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<SEC-DOCUMENT>0001078782-05-000034.txt : 20050301
<SEC-HEADER>0001078782-05-000034.hdr.sgml : 20050301
<ACCEPTANCE-DATETIME>20050301134420
ACCESSION NUMBER:		0001078782-05-000034
CONFORMED SUBMISSION TYPE:	10KSB
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050301
DATE AS OF CHANGE:		20050301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRAMEWAVES INC
		CENTRAL INDEX KEY:			0000788611
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS REPAIR SERVICES [7600]
		IRS NUMBER:				820404220
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10KSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-02783-S
		FILM NUMBER:		05649247

	BUSINESS ADDRESS:	
		STREET 1:		1981 EAST 4800 SOUTH SUITE 100
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84117

	MAIL ADDRESS:	
		STREET 1:		1981 EAST 4800 SOUTH SUITE 100
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MESSIDOR LTD
		DATE OF NAME CHANGE:	20010122
</SEC-HEADER>
<DOCUMENT>
<TYPE>10KSB
<SEQUENCE>1
<FILENAME>frame1204ksb.htm
<DESCRIPTION>DECEMBER 31, 2004 10-KSB
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>U</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="01/19/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman" align=center><BR>
<BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Washington, DC 20549</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>FORM 10-KSB</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">[X] ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; font-family:Times New Roman" align=center>For the fiscal year ended December 31, 2004</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>COMMISSION FILE NO. &nbsp;<B>33-2783-S</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>OR</B></P>
<P style="margin:0pt; font-family:Times New Roman">[ &nbsp;] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; font-family:Times New Roman" align=center>For the transition period from ______to______</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>FRAMEWAVES, INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Name of Small Business Issuer as specified in its charter)</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=276>&nbsp;</TD><TD valign=top width=228><P style="margin:0pt; font-family:Times New Roman" align=center><B>Nevada</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(State or Other Jurisdiction of</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Incorporation or Organization)</P>
</TD><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman" align=center><B>82-0404220</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(IRS Employer</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Address of Principal Executive Offices and Zip Code)</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>(801) 272-9294</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Issuer's Telephone Number)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>NONE</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Securities registered under Section 12(b) of the Act) </P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>NONE</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Securities registered under Section 12(g) of the Act) </P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Check whether the issuer (1) filed all reports required to be filed by sections 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &nbsp;Yes [X] No [ &nbsp;]</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Check if disclosure of delinquent filers pursuant to Item 405, of Regulation S-B is not contained in this form<B>, </B>and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. &nbsp;[ &nbsp;&nbsp;]</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Registrant's revenue for its most recent fiscal<B> </B>year: $0.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">The Company&#146;s voting securities are traded on the Over the Counter (OTC) Electronic Bulletin Board under the symbol FWAV. &nbsp;There was not an active market and no significant trading volume for the issuer&#146;s common stock during fiscal year 2004, therefore the aggregate market value of the voting common equities securities held by non-affiliates of the Registrant at December 31, 2004 is deemed to be $-0-.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">As of February 22, 2005 there were 1,258,994 outstanding shares of common stock, par value $0.001.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Transitional Small Business Format: &nbsp;&nbsp;Yes [ &nbsp;&nbsp;] &nbsp;&nbsp;No [ X ]</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Documents incorporated by reference: &nbsp;None.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FORM 10-KSB</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>DECEMBER 31, 2004</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>INDEX</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=73.2>&nbsp;</TD><TD valign=top width=510><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=54><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Page</P>
</TD></TR>
<TR><TD valign=top width=73.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>PART I</P>
</TD><TD valign=top width=510><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1. &nbsp;Description of Business.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 2. &nbsp;Description of Properties.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 3. &nbsp;Legal Proceedings.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 4. &nbsp;Submission of Matters to a Vote of Security Holders.</P>
</TD><TD valign=top width=54><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6</P>
</TD></TR>
<TR><TD valign=top width=73.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>PART II</P>
</TD><TD valign=top width=510><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 5. &nbsp;Market for Common Equity and Related Stockholder Matters.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 6. &nbsp;Management&#146;s Discussion and Analysis or Plan of Operation.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 7. &nbsp;Financial Statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 8. &nbsp;Changes In and Disagreements with Accountants on Accounting and </P>
<P style="margin:0pt; text-indent:35.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;Financial Disclosure.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 8A. Controls and Procedures.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 8B. Other Information.</P>
</TD><TD valign=top width=54><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9</P>
</TD></TR>
<TR><TD valign=top width=73.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>PART III</P>
</TD><TD valign=top width=510><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 9. &nbsp;Directors, Executive Officers, Promoters and Control Persons; Compliance </P>
<P style="margin:0pt; text-indent:35.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;with Section 16(a) of the Exchange Act.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 10. &nbsp;Executive Compensation.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 11. &nbsp;Security Ownership of Certain Beneficial Owners and Management and </P>
<P style="margin:0pt; text-indent:44.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Related Stockholder Matters.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 12. &nbsp;Certain Relationships and Related Transactions.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 13. &nbsp;Exhibits and Reports on Form 8-K.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 14. &nbsp;Principal Accountant Fees and Services.</P>
</TD><TD valign=top width=54><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11</P>
</TD></TR>
<TR><TD valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=510><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Signatures.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=54><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(Inapplicable items have been omitted)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">2</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>FORWARD-LOOKING STATEMENT NOTICE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">When used in this report, the words &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;continue,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;intend,&#148; and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding events, conditions, and financial trends that may affect the Company&#146;s future plans of operations, business strategy, operating results, and financial position. &nbsp;Persons reviewing this report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and that actual results may differ materially from those included within the forward-looking statements as a result of various factors. &nbsp;Such factors are discussed under the 
headings &#148;Item 1. &nbsp;Description of Business,&#148; and &#147;Item 6. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; and also include general economic factors and conditions that may directly or indirectly impact the Company&#146;s financial condition or results of operations.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART I</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 1. Description of Business</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Our History</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FrameWaves, Inc. (the &#147;Company&#148; or &#147;FrameWaves&#148;) was originally incorporated under the name of Messidor Limited on December 23, 1985 as a development stage company for the purpose of engaging in all lawful transactions permitted under the State of Nevada, including the acquisition of various business opportunities to provide profit and maximize shareholder value.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">On December 27, 2000, the shareholders, at a special meeting, changed the Company&#146;s name from Messidor Limited to FrameWaves, Inc. &nbsp;The shareholders also approved the acquisition of Corners, Inc. (&#147;Corners&#148;), a Nevada corporation, whereby the Company exchanged 1,000,000 shares of the Company&#146;s common stock for all of Corner&#146;s issued and outstanding shares of common stock. &nbsp;Corners had incorporated on November 17, 1998 in the State of Nevada to provide custom framing for interior designers in conjunction with business contacts provided by Corners&#146; officers and directors. &nbsp;Since its inception, Corners has had limited operations. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Our Business</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FrameWaves originally intended to use Corners as an operating subsidiary and to actively pursue the custom framing business by utilizing Corners&#146; business contacts to procure contracts for future operations, and to engage in a comprehensive and aggressive marketing campaign, including but not limited to, soliciting unknown but potential business contacts through direct mailings, media, and other mediums that might generate leads to contracts for future operations. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">As of the date of this report, Framewaves has been unsuccessful in implementing its business plan and has no ongoing operations. &nbsp;Due to other obligations the Company&#146;s officers and directors have been unable to devote adequate time to developing the business and have yet to engage in any contract negotiations with frame suppliers, interior designers or retail consumers. Framewaves has had only limited operations since inception and has not generated any revenues since the fourth quarter of 2001. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Management intends to continue pursuing their original plan of operation. &nbsp;However, there is no assurance that the Company will ever successfully pursue or implement such a business plan. For these reasons, management believes that while it will continue to attempt to implement their framing industry business plan it is in the best interest of the Company and its shareholders to simultaneously seek, investigate, and if warranted, acquire an interest in a different business opportunity. &nbsp;We are not restricting our search to any particular industry or geographical area. &nbsp;We may therefore engage in essentially any business in any industry. &nbsp;Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and other factors.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">3</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The selection of a business opportunity in which to participate is complex and extremely risky and will be made by management in the exercise of its business judgment. &nbsp;There is no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to our company and shareholders.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Because we have no specific business plan or expertise, our activities are subject to several significant risks. &nbsp;In particular, any business acquisition or participation we pursue will likely be based on the decision of management without the consent, vote, or approval of our shareholders.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Sources of Opportunities</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We anticipate that business opportunities may arise from various sources, including officers and directors, professional advisers, securities broker-dealers, venture capitalists, members of the financial community, and others who may present unsolicited proposals.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We will seek potential business opportunities from all known sources, but will rely principally on the personal contacts of our officers and directors as well as indirect associations between them and other business and professional people. &nbsp;Although we do not anticipate engaging professional firms specializing in business acquisitions or reorganizations, we may retain such firms if management deems it in our best interests. &nbsp;In some instances, we may publish notices or advertisements seeking a potential business opportunity in financial or trade publications.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Criteria</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We will not restrict our search to any particular business, industry or geographical location. &nbsp;We may acquire a business opportunity in any stage of development. &nbsp;This includes opportunities involving &#147;start up&#148; or new companies. &nbsp;In seeking a business venture, management will base their decisions on the business objective of seeking long-term capital appreciation in the real value of our company. &nbsp;We will not be controlled by an attempt to take advantage of an anticipated or perceived appeal of a specific industry, management group, or product.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In analyzing prospective business opportunities, management will consider the following factors:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">available technical, financial and managerial resources;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">working capital and other financial requirements;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the history of operations, if any;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">prospects for the future;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the nature of present and expected competition;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the quality and experience of management services which may be available and the depth of the management;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the potential for further research, development or exploration;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the potential for growth and expansion;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the potential for profit;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">the perceived public recognition or acceptance of products, services, trade or service marks, name identification; and other relevant factors.</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Generally, our management will analyze all available factors and make a determination based upon a composite of available facts, without relying on any single factor.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Methods of Participation of Acquisition</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Management will review specific business opportunities and then select the most suitable opportunities based on legal structure or method of participation. &nbsp;Such structures and methods may include, but are not limited to, leases, purchase and sale agreements, licenses, joint ventures, other contractual arrangements, and may involve a reorganization, merger or consolidation transaction. &nbsp;Management may act directly or indirectly through an interest in a partnership, corporation, or other form of organization.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">4</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Procedures</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">As part of the our investigation of business opportunities, officers and directors may meet personally with management and key personnel of the firm sponsoring the business opportunity. &nbsp;We may visit and inspect material facilities, obtain independent analysis or verification of certain information provided, check references of management and key personnel, and conduct other reasonable measures.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We will generally ask to be provided with written materials regarding the business opportunity. &nbsp;These materials may include the following:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">descriptions of product, service and company history; management resumes;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">financial information;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">available projections with related assumptions upon which they are based;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">an explanation of proprietary products and services;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">evidence of existing patents, trademarks or service marks or rights thereto;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">present and proposed forms of compensation to management;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">a description of transactions between the prospective entity and its affiliates;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">relevant analysis of risks and competitive conditions;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">a financial plan of operation and estimated capital requirements;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#167;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Wingdings; font-size:11pt"><FONT FACE="Times New Roman">and other information deemed relevant.</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Competition</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We expect to encounter substantial competition in our efforts to acquire a business opportunity. &nbsp;The primary competition is from other companies organized and funded for similar purposes, small venture capital partnerships and corporations, small business investment companies and wealthy individuals.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Employees</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company currently has no employees. &nbsp;Executive officers will devote only such time to the affairs of the Company as they deem appropriate, which is estimated to be approximately 20 hours per month per person. &nbsp;The need for employees will be addressed at such time operations prove successful.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">5</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 2. Description of Property</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company utilizes office space at 1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117, provided by Thomas A. Thomsen, an officer and director of the Company. &nbsp;The Company does not pay rent for this office space. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 3. Legal Proceedings</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company is not a party to any legal proceedings, and to the best of its knowledge, no such proceedings by or against the Company have been threatened.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 4. Submission of Matters to a Vote of Security Holders</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART II</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 5. Market for Common Equity and Related Stockholder Matters</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Our common stock is listed on the Over the Counter Bulletin Board under the symbol FWAV. &nbsp;There is currently no trading volume for our securities. &nbsp;At December 31, 2004, the Company had 473 shareholders owning 1,258,994 shares of FrameWaves&#146; issued and outstanding common stock, of which 506,043 were free trading. &nbsp;The balance are restricted stock as that term is used in Rule 144.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:324pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>CLOSING BID</B></P>
<B><P style="margin:0pt; padding-left:324pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CLOSING ASK</B></P>
<P style="margin:0pt; padding-left:324pt; text-indent:-324pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>2004</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">January 2 through March 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">April 1 through June 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">July 1 through September 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">October 1 though December 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CLOSING BID</B></P>
<B><P style="margin:0pt; padding-left:396pt; text-indent:-108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CLOSING ASK</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>2003</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">January 2 through March 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">April 1 through June 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.15</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-252pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">July 1 through September 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-432pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">October 1 through December 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</P>
