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<SEC-DOCUMENT>0001078782-07-000470.txt : 20070510
<SEC-HEADER>0001078782-07-000470.hdr.sgml : 20070510
<ACCEPTANCE-DATETIME>20070510141903
ACCESSION NUMBER:		0001078782-07-000470
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070510
DATE AS OF CHANGE:		20070510

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:		07836783

	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>framewaves030710qsb.htm
<DESCRIPTION>MARCH 31, 2007 10-QSB
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>FRAMEWAVES, INC</TITLE>
<META NAME="author" CONTENT="Cletha A. Walstrand">
<META NAME="date" CONTENT="05/10/2007">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:720px"><P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=151.8></TD><TD width=420.133></TD><TD width=174.2></TD></TR>
<TR><TD valign=top width=151.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=bottom width=420.133><P style="margin:0px" align=center><BR></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=174.2><P style="margin:0px; padding-bottom:4px; border-bottom:2px solid #000000" align=center>OMB APPROVAL</P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMB Number: 3235-0416</P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires: &nbsp;&nbsp;&nbsp;March 31, 2007</P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated average burden</P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hours per response&#133;.182</P>
</TD></TR>
<TR><TD valign=top width=151.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=420.133><P style="margin:0px" align=center><B>UNITED STATES</B></P>
<P style="margin:0px" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center>Washington, D.C. 20549</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Form 10-QSB</B></P>
</TD><TD valign=top width=174.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(Mark One)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Wingdings 2"><FONT FACE="Wingdings 2">S</FONT><FONT FACE="Times New Roman"> </FONT></P>
<P style="margin:0px; text-indent:48px"><FONT FACE="Times New Roman">QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P style="margin:0px; text-indent:288px">For the quarterly period ended March 31, 2007</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Wingdings 2"><FONT FACE="Wingdings 2">&#163;</FONT><FONT FACE="Times New Roman"> </FONT></P>
<P style="margin:0px; text-indent:48px"><FONT FACE="Times New Roman">TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT</FONT></P>
<P style="margin:0px; text-indent:288px">For the transition period from ______________ to _____________</P>
<P style="margin:0px"><BR></P>
<P style="line-height:normal; margin:0px; text-indent:288px">Commission file number <B>33-2783-S</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>FRAMEWAVES, INC</B>.</P>
<P style="margin:0px" align=center>(Exact name of small business issuer as specified in its charter)</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=343.133></TD><TD width=16.667></TD><TD width=210.067></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=343.133><P style="margin:0px" align=center><B>NEVADA</B></P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=210.067><P style="margin:0px" align=center><B>87-699977</B></P>
</TD></TR>
<TR><TD valign=top width=343.133><P style="margin:0px" align=center>(State or other jurisdiction of incorporation or organization)</P>
</TD><TD valign=top width=16.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=210.067><P style="margin:0px" align=center>(IRS Employer Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B><U>1981 EAST 4800 SOUTH, SUITE 100, SALT LAKE CITY, UTAH, 84117</U></B></P>
<P style="margin:0px" align=center>(Address of principal executive offices)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>(801) 272-9294</U></B></P>
<P style="margin:0px" align=center>(Issuer&#146;s telephone number)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&nbsp;(Former name, former address and former fiscal year, if changed since last report)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Check whether the issues (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <FONT FACE="Wingdings 2">S</FONT> &nbsp;&nbsp;&nbsp;No <FONT FACE="Wingdings 2">&#163;</FONT> </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark whether the registrant is a shell company (as defined in Rule 13b-2 of the Exchange Act).</P>
<P style="margin:0px; text-indent:576px">Yes <FONT FACE="Wingdings 2">S</FONT> &nbsp;&nbsp;&nbsp;&nbsp;No <FONT FACE="Wingdings 2">&#163;</FONT> </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY</B></P>
<P style="margin:0px" align=center><B>PROCEEDINGS DURING THE PRECEDING FIVE YEARS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Check whether the registrant filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <FONT FACE="Wingdings 2">&#163;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;No <FONT FACE="Wingdings 2">&#163;</FONT> </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>APPLICABLE ONLY TO CORPORATE ISSUES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">State the number of shares outstanding of each of the issuer&#146;s classes of common equity, as of the latest practicable date:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>As of May 9, 2007, the Company had 1,258,994 shares of common stock, $.001 par value, issued and outstanding.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Transitional Small Business Disclosure Format (Check one): &nbsp;Yes <FONT FACE="Wingdings 2">&#163;</FONT> &nbsp;&nbsp;&nbsp;No <FONT FACE="Wingdings 2">S</FONT> </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">SEC2334(9-05)</P>
<P style="margin:0px; text-indent:96px"><B>Persons who are to respond to the collection of information contained in this form are</B></P>
<P style="margin:0px; text-indent:96px"><B>not required to respond unless the form displays a currently valid OMB control</B></P>
<P style="line-height:14.667px; margin:0px; text-indent:96px; font-family:Courier New; font-size:12px"><FONT FACE="Courier New"><B>number.</B></FONT></P>
<P style="line-height:17.333px; margin:0px" align=center><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><FONT FACE="Times New Roman">FORM 10-QSB</FONT></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>FRAMEWAVES, INC.</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>INDEX</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=76></TD><TD width=429></TD><TD width=73></TD></TR>
<TR><TD valign=top width=76><P style="margin:0px; font-size:14.667px">&nbsp;</P>
</TD><TD valign=top width=429><P style="margin:0px; font-size:14.667px">&nbsp;</P>
</TD><TD valign=top width=73><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>Page</P>
</TD></TR>
<TR><TD valign=top width=76><P style="line-height:17.333px; margin:0px; font-size:14.667px">PART I.</P>
</TD><TD valign=top width=429><P style="line-height:17.333px; margin:0px; font-size:14.667px">Financial Information</P>
</TD><TD valign=top width=73><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=76><P style="margin:0px; font-size:14.667px">&nbsp;</P>
</TD><TD valign=top width=429><P style="line-height:17.333px; margin:0px; font-size:14.667px">Item 1. &nbsp;Unaudited Financial Statements</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Consolidated Balance Sheets &#150; March 31, 2007 and December 31, 2006</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Consolidated Statements of Operations for the Three Months Ended March 31, 2007 and 2007, and for the period December 31, 1993 (Quasi-Reorganization) Through March 31, 2007</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Consolidated Statements of Stockholders&#146; Equity for the Period December 31, 1993 (Quasi-Reorganization) Through March 31, 2007</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Consolidated Statements of Cash Flows for the Three Ended March 31, 2007 and 2006, and for the period December 31, 1993 (Quasi-Reorganization) Through March 31, 2007</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Notes to Consolidated Financial Statements</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Item 2. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition or Plan of Operation</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Item 3. &nbsp;Controls and Procedures</P>
