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<SEC-DOCUMENT>0001078782-05-000295.txt : 20050810
<SEC-HEADER>0001078782-05-000295.hdr.sgml : 20050810
<ACCEPTANCE-DATETIME>20050810162742
ACCESSION NUMBER:		0001078782-05-000295
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050810
DATE AS OF CHANGE:		20050810

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:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-02783-S
		FILM NUMBER:		051013825

	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>10QSB
<SEQUENCE>1
<FILENAME>framewaves605qsb.htm
<DESCRIPTION>JUNE 30, 2005 10-QSB
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>U</TITLE>
<META NAME="date" CONTENT="08/05/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="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>U.S. Securities and Exchange Commission</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Washington, D.C. &nbsp;20549</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Form 10-QSB</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(Mark &nbsp;One)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">[ &nbsp;X] &nbsp;QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF &nbsp;1934</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For &nbsp;the &nbsp;quarterly &nbsp;period &nbsp;ended &nbsp;June 30, 2005</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">[ &nbsp;] &nbsp;TRANSITION &nbsp;REPORT &nbsp;UNDER &nbsp;SECTION &nbsp;13 &nbsp;OR &nbsp;15(d) &nbsp;OF &nbsp;THE &nbsp;EXCHANGE &nbsp;ACT </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For &nbsp;the &nbsp;transition &nbsp;period &nbsp;from &nbsp;_____________ &nbsp;to &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" align=center>Commission file number: <B>33-2783-S</B></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=center><B><U>FRAMEWAVES, INC.</U></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact name of small business issuer as specified in its charter)</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>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B><U>NEVADA</U></B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>87-699977</U></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State &nbsp;or other jurisdiction of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS Employer Identification &nbsp;No.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incorporation &nbsp;or &nbsp;organization)</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>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B><U>1981 EAST 4800 SOUTH, SUITE 100, SALT LAKE CITY, UTAH, 84117</U></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of principal executive offices)</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=center><B><U>(801) 272-9294</U></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Issuer's telephone number)</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=center>Not Applicable</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Former name, former address and former fiscal year, if changed since last report)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-8.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Check &nbsp;whether &nbsp;the issuer (1) filed all reports required to be filed by Section 13 &nbsp;or &nbsp;15(d) of the Exchange Act during the past 12 months (or for such shorter period &nbsp;that the registrant was required to file such reports), and (2) has been subject &nbsp;to &nbsp;such &nbsp;filing requirements for the past 90 days. &nbsp;Yes &nbsp;[ X] &nbsp;No [ &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" align=center>APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE 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">Check &nbsp;whether &nbsp;the &nbsp;registrant &nbsp;filed &nbsp;all documents and reports required to be filed &nbsp;by &nbsp;Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities &nbsp;under &nbsp;plan &nbsp;confirmed &nbsp;by &nbsp;a &nbsp;court. &nbsp;Yes &nbsp;____ &nbsp;No___</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>APPLICABLE ONLY TO CORPORATE ISSUERS</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">The &nbsp;aggregate &nbsp;number &nbsp;of &nbsp;shares issued and outstanding of the issuer's common stock &nbsp;as &nbsp;of &nbsp;June 30, &nbsp;2005 &nbsp;was &nbsp;1,258,994 &nbsp;shares &nbsp;of &nbsp;$0.001par &nbsp;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">Transitional &nbsp;Small &nbsp;Business &nbsp;Disclosure &nbsp;Format &nbsp;(Check &nbsp;one): &nbsp;Yes &nbsp;[ &nbsp;] &nbsp;No &nbsp;[X]</P>
<A NAME="OLE_LINK1"></A><P style="margin:0pt; line-height:13pt; font-family:Arial Unicode MS; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>1</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></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; 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>FORM 10-QSB</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>INDEX</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=79><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=426><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=107><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=79><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">PART I.</P>
</TD><TD valign=top width=426><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Financial Information</P>
</TD><TD valign=top width=107>&nbsp;</TD></TR>
<TR><TD valign=top width=79><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=426><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1. &nbsp;Unaudited 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">Consolidated Balance Sheets &#150; June 30, 2005 and December 31, 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">Consolidated Statements of Operations for the Three and Six Months &nbsp;Ended June 30, 2005 and 2004, and for the period December 31, 1993 (Quasi-Reorganization) Through June 30, 2005</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">Consolidated Statements of Stockholders&#146; Equity for the Period December 31, 1993 (Quasi-Reorganization) Through June 30, 2005</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">Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2005 and 2004, and for the period December 31, 1993 (Quasi-Reorganization) Through June 30, 2005</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">Notes to Consolidated 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 2. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition 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 3. &nbsp;Controls and Procedures</P>
</TD><TD valign=top width=107><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"><BR></P>
<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>4</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"><BR></P>
<P style="margin:0pt; line-height:13pt; 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>5-6</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"><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><BR></P>
<P style="margin:0pt; line-height:13pt; 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>8-10</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>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><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14</P>
</TD></TR>
<TR><TD valign=top width=79><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">PART II.</P>
</TD><TD valign=top width=426><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other Information</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;Exhibits and Reports on Form 8-K</P>
</TD><TD valign=top width=107><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><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14</P>
</TD></TR>
<TR><TD valign=top width=79>&nbsp;</TD><TD valign=top width=426><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">Signatures</P>
</TD><TD valign=top width=107><P style="margin:0pt; line-height:13pt; 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>15</P>
</TD></TR>
</TABLE>
