UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

|X| ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934

                   For the fiscal year ended December 31, 2003

|_| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the transition period from _______ to _______

                        Commission file number: 000-50221

                            INFORMEDIX HOLDINGS, INC.
                 (Name of small business issuer in its charter)

                Nevada                                  88-0462762

    (State or other jurisdiction of         (I.R.S. Employer Identification No.)
      incorporation ororganization)

           Georgetowne Park
           5880 Hubbard Drive
           Rockville, Maryland                            20852
    (Address of principal executive offices)            (Zip Code)

Issuer's telephone number (301) 984-1566

Securities registered under Section 12(b) of the Exchange Act:

        Title of each class            Name of each exchange on which registered

              NONE

Securities registered under Section 12(g) of the Exchange Act:

                          Common stock, $.001 par value
                                (Title of class)

      Check whether the issuer: (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 past 90 days. Yes No |_|

      Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. |_|

      The issuer's revenues for the fiscal year ended December 31, 2003 were $0.

      The aggregate market value of the issuer's common stock held by
non-affiliates as of March 23, 2004, was approximately $16,257,058. On such
date, the closing price for the issuer's common stock, as quoted on the OTC
Bulletin Board, was $.84 per share.

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      The issuer had 22,649,192 shares of common stock outstanding as of March
26, 2004.


                                     PART I

      Throughout this Annual Report on Form 10-KSB, the terms the "company,"
"we," "us," "our," and "our company" refer to InforMedix Holdings, Inc., and,
unless the context indicates otherwise, includes our wholly-owned subsidiary,
InforMedix, Inc. ("InforMedix").

      INTRODUCTORY COMMENT -- FORWARD-LOOKING STATEMENTS

      This report contains forward-looking statements about our business,
financial condition and prospects that reflect management's assumptions and
beliefs based on information currently available. We can give no assurance that
the expectations indicated by such forward-looking statements will be realized.
If any of our management's assumptions should prove incorrect, or if any of the
risks and uncertainties underlying such expectations should materialize, our
actual results may differ materially from those indicated by the forward-looking
statements.

      The key factors that are not within our control and that may have a direct
bearing on operating results include, but are not limited to, acceptance of our
services, our ability to expand our customer base, managements' ability to raise
capital in the future, the retention of key employees and changes in the
regulation of our industry.

      There may be other risks and circumstances that management may be unable
to predict. When used in this quarterly report, words such as, "believes,"
"expects," "intends," "plans," "anticipates," "estimates" and similar
expressions are intended to identify forward-looking statements, as defined in
Section 21E of the Securities Exchange Act of 1934, although there may be
certain forward-looking statements not accompanied by such expressions.

ITEM  1. DESCRIPTION OF BUSINESS

      On May 8, 2003, InforMedix Acquisition Corp. merged with and into Hunapu
Inc. pursuant to the Agreement and Plan of Reorganization dated February 7,
2003. Hunapu Inc. was the surviving entity and changed its name to InforMedix
Holdings, Inc., a Nevada corporation. The consideration paid by Hunapu for its
acquisition of InforMedix Acquisition Corp. consisted of the issuance of
7,451,000 shares of Hunapu common stock, inclusive of 112,500 shares that were
issued to InforMedix debt holders in conversion of their notes to equity,
exclusive of accrued interest, for the net assets of InforMedix Acquisition
Corp. Simultaneously, with the acquisition of the issuance of the 7,451,000
shares of stock, Hunapu cancelled 5,545,000 shares of stock issued to its chief
executive officer.

      InforMedix, Inc. was incorporated in the State of Delaware on January 27,
1997, for the purpose of developing the Med-e Monitor System. InforMedix
Acquisition Corp. ("Acquisition Corp"), was a Delaware company, incorporated on
June 26, 2002, as a holding company and was incorporated with a wholly owned
subsidiary IFAC, Inc. ("IFAC") for the purpose of acquiring InforMedix, Inc. On
August 14, 2002, InforMedix merged with IFAC, pursuant to a Plan and Agreement
of Merger dated August 14, 2002. InforMedix's stockholders upon the merger
received 4.774 shares of Acquisition Corp. stock for each 1 share of
InforMedix's stock. Acquisition Corp., other than the share exchange with
InforMedix and the issuance of 4,700,000 shares of its stock to founders of
InforMedix, had no operations since inception. The merger became effective on
August 22, 2002. InforMedix was the only operational subsidiary of InforMedix
Acquisition Corp.

COMPANY OVERVIEW

      InforMedix, Inc., founded in 1997, has developed and integrated a portable
patient monitoring device, hardware, software and network communications system
called the Med-eMonitor System. The system enables pharmaceutical firms,
biotechnology companies and CROs, to efficiently monitor and manage patients'
medication compliance and clinical response during the clinical trial process.
InforMedix has placed working beta units in pilot sites and has successfully
validated the efficacy of the product. It has secured publications of these
pilot clinical

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trials in prestigious peer reviewed medical journals. These publications offer
the initial endorsements necessary in the sales process with its customer base.
InforMedix recently hired an experienced Vice President of Sales and Marketing
and is beginning the sales launch of the Med-eMonitor using direct sales
efforts, as described below. Management will also seek to establish strategic
alliances.

      The Med-eMonitor System organizes and translates complex clinical drug
trial protocols into a simple, automated series of prompted and recorded events
for patients and researchers. The system comprises a portable patient interface
device and automated data upload and download capability. The backend database
is fully compliant with FDA regulation 21CFR Part 11, and enables daily patient
monitoring and device programming through a standard browser interface. The
Med-eMonitor System is designed to significantly reduce the cost of managing
drug trials and dramatically shorten the time required to transcribe patient
diaries into manageable electronic data for analysis and reporting. Traditional
drug trial methodologies require considerable investments in professional
resources to train patients on drug and trial protocols, conduct site visits to
ensure compliance, and administer paper-based protocol changes and retrain
patients on new protocols. Traditional methodologies also depend on patients to
remember when to take their medication, which medication to take and to
accurately maintain hand-written diaries about medication compliance and
clinical response.

PRODUCT OVERVIEW

Introduction

      At any time there are 4 to 6 million patients involved in clinical drug
trials. Approximately twenty-five percent (25%) of these patients are required
to record clinical data into diaries. The pharmaceutical and biotechnology
industries are embracing electronic data capture for the collection of patient
information in the use of electronic case report forms (eCRFs). Many CROs are
reporting that their customers, the pharmaceutical and biotechnology companies,
are making regular inquiries regarding the electronic methods for capturing the
patient information during the trials. Millions of patient records have been
created using some method of electronic diaries to capture their information
during a clinical trial. The FDA has now approved products using electronic
methods to capture the patient information. The pharmaceutical companies are
reporting advantages in time-to-market, information access, better data and
reduced costs using electronic data capture.

      Bringing a new drug to market is now estimated to cost approximately $802
million. Traditional drug trial methodologies often rely upon the patient to
record by hand key data elements such as degree of symptom relief, quality of
life, physiologic information and additional subjective information. The
gathering of this important information requires considerable investments in
professional resources to train patients on drug and trial protocols, conduct
site visits to ensure compliance, and administer paper-based protocol changes
and retrain patients on new protocols. Traditional methodologies also depend on
patients to remember when to take their medication, which medication to take and
to accurately maintain hand-written diaries about compliance and drug response.

Patient Interface

      Med-eMonitor portable patient interface hardware assists patient
participation in drug trials by telling the patient which medication to take,
when to take it, how many to take, and provides the means by which patients can
keep track of their responses to the medications. The device prompts the patient
to enter information about their responses in an intuitive manner by responding
to a series of fully customized questions according to the designed protocol.

      The device combines medication storage with an easy-to-read display
screen. It also dispenses the medication via five storage compartments and
sensored lids.

      The device can deliver an unlimited number of other "virtual" events.

      Any patient interaction with the device is recorded. This includes muting
the chimes or adjusting the contrast. All of this data is available to
researchers and study monitors to analyze and explain certain reactions, such as
a missed dosage because the patient muted the device.

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      Each day the patient is prompted to place the portable device in its data
exchange cradle to automatically transfer data from the patient to the
researcher via secure communication over a non-dedicated telephone line. If the
patient cannot access a phone line and the device is not placed in its cradle,
it can retain patient data indefinitely until it is placed in the cradle. The
out of cradle rechargeable battery life is 30 days, however, the integrity of
the data collected is always protected due to the non-volatile flash memory
design.

Information Management

      The Med-eMonitor System is designed to provide its customers with
extensive real-time information about patient medication compliance and clinical
response, all of which is customized to the trial protocol specifications. The
Med-eMonitor System provides a wide range of patient-monitoring features.
Management believes, based on its knowledge of the industry, the features unique
to the Med-eMonitor System include:

o     The ability to contain and dispense the medications used by the patient
      during the trial (80% of all clinical trials use oral medication).
o     Capturing and managing automated medication compliance information for
      study and non-study drugs (date and time-stamped)
o     Remote monitoring of patients' responses to drug and dosage regimens
o     The ability to rapidly implement a protocol and quickly deploy the
      monitoring device to the patients
o     The ability to make protocol changes and enhancements via the Internet
o     The backend software provides flexible and immediate programming of the
      clinical protocol, by populating database fields related to medication and
      dosing instructions, behavioral prompts, questionnaires and medical
      education.

            In addition, the Med-eMonitor System offers:

o     The ability to monitor the status of enrollment of the patients throughout
      the trial
o     Remote monitoring of patients' physiologic and quality of life information
o     The ability to analyze data from multiple patients during trials
o     Flexible standards-based architecture that enables data to be integrated
      with other data management systems
o     Aggregated data collection to provide real-time trend analysis during
      trials o Backend software compliant to government regulations for patient
      privacy-HIPAA and 21 CFR part 11
o     Secure web-based access to the patient database throughout the clinical
      trial for immediate access
o     A data reporting engine that produces customized reports.


The Med-eMonitor System is intended to provide significant value to
pharmaceutical manufacturers and CRO's in four critical areas:

1. TIME                 The time required to acquire, aggregate, analyze and
                        report clinical trial information is reduced
                        dramatically, thereby shortening the time-to-market for
                        new drugs. Pharmaceutical industry sources, such as
                        Friedman Billings & Ramsey "e-Pharmaceuticals
                        Accelerating Clinical Trials and Enhancing Details"
                        August 2000, estimate that each day's delay in bringing
                        a drug to market can cost the pharmaceutical
                        manufacturer from $1,000,000 to $10,000,000 of lost
                        revenues. Management believes based on their knowledge
                        of the industry that the cost is $13,000,000 of lost
                        revenues per day for "blockbuster" drugs, defined as
                        drugs that produce $1 billion or more annually.

2. COST                 The operational costs of conducting a trial and managing
                        the results are significantly reduced through
                        operational efficiencies and minimizing the requirement
                        of patient intervention. Electronic diaries eliminate
                        the need of transcription, coding and data entry that is
                        associated with paper-based diaries.

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3. PATIENT ATTRITION    Pharmaceutical companies readily admit the "drop-out"
                        rate of patients participating in clinical trials to be
                        at least 20% of those recruited. In fact, 80% of
                        clinical research studies fail to complete on schedule
                        and nearly 20% endure delays of greater than six months.
                        A significant cause of patients leaving a trial is their
                        frustration with the need to keep hand-written diaries
                        and having to remember when to take their medications.
                        The November 2001 Tufts University study on the cost of
                        introducing a new drug states that the cost of
                        recruiting and retaining the patients in a trial
                        comprises approximately 20% of the $802 million total
                        cost.

4. DATA ACCURACY        Automated data collection via patient prompts and
                        intuitive data capture methods increases the accuracy
                        and relevancy of patient data. This is accomplished
                        because the data has the added benefit of reliability by
                        allowing aggregation of multiple assessments over time;
                        data is time and date stamped and cannot be completed
                        after the fact or with backfilling; if data is missing
                        it is detected immediately and can be quickly addressed;
                        no bias is introduced by allowing the patient to
                        determine the timing of their response to the
                        questionnaires; no struggle exists in diary entry
                        interpretation since it is not handwritten; bias is
                        reduced since the patient may not review their previous
                        responses to questionnaires; and complex questionnaires
                        are more readily answered with electronic methods.

Product Value Propositions

      Management of InforMedix believes, based on their knowledge of the
industry, that the Med-eMonitor System has the following advantages over
existing systems and provides the following benefits:

      Value To Pharmaceutical and Biotech Companies

      o  Accelerates the clinical trial and reduces time-to-market for a new
         drug, thereby increasing revenues
      o  Real-time data enables rolling submissions and mid-course protocol
         modifications o Earlier identification of compounds that lack efficacy
         or produce unacceptable side effects or quality of life
      o  Facilitates comparison studies for post-market launch to identify and
         quantify earlier onset of action, longer duration of action, improved
         quality-of-life, reduced side effects of sponsor drug compared to
         competitors' drugs
      o  Improved patient safety through daily monitoring
      o  Monitoring global patient protocol adherence "by patient" and "by site"
      o  More scientific and accurate method of capturing data from patients

      Value To Contract Research Organizations and Investigators

      o  Increases data reliability and reduced transcription errors: electronic
         data capture, using a Med-eMonitor in place of manual data capture,
         provides more detailed data without requiring manual data input based
         upon hand-written forms
      o  Accelerates the "unblinding" of the database, by shortening the time
         from the last patient visit until all the data, regarding that patient,
         has been entered into the database
      o  Control data for non-experimental drugs that are being taken by the
         patient, the effects of which may be attributed unfairly to the
         experimental drug
      o  Daily identification of trial participants who are not following the
         protocol, permitting rapid intervention to either get the patient back
         on the protocol or rapid recruitment of new patients to achieve
         statistical validity for the trial
      o  Allows study supervisors to anonymously monitor Clinical Research
         Associates work, clinical trial site physicians' results on patient
         adherence, patient sign-up, or other aspects of study, on a daily
         basis, without breaking into double blind protocol code for study

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      Value To Patients

      o  Assists patients in adhering to the trial protocol by providing daily
         behavioral prompts
      o  Dramatically reduces the patient's burden of filling in written diaries
         or trial forms just before office visits, or based upon faulty memory
      o  Enables researchers to intervene on behalf of the patient when an
         anticipated possible drug reaction is detected in its early stages
         prior to causing serious side effects
      o  Increases patient's sense of participation in clinical study or
         treatment

Target Market - Clinical Trials

         InforMedix is initially targeting the market for clinical trials of new
and emerging drugs and medications. This multi-billion dollar market is well
defined and has a growing demand for an immediate and efficient solution to
obtain accurate clinical trial data to accelerate time-to-market for new drugs
and to reduce the costs associated with clinical trials. The market is comprised
of:

      o  Pharmaceutical firms
      o  Biotechnology firms
      o  Contract Research Organizations (CRO's)
      o  The National Institutes of Health
      o  Leading academic research institutions

      Both the risks and rewards derived from developing and marketing new drugs
are compelling. In November 2001, Tufts University published a widely referenced
study that determined the average cost of developing and bringing a new drug to
market is $802 million. Though other industry experts debate this estimate, all
agree the costs associated with developing and introducing a new drug to the
market are staggering, especially when factoring in the cost of pure research,
failed projects, data capture and analysis, and clinical trials.

      Key cost elements related to clinical trials include acquiring patient
compliance and response data, aggregating and managing the data, and then
analyzing and reporting the results in accordance with Food and Drug
Administration (FDA) requirements.

      The Tufts article also cites recruitment of patients as one of the largest
cost components of clinical trials. Pharmaceutical and biotechnology companies
are experiencing difficulty in maintaining enrollment in clinical trials and
keeping patients compliant to the prescribed drug regimen and other elements of
the protocol. InforMedix's primary market research with major pharmaceutical
firms revealed that more than 20% of patients "drop-out" during clinical trials.
Retaining trial patients saves time, saves money, and potentially saves the
trial itself.

Market Size

      Pharmaceutical and biotechnology companies had more than 4,360 new drugs
in the development pipeline in 2002. These new medications are being tested and
validated in more than 40,000 clinical trials. According to Center Watch, Inc.,
4-6 million people take part in clinical trials each year. In the next decade,
this number is projected to grow at double-digit rates through new research and
development breakthroughs, including genomic and proteomic discoveries.

      To introduce a new drug to the market, pharmaceutical companies must
proceed through four well-defined phases, described below, each of which
requires researchers to collect and analyze significant amounts of
patient-generated data. The information set forth in "The Four Phases of
Clinical Drug Trials" table is derived from Center Watch, Inc. There are
considerable costs related to each trial phase and significant time is required
to acquire and manage the data to ensure accurate reporting and results.

      According to Pharmaceutical Research Manufacturers of America, total
clinical research expenditures in the U.S. for calendar year (CY) 2000 were
approximately $26 billion. Of that, clinical trials Phases I, II and III
accounted for approximately $7.35 billion, and Phase IV required an additional
$1.5 billion. According to the

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Parexel Pharmaceutical Statistical Sourcebook, the average Phase III trial costs
$43.3 million and requires 2.5 years to complete.

                     THE FOUR PHASES OF CLINICAL DRUG TRIALS

--------------------------------------------------------------------------------


                                                ESTIMATED             TOTAL
                                                  COST     NUMBER OF  ESTIMATE
            NUMBER OF                          (% OF DRUG  DRUGS IN   NUMBER
            PATIENTS     LENGTH     PURPOSE      COMPANY   PIPELINE   OF
                                               R&D BUDGET)  (CY2000)  PATIENTS
--------------------------------------------------------------------------------

PHASE I      20-100     Several  Mainly safety  15% - 20%     690      35,000
             healthy    months
           volunteers
--------------------------------------------------------------------------------

PHASE II     100-300    Several      Some       20% - 25%    1,400     280,000
            patients    months    short-term
            that have   to 2      safety but
          the targeted  years      mainly
             disease             effectiveness
--------------------------------------------------------------------------------

PHASE III   500-5,000   1-4         Safety,     30% - 35%     970     1,940,000
            patients    years       dosage,
            that have            effectiveness
           the disease             and broad
                                   scale FDA
                                   approval
--------------------------------------------------------------------------------

PHASE IV    2,500 to    1+ years   Determine    Funded by     Many    2,500,000+
(POST-        many                 long term    marketing
MARKET    thousands of            effects and    budgets
LAUNCH)     patients               identify
                                 cross-marketing
                                 opportunities
--------------------------------------------------------------------------------

Clinical Trials Technology - Current State

      Currently, approximately 25% of all clinical trials use patient diaries to
collect critical patient data. Most of these clinical trials require patients to
use handwritten diaries to track when and how the patient takes the prescribed
doses during the study. In some trials patients are also instructed to keep
track of their physiologic responses to the medications they are taking during
the trial including degree of symptom relief, side effects, adverse events and
quality of life.

      Medication compliance (determining if the patient took the drug when and
how they were supposed to take it) is also a major aspect to a study.
Researchers must rely on visual examination of drug packages to determine if the
patient took the drug. Industry analysts estimate the cost of managing the
acquisition, translation and aggregation of patient diary and data management to
be approximately $650 million per year. The use of patient diaries is expected
to grow dramatically as more drugs enter later phases of trials and more
patients are recruited to support trials. The 2005 market for patient diaries is
projected to be $3 billion.

      The entire clinical trials process is labor-intensive and error-prone,
resulting in poor quality data. Pharmaceutical and biotech companies want to
improve data collection to better measure health outcomes and to prove the value
of a given drug. This information will enable the placement of these drugs on
managed care drug formularies and reduce market pressure for price reductions. A
second major delay is caused by the need for the study results to be certified
as statistically valid. Leading pharmaceutical companies readily acknowledge
that at least 20% or more the patients participating in clinical trials
"fall-off" the trial due to patients' non-compliance.