</TD><TD valign=top width=73><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>3</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>3</P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>4</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>5</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>7</P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>8</P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>11</P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>14</P>
</TD></TR>
<TR><TD valign=top width=76><P style="line-height:17.333px; margin:0px; font-size:14.667px">PART II.</P>
</TD><TD valign=top width=429><P style="line-height:17.333px; margin:0px; font-size:14.667px">Other Information</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Item 6. &nbsp;Exhibits and Reports on Form 8-K</P>
</TD><TD valign=top width=73><P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>14</P>
</TD></TR>
<TR><TD valign=top width=76><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=429><P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Signatures</P>
</TD><TD valign=top width=73><P style="line-height:17.333px; margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>15</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">(Inapplicable items have been omitted)</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>CONSOLIDATED BALANCE SHEETS</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>MARCH 31, 2007 AND DECEMBER 31, 2006</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=312.133></TD><TD width=22.4></TD><TD width=97.667></TD><TD width=22.4></TD><TD width=108.867></TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>December 31,</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px"><U>Assets </U></P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2007</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Current Assets:</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Cash</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,889</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,889</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,889</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px"><U>Liabilities and Stockholders' Equity</U></P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Current Liabilities:</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>3,765</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>4,915</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>761</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>564</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Note payable, stockholder</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>10,000</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>10,000</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>14,526</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>15,479</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Stockholders' Equity:</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $.001 par value</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000,000 shares </P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized, 1,258,994</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>42,192</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>38,847</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Deficit accumulated during the</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development stage</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(55,537)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(52,696)</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(12,086)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(12,590)</P>
</TD></TR>
<TR><TD valign=top width=312.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders'</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=97.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=312.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=97.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,889</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:-1.4px; font-size:14.667px" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>CONSOLIDATED STATEMENTS OF OPERATIONS</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=235.133></TD><TD width=22.4></TD><TD width=109.6></TD><TD width=22.4></TD><TD width=106.4></TD><TD width=22.4></TD><TD width=118.533></TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>For the period</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>December 31,</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>1993</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>For the</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>For the</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(Quasi -</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Three Months</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Three Months</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Reorganization)</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Ended</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Ended</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Through</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2007</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2006</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2007</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Revenues</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,267</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Expenses, general</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;and administrative </P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,644</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,332</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>56,043</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Operating loss</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,644)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,332)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(54,776)</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Other income </P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;(expense)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(197)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(761)</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Net Loss</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,841)</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,332)</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(55,537)</P>
</TD></TR>
<TR><TD valign=top width=235.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=109.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=106.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=118.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=235.133><P style="line-height:17.333px; margin:0px; font-size:14.667px">Net loss per share</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=109.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=106.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=118.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(.09)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; padding-right:-3.867px; font-size:14.667px" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization) THROUGH MARCH 31, 2007</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=260.667></TD><TD width=78.4></TD><TD width=22.4></TD><TD width=73.4></TD><TD width=22.4></TD><TD width=85.867></TD><TD width=22.4></TD><TD width=114.933></TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Deficit</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Accumulated</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Additional</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>During the</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=174.2 colspan=3><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><U>Common Stock</U></P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Paid-in</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Development</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Shares</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Amount</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Capital</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Stage</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Balance, December 31, 1993</P>
