|   |  UNITED STATES                      |   |
|--------|------------------------------------------|--------|
|   |  SECURITIES AND EXCHANGE COMMISSION |   |
|   |  WASHINGTON, DC 20549               |   |

| NEVADA                          | 88-0390828         |
|---------------------------------|--------------------|
| (State or other jurisdiction of | I.R.S. Employer    |
| incorporation or organization)  | Identification No. |

----

| Item #       |   | Description                                                                           |   | Page Numbers |
|--------------|--------|---------------------------------------------------------------------------------------|--------|--------------|
|         |   |                                                                                  |   |         |   |
|         |   | PART I                                                                                |   |  4      |   |
|         |   |                                                                                  |   |         |   |
| ITEM 1       |   | FINANCIAL STATEMENTS                                                                  |   | 4            |   |
|         |   |                                                                                  |   |         |   |
|  ITEM 2 |   | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |   | 14           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 3       |   | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                            |   |  16     |   |
|         |   |                                                                                  |   |         |   |
| ITEM 4       |   | CONTROLS AND PROCEDURES                                                               |   | 16           |   |
|         |   |                                                                                  |   |         |   |
|         |   | PART II                                                                               |   |  17     |   |
|         |   |                                                                                  |   |         |   |
| ITEM 1       |   | LEGAL PROCEEDINGS                                                                     |   | 17           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 1A      |   | RISK FACTORS                                                                          |   | 17           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 2       |   | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                           |   | 18           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 3       |   | DEFAULTS UPON SENIOR SECURITIES                                                       |   | 18           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 4       |   | [REMOVED AND RESERVED]                                                                |   | 18           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 5       |   | OTHER INFORMATION                                                                     |   | 18           |   |
|         |   |                                                                                  |   |         |   |
| ITEM 6       |   | EXHIBITS                                                                              |   |  19     |   |
|         |   |                                                                                  |   |         |   |
|         |   | SIGNATURES                                                                            |   | 20           |   |
|         |   |                                                                                  |   |         |   |
| EXHIBIT 31.1 |   | SECTION 302 CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER                          |   |         |   |
|         |   |                                                                                  |   |         |   |
| EXHIBIT 31.2 |   | SECTION 302 CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER                          |   |         |   |
|         |   |                                                                                  |   |         |   |
| EXHIBIT 32.1 |   | SECTION 906 CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER                          |   |         |   |
|         |   |                                                                                  |   |         |   |
| EXHIBIT 32.2 |   | SECTION 906 CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER                          |   |         |   |

----

|   |    |                                                                                                                                                                                                   |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | risks arising from material weaknesses in our internal control over financial reporting, including material weaknesses in our control environment;                                                     |
|   |    |                                                                                                                                                                                                   |
|   | • | our ability to attract new clients and retain existing clients;                                                                                                                                        |
|   |    |                                                                                                                                                                                                   |
|   | • | our ability to retain and attract key employees;                                                                                                                                                       |
|   |    |                                                                                                                                                                                                   |
|   | • | risks associated with assumptions we make in connection with our critical accounting estimates;                                                                                                        |
|   |    |                                                                                                                                                                                                   |
|   | • | potential adverse effects if we are required to recognize impairment charges or other adverse accounting-related developments;                                                                         |
|   |    |                                                                                                                                                                                                   |
|   | • | potential downgrades in the credit ratings of our securities;                                                                                                                                          |
|   |    |                                                                                                                                                                                                   |
|   | • | risks associated with the effects of global, national and regional economic and political conditions, including fluctuations in economic growth rates, interest rates and currency exchange rates; and |
|   |    |                                                                                                                                                                                                   |
|   | • | developments from changes in the regulatory and legal environment for advertising and marketing and communications services companies around the world.                                                |

----

| Consolidated Balance Sheets as of March 31, 2011 (Unaudited) and December 31, 2010 | Page   5 |
|------------------------------------------------------------------------------------|--------------------|

| Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010  |   6 |
|-----------------------------------------------------------------------------------------------------|----------|

| Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010 |   7 |
|------------------------------------------------------------------------------------------|----------|

| Statements of Stockholders Deficit for the three months ended March 31, 2011 (Unaudited) and for the year ewnded December 31, 2010 |   8 |
|------------------------------------------------------------------------------------------------------------------------------------|----------|

| Notes to Consolidated Financial Statements (Unaudited) |   9 |
|--------------------------------------------------------|----------|