Market Adoption of New Technology

      Current approaches to accelerate time-to-market and save costs in clinical
trials include exploring a variety of electronic data capture (EDC) technologies
and electronic patient diaries (EPD). The FDA and its European

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counterparts  have  used EDC and EPD in part of their  development  programs  to
approve 13 new drugs with companies other than InforMedix.

      According to DATATRAK, electronic data capture methods can reduce clinical
trials costs by an average of 82%. This is based on an average EDC cost of
$485,000 per trial as compared to $2,700,000 per trial for paper and pen
methods. ("The EDC Value Proposition to the Pharmaceutical Industry," DATATRAK
International, July 2001)

      Over the last two years, major pharmaceutical manufacturers have been
creating Business divisions to enable researchers to begin to capture
patient-based information electronically. These business units are forming
alliances with medical information technology companies to accelerate this
growing trend. The success and accuracy of the patient-based information
obtained during these trials will facilitate more rapid FDA approval, which is
required to market new drug products.

      The Med-eMonitor System directly addresses this growing segment of the
clinical trials market. Management believes that the Med-eMonitor System can
significantly improve the speed and integrity of data captured in clinical drug
trials. For example, the Med-eMonitor System eliminates the 4 - 8 week gaps in
information between patient site visits. It may also eliminate the 15 - 20 week
time until the trial database is locked, at the end of the trial when all
patient information is collected from the various participating sites.

MARKETING AND SALES STRATEGY

      The Med-eMonitor System will be marketed and sold to pharmaceutical and
biotechnology companies, Contract Research Organizations (CROs) and Site
Management Organizations (SMOs) that manage clinical trials, and major academic
research centers. InforMedix has identified the clinical drug trial market as
its initial market due to the readily available need and the resources that
exist to invest in a solution. This market offers high margins, a relatively
recession-proof business segment, a rapid market growth and the acceptance of
innovative solutions. Large pharmaceutical and biotechnology companies have
begun to commit significant resources to the use of electronic data capture.
Patient information in the clinical trial process has been obtained using
electronic data capture with interim technologies such as the use of a modified
Palm Pilot PDAs. FDA and European new drug approvals have now been granted with
the use of electronic capture of patient information. There is increasing
migration away from paper and pencil diaries toward electronic data capture for
the clinical drug trial market. Studies demonstrating the inaccuracies of
patients using paper and pencil diaries are influencing the FDA, the
pharmaceutical and biotechnology companies, participating patients, and the
public. Management believes that all of these market drivers make this the
optimal time to introduce the Med-eMonitor, a medical technology specifically
designed for the clinical trial purpose.

      InforMedix has begun the introduction of the Med-eMonitor System using
direct sales methods. It launched its sales efforts in June 2003, with the
introduction of the production quality product at the national meeting of Drug
Information Association ("DIA"). DIA is the largest trade meeting for companies
that participate in clinical trials, both those conducting the trials and those
providing the services needed to support them. On February 15, 2004, Davison R.
Dulin was appointed Vice President of Sales and Marketing. He is heading an
effort to actively introduce InforMedix to some of the world's leading
pharmaceutical companies. In addition, InforMedix's Sales and Marketing
Committee is led by a member of InforMedix's Board of Directors, and includes
members of its Advisory Board, who are experts in drug discovery and large
pharmaceutical drug launches. This group of senior pharmaceutical executives
offers tremendous insight into the some of the best strategies to launch the
product.

      InforMedix is actively implementing strategies to make the product
available to the clinical trial markets. InforMedix began a test run in March
2004, at the University of Texas Health Science in San Antonio. The intention is
to have 20 patients use the Med-eMonitor system prior to the submission of the
university's request to the NIMH for a grant. These patients may provide the
data required for this grant application to justify the use of Med-eMonitor
system in a full trial of schizophrenic patients. There is a nominal charge to
the university for the use of the Med-eMonitor during this test run. The
anticipated timeframe for review and approval of this grant is nine (9) months
from submission. We are assisting this group in submitting an Investigator
Initiated Trial (IIT) grant proposal to several pharmaceutical companies to fund
an early phase of this study. If successfully funded, InforMedix would receive
part

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of the grant monies secured. InforMedix expects to initiate clinical studies
shortly at universities and a disease management company where it will place its
Med-eMonitor system. The universities and disease management company will supply
patients and staff to provide data on the functionality and ease of use by the
patients. The Company will use a recurring revenue model by leasing the products
to the pharmaceutical and biotechnology companies. Pricing will be determined by
the size and the duration of the trial. As mentioned above in the chart under
"The Four Phases of Clinical Drug Trials," InforMedix has identified the best
entries into the market by determining the preferred Phase studies for the
introduction of its product. InforMedix will also market and sell the
Med-eMonitor System through strategic alliances and indirect sales channels.

      On December 16, 2003, InforMedix and Enhanced Care Initiatives ("ECI")
signed an agreement whereby ECI will use InforMedix's Med-eMonitor System to
extend the capabilities of ECI's care management system for elderly chronically
ill patients. Terms of the agreement were not disclosed under a confidentiality
agreement.

      ECI believes the Med eMonitor will help the disease-management firm better
care for chronically ill patient populations. This will not only improve
quality-of-life, but also drive down the cost of medical care. Studies show the
sickest 1 percent of Medicare patients account for 27 percent of costs - an
average of $57,000 per patient per year which is the Medicare population on
which ECI concentrates.

      ECI is a Connecticut-based disease-management company that has developed a
proprietary Disease Management and Outcomes Research System which takes the
sickest patient population and provides an in-depth, personalized and
comprehensive approach to maintenance of their optimal state of health.

Marketing Plan

      InforMedix is beginning to leverage its brand awareness using a variety of
marketing vehicles. This includes trade events targeted to its customer base and
to the therapeutic categories identified as readily receptive to the information
provided by Med-eMonitor; speaking engagements at national meetings; marketing
materials to be used in direct mailings to specified pharmaceutical and
biotechnology clients; target advertising; continued development of our website
to be more interactive, to demonstrate the Med e-Monitor System and its values,
and links to company publications, partners, and industry-related sites will be
provided; and public relations to help management capitalize on and distribute
to the appropriate audiences the newest information and developments about
InforMedix. InforMedix has begun the launch of a public relations effort to
drive awareness of InforMedix and its products. It has initiated the placement
of publications for initial references (company and third party peer reviewed
medical journals) and press releases in leading industry publications.

      InforMedix intends to distribute key awareness information to highly
targeted decision makers. These mailings will be comprised of selected white
papers and peer-reviewed medical journal articles, new product announcements,
product literature and related information tailored to the recipient. Product
brochures and product demos via the Company's website will be produced to
demonstrate the products to potential customers. Where and when appropriate,
InforMedix intends to place high visibility advertisements in support of its
public relations and trade events activities.

Sales Plan

      Initially, InforMedix is beginning to introduce Med-eMonitor System
directly to targeted accounts, including large and medium sized pharmaceutical
and biotechnology firms, contract research organizations, site management
organizations and leading academic institutions. Many of these opportunities are
available to InforMedix as a result of attendance at the DIA meetings, existing
corporate relationships during the Beta testing, management's industry contacts
and with the help of the contacts from the Advisory Board and Sales and
Marketing Committee. Specific therapeutic categories which include
cardiovascular disease, pain and gastro-intestinal areas are being targeted.
Additionally targets are Phase IV studies for drugs that are already on the
market, to further expand the drug claims and market share. The pricing
structure for the Med-eMonitor System has been established and validated in the
market. Now, Med-eMonitor is being introduced to several large and medium sized
pharmaceutical companies. Discussions are beginning at the necessary levels of
these large organizations to initiate their evaluation of the product. In
addition, several large and small CROs are beginning to review the product and
have introduced the Med-eMonitor as a solution to their client base.

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<PAGE>

      One such pharmaceutical company is scheduled to use the Med-eMonitor
System in the near future in a test run using a complex study design addressed
at patients in a bunionectomy study. The study addresses many aspects of the
study drug including time to onset of action, duration of action, degree of
symptom relief, time to partial and complete relief, use of rescue medications,
and other ePRO parameters that demonstrate much of the functionality that
distinguishes the Med-eMonitor System from the Palm diaries. InforMedix will
deliver 3 Med-eMonitor units loaded with the post surgery pain protocol and the
pharmaceutical company has indicated InforMedix will receive the results of how
we perform in or about May 2004.

Direct Sales

      InforMedix's management team is initially focused on expanding its
relationships with decision makers in pharmaceutical companies. Pharmaceutical
companies typically perform 50% of their clinical trials within their own
organizations and contract the remainder to CROs and SMOs.

      Management has recently begun sales activities now that a production
Med-eMonitor is available. InforMedix will judiciously add direct sales people
as it achieves ongoing revenue generation from its primary target accounts.

      InforMedix is beginning to explore strategic alliance opportunities. These
prospective strategic partner companies are servicing the clinical trial markets
and also focus in areas of electronic patient-based data capture.

Pricing Strategy

      InforMedix will provide the service of its database software with the
Med-eMonitor system.

      Pricing options include a cafeteria selection:

o     Outright  product  purchase
o     Monthly lease with minimum time frame
o     Monthly rental with minimum time frame

      Pricing plans are based on the purchasing requirements of InforMedix's
customers. Initial customer feedback indicates most purchases will be via a
monthly lease. Pricing is determined by the size of the study (number of
patients) and the duration of the trial.

      A one-time program management fee will also be charged. This fee includes:
the database software, maintenance services, training, customer support and
warranty on the product.

COMPETITION

      The market for Electronic Personal Diaries (EPD) for clinical trials
continues to be fragmented. Management attended the 2003 Drug Information
Association Annual Meeting and gathered significant competitive information.
This direct research reinforced the clear differentiation of the Med-eMonitor
System from the competitive EPD product offerings.

      There are four companies that have educated the markets to the use of
electronic data capture for the collection of patient information in a clinical
trial. These four companies are PHT, CRF Box, eTrials, and Invivodata. All four
firms have received financial backing from private money sources, including
venture capital investment. All of these companies use the Palm Pilot modality
to deliver the pharmaceutical or biotechnology protocol. Regardless of platform,
each competitor's offering provides the same user interface and related user
challenges found with using a small stylus to enter data on a small LCD screen.
None of these competitors provide automated compliance tracking.

                                       10

<PAGE>

      The Standard Palm Pilot software is immobilized and only the screen is
activated via a custom software application written for the trial. The screen is
used to deliver the clinical protocol. However, none of the devices can directly
correlate the patient diary data to the drug being tested for approval, since
none of these devices contain the medication. A strong sales advantage for the
Med-eMonitor is the direct correlation between the medication compliance and
electronic diary data- the essence of the entire clinical drug trial. Each one
of these companies has a large team of software programmers that are essential
to write their custom software code for each protocol. Pharmaceutical and
biotechnology companies that use Palm Pilot modalities often go through at least
seven iterations when creating the software for the drug protocol. This results
in to delay and expense for these companies. In addition, to initiate a trial
with any of the Palm devices, the drug protocol must be provided at least six to
eight weeks in advance. Should any mid-trial protocol changes be made (as is not
a typical) then the FDA requires that each custom software iteration must be
verified and validated, causing further delays. These companies do not control
when Palm, Inc. will obsolete a specific model from its manufacturing inventory.
The results are unforeseeable introductions and retraining for new Palm
products, adding further burden to the staff of the clinical trial sites. Lack
of control over the hardware device can also result in new training and
potential client rejection. All four firms are exposed to this obsolescence.

      InforMedix has designed its own hardware device using standard
off-the-shelf components in the manufacturing of the product. Med-eMonitor was
designed with focus groups of senior citizens to ensure the intuitive simplicity
of the front end collection of patient information. The backend software was
designed with four main prompts in mind, which are the essence of the patient
participation portion of the drug trial. This backend software delivers powerful
information recording and reporting capability, with the ability to initiate a
trial by simply filling-in essential fields. Should a mid-stream correction be
necessary in the protocol, this can be implemented and delivered to the
patients' devices in their homes within hours of the change. There is no further
need for additional software validation or verification, which dramatically
reduces costs and delays compared to the competitors products.

      Management believes its patent portfolio offers a distinct advantage over
the competition with its unique drug-dose-response information. The patents
cover a wide variety of patient monitoring devices and information systems,
including dispensing devices as well as wireless and PDA applications. The
Med-eMonitor device and Internet-accessible database is the subject of 15 issued
U.S. and foreign patents and 12 patents pending. A formal patent valuation
appraisal was performed in 2002 by the Patent & License Exchange, Inc.
(www.pl-x.com.). The appraisal suports the assertion that InforMedix owns the
"Pioneer Patent Portfolio" in this field, with its patents cited as prior art by
over 154 other issued patents. The appraisal is based on assumptions and
estimates completely dependent on future events and transactions covering an
extended period of time, which may be significantly affected by changes in
circumstances over which InforMedix may not have any control. The appraisal is
inherently subject to varying degrees of uncertainty, and the ability to achieve
that value depends, among other things, on the timing and probability of a
complex series of future events both internal and external to an enterprise.
Accordingly, no assurance is or can be given that any or all of the appraised
value will or can be realized.

GOVERNMENT REGULATION

HIPAA

      The Health Insurance Portability and Accountability Act mandates the
adoption of standards for the exchange of electronic health information in an
effort to encourage overall administrative simplification and to enhance the
effectiveness and efficiency of the healthcare industry. Ensuring privacy and
security of patient information - "accountability" - is one of the key factors
driving the legislation. The other major factor - "portability" - refers to
Congress' intention to ensure that individuals can take their medical and
insurance records with them when they change employers. In August 2000, HHS
issued final regulations establishing electronic data transmission standards
that healthcare providers must use when submitting or receiving certain
healthcare data electronically. All affected entities, including InforMedix,
will be required to comply with these regulations.

      In December 2000, HHS issued final regulations concerning the privacy of
healthcare information. These regulations regulate the use and disclosure of
individuals' healthcare information, whether communicated electronically, on
paper or orally. All affected entities, including InforMedix, are required to
comply with these regulations by April 14, 2003. The regulations also provide
patients with significant new rights related to understanding and controlling
how their health information is used or disclosed.

                                       11

<PAGE>


      In February 2003, HHS issued final regulations concerning the security of
healthcare information maintained or transmitted electronically. These
regulations require implementation of organizational and technical practices to
protect the security of such information. All affected entities, including
InforMedix, are required to comply with these regulations by April 30, 2005.
Although the enforcement provisions of HIPAA have not yet been finalized,
sanctions are expected to include criminal penalties and civil sanctions.
InforMedix anticipates that it will be fully able to comply with the HIPAA
regulations that have been issued by their respective mandatory compliance
dates. Based on the existing and proposed HIPAA regulations, InforMedix believes
that the cost of its compliance with HIPAA will not have a material adverse
effect on its business, financial condition or results of operations.

      The Company has hired a medical software engineer who is an expert in the
area of HIPAA and 21CFR part 11, to ensure that the backend software of the
Med-eMonitor complies with the required government regulations.

Food, Drug and Cosmetic Act

      The Food and Drug Administration has notified InforMedix that the
Med-eMonitor System is not subject to the registration, device listing or
premarket notification provisions of the Food, Drug and Cosmetic Act, because
the Med-eMonitor System satisfies certain conditions established by the FDA in
its enforcement discretion. The Med-eMonitor System is subject to the
adulteration and misbranding provisions of the FDCA and InforMedix must comply
with the medical device reporting requirements of the FDCA InforMedix must also
comply with 21CFR Part 11 regulations governing the electronic capture of
clinical trial data. InforMedix believes that the cost and administrative burden
associated with FDA compliance are not material to InforMedix's business,
financial condition or results of operations. It should be noted that the FDA
has approved new drug applications using PDAs, such as Palm Pilots, in the
capture of patient information. Palm Pilot is a modified modality.

ENVIRONMENTAL MATTERS

      Management of InforMedix believes that it currently is in compliance, in
all material respects, with applicable federal, state and local statutes and
ordinances regulating the discharge of hazardous materials into the environment.
InforMedix does not believe that it will be required to expend any material
amounts in order to remain in compliance with these laws and regulations or that
such compliance will materially affect its capital expenditures, earnings or
competitive position.

SEASONALITY

      The clinical trials market is not influenced by seasonal changes.
Pharmaceutical and biotechnology companies pursue drug development actively
throughout the course of the year.

EMPLOYEES

      InforMedix currently has five employees and two part time consultants.
These include its Chief Executive Officer, President and Chief Operating
Officer, Vice President of Research and Development, Director of Software
Development, Chief Financial Officer and General Counsel, and Vice President of
Sales and Marketing.


ITEM 2.  DESCRIPTION OF PROPERTY.

      InforMedix leases facilities in Rockville, Maryland from a non-affiliated
landlord. These facilities encompass approximately 1,000 square feet and serve
as InforMedix's corporate headquarters and operations center. The current lease
commenced on March 1, 2003 for a one-year term at $2,294 per month.

      We believe that we have adequate facilities to conduct our current
operations, and we do not expect to seek additional administrative offices
and/or research facilities in the near term. We have no current proposed
programs for the renovation, improvement or development of our current
facilities.

                                       12

<PAGE>

ITEM 3.  LEGAL PROCEEDINGS.

      In the ordinary course of business, InforMedix may be involved in legal
proceedings from time to time. At this time, there are no material legal
proceedings against InforMedix.

      InforMedix anticipates that, from time to time, it will receive inquiries
from the FDA and other government agencies requesting records and other
documents. It is InforMedix's policy to cooperate with all such requests for
information.

      Private litigants may also make claims against InforMedix for violations
of healthcare laws in actions known as qui tam suits and the government may
intervene in, and take control of, such actions.

      No governmental agency has instituted any proceedings or served InforMedix
with any complaints.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      No matter was submitted to a vote of stockholders during the fourth
quarter of 2003. By unanimous approval of the Company's Board of Directors on
January 21, 2004 and by approval of shareholders holding in excess of a majority
of the voting shares of the Company, the Company authorized an amendment to its
articles of incorporation to increase its authorized common stock from 20
million shares to 80 million shares of Common Stock which became effective on
March 3, 2004.

                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

      Our common stock has traded on the NASD Over-the-Counter Bulletin Board
under the symbol "IFMX" since July 30, 2003. The following table sets forth
the high and low closing bid prices for the Common Stock, as reported by Pink
Sheets, LLC for the periods indicated below. Prior to July 30, 2003, our common
stock was not traded on a public market. The following quotations represent
prices between dealers and do not include retail markups, markdowns or
commissions. These do not represent actual transactions.


           2003                       High                      Low

       Third Quarter                  $.55                     $.16
 (July 30 - September 30,
           2003)

      Fourth Quarter                  $.65                     $.18

      The above quotations represent prices between dealers and do not include
retail markups, markdowns or commissions, nor do they represent actual
transactions.

      On June 23, 2003, the Board of Directors of the Company approved a 1-for-2
reverse stock split of the Company's common stock. The effective date for the
reverse stock split was June 30, 2003. All share and per share data in this
report give retroactive effect to the reverse stock split.

      As of March 26, 2004, there were 194 record holders of our common stock.

      We have not declared any cash dividends on our common stock since our
inception and do not anticipate paying such dividends in the foreseeable future.
We plan to retain earnings, if any, to support the development of


                                       13

<PAGE>


our business. Payment of future dividends, if any, will be at the discretion of
our Board of Directors after taking into account various factors, including our
financial condition, operating results, current and anticipated cash needs and
plans for expansion.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Reverse Acquisition

      Founded in 1997, InforMedix has developed and integrated a portable
patient-interactive monitoring device, hardware, software and network
communications system to enable pharmaceutical and biotechnology companies,
medical researchers and physicians to efficiently monitor and manage patients'
medication compliance and clinical response. The Med-eMonitor(TM) System
leverages InforMedix's strong intellectual property with 15 patents issued and
12 patents pending.