<P style="margin:0pt; padding-left:432pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:324pt; text-indent:-144pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:432pt; text-indent:-432pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The above quotations, as provided by Pink Sheets, LLC, represent prices between dealers and do not include retail markup, markdown or commission. &nbsp;In addition, these quotations do not represent actual transactions.</P>
<P style="margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">6</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FrameWaves has not paid any dividends since its inception, and it is not likely that any dividends on its common stock will be declared at any time in the foreseeable future. &nbsp;Any dividends will be subject to the discretion of FrameWaves' Board of Directors, and will depend upon, among other things, the operating and financial condition of FrameWaves, its capital requirements and general business conditions. &nbsp;Our ability to pay dividends is also subject to limitations imposed by Nevada law. Under Nevada law, dividends may be paid to the extent that a corporation&#146;s assets exceed its liabilities and it is able to pay its debts as they become due in the usual course of business. &nbsp;There can be no assurance that any dividends on FrameWaves common stock will be paid in the future.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Recent Sales of Unregistered Securities.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following is a detailed list of securities sold within the past three years without registration under the Securities Act. &nbsp;</P>
<P style="margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">On December 1, 2004, the company issued 50,000 shares of its common stock to a non-affiliate, minority shareholder for $.14 per share for an aggregate cash price of $7,000. The shares were issued in a private transaction, not involving any public solicitation or commissions, and without registration in reliance on the exemption provided by Section 4(2) of the Securities Act.</P>
<P style="margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">There were no other sales of unregistered securities within the past thee years.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 6. Management&#146;s Discussion and Analysis or Plan of Operation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Years Ended December 31, 2004 and 2003</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company did not generate any revenue during the years ended December 31, 2004 and 2003.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">General and administrative expenses at December 31, 2004 were $6,504 compared to general and administrative expenses of $5,955 for the year ended December 31, 2003. &nbsp;Expenses in both years were largely due to accounting, legal and other professional costs.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">As a result of the foregoing, the Company realized equal net losses of $6,504 for the year ended December 31, 2004 and $5,955 for the year ended December 31, 2003. &nbsp;The Company&#146;s net loss is attributable to a lack of business and ongoing professional costs associated with preparing the Company&#146;s public reports.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Years Ended December 31, 2003 and 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company did not generate any revenue during the years ended December 31, 2003 and 2002.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">General and administrative expenses at December 31, 2003 were $5,955 compared to general and administrative expenses of $5,366 for the year ended December 31, 2002. &nbsp;Expenses in both years were largely due to accounting, legal and other professional costs.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">As a result of the foregoing, the Company realized net losses of $5,955 for the year ended December 31, 2003 and $5,366 for the year ended December 31, 2002. &nbsp;The Company&#146;s net loss is attributable to a lack of business and ongoing professional costs associated with preparing the Company&#146;s public reports.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">At December 31, 2004, assets consisted of &nbsp;$4,010 in cash. &nbsp;Liabilities consisted of $4,091 in accounts payable leaving the Company without any working capital. &nbsp;At December 31, 2003, the Company&#146;s assets consisted of $2,040 in cash. &nbsp;Liabilities at December 31, 2003 consisted of &nbsp;$2,617 in accounts payable.</P>
<P style="margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">7</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Currently, the Company has no material commitments for capital expenditures. &nbsp;Management anticipates that operating expenses for the next twelve months will be approximately $5,000 to $7,000. &nbsp;Management understands that it does not have sufficient cash to meet its immediate operational needs and will require additional capital to cover ongoing operating expenses. &nbsp;Management may attempt to raise additional capital for its current operational needs through loans from its officers, debt financing, equity financing or a combination of financing options. &nbsp;However, there are no existing understandings, commitments or agreements for such an infusion; nor can there be assurances to that effect.</P>
<P style="margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company has adopted a code of ethics that applies to the Company&#146;s principal executive officer, principal financial officer, principal accounting officer or controller. &nbsp;The Company will provide, at no cost, a copy of the Code of Ethics to any shareholder of the Company upon receiving a written request sent to the Company&#146;s address shown on Page 1 of this report.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 7. Financial Statements </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The financial statements of the Company appear at the end of this report beginning with the Index to Financial Statements on page 14.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 8. &nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 8A. &nbsp;Controls and Procedures</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(a)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Evaluation of Disclosure Controls and Procedures. &nbsp;The Company's management, with the participation of the chief executive officer and the chief financial officer, carried out an evaluation of the effectiveness of the Company's &quot;disclosure, controls and procedures&quot; (as defined in the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;) Rules 13a-15(3) and 15-d-15(3) as of the end of the period covered by this annual report (the &quot;Evaluation Date&quot;). &nbsp;Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation Date, the Company's disclosure, controls and procedures are effective, providing them with material information relating to the Company as required to be disclosed in the reports the Company files or submits under the Exchange Act on a timely basis.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(b)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Changes in Internal Control over Financial Reporting. &nbsp;There were no changes in the Company's internal controls over financial reporting, known to the chief executive officer or the chief financial officer, that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">8</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 8B. &nbsp;Other Information</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">There are no further disclosures. No information was required to be disclosed in a Form 8-K during the fourth quarter, 2004.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART III</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 9. Directors, Executive Officers, Promoters and Control Persons &nbsp;</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following table sets forth the name, age, and position of each officer and director of the Company. &nbsp;All directors hold office until the next annual meeting of stockholders or until their successors are duly elected and qualified. Officers serve at the discretion of the Board of Directors.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has no audit committee financial expert, as defined under Section 228.401, serving on its audit committee because it has no audit committee and is not required to have an audit committee because it is not a listed security as defined in Section 240.10A-3.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Name</U></P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Age</U></P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Positions</U></P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Since</U></P>
</TD></TR>
<TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">29</P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">President and Director</P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November, 2000</P>
</TD></TR>
<TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dianne Hatton-Ward</P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">48</P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Vice President and Director</P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November, 2000</P>
</TD></TR>
<TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">43</P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Secretary/ Treasurer and Director</P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November, 2000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following is information on the business experience of each officer and director:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Thomas A. Thomsen</B>, President and Director. &nbsp;Mr. Thomsen graduated from the University of Utah in May of 2000 with a BS in Finance. &nbsp;Since March of 1999, Mr. Thomsen has worked for Interwest Transfer Company, and provides stock analysis, issuances and transfers. &nbsp;From 1990 to 1999, Mr. Thomsen was employed by the Granite School District whereby he provided security and maintenance for Granger High School.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Dianne Hatton-Ward</B>, Vice President and Director. &nbsp;Ms. Hatton-Ward is currently a part-time student at Westminster College. &nbsp;Since 1994, Ms. Hatton-Ward has worked as control scheduler for Qwest Communications International, Inc., a telecommunications company, where she is responsible for the design and support of several applications like client interfacing, job applications and job-flows.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Susan Santage</B>, Secretary, Treasurer<B> </B>and Director. &nbsp;Ms. Santage graduated from Salt Lake Community College in 1989 with an AAS in Graphic Design. &nbsp;In 1984, Ms. Santage graduated from the Salt Lake School of Interior Design. &nbsp;From 1989 to the present date, Ms. Santage has engaged in freelance graphic design where she has contracted with several companies including Break-thru Industries, KLCY Radio Station, Phoenix Aviation, Inc., and the Salt Lake Community College.