</TD><TD valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>65,600</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>66</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(66)</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Net loss accumulated for</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;the period December 31, 1993 </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;(quasi-reorganization)</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;through December 31, 2004</P>
</TD><TD valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(40,187)</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Common stock issued for cash</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;and services at $.10/ share </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;on November 3, 2000</P>
</TD><TD valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>100,000</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>100</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>9,900</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Common stock issued for cash</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;at $.14/ share on </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;December 1, 2004</P>
</TD><TD valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>50,000</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>50</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>6,950</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Contribution by shareholder </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;for Company expenses paid</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;directly by shareholder</P>
</TD><TD valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>22,196</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Common stock issued in </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;acquisition of subsidiary,</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;Corners, Inc. on </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;December 27, 2000</P>
</TD><TD valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,000,000</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,000</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(90)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Common stock issued due to </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;rounding up shareholders with </P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;less than 100 shares after</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;100 for 1 reverse stock split</P>
</TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;effective December 27, 2000</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>43,394</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>43</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(43)</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=260.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=78.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=73.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=85.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=260.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Balance, December 31, 2004</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=78.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,258,994</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=73.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=85.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>38,847</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=114.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(40,187)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>5</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - CONTINUED</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization) THROUGH MARCH 31, 2007</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=238.6></TD><TD width=86.8></TD><TD width=22.4></TD><TD width=86.733></TD><TD width=22.4></TD><TD width=86.733></TD><TD width=22.4></TD><TD width=100.6></TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Deficit</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Accumulated</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Additional</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>During the</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=195.933 colspan=3><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Common Stock</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Paid-in</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Development</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Shares</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Amount</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Capital</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Stage</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Balance, December 31, 2004</P>
</TD><TD valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,258,994</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>8,847</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(40,187)</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Net loss for the year ended</P>
</TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;December 31, 2005</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(6,192)</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Balance, December 31, 2005</P>
</TD><TD valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,258,994</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>38,847</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(46,379)</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Net loss for the year</P>
</TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;ended December 31, 2006</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(6,317)</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Balance, December 31, 2006</P>
</TD><TD valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,258,994</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>38,847</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(52,696)</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Contribution by shareholder </P>
</TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;for Company expenses paid</P>
</TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;directly by shareholder</P>
</TD><TD valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>3,345</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Net loss for the three months</P>
</TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;ended March 31, 2007</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,841)</P>
</TD></TR>
<TR><TD valign=top width=238.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=22.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=100.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=238.6><P style="line-height:17.333px; margin:0px; font-size:14.667px">Balance, March 31, 2007</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=86.8><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,258,994</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>1,259</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=86.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>42,192</P>
