last business day of its most recently completed second fiscal quarter; therefore, an aggregate market value of shares of voting and non-voting common equity held by non-affiliates cannot be determined
.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The number of post-split shares outstanding of the registrant&#146;s common stock as of February 23, 2010 was 1,139,000.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Documents incorporated by reference: &nbsp;None</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>TABLE OF CONTENTS</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>PART I</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-528px">Item 1. &nbsp;Business</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:528px" align=right>3</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-521px">Item 2. &nbsp;Properties</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:521px" align
=right>6</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-472px">Item 3. &nbsp;Legal Proceedings</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:472px" align=right>6</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-515px">Item 4. &nbsp;[Reserved]</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:515px" align=right>6</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>PART II</p> <p style="FONT-SIZE:11pt; MARGIN:0px">Item 5. &nbsp;Market for Registrant&#146;s Common Equity, Related Stockholder Matters </p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-332px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Issuer Purchases of Equity Securities</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:332px" alig
n=right>6</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-442px">Item 6. &nbsp;Selected Financial Data</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:442px" align=right>7</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-54px">Item 7. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:54px" align=right /> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-310px">Item 8. &nbsp;Financial Statements and Supplementary Data</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:310px" align=right>8</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-53px">Item 9. &nbsp;Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosure&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:53px" align=right /> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-401px">Item 9A(T). &nbsp;Controls and Procedures </p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:401px" align=right>22</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-465px">Item 9B. &nbsp;Other Information</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:465px" align=right>22</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>PART III</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-240px">Item 10. &nbsp;Directors, Executive Officers and Corporate Governance</p> <p style="FONT-SIZE:11pt; FLOAT:left; MA
RGIN:0px; WIDTH:240px" align=right>23</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-428px">Item 11. &nbsp;Executive Compensation</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:428px" align=right>24</p> <p style="CLEAR:left; FONT-SIZE:11pt; MARGIN:0px">Item 12. &nbsp;Security Ownership of Certain Beneficial Owners and Management </p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-378px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Related Stockholder Matters</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:378px" align=right>24</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-129px">Item 13. &nbsp;Certain Relationships and Related Transactions, and Director Independence</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:129px" align=rig
ht>25</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-339px">Item 14. &nbsp;Principal Accounting Fees and Services</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:339px" align=right>25</p> <p style="CLEAR:left; MARGIN:0px" align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>PART IV</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-337px">Item 15. &nbsp;Exhibits, Financial Statement Schedules</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:337px" align=right>26</p> <p style="CLEAR:left; MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-567px">Signatures</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:567px" align=right>27</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>2</p> <p style=
MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px"><i>In this annual 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="FONT-SIZE:11pt; MARGIN:0px" align=center><b>FORWARD LOOKING STATEMENTS</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; 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;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><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b><u>PART I</u></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 1. &nbsp;BUSINESS</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Historical Development</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Globalwise Investments, Inc. was incorporated in the state of Utah on October 3, 1997, to engage in the co
nfectionary vending machine business. &nbsp;On July 12, 2000, Globalwise Investments, Inc. was incorporated in the state of Nevada and on July 21, 2000, Globalwise - Utah merged with Globalwise -Nevada for the sole purpose of changing our domicile from the state of Utah to the state of Nevada.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Our Business</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our business plan is to seek, investigate, and, if warranted, acquire an interest in a business opportunity. &nbsp;Our acquisition of a business opportunity may be made by merger, exchange of stock, or otherwise. &nbsp;We have very limited sources of capital, and we probably will only be able to take advantage of one business opportunity. &nbsp;As of the date of this filing we have not identified any business opportunity that we plan to pursue, nor have we reached any preliminary or definitive agreements or understandings with any person concerning an a
cquisition or merger. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The current economy creates more challenges for the success of our business plan. &nbsp;With the inconsistency of the stock market, the general lack of investor confidence and the uncertainty related to the future global economy, management believes that equity investments and transactions may be less attractive then they have been in the past. &nbsp;However, management believes that it is possible, if not probable, for a company like ours, without many assets or liabilities, to negotiate a merger or acquisition with a viable private company. &nbsp;The opportunity arises principally because of the expensive legal and accounting fees and the length of time associated with the registration process of &#147;going public.&#148; &nbsp;But if the global economy continues to decline, then it is very possible that there would be little or no economic value for another company to enter into a transaction with Globalwise Inve
stments. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our search for a business opportunity will not be limited to any particular geographical area or industry and includes both U.S. and international companies. &nbsp;Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and other factors. &nbsp;Our management believes that companies who desire a public market to enhance liquidity for current stockholders, or plan to acquire additional assets through issuance of securities rather than for cash, will be potential merger or acquisition candidates. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The selection of a business opportunity in which to participate is complex and extremely risky and will be made by management in the exercise of their business judgment. &nbsp;Our activities are subject to several significant risks which arise 
primarily as a result of the fact that we have no specific business plan and may acquire or participate in a </p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>3</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px">business opportunity based on the decision of management which will, in all probability, act without consent, vote, or approval of our stockholders. &nbsp;We cannot assure you that we will be able to identify and merge with or acquire any business opportunity which will ultimately prove to be beneficial to us and our stockholders. &nbsp;Should a merger or acquisition prove unsuccessful, it is possible management may decide not to pursue further acquisition activities and management may abandon our search and we may become dormant or be dissolved.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">It is poss
ible that the range of business opportunities that might be available for consideration by us could be limited by the fact that our common stock is not actively traded on any market. &nbsp;We cannot assure you that a market will develop or that a stockholder will be able to liquidate his/her/its investments without considerable delay, if at all. &nbsp;If a market develops, our shares will likely be subject to the rules of the Penny Stock Suitability Reform Act of 1990. &nbsp;The liquidity of penny stock is affected by specific disclosure procedures required by that Act to be followed by all broker-dealers, including but not limited to, determining the suitability of the stock for a particular customer, and obtaining a written agreement from the customer to purchase the stock. &nbsp;This rule may affect the ability of broker-dealers to sell our securities and may affect the ability of purchasers to sell our securities in any market.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><i><u>
Investigation and Selection of Business Opportunities</u></i></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We anticipate that business opportunities will come to our attention from various sources, including our officers and directors, our stockholders, professional advisors, such as attorneys and accountants, securities broker-dealers, investment banking firms, venture capitalists, members of the financial community and others who may present unsolicited proposals. &nbsp;Management expects that prior personal and business relationships may lead to contacts with these various sources. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our management will analyze the business opportunities; however, none of our management are professional business analysts. &nbsp;(See Part III, Item 10, below.) &nbsp;Our management has had limited experience with mergers and acquisitions of business opportunities and has not been involved with an initial public offering. &nbsp;Du
e to management&#146;s limited experience with mergers and acquisitions, they may rely on promoters or their affiliates, principal stockholders or associates to assist in the investigation and selection of business opportunities. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Certain conflicts of interest exist or may develop between us and our executive officers and directors. &nbsp;Our management has other business interests to which they currently devote attention, which include their primary employment. &nbsp;Mr. Mayer also holds management positions with another development stage company seeking business opportunities. &nbsp;(See Part III, Item 10, below.) &nbsp;Our management may be expected to continue to devote their attention to these other business interests although management time should be devoted to our business. &nbsp;As a result, conflicts of interest may arise that can be resolved only through their exercise of judgment in a manner which is consistent with thei
r fiduciary duties to us. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">A decision to participate in a specific business opportunity may be made upon our management&#146;s analysis of:</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px; FONT-FAMILY:Symbol">&#183;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">the quality of the business opportunity&#146;s management and personnel,</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px; FONT-FAMILY:Symbol">&#183;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">the anticipated acceptability of its new products or marketing concept, </p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px; FONT-FAMILY:Symbol">&#183;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">the merit of its technological changes, </p> <p style="CLEAR:left; FONT-
SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px; FONT-FAMILY:Symbol">&#183;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">the perceived benefit that it will derive from becoming a publicly held entity, and </p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px; FONT-FAMILY:Symbol">&#183;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">numerous other factors which are difficult, if not impossible, to analyze through the application of any objective criteria. &nbsp;</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">No one factor described above will be controlling in the selection of a business opportunity. &nbsp;Management will attempt to analyze all factors appropriate to each opportunity and make a determination based upon reasonable investigative measures and available data. Potential business opportunities may occur in many different industries and at 
various stages of development. &nbsp;Thus, the task of comparative investigation and analysis of such business opportunities will be extremely difficult and complex. &nbsp;Potential investors must recognize that because of our limited capital available for investigation and management&#146;s limited experience in business analysis, we may not discover or adequately evaluate adverse facts about the business opportunity to be acquired.</p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>4</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">In many instances, we anticipate that the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future because of the possible need to substantially shift marketing approaches, significantly expand operations, cha
nge product emphasis, change or substantially augment management, or make other changes. &nbsp;We will be dependent upon the owners of a business opportunity to identify any such problems which may exist and to implement, or be primarily responsible for, the implementation of required changes.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><i><u>Form of Acquisition</u></i></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We cannot predict the manner in which we may participate in a business opportunity. &nbsp;Specific business opportunities will be reviewed as well as our needs and desires and those of the promoters of the opportunity. &nbsp;The legal structure or method deemed by management to be suitable will be selected based upon our review and our relative negotiating strength. &nbsp;Such methods may include, but are not limited to, leases, purchase and sale agreements, licenses, joint ventures and other contractual arrangements. &nbsp;We may act directly or
 indirectly through an interest in a partnership, corporation or other forms of organization. &nbsp;We may be required to merge, consolidate or reorganize with other corporations or forms of business organizations. In addition, our present management and stockholders most likely will not have control of a majority of our voting shares following a merger or reorganization transaction. &nbsp;As part of such a transaction, our existing directors may resign and new directors may be appointed without any vote by our stockholders.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We likely will acquire our participation in a business opportunity through the issuance of common stock or other securities. &nbsp;Although the terms of any such transaction cannot be predicted, it should be noted that issuance of additional shares also may be done simultaneously with a sale or transfer of shares representing a controlling interest by current principal stockholders. &nbsp;</p> <p style=MARGIN:0px><br>