      In May 2003, Hunapu, Inc. completed its merger with InforMedix Acquisition
Corp. and subsequently changed its name to InforMedix Holdings, Inc. InforMedix
Holdings, Inc.'s sole material asset is its 100% interest in InforMedix, Inc.
See Item 1. "Description of Business."

      For accounting purposes, this transaction is considered, in substance, a
capital transaction rather than a business combination. The exchange has been
accounted for as a reverse acquisition, under the purchase method of accounting,
since the former stockholders of InforMedix now own a majority of the
outstanding common stock of Hunapu after the acquisition. Accordingly, the
combination of InforMedix with Hunapu has been recorded as a recapitalization of
InforMedix, pursuant to which InforMedix is treated as the continuing entity for
accounting purposes and the historical financial statements presented are those
of InforMedix. Upon the completion of the reverse acquisition, InforMedix
continued to operate as a wholly-owned subsidiary of InforMedix Holdings, Inc.

      Therefore, based on the above transaction, we have provided management's
discussion and analysis of financial condition and results of operations for
InforMedix.

CRITICAL ACCOUNTING POLICIES

      In December 2001, the Securities and Exchange Commission requested that
all registrants discuss their "critical accounting policies" in management's
discussion and analysis of financial condition and results of operations. The
SEC indicated that a "critical accounting policy" is one that is both important
to the portrayal of the company's financial condition and results and that
requires management's most difficult, subjective or complex judgments. Such
judgments are often the result of a need to make estimates about the effect of
matters that are inherently uncertain. While InforMedix's significant accounting
policies are more fully described in Note 2 to its condensed consolidated
financial statements included elsewhere in this report, InforMedix currently
believes the following accounting policies to be critical:

DEVELOPMENT STAGE COMPANY

      InforMedix is considered to be in the development stage as defined in
Statement of Financial Accounting Standards (SFAS) No. 7, "Accounting and
Reporting by Development Stage Enterprises ". InforMedix has devoted
substantially all of its efforts to business planning, patent portfolio,
research and development, recruiting management and technical staff, acquiring
operating assets and raising capital. It has sold Med-e Monitor Systems to
academic centers to complete grant-funded clinical research, and has recently
completed the design of its product and initiated the first run of scalable
manufacturing in preparation for expansion of sales activities.

PRINCIPLES OF CONSOLIDATION

      InforMedix's condensed financial statements include the accounts of
InforMedix Holdings, Inc. and its subsidiary for the year ended December 31,
2003. All significant intercompany accounts and transactions have been
eliminated in consolidation. The December 31, 2002 figures represent InforMedix,
Inc. only, prior to the acquisitions by InforMedix Acquisition Corp. and Hunapu,
Inc.

                                       14
<PAGE>


CASH AND CASH EQUIVALENTS

      InforMedix considers all highly liquid debt instruments and other
short-term investments with an initial maturity of three months or less to be
cash equivalents.

      InforMedix maintains cash and cash equivalent balances at several
financial institutions which are insured by the Federal Deposit Insurance
Corporation up to $100,000.

FIXED ASSETS

      Fixed assets are stated at cost. Depreciation is computed using the
straight-line method over the estimated useful lives of the assets; three years
for computer software and equipment and five years for office furniture and
equipment. Property and equipment held under capital leases and leasehold
improvements are amortized over the shorter of the lease term or the estimated
useful life of the related asset. When fixed assets are retired or otherwise
disposed of, the cost and related accumulated depreciation are removed from the
accounts and the resulting gain or loss is included in operations.

INTELLECTUAL PROPERTY ASSETS

      InforMedix owns 15 issued U.S. and Foreign and 12 pending U.S. and Foreign
patents. A formal patent valuation appraisal was performed in 2002 by the Patent
& License Exchange, Inc. The appraisal revealed that InforMedix's patents were
cited as prior art in 154 other issued patents. Under present accounting
principles generally accepted in the United States of America, and FASB 142,
management of InforMedix has not reflected the value of these patents on its
condensed consolidated balance sheet at December 31, 2003.

INTERNAL USE SOFTWARE COSTS

      Internal use software and web site development costs are capitalized in
accordance with Statement of Position (SOP) No. 98-1, "Accounting for the Costs
of Computer Software Developed or Obtained for Internal Use," and Emerging
Issues Task Force (EITF) Issue No. 00-02, "Accounting for Web Site Development
Costs." Qualifying costs incurred during the application development stage,
which consist primarily of outside services and InforMedix's consultants, are
capitalized and amortized over the estimated useful life of the asset. All other
costs are expensed as incurred. All costs for internal use software for the year
ended December 31, 2003 have been expensed as research and development expense.

START-UP COSTS

      In accordance with the American Institute of Certified Public Accountants
Statement of Position 98-5, "Reporting on the Costs of Start-up Activities,"
InforMedix expenses all costs incurred in connection with the start-up and
organization of InforMedix.

RESEARCH AND DEVELOPMENT

      Research and development costs are related primarily to InforMedix
obtaining its 15 issued U.S. and Foreign and 12 pending U.S. and Foreign patents
and patent valuation analysis, developing early prototypes and Beta products of
its Med-e Monitor device, development of first, second and third generation
databases to monitor patient data and remotely program the Med-e Monitor
devices, communications connectively between the devices and the databases via
the Internet, and website development. Research and development costs are
expensed as incurred.

INCOME TAXES

      The income tax benefit is computed on the pretax loss based on the current
tax law. Deferred income taxes are recognized for the tax consequences in future
years of differences between the tax basis of assets and liabilities and their
financial reporting amounts at each year-end based on enacted tax laws and
statutory tax rates. No benefit is reflected for the years ended December 31,
2003 and 2002, respectively.

                                       15
<PAGE>


ADVERTISING

      Costs of advertising and marketing are expensed as incurred. Advertising
and marketing costs were $57,491 and $1,347 for the years ended December 31,
2003 and 2002, respectively.

EARNINGS (LOSS) PER SHARE OF COMMON STOCK

      Historical net income (loss) per common share is computed using the
weighted average number of common shares outstanding. Diluted earnings per share
(EPS) includes additional dilution from common stock equivalents, such as stock
issuable pursuant to the exercise of stock options and warrants, of which by
September 30, 2002, all Company options and warrants that had been issued up to
that point in time were converted. Common stock equivalents were not included in
the computation of diluted earnings per share at December 31, 2003 and 2002 when
the Company reported a loss because to do so would be anti-dilutive for periods
presented. The Company has incurred significant losses since its inception to
fund its research and development of its Med-e Monitor System, including the
development of its intellectual property portfolio; and travel activities and
attendance at trade shows to create awareness of the product to pre-sell the
Med-e Monitor.

      The following is a reconciliation of the computation for basic and diluted
EPS:

                                   Dec. 31,                 Dec. 31,
                                    2003                     2002
                                    ----                     ----

NET LOSS

Weighted-average common shares    ($1,949,621)           ($2,265,677)
  outstanding (Basic)

Weighted-average common stock      12,004,771              9,641,903
   equivalents:
      Stock options                   __                       __
      Warrants                        __                       __
Weighted-average common shares     __________              __________
    outstanding (Diluted)          12,004,771              9,641,903
                                   ==========              ==========


FAIR VALUE OF FINANCIAL INSTRUMENTS

      The carrying amount reported in the condensed consolidated balance sheets
for cash and cash equivalents, accounts payable and accrued expenses approximate
fair value because of the immediate or short-term maturity of these financial
instruments. The carrying amount reported for notes and mortgages payable
approximates fair value because, in general, the interest on the underlying
instruments fluctuates with market rates.

STOCK-BASED COMPENSATION

      Employee stock awards under InforMedix's compensation plans are accounted
for in accordance with Accounting Principles Board Opinion No. 25 ("APB 25"),
"Accounting for Stock Issued to Employees", and related interpretations.
InforMedix provides the disclosure requirements of Statement of Financial
Accounting Standards No. 123, "Accounting for Stock-Based Compensation" ("SFAS
123"), and related interpretations. Stock-based awards to non-employees are
accounted for under the provisions of SFAS 123.

      InforMedix measures compensation expense for its employee stock-based
compensation using the intrinsic-value method. Under the intrinsic-value method
of accounting for stock-based compensation, when the exercise price of options
granted to employees is less than the estimated fair value of the underlying
stock on the date of grant, deferred compensation is recognized and is amortized
to compensation expense over the applicable vesting period. In each of the
periods presented, the vesting period was the period in which the options were
granted. All options were expensed to compensation in the period granted rather
than the exercise date.

                                       16
<PAGE>


      InforMedix measures compensation expense for its non-employee stock-based
compensation under the Financial Accounting Standards Board (FASB) Emerging
Issues Task Force (EITF) Issue No. 96-18, "Accounting for Equity Instruments
that are Issued to Other Than Employees for Acquiring, or in Conjunction with
Selling, Goods or Services". The fair value of the option issued is used to
measure the transaction, as this is more reliable than the fair value of the
services received. The fair value is measured as the value of InforMedix's
common stock on the date that the commitment for performance by the counterparty
has been reached or the counterparty's performance is complete. The fair value
of the equity instrument is charged directly to compensation expense and
additional paid-in capital.

RESULTS OF OPERATIONS

For the year ended December 31, 2003, compared to the year ended December 31,
2002 and cumulative totals January 27, 1997 to December 31, 2003.

      The Company did not recognize revenues from the sale of its
Med-eMonitor(TM) System for the year ended December 31, 2003. The product was
still in the development stage during this time period, and was only sold into
studies at academic research centers that resulted in two research articles
published in peer reviewed medical journals. These articles were published in
the July/August 2003 issue of HEART & LUNG, and the September 2003 issue of the
DRUG INFORMATION JOURNAL (official publication of the Drug Information
Association). These sales were consummated in prior periods wherein the company
did recognize nominal revenue from research grants. For the period from
inception (January 27, 1997) through December 31, 2003, the Company recorded
$140,445 of sales on total cost of sales of $245,428. The grants were funded by
the National Institutes of Health (NIH), and research was conducted on patient
compliance in clinical trials and disease management, at the Baltimore Veterans
Administration Hospital and Wayne State University, to study the effect of using
the Med-eMonitor(TM) System in schizophrenia and congestive heart failure,
respectively.

      Information gathered from the use of the Med-eMonitor(TM) units in the
various research studies has led to significant product enhancements and design
changes that have resulted in manufacturing cost reductions, and significantly
improved product reliability and performance

      Compensation expense for the year ended December 31, 2003 of $205,814
decreased by $1,345,092 (87%) compared to $1,550,906 for the prior year. The
decrease resulted from the Company not having to rely as heavily upon the
issuance of Common Stock as consideration for compensation and services
rendered. Previously, despite limited cash, the Company was able to recruit and
retain key executives primarily through the issuance of stock options in lieu of
cash compensation. For the period from inception (January 27, 1997) through
December 31, 2003, the Company recorded an aggregate of $6,141,413. For the
years ended December 31, 2003 and 2002, total compensation and vendor services
paid for with the issuance of common stock or stock options was zero and
$1,069,203, respectively. The Company has elected to expense these options and
warrants at the time they are exercised rather than granted.

      Selling, general and administrative expenses for the year ended December
31, 2003 of $1,031,451 increased by $521,766 (102%) compared to $509,685 for the
prior year. The increase resulted primarily from increased professional fees as
in a result of being a public company, consulting fees and printing charges
associated with SEC filings, increased insurance expense and increased
consulting fees from marketing in connection with our launch of the Med-eMonitor
System.

      Research and Development expenses for the year ended December 31, 2003 of
$555,180 increased by $433,552 (352%) compared to $121,628 for the prior year
due to the completion of development work related to the first generation of the
Med-eMonitor(TM) product, and next generation database development. Certain
vendors assisting with research and development agreed to receive partial
compensation in the form of stock to be paid in January 2004. For the period
from inception (January 27, 1997) through December 31, 2003, the Company
recorded $4,262,205 in research and development expenses.

      Depreciation and Amortization expense decreased for the year ended
December 31, 2003 when compared to the prior year by $5,129 to $30,307. This
decrease resulted primarily from the disposition of certain computer equipment
in 2002.

                                       17
<PAGE>

      Interest expense paid increased by 117% from $58,486 for the year ended
December 31, 2002 to $127,090 for the year ended December 31, 2003. This
increase resulted primarily from an increase in Notes Payable from $575,000 as
at December 31, 2002, to $1,469,400 as at November 30, 2003, before being
reduced to $104,400 as at December 31, 2003. For the period from inception
(January 27, 1997) through December 31, 2003 the Company recorded $314,879 of
interest expense.

      The Company recognized non-operating income of $235,536 in the year ended
December 31, 2002 from the settlement of disputed vendor accounts payable. This
income recognition represents a one-time adjustment to the price of certain
vendor services and should not be expected to recur. There was no similar
non-operating income recognized in the year ended December 31, 2003.

LIQUIDITY AND CAPITAL RESOURCES

      The Company does not have an operating line of credit from a financial
institution and consequently relied on additional financing from investors to
complete the development phase of its business and to manufacture
Med-eMonitor(TM) units. The Company had monies on deposit of $458,468 at
December 31, 2003 and $59,579 at December 31, 2002.

      In February 2003, the Company borrowed $60,000 in the aggregate from
several board members and a principal of its investment-banking firm. Interest
on each note accrued at a rate of 12% per annum. These notes matured on December
7, 2003 and have not yet been repaid with the expectation they will be converted
into shares of Common Stock. This offering did not involve any general
solicitation and was exempt from registration pursuant to Section 4(2) of the
Securities Act and/or Rule 506 of Regulation D promulgated thereunder.

      In April 2003, the Company borrowed $750,000 from a third party investor
and pledged the patent portfolio as security for the loan. Interest on the note
accrued at a rate of 12% annually. This note matured on December 7, 2003 and was
repaid with $60,250 of interest. The note had provisions for the issuance of
800,000 stock warrants (post-split), which were replaced by 250,000 warrants
exercisable at $1.50 per share. On October 16, 2003, the holder of this $750,000
promissory note signed an agreement whereby, should the Company be successful in
raising at least $2 million in its private placement of equity securities,
$375,000 plus interest would be repaid to this lender, and $375,000 would be
converted into equity under the same terms and conditions as the private
placement offering. The $375,000 was converted into units in the Company's
private placement in December 2003 at the Equity Offering price of $.37 per
unit. This Lender also received warrants to purchase 150,000 shares of Common
Stock at $.60 per share in consideration of a November 2003 bridge loan in the
aggregate amount of $120,000. This offering did not involve any general
solicitation and was exempt from registration pursuant to Section 4(2) of the
Securities Act and/or Rule 506 of Regulation D promulgated thereunder.

      In June 2003, the Company borrowed $20,000 from its then investment
bankers and pledged the patent portfolio as security for the loan. Interest on
the note accrued at a rate of 8% per annum. This note has not yet been repaid
and the lien has not yet been released, although the Company expects this note
to be converted into equity. This offering did not involve any general
solicitation and was exempt from registration pursuant to Section 4(2) of the
Securities Act and/or Rule 506 of Regulation D promulgated thereunder.

      In July 2003, the Company borrowed $41,400 in the aggregate from its then
investment bankers and other related parties. Interest on the notes accrued at a
rate of 8% per annum. These notes matured on January 31, 2004, or the date the
Company successfully raises equity financing of $500,000. Of this amount,
$15,000 has been repaid and $26,400 principal amount remains outstanding. These
notes have not been repaid. This offering did not involve any general
solicitation and was exempt from registration pursuant to Section 4(2) of the
Securities Act and/or Rule 506 of Regulation D promulgated thereunder.

      The Company entered into six promissory notes dated August 31, 2003 and
September 10, 2003 with private and institutional individuals obtained through
the Company's investment banker Meyers Associates, L.P. . These individuals
loaned $400,000 collectively to the Company in notes that mature on August 31,
2004. The notes accrued interest at a rate of 10% per annum. Aggregate interest
of $11,480 was paid by the Company on these notes prior to their maturity. An
aggregate of $300,000 principal amount of these notes were converted into units
of the Company's private placement described in the next paragraph and $100,000
principal amount was repaid from proceeds of the private placement.

                                       18
<PAGE>


      In August 2003, the Company entered into a Placement Agent Agreement with
an investment banking firm, Meyers Associates, L.P. to privately offer and sell
a minimum $1,500,000 to a maximum $5,000,000 of its securities in a private
offering and sale in reliance upon an exemption from registration pursuant to
section 4(2) of the Securities Act of 1933, as amended or other appropriate
exemption. The private placement of units each consisted of 135,136 shares of
common stock determined by dividing the purchase price per Unit of $50,000 by
$.37, the average closing bid price of the Common Stock for the five (5)
consecutive trading days immediately preceding and including the second trading
day immediately prior to the initial closing date. For each Share of Common
Stock issued, the Company also issued one A Warrant and one B Warrant to
purchase one-half share of Common Stock of InforMedix. On December 2, 2003,
December 19, 2003, February 2, 2004 and March 4, 2004, InforMedix closed on
$1,500,000, $1,245,450, $1,205,000 and $1,049,550, respectively, of private
placement units or an aggregate of $5 million of gross proceeds. As of February
9, 2004, the Company had sold and issued $3,950,450 of units. The Equity
Offering was terminated and the entire $5 million of units subscribed for,
however, $1,049,550 was held by the escrow agent until the Company's Charter
Amendment was declared effective on March 3, 2004. The Equity Offering consisted
of an aggregate of 13,527,109 shares of Common Stock, 13,527,109 Class A
Warrants to purchase 13,527,109 shares of Common Stock at $.44 per share and
13,527,109 Class B Warrants to purchase 6,763,560 shares of Common Stock at $.28
per share. In addition, the placement agent received warrants to purchase 30% of
the units sold in the Equity Offering at the same offering price of $50,000 per
unit exercisable until December 1, 2006. This offering did not involve any
general solicitation and was exempt from registration pursuant to Section 4(2)
of the Securities Act and/or Rule 506 of Regulation D promulgated thereunder.

      Meyers Associates, L.P. was introduced to the Company by the investment
banking firm Rockwell Capital Partners, LLC. In May 2002, the Company entered
into an agreement with Rockwell which stipulated that Rockwell would advise the
Company in connection with private financings and assist in going public through
a reverse merger transaction with a public shell company, followed by assisting
the company in raising equity through a PIPE (Private Investment in a Public
Entity) of up to $3,000,000. Rockwell committed to InforMedix to raise $400,000,
and assisted the Company by introducing it to Vertical Capital Partners, Inc.,
an affiliated NASD broker-dealer. A total of $250,000 was raised in August and
September 2002 from three accredited investors. $100,000 of this was sent
directly by the investors to an investor relations firm, JC Consulting, on
behalf of the Company, to provide investor relations services once the Company
was public and its stock was trading. JC Consulting is now reported as defunct.
These securities were sold pursuant to an exemption from registration pursuant
to Section 4(2) of the Securities Act of 1933, as amended, and/or Rule 506 of
Regulation D under the Securities Act. There was no general solicitation and the
Equity Offering was completed prior to InforMedix commencing discussions with
Hunapu.