----

| GENMED HOLDING CORP. AND SUBSIDIARIES                                                                                                                        |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|
|                                                                                                                                                         |        |   |   |   |   |   |
| CONSOLIDATED BALANCE SHEETS                                                                                                                                  |        |
|                                                                                                                                                         |        |   |   |   |   |   |
|                                                                                                                                                         | March 31,   |   |   | December 31, |   |
|                                                                                                                                                         | 2011        |   |   | 2010 |   |
|                                                                                                                                                         | (Unaudited) |   |   |   |   |
| ASSETS                                                                                                                                                       |        |   |   |   |   |   |
|                                                                                                                                                         |        |   |   |   |   |   |
| CURRENT ASSETS                                                                                                                                               |        |   |   |   |   |   |
| Cash                                                                                                                                                         |        | $ | 1,028,988 |   |   | $ | 868,770 |   |
| VAT receivable                                                                                                                                               |        |   | 12,162 |   |   |   | 31,890 |   |
| Amount due from related party                                                                                                                                |        |   | 317,205 |   |   |   | 298,170 |   |
| Prepaid Expenses                                                                                                                                             |        |   | 14,098 |   |   |   | 25,916 |   |
|     Total Current Assets                                                                                                                 |        |   | 1,372,453 |   |   |   | 1,224,746 |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| EQUIPMENT, net of accumulated depreciation of $10,253 and $8,798                                                                                             |        |   |   |   |   |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively                                                                                                        |        |   | 7,864 |   |   |   | 8,231 |   |
| Total Assets                                                                                                                                                 |        | $ | 1,380,317 |   |   | $ | 1,232,977 |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                        |        |   |   |   |   |   |   |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| CURRENT LIABILITIES                                                                                                                                          |        |   |   |   |   |   |   |   |
| Accounts payable                                                                                                                                             |        | $ | 134,142 |   |   | $ | 175,109 |   |
| Accrued salaries                                                                                                                                             |        |   | 72,997 |   |   |   | 87,351 |   |
| Accrued expenses                                                                                                                                             |        |   | 92,164 |   |   |   | 45,447 |   |
| Accrued expenses - related parties                                                                                                                           |        |   | 177,516 |   |   |   | 123,101 |   |
| Loans payable to related parties                                                                                                                             |        |   | 81,987 |   |   |   | 119,822 |   |
|     Total Current Liabilities                                                                                                            |        |   | 558,806 |   |   |   | 550,830 |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| LONG TERM LIABILITIES                                                                                                                                        |        |   |   |   |   |   |   |   |
| Bonds payable, net of discount of $245,437 and $0 at March 31, 2011                                                                                          |        |   |   |   |   |
|    and December 31, 2010, respectively                                                                                                        |        |   | 1,468,042 |   |   |   | 1,147,534 |   |
| Subordinated convertible debentures, net of discount of $997,716 and                                                                                         |        |   |   |   |   |
|    $1,066,198 at March 31, 2011 and December 31, 2010, respectively                                                                           |        |   | 109,681 |   |   |   | 35,114 |   |
| Total Long Term Liabilities                                                                                                                                  |        |   | 1,577,723 |   |   |   | 1,182,648 |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| Total Liabilities                                                                                                                                            |        |   | 2,136,529 |   |   |   | 1,733,478 |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                                |        |   | - |   |   |   | - |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| STOCKHOLDERS' DEFICIT                                                                                                                                        |        |   |   |   |   |   |   |   |
| Class A Convertible Preferred Stock, par value $0.001; authorized                                                                                            |        |   |   |   |   |   |   |   |
|                500,000,000 shares; there were no shares issued and outstanding at |        |   |   |   |   |
|     March 31, 2011 and December 31, 2010                                                                                                 |        |   | - |   |   |   | - |   |
| Common stock, par value $0.001; authorized 500,000,000 shares;                                                                                               |        |   |   |   |   |   |   |   |
|     issued and outstanding- 165,144,533 and 164,977,533 shares at                                                                        |        |   |   |   |   |   |   |   |
|     March 31, 2011 and December 31, 2010, respectively                                                                                   |        |   | 165,143 |   |   |   | 164,976 |   |
| Additional paid-in capital                                                                                                                                   |        |   | 69,578,645 |   |   |   | 69,302,178 |   |
| Accumulated deficit                                                                                                                                          |        |   | (70,462,810 | ) |   |   | (69,995,753 | ) |
| Accumulated other comprehensive income (loss)                                                                                                                |        |   | (37,190 | ) |   |   | 28,098 |   |
|     Total Stockholders' Deficit                                                                                                          |        |   | (756,212 | ) |   |   | (500,501 | ) |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
|           Total Liabilities and Stockholders'  Deficit                                                |        | $ | 1,380,317 |   |   | $ | 1,232,977 |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
|                                                                                                                                                         |        |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements                                                                                                  |