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 10. Executive Compensation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company has no agreement or understanding, express or implied, with any director, officer or principal stockholder, or their affiliates or associates, regarding compensation in the form of salary, bonuses, stocks, options, warrants or any other form of remuneration, for services performed on behalf of the Company. &nbsp;Nor are there compensatory plans or arrangements, including payments to any officer in relation to resignation, retirement, or other termination of employment, or any change in control of the Company, or a change in the officer&#146;s responsibilities following a change in control of the Company.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">9</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 11. Security Ownership of Certain Beneficial Owners and Management</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following table sets forth as of December 31, 2004, the name and shareholdings of each person known to us that either directly or beneficially holds more than 5% of our 1,258,994 issued and outstanding shares of common stock, par value $.001. The table also lists the name and shareholdings of each director and of all officers and directors as a group. &nbsp;Except as otherwise indicated, the persons named in the table have sole voting and dispositive power with respect to all shares beneficially owned, subject to community property laws where applicable.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Name and Address of Directors,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Executive Officers and 5% Beneficial Owners</B></P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Amount and Nature of Beneficial Ownership</B></P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Percent of Class of Common Stock</B></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen &nbsp;(1) (2)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1981 East 4800 South, Suite 100 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Salt Lake City, Utah &nbsp;84117<B> </B></P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>86,285</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>6.9%</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dianne Hatton-Ward &nbsp;(1)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1981 East 4800 South, Suite 100 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Salt Lake City, Utah &nbsp;84117</P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>333,333</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>26.5%</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage &nbsp;(1)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1981 East 4800 South, Suite 100 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Salt Lake City, Utah &nbsp;84117</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>333,333</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>26.5%</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Directors and Executive Officers as a Group: &nbsp;Three Persons</P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>752,951</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>59.8%</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(1)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Officer and director of the Company.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(2)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas Thomsen owns 83,334 shares directly, and 2,951 shares indirectly through European Holdings, Inc. &nbsp;Mr. Thomsen owns and controls European Holdings, Inc.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 12. &nbsp;Certain Relationships and Related Transactions</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company utilizes office space at 1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117, provided by Thomas A. Thomsen, an officer and director of the Company. &nbsp;The Company does not pay rent for this office space.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">10</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 13. &nbsp;Exhibits and Reports on Form 8-K </B></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a) Exhibits</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:117pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Title</B></P>
<B><P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Location</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=150><P style="margin:0pt; padding-left:72pt; text-indent:-72pt; line-height:12.3pt; font-family:Times New Roman; font-size:12pt">Exhibit 3(i)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; line-height:12.3pt; font-family:Times New Roman; font-size:12pt">Exhibit 3(ii)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit 14</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.2</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">32.1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">32.2</P>
</TD><TD valign=top width=342><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Amended and Restated Articles of Incorporation*</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Amended and Restated Bylaws*</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Code of Ethics**</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of the Principal Executive Officer &nbsp;pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002***</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of the Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002***</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">2000 10-KSB</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">2000 10-KSB</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">200210-KSB</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">b) Reports on Form 8-K</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:11.45pt; font-family:Times New Roman; font-size:11pt" align=justify>There were no reports filed on Form 8-K during the period covered by this report.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:11.45pt; font-family:Times New Roman; font-size:11pt" align=justify>* Incorporated by reference. Filed as exhibit to 2000 10-KSB filed January 26, 2001</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:11.45pt; font-family:Times New Roman; font-size:11pt" align=justify>**Incorporated by reference. Filed as exhibit to 2002 10-KSB filed March 26, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:11.45pt; font-family:Times New Roman; font-size:11pt" align=justify>***The Exhibit attached to this Form 10-KSB shall not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;) or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Item 14. Principal Accountant Fees and Services</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Audit Fee</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal account for the audit of FrameWaves, Inc. and Subsidiary&#146;s annual financial statement and review of financial statements included in FrameWaves, Inc. and Subsidiary&#146;s 10-QSB reports and services normally provided by the accountant in connection with statutory and regulatory filings or engagements were $2,335 for fiscal year ended 2003 and $2,300 for fiscal year ended 2004.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Audit-Related Fees</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There were no fees for other audit related services for fiscal year ended 2004.</P>
<P style="margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">11</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Tax Fees</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There were no fees for tax compliance, tax advice and tax planning for the fiscal years 2004 and 2003.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>All Other Fees</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">There were no other aggregate fees billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We do not have an audit committee currently serving and as a result our board of directors performs the duties of an audit committee. &nbsp;Our board of directors will evaluate and approve in advance, the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services. &nbsp;We do not rely on pre-approval policies and procedures.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">12</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>FRAMEWAVES, INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Thomas A. Thomsen</U></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen &nbsp;</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage</U></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage &nbsp;</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In accordance with the Exchange Act, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
</TD><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Thomas A. Thomsen</U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Director &nbsp;</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
</TD><TD valign=top width=319.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage</U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Director &nbsp;</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
</TD><TD valign=top width=319.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Dianne Hatton-Ward </U></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</TD><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dianne Hatton-Ward</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Director</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman">13</P>
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<P style="margin:0pt; text-indent:134.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:159pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(A Development Stage Company)</P>
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<P style="margin:0pt; text-indent:177.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>TABLE OF CONTENTS</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Page</U></P>
<P style="margin:0pt; padding-left:324pt; text-indent:108pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:252pt; text-indent:-252pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Independent Auditor&#146;s Report</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>15</P>
<P style="margin:0pt; text-indent:396pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Financial Statements:</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Balance Sheets</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>16</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Statements of Operations</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>17</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Statements of Stockholders' Equity</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>18</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Statements of Cash Flows</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;Notes to Consolidated Financial Statements</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>21-23</P>
