<SEC-DOCUMENT>0001010412-11-000748.txt : 20111228
<SEC-HEADER>0001010412-11-000748.hdr.sgml : 20111228
<ACCEPTANCE-DATETIME>20111227190309
ACCESSION NUMBER:		0001010412-11-000748
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20111228
DATE AS OF CHANGE:		20111227

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31671
		FILM NUMBER:		111282836

	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/A
<SEQUENCE>1
<FILENAME>gwiv_201010ka1final.htm
<DESCRIPTION>AMENDED ANNUAL REPORT ON FORM 10K/A FOR THE YEAR ENDED DECEMBER 31, 2010
<TEXT>
<HTML>
<head><title>UNITED STATES</title> </head> <body style="MARGIN-TOP:0px; FONT-FAMILY:Times New Roman; COLOR:#000000; FONT-SIZE:10pt"> <div style=WIDTH:681px> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b>UNITED STATES</b></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b>Washington, D.C. 20549</b></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:22pt" align=center><b>FORM 10-K/A</b></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Amendment No. 1</p> <p style=MARGIN:0px><br></p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt"><b>[X]</b></p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt"><b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE</b></p> <p style="MARGIN:0px; PADDING-LEFT:48px; CLEAR:left; FONT-SIZE:11pt"><b>ACT OF 1934 </b></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>For the fiscal year ended December 31, 2010</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>OR</p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt"><b>[ &nbsp;]</b></p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 </b></p> <p style="MARGIN:0px; CLEAR:left; FONT-SIZE:11pt" align=center>For transition period ___ to ____</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>Commission file number: <u>000-31671</u></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:16pt" align=center><b><u>GLOBALWISE INVESTMENTS, INC.</u></b></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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><tr> <td width=402 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; MARGIN-BOTTOM:0px; FONT-SIZE:11pt"><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; MARGIN-BOTTOM:3px; FONT-SIZE:11pt">(State or other jurisdiction of incorporation or organization)</p></td> <td width=276 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; MARGIN-BOTTOM:0px; FONT-SIZE:11pt"><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; MARGIN-BOTTOM:3px; FONT-SIZE:11pt">(I.R.S. Employer Identification No.)</p></td></tr> <tr> <td width=402 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; MARGIN-BOTTOM:0px; FONT-SIZE:11pt"><u>2157 S. Lincoln Street, Salt Lake City, Utah </u>&nbsp;&nbsp;</p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:3px; FONT-SIZE:11pt">(Address of principal executive offices)</p></td> <td width=276 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; MARGIN-BOTTOM:0px; FONT-SIZE:11pt"><u>84106 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:3px; FONT-SIZE:11pt">(Zip Code)</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Registrant&#146;s telephone number: <u>801-323-2395</u></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Securities registered under Section 12(b) of the Act: &nbsp;<u>None</u></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Securities registered under Section 12(g) of the Act: &nbsp;<u>Common Stock</u></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt">Yes [X] &nbsp;&nbsp;No [ &nbsp;&nbsp;]</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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;[X] &nbsp;&nbsp;No [ &nbsp;]</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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="PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-SIZE:11pt">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 proxy 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; FONT-SIZE:11pt">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><tr> <td width=270 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; MARGIN-BOTTOM:0px; FONT-SIZE:11pt">Large accelerated filer [ &nbsp;]</p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:3px; FONT-SIZE:11pt">Non-accelerated filer [ &nbsp;]</p></td> <td width=336 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:7px; MARGIN-BOTTOM:0px; FONT-SIZE:11pt">Accelerated filed [ &nbsp;]</p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:3px; FONT-SIZE:11pt">Smaller reporting company [X]</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</p> <p style="MARGIN:0px; FONT-SIZE:11pt">Yes [X] &nbsp;&nbsp;No [ &nbsp;&nbsp;]</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt">The number of shares outstanding of the registrant&#146;s common stock as of December 16, 2011 was 1,139,000.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Documents incorporated by reference: &nbsp;None</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b>TABLE OF CONTENTS</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>PART II</p> <p style="MARGIN-TOP:0px; WIDTH:624px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-310px">Item 8. &nbsp;Financial Statements and Supplementary Data</p> <p style="MARGIN-TOP:0px; WIDTH:310px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>3</p> <p style="MARGIN-TOP:0px; WIDTH:624px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt; MARGIN-RIGHT:-420px">Item 9A. &nbsp;Controls and Procedures </p> <p style="MARGIN-TOP:0px; WIDTH:420px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>13</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>PART IV</p> <p style="MARGIN-TOP:0px; WIDTH:624px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-337px">Item 15. &nbsp;Exhibits, Financial Statement Schedules</p> <p style="MARGIN-TOP:0px; WIDTH:337px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>13</p> <p style="MARGIN-TOP:0px; WIDTH:624px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt; MARGIN-RIGHT:-567px">Signatures</p> <p style="MARGIN-TOP:0px; WIDTH:567px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>14</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><i>In this annual report references to &#147;Globalwise,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and &#147;the Company&#148; refer to Globalwise Investments, Inc.</i></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b>EXPLANATORY NOTE</b></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Upon advice from our SEC compliance counsel, management has determined that the Report of Independent Registered Public Accounting Firm included in our Form 10-K for the year ended December 31, 2010, should be revised to include an audit report including the cumulative period from October 3, 1997 through December 31, 2008. As a result, the Company was required to reaudit the cumulative period financial information. &nbsp;This amended report includes the revised audit report. &nbsp;In addition, management has determined that the Company should revise the language in Item 9A to specifically state that our controls and procedures were ineffective for the period covered by the annual report. &nbsp;Other than these changes, this amended report does not include subsequent events.</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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="PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-SIZE:11pt" align=center><b>FORWARD LOOKING STATEMENTS</b></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt" align=center><b><u>PART II</u></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><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="MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:11pt" align=center><b>GLOBALWISE INVESTMENTS, INC.