      In November 2002, the Company raised $350,000 pursuant to a loan agreement
with Private Investors Equity, LLC. The net proceeds were used for working
capital and to complete product development. Under the agreement, the Company
issued a convertible secured promissory note bearing interest at 12% per annum,
payable at maturity on May 3, 2003, and issued warrants to purchase 350,000
shares of common stock at an exercise price of $3.00 per share, expiring on
November 4, 2007. This Note has been paid in full prior to the maturity date.
These securities were sold pursuant to an exemption from registration pursuant
to Section 4(2) of the Securities Act and/or Rule 506 of Regulation D under the
Securities Act. There was no general solicitation and the Equity Offering was
completed prior to InforMedix commencing discussions with Hunapu. The Note has
been subsequently paid in full.

      In furtherance of its objective to become a publicly traded company, the
Company completed its merger into Hunapu Inc., a Rule 419 public shell, in May
2003, pursuant to a registration statement declared effective by the Securities
and Exchange Commission on April 8, 2003, as supplemented.

      The accompanying financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. The Company
recognized a net loss of $(1,949,621) for the year ended December 31, 2003,
$(2,265,677) for the year ended December 31, 2002 and a cumulative loss of
$13,960,362.

      The Company had a working capital deficit of $(190,832) at December 31,
2003, which produced a current ratio of 0.75 to 1.0. At December 31, 2002,
working capital was negative $(715,907) and the current ratio was 0.23 to 1.0.
We have funded the business throughout the development stage primarily through
research grants, equity and convertible debt investments from accredited
investors, short-term borrowing and most recently equity

                                       19
<PAGE>

financing. We believe we can achieve significant sales in 2004 and reach
break-even operations by 2005, although there can be no assurance of same, at
which time we would be able to fund operations from positive cash flows.

      A reduction in expenses would jeopardize our ability to carry out our new
business strategy and consequently reduce or eliminate future growth, which
would adversely affect the value of an investment in our company.

      To date, we have not invested in derivative securities or any other
financial instruments that involve a high level of complexity or risk. We plan
to invest any excess cash in investment grade interest bearing securities.

      We believe the Company will meet working capital requirements for the next
12 months from invested capital and sales. The expected growth of the business
will have to be partially funded by additional equity to support the higher
inventory and accounts receivable levels. There can be no assurance additional
financing will be available on acceptable terms, if at all. If adequate funds
are not available, we may be unable to enhance our products, take advantage of
future sales opportunities or respond to competitive pressures.

      As described under "Item 1. Description of Business--Marketing and Sales
Strategy" we recently signed an agreement with a privately held disease
management company. If this company is satisfied with the demo units, it said
that it would introduce the Med-eMonitor into its care management plan. The
Company has received letters of support from four pharmaceutical manufacturers
and contract research organizations (CROs), endorsing the value of the
Med-eMonitor System for clinical trials and disease management applications, and
the Company's management has been actively traveling to promote sales in the
past two months. InforMedix has been recommended to another pharmaceutical
company by one of the largest global CROs to use Med-eMonitor in a clinical
trial to be managed by that CRO; is about to initiate a pilot trial with an
important drug of one of the five largest pharmaceutical companies, and has
received a letter of support from that pharmaceutical company, and provided
Med-eMonitor(TM) demonstration units to test and validate the units for disease
management purposes by a large, publicly traded disease management company.

      InforMedix has taken delivery of 250 next generation Med-eMonitor(TM)
units from its outsourced manufacturer. Furthermore, InforMedix has shipped
units to three potential customers for testing purposes. In addition, a
prominent academic research institution has prepared a grant application to be
submitted to the National Institutes of Health ("NIH") to use Med-eMonitor(TM)
units in research studies in diabetes patients. There are no known trends or
uncertainties that will have a material impact on potential revenues.

      On December 16, 2003, InforMedix and Enhanced Care Initiatives ("ECI")
signed an agreement whereby ECI will use InforMedix's Med-eMonitor System to
extend the capabilities of ECI's care management system for elderly chronically
ill patients. Terms of the agreement were not disclosed under a confidentiality
agreement.

      ECI believes the Med-eMonitor, will help the disease-management firm
better care for chronically ill patient populations. This would not only improve
quality-of-life, but also drive down the cost of medical care. Studies show the
sickest 1 percent of Medicare patients account for 27 percent of costs - an
average of $57,000 per patient per year which is the Medicare population on
which ECI concentrates.

      ECI is a Connecticut-based disease-management company that has developed a
proprietary Disease Management and Outcomes Research System which takes the
sickest patient population and provides an in-depth, personalized and
comprehensive approach to maintenance of their optimal state of health.

                                  RISK FACTORS

      We are subject to various risks that may materially harm our business,
financial condition and results of operations. These are not the only risks and
uncertainties that we face. If any of these risks or uncertainties actually
occurs, our business, financial condition or operating results could be
materially harmed.

                                       20
<PAGE>


RISKS RELATING TO OUR FINANCIAL CONDITION

      NEED FOR PROCEEDS OF THE EQUITY OFFERING.

      Between December 2003 and March 2004, InforMedix sold $5.0 million of
securities offered pursuant to a Private Placement Memorandum dated October 20,
2003 (the "Offering"). We obtained net proceeds of approximately $3.56 million,
which we require to fully implement our business plan. Management can give no
assurance the funds so obtained will be sufficient to fully implement the
business plan, or that a full implementation of such business plan will result
in InforMedix's profitability.

      IF INFORMEDIX CONTINUES TO INCUR NEGATIVE CASH FLOW FROM ITS OPERATIONS,
IT MAY EXHAUST OUR CAPITAL RESOURCES.

      No net positive cash flow has been generated from InforMedix's operations
since its inception. InforMedix has been primarily a development stage company
to date and has invested the majority of its resources in the R&D of the product
and its patents, with minimal investment for the commercialization of its
product. InforMedix had a net loss of $1,949,621 on zero sales for the year
ended December 31, 2003; a net loss of $2,265,677 on net sales of $22,759 for
the year ended December 31, 2002; and a cumulative loss from inception through
December 31, 2003, of $13,960,362.

      InforMedix has funded its operating activities primarily through sales of
equity securities to its founders, individual accredited investors, corporate
investors, private investment lenders and equity issued for services in the
amount of approximately $13,785,000 as of December 31, 2003. In addition, from
inception to December 31, 2002, we borrowed $725,000 from our Chief Executive
Officer, directors and affiliates (all of which has been converted into equity),
and an additional $65,000 in 2003. We completed a $400,000 debt bridge financing
in September 2003 of which $300,000 has been converted into equity and $100,000
principal amount has been repaid. Between December 2003 and February 2004, we
raised an additional $5.0 million under the Equity Offering which was then
terminated. InforMedix anticipates negative cash flow from operations to
continue for some time. Accordingly, we can give no assurance that we will be
able to operate profitably or be able to produce positive cash flow from
operations in the future. Our efforts to operate profitably and obtain positive
cash flow from operations will depend on, among other things:

o     Developing the InforMedix brand, marketing and other promotional
      activities of the Med-e Monitor System;

o     Expanding general and administrative functions to support growth that may
      occur; and

o     Establishing and developing relationships in the healthcare industry,
      particularly with pharmaceutical and biotechnology manufacturers, contract
      research organization (CROs) and academic research centers.

      QUALIFIED FINANCIAL STATEMENTS BASED ON OPERATING LOSSES AND A CAPITAL
DEFICIT QUESTION INFORMEDIX'S ABILITY TO CONTINUE IN BUSINESS.

      InforMedix's accountants issued a qualified report on our financial
statements as of and for the year ended December 31, 2003. The report states
that InforMedix is currently in the development stage and there is no guarantee
whether the Company will be able to generate enough revenue and/or raise capital
to support current operations and expand sales. This raises substantial doubt
about InforMedix's ability to continue as a going concern. See "Independent
Auditors' Report" and "Note 13 of Notes to InforMedix Consolidated Financial
Statements" included in this Report.

      IF WE FAIL TO ESTABLISH THE MED-E MONITOR SYSTEM BRAND OR TO ATTRACT
REPEAT CUSTOMERS, INFORMEDIX MAY NOT BE ABLE TO INCREASE ITS REVENUES
SUFFICIENTLY TO FUND ITS OPERATIONS.

      We must develop, establish and strengthen the InforMedix brand for the
Med-e Monitor System, particularly because of the early stage of our development
and the highly competitive nature of our business. If we fail to establish the
Med-e Monitor System brand, we will be at a competitive disadvantage and may
lose the opportunity to obtain, and thereafter maintain, a sufficient number of
customers. The development of the Med-e Monitor System brand will depend largely
on the success of InforMedix's marketing efforts and its ability to provide
consistent, high quality customer experiences. We cannot be certain that the
Med-e Monitor System brand

                                       21
<PAGE>


promotion activities will be successful, or will result in increased revenues.
If increased revenues are achieved, there can be no assurance that these
revenues will be sufficient to offset the expenditures incurred in establishing
the Med-e Monitor System brand.

      INFORMEDIX IS OBLIGATED TO COMPLY WITH GOVERNMENT REGULATION AND ITS
FAILURE TO DO SO COULD RESULT IN SIGNIFICANT LIABILITY AND CURTAILMENT OR
SUSPENSION OF OPERATIONS.

      The technology used in the monitoring of clinical drug trial protocols is
regulated by the Food and Drug Administration (FDA). No FDA approval is required
for the Med-eMonitor System and the FDA currently does not require the
documentation of regulatory compliance. However, if in the future the FDA
requires InforMedix to document regulatory compliance and it fails to do so,
because of a lack of funds, or otherwise, the Company may be required to curtail
or suspend its operations.

      WE WILL LACK BUSINESS DIVERSIFICATION.

      As a result of our limited resources, the prospects for our initial
success will be entirely dependent upon the future performance of a single
product and a single business. Although the product and its patents are
applicable to other aspects of medical use, such as disease management and
direct to consumer use, the Company will initially focus upon the singular
market of clinical trials. Unlike certain entities that have the resources to
consummate several business combinations or entities operating in multiple
industries or multiple segments of a single industry, we will not have the
resources to diversify our operations or benefit from the possible spreading of
risks or offsetting of losses.

      WE WERE RECENTLY ORGANIZED AND WENT PUBLIC AND HAVE A LIMITED OPERATING
HISTORY UPON WHICH YOU CAN BASE AN INVESTMENT DECISION.

      We were organized on January 27, 1997, completed our reverse merger and
became a public company in May 2003, and have a limited operating history upon
which you can make an investment decision, or upon which we can accurately
forecast future sales. You should, therefore, consider us subject to all of the
business risks associated with a new business. The likelihood of our success
must be considered in light of the expenses, difficulties and delays frequently
encountered in connection with the formation and initial operations of a new and
unproven business.

      DISCRETION IN USE OF FUNDS.

      InforMedix anticipates applying the net proceeds of the Equity Offering
for marketing, sales and hiring of key personnel for execution of sales
objectives, repayment of indebtedness, general and administrative expenses and
working capital purposes. However, as of the date hereof, other than to fund
selling, general and administrative expenses and repayment of indebtedness, we
have no material restrictions on our use of the proceeds under the Equity
Offering. As such, management of InforMedix has broad discretion, subject to
their fiduciary duties, in the application of the proceeds.

      INFORMEDIX'S CEO, PRESIDENT AND DIRECTORS MAY HAVE THE ABILITY TO CONTROL
ALMOST ALL MATTERS OF THE COMPANY.

      The officers and directors of InforMedix and their affiliates,
beneficially own approximately 14% of the issued and outstanding shares of
common stock of InforMedix as of March 30, 2004. Therefore, management will have
significant influence over the election of InforMedix's directors and to control
the outcome of other issues submitted to stockholders of InforMedix. This
includes their ability to amend the Certificate of Incorporation, approve a
merger or consolidation of InforMedix with another company or approve the sale
of all or substantially all of the assets of InforMedix without the agreement of
shareholders.

      PREFERRED STOCK AS AN ANTI-TAKEOVER DEVICE.

      InforMedix is authorized to issue 4,500,000 shares of preferred stock,
$.001 par value. The preferred stock may be issued in series from time to time
with such designation, voting and other rights, preferences and limitations

                                       22
<PAGE>

as the Board of Directors of InforMedix may determine by resolution. Unless the
nature of a particular transaction and applicable statutes require such
approval, the Board of Directors has the authority to issue these shares without
shareholder approval subject to approval of the holders of the Preferred Stock.
The issuance of preferred stock may have the effect of delaying or preventing a
change in control of InforMedix without any further action by shareholders.

      INTERESTS OF PLACEMENT AGENT IN INFORMEDIX; POSSIBLE RESTRICTION ON
"MARKETING MAKING" ACTIVITIES IN INFORMEDIX'S SECURITIES; ILLIQUIDITY.

      Including shares underlying presently exercisable warrants, Meyers
Associates L.P., our Placement Agent and its principals beneficially own, in the
aggregate, 10,279,862 shares of Common Stock, or approximately 30.9% of the
outstanding shares. Notwithstanding the foregoing, Meyers Associates has entered
into a Voting Agreement with us dated August 21, 2003, pursuant to which the
Placement Agent agreed to give Management of InforMedix a voting proxy over all
of its shares on all matters for generally one year from the last closing of the
Equity Offering. In addition, the Placement Agent and its affiliates agreed not
to sell, sell short, or otherwise dispose of any of their shares prior to the
completion of the Equity Offering.

      LACK OF TRADING MARKET.

      No trading market exists for our warrants. There can be no assurance that
a market for the warrants will be created or sustained. Rule 144 promulgated
under the Securities Act requires, among other conditions, a one-year holding
period prior to the resale (in limited amounts) of securities acquired in a
non-public offering without having to satisfy the registration requirements of
the Securities Act. There can be no assurance that we will fulfill in the future
any reporting requirements under the Exchange Act, or disseminate to the public
any current financial or other information concerning InforMedix, as required by
Rule 144 as one of the conditions of its availability.

      DIFFICULTY OF TRADING AND OBTAINING QUOTATIONS FOR COMMON STOCK.

      Our Common Stock is currently quoted on the NASD's Over-the-Counter
Bulletin Board ("OTCBB") under the symbol "IFMX". Our Common Stock is not
actively traded, and the bid and asked prices for our Common Stock have
fluctuated significantly. As a result, an investor may find it difficult to
dispose of, or to obtain accurate quotations of the price of, our securities.
This severely limits the liquidity of the Common Stock, and would likely have a
material adverse effect on the market price of the Common Stock and on our
ability to raise additional capital.

      PENNY STOCK REGULATION.

      Our Common Stock is subject to Rule 15g-9 under the Exchange Act. This
rule imposes additional sales practice requirements on broker-dealers that sell
such securities to persons other than established customers and "accredited
investors." For transactions covered by Rule 15g-9, a broker-dealer must make a
special suitability determination for the purchaser and have received the
purchaser's written consent to the transaction prior to sale. Consequently, the
rule could affect the ability of broker-dealers to sell our securities and could
affect the ability of purchasers to sell any of our securities in the secondary
market.

RISK FACTORS AFFECTING INFORMEDIX'S BUSINESS OPERATIONS.

      INFORMEDIX COULD BE SUBJECT TO FINES, FACILITY SHUTDOWNS AND POSSIBLE
EXCLUSION FROM PARTICIPATION IN PROVIDING INFORMATION TECHNOLOGY SERVICES IF IT
FAILS TO COMPLY WITH THE LAWS AND REGULATIONS.

      InforMedix is subject to regulations such as compliance and record-keeping
requirements under the Health Insurance Portability and Accountability Act
(HIPAA) and the Food, Drug and Cosmetic Act. In addition, the provision of
services, pharmaceuticals and equipment is subject to strict licensing and
safety requirements. If InforMedix is deemed to have violated these laws and
regulations, InforMedix could be subject to fines and/or facility shutdowns.
Government officials and the public will continue to debate healthcare reform.
Changes in healthcare law, new interpretations of existing laws, or changes in
payment methodology for pharmaceuticals may have a dramatic effect on
InforMedix's business and results of operations.

                                       23
<PAGE>


      CONTINUED PRESSURE COULD REDUCE INFORMEDIX'S MARGINS AND LIMIT
INFORMEDIX'S ABILITY TO MAINTAIN OR INCREASE ITS MARKET SHARE.

      Certain competitors of InforMedix may have or may obtain significantly
greater financial and marketing resources than InforMedix. As a result,
InforMedix could encounter increased competition in the future that may increase
pricing pressure and limit its ability to maintain or increase its market share.

      IF WE LOST THE SERVICES OF DR. BRUCE KEHR, INFORMEDIX'S CEO, JANET
CAMPBELL, INFORMEDIX'S PRESIDENT AND COO, OR RANDY DULIN, INFORMEDIX'S VICE
PRESIDENT OF SALES, WE MIGHT NOT BE ABLE TO EXECUTE INFORMEDIX'S CURRENT
BUSINESS IN ACCORDANCE WITH OUR CURRENT PLANS.

      InforMedix's future success depends significantly on the skills,
experience and efforts of its chief executive officer, Dr. Bruce Kehr, its
president and chief operating officer, Janet Campbell, Randy Dulin, its vice
president of sales and other key personnel. These individuals would be difficult
to replace. Dr. Kehr, Ms. Campbell and Mr. Dulin have developed, and are engaged
in carrying out, InforMedix's strategic business plan. The loss of the services
of Dr. Kehr, Ms. Campbell or Mr. Dulin could seriously harm InforMedix's ability
to implement its strategy. A failure to implement InforMedix's business strategy
could result in the cessation of InforMedix's operations which would have a
material adverse effect on our company and on your investment.

      IF INFORMEDIX IS UNABLE TO ADEQUATELY PROTECT OR ENFORCE ITS RIGHTS TO ITS
INTELLECTUAL PROPERTY, INFORMEDIX MAY LOSE VALUABLE RIGHTS, EXPERIENCE REDUCED
MARKET SHARE, IF ANY, OR INCUR COSTLY LITIGATION TO PROTECT SUCH RIGHTS.

      InforMedix generally requires its employees, consultants, advisors and
collaborators to execute appropriate confidentiality agreements with it. These
agreements typically provide that all materials and confidential information
developed or made known to the individual during the course of the individual's
relationship with InforMedix is to be kept confidential and not disclosed to
third parties except in specific circumstances. These agreements may be
breached, and in some instances, InforMedix may not have an appropriate remedy
available for breach of the agreements. Furthermore, InforMedix's competitors
may independently develop substantial equivalent proprietary information and
techniques, reverse engineer information and techniques, or otherwise gain
access to InforMedix's proprietary technology. In addition, the laws of some
foreign countries may not protect proprietary rights to the same extent as U.S.
law. InforMedix may be unable to meaningfully protect its rights in trade
secrets, technical know-how and other non-patented technology.

      InforMedix may have to resort to litigation to protect its rights for
certain intellectual property, or to determine their scope, validity or
enforceability. Enforcing or defending InforMedix's rights is expensive and may
distract management from its development of the business if not properly
managed. Such efforts may not prove successful. There is always a risk that
patents, if issued, may be subsequently invalidated, either in whole or in part,
and this could diminish or extinguish protection for any technology InforMedix
may license. Any failure to enforce or protect InforMedix's rights could cause
it to lose the ability to exclude others from using its technology to develop or
sell competing products.

      INFORMEDIX MAY BE SUED BY THIRD PARTIES WHO CLAIM THAT INFORMEDIX'S
PRODUCT INFRINGES ON THEIR INTELLECTUAL PROPERTY RIGHTS. DEFENDING AN
INFRINGEMENT LAWSUIT IS COSTLY AND INFORMEDIX MAY NOT HAVE ADEQUATE RESOURCES TO
DEFEND. ANY SETTLEMENT OR JUDGMENT AGAINST US COULD HARM OUR FUTURE PROSPECTS.