<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>(Inapplicable items have been omitted)</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial Unicode MS; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>2</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></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; 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><B>PART I.</B></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"><B>FINANCIAL INFORMATION</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 &nbsp;1. &nbsp;Financial Statements (unaudited)</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" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=638.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FRAMEWAVES, INC. AND SUBSIDIARY</B></P>
</TD></TR>
<TR><TD valign=top width=638.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=638.4><P style="margin:0pt; text-indent:159pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
<TR><TD valign=top width=638.4><P style="margin:0pt; text-indent:142.7pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>CONSOLIDATED BALANCE SHEETS</B></P>
</TD></TR>
<TR><TD valign=top width=638.4>&nbsp;</TD></TR>
<TR><TD valign=top width=638.4><P style="margin:0pt; text-indent:134.7pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>JUNE 30, 2005 AND DECEMBER 31, 2004</B></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" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>June 30,</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>December 31,</B></P>
</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><U>Assets </U></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2005</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2004</B></P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Current Assets:</P>
</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Cash</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;927</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 4,010</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Total current assets</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;4,010</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Total Assets</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;927</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 4,010</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><U>Liabilities and Stockholders' Equity</U></B></P>
</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Current Liabilities:</P>
</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Accounts payable</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 4,567</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 4,091</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Total current liabilities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;4,567</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;4,091</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Stockholders' Equity:</P>
</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Common stock, $.001 par value</P>
</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;100,000,000 shares authorized, 1,258,994 issued and outstanding</P>
</TD><TD valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;1,259</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;1,259</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Additional paid-in capital</P>
</TD><TD valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>38,847</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>38,847</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Deficit accumulated during the development stage</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(43,746)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(40,187)</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Total Stockholders' Equity</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(3,640)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81)</P>
</TD></TR>
<TR><TD valign=top width=443.533>&nbsp;</TD><TD valign=top width=102.6>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=109.333>&nbsp;</TD></TR>
<TR><TD valign=top width=443.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Total Liabilities and Stockholders' Equity</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;927</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=109.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 4,010</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>3</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></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; text-indent:234.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=639.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FRAMEWAVES, INC. AND SUBSIDIARY</B></P>
</TD></TR>
<TR><TD valign=top width=639.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=639.8><P style="margin:0pt; text-indent:159.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=top width=639.8>&nbsp;</TD></TR>
<TR><TD valign=top width=639.8><P style="margin:0pt; text-indent:111pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
</TD></TR>
<TR><TD valign=top width=639.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005 AND 2004</B></P>
</TD></TR>
<TR><TD valign=top width=639.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>AND THE PERIOD DECEMBER 31, 1993 (quasi-Reorganization)</B></P>
</TD></TR>
<TR><TD valign=top width=639.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>THROUGH JUNE 30, 2005</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:264.45pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:264.45pt; 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">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the period</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 1993</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Quasi &#150;</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three Months</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three Months</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Six Months</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Six Months</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Reorganization)</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Ended</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Ended</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Ended</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Ended</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Through</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2005</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2004</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2005</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2004</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2005</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Revenues</P>
</TD><TD valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;1,267</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expenses, general and administrative</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;943</P>
</TD><TD valign=bottom width=16.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2,582</P>
</TD><TD valign=bottom width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>3,559</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>4,212</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;45,013</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4><P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Operating loss &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:159.15pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(943)</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(2,582)</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(3,559)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(4,212)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;(43,746)</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other income (expense)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>--</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>--</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>--</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net Loss</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(943)</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(2,582)</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(3,559)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(4,212)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(43,746)</P>
</TD></TR>