</b></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:11pt" align=center>(A Development Stage Company)</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:11pt" align=center>Financial Statements</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:11pt" align=center>December 31, 2010 and 2009</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:11pt" align=center>INDEX</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN-TOP:0px; WIDTH:624px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-291px">Report of Independent Registered Public Accounting Firm</p> <p style="MARGIN-TOP:0px; WIDTH:291px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>4</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN-TOP:0px; WIDTH:624px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-540px">Balance Sheets</p> <p style="MARGIN-TOP:0px; WIDTH:540px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>5</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN-TOP:0px; WIDTH:624px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-481px">Statements of Operations</p> <p style="MARGIN-TOP:0px; WIDTH:481px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>6</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN-TOP:0px; WIDTH:624px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-424px">Statements of Stockholders&#146; Equity</p> <p style="MARGIN-TOP:0px; WIDTH:424px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>&nbsp;7</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN-TOP:0px; WIDTH:624px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-476px">Statements of Cash Flows</p> <p style="MARGIN-TOP:0px; WIDTH:476px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>8</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN-TOP:0px; WIDTH:624px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-432px">Notes to the Financial Statements</p> <p style="MARGIN-TOP:0px; WIDTH:432px; FONT-FAMILY:Arial; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>9</p> <p style="MARGIN:0px; CLEAR:left" align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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="PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:GoudyHandtooled BT,Times New Roman; FONT-SIZE:16pt" align=center><b>Morrill &amp; Associates, LLC</b></p> <p style="MARGIN:0px; FONT-FAMILY:GoudyHandtooled BT,Times New Roman; FONT-SIZE:14pt" align=center>Certified Public Accountants</p> <p style="MARGIN:0px; FONT-FAMILY:GoudyHandtooled BT,Times New Roman; FONT-SIZE:12pt" align=center>12 South Main, Suite 208</p> <p style="MARGIN:0px; FONT-FAMILY:GoudyHandtooled BT,Times New Roman; FONT-SIZE:12pt" align=center>Layton, Utah 84041</p> <p style="MARGIN:0px; FONT-FAMILY:GoudyHandtooled BT,Times New Roman; FONT-SIZE:12pt" align=center>801-546-9068 Phone; 801-546-8211 Fax</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p> <p style="LINE-HEIGHT:13.5pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt">To the Board of Directors and Stockholders</p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt">Globalwise Investments, Inc. (A Development Stage Company)</p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt">Salt Lake City, Utah </p> <p style="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt" align=justify>We have audited the accompanying balance sheets of Globalwise Investments, Inc. (a development stage company) as of December 31, 2010 and 2009 and the related statements of operations, stockholders&#146; deficit and cash flows for the years then ended and for the period from inception on October 3, 1997 through December 31, 2010. 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="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt" align=justify>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). &nbsp;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. &nbsp;The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. 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 audit provides a reasonable basis for our opinion.</p> <p style="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt" align=justify>In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Globalwise Investments, Inc. (a development stage company) as of December 31, 2010 and 2009 and the results of its operations and cash flows for the year ended December 31, 2010 and for the period from inception on October 3, 1997 through December 31, 2010 in conformity with generally accepted accounting principles in the United States of America.</p> <p style="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt" 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 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt"><i>/s/ Morrill &amp; Associates</i></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt">Morrill &amp; Associates</p> <p style="LINE-HEIGHT:12.75pt; MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt">Layton, Utah 84041</p> <p style="MARGIN:0px; FONT-FAMILY:Arial; FONT-SIZE:10.5pt">December 16, 2011</p> <p style=MARGIN:0px><br></p> <p style="LINE-HEIGHT:12pt; MARGIN:0px" align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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; LINE-HEIGHT:12pt; MARGIN:0px" align=center><br></p> <p style="LINE-HEIGHT:12pt; MARGIN:0px" align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>Balance Sheets</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:0px> <td width=1> <td width=370> <td width=18> <td width=96> <td width=18> <td width=96> <td width=1 /> </tr><tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>DEC 31, 2010</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=center>DEC 31, 2009</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=372 colspan=2 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:13px; FONT-FAMILY:Arial; MARGIN-BOTTOM:3px"><b>ASSETS</b></p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CURRENT ASSETS</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>1,318</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>1,318</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 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=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>1,318</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:13px; FONT-FAMILY:Arial; MARGIN-BOTTOM:3px"><b>LIABILITIES AND STOCKHOLDERS' EQUITY</b></p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CURRENT LIABILITIES</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>31,270</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>30,995&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>36,000</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>29,000&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>67,270</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>59,995&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>67,270</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>59,995&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STOCKHOLDERS' EQUITY</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $.001 par value; 50,000,000 shares</p> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized; 1,139,000 shares issued and outstanding</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>1,139&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>1,139&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>35,205&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>35,205&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit accumulated during the development