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<P style="margin:0pt; font-family:Times New Roman">14</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>To the Board of Directors and Stockholders</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>of FrameWaves, Inc. and Subsidiary</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We have audited the accompanying consolidated balance sheets of FrameWaves, Inc. (a Nevada corporation) and subsidiary as of December 31, 2004 and 2003, and the related consolidated statements of operations, stockholders&#146; equity and cash flows for the years ended December 31, 2004, 2003 and 2002. &nbsp;These consolidated financial statements are the responsibility of the Company&#146;s management. &nbsp;Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). &nbsp;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. &nbsp;An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. &nbsp;We believe that our audits provide a reasonable basis for our opinion.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of FrameWaves, Inc. and subsidiary as of December 31, 2004 and 2003, and the results of their operations and their cash flows for the years ended December 31, 2004, 2003 and 2002 in conformity with U.S. generally accepted accounting principles.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>/s/Burnham &amp; Schumm</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Salt Lake City, Utah</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>January 21, 2005</P>
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<P style="margin:0pt; font-family:Times New Roman">15</P>
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<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>(A Development Stage Company)</P>
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<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>CONSOLIDATED BALANCE SHEETS</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>DECEMBER 31, 2004 and 2003</P>
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<P style="margin:0pt; padding-left:36pt; padding-right:36pt; font-family:Courier New; font-size:11pt"><BR></P>
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<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>Assets</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:306.6pt; line-height:13pt; font-family:Courier New; font-size:11pt">2004</P>
<P style="margin:0pt; text-indent:396.6pt; line-height:13pt; font-family:Courier New; font-size:11pt">2003</P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt">Current Assets:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:14.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">Cash</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:295.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 4,010</U></P>
<P style="margin:0pt; text-indent:385.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 2,040</U></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Courier New; font-size:11pt">Total current assets</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:295.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;4,010</U></P>
<P style="margin:0pt; text-indent:385.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;2,040</U></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Courier New; font-size:11pt">Total Assets</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:295.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 4,010</U></P>
<P style="margin:0pt; text-indent:385.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 2,040</U></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>Liabilities and Stockholders' Equity</U></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt">Current Liabilities:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:14.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">Accounts payable</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:14.4pt; text-indent:281.4pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 4,091</U></P>
<P style="margin:0pt; padding-left:14.4pt; text-indent:371.4pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 2,617</U></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Courier New; font-size:11pt">Total current liabilities</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:295.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;4,091</U></P>
<P style="margin:0pt; text-indent:379.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;2,617</U> </P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt">Stockholders' Equity:</P>
<P style="margin:0pt; text-indent:14.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">Common stock, $.001 par value</P>
<P style="margin:0pt; text-indent:28.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">100,000,000 shares authorized,</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-367.2pt; line-height:13pt; font-family:Courier New; font-size:11pt">1,258,994 and 1,208,994 </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:27pt; line-height:13pt; font-family:Courier New; font-size:11pt">issued and outstanding</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:309pt; line-height:13pt; font-family:Courier New; font-size:11pt">1,259</P>
<P style="margin:0pt; text-indent:399pt; line-height:13pt; font-family:Courier New; font-size:11pt">1,209</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:14.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">Additional paid-in capital</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:302.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">38,847</P>
<P style="margin:0pt; text-indent:392.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">31,897</P>
<P style="margin:0pt; text-indent:14.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">Deficit accumulated during the</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:28.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">development stage</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:289.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>(40,187</U>)</P>
<P style="margin:0pt; text-indent:379.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>(33,683</U>)</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Courier New; font-size:11pt">Total stockholders' equity</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:289.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;(81</U>)</P>
<P style="margin:0pt; text-indent:379.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;(577</U>)</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Courier New; font-size:11pt">Total Liabilities and Stockholders'</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:50.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">Equity</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:295.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 4,010</U></P>
<P style="margin:0pt; text-indent:385.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ 2,040</U></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; text-indent:105.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">The accompanying notes are an integral </P>
<P style="margin:0pt; padding-left:-1.05pt; text-indent:82.7pt; line-height:13pt; font-family:Courier New; font-size:11pt">part of the consolidated financial statements.</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
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<BR></P>
<P style="margin:0pt; font-family:Times New Roman">16</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Courier New; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF OPERATIONS</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:358.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">For the period</P>
<P style="margin:0pt; text-indent:365.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">December 31,</P>
<P style="margin:0pt; text-indent:391.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">1993</P>
<P style="margin:0pt; text-indent:378.6pt; line-height:13pt; font-family:Courier New; font-size:11pt">(Quasi -</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:355.5pt; line-height:13pt; font-family:Courier New; font-size:11pt">Reorganization)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:381.9pt; line-height:13pt; font-family:Courier New; font-size:11pt">Through</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:365.4pt; line-height:13pt; font-family:Courier New; font-size:11pt">December 31,</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171.6pt; line-height:13pt; font-family:Courier New; font-size:11pt">2004</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243.6pt; line-height:13pt; font-family:Courier New; font-size:11pt">2003</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:315.6pt; line-height:13pt; font-family:Courier New; font-size:11pt">2002</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:391.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">2004</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Courier New; font-size:11pt">Revenues</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:145.2pt; line-height:13pt; font-family:Courier New; font-size:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:223.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">$ &nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:289.2pt; line-height:13pt; font-family:Courier New; font-size:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:370.2pt; line-height:13pt; font-family:Courier New; font-size:11pt">$ &nbsp;1,267</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Courier New; font-size:11pt">Expenses, general</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:15.45pt; line-height:13pt; font-family:Courier New; font-size:11pt">and administrative</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:145.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;6,504</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:223.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;5,955</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:289.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;5,366</U></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:370.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;41,454</U></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:15.45pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:15.45pt; line-height:13pt; font-family:Courier New; font-size:11pt">Operating loss</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:151.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">(6,504)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:223.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">(5,955)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:295.8pt; line-height:13pt; font-family:Courier New; font-size:11pt">(5,366)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:370.2pt; line-height:13pt; font-family:Courier New; font-size:11pt">(40,187)</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Courier New; font-size:11pt">Other income </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:9pt; line-height:13pt; font-family:Courier New; font-size:11pt">(expense)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:145.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:223.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:289.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:370.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:15.45pt; line-height:13pt; font-family:Courier New; font-size:11pt">Net Loss</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:138.6pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ (6,504</U>)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:217.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$(5,955</U>)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:282.6pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ (5,366</U>)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:363.6pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$(40,187</U>)</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Courier New; font-size:11pt">Net loss per share</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:138.6pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ &nbsp;&nbsp;(.01</U>)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:223.8pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:289.2pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:363.6pt; line-height:13pt; font-family:Courier New; font-size:11pt"><U>$ &nbsp;&nbsp;(.08</U>)</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:159.15pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>The accompanying notes are an integral</P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>part of the consolidated financial statements.</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">17</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Courier New; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002</P>