----

| GENMED HOLDING CORP. AND SUBSIDIARIES                       |   |
|-------------------------------------------------------------|--------|
|                                                        |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)           |   |
|                                                        |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |
|                                                        |   | For the Three Months Ended |   |
|                                                        |   | March 31, |   |
|                                                        |   | 2011 |   |   | 2010 |   |
|                                                        |   |   |   |   |   |   |
| NET SALES                                                   |   | $ | - |   |   | $ | - |   |
|                                                        |   |   |   |   |   |   |   |   |
| COST AND EXPENSES:                                          |   |   |   |   |   |   |   |   |
| Selling, general and administrative                         |   |   | 345,887 |   |   |   | 266,007 |   |
| Depreciation and amortization                               |   |   | 866 |   |   |   | 181,760 |   |
| Research & development                                  |   |   | 26,235 |   |   |   | 29,056 |   |
|     Total Costs and Expenses            |   |   | 372,988 |   |   |   | 476,823 |   |
|                                                        |   |   |   |   |   |   |   |   |
| NET OPERATING LOSS                                          |   |   | (372,988 | ) |   |   | (476,823 | ) |
|                                                        |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                      |   |   |   |   |   |   |   |   |
| Income (loss) on foreign exchange                      |   |   | 42,496 |   |   |   | (20,225 | ) |
| Interest expense                                            |   |   | (57,269 | ) |   |   |   |   |
| Amortization - debt discount                                |   |   | (79,296 | ) |   |   | (341,597 | ) |
| Total Other Income (Expense)                                |   |   | (94,069 | ) |   |   | (361,822 | ) |
|                                                        |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                                    |   |   | (467,057 | ) |   |   | (838,645 | ) |
|                                                        |   |   |   |   |   |   |   |   |
| PROVISION FOR INCOME TAXES                                  |   |   | - |   |   |   | - |   |
|                                                        |   |   |   |   |   |   |   |   |
| NET LOSS                                                    |   | $ | (467,057 | ) |   | $ | (838,645 | ) |
|                                                        |   |   |   |   |   |   |   |   |
| NET LOSS PER COMMON SHARE                                   |   |   |   |   |   |   |   |   |
| (BASIC AND DILUTED)                                         |   | $ | - |   |   | $ | (0.01 | ) |
|                                                        |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE COMMON                                     |   |   |   |   |   |   |   |   |
| SHARES OUTSTANDING                                          |   |   | 165,001,655 |   |   |   | 132,861,906 |   |
|                                                        |   |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements |   |

----

| GENMED HOLDING CORP. AND SUBSIDIARIES                                                     |   |
|-------------------------------------------------------------------------------------------|--------|
|                                                                                      |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)                                         |   |
|                                                                                      |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |
|                                                                                      |   | For the three months ended |   |
|                                                                                      |   | March 31, |   |
|                                                                                      |   | 2011 |   |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                      |   |   |   |   |   |   |
| Net loss                                                                                  |   | $ | (467,057 | ) |   | $ | (838,645 | ) |
| Adjustments to reconcile net loss to cash flows used in operating activities:             |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                             |   |   | 866 |   |   |   | 181,760 |   |
| Amortization of beneficial conversion feature                                             |   |   | 79,296 |   |   |   | 342,029 |   |
| Stock-based compensation                                                                  |   |   | 20,040 |   |   |   | - |   |
| Changes in operating assets and liabilities:                                              |   |   |   |   |   |   |   |   |
| Accounts receivable                                                                       |   |   | - |   |   |   | 60,973 |   |
| VAT receivable                                                                            |   |   | 21,098 |   |   |   | 5,355 |   |
| Prepaid expenses                                                                          |   |   | 13,061 |   |   |   | - |   |
| Accounts payable                                                                          |   |   | (46,763 | ) |   |   | 5,532 |   |
| Accrued salaries                                                                          |   |   | (14,354 | ) |   |   | (13,129 | ) |
| Accrued expenses                                                                          |   |   | 46,506 |   |   |   | - |   |
| Accrued expenses - related parties                                                        |   |   | 53,953 |   |   |   | 237,345 |   |
|     Net Cash Used in Operating Activities                             |   |   | (293,354 | ) |   |   | (18,780 | ) |
|                                                                                      |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                      |   |   |   |   |   |   |   |   |
|     Net Cash Provided by (Used in) Investing Activities               |   |   | - |   |   |   | - |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                      |   |   |   |   |   |   |   |   |
| Bank overdraft                                                                            |   |   | - |   |   |   | (493 | ) |
| Proceeds from bonds payable                                                               |   |   | 528,675 |   |   |   | - |   |
| Proceeds from loans payable to related parties                                            |   |   |   |   |   |   | 5,135 |   |
| Payments on loans payable to related parties                                              |   |   | (50,463 | ) |   |   | - |   |
|         Net Cash Provided by Financing Activities |   |   | 478,212 |   |   |   | 4,642 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| EFFECT OF EXCHANGE RATE                                                                   |   |   | (24,640 | ) |   |   | 35,608 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| INCREASE (DECREASE) IN CASH                                                               |   |   | 160,218 |   |   |   | 21,470 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| CASH, BEGINNING OF PERIOD                                                                 |   |   | 868,770 |   |   |   | - |   |
| CASH, END OF PERIOD                                                                       |   | $ | 1,028,988 |   |   | $ | 21,470 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                                         |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| CASH PAID FOR:                                                                            |   |   |   |   |   |   |   |   |
| Interest                                                                                  |   | $ | 26,873 |   |   | $ | - |   |
| Taxes                                                                                     |   | $ | - |   |   | $ | - |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| NON-CASH INVESTING AND FINANCING TRANSACTIONS:                                            |   |   |   |   |   |   |   |   |
| Conversion of convertible debentures into common stock                                    |   | $ | 1,146,557 |   |   | $ | 1,197,952 |   |
| Issuance of common stock for promotional services                                         |   | $ | 20,040 |   |   | $ | - |   |
| Beneficial conversion on bonds payable charged to additional paid in capital              |   | $ | 256,594 |   |   | $ | - |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements                               |   |