stage</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>(102,296)</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>(96,034)</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>(65,952)</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>(59,690)</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=96 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 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' EQUITY</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>1,318</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>$</p></td> <td width=96 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial" align=right>305&nbsp;</p></td> <td width=1 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" 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="MARGIN:0px; FONT-SIZE:11pt" 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; FONT-FAMILY:Arial,Times New Roman" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>Statements of Operations</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=3> <td width=340> <td width=17> <td width=89> <td width=17> <td width=89> <td width=14> <td width=91> <td width=10 /> </tr><tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>FOR THE YEAR ENDED DEC 31, 2010</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>FOR THE YEAR ENDED DEC 31, 2009</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>FROM INCEPTION ON OCT 3, 1997 TO DEC 31, 2010</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=343 colspan=2 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Revenues </p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=91 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Expenses</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>6,262</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>4,823</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>102,296</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>6,262</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>4,823</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>102,296</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Loss from operations before income taxes</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(6,262)</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(4,823)</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(102,296)</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Income taxes</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Net loss</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=89 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(6,262)</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=89 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(4,823)</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=91 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(102,296)</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Basic and diluted net loss per share</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=89 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(0.01)</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=89 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(0.00)</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=3 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=340 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Weighted average shares outstanding</p></td> <td width=17 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>1,139,000</p></td> <td width=17 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=89 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>1,139,000</p></td> <td width=14 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=91 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr></table></div> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" 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="MARGIN:0px; FONT-SIZE:11pt" 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" 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=174> <td width=128> <td width=4> <td width=4> <td width=81> <td width=10> <td width=76> <td width=10> <td width=82> <td width=10> <td width=123 /> </tr><tr> <td width=706 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center><b>Globalwise Investments, Inc.</b></p></td></tr> <tr> <td width=706 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>(A Development Stage Company)</p></td></tr> <tr> <td width=706 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Statements of Stockholders' Equity</p></td></tr> <tr> <td width=706 colspan=11 style=MARGIN-TOP:0px> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>From Inception on October 3, 1997 through December 31, 2010</p></td></tr> <tr> <td width=174 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=128 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Deficit</p></td></tr> <tr> <td width=174 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=128 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Accumulated</p></td></tr> <tr> <td width=174 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=128 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Additional</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>During the</p></td></tr> <tr> <td width=174 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=128 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=168 colspan=3 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Common Stock</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Paid-in</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Development</p></td></tr> <tr> <td width=174 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=128 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Shares</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Amount</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Capital</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>Stage</p></td></tr> <tr> <td width=302 colspan=2 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance, October 3, 1997</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>$</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>$</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>$</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td></tr> <tr> <td width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Shares issued for equipment at $0.032 per share</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>600,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,500&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 1997</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 1997</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>600,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,500&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=302 colspan=2 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Capital Contributions</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 1998</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550)</p></td></tr> <tr> <td width=302 colspan=2 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 1998</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>600,000&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,050&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550)</p></td></tr> <tr> <td width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Shares issued for cash at $0.0498 per share</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,304,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,304&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,696&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=302 colspan=2 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Capital Contributions</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 1999</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,794)</p></td></tr> <tr> <td