<P style="margin:0pt; text-indent:521.1pt; line-height:11pt; font-family:Courier New; font-size:9pt">Deficit</P>
<P style="margin:0pt; text-indent:510.3pt; line-height:11pt; font-family:Courier New; font-size:9pt">Accumulated</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:405pt; line-height:11pt; font-family:Courier New; font-size:9pt">Additional</P>
<P style="margin:0pt; text-indent:513pt; line-height:11pt; font-family:Courier New; font-size:9pt">During the</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:255.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">Common Stock</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:413.1pt; line-height:11pt; font-family:Courier New; font-size:9pt">Paid-in</P>
<P style="margin:0pt; text-indent:510.3pt; line-height:11pt; font-family:Courier New; font-size:9pt">Development</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:246.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">Shares</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:318.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">Amount</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:413.1pt; line-height:11pt; font-family:Courier New; font-size:9pt">Capital</P>
<P style="margin:0pt; text-indent:526.5pt; line-height:11pt; font-family:Courier New; font-size:9pt">Stage</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">Balance, December 31, 1993</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:246.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">65,600</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">$ &nbsp;&nbsp;&nbsp;66</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:405pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;(66)</P>
<P style="margin:0pt; text-indent:509.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Net loss accumulated for</P>
<P style="margin:0pt; text-indent:15.45pt; line-height:11pt; font-family:Courier New; font-size:9pt">the period December 31, 1993 </P>
<P style="margin:0pt; text-indent:15.45pt; line-height:11pt; font-family:Courier New; font-size:9pt">(quasi-reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">through December 31, 2000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:268.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:340.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:448.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; text-indent:514.8pt; line-height:11pt; font-family:Courier New; font-size:9pt">(16,379)</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Common stock issued for cash</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;and services at $.10/ share </P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;on November 3, 2000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:241.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">100,000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:334.8pt; line-height:11pt; font-family:Courier New; font-size:9pt">100</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:432pt; line-height:11pt; font-family:Courier New; font-size:9pt">9,900</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Contribution by shareholder </P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:268.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:340.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:426.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">11,938</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Common stock issued in </P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;acquisition of subsidiary,</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;Corners, Inc. on</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;December 27, 2000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,000,000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:324pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:437.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">(90)</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Common stock issued due to </P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;rounding up shareholders with </P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;less than 100 shares after</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;100 for 1 reverse stock split</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;effective December 27, 2000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:246.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">43,394</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:340.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">43</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:437.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">(43)</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Net loss for the year</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;ended December 31, 2001</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:410.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:504pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;(5,983</U>)</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">Balance, December 31, 2001</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>1,208,994</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>$ 1,209</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:415.8pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>$ 21,639</U></P>
<P style="margin:0pt; text-indent:504pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>$ (22,362</U>)</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt" align=center>The accompanying notes are an integral</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt" align=center>part of the consolidated financial statements.</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">18</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Courier New; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - CONTINUED</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002</P>
<P style="margin:0pt; text-indent:519pt; line-height:11pt; font-family:Courier New">Deficit</P>
<P style="margin:0pt; text-indent:510.3pt; line-height:11pt; font-family:Courier New; font-size:9pt">Accumulated</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:405pt; line-height:11pt; font-family:Courier New; font-size:9pt">Additional</P>
<P style="margin:0pt; text-indent:513pt; line-height:11pt; font-family:Courier New; font-size:9pt">During the</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:255.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">Common Stock</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:413.1pt; line-height:11pt; font-family:Courier New; font-size:9pt">Paid-in</P>
<P style="margin:0pt; text-indent:510.3pt; line-height:11pt; font-family:Courier New; font-size:9pt">Development</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:246.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">Shares</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:318.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">Amount</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:413.1pt; line-height:11pt; font-family:Courier New; font-size:9pt">Capital</P>
<P style="margin:0pt; text-indent:526.5pt; line-height:11pt; font-family:Courier New; font-size:9pt">Stage</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">Balance, December 31, 2001</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,208,994</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">$ 1,209</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:415.8pt; line-height:11pt; font-family:Courier New; font-size:9pt">$ 21,639</P>
<P style="margin:0pt; text-indent:509.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">$(22,362)</P>
<P style="margin:0pt; text-indent:36pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Contribution by shareholder </P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:268.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:340.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:432pt; line-height:11pt; font-family:Courier New; font-size:9pt">5,344</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Net loss for the year</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;ended December 31, 2002</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:415.8pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:509.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;(5,366</U>)</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">Balance, December 31, 2002</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,208,994</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:324pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,209</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:426.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">26,983</P>
<P style="margin:0pt; text-indent:514.8pt; line-height:11pt; font-family:Courier New; font-size:9pt">(27,728)</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Contribution by shareholder </P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:268.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:340.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:432pt; line-height:11pt; font-family:Courier New; font-size:9pt">4,914</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Net loss for the year</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;ended December 31, 2003</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:415.8pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:509.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;(5,955</U>)</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">Balance, December 31, 2003</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,208,994</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:324pt; line-height:11pt; font-family:Courier New; font-size:9pt">1,209</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:426.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">31,897</P>