      InforMedix may be exposed to future litigation by third parties based on
claims that its technology, product or activity infringes on the intellectual
property rights of others or that InforMedix has misappropriated the trade
secrets of others. This risk is compounded by the fact that the validity and
breadth of claims covered in technology patents in general and the breadth and
scope of trade secret protection involves complex legal and factual questions
for which important legal principles are unresolved. Any litigation or claims
against InforMedix, whether or not valid, could result in substantial costs,
could place a significant strain on InforMedix's financial and managerial
resources, and could harm InforMedix's reputation. In addition, intellectual
property litigation or claims could force InforMedix to do one or more of the
following:

                                       24
<PAGE>


o     Cease selling, incorporating or using any of InforMedix's technology
      and/or product that incorporates the challenged intellectual property,
      which could adversely affect InforMedix's revenue;

o     Obtain a license from the holder of the infringed intellectual property
      right, which may be costly or may not be available on reasonable terms, if
      at all; or

o     Redesign InforMedix's product, which would be costly and time consuming.


      WE MAY NOT BE ABLE TO MANUFACTURE OUR PLANNED PRODUCT IN SUFFICIENT
QUANTITIES AT AN ACCEPTABLE COST, OR AT ALL, WHICH COULD HARM OUR FUTURE
PROSPECTS.

      InforMedix is in the initial phase of product commercialization.
InforMedix does not presently own any manufacturing facilities. Accordingly, if
InforMedix's planned product becomes available for widespread sale, we may not
be able to arrange for the manufacture of our planned product in sufficient
quantities at an acceptable cost, or at all, which could materially adversely
affect InforMedix's future prospects.

      THE MARKET FOR INFORMEDIX'S PLANNED PRODUCT IS RAPIDLY CHANGING AND
COMPETITIVE. NEW PRODUCTS MAY BE DEVELOPED BY OTHERS WHICH COULD IMPAIR OUR
ABILITY TO DEVELOP, GROW OR MAINTAIN OUR BUSINESS AND BE COMPETITIVE.

      InforMedix's industry is subject to substantial technological change.
Developments by others may render InforMedix's technology and planned product
noncompetitive or obsolete, or it may be unable to keep pace with technological
developments or other market factors. Competition from other companies,
universities, government research organizations and others diversifying into the
field is intense and is expected to increase. Many of these entities have
significantly greater research and development capabilities and budgets than
InforMedix does, as well as substantially more marketing, manufacturing,
financial and managerial resources. These entities could represent significant
competition for InforMedix. InforMedix is a development-stage enterprise and as
such its resources are limited and it may experience technical challenges
inherent in developing its technology. Competitors have developed or are in the
process of developing technologies that are, or in the future may be, the basis
for competition.

      INFORMEDIX'S PLANNED PRODUCT COULD BE EXPOSED TO SIGNIFICANT PRODUCT
LIABILITY CLAIMS WHICH COULD BE TIME CONSUMING AND COSTLY TO DEFEND, DIVERT
MANAGEMENT ATTENTION AND ADVERSELY AFFECT INFORMEDIX'S ABILITY TO OBTAIN AND
MAINTAIN INSURANCE COVERAGE. IF INFORMEDIX INCURRED A MATERIAL LIABILITY FOR
WHICH IT IS NOT ADEQUATELY INSURED, IT MIGHT BE RENDERED INSOLVENT.

      The testing, manufacture, marketing and sale of InforMedix's planned
product will involve an inherent risk that product liability claims will be
asserted against it. We currently have a general liability policy with an annual
aggregate limit of $1 million with a $1 million limit per occurrence and product
liability insurance with an aggregate limit of $1 million. This insurance may
prove inadequate to cover claims and/or litigation costs. Product liability
claims or other claims related to InforMedix's planned product, regardless of
their outcome, could require us to spend significant time and money in
litigation or to pay significant settlement amounts or judgments. Any successful
product liability or other claim may prevent InforMedix from obtaining adequate
liability insurance in the future on commercially desirable or reasonable terms.
In addition, product liability coverage may cease to be available in sufficient
amounts or at an acceptable cost. Any inability to obtain sufficient insurance
coverage at an acceptable cost or otherwise to protect against potential product
liability claims could prevent or inhibit the sale of InforMedix's Med-eMonitor
System.

      InforMedix faces the risk of liability resulting from claims made directly
by patients. InforMedix currently has property, general liability and product
liability insurance in amounts that we believe to be adequate, but InforMedix
can give no assurance that such insurance will remain available at a reasonable
price or that any insurance policy would offer coverage sufficient to meet any
liability arising as a result of a claim. We can give no assurance that
InforMedix will be able to obtain or maintain adequate insurance on reasonable
terms or that, if obtained, such insurance will be sufficient to protect against
such potential liability or at a reasonable cost. The

                                       25
<PAGE>


obligation to pay any substantial liability claim could render InforMedix
insolvent and could force it to curtail suspend operations, which would have a
material adverse effect on our company and your investment in our company.

ITEM 7. FINANCIAL STATEMENTS.

      Our audited financial statements and related notes required by this Item 7
begin on page F-1, following Part III of this report.

ITEM  8.  CHANGES  IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
      FINANCIAL DISCLOSURE.

      We appointed Bagell, Josephs & Company, LLC ("Bagell Josephs") as our new
independent public accountant and terminated the engagement of Lazar Levine &
Felix LLP ("Lazar") as Hunapu's independent public accountant, effective with
respect to InforMedix's fiscal year ending December 31, 2003. Bagell Josephs had
been the independent public accountant for InforMedix prior to the merger with
Hunapu. This change in independent public accountant was approved by our Board
of Directors on June 23, 2003, upon the recommendation of the audit committee.

      The audit reports of Lazar on the financial statements of Hunapu as of and
for the fiscal years ended December 31, 2002 and 2001 did not contain an adverse
opinion or disclaimer of opinion, nor were they modified as to uncertainty,
audit scope or accounting principles, other than to contain an explanatory
paragraph as to Hunapu's ability to continue as a going concern.

      During Hunapu's two most recent fiscal years and through June 23, 2003,
there were no disagreements between the Company and Lazar, whether or not
resolved, on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not resolved to
Lazar's satisfaction would have caused Lazar to make reference to the subject
matter of the disagreement(s) in connection with its reports.

      During the Company's two most recent fiscal years and through June 23,
2003, the Company did not consult with Bagell Josephs with respect to any
matters or reportable events listed in Item 304(a)(2)(i) and (ii) of Regulation
S-B. Bagell Josephs was the independent public accountant of InforMedix
Acquisition Corp. prior to its merger with the Company.

      Hunapu provided Lazar with a copy of the foregoing disclosures, and
requested that Lazar furnish the Company with a letter addressed to the
Securities and Exchange Commission stating whether they agree with the
statements that the Company has made herein. A copy of Lazar's letter response
to the Company's request was filed as Exhibit 16.1 to the Company's Form 8-K for
June 23, 2003.

ITEM  8A. CONTROLS AND PROCEDURES.

      Our management, with the participation of our Chief Executive Officer and
Chief Financial Officer, evaluated the effectiveness of our disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934), as of December 31, 2003. Based on that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were effective as of that date.

                                    PART III

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
         COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

      Our Board of Directors elects our executive officers annually. A majority
vote of the directors who are in office is required to fill vacancies. Each
director holds office for a term of one year, or until a successor has been duly
elected and qualified, or until his earlier death, resignation or removal. Our

                                       26
<PAGE>

executive officers are appointed annually by our Board of Directors and serve at
the discretion of the Board of Directors. Our directors and executive officers
are as follows:



    NAME                AGE   PRINCIPAL POSITIONS AND OFFICES WITH OUR COMPANY
    ------------------ ----- -------------------------------------------------

    Bruce A. Kehr        54   Chairman of the Board and Chief Executive
                              Officer and Director

    Janet Campbell       51   President and Chief Operating Officer

    Arthur T. Healey     43   Chief Financial Officer, General Counsel
                              and Secretary

    P. Michael Gavin     50   Vice President of Research and Development

    Davison R. Dulin     46   Vice President of Sales and Marketing

    Rhonda B. Friedman   53   Director

    Harris Kaplan        52   Director

    Bert W. Wasserman    70   Director

    Douglas G. Watson    57   Director

      Set forth below is a brief description of the background of each of our
executive officers and directors, based on information provided to us by them.

--------------------------------------------------------------------------------

BRUCE A. KEHR, M.D. has been the Chairman of the Board of Directors and Chief
Executive Officer of InforMedix, Inc. since its formation in 1997. Dr. Kehr is a
forensic consultant in neuropsychiatry and traumatic brain injury and a
practicing physician. Since 1982, Dr. Kehr has been the President of
Contemporary Psychiatric Services, a psychiatric group practice he formed which
employs 10 full and part-time employees. Dr. Kehr is the inventor of fifteen
issued patents and twelve pending patents in the United States, Europe, Japan,
Canada, Australia, Mexico, and South Korea, as well as issued and pending
trademarks and service marks. In 1995, he was named in Who's Who of American
Inventors. He has actively written and lectured on neuropsychiatry aspects of
traumatic brain injury and on medication noncompliance, a field in which he is
recognized as an expert. Dr. Kehr received his Bachelors degree from the
University of Pennsylvania in 1971, followed by his Medical degree from
Georgetown University School of Medicine in 1975.

JANET CAMPBELL, M.B.A has served as the President and Chief Operating Officer of
InforMedix, Inc. since June 2001. From May 1998 to March 2000, Ms. Campbell was
self-employed as a healthcare consultant, serving as an advisor to investment
banks and medical companies. From March 2000 to April 2001, she was a founder
and principal of Potomac Bioscience Partners, a partnership providing advisement
for strategic business development and venture capital for healthcare
investments. From August 1997 to January 1998, Ms. Campbell was Vice President
and Chief Financial Officer of Genovo, Inc., a biotechnology company. From
January 1987 until December 1989, she served as the President and Chief
Executive Officer of Mach Diagnostics, a venture-backed medical company focused
on rapid diagnostics, where she raised two rounds of capital, and developed an
organization which included 40 sales representatives and a network of nationwide
distributors. From November 1981 until December 1989, she was the President of
Health Tech, Inc., a cardiovascular technology company, where she negotiated
multi-million dollar licensing and joint venture agreements involving Fortune
500 and early-stage bioscience companies. Ms. Campbell was the healthcare
partner of Rockecharlie and Co., a merchant-banking firm, from September 1983
until July 1986. Ms. Campbell is the past Chairman of the Board of Directors of
Vascular Genetics, Inc., representing Human Genome Sciences on the Board.

                                       27
<PAGE>

Ms. Campbell received her Bachelors degree from the University of Missouri, and
also pursued undergraduate studies at Franklin College, Lugano, Switzerland. She
received her MBA in finance from The Johns Hopkins University.

ARTHUR T. HEALEY, C.P.A., J.D. has served as the Chief Financial Officer of
InforMedix, Inc. since February 2002, General Counsel since July 2003 and
corporate Secretary since January 2004. Mr. Healey is directly responsible for
all financial reports and financial modeling. Mr. Healey's responsibilities also
include contract negotiations, investor and vendor relations. He served as the
Chief Financial Officer for the BioMedical Development Corporation, from January
2001 until October 2003. Mr. Healey is a certified public accountant and an
attorney with over fifteen years experience working with entrepreneurial
companies in the healthcare, biotech, high tech, manufacturing, and financial
services industries. He previously served as a Senior Manager and Manager with
"Big Five" firms Ernst & Young, Coopers & Lybrand, and KPMG Peat Marwick for
twelve years from 1986 to 1989, and 1991 to 2001, and was the Chief Financial
Officer for an early stage business accelerator in King of Prussia, PA called
GoHealth NetwoRx from September 2000 through December 2003. Mr. Healey received
his Bachelors degree in Accounting from Villanova University in 1983 and
graduated cum laude from Villanova Law School in 1991, where he was a member of
the Villanova Law Review.

P. MICHAEL GAVIN became the Vice President of Research & Development of
InforMedix, Inc. on February 1, 2002. From 1992 until November 2001, he was the
Vice President of Research and Development for ITC International Technodyne,
where he was directly responsible for the creation, development, clinical
testing, and manufacturing scale-up of numerous medical devices. These devices
included in-vitro diagnostics devices, disposable medical devices, and
laboratory based clinical chemistry and hematology systems. In addition, he
directly managed the design, development, clinical testing, and regulatory
submissions for the first home use Prothrombin time monitor to be approved by
the FDA and managed the modification of two portable diagnostic devices for use
in double-blinded clinical trials. Mr. Gavin holds six United States patents. He
graduated cum laude from Fairleigh Dickinson University in 1985 with a B.S.E.E.
in Computer Science & Communication Systems. He has additional course work in
Project Management, Design for Manufacturability, Statistics, Human Resource
management, Financial Analysis, Real Time Operating Systems, Assembly Language
Programming, cGMP Practices and Best Practices in Product Development.

DAVISON R. DULIN became the Vice President of Sales and Marketing of InforMedix,
Inc. on February 15, 2004. From July 2001 until February 2004, he served as the
Vice President of Marketing and Sales of Database Publishing Group, Inc. From
August 1998 until April 2001, Mr. Dulin was employed by HealthOnline, Inc.,
serving as Executive Vice President Marketing and Sales/Director from August
1998 until June 2000 and then President/Director from June 2000 until April
2001. In June, 2001, HealthOnline, Inc., filed for bankruptcy in Baltimore
County, Maryland. From January 1997 until August 1998, he was the Executive Vice
President of Marketing and Sales for FutureHealth Corporation. Mr. Dulin
graduated from Davidson College in 1980 with a B.A.. in Chemistry.

      SIGNIFICANT CONSULTANT

      Remie J. Smith, BSEE      43      Director of Software Development

REMIE J. SMITH, BSEE, has served as Director of Software Development of
InforMedix, Inc. since May, 2003. Mr. Smith has over 19 years experience in
medical software product development with specialization in project management,
software lifecycle development, and verification/validation. Mr. Smith has
successfully lead numerous major medical software and WEB projects to commercial
products. His technique for making goals measurable and repeatable provides the
mechanics for success. Mr. Smith brings extensive experience in FDA regulations
including CFR 21 Part 11 and HIPPA compliance. He has seven end-to-end medical
product launches and three vertical web applications, which Management believes
is ideally suited to the Med-eMonitor product line. Mr. Smith graduated with a
BSEE in 1984, in Computer Engineering, from State University of New York at
Buffalo. In addition, Mr. Smith has obtained certifications in Microsoft and SUN
Technologies.

BOARD OF DIRECTORS

BRUCE A. KEHR, M.D., CHAIRMAN, see description above.

                                       28
<PAGE>

RHONDA B. FRIEDMAN, SC.D. has been a director of InforMedix since November 1996.
Since January 1997, she has served as the President and Chief Operating Officer
of Coagulation Diagnostics, Inc., a company specializing in the development of
tests for hypercoagulability, or the tendency to form blood clots. From October
1987 until January 1997, Dr. Friedman worked at the MEDSTAT Group in Washington,
D.C., a company specializing in medical database development. During her tenure
at MEDSTAT, she held such positions as Director of Clinical Research and
Outcomes, Acting Vice President and General Manager of the Research and Policy
Division, and Vice President of Disease Management. Dr. Friedman has a wide
range of experience in global clinical trials, outcomes research, strategic
business planning, business development, and financial and personnel management.
Dr. Friedman earned her Bachelors degree from Hobart and William Smith Colleges
in 1971. She has also earned an Sc.M. in 1974 and Sc.D. in 1978 from the John
Hopkins University School of Hygiene and Public Health.

HARRIS KAPLAN, MBA has been a director of InforMedix since August 2001 and is
Chairman of the Compensation Committee. Since May 1999, Mr. Kaplan has been the
Chief Executive Officer of the Collaborative Consulting Group, providing
strategic guidance to pharmaceutical and biotechnology companies, for the
commercialization and licensing of new pharmaceutical products. In September
1980, Mr. Kaplan co-founded Migliara-Kaplan Associates, which became the largest
healthcare custom marketing research and strategic planning company in the world
with revenues in excess of $45 million. Migliara-Kaplan specialized in helping
pharmaceutical, diagnostic, and medical device companies identify new product
opportunities and then maximizing the commercial potential of new products in
development. Migliara-Kaplan clients included virtually all of the major
pharmaceutical companies as well as many of the largest diagnostics companies in
the United States and in Europe. During his tenure at Migliara-Kaplan, Harris
was involved in the launch of over 50 new pharmaceutical products including,
most recently, Prilosec, Nexium, Lipitor, Aricept, Celebrex, Norvasc, Cozaar,
Tequin, and TNKase. He remained with Migliara-Kaplan until April 1999. Mr.
Kaplan was an early investor in and consultant to several healthcare companies
including Ventana Medical, Biosite, and Digene Corporation. Harris has also been
an advisor to a number of venture capital groups including CW Group, Frazier &
Co., DeNovo Ventures and Medicus Ventures. He received his Bachelors degree and
MBA from Temple University.

BERT W. WASSERMAN has been a director of InforMedix since December 2001 and is
Chairman of the Audit and Finance Committee. From 1990 until his retirement in
1995, he served as the Executive Vice President and Chief Financial Officer of
Time Warner, Inc. and served on the Board of Directors of Time Warner, Inc. and
its predecessor company, Warner Communications, Inc. from 1981 to 1995. He
joined Warner Communications, Inc. in 1966 and had been an officer of that
company since 1970. Mr. Wasserman is director of several investment companies in
the Dreyfus Family of Funds. He has been a director of Malibu Entertainment,
Inc. since 1995, Lillian Vernon Corporation since 1995, and PSC Inc. since 1999.
Mr. Wasserman is a 1954 graduate of the Baruch College of whose Board of
Trustees he has served as Vice President (1981-1983), President (1984-1987) and
continues to be on the Board of Directors. He received his law degree in 1961
from the Brooklyn Law School and is a Certified Public Accountant. In 1982, he
received the Eleanor Roosevelt Humanitarian Award for his philanthropic
activities, and since 1986, he has served on the Board of Directors of the
Gurwin Jewish Geriatric Center of Long Island.

DOUGLAS G. WATSON became a Director of InforMedix in November 2001 and is
Chairman of the Marketing and Sales Committee. In June 1999, he founded and
currently serves as the Chief Executive Officer of Pittencrieff Glen Associates,
a company which provides management consultant services. Mr. Watson's experience
in the pharmaceuticals industry spans from 1966 until May 1999. He joined Geigy
(UK) Ltd in 1966, working first in Operations Research and then in Corporate
Planning. Following the Ciba-Geigy merger, he spent one year in Basel,
Switzerland as the United Kingdom representative to an international integration
team. He returned to the United Kingdom in 1973 as an accounting development and
investment appraisal manager, and later as a headquarters management accountant.
In 1978, Mr. Watson returned to Basel as personal assistant to the chairman of
the Executive Committee. In 1981, he joined the United States Pharmaceuticals
Division of Novartis Corporation as the Senior Vice President of Planning and
Business Development, and a member of the Pharmaceuticals Management Committee.
He served as the President of the Ciba Pharmaceuticals Division from 1986 until
1996, when he was appointed President and Chief Executive Officer of the
Ciba-Geigy Corporation. During this ten year period, Mr. Watson was an active
member of the Pharmaceutical Research & Manufacturers Association (PhRMA) Board
in Washington, DC. Mr. Watson became President and Chief Executive Officer of
Novartis Corporation in 1997 when the Federal Trade Commission approved the
merger of Ciba-Geigy and Sandoz. Mr. Watson elected to take early retirement
from Novartis in May 1999. Mr. Watson serves as a member of the Board of


                                       29
<PAGE>

Directors for Engelhard Corporation (Audit Committee member), Dendreon
Corporation (Audit and Compensation Committee member), Genta Pharmaceuticals,
Inc. (Audit Committee Member) and OraSure Technologies, Inc. (Strategic Planning
Committee member). His private company directorships include BioMimetic
Pharmaceuticals Inc. (Audit and Compensation Committee member), Innovative Drug
Delivery Systems, Inc. (Compensation Committee member) and BZL Biologics, Inc.
and he has previously served on the Board of Directors of Summit Bank
Corporation, Principia Pharmaceuticals Inc., and ValiGen N.V. Mr. Watson holds a
Masters degree in pure mathematics from Churchill College, Cambridge University,
and is a member of the Chartered Institute of Management Accountants. He has
been an active supporter of America's Promise since its inception, and is the
chairman of the Freedom House Foundation, a non-profit organization dedicated to
treating high risk, adult men and women recovering from alcohol and drug
addiction. He is a member of the Conference Board, and on the President's
Advisory Board of Drew University.