</TD><TD valign=top width=22.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=100.6><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(55,537)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:-1px; font-size:14.667px" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>6</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>CONSOLIDATED STATEMENTS OF CASH FLOWS</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=242></TD><TD width=21.733></TD><TD width=102.467></TD><TD width=21.733></TD><TD width=98.333></TD><TD width=21.733></TD><TD width=108.933></TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>For the period</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>December 31,</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>1993</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>For the</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>For the</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(Quasi-</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Three Months</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Three Months</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Reorganization)</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Ended</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Ended</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>Through</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>March 31,</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2007</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2006</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>2007</P>
</TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Cash flows from operating activities:</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;Net loss</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,841)</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,332)</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(55,537)</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Adjustments to </P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;reconcile net income to cash </P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;provided by operating activities: &nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Contribution from shareholder </P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>3,345</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>25,541</P>
</TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for services</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>5,000</P>
</TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounts payable and</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accrued interest</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(953)</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,517</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>4,526</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;Net cash provided (used) by</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;operating activities</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(449)</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>185</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(20,470)</P>
</TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Cash flows from investing activities: </P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;Cash received in acquisition</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of subsidiary</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>910</P>
</TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Cash flows from financing activities:</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;Issuance of common stock</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>12,000</P>
</TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;Proceeds from related party </P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;note payable</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>10,000</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;Net cash provided </P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;&nbsp;&nbsp;&nbsp;by financing activities</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>22,000</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Net increase (decrease) in cash</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(449)</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>185</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Cash, beginning of period</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,889</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>4,745</P>
</TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Cash, end of period</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>4,930</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,440</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Interest paid</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=242><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=102.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=98.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108.933><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=242><P style="line-height:17.333px; margin:0px; font-size:14.667px">Income taxes paid</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=102.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=98.333><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD><TD valign=top width=21.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:4px double #000000" valign=top width=108.933><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; padding-right:-12.467px; font-size:14.667px" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>7</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>(A Development Stage Company)</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>1.</P>
<P style="line-height:17.333px; margin:0px; text-indent:50.4px; font-size:14.667px" align=justify><U>Summary of Business and Significant Accounting Policies</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:50.4px; font-size:14.667px" align=justify>a.</P>
<P style="line-height:17.333px; margin:0px; text-indent:98.4px; font-size:14.667px" align=justify><U>Summary of Business</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:98.4px; font-size:14.667px" 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 Afresh start@ for accounting purposes.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:98.4px; font-size:14.667px" align=justify>The Company has not commenced principal operations and is considered a &quot;Development Stage Company&quot; as defined by the Financial Accounting Standards Board No. 7.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:50.4px; font-size:14.667px" align=justify>b.</P>
<P style="line-height:17.333px; margin:0px; text-indent:98.4px; font-size:14.667px" align=justify><U>Principles of Consolidation</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:98.4px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:50.4px; font-size:14.667px" align=justify>c.</P>
<P style="line-height:17.333px; margin:0px; text-indent:98.4px; font-size:14.667px" align=justify><U>Cash Flows</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:98.4px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:50.4px; font-size:14.667px" align=justify>d.</P>
<P style="line-height:17.333px; margin:0px; text-indent:98.4px; font-size:14.667px" align=justify><U>Net Loss Per Share</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:98.4px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:50.4px; font-size:14.667px" align=justify>e.</P>