width=302 colspan=2 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 1999</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,904,000&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,904&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,746&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28,344)</p></td></tr> <tr> <td width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Cancellation of shares in connection with spin-off</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=307 colspan=3 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">&nbsp;&nbsp;&nbsp;&nbsp;of Assets and Liabilities of the Company</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(300,000)</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300)</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62,006)</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Shares issued for services at $.125 per share</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>40,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,960&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Shares issued for services at $.268 per share</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>56,000&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,944&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2000</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=302 colspan=2 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2000</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,700,000&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,644&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,689)</p></td></tr> <tr> <td width=312 colspan=4 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Cancellation of shares issued for services in 2000</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(96,000)</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96)</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,904)</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2001</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2001</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,604,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,689)</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2002</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,000)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2002</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,604,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,689)</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2003</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2003</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,604,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,689)</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2004</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,104)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2004</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,604,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56,793)</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2005</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,345)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2005</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,604,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66,138)</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2006</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,044)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2006</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,604,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,604&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,740&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75,182)</p></td></tr> <tr> <td width=307 colspan=3 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Shares canceled and returned to treasury</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(565,000)</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565)</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=307 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Issuance of shares in settlement of debt</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>100,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,900&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" 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 width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2007</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,124)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2007</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,139,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85,306)</p></td></tr> <tr> <td width=312 colspan=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss) for the year ended December 31, 2008</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,905)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2008</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,139,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91,211)</p></td></tr> <tr> <td width=307 colspan=3 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss for the year ended December 31, 2009</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>- &nbsp;&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>-</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>-</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(4,823)</p></td></tr> <tr> <td width=307 colspan=3 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance - December 31, 2009</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,139,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(96,034)</p></td></tr> <tr> <td width=307 colspan=3 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Net (loss for the year ended December 31, 2010</p></td> <td width=4 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>- &nbsp;&nbsp;</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=76 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>-</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=82 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>-</p></td> <td width=10 style="BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=123 style="BORDER-BOTTOM:#000000 1px solid; BACKGROUND-COLOR:#e3f4ff; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(6,262)</p></td></tr> <tr> <td width=302 colspan=2 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt">Balance &#150; December 31, 2010</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=4 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:9pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=81 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>1,139,000&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>$</p></td> <td width=76 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,139&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>$</p></td> <td width=82 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,205&nbsp;</p></td> <td width=10 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>$</p></td> <td width=123 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=right>(102,296)</p></td></tr> <tr> <td width=706 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="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:9pt" align=center>The accompanying notes are an integral part of these financial statements.