<P style="margin:0pt; text-indent:514.8pt; line-height:11pt; font-family:Courier New; font-size:9pt">(33,683)</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Common stock issued for cash</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;at $.14/ share on </P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;December 1, 2004</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:246.6pt; line-height:11pt; font-family:Courier New; font-size:9pt">50,000</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:340.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">50</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:432pt; line-height:11pt; font-family:Courier New; font-size:9pt">6,950</P>
<P style="margin:0pt; text-indent:547.2pt; line-height:11pt; font-family:Courier New; font-size:9pt">--</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">Net loss for the year</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;ended December 31, 2004</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:415.8pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:509.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>&nbsp;&nbsp;(6,504</U>)</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Courier New; font-size:9pt">Balance, December 31, 2004</P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:230.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>1,258,994</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:313.2pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>$ 1,259</U></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:415.8pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>$ 38,847</U></P>
<P style="margin:0pt; text-indent:509.4pt; line-height:11pt; font-family:Courier New; font-size:9pt"><U>$(40,187</U>)</P>
<P style="margin:0pt; font-family:Courier New; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt" align=center>The accompanying notes are an integral</P>
<P style="margin:0pt; line-height:11pt; font-family:Courier New; font-size:9pt" align=center>part of the consolidated financial statements.</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">19</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Courier New; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF CASH FLOWS</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Courier New; font-size:11pt" align=center>YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:372pt; font-family:Courier New">For the period</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:363pt; font-family:Courier New">December 31, 1993</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:390pt; font-family:Courier New">(Quasi -</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:369pt; font-family:Courier New">Reorganization)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:393pt; font-family:Courier New">Through</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:378pt; font-family:Courier New">December 31,</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:195pt; font-family:Courier New">2004</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:258pt; font-family:Courier New">2003</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:321pt; font-family:Courier New">2002</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New">2004</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Cash flows from</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">operating activities:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:15.45pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;Net loss</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:15.45pt; padding-right:-9.35pt; text-indent:155.55pt; font-family:Courier New">$ (6,504)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:15.45pt; padding-right:-9.35pt; text-indent:224.55pt; font-family:Courier New">$(5,955)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:15.45pt; padding-right:-9.35pt; text-indent:290.55pt; font-family:Courier New">$ (5,366)</P>
<P style="margin:0pt; padding-left:15.45pt; padding-right:-9.35pt; text-indent:380.55pt; font-family:Courier New">$(40,187)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Adjustments to</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;reconcile net income</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;to cash provided by</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;operating activities:</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;Contribution from</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:213pt; font-family:Courier New">--</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:258pt; font-family:Courier New">4,914</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:330pt; font-family:Courier New">5,344</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:414pt; font-family:Courier New">22,196</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for services</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:213pt; font-family:Courier New">--</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:276pt; font-family:Courier New">--</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:348pt; font-family:Courier New">--</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:420pt; font-family:Courier New">5,000</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:36pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;in accounts</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payable</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;1,474</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;991</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:306pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15</U>)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;4,091</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Net cash used</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">by operating</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">activities:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:171pt; font-family:Courier New"><U>&nbsp;&nbsp;(5,030</U>)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:240pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;(50</U>)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:306pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37</U>)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:396pt; font-family:Courier New"><U>&nbsp;&nbsp;(8,900</U>)</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Cash flows from</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">investing activities:</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">&nbsp;&nbsp;Cash received in</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition of</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsidiary</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:312pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Cash flows from </P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">financing activities:</P>
<P style="margin:0pt; padding-left:15.45pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;&nbsp;Issuance of </P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">&nbsp;&nbsp;&nbsp;&nbsp;common stock</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;7,000</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:312pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>&nbsp;&nbsp;12,000</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Net increase (decrease)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">&nbsp;&nbsp;in cash</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:195pt; font-family:Courier New">1,970</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:264pt; font-family:Courier New">(50)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:336pt; font-family:Courier New">(37)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:420pt; font-family:Courier New">4,010</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">Cash, beginning </P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:15.45pt; font-family:Courier New">of period</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;2,040</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>&nbsp;&nbsp;2,090</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:312pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;2,127</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">Cash, end of period</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>$ &nbsp;4,010</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>$ 2,040</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:312pt; font-family:Courier New"><U>$ &nbsp;2,090</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>$ &nbsp;4,010</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">Interest paid</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:312pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; font-family:Courier New">Income taxes paid</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:177pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:246pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-9.35pt; text-indent:312pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:402pt; font-family:Courier New"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Courier New">The accompanying notes are an integral part of the consolidated financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">20</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:-9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1.</P>
<P style="margin:0pt; padding-left:-9pt; text-indent:46.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Summary of Business and Significant Accounting Policies</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Summary of Business</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company was incorporated under the laws of the State of Nevada on December 23, 1985. &nbsp;The Company was formed to pursue business opportunities. &nbsp;The Company was unsuccessful in its operations. &nbsp;During 1993, Management determined it was in the best interest of the Company to discontinue its previous operations. &nbsp;The Company is considered to have re-entered into a new development stage on December 31, 1993. &nbsp;Because the Company discontinued its previous operations and is selling new potential business opportunities, the Company adopted quasi-reorganization accounting procedures to provide the Company a &#147;fresh start&#148; for accounting purposes.</P>
<P style="margin:0pt; padding-left:73.05pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has not commenced principal operations and is considered a &#147;Development Stage Company&#148; as defined by the Financial Accounting Standards Board No. 7.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b. &nbsp;&nbsp;<U>Principles of Consolidation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The consolidated financial statements contain the accounts of the Company and its wholly-owned subsidiary, Corners, Inc. &nbsp;All significant intercompany balances and transactions have been eliminated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Cash Flows</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Net Loss Per Share</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The net loss per share calculation is based on the weighted average number of shares outstanding during the period.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>e.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Use of Estimates</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; line-height:13pt; font-family: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 certain reported amounts and disclosures. &nbsp;Accordingly, actual results could differ from those estimates.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">21</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:81pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>f.</P>