<P style="line-height:17.333px; margin:0px; text-indent:98.4px; font-size:14.667px" align=justify><U>Use of Estimates</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:98.4px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:51.467px; font-size:14.667px" align=justify>f.</P>
<P style="line-height:17.333px; margin:0px; text-indent:99.467px; font-size:14.667px" align=justify><U>Revenue Recognition</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:96px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>8</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-42px; font-size:14.667px" align=justify>g.</P>
<P style="line-height:17.333px; margin:0px; padding-left:96px; font-size:14.667px" align=justify><U>Fair Value of Financial Instruments</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:99.467px; font-size:14.667px" align=justify>The amounts reported for cash and accounts payable and other financial instruments, none of which are held for trading purposes, are considered to approximate fair values based upon comparable market information available at the respective balance sheet date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>2.</P>
<P style="line-height:17.333px; margin:0px; text-indent:51.467px; font-size:14.667px" align=justify><U>Quasi-Reorganization</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify>December 7, 2000, the shareholders of the Company approved to &nbsp;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 Afresh start@ 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:51.467px; text-indent:-51.467px; font-size:14.667px" align=justify>3.</P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify><U>Note Payable, Stockholder</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify>On October 17, 2005, the Company borrowed $10,000 from an individual who is also a director and stockholder of the Company. At March 31, 2007 and December 31, 2006, the outstanding balance is $10,000. The note is unsecured, bears interest at 8% and is due on demand.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:51.467px; text-indent:-51.467px; font-size:14.667px" align=justify>4.</P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify><U>Stock Split</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" 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=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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify>The 100 for 1 reverse split has been retroactively applied in the accompanying financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:51.467px; text-indent:-51.467px; font-size:14.667px" align=justify>5.</P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify><U>Amended Articles of Incorporation</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" 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 March 31, 2007, 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>6.</P>
<P style="line-height:17.333px; margin:0px; text-indent:51.467px; font-size:14.667px" align=justify><U>Issuance of Common Stock</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify>On November 3, 2000, the Company issued 100,000 shares of its $.001 &nbsp;par &nbsp;value &nbsp;common &nbsp;stock &nbsp;for &nbsp;an &nbsp;aggregate &nbsp;price of &nbsp;$10,000. $5,000 was received in cash and $5,000 for services rendered.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>7.</P>
<P style="line-height:17.333px; margin:0px; text-indent:51.467px; font-size:14.667px" align=justify><U>Stock Options and Warrants</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" 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 March 31, 2007, there are no options or warrants outstanding to acquire the Company=s common stock.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:51.467px; text-indent:-51.467px; font-size:14.667px" align=justify>8.</P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify><U>Acquisition of Subsidiary</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:51.467px; font-size:14.667px" align=justify>On December 27, 2000, the Company acquired 100% of the outstanding common shares of Corners, Inc. in exchange for the issuance of 1,000,000 shares of its previously authorized but unissued common stock. &nbsp;Corners, Inc. was purchased at book value of $910 or $.001 per share. &nbsp;The acquisition has been accounted for on the purchase method and 100% of the purchase price was allocated to cash. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>9.</P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px" align=justify><U>Income Taxes</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px" align=justify>The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $47,696 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2020 and 2026. Due to the Company being in the development stage and incurring net operating losses, a valuation allowance has been provided to reduce the deferred tax assets from the net operating losses to zero. Therefore, there are no tax benefits recognized in the accompanying statement of operations.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>10.</P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px" align=justify><U>Going Concern</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px" align=justify>As shown in the accompanying financial statements, the Company incurred a net loss of $2,841 and $6,317 during the quarter ended March 31, 2007 and the year ended December 31, 2006 and &nbsp;accumulated losses of $55,537 since quasi-reorganization at December 31, 1993. The Company's current liabilities exceed its current assets by $12,086 at March 31, 2007. These factors create an uncertainty as to the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the success of raising additional capital through the issuance of common stock and the ability to generate sufficient operating revenue. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>10</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always"><B>ITEM &nbsp;2. &nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATIONS</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">SAFE &nbsp;HARBOR &nbsp;FOR &nbsp;FORWARD-LOOKING &nbsp;STATEMENTS</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">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 ma
terially 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>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B>Our History</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">FrameWaves, Inc. (the &#147;Company&#148; or &#147;FrameWaves&#148;) was originally incorporated under the name of Messidor Limited on December 23, 1985 as a development stage company for the purpose of engaging in all lawful transactions permitted under the State of Nevada, including the acquisition of various business opportunities to provide profit and maximize shareholder value.