</p></td></tr></table> <div style=WIDTH:681px> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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="PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>Statements of Cash Flows</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=20> <td width=364> <td width=13> <td width=79> <td width=16> <td width=74> <td width=18> <td width=77> <td width=8 /> </tr><tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>FOR THE YEAR ENDED</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>&nbsp;DEC 31, 2010</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>FOR THE YEAR ENDED DEC 31, 2009</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>FROM INCEPTION ON OCT 3, 1997 TO DEC 31, 2010</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=384 colspan=2 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:13px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:3px"><b>Cash Flows from Operating Activities</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Net loss</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(6,262)</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(4,823)</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(102,296)</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to cash provided (used)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;by operating activities:</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital contributions - expenses</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>6,550</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities:</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in inventory</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(21,744)</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>275</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>39,869</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided (used) by operating activities</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(5,987)</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(4,823)</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(77,621)</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:13px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:3px"><b>Cash Flows from Investing Activities</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Purchase of equipment</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(20,530)</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Loss of cash in spin-off</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(1,531)</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>(22,061)</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN-TOP:13px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:3px"><b>Cash Flows from Financing Activities</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock issuance</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>65,000</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Cash advances received</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>7,000</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>5,000</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>36,000</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>7,000</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>5,000</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>101,000</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Increase (decrease) in cash</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>1,013</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>177</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>1,318</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Cash and Cash Equivalents, Beginning of Period</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>305</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>128</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">Cash and Cash Equivalents, End of Period</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=79 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>1,318</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=74 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>305</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=77 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>1,318</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman"><b>Supplemental Cash Flow Information:</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman"><b>Non-Cash Investing and Financing Activities</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=20 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=364 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Issuance of stock in settlement of debt</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=79 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=16 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=74 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>0</p></td> <td width=18 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>$</p></td> <td width=77 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=right>8,000</p></td> <td width=8 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr></table> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman" align=center>The accompanying notes are an integral part of these financial statements </p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>Notes to the Financial Statements</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31, 2010 and 2009</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 1 - Summary of Significant Accounting Policies</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN-TOP:0px; TEXT-INDENT:48px; WIDTH:96px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt">a.</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:96px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>Organization &amp; Summary of Significant Accounting Policies</p> <p style="MARGIN:0px; CLEAR:left" align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>Globalwise Investments, Inc. (the Company) was incorporated October 3, 1997 as a Utah corporation. On July 12, 2000, the Company changed its domicile to Nevada. &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN-TOP:0px; TEXT-INDENT:48px; WIDTH:96px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt">b.</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:96px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>Cash and Cash Equivalents</p> <p style="MARGIN:0px; CLEAR:left" align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" 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="MARGIN-TOP:0px; TEXT-INDENT:48px; WIDTH:96px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt">c.</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Use of estimates</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" 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><br></p> <p style="MARGIN-TOP:0px; TEXT-INDENT:48px; WIDTH:96px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt">d.</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Fair Value of Financial Instruments</p> <p style="MARGIN:0px; CLEAR:left"><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>It is not practicable to estimate the fair value of advances (accounts payable) because there is no established market for these loans and it is inappropriate to estimate future cash flows, which are largely dependent on the Company establishing or acquiring operations at some future point. &nbsp;No financial instruments are held for trading purposes.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN-TOP:0px; TEXT-INDENT:48px; WIDTH:96px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt">e.</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>Reclassification</p> <p style="MARGIN:0px; CLEAR:left" align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 2 - Going Concern</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. &nbsp;The Company has current liabilities in excess of current assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. &nbsp;These factors raise substantial doubt about the ability of the Company to continue as a going concern. &nbsp;The financial statements do not include any adjustments that might result from the outcome of this uncertainty. &nbsp;It is management&#146;s plan to acquire or merge with other operating companies.