      BOARD COMMITTEES

      Our Audit Committee consists of Bert W. Wasserman, as Chairman, and Dr.
Rhonda B. Friedman and Harris Kaplan. Our Compensation Committee consists of
Douglas G. Watson, as Chairman, and Harris Kaplan and Bert W. Wasserman. We do
not have a nominating committee or any other committee.

      DIRECTOR COMPENSATION

      The Compensation Committee has not yet determined our policy regarding
compensation for serving on our board of directors. We reimburse our directors
for their reasonable expenses incurred in attending meetings of our board.

      COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

      Pursuant to Section 16 of the Securities Exchange Act of 1934, our
directors and executive officers and beneficial owners of more than 10% of our
common stock are required to file certain reports, within specified time
periods, indicating their holdings of and transactions in the common stock and
derivative securities. Based solely on a review of such reports provided to us
and written representations from such persons regarding the necessity to file
such reports, we are not aware of any failures to file reports or report
transactions in a timely manner during the our fiscal year ended December 31,
2003, except that each of the officers and directors of the Company and Irving
Snyder, a greater than 10% shareholder of company, filed late Form 3s.

CODE OF ETHICS

      On March 31, 2004 our Board of Directors adopted a Code of Ethics which
applies to the principal executive officer, principal financial officer,
principal accounting officer or controller and persons performing similar
functions. We will provide a copy of the Code of Ethics, without charge, to any
person who sends a written request addressed to the Secretary at InforMedix
Holdings, Inc., Georgetowne Park, 5880 Hubbard Drive, Rockville, Maryland 20852.
A copy of the Code of Ethics has been filed as an exhibit to this report.

      The Company intends to disclose any waivers or amendments to its Code of
Ethics in a report on Form 8-K Item 10 filing rather than from its website.

<PAGE>

ITEM 10. EXECUTIVE COMPENSATION.

      The following table sets forth all compensation awarded to, earned by, or
paid for all services rendered to us during the fiscal years ended December 31,
2003, 2002 and 2001 by those persons who served as chief executive officer
during our 2003 fiscal year and each of our other executive officers who earned
compensation in excess of $100,000 during the year ended December 31, 2003.

                                       30
<PAGE>



                                 SUMMARY COMPENSATION TABLE

                                                   Long-Term
                            Annual Compensation   Compensation
                           --------------------- ---------------
                                                    Shares
Name and                                          Underlying       All Other
Principal Position    Year   Salary        Bonus   Options     Compensation (1)
--------------------------------------------------------------------------------
Bruce Kehr, CEO       2003  $78,210 (2)       0    387,426 (4)        0
Bruce Kehr, CEO       2002  $37,692 (2)       0     67,888 (5)        0
Bruce Kehr, CEO       2001   $1,538 (2)       0     80,894            0


Janet Campbell, COO   2003  $80,286 (3)       0    384,634 (4)        0
Janet Campbell, COO   2002  $76,928 (3)       0     87,965 (6)        0
Janet Campbell, COO   2001   $3,846 (3)       0     41,110            0


(1)   These compensation figures do not include the cost for the use of
      automobiles leased by us, the cost of benefits, including premiums for
      life insurance, and any other perquisites provided by us to such persons
      in connection with our business, all of which does not exceed the lesser
      of $50,000 or 10% of such person's annual salary and bonus for the subject
      fiscal year.

(2)   Dr. Kehr was to be paid a base salary of $200,000, however, as the Company
      was unable to pay his full base salary in cash it was paid partially in
      stock. On October 15, 2003, Dr. Kehr reduced his base salary to $100,000
      until the Company records $2 million of revenue. See "Employment
      Agreements" below.


(3)   Ms. Campbell was paid a base salary of $100,00 commencing on June 18,
      2001. In October 2003 she reduced her salary from $200,000 to $125,000
      until the Company achieves revenues of at least $2 million. See
      "Employment Agreements" below.

(4)   These options and warrants were granted on January 21, 2004, for services
      rendered in 2003.

(5)   Includes 116,366 shares issued upon conversion of options granted in
      connection with the August 14, 2002 merger between InforMedix, Inc. and
      IFAC, Inc.

(6)   Includes 83,545 shares issued upon conversion of options granted in
      connection with the August 14, 2002 merger between InforMedix, Inc. and
      IFAC, Inc.

OPTION GRANTS IN LAST FISCAL YEAR


The following table contains information concerning the grant of stock options
to the named Executive Officers for services rendered during the fiscal year
ended December 31, 2003.

                                      PERCENT OF TOTAL
                   NUMBER OF SHARES        OPTIONS
                      UNDERLYING    GRANTED TO EMPLOYEES  EXERCISE
                       OPTIONS               IN             PRICE    EXPIRATION
       NAME            GRANTED           FISCAL YEAR      PER SHARE    DATE
       ----            -------           -----------      ---------    ----

  Bruce A. Kehr        143,006              21.6%           $1.00    1/21/2014

  Bruce A. Kehr         56,082              8.5%             $.37    1/21/2014

  Janet Campbell       241,052              36.5%           $1.00    1/21/2014

  Janet Campbell        43,582              6.6%             $.37    1/21/2014



                                       31
<PAGE>

----------

AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR AND FISCAL YEAR END
OPTION/SAR VALUES

      The following table summarizes for the Named Executive Officers the total
number of shares acquired upon exercise of options during the fiscal year ended
December 31, 2003, and the value realized (fair market value at the time of
exercise less exercise price), the total number of unexercised options, if any,
held at December 31, 2003, and the aggregate dollar value of in-the-money,
unexercised options, held at December 31, 2003. The value of the unexercised,
in-the-money options at December 31, 2003, is the difference between their
exercise or base price ($1.00), and the fair market value of the underlying
common stock on December 31, 2003. The closing bid price of our common stock on
December 31, 2003, was $.47.




<TABLE>
<CAPTION>
                                          NUMBER OF SECURITIES          VALUE OF UNEXERCISED
               SHARES ACQUIRED UPON      UNDERLYING UNEXERCISED             IN-THE-MONEY
               EXERCISE OF OPTIONS             OPTIONS AT                   OPTIONS AT
                DURING FISCAL 2003         DECEMBER 31, 2003             DECEMBER 31, 2003
                ------------------         -----------------             -----------------
<S>               <C>         <C>       <C>              <C>         <C>                <C>
                             VALUE
NAME              NUMBER   REALIZED    EXERCISABLE  UNEXERCISABLE    EXERCISABLE  UNEXERCISABLE
Bruce A. Kehr        0           0         56,082           0           $5,608            -0-
Janet                0           0         43,582           0           $4,358            -0-
Campbell
</TABLE>

LONG TERM INCENTIVE PLANS--AWARDS IN THE LAST FISCAL YEAR

            The following table summarizes for each Named Executive Officer each
award under any long term incentive plan for the year ended December 31, 2003:

                                                Estimated Future Payouts under
                                                non-stock price based plans

    Name      Number of       Performance or    Threshold   Target    Maximum
              shares, units   other period      ($ or #)    ($ or #)  ($ or #)
              or other        until
              rights          maturation or
                              payout
    None



                                       32
<PAGE>

      EMPLOYMENT AGREEMENTS

      InforMedix, Inc. entered into an employment agreement with Bruce A. Kehr,
MD, Chairman and Chief Executive Officer on January 1, 2000. The term of such
employment agreement shall continue unless and until he is removed by a vote
comprising at least 2/3 of the members of the Board of Directors with Dr. Kehr
required to recuse himself from voting in this matter. If terminated from his
position as Chairman and Chief Executive Officer, then he shall be retained as
Executive Vice President of InforMedix. Dr. Kehr was to be paid a base salary of
$200,000 under his employment agreement. His base salary shall be subject to
annual increases subject to approval by the Compensation Committee of the Board
of Directors. He also will be entitled to an annual bonus at the discretion of
the Compensation Committee of our board of directors. As InforMedix, to date,
has been unable to pay Dr. Kehr his full base salary in cash, it has paid him
partially in cash, with the balance paid in options and/or common stock of
InforMedix. On October 15, 2003, InforMedix and Dr. Kehr entered into an
amendment to his employment agreement. Dr. Kehr's base salary was reduced to
$100,000 until InforMedix obtains cumulative cash receipts of $2 million from
sales, royalties, license fees or other income (collectively "Revenues").
Pursuant to a Board of Directors resolution dated January 27, 2004, he converted
$21,000 of accrued but unpaid salary into units identical to those sold in the
Equity Offering. Dr. Kehr shall be entitled to two bonuses of $37,500 each when
InforMedix obtains $1 million and $2 million of Revenues.

      His estate will also be entitled to receive one year's base salary in the
event Dr. Kehr dies while employed by InforMedix. If Dr. Kehr is terminated
other than for cause, death or total disability, then he is entitled to receive
an amount equal to the product of his base salary for 12 months plus payment of
all unused vacation time and unreimbursed expenses. Upon a change of control, if
Dr. Kehr is terminated other than for cause or good reason, he shall be retained
as Executive Vice President of InforMedix and paid $200,000 per year. Dr. Kehr
shall be subject to non-competition and non-solicitation provisions with respect
to any past or present customers and any employee or agent for the period of his
employment plus 12 months after termination.

      InforMedix, Inc. entered into an employment agreement with Janet Campbell,
as President and Chief Operating Officer, on June 18, 2001. The term of such
employment agreement shall continue until June 17, 2004. Ms. Campbell was paid a
base salary of $100,000 during Phase I, in stock. Once InforMedix raised
$600,000, or more, she began to receive the reduced salary in cash of $8,333
monthly. Once the Company has received an additional $2,000,000 in equity
financing, she is entitled to receive an annual salary of $200,000, except as
modified below. Phase II term shall begin once InforMedix has raised $5 million
in investment capital and Ms. Campbell's salary shall increase to $200,000 plus
a milestone bonus of $25,000 and an option bonus defined by the Compensation
Committee of the Board. Phase III term begins when InforMedix has raised at
least $10 million and Ms. Campbell's salary shall be $225,000 plus a milestone
bonus of $50,000.

      As InforMedix, to date, has been unable to pay Ms. Campbell her full
salary in cash, it has been paid partially in cash and partially in Company
stock. During fiscal 2002, Ms. Campbell was paid $76,928 in cash and 60,122
shares of common stock. During fiscal 2001 she was paid $3,846 in cash, 41,112
shares of common stock and options to purchase 5,525 shares of Common Stock. On
October 15, 2003, InforMedix and Ms. Campbell entered into an amendment to her
employment agreement. Ms Campbell's base salary was reduced to $125,000 until
InforMedix obtains Revenues of at least $2 million. Ms. Campbell waived $21,000
of accrued but unpaid salary. Ms. Campbell shall be entitled to two bonuses of
$37,500 each when InforMedix obtains $1 million and $2 million of Revenues, a
cash bonus of $10,500 when a test pilot is completed and an additional $10,500
when the first clinical trial contract is signed. Early termination requires the
payment of three month's salary. Ms. Campbell devotes full time to InforMedix
from her residence in Texas and commutes to InforMedix's office as needed. Ms.
Campbell has a 12-month, non-compete agreement in the InforMedix market area.

      InforMedix has entered into an Employment Agreement with Arthur Healey as
Chief Financial Officer and General Counsel. The agreement is for three years
effective July 1, 2003. Mr. Healey's salary is $150,000 plus a bonus of up to
20% of salary based on milestones to be determined. Mr. Healey received stock
options to purchase 112,500 shares of Common Stock at $.37 per share, with
vesting according to milestones to be established. Mr. Healey agreed to receive
one-half of this compensation in cash and the other half in stock options. If
there is greater than a 50% change in control all issued but unvested options
shall vest immediately.

                                       33
<PAGE>

      InforMedix entered into an Employment Agreement with Davison R. Dulin as
of February 15, 2004. The agreement provides that Mr. Dulin shall serve as Vice
President of Sales and Marketing. Mr. Dulin is employed "at will" at an annual
base salary of $162,000 per year. He is entitled to a quarterly performance
bonus in an amount equal to 4% of actual cash collected from customer accounts
for which he is directly responsible during the quarter up to targeted cash
collections of $2,000,000 for the year ending December 31, 2004. During the year
ending December 31, 2004, the minimum quarterly bonus that Mr. Dulin shall
receive is Five Thousand ($5,000) Dollars which will serve as an offset against
all performance bonuses in 2004. In the event that InforMedix collects cash in
excess of $2,000,000 in the year ending December 31, 2004, he shall be entitled
a discretionary bonus in an amount to be determined by the Compensation
Committee of our Board of Directors of the Company. Until such time as
InforMedix establishes a health plan for employees, InforMedix has agreed to
reimburse Mr. Dulin on a monthly basis for the cost of his paying for his
personal health insurance through his existing health plan.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.


The following table sets forth information known to us with respect to the
beneficial ownership of 23,649,192 shares of our common stock outstanding, as of
March 26, 2004 by:

o     Each person known by us to beneficially own 5% or more of our common
      stock,
o     Each of our executive officers and directors, and
o     All of our executive officers and directors as a group.

      Beneficial ownership is determined in accordance with the rules of the SEC
and includes voting and investment power. Under SEC rules, a person is deemed to
be the beneficial owner of securities which may be acquired by such person upon
the exercise of options and warrants or the conversion of convertible securities
within 60 days from the date on which beneficial ownership is to be determined.
Each beneficial owner's percentage ownership is determined by dividing the
number of shares beneficially owned by that person by the base number of
outstanding shares, increased to reflect the beneficially-owned shares
underlying options, warrants or other convertible securities included in that
person's holdings, but not those underlying shares held by any other person.

      Except as otherwise indicated in the notes to the following table,


o     We believe that all shares are beneficially owned, and investment and
      voting power is held by, the persons named as owners; and

o     The address for each beneficial owner listed in the table, except where
      otherwise noted, is c/o InforMedix, Inc., Georgetown Park, 5880 Hubbard
      Drive, Rockville, Maryland 20852-4821.

                                    Amount and           Nature of Beneficial
                                   Percentage of                Shares
Name of Stockholder                 Ownership            Beneficially Owned (1)
-------------------                 ---------            ----------------------
Bruce A. Kehr ...................   2,274,873  (2)                9.4%
Janet Campbell ..................     485,868  (3)                2.0%
Arthur T. Healey ................     150,900  (4)                  *
P. Michael Gavin ................      93,077  (5)                  *
Rhonda B. Friedman ..............      74,164                       *
Harris Kaplan ...................     115,370                       *
Bert W. Wasserman ...............     139,240                       *
Douglas G. Watson ...............      47,740                       *
Irving G. Snyder, Jr ............   2,933,800  (6)               11.4%
P.O. Box 367
45.32 State Road
14 Stevenson, WA 98684
Margie Chassman .................   1,858,120  (7)                7.5%
445 West 23rd Street,
New York, N.Y. 10011

                                       34
<PAGE>


The Harbor Trust....................2,398,663 (8)                 9.7%
445 West 23rd Street,
New York, N.Y. 10011
Meyers Associates...................7,093,728 (9)                23.1%
45 Broadway, 2nd Floor
New York, N.Y. 10006
Bruce Meyers........................2,128,120 (10)                8.3%
45 Broadway, 2nd Floor
New York, N.Y. 10006
Robert Seguso.......................2,107,040 (11)                8.4%
34-5 54th Drive West #G102
Brandenton, Florida 34210
Michael Stone.......................2,327,040 (12)                9.2%
18 Ozone Avenue
Venice, California 90291
All executive officers and directors 3,381,232                   13.7%
   as a group (8 persons )

* Less than 1% of the issued and outstanding shares.

----------

(1)   Does not include shares of Common Stock currently issuable upon: (i)
      exercise of 200,000 Common Stock Purchase Warrants, to purchase 400,000
      shares at $2.50 per share which had been issued in connection with the
      Hunapu, Inc. initial public offering; (ii) exercise of warrants to
      purchase an aggregate of 1,617,500 shares of Common Stock issued in
      connection with loans to the Company; (iii) exercise of 1,250,000 stock
      options issuable under the Company's 2003 Stock Incentive Plan, of which
      287,500 of these options are vested and 575,000 options will vest one-half
      on each of December 31, 2004 and 2005; (iv) exercise of 660,639 stock
      options granted outside of the Company's plan; (v) exercise of common
      stock purchase warrants to purchase 800,000 shares issued in connection
      with the Company's $400,000 Bridge Financing and an additional 240,000
      placement agent warrants and (vi) 17,581,119 A Warrants to purchase
      17,581,119 shares of Common Stock; 17,581,119 B Warrants to purchase
      8,790,595 shares of Common Stock and placement agent warrants to purchase
      an aggregate of 10,135,200 shares of Common Stock issued in the Equity
      Offering; or 126,460 Class A Warrants and 126,460 Class B Warrants and the
      underlying 189,690 shares of Common Stock issuable in satisfaction of
      various Company obligations.
(2)   Includes 299,088 shares issuable upon exercise of presently exercisable
      stock options and 189,176 shares issuable upon exercise of warrants issued
      in exchange for accrued and unpaid compensation. Does not include up to
      200,000 shares of Common Stock issuable upon exercise of options not
      currently exercisable.
(3)   Includes 384,634 shares issuable upon exercise of presently exercisable
      stock options. Does not include up to 200,000 shares of Common Stock
      issuable upon exercise of options not currently exercisable.
(4)   Includes 110,900 shares issuable upon exercise of presently exercisable
      stock options. Does not include up to 75,000 shares of Common Stock
      issuable upon exercise of options not currently exercisable, and 20,464
      shares held by BioMedical Development Corp., a company of which Mr. Healey
      is a 27% owner.
(5)   Includes 90,403 shares issuable upon exercise of presently exercisable
      warrants and options. Does not include 100,000 shares of Common Stock
      issuable upon exercise of options not currently exercisable.
(6)   Irving Snyder, Jr. has advised the Company that he currently beneficially
      owns replacement warrants to purchase 250,000 shares of Common Stock,
      exercisable at $1.50 per share, which were issued in connection with his
      April 2003 Bridge loan to the Company and 150,000 warrants issued in
      November 2003 in connection with a bridge loan. As per his October 2003
      restructuring of the loan he purchased $375,000 of units, or an aggregate
      of 7.5 units consisting of 1,013,520 shares of Common Stock and 1,520,280
      shares issuable upon exercise of Class A and Class B Warrants included in
      the Units, plus the 400,000 warrants currently owned, or an aggregate of
      2,933,800 shares of Common Stock. See Item 12. "Certain Relationships and
      Related Transactions."
(7)   Includes presently-exercisable Class A warrants to purchase 743,248 shares
      of common stock and presently-exercisable Class B warrants to purchase
      371,624 shares of common stock. Does not include any shares owned by the
      Harbor Trust as described in footnote 9 below. The beneficiary of the
      Harbor Trust is the stepson of Margie Chassman and she disclaims all
      beneficial ownership to such shares.