<TR><TD valign=top width=176.4>&nbsp;</TD><TD valign=top width=67>&nbsp;</TD><TD valign=top width=16.133>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=68.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=66.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=176.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss per share</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=67><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=16.133>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=66.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=68.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=66.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.09)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:159.15pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:77.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:235.95pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4</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></P>
<P style="page-break-before:always; margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=746.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FRAMEWAVES, INC. AND SUBSIDIARY</B></P>
</TD></TR>
<TR><TD valign=top width=746.933>&nbsp;</TD></TR>
<TR><TD valign=top width=746.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=top width=746.933>&nbsp;</TD></TR>
<TR><TD valign=top width=746.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</B></P>
</TD></TR>
<TR><TD valign=top width=746.933>&nbsp;</TD></TR>
<TR><TD valign=top width=746.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization) THROUGH JUNE 30, 2005</B></P>
</TD></TR>
</TABLE>
<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">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:353.85pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Deficit</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Accumulated</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Additional</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>During the</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=192.067 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Common Stock</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Paid-in</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Development</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Shares</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Amount</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Capital</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Stage</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 1993</P>
</TD><TD valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;65,600</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;66</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;(66)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss accumulated for</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">the period December 31, 1993 </P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(quasi-reorganization)through December 31, 2002 </P>
</TD><TD valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;(27,728)</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued for cash</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;and services at $.10 per share </P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;on November 3, 2000</P>
</TD><TD valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;100,000</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;100</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;9,900</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Contribution by shareholder </P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;for Company expenses paid</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;directly by shareholder </P>
</TD><TD valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>17,282</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued in </P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;acquisition of subsidiary,</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Corners, Inc. on December 27, 2000</P>
</TD><TD valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,000,000</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,000</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=361.067>&nbsp;</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued due to </P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;rounding up shareholders with </P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;less than 100 shares after</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;100 for 1 reverse stock split</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;effective December 27, 2000 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,394</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=89.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=361.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2002</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=89.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,208,994</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=86.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 1,209</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=86.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$26,983</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(27,728)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; text-indent:471.75pt; 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></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5</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></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<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=660.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FRAMEWAVES, INC. AND SUBSIDIARY</B></P>
</TD></TR>
<TR><TD valign=top width=660.733>&nbsp;</TD></TR>
<TR><TD valign=top width=660.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=top width=660.733>&nbsp;</TD></TR>
<TR><TD valign=top width=660.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - CONTINUED</B></P>
</TD></TR>
<TR><TD valign=top width=660.733>&nbsp;</TD></TR>
<TR><TD valign=top width=660.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization) THROUGH JUNE 30, 2005</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:13.5pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:13.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Deficit</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Accumulated</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Additional</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>During the</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=172.6 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Common Stock</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Paid-in</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Development</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Shares</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Amount</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Capital</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Stage</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2002</P>
</TD><TD valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,208,994</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 1,209</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 26,983</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(27,728)</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Contribution by shareholder</P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;for Company expenses paid</P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;directly by shareholder </P>
</TD><TD valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,914</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss for the year ended</P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;December 31, 2003</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;(5,955)</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2003</P>
</TD><TD valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,208,994</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;1,209</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;31,897</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;(33,683)</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued for cash</P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;at $.14 per share on </P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;December 31, 2004</P>