</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>Notes to the Financial Statements</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31, 2010 and 2009</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 3 - Income Taxes</p> <p style=MARGIN:0px align=justify><br></p> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">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 merits 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="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">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="LINE-HEIGHT:12pt; MARGIN:0px"><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">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><tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=211 colspan=2 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>For the Years Ended</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31,</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:11pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>2010</p></td> <td width=103 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>2009</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:11pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:11pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:11pt; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Net operating loss carryforward</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; TEXT-INDENT:9px; WIDTH:84px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-74px">$</p> <p style="MARGIN-TOP:0px; WIDTH:74px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>34,780&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="MARGIN-TOP:0px; TEXT-INDENT:9px; WIDTH:80px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-70px">$</p> <p style="MARGIN-TOP:0px; WIDTH:70px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>32,651&nbsp;</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Valuation allowance</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN-TOP:0px; WIDTH:84px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>(34,780)</p></td> <td width=103 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN-TOP:0px; WIDTH:80px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>(32,651)</p></td></tr> <tr> <td width=429 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Deferred tax asset</p></td> <td width=108 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=top> <p style="MARGIN-TOP:0px; TEXT-INDENT:9px; WIDTH:84px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-74px">$</p> <p style="MARGIN-TOP:0px; WIDTH:74px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>0&nbsp;</p></td> <td width=103 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=top> <p style="MARGIN-TOP:0px; TEXT-INDENT:9px; WIDTH:80px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt; MARGIN-RIGHT:-70px">$</p> <p style="MARGIN-TOP:0px; WIDTH:70px; FONT-FAMILY:Arial,Times New Roman; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt" align=right>0&nbsp;</p></td></tr></table></div> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>The change in the valuation allowance was $2,129 during the year ended December 31, 2010.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>The components of income tax expense are as follows:</p> <p style=MARGIN:0px><br></p> <div align=right> <table style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=413> <td width=108> <td width=103 /> </tr><tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;</p></td> <td width=211 colspan=2 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>For the Years Ended</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31,</p></td></tr> <tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>2010</p></td> <td width=103 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>2009</p></td></tr> <tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Current Federal tax</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td></tr> <tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Current State tax</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-&nbsp;</p></td> <td width=103 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-&nbsp;</p></td></tr> <tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Change in NOL benefit</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>2,129&nbsp;</p></td> <td width=103 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>1,639&nbsp;</p></td></tr> <tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Change in valuation allowance</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>(2,129)</p></td> <td width=103 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>(1,639)</p></td></tr> <tr> <td width=413 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;</p></td> <td width=108 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=top> <p style="TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;</p></td> <td width=103 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=top> <p style="TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</p></td></tr></table></div> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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-BREAK-BEFORE:always; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>Notes to the Financial Statements</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31, 2010 and 2009</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 3 - Income Taxes (Continued)</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">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. &nbsp;A provision for income taxes has not been made due to net operating loss carry-forwards of $ and $96,034 as of December 31, 2010 and December 31, 2009, 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><br></p> <p style="LINE-HEIGHT:13pt; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:</p> <p style="LINE-HEIGHT:13pt; 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=407> <td width=108> <td width=108 /> </tr><tr> <td width=407 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=108 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;</p></td> <td width=217 colspan=2 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>For the Years Ended</p> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31,</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>2010</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>2009</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;Beginning Balance</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;-</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" 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 width=407 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;Additions based on tax positions related to current year</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;Additions for tax positions of prior years</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;Reductions for tax positions of prior years</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td> <td width=108 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;Reductions in benefit due to income tax expense</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td> <td width=108 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=right>-</p></td></tr> <tr> <td width=407 style=MARGIN-TOP:0px valign=top> <p style="LINE-HEIGHT:13pt; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;Ending Balance</p></td> <td width=108 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p></td> <td width=108 style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px" valign=top> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:9px; MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p></td></tr></table> <p style="LINE-HEIGHT:13pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">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="LINE-HEIGHT:13pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">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, 2010 and 2009, the Company had no accrued interest or penalties related to uncertain tax positions.