</p> <p style="FONT-SIZE:11pt; MARGIN:0px">In the event we merge or acquire a business opportunity, the successor company will be subject to our reporting obligations. &nbsp;This is commonly referred to as a &#147;back door registration.&#148; &nbsp;A back door registration occurs when a non-reporting company becomes the successor of a reporting company by merger, consolidation, exchange of securities, acquisition of assets or otherwise. &nbsp;This type of event requires the successor company to file a current report with the SEC which provides the same kind of information about the company to be acquired that would appear in a registration statement, including audited and pro forma financial statements. &nbsp;Accordingly, we may incur additional expense to conduct due diligence and present the required information for the business opportunity in any report. &nbsp;Also, the SEC may elect to conduct a full review of the successor company and may issue substantive comments on the sufficiency of disclosure rela
ted to the company to be acquired, which will likely result in additional expense for that company.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><i><u>Competition</u></i></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We expect to encounter substantial competition in our effort to locate attractive business opportunities. &nbsp;Business development companies, venture capital partnerships and corporations, venture capital affiliates of large industrial and financial companies, small investment companies, and wealthy individuals will be our primary competition. Many of these entities will have significantly greater experience, resources and managerial capabilities than we do and will be in a better position than we are to obtain access to attractive business opportunities. &nbsp;We also will experience competition from other reporting development stage companies, many of which may have more funds available for such transactions.</p> <p style=MARGIN:0px><br></p>
 <p style="FONT-SIZE:11pt; MARGIN:0px"><i><u>Employees</u></i></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We currently have no employees. &nbsp;Our management expects to confer with consultants, attorneys and accountants as necessary. &nbsp;We do not anticipate a need to engage any full-time employees so long as we are seeking and evaluating business opportunities. &nbsp;We will determine the need for employees based upon a specific business opportunity, if any.</p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>5</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 2. &nbsp;PROPERTIES</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We do not currently own or lease any property. &nbsp;Until we pursue a viable business opportunity and recognize in
come we will not seek office space. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 3. &nbsp;LEGAL PROCEEDINGS</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We are not a party to any proceedings or threatened proceedings as of the date of this filing. </p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 4. &nbsp;[Reserved]</b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b><u>PART II</u></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 5. &nbsp;MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Market Information</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our common stock is li
sted for trading on the OTC Bulletin Board and may trade under the symbol &#147;GWIV.&#148; &nbsp;We have had no trading activity in our common stock during the past two years. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">On February 15, 2008, we effected a 2-for-1 forward split of our outstanding common stock and our outstanding pre-split common shares of 569,500 outstanding on February 15, 2008 were forward split to 1,139,000 shares of common stock. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our shares of common stock are subject to Section 15(g) and Rule 15g-9 of the Securities and Exchange Act, commonly referred to as the &#147;penny stock&#148; rule. &nbsp;The rule defines penny stock to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">These rules may restrict the ability of broker-dealers to trade or maintain 
a market in our common stock and may affect the ability of shareholders to sell their shares. &nbsp;Broker-dealers who sell penny stocks to persons other than established customers and accredited investors must make a special suitability determination for the purchase of the security. &nbsp;Accredited investors, in general, include individuals with assets in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 together with their spouse, and certain institutional investors. &nbsp;The rules require the broker-dealer to receive the purchaser&#146;s written consent to the transaction prior to the purchase and require the broker-dealer to deliver a risk disclosure document relating to the penny stock prior to the first transaction. &nbsp;A broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, and current quotations for the security. &nbsp;Finally, monthly statements must be sent to customers disclosing recent price information for th
e penny stocks. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Holders</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">As of February 23, 2010, we had 33 stockholders of record. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Dividends</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The 2-for-1 forward split effected in February 2008 was completed as a dividend and new certificates for the additional shares were mailed to stockholders on or about February 15, 2008. &nbsp;However, we do not anticipate paying dividends on our common stock in the foreseeable future. &nbsp;&nbsp;</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>6</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="
FONT-SIZE:11pt; MARGIN:0px"><b><i>Recent Sales of Unregistered Securities</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">None.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Issuer Purchase of Securities</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">None. &nbsp;&nbsp;</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 6. &nbsp;SELECTED FINANCIAL DATA</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Not applicable to smaller reporting companies.</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 7. &nbsp;MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We are a development stage company that has not recorded revenues for the 
past two fiscal years. &nbsp;At December 31, 2009, we had $305 in cash and we had total liabilities of $59,995. &nbsp;We are dependent upon financing to continue basic operations. &nbsp;Management intends to rely upon advances or loans from management or significant stockholders to meet our cash requirements, but we have not entered into written agreements guaranteeing funds and, therefore, no one is obligated to provide funds to us in the future. &nbsp;These factors raise doubt as to our ability to continue as a going concern. &nbsp;Our plan is to combine with an operating company to generate revenue. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">During the next 12 months we anticipate incurring costs related to the filing of Exchange Act reports, and we may incur costs related to investigating, analyzing and consummating an acquisition. &nbsp;We believe we will be able to meet these costs through funds provided by management and significant stockholders. &nbsp;We may also re
ly on the issuance of our common stock in lieu of cash to convert debt or pay for expenses. &nbsp;&nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our management has not had any preliminary contact or discussions with any representative of any other entity regarding a business combination with us. &nbsp;Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. &nbsp;In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. &nbsp;In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all sign
ificant risks.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We anticipate that the selection of a business opportunity will be complex and extremely risky. &nbsp;Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking even the limited additional capital which we will have and/or the perceived benefits of becoming a publicly traded corporation. &nbsp;Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. &nbsp;Potentially available busine
ss combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Management anticipates that 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 </p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>7</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px">economy that we will be able to acquire an interest in an operating company. </p> <p style="FONT-SIZE:11pt; MARGIN:0px">If we obtain a business opportunity, then it may be necessary to raise additional capital
. &nbsp;We likely will sell our common stock to raise this additional capital. &nbsp;We anticipate that we would issue such stock pursuant to exemptions to the registration requirements provided by federal and state securities laws. &nbsp;The purchasers and manner of issuance will be determined according to our financial needs and the available exemptions to the registration requirements of the Securities Act of 1933. &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 stockholders may experience dilution in the value per share of their common stock. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Off-Balance Sheet Arrangements</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial 
condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 8. &nbsp;FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>GLOBALWISE INVESTMENTS, INC.</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Financial Statements</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px>
<br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>INDEX</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-291px; FONT-FAMILY:Arial">Report of Independent Registered Public Accounting Firm</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:291px; FONT-FAMILY:Arial" align=right>9</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-540px; FONT-FAMILY:Arial">Balance Sheets</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:540px; FONT-FAMILY:Arial" align=right>10</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-481px; FONT-FAMILY:Arial">Statements of Operations</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:481px; FONT-FAMILY:Arial" align=right>11</p> <p style="CLEAR:le
ft; MARGIN:0px"><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-419px; FONT-FAMILY:Arial">Statements of Stockholders&#146; Deficit</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:419px; FONT-FAMILY:Arial" align=right>&nbsp;12</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-476px; FONT-FAMILY:Arial">Statements of Cash Flows</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:476px; FONT-FAMILY:Arial" align=right>13</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:624px; MARGIN-RIGHT:-432px; FONT-FAMILY:Arial">Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:432px; FONT-FAMILY:Arial" align=right>14</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"
 align=center>8</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p></div> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=85> <td width=462> <td width=148 /> <tr> <td width=85 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; LINE-HEIGHT:13.5pt"><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:13.5pt; FONT-FAMILY:Arial">LOGO</p></td> <td width=462 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:13pt; MARGIN:0px; FONT-FAMILY:Arial"><b>CHISHOLM, BIERWOLF, NILSON & MORRILL, LLC</b></p> <p style="FONT-SIZE:12pt; MARGIN:0px">Certified Public Accountants</p> <p style="MARGIN:0px; LINE-HEIGHT:13.5pt">Phone (801) 292-8756 &nbsp;&#149; Fax (801) 292-8809 &nbsp;&#149; www.cbnmcpa.com</p></td> <td width=148 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=right>Todd D. Chisholm</p> <p style=M
ARGIN:0px align=right>Nephi J. Bierwolf</p> <p style=MARGIN:0px align=right>Troy F. Nilson</p> <p style="MARGIN:0px; LINE-HEIGHT:13.5pt" align=right>Douglas W. Morrill</p></td></tr></table> <div style=WIDTH:681px> <p style="MARGIN:0px; LINE-HEIGHT:13.5pt" align=center><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:13.5pt; FONT-FAMILY:Arial" align=center>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</p> <p style="MARGIN:0px; LINE-HEIGHT:12pt"><br></p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial">To the Board of Directors and Stockholders</p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial">Globalwise Investments, Inc. (A Development Stage Company)</p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial">Salt Lake City, Utah </p> <p style="MARGIN:0px; LINE-HEIGHT:12pt"><br></p> <p s
tyle="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial" align=justify>We have audited the accompanying balance sheets of Globalwise Investments, Inc. (a development stage company) as of December 31, 2009 and 2008 and the related statements of operations, stockholders&#146; deficit and cash flows for the years then ended and from inception on October 3, 1997 through December 31, 2009. &nbsp;These financial statements are the responsibility of the Company&#146;s management. &nbsp;Our responsibility is to express an opinion on these financial statements based on our audits.</p> <p style="MARGIN:0px; LINE-HEIGHT:12pt"><br></p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial" align=justify>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). &nbsp;Those standards require that we plan and perform the audits to obtain r
easonable assurance about whether the financial statements are free of material misstatement. &nbsp;&nbsp;The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. &nbsp;Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s internal control over financial reporting. &nbsp;Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. &nbsp;We believe that our audits provide a reasonable basis for our opinion.</p> <p style="MARGIN:0px; LINE-HEIGHT:12pt"><br></p> <p style="PADDING-RIGHT:1
9px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial" align=justify>In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Globalwise Investments, Inc. &nbsp;(a development stage company) as of December 31, 2009 and 2008 and the results of its operations and cash flows for the years ended December 31, 2009 and 2008 and from inception on October 3, 1997 through December 31, 2009 in conformity with generally accepted accounting principles in the United States of America.</p> <p style="MARGIN:0px; LINE-HEIGHT:12pt"><br></p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial" align=justify>The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. &nbsp;The Company has suffered recurring losses and has no operations which raise substantial doubt about its ability to continue as a
 going concern. &nbsp;Management&#146;s plans in regard to these matters are described in Note 3. &nbsp;The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="MARGIN:0px; LINE-HEIGHT:12.75pt"><br></p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial"><i>/s/ Chisholm, Bierwolf, Nilson & Morrill</i></p> <p style="MARGIN:0px; LINE-HEIGHT:12.75pt"><br></p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial">Chisholm, Bierwolf, Nilson & Morrill</p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial">Bountiful, Utah 84010</p> <p style="PADDING-RIGHT:19px; PADDING-LEFT:19px; FONT-SIZE:10.5pt; MARGIN:0px; LINE-HEIGHT:12.75pt; FONT-FAMILY:Arial">March 15, 2010</p></div> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr 