<P style="margin:0pt; padding-left:45pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Revenue Recognition</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:81pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Revenue is recognized on the accrual basis of accounting when earned. The Company&#146;s primary business generated revenue from picture framing. The Company has not had any revenue since 2001.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2. &nbsp;&nbsp;<U>Quasi-Reorganization</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>December 7, 2000, the shareholders of the Company approved to adopt quasi-reorganization accounting procedures. &nbsp;Quasi-reorganization accounting allowed the Company to eliminate its previous accumulated deficit of approximately $235,000 against additional paid-in capital. &nbsp;Therefore, the adoption of quasi-reorganization accounting procedures gave the Company a &#147;fresh start&#148; for accounting purposes. &nbsp;The Company is also considered as re-entering a new development stage on December 31, 1993, as it discontinued all of its previous operations. &nbsp;These financial statements have been restated to reflect the change. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. &nbsp;&nbsp;<U>Stock Split</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 27, 2000, the Company approved a 100 for 1 reverse split of the issued and outstanding common stock but no shareholder&#146;s ownership shall be less than 100 shares. &nbsp;An additional 43,394 shares were issued as a result of rounding up to the 100 share minimum.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The 100 for 1 reverse split has been retroactively applied in the accompanying financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4. &nbsp;&nbsp;<U>Amended Articles of Incorporation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 27, 2000, the Company amended its articles of incorporation to change its name from Messidor Limited to FrameWaves, Inc. &nbsp;In addition, the Company decreased its authorized shares from 500,000,000 to 110,000,000 shares of stock of which 100,000,000 shall be designated common stock and 10,000,000 shall be designated preferred stock. &nbsp;At December 31, 2004, no preferred stock has been issued by the Company. &nbsp;The Company has the authorization to issue the preferred stock in one or more series and to determine the voting rights, preferences as to dividends and liquidation, conversion rights, and other rights of each series.</P>
<P style="margin:0pt; text-indent:241.4pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. &nbsp;&nbsp;<U>Issuance of Common Stock</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On November 3, 2000, the Company issued 100,000 shares of its $.001 &nbsp;par &nbsp;value &nbsp;common &nbsp;stock &nbsp;for &nbsp;an &nbsp;aggregate &nbsp;price of &nbsp;$10,000. $5,000 was received in cash and $5,000 for services rendered.</P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 1, 2004, the company issued 50,000 shares of its common stock for $.14 per share for an aggregate cash price of $7,000.</P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:-9pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">22</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; padding-left:-9pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; padding-left:-9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:-9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>6.</P>
<P style="margin:0pt; padding-left:-9pt; text-indent:47.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Stock Options and Warrants</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has designated 2,000,000 shares of its authorized and unissued common stock to a future stock option plan. &nbsp;At December 31, 2004, there are no options or warrants outstanding to acquire the Company&#146;s common stock.</P>
<P style="margin:0pt; padding-left:-9pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:-9pt; text-indent:-38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>7.</P>
<P style="margin:0pt; padding-left:-9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Acquisition of Subsidiary</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 27, 2000, the Company acquired 100% of the outstanding common shares of Corners, Inc. in exchange for the issuance of 1,000,000 shares of its previously authorized but unissued common stock. &nbsp;Corners, Inc. was purchased at book value of $910 or $.001 per share. &nbsp;The acquisition has been accounted for on the purchase method and 100% of the purchase price was allocated to cash. &nbsp;</P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:-9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>8.</P>
<P style="margin:0pt; padding-left:-9pt; text-indent:47.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Income Taxes</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $40,187 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2020 and 2024. Due to the Company being in the development stage and incurring net operating losses, a valuation allowance has been provided to reduce the deferred tax assets from the net operating losses to zero. Therefore, there are no tax benefits recognized in the accompanying statement of operations.</P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman">23</P>
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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>frame1204ksbex311.htm
<DESCRIPTION>EX 31.1 SECTION 302 CEO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="02/23/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
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<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 31.1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Certification Pursuant to pursuant to Rule 13a-14(a) or Rule 15d-14(a) </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>of the Securities Exchange Act of 1934, as amended</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I, Thomas A. Thomsen Chief Executive Officer of Framewaves, Inc. (the &quot;Company&quot;), certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1. I have reviewed this annual report on Form 10-KSB of the Company;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2. 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 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. 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:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4. As the registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and I have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>evaluated the effectiveness of the registrant'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:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the &nbsp;registrant's internal control over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. As the registrant's certifying officer, I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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's ability to record, process, summarize and report financial information; and</P>
<P style="margin:0pt; padding-left:54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
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<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Thomas A. Thomsen</U></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>frame1204ksbex312.htm
<DESCRIPTION>EX 31.2 SECTION 302 CFO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="02/23/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 31.2</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Certification Pursuant to pursuant to Rule 13a-14(a) or Rule 15d-14(a) </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>of the Securities Exchange Act of 1934, as amended</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">I, Susan Santage Chief Financial Officer of Framewaves, Inc. (the &quot;Company&quot;), certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1. I have reviewed this annual report on Form 10-KSB of the Company;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2. 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 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. 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:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4. As the registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and I have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>evaluated the effectiveness of the registrant'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:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the &nbsp;registrant's internal control over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. As the registrant's certifying officer, I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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's ability to record, process, summarize and report financial information; and</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage</U></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer </P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>frame1204ksbex321.htm
<DESCRIPTION>EX 32.1 SECTION 906 CEO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 32</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="02/23/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 32.1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>18 U.S.C. SECTION 1350,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>AS ADOPTED PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In connection with the Annual Report of Framewaves, Inc. a Nevada corporation (the &#147;Company&#148;), on Form 10-KSB for the annual period ending December 31, 2004 as filed with the Securities and Exchange Commission (the &#147;Report&#148;), I, Thomas A. Thomsen, Chief Executive Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350), that to my knowledge:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Thomas A. Thomsen</U></P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>frame1204ksbex322.htm
<DESCRIPTION>EX 32.2 SECTION 906 CFO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 32</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="02/23/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 32.2</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>18 U.S.C. SECTION 1350,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>AS ADOPTED PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In connection with the Annual Report of Framewaves, Inc. a Nevada corporation (the &#147;Company&#148;), on Form 10-KSB for the annual period ending December 31, 2004 as filed with the Securities and Exchange Commission (the &#147;Report&#148;), I, Susan Santage, Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350), that to my knowledge:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage</U></P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: February 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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