</p> <p style="LINE-HEIGHT:13pt; MARGIN:0px"><br></p> <p style="LINE-HEIGHT:13pt; TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2009, 2008 and 2007.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 4 - Accounts Payable and Advances</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>The Company had recorded liabilities of $67,270 for services received, as well as cash advances received from unrelated parties, as accounts payable as it was the intent of management and the counter parties to issue common stock of the Company at some future date for the amounts received. &nbsp;However, it was subsequently determined that it was not in the best interests of the parties to issue stock for the advances and, therefore, the parties have agreed that these liabilities will be treated as loans effective January 1, 2011, bearing interest at 8% and due on demand.</p> <p style=MARGIN:0px align=center><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center><b>Globalwise Investments, Inc.</b></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>(A Development Stage Company)</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>Notes to the Financial Statements</p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=center>December 31, 2010 and 2009</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 5 - Capitalization</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>In 1997 the Company issued 600,000 shares of common stock for equipment valued at $19,100.</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" 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="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>In 1999 the Company issued 1,304,000 shares of common 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="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>In March, 2000, the Company exchanged all of its assets and liabilities for 300,000 shares of its previously issued common stock. &nbsp;The shares were subsequently canceled.</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>In July 2000, the Company issued 96,000 shares of common 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="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>In May 2007, five stockholders returned 565,000 shares of common stock 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;</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>In December, 2007, the Company issued 100,000 shares of common stock in settlement of debt of $8,000 ($.08 per share).</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 6 &#150; Changes Resulting From Stock Split</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" 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 for all periods presented have been restated to reflect this stock split. &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 7 - Development Stage Company</p> <p style=MARGIN:0px align=justify><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>The Company has no significant operations and is considered a development stage company. 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="MARGIN:0px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt" align=justify>NOTE 8 &#150; Subsequent Event</p> <p style=MARGIN:0px><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">We have evaluated events occurring after the date of our accompanying balance sheets through the date the financial statements were available to be issued.&nbsp;&nbsp;Other than the events described below, we did not identify any material subsequent events requiring adjustment to our accompanying condensed financial statements. </p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">&nbsp;</p> <p style="TEXT-INDENT:48px; MARGIN:0px; PADDING-LEFT:48px; FONT-FAMILY:Arial,Times New Roman; FONT-SIZE:11pt">Effective January 1, 2011, the Company is treating $66,995 in advances and accounts payable as non-collateralized loans, bearing interest at 8% and due on demand. &nbsp;</p> <p style=MARGIN:0px><br><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" 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; FONT-SIZE:11pt"><b>ITEM 9A. &nbsp;CONTROLS AND PROCEDURES</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><b><i>Disclosure Controls and Procedures</i></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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 and he determined that our disclosure controls and procedures were ineffective due to a control deficiency. &nbsp;During the period we did not have additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information. &nbsp;Due to the size and operations of the Company we are unable to remediate this deficiency until we acquire or merge with another company.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><b><i>Management&#146;s Annual Report on Internal Control over Financial Reporting</i></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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=MARGIN:0px><br></p> <p style="MARGIN-TOP:0px; TEXT-INDENT:24px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt"><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#149;</font></p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">maintenance of records in reasonable detail to accurately and fairly reflect the transactions and dispositions of assets,</p> <p style="MARGIN-TOP:0px; TEXT-INDENT:24px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt"><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#149;</font></p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with &nbsp;generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors, and</p> <p style="MARGIN-TOP:0px; TEXT-INDENT:24px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt"><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#149;</font></p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">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="MARGIN:0px; CLEAR:left"><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">For the year ended December 31, 2010, management has relied on the Committee of Sponsoring Organizations of the Treadway Commission (COSO), &#147;Internal Control - Integrated Framework,&#148; to evaluate the effectiveness of our internal control over financial reporting. &nbsp;Based upon that framework, management has determined that our internal control over financial reporting is ineffective due to the lack of additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information. </p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Our management determined that there were no changes made in our internal controls over financial reporting during the fourth quarter of 2010 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting. </p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b><u>PART IV</u></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><b>ITEM 15. &nbsp;EXHIBITS, FINANCIAL STATEMENT SCHEDULES</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><b><i>(a)(1) Financial Statements </i></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">The audited financial statements of Globalwise Investments, Inc. are included in this report under Item 8 on pages 3 through 12.