</TD><TD valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,950</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss for the year</P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;ended December 31, 2004<U> </U></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;(6,504)</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2004 </P>
</TD><TD valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,258,994</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;1,259</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;38,847</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;(40,187)</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss for the six months</P>
</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;ended June 30, 2005 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;(3,559)</P>
</TD></TR>
<TR><TD valign=top width=274.267>&nbsp;</TD><TD valign=top width=81.533>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=73.267>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=79.133>&nbsp;</TD><TD valign=top width=17.867>&nbsp;</TD><TD valign=top width=93.467>&nbsp;</TD></TR>
<TR><TD valign=top width=274.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, June 30, 2005 </P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=81.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,258,994</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=73.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 1,259</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=79.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 38,847</P>
</TD><TD valign=top width=17.867>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=93.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(43,746)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:13.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:13.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; padding-left:13.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:13.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; padding-left:-0.75pt; text-indent:326.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:-0.75pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>6</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></P>
<P style="page-break-before:always; margin:0pt; padding-left:-0.75pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; padding-left:-0.75pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FRAMEWAVES, INC. AND SUBSIDIARY</B></P>
</TD></TR>
<TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(A Development Stage Company)</B></P>
</TD></TR>
<TR><TD valign=top width=644.667>&nbsp;</TD></TR>
<TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
</TD></TR>
<TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004</B></P>
</TD></TR>
<TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>AND THE PERIOD DECEMBER 31, 1993 (Quasi- Reorganization)</B></P>
</TD></TR>
<TR><TD valign=top width=644.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TO JUNE 30, 2005</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the period</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31,</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1993</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Quasi-</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Six Months</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Six Months</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Reorganization)</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Ended</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Ended</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Through</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>June 30,</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2005</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2004</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2005</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Cash flows from operating activities:</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Net loss</P>
</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ (3,559)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ (4,212)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$(43,746)</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Adjustments to reconcile net income</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;To cash provided by operating activities:</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Contribution from shareholder</P>
</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;22,196</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for services</P>
</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;5,000</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;476</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;4,174</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;4,567</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Net cash used by operating activities:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;(3,083)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;(11,983)</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from investing activities:</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash received in acquisition of subsidiary<U> </U></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910</P>
</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from financing activities:</P>
</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;12,000</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net increase (decrease) in cash </P>
</TD><TD valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;(3,083)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash, beginning of period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;4,010</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;2,040</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash, end of period </P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;927</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 2,002</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;927</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest paid </P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=top width=306.4>&nbsp;</TD><TD valign=top width=103>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=108.933>&nbsp;</TD></TR>
<TR><TD valign=top width=306.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Income taxes paid </P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=103><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;--</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral &nbsp;part of the financial statements.</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:241pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>7</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></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:141.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>FRAMEWAVES, INC. AND SUBSIDIARY</B></P>
<P style="margin:0pt; text-indent:37.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0pt; text-indent:166pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>(A Development Stage Company)</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:102.7pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</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:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.</P>
<P style="margin:0pt; text-indent:37.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Summary of Business and Significant Accounting Policies</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:37.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a.</P>
<P style="margin:0pt; text-indent:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Summary of Business</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:37.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>b. &nbsp;&nbsp;<U>Principles of Consolidation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:37.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>c.</P>
<P style="margin:0pt; text-indent:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Cash Flows</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:37.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>d.</P>