                                       35
<PAGE>

(8)   Includes presently-exercisable Class A warrants to purchase 959,465 shares
      of common stock and presently-exercisable Class B warrants to purchase
      479,733 shares of common stock.
(9)   Includes unit purchase options to purchase 20.9973 units for 2,837,491
      shares of common stock, Class A warrants to purchase 2,837,491 shares of
      common stock and Class B warrants to purchase 1,418,746 shares of common
      stock.
(10)  Includes presently-exercisable bridge warrants to purchase 120,000 shares
      of common stock and unit purchase options to purchase 5.5 units for
      743,248 shares of common stock, Class A warrants to purchase 743,248
      shares of common stock and Class B warrants to purchase 371,624 shares of
      common stock.
(11)  Includes presently-exercisable bridge warrants to purchase 80,000 shares
      of common stock, presently-exercisable Class A warrants to purchase
      810,816 shares of common stock and presently-exercisable Class B warrants
      to purchase 405,408 shares of common stock.
(12)  Includes presently-exercisable bridge warrants to purchase 300,000 shares
      of common stock, presently-exercisable Class A warrants to purchase
      810,816 shares of common stock and presently-exercisable Class B warrants
      to purchase 405,408 shares of common stock.

EQUITY COMPENSATION PLANS

      The following table sets forth certain information as of the fiscal year
ended December 31, 2003, with respect to our compensation plans (including
individual compensation arrangements).

<TABLE>
<CAPTION>
                                           (a)                         (b)                       (c)
Plan Category                  Number of securities to be   Weighted-average exercise   Number of securities
                               issued upon exercise of      price of outstanding        remaining available for
                               outstanding options,         options, warrants and       future issuance under
                               warrants and rights          rights                      equity compensation plans
                                                                                        (excluding securities
                                                                                        reflected in column (a))
----------------------------   --------------------------   -------------------------   -------------------------
<S>                                      <C>                           <C>                        <C>
Equity compensation plans                862,500                       $.50                       387,500
approved by security holders

Equity compensation plans                160,967                       $.37                          0
not approved by security                 499,672                      $1.00                          0
holders
Total                                   1,523,139                      $.62                       387,500
</TABLE>


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

      During 2001 and 2002, the InforMedix received advances from IM Funding,
LLC. IM Funding, LLC is a limited liability company controlled by officers and
directors of InforMedix. During 2002 and 2001, InforMedix was advanced $500,000
(including $15,000 of interest) of which $142,694 was advanced as of September
30, 2001. The amounts advanced accrued interest at a rate of 12% per annum, and
were convertible into shares of the InforMedix 's common stock. This amount was
converted into 95,832 shares of common stock in September 2002, pro rata, to
each individual member of IM Funding.

      InforMedix issued a total of 18,464 shares of common stock to the
Biomedical Development Corporation for marketing, financial and accounting
services rendered during 2002. Arthur Healey, Chief Financial Officer of
InforMedix, owns approximately 27% and is the Chief Financial Officer of the
Biomedical Development Corporation. Douglas Dieter, former Director of Marketing
of InforMedix, owns approximately 71% and is the President of the Biomedical


                                       36
<PAGE>

Development Corporation. Biomedical Development Corporation was also paid
$11,500 cash for services rendered during 2002 and $47,530 for the six months
ended June 30, 2003.

      P. Michael Gavin, Vice President of Research and Development of
InforMedix, received $63,600 in consulting fees or other cash compensation in
2002 and $122,503 in 2003. Mr. Gavin is an independent contractor and received
all compensation through Somerset Consulting LLC.

      Bruce Kehr, Chairman and Chief Executive Officer of InforMedix, currently
holds a warrant to purchase up to 12,500 shares at an exercise price of $3.00
per share. This warrant expires on September 25, 2007. He also held a
convertible promissory note in the principal amount of the $25,000 bearing
interest at 12% per annum that automatically converted into shares of common
stock of InforMedix at a conversion price of $2.00 per share upon the merger of
InforMedix into a public company in May 2003. Dr. Kehr was also granted
performance and compensation options prior to the merger of InforMedix, Inc.
into InforMedix Acquisition Corp. These options have already been converted into
common stock. Bruce Kehr received approximately $3,300 as salary in 2001 and
approximately $30,000 in 2002. See Item 10 "Executive Compensation" for
information concerning (a) Employment Agreements entered into between InforMedix
and Arthur Healey and Davison R. Dulin during Fiscal 2003 and amendments to
Bruce Kehr and Janet Campbell's employment agreements, and (b) options granted
during Fiscal 2003 to Bruce Kehr and Janet Campbell.

      Douglas Watson, Harris Kaplan and Bert Wasserman, members of the
InforMedix 's board of directors and Robert Rubin, an affiliate of a principal
shareholder, each has an outstanding loan to InforMedix in the principal amount
of $15,000. These notes were payable in August 2003 with interest at 6% per
annum and were extended at 12% per annum with the expectation they will be
converted into shares of Common Stock.

      InforMedix executed a promissory note dated July 6, 1998, modified
February 6, 2000 with United Bank. Principal and interest were due in 36
payments from March 6, 2000 to February 6, 2003 at an annual interest rate of
prime plus one percent. InforMedix commenced payments on March 6, 2000 through
May 6, 2001. At that time, this note was refinanced, and InforMedix was advanced
amounts to bring the balance back to its original amount of $297,500. This
promissory note was again amended in January 2002, effective December 2001
whereby InforMedix was provided an extension through June 30, 2002 on its
payments. Interest payments due were paid currently. The unpaid balance on the
note payable at September 30, 2002 was $267,500. The balance is due on November
30, 2004. The note is guaranteed by Dr. Bruce Kehr and certain shareholders of
InforMedix personally. For their personal guarantees and confessions of judgment
on the note, the shareholders were given shares of InforMedix common stock
including 5,750 shares received by Dr. Kehr.

      In August 2002, InforMedix executed a subordinated promissory note with
Rockwell Capital Partners, LLC, its investment banker, in the amount of $50,000.
The promissory note bore interest at a rate of 12% per annum, and automatically
converted into shares of the common stock of InforMedix at $2.00 per share, upon
the merger into a public company in May 2003. Interest expense on this note was
$1,000 for the nine months ended September 30, 2002. This promissory note was
subsequently transferred to Old Oak Fund, a greater than 5% shareholder of
InforMedix.

      In August 2002, InforMedix entered into an additional loan obligation with
Rockwell Capital Partners, in the amount of $100,000 for amounts Rockwell
advanced to a public relations firm for consulting services. This public
relations firm was subsequently reported defunct by Rockwell. On August 14,
2002, fifty (50%) percent of the loan obligation was converted into 2,350,000
shares of common stock of InforMedix Acquisition Corp. The stock was issued at
just over par value, and was issued as founders stock. The remaining fifty
percent of the loan obligation was subsequently converted into a subordinated
promissory note held in the principal amount of $50,000 by Allied International
Fund, an affiliate of Rockwell Capital Partners. The promissory note bore
interest at a rate of 12% per annum, and automatically converted into shares of
common stock of InforMedix at $2.00 per share upon the merger into a public
company in May 2003.

      The spouses of Robert DePalo and Kenneth Orr, a principal and a former
principal of Rockwell Capital Partners, own the capital stock of Hughes
Holdings, LLC. Messrs. DePalo and Orr disclaim beneficial ownership of Hughes
Holdings, LLC, which was formed for estate planning purposes. Hughes
beneficially owned 16.67% of Hunapu Common Stock at the time of the merger.

                                       37
<PAGE>

      On September 25, 2002, InforMedix executed a promissory note with American
United Global, Inc. ("AUGI") in the amount of $100,000. The promissory note bore
interest at a rate of 12% per annum, and automatically converted into shares of
common stock of InforMedix at $2.00 per share upon the merger with a public
company in May 2003. Interest expense on this note was $1,000 for the nine
months ended September 30, 2002. Robert Rubin, Chairman of the Board of AUGI, is
the original grantor of The Rubin Family Irrevocable Trust, a New York family
investment trust; however, he disclaims beneficial ownership of all the capital
stock of the trust. This trust owned 550,000 shares of InforMedix common stock
as of March 1, 2004

      Upon the issuances of the promissory notes with Rockwell Capital Partners
and AUGI, InforMedix entered into an Intellectual Property Security Agreement
dated September 5, 2002 as collateral for the amounts advanced. These promissory
note holders and Bruce Kehr shared in the same rights under that agreement. The
sequence of events in the last four paragraphs was set forth in a letter
agreement among the parties dated February 6, 2003 concerning the promissory
notes. The security agreement was terminated when the notes were converted into
Common Stock.

      In connection with the above described loan terminations, InforMedix Inc.
issued warrants to purchase 25,000 shares to each of Allied International Fund,
and Old Oak Fund and 50,000 shares to American United Global Inc. These warrants
expire on August 1, 2008. They are each exercisable at $3.00 per share, subject
to adjustment.

      On April 9, 2003, InforMedix, Inc. entered into a Security and Loan
Agreement with Irving G. Snyder, Jr. (the "Lender") pursuant to which it issued
a secured convertible promissory note (the "Note") in the amount of $750,000.
The Note bore interest at the rate of 12% per annum. The loan was collaterized
by a first lien on InforMedix 's patents. Warrants to purchase an aggregate of
800,000 shares of Common Stock were issued to three persons exercisable at $3.00
per share for a five-year period. InforMedix and the Lender restructured the
loan in October 2003, to extend the loan from October 7, 2003, until the earlier
of (i) December 7, 2003, or (ii) the closing of at least $2 million from the
Equity Offering or another capital stock financing (the "Closing"). In
consideration of the above loan restructuring, the 800,000 outstanding warrants
exercisable at $3.00 per share were replaced by warrants to purchase 250,000
shares of Common Stock exercisable at $1.50 per share. Upon the Closing of the
Equity Offering, the Lender was repaid $375,000 plus all accrued and unpaid
interest and the remaining $375,000 was converted into $375,000 of Units as part
of the Equity Offering. When the loan was repaid, the loan agreement and related
security interest was terminated. The Lender also received warrants to purchase
150,000 shares of Common Stock at $.60 per share in consideration of a November
2003 bridge loan in the aggregate amount of $120,000.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K.

      (a)   Exhibits.

Exhibit
Number  Description
------  -----------

 3.1    Articles of Incorporation, as amended (1)
 3.2    By-Laws. (1)
 4.1    Specimen common stock certificate. (1)
 4.2    Specimen Class A Warrant certificate. (1)
 4.3    Specimen Bridge Warrant certificate (4)
 4.4    Specimen Class A Warrant certificate from Private Placement (4)
 4.5    Specimen Class B Warrant certificate from Private Placement (4)
 4.6    Specimen Placement Agent Warrant certificate from Private Placement (4)
 10.1   Employment Agreement dated January 1, 2000 between InforMedix Inc. and
        Bruce A. Kehr, as amended on February 5, 2001. (2)
 10.2   Employment Agreement dated January 18, 2001 between InforMedix Inc. and
        Janet Campbell. (2)
*10.3   Employment Agreement dated as of February 15, 2004, between InforMedix,
        Inc. and Davison R. Dulin.
*10.4   Employment Agreement dated as of October 23, 2003, between InforMedix,
        Inc. and Arthur Healey.
 10.5   Intellectual Property Security Agreement dated September 5, 2002 and
        Letter Agreement by and among InforMedix Inc., Dr. Bruce Kehr, American
        United Global Inc. and Rockwell Capital Partners, LLC. (2)


                                       38
<PAGE>

10.6    Letter Agreement dated February 6, 2003 between InforMedix Inc. and
        Rockwell Capital Partners, LLC. (2)
10.7    Lease dated March 1, 2003, by and between Augusto Tono and InforMedix
        Inc. (2)
10.8    Senior 12% Convertible Secured Promissory Note dated August 2, 2002 from
        InforMedix, Inc. to Old Oak Fund in the principal amount of $50,000.(2)
10.9    Senior 12% Convertible Secured Promissory Notes dated August 2, 2002
        from InforMedix, Inc. to Allied International Fund in the principal
        amount of $50,000.(2)
10.10   Senior 12% Convertible Secured Promissory Note dated September 25, 2002
        from InforMedix Inc. to American United Global, Inc. in the principal
        amount of $100,000.(2)
10.11   Warrant to purchase 50,000 shares of Common Stock of InforMedix Inc.
        prior to August 1, 2008 issued to Allied International Fund
        (substantially the same as warrants issued to Old Oak Fund and American
        United Global, Inc.). (2)
10.12   Promissory Note dated May 18, 2001 from InforMedix to United Bank.(2)
10.13   Change in Terms Agreement dated August 1, 2001 by and between InforMedix
        and United Bank.(2)
10.14   12% Promissory Note dated January 30, 2002 from InforMedix to Bert
        Wasserman in the aggregate amount of $15,000 (substantially the same as
        notes issued to Robert Rubin, Harris Kaplan and Strategic Media Group,
        LLC).(2)
10.15   12% Promissory Note dated August, 2002 from InforMedix to Douglas G.
        Watson in the principal amount of $15,000.(2)
10.16   Security and Loan Agreement between InforMedix and Private Investors
        Equity, LLC, and Senior Convertible Promissory Note in the principal
        amount of $350,000 and Warrant to Purchase Shares issued to Private
        Investors Equity, LLC, each dated as of November 4, 2002.(3)
10.17   Placement Agent Agreement dated as of August 21, 2003, by and between
        InforMedix Holdings, Inc. and Meyers Associates, L.P. (4)
10.18   Amendment No. 1 to Employment Agreement between Bruce A. Kehr and
        InforMedix, Inc. dated as of February 5, 2001. (4)
10.19   Amendment No. 2 to Employment Agreement between Bruce A. Kehr and
        InforMedix, Inc. dated October 2003. (4)
10.20   Amendment No. 1 to Employment Agreement between Janet Campbell and
        InforMedix, Inc. dated as of October 15, 2003. (4)
10.21   Security and Loan Agreement (without exhibits) between InforMedix
        Acquisition Corp., InforMedix, Inc. and Irving G. Snyder, Jr., and
        Secured Convertible Promissory Note in the principal amount of $750,000
        and Warrant to Purchase Shares issued to Irving Snyder, each dated as of
        April 9, 2003.(4)
10.22   Letter Agreement between InforMedix Acquisition Corp., InforMedix, Inc.
        and Irving Snyder dated October 16, 2003. (4)
*14.1   Code of Ethics
21.1    List of Subsidiaries
*31.1   Certification of the Chief Executive Officer required by Rule 13a-14(a)
        or Rule 15d-14(a).
*31.2   Certification of the Chief Financial Officer required by Rule 13a-14(a)
        or Rule 15d-14(a).
*32.1   Chief Executive Officer Certification Pursuant to 18 U.S.C. Section
        1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
        2002.
*32.2   Chief Financial Officer Certification Pursuant to 18 U.S.C. Section
        1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
        2002.

----------
* filed with this Annual Report on Form 10-KSB

(1)   Incorporated herein by reference from Exhibits to the Registrant's
      Registration Statement on Form SB-2 (File No. 33-45774), filed on
      September 14, 2000.
(2)   Incorporated herein by reference from Exhibits to Post-Effective Amendment
      No. 4 to the Registrant's Registration Statement on Form SB-2 (File No.
      33-45774), filed on March 25, 2003.
(3)   Incorporated herein by reference from Exhibits to Post-Effective Amendment
      No. 5 to the Registrant's Registration Statement on Form SB-2 (File No.
      33-45774), filed on April 7, 2003.


                                       39
<PAGE>

      (b) Reports on Form 8-K.

      1. Current Report on Form 8-K, dated October 21, 2003, reporting under
Items 5 and 7 the commencement of the private placement.

      2. Current Report on Form 8-K, dated December 5, 2003, reporting under
Items 5 and 7 the initial closing of the private placement.

      3. Current Report on Form 8-K, dated December 19, 2003, reporting under
Items 5 and 7 the second closing of the private placement.


ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

      The aggregate fees billed by our independent auditors, Bagell, Josephs &
Company LLC, for each of our last two fiscal years are as follows:

                               2003         2002
                             --------     --------

Audit Fees.................  $ 15,000     $ 14,000

Audit-Related Fees.........  $ 0          $ 0

Tax Fees...................  $ 0          $ 0

All Other Fees.............  $ 7,000      $ 8,000

      The fees labeled as All Other Fees above constitute interim reviewed
financial statements. Prior to the engagement of Bagell, Josephs & Company LLC,
our audit committee considered whether the provision of the financial
information systems design and implementation and all other non-audit services
was compatible with maintaining the accounting firm's independence. Our audit
committee recommended to our board of directors that Bagell, Josephs & Company
LLC be engaged to audit our consolidated financial statements for our fiscal
year ending December 31, 2004.


                                       40
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)

                   INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                                         PAGE(S)
                                                                         -------
Independent Auditors' Report                                              F-1

Independent Auditors' Report (for Hunapu - 2002)                          F-2

Consolidated Balance Sheets as of December 31, 2003 and 2002              F-3

Consolidated Statements of Operations for the Years
   Ended December 31, 2003 and 2002 with Cumulative Totals
   Since Inception                                                        F-4

Consolidated Statement of Changes in Stockholders' Equity (Deficit)
   for the Years Ended December 31, 2003 and 2002                         F-5

Consolidated Statements of  Cash Flows for the Years
   Ended December 31, 2003 and 2002 with Cumulative Totals
    Since Inception                                                     F-6-F-7

Notes to Consolidated Financial Statements                             F-8-F-32

<PAGE>

                          INDEPENDENT AUDITORS' REPORT

To the Shareholders of
InforMedix Holdings, Inc.
Rockville, MD

We have audited the accompanying consolidated balance sheets of InforMedix
Holding Inc., a development stage company (the "Company") as of December 31,
2003 and 2002, and the related consolidated statements of operations, changes in
stockholders' equity (deficit), and cash flows for the years then ended, with
cumulative totals since the Company's inception, for the statements of
operations, changes in stockholders' equity (deficit) and cash flows. These
consolidated financial statements are the responsibility of management. Our
responsibility is to express an opinion on these consolidated financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

The accompanying consolidated financial statements have been prepared assuming
the Company will continue as a going concern. As discussed in Note 13 to the
consolidated financial statements, the Company has sustained operating losses
and capital deficits that raise substantial doubt about its ability to continue
as a going concern. In the first quarter of 2004, the Company completed their $5
million equity raise. Management's operating and financing plans in regards to
these matters are also discussed in Note 13. The consolidated financial
statements do not include any adjustments that might result from the outcome of
these uncertainties.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of InforMedix Holdings,
Inc., a development stage company as of December 31, 2003 and 2002, and the
results of its statements of operations, changes in stockholders' equity
(deficit), and cash flows for the years then ended, and the cumulative totals
since the Company's inception, in conformity with accounting principles
generally accepted in the United States of America.

/S/ BAGELL, JOSEPHS & COMPANY, L.L.C.
BAGELL, JOSEPHS & COMPANY, L.L.C.
Gibbsboro, New Jersey

March 15, 2004


                                      F-1
<PAGE>

                          INDEPENDENT AUDITORS' REPORT

To the Shareholders of
Hunapu, Inc.
Henderson, NV

We have audited the accompanying balance sheets of Hunapu, Inc. (a development
stage company), as of December 31, 2002, and the related statements of
operations, changes in stockholders' equity (deficit), and cash flows for the
year then ended, with cumulative totals since the Company's inception (January
19, 2000), for the statements of operations, changes in stockholders' equity
(deficit) and cash flows. These financial statements are the responsibility of
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hunapu, Inc. (a development
stage company), as of December 31, 2002, and the results of its statements of
operations, changes in stockholders' equity (deficit), and cash flows for the
year then ended, and the cumulative totals since the Company's inception
(January 19, 2000), in conformity with accounting principles generally accepted
in the United States of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company has been in the development stage since its inception on
January 19, 2000. The Company's lack of financial resources and liquidity raise
substantial doubt about its ability to continue as a going concern. Management's
plans in regards to these matters are also described in Note 1. The financial
statements do not include any adjustments that might result from the outcome of
these uncertainties.