height=0 style=FONT-SIZE:0px> <td width=348> <td width=348 /> <tr> <td width=696 colspan=2 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="FONT-SIZE:9pt; MARGIN:0px" align=center>PCAOB Registered, Members of AICPA, CPCAF and UACPA</p></td></tr> <tr> <td width=348 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:9pt; MARGIN:0px">533 West 2600 South, Suite 25 &nbsp;&#149; Bountiful, Utah 84010</p></td> <td width=348 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=right><br></p> <p style="FONT-SIZE:9pt; MARGIN:0px" align=right>12 South Main, Suite 208, Layton, Utah 84041</p></td></tr></table> <div style=WIDTH:681px> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>9</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><br></p> <p style=MARGIN:0px align=center>
<br></p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td> <td width=4> <td width=3> <td width=3> <td width=3> <td width=3> <td width=92> <td width=3> <td width=96 /> <tr> <td colspan=9 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p></td></tr> <tr> <td colspan=9 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p></td></tr> <tr> <td colspan=9 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Balance Sheets</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TO
P:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=192 colspan=3 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b><u>ASSETS</u></b></p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOT
TOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 styl
e="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2008</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">CURRENT ASSETS</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGH
T:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></t
d> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:81px; TEXT-INDENT:9px; MARGIN-RIGHT:-72px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:72px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:86px; TEXT-INDENT:9px; MARGIN-RIGHT:-77px; FONT-FAMILY:Arial">$</p> <p style="FLOA
T:left; MARGIN:0px; WIDTH:77px; FONT-FAMILY:Arial" align=right>128&nbsp;</p></td></tr> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; P
ADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>128&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TO
P:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MAR
GIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:81px; TEXT-INDENT:9px; MARGIN-RIGHT:-72px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:72px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p styl
e="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:86px; TEXT-INDENT:9px; MARGIN-RIGHT:-77px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:77px; FONT-FAMILY:Arial" align=right>128&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <
td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b><u>LIABILITIES AND STOCKHOLDERS' DEFICIT</u></b></p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style=
"PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MAR
GIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">CURRENT LIABILITIES</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td
> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px s
olid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:81px; TEXT-INDENT:9px; MARGIN-RIGHT:-72px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:72px; FONT-FAMILY:Arial" align=right>59,995&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:86px; TEXT-INDENT:9px; MARGIN-RIGHT:-77px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:77px; FONT-FAMILY:Arial" align=right>54,995&nbsp;</p></td></tr> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTO
M:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>59,995&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>54,995&nbsp;</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>59,995&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px"
>&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>54,995&nbsp;</p></td></tr> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">STOCKHOLDERS' DEFICIT</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td
> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $.001 par value; 50,000,000 shares</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:
0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized; 1,139,000 &nbsp;shares issued and outstanding</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>1,139&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>1,139&nbsp;</p></td></tr> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style
="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Paid in Capital</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>35,205&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>35,205&nbs
p;</p></td></tr> <tr> <td colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit Accumulated During the Development Stage</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>(96,034)</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>(91,211)</p></td></tr> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&
nbsp;&nbsp;Total Stockholders' Deficit</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>(59,690)</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=r
ight>(54,867)</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px vali
gn=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:81px; TEXT-INDENT:9px; MARGIN-RIGHT:-72px; FONT-FAMILY:Ar
ial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:72px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:86px; TEXT-INDENT:9px; MARGIN-RIGHT:-77px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:77px; FONT-FAMILY:Arial" align=right>128&nbsp;</p></td></tr></table> <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><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>10</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-B
REAK-BEFORE:always; MARGIN:0px" align=center><br></p> <p style=MARGIN:0px align=center><br></p> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0 align=center> <tr height=0 style=FONT-SIZE:0px> <td width=253> <td width=18> <td width=11> <td width=5> <td width=5> <td width=6> <td width=4> <td width=113> <td width=4> <td width=113> <td width=4> <td width=97 /> <tr> <td width=637 colspan=12 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p></td></tr> <tr> <td width=637 colspan=12 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p></td></tr> <tr> <td width=637 colspan=12 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Statements of Operations</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td wi
dth=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING
- -RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>From</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></
td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style
="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Inception on</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP
:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=230 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>For the Years Ended</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style=
"MARGIN:0px; FONT-FAMILY:Arial" align=center>October 3, 1997</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:
0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=230 colspan=3 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>to Dec. 31,</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p sty
le="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0p
x; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2008</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP
:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LE
FT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=271 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">REVENUES</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=M
ARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:98px; TEXT-INDENT:9px; MARGIN-RIGHT:-89px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:89px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:98px; TEXT-INDENT:9px; MARGIN-RIGHT:-89px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WI
DTH:89px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:94px; TEXT-INDENT:9px; MARGIN-RIGHT:-85px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:85px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <t
d width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PAD
DING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=271 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">EXPENSES</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p
></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p 
style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=283 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;General & Administrative</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px
; WIDTH:98px; FONT-FAMILY:Arial" align=right>4,823&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>5,905&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:94px; FONT-FAMILY:Arial" align=right>96,034&nbsp;</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PAD
DING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td
> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=283 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="P
ADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>4,823&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>5,905&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px;
 PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:94px; FONT-FAMILY:Arial" align=right>96,034&nbsp;</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING
- -BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <
td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=283 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;Net Operating Loss</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="
FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>(4,823)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>(5,905)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:94px; FONT-FAMILY:Arial" align=right>(96,034)</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td
> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="
PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=283 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">LOSS BEFORE TAXES</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0
px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>(4,823)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>(5,905)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARG
IN:0px; WIDTH:94px; FONT-FAMILY:Arial" align=right>(96,034)</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">TAXES</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">
&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:98px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:94px; FONT-FAMILY:Arial" align=right>-&nbsp;<
/p></td></tr> <tr> <td width=271 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">NET LOSS</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:
0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:100px; TEXT-INDENT:9px; MARGIN-RIGHT:-90px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:90px; FONT-FAMILY:Arial" align=right>(4,823)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:100px; TEXT-INDENT:9px; MARGIN-RIGHT:-90px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:90px; FONT-FAMILY:Arial" align=right>(5,905)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; 
FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:92px; TEXT-INDENT:9px; MARGIN-RIGHT:-82px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:82px; FONT-FAMILY:Arial" align=right>(96,034)</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width
=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-R
IGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=271 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">Net Loss Per Share</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;
</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:100px; TEXT-INDENT:9px; MARGIN-RIGHT:-90px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:90px; FONT-FAMILY:Arial" align=right>(0.00)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:100px; TEXT-INDENT:9px; MARGIN-RIGHT:-90px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:90px; FONT-FAMILY:Arial" align=right>(0.01)</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGH
T:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=300 colspan=6 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">Weighted average shares outstanding</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:100px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:100px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td> <td width=4 style=MARGIN-TO
P:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=253 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=5 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px
; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=6 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=113 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING
- -TOP:0px">&nbsp;</p></td> <td width=97 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr></table> <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</p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>11</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td> <td> <td> <td> <td> <td> <td> <td> <td> <td> <td /> <tr> <td colspan=11 style=MARGIN-TOP:0px> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p></td></tr> <tr> <td colspan=11 style=MARGIN-TOP:
0px> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p></td></tr> <tr> <td colspan=11 style=MARGIN-TOP:0px> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Statements of Stockholders' Deficit</p></td></tr> <tr> <td colspan=11 style=MARGIN-TOP:0px> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>From Inception on October 3, 1997 through December 31, 2009</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PAD
DING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDI
NG-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Deficit</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARG
IN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Accumulated</p></td></tr> <tr> <td sty
le=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px val
ign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Additional</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>During the</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTO
M:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td colspan=3 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Common Stock</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Paid-in</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <
td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Development</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Shares</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING
- -RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Amount</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Capital</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Stage</p></td></tr> <tr> <td colspan=2 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT
- -SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance, October 3, 1997</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&
nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Shares issued for equipment at $0.032 per share</p>
</td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>600,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,500&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP
:0px valign=bottom> <p style="FONT-SIZE:9pt; 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;-&nbsp;</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 1997</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FON
T-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&n
bsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 1997</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>600,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&
nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,500&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; 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;-&nbsp;</p></td></tr> <tr> <td colspan=2 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Capital Contributions</p></td> <td style="MARGIN-TOP:0px
; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FA
MILY:Arial">Net (loss) for the year ended December 31, 1998</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550)</p></td></tr> <tr> <td colspan=2 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 1998</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-L
EFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>600,000&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbs
p;&nbsp;&nbsp;19,050&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550)</p></td></tr> <tr> <td colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Shares issued for cash at $0.0498 per share</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,304,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" alig
n=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,304&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,696&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; 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 colspan=2 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Capital Contributions</p></td> <td style="MARGIN-TOP:0px;
 BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (
loss) for the year ended December 31, 1999</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Aria
l" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,794)</p></td></tr> <tr> <td colspan=2 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 1999</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PA
DDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,904,000&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,904&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,746&nbsp;</p></td> <td 
style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28,344)</p></td></tr> <tr> <td colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Cancellation of shares in connection with spin-off</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px
; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td colspan=3 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;of Assets and Liabilities of the Company</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGH
T:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>(300,000)</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300)</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&n
bsp;(62,006)</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;-&nbsp;</p></td></tr> <tr> <td colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Shares issued for services at $.125 per share</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>40,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; 
MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,960&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Shares issued 
for services at $.268 per share</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>56,000&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,944&nbsp;</p></td> <t
d style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2000</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:
0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; 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;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom><p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right
>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,345)</p></td></tr> <tr> <td colspan=2 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2000</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,700,000&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0p
x">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,644&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,689)</p></td></tr> <tr> <td
 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Cancellation of shares issued for services in 2000</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>(96,000)</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96)</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,904)</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="
PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; 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 colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2001</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px"
>&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px
 solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2001</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,604,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> 
<td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,689)</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the yea
r ended December 31, 2002</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-
BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,000)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2002</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARG
IN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,604,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADD
ING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,689)</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2003</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#0000
00 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT
- -SIZE:9pt; 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> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2003</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,604,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SI
ZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,689)</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2004</p></td> <td style="MARGI
N-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff"
 valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,104)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2004</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PAD
DING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,604,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-S
IZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56,793)</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2005</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e
3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMIL
Y:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,345)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2005</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,604,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66,138)</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2006</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bott
om> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=rig
ht>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,044)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2006</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDIN
G-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,604,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MAR
GIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75,182)</p></td></tr> <tr> <td colspan=3 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Shares canceled and returned to treasury</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>(565,000)</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:
Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565)</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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> <tr> <td colspan=3 style=MARGIN-TOP:0px valign=botto
m> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Issuance of shares in settlement of debt</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>100,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:
Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,900&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2007</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e
3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; 
FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,124)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2007</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; F
ONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85,306)</p></td></tr> <tr> <td colspan=4 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=b
ottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss) for the year ended December 31, 2008</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM
:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; 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;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,905)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance - December 31, 2008</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FON
T-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nb
sp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91,211)</p></td></tr> <tr> <td colspan=3 style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Net (loss for the year ended December 31, 2009</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>- &nbsp;&nbsp;</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PAD
DING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>-</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>-</p></td> <td style="MARGIN-TOP:0px; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" al
ign=right>(4,823)</p></td></tr> <tr> <td colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial">Balance &#150; December 31, 2009</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:9pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td style=MARGI
N-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=right>(96,034)</p></td></tr> <tr> <td colspan=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:9pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>The accompanying notes are an integral part of these financial statements.</p></td></tr></table> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align
=center>12</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><br></p></div> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=311> <td width=17> <td width=17> <td width=17> <td width=10> <td width=3> <td width=86> <td width=3> <td width=88> <td width=3> <td width=124 /> <tr> <td width=683 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p></td></tr> <tr> <td width=683 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p></td></tr> <tr> <td width=683 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Statements of Cash Flows</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT
:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bo
ttom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>From</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDI
NG-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0p
x valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Inception on</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0p
x; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>October 3, 1997</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px
 valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=178 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMI
LY:Arial" align=center>For the years ended</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Through</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px v
align=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=178 colspan=3 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31,</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31,</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTT
OM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 st
yle="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2008</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial"><b>Cash Flows from Operating Activities</b></p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LE
FT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=328 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Net Loss</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td w
idth=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:66px; TEXT-INDENT:9px; MARGIN-RIGHT:-57px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:57px; FONT-FAMILY:Arial" align=right>(4,823)</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:
68px; TEXT-INDENT:9px; MARGIN-RIGHT:-58px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:58px; FONT-FAMILY:Arial" align=right>(5,905)</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:110px; TEXT-INDENT:9px; MARGIN-RIGHT:-101px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:101px; FONT-FAMILY:Arial" align=right>(96,034)</p></td></tr> <tr> <td width=373 colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Adjustment to reconcile net (loss) to cash provided</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; 
PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;(used) by operating activities:</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGI
N:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=
MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital contributions - expenses</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p styl
e="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>6,550&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Changes in assets and liabilities:</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP
:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Inventory</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td wid
th=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-F
AMILY:Arial" align=right>(21,744)</p></td></tr> <tr> <td width=373 colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Accounts Payable & Accrued Expenses</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>5,000&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>3,400&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PAD
DING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>68,594&nbsp;</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING
- -BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></
tr> <tr> <td width=373 colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Net Cash Provided (Used) by Operating Activities</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>177&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>(2,505)</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td w
idth=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>(42,634)</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0p
x valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px
; FONT-FAMILY:Arial"><b>Cash Flows from Investing Activities:</b></p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&
nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Purchase of equipment</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <
p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>(20,530)</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Loss of cash in spin-off</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px;
 PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" al
ign=right>(1,531)</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=M
ARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=373 colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Net Cash Provided (Used) in Investing Activities</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="
PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>(22,061)</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p s
tyle="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:
0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial"><b>Cash Flows from Financing Activities:</b></p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td 
width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=b
ottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Proceeds from stock issuance</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left;
 MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>65,000&nbsp;</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:
0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=
124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Net cash Provided by Financing Activities</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BO
RDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>65,000&nbsp;</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bot
tom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-
BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">Increase (Decrease) in Cash</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>177&nbsp;</p></td> <td width=3 style=MARGIN-TOP:
0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>(2,505)</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td></tr> <tr> <td width=373 colspan=5 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">Cash and Cash Equivalents, Beginning of Period</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px s
olid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:66px; FONT-FAMILY:Arial" align=right>128&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:68px; FONT-FAMILY:Arial" align=right>2,633&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FLOAT:left; MARGIN:0px; WIDTH:110px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">Cash and Cash Equivalents, End of Period</p></td> <td width=1
0 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:66px; TEXT-INDENT:9px; MARGIN-RIGHT:-57px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:57px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:68px; TEXT-INDENT:9px; MARGIN-RIGHT:-58px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MAR
GIN:0px; WIDTH:58px; FONT-FAMILY:Arial" align=right>128&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:110px; TEXT-INDENT:9px; MARGIN-RIGHT:-101px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:101px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px
">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=b
ottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial"><u>Supplemental Cash Flow Information</u>:</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PA
DDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=345 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Stock issued for services</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></t
d> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:66px; TEXT-INDENT:9px; MARGIN-RIGHT:-57px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:57px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:68px; TEXT-INDENT:9px; MARGIN-RIGHT:-58px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:58px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</
p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:110px; TEXT-INDENT:9px; MARGIN-RIGHT:-101px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:101px; FONT-FAMILY:Arial" align=right>20,000&nbsp;</p></td></tr> <tr> <td width=362 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;Issuance of stock in settlement of debt</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:66px; TEXT-INDENT:9px; MARGIN-RIGHT:-57px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:57px; FONT-FAMILY:A
rial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:68px; TEXT-INDENT:9px; MARGIN-RIGHT:-58px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:58px; FONT-FAMILY:Arial" align=right>8,000&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:110px; TEXT-INDENT:9px; MARGIN-RIGHT:-101px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:101px; FONT-FAMILY:Arial" align=right>8,000&nbsp;</p></td></tr> <tr> <td width=328 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Aria
l">&nbsp;&nbsp;Cash Paid For:</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=M
ARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=311 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGH
T:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:66px; TEXT-INDENT:9px; MARGIN-RIGHT:-57px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:57px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:68px; TEXT-INDENT:9px; MARGIN-RIGHT:-58px; FONT-FAMILY:Arial">$</p
> <p style="FLOAT:left; MARGIN:0px; WIDTH:58px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:110px; TEXT-INDENT:9px; MARGIN-RIGHT:-101px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:101px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr> <tr> <td width=328 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&n
bsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=86 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:66px; TEXT-INDENT:9px; MARGIN-RIGHT:-57px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:57px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=88 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:68px; TEXT-INDENT:9px; MARGIN-RIGHT:-58px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:58px; FONT-FAMILY:Arial" align=rig
ht>-&nbsp;</p></td> <td width=3 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=124 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:0px; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:110px; TEXT-INDENT:9px; MARGIN-RIGHT:-101px; FONT-FAMILY:Arial">$</p> <p style="FLOAT:left; MARGIN:0px; WIDTH:101px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr></table> <div style=WIDTH:681px> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:9pt; 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><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>13</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDIN
G-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 1 - Summary of Significant Accounting Policies</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization & Summary of Significant Accounting Policies</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px;
 TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>Globalwise Investments, Inc. (the Company), a Nevada corporation, was incorporated October 3, 1997. &nbsp;&nbsp;The Company was organized for the purpose of engaging in the confectionary vending machine business. &nbsp;After operating for a short time the business was minimized and the operations have been directed more to raising capital and development of the Company&#146;s business plan, Securities and Exchange Commission filings and limited operations.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of Revenue</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:96px; FONT-FAMILY:Arial">&nbsp;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px; FONT-FAMILY:Arial" align=justify>The 
Company has adopted FASB ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC. &nbsp;FASB ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. &nbsp;In general, the Company recognizes revenue related to monthly services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured.</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss Per Share</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial">The com
putation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements.</p> <p style=MARGIN:0px align=justify><br></p> <div align=right> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=380> <td width=103> <td width=101 /> <tr> <td width=380 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=204 colspan=2 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>For the Years Ended</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31,</p></td></tr> <tr> <td width=380 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:11pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=103 style="MARG
IN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=101 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>2008</p></td></tr> <tr> <td width=380 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">Net Loss</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:89px; TEXT-INDENT:6px; MARGIN-RIGHT:-82px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:82px; FONT-FAMILY:Arial" align=right>(4,823)</p></td> <td width=101 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:86px; TEXT-INDENT:5px; MARGIN-RIGHT:-81px; FONT-FAMILY:Arial">$</p> <p style="FONT
- -SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>(5,905)</p></td></tr> <tr> <td width=380 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">Weighted Average Number of Shares Outstanding</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:89px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td> <td width=101 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:86px; FONT-FAMILY:Arial" align=right>1,139,000&nbsp;</p></td></tr> <tr> <td width=380 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">Basic Loss per Common Share</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:89px; TEXT-INDENT:6px; MARGIN-RIGHT:-82px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0p
x; WIDTH:82px; FONT-FAMILY:Arial" align=right>(0.00)</p></td> <td width=101 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:86px; TEXT-INDENT:5px; MARGIN-RIGHT:-81px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:81px; FONT-FAMILY:Arial" align=right>(0.01)</p></td></tr></table></div> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; M
ARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial">e. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of estimates</p> <p style=MARGIN:0px><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. &nbsp;Actual results could differ from those estimates.</p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>14</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial" align=ce
nter><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 1 - Summary of Significant Accounting Policies (continued)</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial">f. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events</p> <p style=MARGIN:0px><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such eve
nts that would have a material impact on the financial statements.</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 2 - Income Taxes</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=justify>The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48).&nbsp;FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. &nbsp;This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical me
rits of the position. If the more-likely-than- not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. &nbsp;As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10. &nbsp;</p> <p style="MARGIN:0px; LINE-HEIGHT:12pt" align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=justify>Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. &nbsp;Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. &nbsp;Deferred tax assets are reduced by a valuation allowance when, in the 
opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. &nbsp;Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</p> <p style="MARGIN:0px; LINE-HEIGHT:12pt" align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial">Deferred tax assets and the valuation account are as follows:</p> <p style=MARGIN:0px><br></p> <div align=right> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=429> <td width=108> <td width=103 /> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=211 colspan=2 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>For the Years Ended</p> <p style
="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31,</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:11pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>2008</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">Deferred tax asset:</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:11pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:
11pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">Net operating loss carryforward</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:84px; TEXT-INDENT:9px; MARGIN-RIGHT:-74px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:74px; FONT-FAMILY:Arial" align=right>32,651&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:80px; TEXT-INDENT:9px; MARGIN-RIGHT:-70px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:70px; FONT-FAMILY:Arial" align=right>31,012&nbsp;</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">Valuation allowance</p></td> <td width=108 style="MARGIN-TOP:0px;
 BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:84px; FONT-FAMILY:Arial" align=right>(32,651)</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; FONT-FAMILY:Arial" align=right>(31,012)</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:84px; TEXT-INDENT:9px; MARGIN-RIGHT:-74px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:74px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:80
px; TEXT-INDENT:9px; MARGIN-RIGHT:-70px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:70px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr></table></div> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>15</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justif
y>NOTE 2 &#150; Income Taxes (continued)</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>The components of income tax expense are as follows:</p> <p style=MARGIN:0px align=justify><br></p> <div align=right> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=421> <td width=108> <td width=103 /> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=211 colspan=2 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>For the Years Ended</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31,</p></td></tr> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:11pt; PADDING-BO
TTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>2008</p></td></tr> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>Current Federal tax</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:84px; TEXT-INDENT:9px; MARGIN-RIGHT:-74px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:74px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:80px; TEXT-INDENT:9px; MARGIN-RIGHT:-70px; FONT-F
AMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:70px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>Current State tax</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:84px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>Change in NOL benefit</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:84px; FONT-FAMILY:Arial" align=right>1,639&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80
px; FONT-FAMILY:Arial" align=right>2,008&nbsp;</p></td></tr> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>Change in valuation allowance</p></td> <td width=108 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:84px; FONT-FAMILY:Arial" align=right>(1,639)</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; FONT-FAMILY:Arial" align=right>(2,008)</p></td></tr> <tr> <td width=421 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:84px; TEXT-INDENT:9px; MARGIN-RIGHT:-74px; FONT-FAMILY:Arial">$</p> <p style="FONT-SI
ZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:74px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td> <td width=103 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:80px; TEXT-INDENT:9px; MARGIN-RIGHT:-70px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:70px; FONT-FAMILY:Arial" align=right>-&nbsp;</p></td></tr></table></div> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>The Company has adopted FASB ASC 740-10 to account for income taxes. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate. &n
bsp;A provision for income taxes has not been made due to net operating loss carry-forwards of $ 96,034 and $ 91,211 as of December 31, 2009 and December 31, 2008, respectively, which may be offset against future taxable income through 2029. No tax benefit has been reported in the financial statements.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:</p> <p style="MARGIN:0px; LINE-HEIGHT:13pt"><br></p> <div align=right> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=424> <td width=104> <td width=104 /> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=208 colspan=2 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top>
 <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=center>For the Years Ended</p> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=center>December 31,</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:11pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=104 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=center>2009</p></td> <td width=104 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=center>2008</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">Beginning Balance</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt;
 FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:80px; TEXT-INDENT:9px; LINE-HEIGHT:13pt; MARGIN-RIGHT:-70px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:70px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:81px; TEXT-INDENT:9px; LINE-HEIGHT:13pt; MARGIN-RIGHT:-72px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:72px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">Additions based on tax positions related to current year</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLO
AT:left; MARGIN:0px; WIDTH:81px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">Additions for tax positions of prior years</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:81px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">Reductions for tax positions of prior years</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td> <td width=104 style=MARGIN-TOP:0px valign=top> <p styl
e="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:81px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">Reductions in benefit due to income tax expense</p></td> <td width=104 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:80px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td> <td width=104 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:81px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td></tr> <tr> <td width=424 style=MARGIN-TOP:0px valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">Ending Balance</p></td> <td width=104 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px;
 WIDTH:80px; TEXT-INDENT:9px; LINE-HEIGHT:13pt; MARGIN-RIGHT:-70px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:70px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td> <td width=104 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:81px; TEXT-INDENT:9px; LINE-HEIGHT:13pt; MARGIN-RIGHT:-72px; FONT-FAMILY:Arial">$</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:72px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=right>-</p></td></tr></table></div> <p style="MARGIN:0px; LINE-HEIGHT:13pt"><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=justify>The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.</p> <p style="MARGIN:0px; LINE-HEIGHT:13pt" align=justify><br></p
> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial" align=justify>The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. &nbsp;As of December 31, 2009 and 2008, the Company had no accrued interest or penalties related to uncertain tax positions.</p> <p style="MARGIN:0px; LINE-HEIGHT:13pt" align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; LINE-HEIGHT:13pt; FONT-FAMILY:Arial">The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2008, 2007 and 2006.</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>16</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-
FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>&nbsp;(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 3 - Going Concern</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. &nbsp;The Company has minimal assets and has had recurring operating losses for the past several years and is dependent upon financing to continue operations. &nbsp;The financial statements do not include any adjustments that mig
ht result from the outcome of this uncertainty. &nbsp;It is management&#146;s plan to find an operating company to merge with, thus creating necessary operating revenue.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 4 - Capitalization</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In 1997 the Company issued 600,000 post-split shares of common stock for equipment valued at $19,100.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In 1998 the Company received a cash contribution in the amount of $550. &nbsp;No shares were issued for this contribution.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In 1999 the Company i
ssued 1,304,000 post-split shares of stock for cash of $65,000 ($.0498 per share). &nbsp;It also received contributions in the amount of $6,000 for which no shares were issued.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In March, 2000, the Company exchanged all of its assets and liabilities for 300,000 post-split shares of its previously issued common stock. &nbsp;The shares were subsequently canceled.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In July, 2000, the Company issued 96,000 post-split shares of stock for costs and services valued at $20,000. &nbsp;In 2001 the Company and stockholders elected to cancel the stock and the liability was re-established in the Accounts Payable - related parties section of the balance sheet.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PAD
DING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In May, 2007, five stockholders returned 565,000 post-split shares to the treasury, which were subsequently canceled. &nbsp;The shares were originally issued for cash and the shareholders returned the shares to the Company for no consideration. &nbsp;&nbsp;This resulted in a reduction of shares issued and outstanding.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In December, 2007, the Company issued 100,000 post-split shares of stock in settlement of debt of $8,000 ($.08 per share).</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>There was no stock issued during 2008 or 2009.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 5 &#1
50; Changes Resulting From Stock Split</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In January, 2008 the Board of Directors approved a 2 for 1 forward stock split which was effective February 15, 2008. &nbsp;Customary notification of the forward split was provided to the OTC Bulletin Board and it effected the split on February 19, 2008. &nbsp;The financial statements reflect this split with the Balance Sheet and Statements of Stockholders&#146; Deficit retroactively restated. &nbsp;Pre-split common shares of 569,500 outstanding on February 15, 2008 were forward split to 1,139,000 shares of common stock.</p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>17</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMI
LY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 6 - Development Stage Company</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>The Company is a development stage company as defined in FASB ASC 915. &nbsp;It is concentrating substantially all of its efforts in raising capital and searching for a business operation with which to merge, or assets to acquire, in order to generate significant operations.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:
11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 7 &#150; Fair Value of Financial Instruments</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>On January 1, 2008, the Company adopted FASB ASC 820-10-50, &#147;<i>Fair Value Measurements.</i>&#148; &nbsp;This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. &nbsp;The three levels are defined as follows:</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:120px; TEXT-INDENT:96px; FONT-FAMILY:Arial">-</p> <p style="PADDING-LEFT:120px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px; FONT-FAMILY:Arial" align=justify>Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> <p style="CLEAR:left; FONT-SIZ
E:11pt; FLOAT:left; MARGIN:0px; WIDTH:120px; TEXT-INDENT:96px; FONT-FAMILY:Arial">-</p> <p style="PADDING-LEFT:120px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px; FONT-FAMILY:Arial" align=justify>Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:120px; TEXT-INDENT:96px; FONT-FAMILY:Arial">-</p> <p style="PADDING-LEFT:120px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px; FONT-FAMILY:Arial" align=justify>Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>The carrying amounts reported in the balance sheets for the cash and cash e
quivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>NOTE 8 - Recent Pronouncements</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial">&nbsp;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In March 2008, the FASB issued FASB ASC 815-10 (Prior authoritative literature: SFAS No. 161, &#147;<i>Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133</i>&#148; (SFAS 161), which is effective January 1, 2009. &nbsp;FASB ASC 815-10 requires enhanced disclosures about derivative instruments and hedging activitie
s to allow for a better understanding of their effects on an entity&#146;s financial position, financial performance, and cash flows. &nbsp;Among other things, this standard requires disclosures of the fair values of derivative instruments and associated gains and losses in a tabular format. &nbsp;This standard is not currently applicable to the Company since it does not have derivative instruments or engage in hedging activity.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In May 2008, the FASB issued SFAS No. 162, &#147;<i>The Hierarchy of Generally Accepted Accounting Principles</i>&#148; (SFAS 162), which provides the framework for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles (GAAP) for nongovernmental entities. With the issuance of SFAS 162, the GAAP hierarchy for nongovernmental en
tities will move from auditing literature to accounting literature. The adoption of SFAS 162 is not expected to have a material impact on the Company&#146;s financial position, results of operations or cash flows.</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>18</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SI
ZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">NOTE 8 - Recent Pronouncements (Continued)</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In May 2008, the FASB issued FASB ASC 470 &#147;<i>Debt</i>&#148; formerly referenced as FSP APB No. 14-1, &#147;<i>Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)</i>&#148;. &nbsp;FASB ASC 470 clarifies that convertible debt instruments that may be settled in cash upon either mandatory or optional conversion (including partial cash settlement) are not addressed by paragraph 12 of APB Opinion No. 14, &#147;<i>Accounting for Convertible Debt and Debt issued with Stock Purchase Warrants</i>.&#148; &nbsp;FASB ASC 470 is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The adoption of 
FASB ASC 470 is not expected to have a material impact on our financial position, results of operations or cash flows.</p> <p style=MARGIN:0px><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In May 2008, the FASB issued FASB ASC 944, formerly referenced as SFAS No. 163, &#147;A<i>ccounting for Financial Guarantee Insurance Contracts</i>&#148;. &nbsp;&nbsp;FASB ASC 944 clarifies how SFAS No. 60, &#147;<i>Accounting and Reporting by Insurance Enterprises</i>&#148;, applies to financial guarantee insurance contracts issued by insurance enterprises, and addresses the recognition and measurement of premium revenue and claim liabilities. It requires expanded disclosures about contracts, and recognition of claim liability prior to an event of default when there is evidence that credit deterioration has occurred in an insured financial obligation. It also requires disclosure about (a) the risk-management activities used by an insurance enterprise t
o evaluate credit deterioration in its insured financial obligations, and (b) the insurance enterprise's surveillance or watch list. The adoption of FASB ASC 944 is not expected to have a material impact on our financial position, results of operations or cash flows.</p> <p style=MARGIN:0px><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In June 2008, the FASB issued FSP EITF No. 03-6-1, &#147;<i>Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities</i>&#148; (FSP EITF 03-6-1). &nbsp;FSP EITF 03-6-1 mandates that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents be considered participating securities and be included in the computation of earnings per share pursuant to the two-class method. This change will become effective for our fiscal year beginning January 2009, and requires retrospective application for all periods presented. Th
e adoption of FSP EITF 03-6-1 is not expected to have a material impact on the Company&#146;s financial position, results of operations or cash flows.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In June 2008, the FASB ratified EITF Issue No. 07-5, &#147;<i>Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity&#146;s Own Stock</i>&#148; (EITF 07-5). EITF 07-5 mandates a two-step process for evaluating whether an equity-linked financial instrument or embedded feature is indexed to the entity&#146;s own stock. This Issue is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Earlier application by an entity that has previously adopted an alternative accounting policy is not permitted. &nbsp;The adoption of EITF 07-5 is not expected to have a material impact on the Company&#146;s financial 
position, results of operations or cash flows. &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>19</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">NOTE 8 - Recent Pronouncements (Continued)</p> <p style=MARGIN:
0px><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In April 2009 an update was made to the FASB ASC 820, &#147;<i>Fair Value Measurements and Disclosures&#148;, </i>that provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This update is effective for interim and annual periods ending after June 15, 2009 with early adoption permitted for periods ending after March 15, 2009. &nbsp;The adoption of this guidance is not expected to have a material impact on the Company&#146;s financial position, results of operations or cash flows.</p> <p style=MARGIN:0px><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In April 2009, an update was made to FASB ASC 825, &#147;<i>Financial Instruments&#148;</i>, which requires a publicly traded company to include disclosures about the fair value of 
its financial instruments whenever it issues summarized financial information for interim reporting periods. &nbsp;This update is effective for interim reporting periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009. &nbsp;The adoption of this guidance is not expected to have a material impact on the Company&#146;s financial position, results of operations or cash flows.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In June 2009, the FASB issued FASB ASC 105, &#147;<i>The FASB Generally Accepted Accounting Principles&#148;</i>, which establishes the FASB Accounting Standards Codification (the Codification) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP), aside from those is
sued by the Securities and exchange Commission. &nbsp;The Codification became effective for interim and annual periods ending after September 15, 2009. &nbsp;Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact the Company&#146;s financial statements. &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=justify>On May 28, 2009 the FASB announced the issuance of FASB ASC 855, &#147;<i>Subsequent Events&#148;</i>, formerly referenced as SFAS No. 165, <i>Subsequent Events.</i> &nbsp;FASB ASC 855 should not result in significant changes in the subsequent events that an entity reports. &nbsp;Rather, FASB ASC 855 introduces the concept of financial statements being available to be issued. &nbsp;Financial statements are considered available to be issued when they are complete in a form and format that complies with generally accepted accounting principles (GAAP) and a
ll approvals necessary for issuance have been obtained.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In August 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-05, &#147;<i>Measuring Liabilities at Fair Value&#148; </i>(ASU 2009-05). &nbsp;The amendments in this ASU apply to all entities that measure liabilities at fair value and provides clarification that in circumstances in which a quoted price in an active market for the identical liability is not available, an entity is required to measure fair value using one or more techniques laid out in this ASU. &nbsp;The guidance provided in this ASU is effective for the first reporting period beginning after issuance. &nbsp;The Company does not expect the adoption of this ASU to have a material impact on its financial statements.</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZ
E:11pt; MARGIN:0px" align=center>20</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> </div> <div style=WIDTH:672px> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>Notes to the Financial Statements</p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial" align=center>December 31, 2009 and 2008</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; FONT-FAMILY:Arial">NOTE 8 - Recent Pronouncements (Continued)</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>In October 2009, the FASB issued ASU No. 2009-13&#148; <i>Revenue recognition-Multip
le deliverable revenue arrangements&#148;.</i> &nbsp;The ASU provides amendments to the criteria in Revenue recognition - Multiple deliverable revenue arrangements for separating consideration in multiple revenue arrangements. &nbsp;The amendments in this ASU establish a selling price hierarchy for determining the selling price of a deliverable. &nbsp;Further, the term <i>fair value</i> in the revenue guidance will be replaced with <i>selling price</i> to clarify that the allocation of revenue is based on entity- specific assumptions rather than assumptions of a market place participant. &nbsp;The amendments in this ASU will be effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. &nbsp;Early adoption is permitted. &nbsp;The Company does not expect the adoption of this ASU to have a material impact on its financial statements.</p> <p style=MARGIN:0px align=justify><br></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0
px; TEXT-INDENT:48px; FONT-FAMILY:Arial" align=justify>None of the above new pronouncements have current application to the Company, but may be applicable to the Company's future financial reporting.</p> <p style=MARGIN:0px><br><br></p></div> <div style=WIDTH:681px> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>21</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px"><b>ITEM 9. &nbsp;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>AND FINANCIAL DISCLOSURE</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">During the two most recent fiscal years we have not had a change in, or disagreement with, our independent registered public accounting firm.</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 9A(T). &nbsp;CONTROLS AND PROCEDURES</b></p> <p style
=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Disclosure Controls and Procedures</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. &nbsp;This information is accumulated to allow timely decisions regarding required disclosure. &nbsp;Our President, who serves as our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. &nbsp;Based on that evaluation he concluded that our disclosure controls and procedures were effective.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Management&#146;s Annual Report on Internal Control over Financial Reporting</i
></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Management is responsible to establish and maintain adequate internal control over financial reporting. &nbsp;&nbsp;Our principal executive officer is responsible to design or supervise a process that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. &nbsp;The policies and procedures include:</p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px">&#149;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">maintenance of records in reasonable detail to accurately and fairly reflect the transactions and dispositions of assets,</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px">&#149;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">provide reasonable ass
urance that transactions are recorded as necessary to permit preparation of financial statements in accordance with &nbsp;generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors, and</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px; TEXT-INDENT:24px">&#149;</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">For the year ended December 31, 2009, management has relied on the Committee of Sponsoring Organizations of the Treadway Commission (COSO), &#147;Internal Control - Integrated Framework,&#148; issued in 1992, to evaluate the effectiveness of our internal control over financial r
eporting. &nbsp;Based upon that framework, management has determined that our internal control over financial reporting is effective.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our management determined that there were no changes made in our internal controls over financial reporting during the fourth quarter of 2009 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="FONT-SIZE:11pt; MARGIN:0px">This annual report does not include an attestation report of our registered public accounting firm regarding management&#146;s report on internal control over financial reporting. &nbsp;The management&#146;s report was not subject to attestation by the our registered public accounting firm pursuant to temporary rules of the SEC that permit the company to provide only management&#146;s report in this annual report.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MAR
GIN:0px"><b>ITEM 9B. &nbsp;OTHER INFORMATION</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">None.</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><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>22</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><b><u>PART III</u></b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 10. &nbsp;DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Directors and Executive Officers</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our directors and executive officers and their respective ages, positions, and biographical information a
re set forth below. &nbsp;Our bylaws require two directors who serve until our next annual meeting or until each is replaced by a qualified director. &nbsp;Our executive officers are chosen by our board of directors and serve at its discretion. &nbsp;There are no existing family relationships between or among any of our executive officers or directors. </p> <p style=MARGIN:0px><br></p></div> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=144> <td width=42> <td width=246> <td width=251 /> <tr> <td width=144 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px"><u>Name</u></p></td> <td width=42 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px"><u>Age</u></p></td> <td width=246 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px"><u>Position Held</u></p></td> <td width=251 style=MARGIN-TOP:0px valign=top> <p style="MA
RGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px"><u>Term of Director </u></p></td></tr> <tr> <td width=144 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Donald R. Mayer</p></td> <td width=42 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">70</p></td> <td width=246 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Director and President</p></td> <td width=251 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Nov. 2005 until next annual meeting</p></td></tr> <tr> <td width=144 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Linda L. Perry</p></td> <td width=42 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">65</p></td> <td width=246 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Director and Sec
retary/Treasurer</p></td> <td width=251 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Nov. 2005 until next annual meeting</p></td></tr></table> <div style=WIDTH:681px> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><i><u>Donald R. &nbsp;Mayer</u></i> -- &nbsp;Mr. Mayer is the President and Chairman of Universal Business Insurance, an insurance company that he co-founded. &nbsp;He has worked in the insurance industry for twenty five years, specializing in business and motel/hotel industry. &nbsp;He graduated from the University of Utah, located in Salt Lake City, Utah, with a bachelor&#146;s degree in accounting. </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">He currently serves as a director of WorldNet, Inc. of Nevada, a company that has a class of securities registered with the SEC pursuant to Section 12. </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">He has not personally been involved in any legal proceedings 
during the past ten years that are material to an evaluation of his ability or integrity. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><i><u>Linda L. Perry</u> --</i> Mrs. Perry serves as President of Business Builders, Inc., a privately held Utah corporation which she co-founded in 1997 and that provides business consulting for small businesses. &nbsp;Her business experience includes operating a small business and experience as a director and officer of other reporting public companies. &nbsp;</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Mrs. Perry served as a director of Wings & Things, Inc. until March 2008. &nbsp;That company had a class of securities registered with the SEC pursuant to Section 12. </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">She has not been involved in any legal proceedings during the past ten years that are material to an evaluation of her ability or integrity.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0
px"><b><i>Compliance with Section 16(a) of the Exchange Act</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Section 16(a) of the Securities Exchange Act of 1934 requires our directors, executive officers and persons who own more than five percent of a registered class of our equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of common stock and our other equity securities. &nbsp;Officers, directors and greater than ten-percent beneficial owners are required by SEC regulations to furnish us with copies of all Section 16(a) reports they file. &nbsp;We believe no reports were required to be filed for the year ended December 31, 2009.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Code of Ethics</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Since we have minimal operations and only two persons serving as our executive officers, we have not adopted a code of ethics fo
r our principal executive and financial officers. &nbsp;Our board of directors will revisit this issue in the future to determine if adoption of a code of ethics is appropriate. &nbsp;In the meantime, our management intends to promote honest and ethical conduct, full and fair disclosure in our reports to the SEC, and comply with applicable governmental laws and regulations. </p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>23</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px"><b><i>Committees</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We are a smaller reporting company with a small number of directors and officers who have active roles in our operations. &nbsp;As a result,
 we do not have a standing nominating committee for directors, nor do we have an audit committee with an audit committee financial expert serving on that committee. &nbsp;Our entire board of directors act as our nominating and audit committee. </p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 11. &nbsp;EXECUTIVE COMPENSATION</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Executive Officer Compensation</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Our principal executive officer, Donald R. Mayer, did not receive compensation during the past year ended December 31, 2009. &nbsp;None of our named executive officers received any cash or non-cash compensation during the past two fiscal years or had outstanding equity awards at year end. &nbsp;We have not entered into employment contracts with our executive officers and their compensation, if any, will be determined at the discr
etion of our Board of Directors. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We do not offer retirement benefit plans to our executive officers, nor have we entered into any contract, agreement, plan or arrangement, whether written or unwritten, that provides for payments to a named executive officer at, or in connection with, the resignation, retirement or other termination of a named executive officer, or a change in control of the company or a change in the named executive officer&#146;s responsibilities following a change in control.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Compensation of Directors</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We do not have any standard arrangement for compensation of our directors for any services provided as director, including services for committee participation or for special assignments. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p>
 <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 12. &nbsp;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Securities Under Equity Compensation Plans</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We do not have any securities authorized for issuance under any equity compensation plans.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Beneficial Ownership</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The following tables set forth the beneficial ownership of our outstanding common stock by our management and each person or group known by us to own beneficially more than 5% of our outstanding common stock. &nbsp;Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. &nbsp;Except as indicated by foo
tnote, the persons named in the table below have sole voting power and investment power with respect to all shares of common stock shown as beneficially owned by them. &nbsp;The percentage of beneficial ownership is based on 1,139,000 post-split shares of common stock outstanding as of February 23, 2010.</p> <p style=MARGIN:0px><br><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>24</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0 align=center> <tr height=0 style=FONT-SIZE:0px> <td width=234> <td width=162> <td width=66 /> <tr> <td width=462 colspan=3 style="BORDER-RIGHT:#000000 1px solid; BORDER-TOP:#000000 3px double; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; M
ARGIN-BOTTOM:3px" align=center>CERTAIN BENEFICIAL OWNERS</p></td></tr> <tr> <td width=234 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px">Name and address </p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">of beneficial owner </p></td> <td width=162 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px" align=center>Amount and nature</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>of beneficial ownership</p></td> <td width=66 style="BORDER-RIGHT:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px" align=center>Percent</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>of class</p></td></tr> <tr> <td width
=234 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px">John S. Clayton</p> <p style="FONT-SIZE:11pt; MARGIN:0px">525 South 300 East</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Salt Lake City, UT 84111</p></td> <td width=162 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>75,000</p></td> <td width=66 style="BORDER-RIGHT:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px" align=center>6.6</p> <p style=MARGIN:0px align=center><br></p></td></tr> <tr> <td width=234 style="BORDER-TOP:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px">ALPCO</p> <p style="FONT-SIZE:11pt; MARGIN:0px">440 East 400 South</p> <p style="MARGIN-TOP
:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Salt Lake City, UT 84111</p></td> <td width=162 style="BORDER-TOP:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>60,000</p></td> <td width=66 style="BORDER-RIGHT:#000000 1px solid; BORDER-TOP:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>5.27</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0 align=center> <tr height=0 style=FONT-SIZE:0px> <td width=210> <td width=186> <td width=66 /> <tr> <td width=462 colspan=3 style="BORDER-RIGHT:#000000 1px solid; BORDER-TOP:#000000 3px double; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6p
x; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>MANAGEMENT</p></td></tr> <tr> <td width=210 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:6px; MARGIN-BOTTOM:0px"><br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Name of beneficial owner </p></td> <td width=186 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px" align=center>Amount and nature</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>of beneficial ownership</p></td> <td width=66 style="BORDER-RIGHT:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 3px double" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:0px" align=center>Percent</p> <p style="MARGIN-TOP:0px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>of class</p></td></tr> <tr> <td width=210 style="MARGIN-
TOP:0px; BORDER-LEFT:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Donald R. Mayer</p></td> <td width=186 style="MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>15,000</p></td> <td width=66 style="BORDER-RIGHT:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>1.3</p></td></tr> <tr> <td width=210 style="BORDER-TOP:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Directors and officers as a group</p></td> <td width=186 style="BORDER-TOP:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>15,000</p></td> <td width=66 style="BORDER-
RIGHT:#000000 1px solid; BORDER-TOP:#000000 1px solid; MARGIN-TOP:0px; BORDER-LEFT:#000000 1px solid; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:6px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>1.3</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 13. &nbsp;CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Transactions with Related Parties</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">During the past two fiscal years we have not engaged in, or propose to engage in, any transactions involving our executive officers, directors, 5% or more stockholders or immediate family members of such persons.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Director Independence</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-
SIZE:11pt; MARGIN:0px">None of our directors are independent directors as defined by NASDAQ Stock Market Rule 4200(a)(15). &nbsp;This rule defines persons as &#147;independent&#148; who are neither officers nor employees of the company and have no relationships that, in the opinion of the board, would interfere with the exercise of independent judgment in carrying out their responsibilities as directors. &nbsp;</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 14. &nbsp;PRINCIPAL ACCOUNTING FEES AND SERVICES</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Auditor Fees</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The following table presents the aggregate fees billed for each of the last two fiscal years by our independent registered public accounting firm, Chisholm, Bierwolf, Nilson & Morrill LLC, Certified Public Accountants, in connection with the audit of o
ur financial statements and other professional services rendered by that accounting firm. &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><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>25</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br><br></p> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0 align=center> <tr height=0 style=FONT-SIZE:0px> <td width=160> <td width=68> <td width=30> <td width=72 /> <tr> <td width=160 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=68 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" alig
n=center>2008</p></td> <td width=30 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; FONT-SIZE:11pt; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=72 style="MARGIN-TOP:0px; BORDER-BOTTOM:#000000 1px solid" valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px" align=center>2009</p></td></tr> <tr> <td width=160 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Audit fees</p></td> <td width=68 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:49px; TEXT-INDENT:2px; MARGIN-RIGHT:-46px">$</p> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:46px" align=right>2,300</p></td> <td width=30 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=72 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FON
T-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:50px; TEXT-INDENT:5px; MARGIN-RIGHT:-45px">$</p> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:45px" align=right>3,800</p></td></tr> <tr> <td width=160 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Audit-related fees</p></td> <td width=68 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:49px" align=right>0</p></td> <td width=30 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=72 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:50px" align=right>0</p></td></tr> <tr> <td width=160 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">Tax fees</p></td> <td width=68 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-T
OP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:49px" align=right>0</p></td> <td width=30 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=72 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:50px" align=right>0</p></td></tr> <tr> <td width=160 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; MARGIN-BOTTOM:3px">All other fees</p></td> <td width=68 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:49px; TEXT-INDENT:2px; MARGIN-RIGHT:-46px">$</p> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:46px" align=right>0</p></td> <td width=30 style=MARGIN-TOP:0px valign=top> <p style="PADDING-RIGHT:0px; PADDING-LEFT:0px; PADDING-BOTTOM:0px; MARGIN:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=72 style=MARGIN-TOP:0px valig
n=top> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:50px; TEXT-INDENT:5px; MARGIN-RIGHT:-45px">$</p> <p style="MARGIN-TOP:7px; FONT-SIZE:11pt; FLOAT:left; MARGIN-BOTTOM:0px; WIDTH:45px" align=right>0</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Audit fees represent the professional services rendered for the audit of our annual financial statements and the accounting firm review of our financial statements included in quarterly reports, along with services normally provided by the accounting firm in connection with statutory and regulatory filings or engagements. &nbsp;Audit-related fees represent professional services rendered for assurance and related services by the accounting firm that are reasonably related to the performance of the audit or review of our financial statements that are not reported under audit fees. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Tax fees represent professional serv
ices rendered by the accounting firm for tax compliance, tax advice, and tax planning. &nbsp;All other fees represent fees billed for products and services provided by the accounting firm, other than the services reported for the other categories. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>Pre-approval Policies</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">We do not have an audit committee currently serving and as a result our board of directors performs the duties of an audit committee. &nbsp;Our board of directors will evaluate and approve in advance the scope and cost of the engagement of an auditor. &nbsp;We do not rely on pre-approval policies and procedures.</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b><u>PART IV</u></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>ITEM 15. &nbsp;EXHIBITS, FINANCIAL STATEMENT SCHEDULES</b></p> <p style=MARGIN:0px><br></
p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px"><b><i>(a)(1)</i></b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b><i>Financial Statements </i></b></p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The audited financial statements of Globalwise Investments, Inc. are included in this report under Item 8 on pages 8 through 21.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b><i>(a)(2) Financial Statement Schedules</i></b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">All financial statement schedules are included in the footnotes to the financial statements or are inapplicable or not required.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px"><b><i>(a)(3)</i></b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b><i>Exhibits</i></b></p> <p style="CLEAR:left; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">The following documen
ts have been filed as part of this report.</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px"><i><u>No.</u></i></p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><i><u>Description</u></i></p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px">3.1</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">Articles of Incorporation, as amended (Incorporated by reference to exhibit 3.1 of Form 10-QSB, filed October 11, 2001)</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px">3.2</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">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="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px">3.3</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">Bylaws of Globalwise (Incorporate
d by reference to exhibit 3.3 of Form 10-SB, filed October 2, 2000.)</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px">31.1</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">Principal Executive Officer Certification</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px">31.2</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">Principal Financial Officer Certification</p> <p style="CLEAR:left; FONT-SIZE:11pt; FLOAT:left; MARGIN:0px; WIDTH:48px">32.1</p> <p style="PADDING-LEFT:48px; FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px">Section 1350 Certification</p> <p style="CLEAR:left; MARGIN:0px"><br><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>26</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="FONT-SIZE:11pt; PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><b>SIGNA
TURES</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px"><b>GLOBALWISE INVESTMENTS, INC. </b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">By: &nbsp;&nbsp;<i><u>/s/ Donald R. Mayer</u></i></p> <p style="FONT-SIZE:11pt; MARGIN:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald R. Mayer, President</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Date: &nbsp;March 18, 2010</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant 
and in the capacities and on the dates indicated.</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="FONT-SIZE:11pt; MARGIN:0px">By: &nbsp;<i><u>/s/ Donald R. Mayer</u></i></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Donald R. Mayer</p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Principal Executive Officer, </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Principal Financial Officer, </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Director and President</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Date: March 18, 2010</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">By: &nbsp;&nbsp;&nbsp;&nbsp;<i><u>/s/ Linda L. Perry</u></i></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Linda L. Perry </p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px">Director and S
ecretary/Treasurer</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Date: &nbsp;March 18, 2010</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>27</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p></div></body>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>f09dec10kex311.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="03/01/2010">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:672px"><P style="margin:0px">Exhibit 31.1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">I, Donald R. Mayer, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; width:48px; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">I have reviewed this annual report on Form 10-K of Globalwise Investments, Inc.;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; width:48px; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><BR></P>
<P style="margin:0px; width:48px; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><BR></P>
<P style="margin:0px; width:48px; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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)) &nbsp;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; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(b) &nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(c) &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:0px; width:48px; float:left">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><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>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=252 /><TD width=372 /></TR>
<TR><TD style="margin-top:0px" valign=top width=252><P style="margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:3.2px">Date: &nbsp;March &nbsp;18, 2010</P>
</TD><TD style="margin-top:0px" valign=top width=372><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"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>f09dec10kex312.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="03/01/2010">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:672px"><P style="margin:0px">Exhibit 31.2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PRINCIPAL FINANCIAL OFFICER CERTIFICATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">I, Donald R. Mayer, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; width:48px; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">I have reviewed this annual report on Form 10-K of Globalwise Investments, Inc.;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; width:48px; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><BR></P>
<P style="margin:0px; width:48px; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><BR></P>
<P style="margin:0px; width:48px; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(b) &nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">(c) Evaluated the effectiveness of the registrant&#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) 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:0px; width:48px; float:left">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">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; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#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) 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>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=252 /><TD width=372 /></TR>
<TR><TD style="margin-top:0px" valign=top width=252><P style="margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:3.2px">Date: &nbsp;March &nbsp;18, 2010</P>
</TD><TD style="margin-top:0px" valign=top width=372><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">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>f09dec10kex32.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="03/01/2010">
</HEAD>
<BODY style="margin-top:0;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><B>GLOBALWISE INVESTMENTS, INC.</B></P>
<P style="margin:0px" align=center><BR></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:0px; text-indent:24px; width:48px; font-family:Wingdings; float:left">&#167;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">the annual report on Form 10-K of the Company for the year ended December 31, 2009, fully complies with the &nbsp;&nbsp;requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:24px; width:48px; font-family:Wingdings; float:left">&#167;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">the information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=252 /><TD width=372 /></TR>
<TR><TD style="margin-top:0px" valign=top width=252><P style="margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: &nbsp;March 18, 2010</P>
</TD><TD style="margin-top:0px" valign=top width=372><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: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></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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