<P style="margin:0pt; text-indent:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Net Loss Per Share</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:37.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>e.</P>
<P style="margin:0pt; text-indent:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Use of Estimates</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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; padding-left:73.8pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>f.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Revenue Recognition</U></P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Revenue is recognized on the accrual basis of accounting when earned. The Company'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; 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; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>8</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></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; 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; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2. &nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Quasi-Reorganization</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.</P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-1.2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Stock Split</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.</P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-1.2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Amended Articles of Incorporation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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 June 30, 2005, 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:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Issuance of Common Stock</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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 $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:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Stock Options and Warrants</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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 June 30, 2005, there are no options or warrants outstanding to acquire the Company&#146;s common stock.</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" align=justify><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>9</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></P>
<P style="page-break-before:always; margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></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:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.</P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-1.2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Acquisition of Subsidiary</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Income Taxes</U></P>
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<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" 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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM &nbsp;2. &nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATIONS</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">SAFE &nbsp;HARBOR &nbsp;FOR &nbsp;FORWARD-LOOKING &nbsp;STATEMENTS</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">When &nbsp;used &nbsp;in &nbsp;this &nbsp;report, &nbsp;the &nbsp;words &quot;may,&quot; &quot;will,&quot; &quot;expect,&quot; &quot;anticipate,&quot; &quot;continue,&quot; &nbsp;&quot;estimate,&quot; &nbsp;&quot;project,&quot; &nbsp;&quot;intend,&quot; &nbsp;and &nbsp;similar &nbsp;expressions &nbsp;are intended &nbsp;to &nbsp;identify &nbsp;forward-looking statements within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of &nbsp;1934 &nbsp;regarding events, conditions, and financial trends that may affect the Company's &nbsp;future plans of operations, business strategy, operating results, and financial &nbsp;position. &nbsp;Persons &nbsp;reviewing &nbsp;this &nbsp;report &nbsp;are &nbsp;cautioned &nbsp;that any forward-looking &nbsp;statements &nbsp;are &nbsp;not &nbsp;guarantees &nbsp;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 &quot;Item 2. &nbsp;Management's Discussion and &nbsp;Analysis &nbsp;of &nbsp;Financial &nbsp;Condition or Plan of Operations,&quot; and also include general &nbsp;economic &nbsp;factors and conditions that may directly or indirectly impact the &nbsp;Company's &nbsp;financial &nbsp;condition &nbsp;or &nbsp;results &nbsp;of &nbsp;operations.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Our History</B></P>
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<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>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Our Business</B></P>
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<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>
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<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>
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<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>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>11</P>
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<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>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Sources of Opportunities</B></P>
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<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>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Criteria</B></P>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Methods of Participation of Acquisition</B></P>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Procedures</B></P>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Competition</B></P>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Employees</B></P>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Results of Operations for the Three-Month Periods Ended June 30, 2005 and 2004</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company generated no revenue during the three-month periods ended June 30, 2005 and 2004.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">General and administrative expenses for the three months ended June 30, 2005 were $943 compared to general and administrative expenses of $2,582 during the three-month period ended June 30,, 2004. Expenses consisted of general corporate administration, legal and professional fees, and accounting and auditing costs. &nbsp;As a result of these factors, the Company realized a net loss of $943 for the three-month period ended June 30, 2005 and a net loss of $2,582 for the comparable period in 2004.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Results of Operations for the Six-Month Periods Ended June 30, 2005 and 2004</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">General and administrative expenses for the six months ended June 30, 2005 were $3,559 compared to general and administrative expenses of $4,212 during the six-month period ended June 30,, 2004. Expenses consisted of general corporate administration, legal and professional fees, and accounting and auditing costs. &nbsp;As a result of these factors, the Company realized a net loss of $3,559 for the six-month period ended June 30, 2005 and a net loss of $4,212 for the comparable period in 2004.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cumulative net loss from quasi-reorganization on December 31, 1993 through June 30, 2005 was $43,746.</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; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company generated no revenue during the six-month periods ended June 30, 2005 and 2004. At June 30, 2005, the Company&#146;s total assets consisted of $927 in cash. &nbsp;Total current liabilities at June 30, 2005 consisted of $4,567 in accounts payable. &nbsp;At December 31, 2004, the Company had total assets consisting of $4,010 in cash and total liabilities consisting of $4,091 in accounts payable.