----

| GENMED HOLDING CORP. AND SUBSIDIARIES                                                      |   |
|--------------------------------------------------------------------------------------------|--------|
| STATEMENTS OF STOCKHOLDERS' DEFICIT                                                        |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 (UNAUDITED) AND THE YEAR ENDED DECEMBER 31, 2010 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   | Additional |   |   |   |   |   | Other |   |   | Total |   |
|                                                                                       |   | Preferred Stock |   |   | Common Stock |   |   | Paid-In |   |   | Accumulated |   |   | Comprehensive |   |   | Stockholders |   |
|                                                                                       |   | Shares |   |   | Amount |   | Shares |   |   | Amount |   |   | Capital |   |   | Deficit |   |   | Income (Loss) |   |   | Deficit |   |
| Balance, December 31, 2009                                                                 |   |   | - |   |   | $ | - |   |   |   | 123,211,739 |   |   | $ | 123,212 |   |   | $ | 66,240,744 |   |   | $ | (62,266,626 | ) |   | $ | 5,765 |   |   | $ | 4,103,095 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of convertible debentures into common stock                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     at $0.04 per share                                                 |   |   |   |   |   |   |   |   |   |   | 29,948,794 |   |   |   | 29,948 |   |   |   | 1,168,004 |   |   |   |   |   |   |   |   |   |   |   | 1,197,952 |   |
| Issuance of Common Stock for cash at $0.05 per share                                       |   |   |   |   |   |   |   | 417,000 |   |   |   | 416 |   |   |   | 20,434 |   |   |   |   |   |   |   |   |   |   |   | 20,850 |   |
| Issuance of Common Stock for cash at $0.06 per share                                       |   |   |   |   |   |   |   | 9,200,000 |   |   |   | 9,200 |   |   |   | 572,960 |   |   |   |   |   |   |   |   |   |   |   | 582,160 |   |
| Issuance of Common Stock for cash at $0.07 per share                                       |   |   |   |   |   |   |   | 2,200,000 |   |   |   | 2,200 |   |   |   | 150,959 |   |   |   |   |   |   |   |   |   |   |   | 153,159 |   |
| Beneficial conversion features on convertible debentures                                   |   |   |   |   |   |   |   |   |   |   |   | 1,149,077 |   |   |   |   |   |   |   |   |   |   |   | 1,149,077 |   |
| Components of comprehensive loss:                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Foreign currency translation                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 22,333 |   |   |   | 22,333 |   |
| Net loss for the year ended December 31, 2010                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (7,729,127 | ) |   |   |   |   |   |   | (7,729,127 | ) |
|         Total comprehensive loss                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (7,706,794 | ) |
| Balance, December 31, 2010                                                                 |   |   | - |   |   |   | - |   |   |   | 164,977,533 |   |   |   | 164,976 |   |   |   | 69,302,178 |   |   |   | (69,995,753 | ) |   |   | 28,098 |   |   |   | (500,501 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of Common Stock for promotional services at $0.12 per share                       |   |   | 167,000 |   |   |   | 167 |   |   |   | 19,873 |   |   |   |   |   |   |   |   |   |   |   | 20,040 |   |
| Beneficial conversion features on bonds payable                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 256,594 |   |   |   |   |   |   |   |   |   |   |   | 256,594 |   |
| Components of comprehensive loss:                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Foreign currency translation                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (65,288 | ) |   |   | (65,288 | ) |
| Net loss for the three months ended March 31, 2011                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (467,057 | ) |   |   |   |   |   |   | (467,057 | ) |
|         Total comprehensive loss                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (532,345 | ) |
| Balance, March 31, 2011 (Unaudited)                                                        |   |   | - |   |   | $ | - |   |   |   | 165,144,533 |   |   | $ | 165,143 |   |   | $ | 69,578,645 |   |   | $ | (70,462,810 | ) |   | $ | (37,190 | ) |   | $ | (756,212 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                               |   |