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px"><B>Our Business</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px">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:0px" align=center>11</P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always">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="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px"><B>Sources of Opportunities</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px"><B>Criteria</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px">In analyzing prospective business opportunities, management will consider the following factors:</P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">available technical, financial and managerial resources;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">working capital and other financial requirements;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">the history of operations, if any;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">prospects for the future;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">the nature of present and expected competition;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><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="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">the potential for further research, development or exploration;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">the potential for growth and expansion;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">the potential for profit;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><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="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px"><B>Methods of Participation of Acquisition</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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:0px" align=center>12</P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always"><B>Procedures</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-24px; font-family:Wingdings; font-size:14.667px"><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">descriptions of product, service and company history; management resumes;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">financial information;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">available projections with related assumptions upon which they are based;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">an explanation of proprietary products and services;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">evidence of existing patents, trademarks or service marks or rights thereto;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">present and proposed forms of compensation to management;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">a description of transactions between the prospective entity and its affiliates;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">relevant analysis of risks and competitive conditions;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">a financial plan of operation and estimated capital requirements;</FONT></P>
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<P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px"><FONT FACE="Times New Roman">and other information deemed relevant.</FONT></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B>Competition</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px"><B>Employees</B></P>
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<P style="line-height:17.333px; margin-top:0px; margin-bottom:7.333px; text-indent:24px; font-size:14.667px">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="line-height:17.333px; margin:0px; font-size:14.667px"><B>Results of Operations for the Three-Month Periods Ended March 31, 2007 and 2006</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">The Company generated no revenue during the three-month periods ended March 31, 2007 and 2006</P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">General and administrative expenses for the three months ended March 31, 2007 were $2,644 compared to general and administrative expenses of $2,332 during the three-month period ended March 31, 2007. Expenses consisted of general corporate administration, legal and professional fees, and accounting and auditing costs. &nbsp;For the three months ended March 31, 2007, the Company incurred $197 in interest expense compared to $-0- for the same period in 2006. &nbsp;As a result of these factors, the Company realized a net loss of $2,841 for the three-month period ended March 31, 2007 and a net loss of $2,332 for the comparable period in 2006.</P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B>Liquidity and Capital Resources</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">The Company generated no revenue during the three-month periods ended March 31, 2007 and 2006. At March 31, 2007, the Company&#146;s total assets consisted of $2,440 in cash. &nbsp;Total current liabilities at March 31, 2007 consisted of $3,765 in accounts payable, $761 in accrued interest and $10,000 in a note payable to a director/stockholder for total current liabilities of $14,526.</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">&nbsp;</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">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>
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<P style="margin:0px" align=center>13</P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always"><B>ITEM 3. Controls and Procedures</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">(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>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">(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>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>PART II</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B>OTHER INFORMATION</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B>ITEM 6. &nbsp;Exhibits and Reports on Form 8-K</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Reports on Form 8-K </P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>None</P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Exhibits </P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-B. </P>
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<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify><B>Exhibit No. </B></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:14.667px" align=justify><B>SEC Ref. No.</B></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:14.667px" align=justify><B>Title of Document</B></P>
<P style="line-height:17.333px; margin:0px; text-indent:585.933px; font-size:14.667px" align=justify><B>Location </B></P>
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<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>1</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:93px; font-size:14.667px" align=justify>&nbsp;(31.1)</P>
<P style="line-height:17.333px; margin:0px; text-indent:190.8px; font-size:14.667px" align=justify>Certification of the Principal Executive Officer</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:190.8px; font-size:14.667px" align=justify>pursuant to Section 302of the Sarbanes-Oxley Act of 2002</P>
<P style="line-height:17.333px; margin:0px; text-indent:585.933px; font-size:14.667px" align=justify>Attached</P>
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<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>2</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:93px; font-size:14.667px" align=justify>&nbsp;(31.2)</P>
<P style="line-height:17.333px; margin:0px; text-indent:190.8px; font-size:14.667px" align=justify>Certification of the Principal Financial Officer</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:190.8px; font-size:14.667px" align=justify>pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</P>
<P style="line-height:17.333px; margin:0px; text-indent:585.933px; font-size:14.667px" align=justify>Attached</P>
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<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>3</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:93px; font-size:14.667px" align=justify>(32.1)</P>
<P style="line-height:17.333px; margin:0px; text-indent:190.8px; font-size:14.667px" align=justify>Certification of the Principal Executive Officer</P>
<P style="line-height:17.333px; margin:0px; text-indent:190.8px; font-size:14.667px" align=justify>pursuant to U.S.C. Section 1350 as adopted pursuant</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:190.8px; font-size:14.667px" align=justify>to Section 906 of the Sarbanes-Oxley Act of 2002*</P>
<P style="line-height:17.333px; margin:0px; text-indent:585.933px; font-size:14.667px" align=justify>Attached</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px" align=justify>4</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:93px; font-size:14.667px" align=justify>(32.2)</P>
<P style="line-height:17.333px; margin:0px; text-indent:190.8px; font-size:14.667px" align=justify>Certification of the Principal Financial Officer</P>