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt"><b><i>(a)(2) Financial Statement Schedules</i></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>13</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="MARGIN:0px; FONT-SIZE:11pt"><b><i>(a)(3) Exhibits</i></b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">The following documents have been filed as part of this report.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; FONT-SIZE:11pt"><i><u>No.</u></i></p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt"><i><u>Description</u></i></p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt">3.1</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">Articles of Incorporation, as amended (Incorporated by reference to exhibit 3.1 of Form 10-QSB, filed October 11, 2001)</p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt">3.2</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">Certificate of Correction, effective May 22, 2007 (Incorporated by reference to exhibit 3.1 of Form 8-K, filed June 17, 2007)</p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt">3.3</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">Bylaws of Globalwise (Incorporated by reference to exhibit 3.3 of Form 10-SB, filed October 2, 2000.)</p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt">31.1</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">Principal Executive Officer Certification</p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt">31.2</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">Principal Financial Officer Certification</p> <p style="MARGIN-TOP:0px; WIDTH:48px; MARGIN-BOTTOM:-2px; FLOAT:left; CLEAR:left; FONT-SIZE:11pt">32.1</p> <p style="TEXT-INDENT:-2px; MARGIN:0px; PADDING-LEFT:48px; FONT-SIZE:11pt">Section 1350 Certification</p> <p style="MARGIN:0px; CLEAR:left" align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center><b>SIGNATURES</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt"><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="MARGIN:0px; FONT-SIZE:11pt">By: &nbsp;&nbsp;<i><u>/s/ Donald R. Mayer </u></i></p> <p style="MARGIN:0px; FONT-SIZE:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald R. Mayer, President</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Date: &nbsp;December 27, 2011</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">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="MARGIN:0px; FONT-SIZE:11pt">By: &nbsp;&nbsp;<i><u>/s/ Donald R. Mayer </u></i></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:11pt">Donald R. Mayer</p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:11pt">Principal Executive Officer, </p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:11pt">Principal Financial Officer, </p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:11pt">Director and President</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Date: &nbsp;December 27, 2011</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">By: &nbsp;&nbsp;&nbsp;<i><u>/s/ Linda L. Perry</u></i></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:11pt">Linda L. Perry </p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:11pt">Director and Secretary/Treasurer</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt">Date: &nbsp;December 27, 2011</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:11pt" align=center>14</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p></div></body>
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<TYPE>EX-31
<SEQUENCE>2
<FILENAME>ex311.htm
<DESCRIPTION>PRINCIPAL EXECUTIVE OFFICER CERTIFICATION
<TEXT>
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<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Admin">
<META NAME="date" CONTENT="12/27/2011">
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<DIV style="width:624px"><P style="margin:0px">Exhibit 31.2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>PRINCIPAL FINANCIAL OFFICER CERTIFICATION</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">I, Donald R. Mayer, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; 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-top:0px; margin-bottom:-2px; 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-top:0px; margin-bottom:-2px; 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-top:0px; margin-bottom:-2px; 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-top:0px; margin-bottom:-2px; 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;December 27, 2011</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">/s/Donald R. Mayer</P>
<P style="margin:0px">Donald R. Mayer</P>
<P style="margin-top:0px; margin-bottom:3.2px">Principal Financial Officer</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>ex312.htm
<DESCRIPTION>PRINCIPAL FINANCIAL OFFICER CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Admin">
<META NAME="date" CONTENT="12/27/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px">Exhibit 31.2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>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-top:0px; margin-bottom:-2px; 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-top:0px; margin-bottom:-2px; 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-top:0px; margin-bottom:-2px; 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>
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<P style="margin-top:0px; margin-bottom:-2px; 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>
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<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-top:0px; margin-bottom:-2px; 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>
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<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>
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<P style="margin-top:0px; margin-bottom:3.2px">Date: &nbsp;December 27, 2011</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">/s/Donald R. Mayer</P>
<P style="margin:0px">Donald R. Mayer</P>
<P style="margin-top:0px; margin-bottom:3.2px">Principal Financial Officer</P>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>ex32.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION
<TEXT>
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<TITLE>Exhibit 32</TITLE>
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<META NAME="date" CONTENT="12/27/2011">
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<DIV style="width:672px"><P style="margin:0px">Exhibit 32.1</P>
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<P style="margin:0px" align=center><B>GLOBALWISE INVESTMENTS, INC.</B></P>
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<P style="margin:0px" align=center><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>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><font style='font-family:Arial Unicode MS,Times New Roman'>&#8226;</font></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, 2010, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><font style='font-family:Arial Unicode MS,Times New Roman'>&#8226;</font></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>
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<P style="margin:0px">Date: &nbsp;December 27, 2011</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"><BR></P>
<P style="margin:0px">/s/Donald R. Mayer</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>
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