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|  Year Ending       |   | Notes  |      |   | Loans  |   |
|-------------------------|--------|--------|-----------|--------|--------|--------|
|  December 31, 2011 |   | $      | -         |   |   | $      | 119,822 |   |
|  December 31, 2012 |   |   | -         |   |   |   | - |   |
|  December 31, 2013 |   |   | -         |   |   |   | - |   |
|  December 31, 2014 |   |   | 1,101,312 |   |   |   | - |   |
|  December 31, 2015 |   |   | -         |   |   |   | - |   |
|  Thereafter        |   |   | -         |   |   |   | - |   |
|  Total             |   | $      | 1,101,312 |   |   | $      | 119,822 |   |

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| Year Ending             |   | Amount |      |
|-------------------------|--------|--------|-----------|
|  December 31, 2011 |   | $      | -         |   |
|  December 31, 2012 |   |   | -         |   |
|  December 31, 2013 |   |   | -         |   |
|  December 31, 2014 |   |   | 1,147,534 |   |
|  December 31, 2015 |   |   | -         |   |
|  Total             |   | $      | 1,147,534 |   |

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| ·   | As of March 31, 2011, there was a lack of accounting personnel with the requisite knowledge of Generally Accepted Accounting Principles (“GAAP”) in the US and the financial reporting requirements of the Securities and Exchange Commission. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As of March 31, 2011, there were insufficient written policies and procedures to insure the correct application of accounting and financial reporting with respect to current requirements of GAAP and SEC disclosure requirements. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As of March 31, 2011, there was a lack of segregation of duties, in that we had only one person performing all accounting-related duties. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As of March 31, 2011, there were no independent directors and no independent audit committee. |
|--------------------|-----------------------------------------------------------------------------------------------|

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| Exhibit    10.1 | Stock Exchange Agreement between the Company and Joost de Metz (“de Metz”), Willem Blijleven (“Blijleven”), Erwin R. Bouwens (“Bouwens”) and Medical Network Holding BV dated April 17, 2008, incorporated herein by reference to Exhibit 9.2 to the Form 8-K current  report of the Company filed on May 2, 2008. |
|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit    10.2 | General Release and Settlement Agreement, incorporated herein by reference to Exhibit 9.1 to the Form 8-K current report of the Company filed on May 2, 2008. |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit    10.3 | Consulting Agreement between the Company and London Finance Group, Ltd., | incorporated herein by reference to Exhibit 9.1 to the Form 8-K current report of the Company filed on May 2, 2008. |
|-------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

| Exhibit    10.4 | Release and Settlement Agreement between the Company, Joost de Metz, Willem Blijleven,  E.R. Bouwens Beheermaatschappij B.V., Medical Network Holding BV, Total Look, BV, London Finance Group, Ltd.,  Dojo Enterprises, LLC,  Hyperion Fund, L.P.,  The Palisades Capital, LLC 401(k) Profit Sharing Trust, The Morpheus 2005 Trust dated December 1, 2005, Burton Partners, LLC, Picasso, LLC  and Glacier, LLC, incorporated herein by reference to Exhibit 10.2 to the Form 10-K annual report of the Company filed on May 15, 2009. |
|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit    31.1 | Certification of the Principal Executive Officer pursuant to Rule 13A-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit    31.2 | Certification of the Principal Financial Officer pursuant to Rule 13A-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit    32.1 | Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit    32.2 | Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Dated:  May 23, 2011 | Genmed Holding Corp.                 |
|--------------------------------|--------------------------------------|
|                           |                                 |
|                           |                                 |
|                           | By: /s/ Randy Hibma                  |
|                           | Randy Hibma, Chief Financial Officer |

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