<P style="line-height:17.333px; margin:0px; text-indent:190.8px; font-size:14.667px" align=justify>pursuant to U.S.C. Section 1350 as adopted pursuant </P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:190.8px; font-size:14.667px" align=justify>to Section 906 of the Sarbanes-Oxley Act of 2002*</P>
<P style="line-height:17.333px; margin:0px; text-indent:585.933px; font-size:14.667px" align=justify>Attached</P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px"><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:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>14</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always"><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">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:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">FRAMEWAVES, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px">Date:</P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:14.667px">May 10, 2007 </P>
<P style="line-height:17.333px; margin:0px; text-indent:384px; font-size:14.667px"><I><U>/s/ Thomas A. Thomsen &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Thomas A. Thomsen</P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">President </P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Chief Executive Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; font-size:14.667px">Date: </P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:14.667px">May 10, 2007</P>
<P style="line-height:17.333px; margin:0px; text-indent:384px; font-size:14.667px"><I><U>/s/ Susan Santage &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Susan Santage</P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>15</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>framewaves030710qsbex311.htm
<DESCRIPTION>EX. 31.1  SECTION 302 CEO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
<META NAME="author" CONTENT="Justeene">
<META NAME="date" CONTENT="05/10/2007">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:576px"><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>Exhibit 31.1</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Certification Pursuant to pursuant to Rule 13a-14(a) or Rule 15d-14(a) </B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>of the Securities Exchange Act of 1934, as amended</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>I, Thomas A. Thomsen Chief Executive Officer of Framewaves, Inc. (the &quot;Company&quot;), certify that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>1. I have reviewed this quarterly report on Form 10-QSB of the Company;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>a)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>b)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>c)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>d)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>a)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>b)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-size:14.667px"><I><U>/s/ Thomas A. Thomsen &nbsp;&nbsp;&nbsp;</U></I></P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-size:14.667px">Thomas A. Thomsen</P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-size:14.667px">Chief Executive Officer</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Date: May 10, 2007</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>framewaves030710qsbex312.htm
<DESCRIPTION>EX. 31.2 SECTION 302 CFO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
<META NAME="author" CONTENT="Justeene">
<META NAME="date" CONTENT="05/10/2007">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:576px"><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>Exhibit 31.2</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Certification Pursuant to pursuant to Rule 13a-14(a) or Rule 15d-14(a) </B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>of the Securities Exchange Act of 1934, as amended</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">I, Susan Santage Chief Financial Officer of Framewaves, Inc. (the &quot;Company&quot;), certify that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>1. I have reviewed this quarterly report on Form 10-QSB of the Company;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>a)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>b)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>c)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>d)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px; page-break-before:always" align=justify>a)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-size:14.667px" align=justify>b)</P>
<P style="line-height:17.333px; margin:0px; padding-left:72px; font-size:14.667px" 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:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:336px; font-size:14.667px"><I><U>/s/ Susan Santage &nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="line-height:17.333px; margin:0px; padding-left:288px; text-indent:48px; font-size:14.667px">Susan Santage</P>
<P style="line-height:17.333px; margin:0px; padding-left:288px; text-indent:48px; font-size:14.667px">Chief Financial Officer </P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Date: May 10, 2007</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>framewaves030710qsbex321.htm
<DESCRIPTION>EX. 32.1 SECTION 906 CEO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 32.1</TITLE>
<META NAME="author" CONTENT="Justeene">
<META NAME="date" CONTENT="05/10/2007">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:576px"><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>Exhibit 32.1</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>CERTIFICATION PURSUANT TO</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>18 U.S.C. SECTION 1350,</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>AS ADOPTED PURSUANT TO</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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 March 31, 2007 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px" align=justify>(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; text-indent:384px; font-size:14.667px"><I><U>/s/ Thomas A. Thomsen &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Thomas A. Thomsen</P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Chief Executive Officer </P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Date: May 10, 2007</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>framewaves030710qsbex322.htm
<DESCRIPTION>EX 32.2 SECTION 906 CFO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 32.2</TITLE>
<META NAME="date" CONTENT="05/10/2007">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:576px"><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>Exhibit 32.2</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>CERTIFICATION PURSUANT TO</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>18 U.S.C. SECTION 1350,</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>AS ADOPTED PURSUANT TO</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px">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 March 31, 2007 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>
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<P style="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px" 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>
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<P style="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px" 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="line-height:17.333px; margin:0px; text-indent:384px; font-size:14.667px"><I><U>/s/ Susan Santage &nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Susan Santage</P>
<P style="line-height:17.333px; margin:0px; padding-left:336px; text-indent:48px; font-size:14.667px">Chief Financial Officer </P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">Date: May 10, 2007</P>
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