</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">The Company has no material commitments for the next twelve months. Currently the Company has a capital deficit and its current liquidity needs cannot be met with the cash on hand. In the past, the Company has relied on capital contributions from shareholders to supplement operating capital when necessary. &nbsp;The Company may sell common stock, take loans from officers, directors or shareholders or enter into debt financing agreements to meet its liquidity needs for the next twelve months. &nbsp;However, there are no agreements or understandings to this effect. &nbsp;&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. Controls and 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">(a)&nbsp;Evaluation of disclosure controls and procedures. Based on the evaluation of our disclosure controls and procedures (as defined in Securities Exchange Act of 1934 Rules&nbsp;13a-15(e) and 15d-15(e)) required by Securities Exchange Act Rules&nbsp;13a-15(b) or 15d-15(b), our Chief Executive Officer and our Chief Financial Officer have concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective. </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)&nbsp;Changes in internal controls. There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</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>PART II &nbsp;</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>OTHER INFORMATION</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 6. &nbsp;Exhibits and Reports on Form 8-K</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=justify>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>None</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>Exhibits </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>Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-B. </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; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>14</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></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-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Exhibit No. </B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>SEC Ref. No.</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Title of Document</B></P>
<P style="margin:0pt; text-indent:439.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Location </B></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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:69.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;(31.1)</P>
<P style="margin:0pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Certification of the Principal Executive Officer</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>pursuant to Section 302of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0pt; text-indent:439.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Attached</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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:69.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;(31.2)</P>
<P style="margin:0pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Certification of the Principal Financial Officer</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0pt; text-indent:439.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Attached</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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:69.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(32.1)</P>
<P style="margin:0pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Certification of the Principal Executive Officer</P>
<P style="margin:0pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>pursuant to U.S.C. Section 1350 as adopted pursuant</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>to Section 906 of the Sarbanes-Oxley Act of 2002*</P>
<P style="margin:0pt; text-indent:439.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Attached</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" align=justify>4</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:69.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(32.2)</P>
<P style="margin:0pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Certification of the Principal Financial Officer</P>
<P style="margin:0pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>pursuant to U.S.C. Section 1350 as adopted pursuant </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:143.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>to Section 906 of the Sarbanes-Oxley Act of 2002*</P>
<P style="margin:0pt; text-indent:439.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Attached</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>* </B>The Exhibit attached to this Form 10-QSB 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"><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 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; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FRAMEWAVES, INC.</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">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: August 10, 2005</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;<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">President </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; 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: August 10, 2005</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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; 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; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>15</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></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>framewaves605qsbex311.htm
<DESCRIPTION>EX 31.1 SECTION 302 CEO CERTFICATIONS
<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="08/09/2005">
</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 31.1</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 quarterly report on Form 10-QSB 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; padding-left:54pt; text-indent:-18pt; 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>
<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"><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: August 10, 2005</P>
<P style="margin:0pt; text-indent:252pt; 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></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>
<BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>framewaves605qsbex312.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="08/09/2005">
</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 quarterly report on Form 10-QSB 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>
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<P style="margin:0pt; padding-left:216pt; text-indent:36pt; 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"><U>/s/ Susan Santange</U></P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; 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: August 10, 2005</P>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>framewaves605qsbex321.htm
<DESCRIPTION>EX 32.1 SECTION 906 CEO CERTIFICATIONS
<TEXT>
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<TITLE>Exhibit 32</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="08/09/2005">
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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>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In connection with the Quarterly Report of Framewaves, Inc. a Nevada corporation (the &#147;Company&#148;), on Form 10-QSB for the quarterly period ending June 30, 2005 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>
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<P style="margin:0pt; text-indent:288pt; 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: August 10, 2005</P>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>framewaves605qsbex322.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="08/09/2005">
</HEAD>
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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>
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<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 Quarterly Report of Framewaves, Inc. a Nevada corporation (the &#147;Company&#148;), on Form 10-QSB for the quarterly period ending June 30, 2005 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>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin:0pt; text-indent:288pt; 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: August 10, 2005</P>
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