/S/ LAZAR LEVINE & FELIX LLP
LAZAR LEVINE & FELIX LLP
New York, New York

March 13, 2003


                                      F-2
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                           CONSOLIDATED BALANCE SHEETS
                           DECEMBER 31, 2003 AND 2002

<TABLE>
<CAPTION>
     ASSETS
     ------
                                                                          2003             2002
                                                                      ------------     ------------
Current Assets:
<S>                                                                   <C>              <C>
  Cash and cash equivalents                                           $    458,468     $     59,579
  Inventory                                                                103,200               --
  Prepaid expenses and other current assets                                  4,410          156,918
                                                                      ------------     ------------

    Total Current Assets                                                   566,078          216,497
                                                                      ------------     ------------

  Fixed assets, net of depreciation                                         18,683           44,787
                                                                      ------------     ------------

TOTAL ASSETS                                                          $    584,761     $    261,284
                                                                      ============     ============

     LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
     ----------------------------------------------

LIABILITIES
Current Liabilities:
  Current portion of note payable - bank                              $    115,694     $     99,167
  Notes payable - other                                                    104,400          575,000
  Current portion of obligations under capital lease                        24,961           19,361
  Accounts payable and accrued expenses                                    185,576          238,876
  Due to escrow agent                                                      126,000               --
  Liability for stock to be issued                                         200,279               --
                                                                      ------------     ------------

      Total Current Liabilities                                            756,910          932,404
                                                                      ------------     ------------

Long-term Liabilities:
  Note payable - bank, net of current maturities                                --          123,958
  Obligations under capital lease, net of current maturities                 3,600            9,200
                                                                      ------------     ------------

      Total Long-term Liabilities                                            3,600          133,158
                                                                      ------------     ------------

      TOTAL LIABILITIES                                                    760,510        1,065,562
                                                                      ------------     ------------

Mandatorily redeemable stock, $.01 par value, 10,000 shares issued
   and outstanding at December 31, 2002                                         --          100,000
                                                                      ------------     ------------

STOCKHOLDERS' EQUITY (DEFICIT)
  Preferred stock, $.001 Par Value; 4,500,000 shares authorized
    0 shares issued and outstanding                                             --
  Common stock, $.001 Par Value; 20,000,000 shares authorized
    16,585,780 shares issued and outstanding                                16,585               --
  Common stock, $.0001 Par Value; 100,000,000 shares authorized
    14,667,400 shares issued and outstanding at December 31, 2002
    (pre-merger)                                                                              1,467
  Additional paid-in capital                                            13,768,028       11,104,996
  Deficit accumulated during the development stage                     (13,960,362)     (12,010,741)
                                                                      ------------     ------------

      TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                                (175,749)        (904,278)
                                                                      ------------     ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                  $    584,761     $    261,284
                                                                      ============     ============
</TABLE>

                  The accompanying notes are an integral part
                   of the consolidated financial statements.


                                      F-3
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                    (WITH CUMULATIVE TOTALS SINCE INCEPTION)

<TABLE>
<CAPTION>
                                                                                  CUMULATIVE TOTALS
                                                                                  JANUARY 27, 1997
                                                          2003         2002      TO DECEMBER 31, 2003
                                                      -----------------------------------------------
OPERATING REVENUES
<S>                                                     <C>          <C>                   <C>
  Sales                                                 $        -   $    22,759           $ 140,445

COST OF SALES                                                    -           777             245,428
                                                      -----------------------------------------------

GROSS PROFIT (LOSS)                                              -        21,982            (104,983)
                                                      -----------------------------------------------

OPERATING EXPENSES
   Compensation expense                                    205,814     1,550,906           6,141,413
   Research and development                                555,180       121,628           4,262,205
   Selling, general and administrative expenses          1,031,451       509,685           3,031,544
   Depreciation and amortization                            30,307        35,436             130,084
                                                      -----------------------------------------------
       TOTAL OPERATING EXPENSES                          1,822,752     2,217,655          13,565,246
                                                      -----------------------------------------------

LOSS BEFORE OTHER INCOME (EXPENSE)                      (1,822,752)   (2,195,673)        (13,670,229)

OTHER INCOME (EXPENSE)
   Reversal of payables                                          -       235,536             235,536
   Loss on conversion of debt to equity - related party          -      (249,162)           (249,162)
   Interest income                                             221         2,108              38,372
   Interest expense                                       (127,090)      (58,486)           (314,879)
                                                      -----------------------------------------------
       TOTAL OTHER INCOME (EXPENSE)                       (126,869)      (70,004)           (290,133)
                                                      -----------------------------------------------

NET LOSS BEFORE PROVISION FOR INCOME TAXES            $ (1,949,621) $ (2,265,677)      $ (13,960,362)
PROVISION FOR INCOME TAXES                                       -             -                   -
                                                      -----------------------------------------------

NET LOSS APPLICABLE TO COMMON SHARES                  $ (1,949,621) $ (2,265,677)      $ (13,960,362)
                                                      ===============================================

NET LOSS PER BASIC AND DILUTED SHARES                   $ (0.16240)   $ (0.23498)
                                                      ===========================

WEIGHTED AVERAGE NUMBER OF COMMON
    SHARES OUTSTANDING                                  12,004,771     9,641,903
                                                      ===========================
</TABLE>

                  The accompanying notes are an integral part
                   of the consolidated financial statements.


                                      F-4
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
       CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
      FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002 UPON GIVING EFFECT OF
                               THE MERGER BETWEEN
                              INFORMEDIX AND HUNAPU

<TABLE>
<CAPTION>
                                                                                                       DEFICIT
                                                                                                     ACCUMULATED
                                                                                                      DURING THE
                                                             COMMON STOCK           ADDITIONAL       DEVELOPMENT
DESCRIPTION                                               SHARES       AMOUNT    PAID - IN CAPITAL      STAGE        TOTAL
-----------                                               ------       ------    -----------------      -----        -----
<S>                                                     <C>            <C>        <C>             <C>             <C>
Balance, December 31, 2001                                3,000,000    $ 3,000    $         --    $    (19,563)   $   (16,563)

Issuance of compensatory shares                             100,000        100           2,900              --          3,000

Common shares sold in initial public offering, net          600,000        600          10,800              --         11,400

Stock dividend 300%                                      10,800,000     10,800         (10,800)             --             --

Net loss for the year                                            --         --                         (29,186)       (29,186)
                                                        ---------------------------------------------------------------------

Balance, December 31, 2002                               14,500,000     14,500           2,900         (48,749)       (31,349)

Net loss of Hunapu through merger                                --         --              --          (3,621)        (3,621)

Reverse 1:2 strock split                                 (7,250,000)    (7,250)          7,250              --             --

Cancellation of shares at time of merger                 (5,545,000)    (5,545)          5,545              --             --

Shares issued in connection with merger
  to acquire InforMedix                                   7,451,000      7,451      11,389,200     (11,958,371)      (561,720)

Shares issued for accrued interest                            9,596          9          18,842              --         18,851

Shares issued in connection with equity financing, net    7,420,184      7,420       2,344,291              --      2,351,711

Net loss for the year                                            --         --              --      (1,949,621)    (1,949,621)
                                                        ---------------------------------------------------------------------

Balance, December 31, 2003                               16,585,780    $16,585    $ 13,768,028    $(13,960,362)   $  (175,749)
                                                        =====================================================================
</TABLE>

                  The accompanying notes are an integral part
                   of the consolidated financial statements.


                                      F-5
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002

<TABLE>
<CAPTION>
                                                                                                    CUMULATIVE TOTALS
                                                                                                     JANUARY 27, 1997
                                                                  2003              2002           TO DECEMBER 31, 2003
                                                             ---------------   ----------------    --------------------

CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                             <C>                <C>                   <C>
   Net loss                                                     $(1,949,621)       $(2,265,677)          $ (13,960,362)
                                                             ---------------   ----------------    --------------------
   Adjustments to reconcile net loss to net cash
     used in operating activities

     Depreciation and amortization                                   30,307             35,436                 130,084
     Issuance of stock options and warrants in exchange
        for compensation                                                  -            176,805               1,649,502
     Common stock issues for compensation and services                    -            892,398               3,909,383
     Services provided for equity                                         -                  -               3,365,847
     Common stock  issues for settlement of vendor
        payables                                                          -            576,639                 576,639
      Reversal of payables                                                -           (235,536)               (235,536)
      Loss on conversion of debt to equity - related party                -            249,162                 249,162
      Loss on disposition of fixed assets                                 -             25,818                 171,467

  CHANGES IN ASSETS AND LIABILITIES
     (Increase) in inventory                                       (103,200)                 -                (103,200)
     (Increase) decrease in prepaid expenses and other assets       152,508            (48,392)                 95,590
     Increase in amounts due escrow agent                           126,000                  -                 126,000
     Increase in liability for stock to be issued                   200,279                  -                 200,279
     Increase in accounts payable and
       and accrued expenses                                         (53,300)            15,536                 421,111
                                                             ---------------   ----------------    --------------------
     Total adjustments                                              352,594          1,687,866              10,556,328
                                                             ---------------   ----------------    --------------------

     NET CASH (USED IN) OPERATING ACTIVITIES                     (1,597,027)          (577,811)             (3,404,034)
                                                             ---------------   ----------------    --------------------

CASH FLOWS FROM INVESTING ACTIVITIES
   Increase (decrease) in amounts due to related parties                  -            178,468                 500,000
   Acquisitions of fixed assets                                      (4,203)                 -                (128,964)
                                                             ---------------   ----------------    --------------------

      NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES            (4,203)           178,468                 371,036
                                                             ---------------   ----------------    --------------------
</TABLE>

                   The accompanying notes are an integral part
                    of the consolidated financial statements.


                                      F-6
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                    (WITH CUMULATIVE TOTALS SINCE INCEPTION)

<TABLE>
<CAPTION>
                                                                                                              CUMULATIVE TOTALS
                                                                                                               JANUARY 27, 1997
                                                                           2003                2002          TO DECEMBER 31, 2003
                                                                      ----------------     --------------    --------------------

CASH FLOWS FROM FINANCING ACTIVITES
<S>                                                                       <C>               <C>                     <C>
    Proceeds from common stock issuances                                  $ 1,308,150        $         -             $ 2,114,080
    Proceeds from note payables - other                                     1,423,900            525,000               1,948,900
    Proceeds from issuance of mandatorily redeemable common stock                   -                  -                 100,000
    Net proceeds from refinancing of note payable                                   -                  -                 224,676
    Payments of notes payable                                                (731,931)           (74,375)               (879,129)
    Payments of obligations under capital lease                                     -                  -                 (17,061)
                                                                      ----------------     --------------    --------------------

       NET CASH PROVIDED BY FINANCING ACTIVITIES                            2,000,119            450,625               3,491,466
                                                                      ----------------     --------------    --------------------

NET INCREASE (DECREASE) IN
    CASH AND CASH EQUIVALENTS                                                 398,889             51,282                 458,468

CASH AND CASH EQUIVALENTS -
    BEGINNING OF PERIOD                                                        59,579              8,297                       -
                                                                      ----------------     --------------    --------------------

CASH AND CASH EQUIVALENTS - END OF PERIOD                                 $   458,468        $    59,579               $ 458,468
                                                                      ================     ==============    ====================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:

CASH PAID DURING THE YEAR FOR:
    Interest expense                                                      $   115,739        $    42,236
                                                                      ================     ==============

SUPPLEMENTAL DISCLOSURE OF NONCASH
  ACTIVITIES:

   Issuance of stock options                                              $         -        $   176,805
                                                                      ================     ==============

   Common stock issues for compensation and services                      $         -        $ 1,084,061
                                                                      ================     ==============

   Issuance of common stock for settlement of vendor payables             $         -        $   576,639
                                                                      ================     ==============

   Conversion of accrued interest to common stock                         $    18,851        $         -
                                                                      ================     ==============

   Conversion of notes payable to common stock                            $ 1,270,000        $    50,000
                                                                      ================     ==============

   Conversion of related party payable to common stock                      $ 225,000          $ 500,000
                                                                      ================     ==============

   Prepaid expenses for a note payable                                      $ 100,000                $ -
                                                                      ================     ==============
</TABLE>

                  The accompanying notes are an integral part
                   of the consolidated financial statements.


                                      F-7
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           DECEMBER 31, 2003 AND 2002

NOTE 1 -  ORGANIZATION AND BASIS OF PRESENTATION
          --------------------------------------

          On May 8, 2003, InforMedix Acquisition Corp. merged with and into
          Hunapu Inc. pursuant to the Agreement and Plan of Reorganization dated
          February 7, 2003 (the "Agreement"). Hunapu Inc. was the surviving
          entity and changed its name to InforMedix Holdings, Inc., a Nevada
          corporation (the "Company").

          Pursuant to the Agreement, Hunapu acquired InforMedix Acquisition
          Corp., subject to specified conditions and terms set forth in the
          Agreement. The consideration paid by Hunapu for its acquisition of
          InforMedix Acquisition Corp. consisted of the issuance of 7,451,000
          shares (post-split) of Hunapu common stock, inclusive of 112,500
          shares (post-split) that were issued to InforMedix debt holders in
          conversion of their notes to equity, for the net assets of InforMedix
          Acquisition Corp. Simultaneously, with the acquisition of the issuance
          of the 7,451,000 shares of stock, Hunapu cancelled 5,545,000 shares
          (post-split) of stock issued to their chief executive officer.

          For accounting purposes, the transaction has been accounted for as a
          reverse acquisition, under the purchase method of accounting.
          Accordingly, InforMedix Acquisition Corp. will be treated as the
          continuing entity for accounting purposes and the historical financial
          statements presented will be those of InforMedix Acquisition Corp.

          Additionally, following the merger, the sole officer and director of
          Hunapu resigned from the board of directors and as an officer and was
          replaced with several officers and directors of InforMedix Acquisition
          Corp.

          InforMedix Holdings, Inc. stockholders also approved the authorization
          of 9,000,000 shares (4,500,000 post-split) of preferred stock which
          may be issued from time to time by the Board of Directors without
          further shareholder approval.

          On June 23, 2003, the Board of Directors of the Company approved a
          1-for-2 reverse stock split of the Company's common stock. The
          effective date for the reverse stock split was June 30, 2003.


                                      F-8
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002

NOTE 1 -  ORGANIZATION AND BASIS OF PRESENTATION
          --------------------------------------
          (CONTINUED)

          InforMedix Acquisition Corp. ("Acquisition Corp"), a Delaware company,
          incorporated on June 26, 2002, is a holding company and was
          incorporated with a wholly owned subsidiary IFAC, Inc. ("IFAC") for
          the purpose of acquiring InforMedix, Inc. (a development stage
          company) ("InforMedix") which was incorporated in the State of
          Delaware on January 27, 1997, for the purpose of developing the Med-e
          Monitor SystemsTM. Since its inception, InforMedix has devoted
          substantially all of its efforts to business planning, patent
          portfolio, research and development, recruiting management and
          technical staff, acquiring operating assets and raising capital.
          InforMedix has generated small amounts of revenue through sales of its
          Med-e Monitor System to academic research centers, recently raised $5
          million in a private placement of equity financing to increase
          business development and sales and marketing activities. As such,
          InforMedix is in the development stage. On August 14, 2002, InforMedix
          merged with IFAC, pursuant to a Plan and Agreement of Merger dated
          August 14, 2002. According to the Agreement, InforMedix merged into
          IFAC in a share exchange agreement, and InforMedix became the
          surviving company post merger, and thus became the sole wholly- owned
          subsidiary of Acquisition Corp.

          InforMedix's stockholders upon the merger received 4.774 shares of
          Acquisition Corp. stock for each 1 share of InforMedix's stock.
          Acquisition Corp., other than the share exchange with InforMedix and
          the issuance of 2,350,000 shares (post-split) of its stock to founders
          of the company had no operations since inception. The merger became
          effective on August 22, 2002. InforMedix is the only operational
          segment of Acquisition Corp.

          On January 21, 2004, the Company's board of directors approved a
          resolution to increase the number of authorized common shares from
          20,000,000 shares to 80,000,000 shares, and this was effective on
          March 3, 2004.


                                      F-9
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002

NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------

          DEVELOPMENT STAGE COMPANY
          -------------------------

          The Company is considered to be in the development stage as defined in
          Statement of Financial Accounting Standards (SFAS) No. 7, "Accounting
          and Reporting by Development Stage Enterprises ". The Company has
          devoted substantially all of its efforts to business planning, patent
          portfolio, research and development, recruiting management and
          technical staff, acquiring operating assets and raising capital. It
          has sold Med-e Monitor Systems to academic centers to complete
          grant-funded clinical research, and has recently completed the initial
          manufacture of its product in preparation for expansion of sales
          activities. The Company is anticipating that sales will be generated
          in the first fiscal quarter of 2004, at which time the Company will
          emerge from the development stage.

          PRINCIPLES OF CONSOLIDATION
          ---------------------------

          The consolidated financial statements include the accounts of
          InforMedix and its subsidiary for the year ended December 31, 2003.
          All significant intercompany accounts and transactions have been
          eliminated in consolidation. The December 31, 2002 figures represent
          InforMedix only, prior to the acquisition by Acquisition Corp.

          USE OF ESTIMATES
          ----------------

          The preparation of consolidated financial statements in conformity
          with accounting principles generally accepted in the United States of
          America requires management to make estimates and assumptions that
          affect the reported amounts of assets and liabilities and disclosures
          of contingent assets and liabilities at the date of the consolidated
          financial statements and the reported amounts of revenues and expenses
          during the reporting period. Actual results could differ from those
          estimates.


                                      F-10
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002

NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          CASH AND CASH EQUIVALENTS
          -------------------------

          The Company considers all highly liquid debt instruments and other
          short-term investments with an initial maturity of three months or
          less to be cash equivalents.

          The Company maintains cash and cash equivalent balances at several
          financial institutions which are insured by the Federal Deposit
          Insurance Corporation up to $100,000.

          FIXED ASSETS
          ------------

          Fixed assets are stated at cost. Depreciation is computed using the
          straight-line method over the estimated useful lives of the assets;
          three years for computer software and equipment and five years for
          office furniture and equipment. Property and equipment held under
          capital leases and leasehold improvements are amortized over the
          shorter of the lease term or the estimated useful life of the related
          asset. When fixed assets are retired or otherwise disposed of, the
          cost and related accumulated depreciation are removed from the
          accounts and the resulting gain or loss is included in operations.

          INTELLECTUAL PROPERTY ASSETS
          ----------------------------

          The Company owns 15 issued U.S. and Foreign and 12 pending U.S. and
          Foreign patents. A formal patent valuation appraisal was performed in
          2002 by the Patent & License Exchange, Inc. The appraisal revealed
          that the Company's patents were cited as prior art in 154 other issued
          patents. Under present accounting principles generally accepted in the
          United States of America, and FASB 142, management of the Company has
          not reflected the value of these patents on their consolidated balance
          sheet at December 31, 2003.


                                      F-11
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002

NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          INTERNAL USE SOFTWARE COSTS
          ---------------------------

          Internal use software and web site development costs are capitalized
          in accordance with Statement of Position (SOP) No. 98-1, "Accounting
          for the Costs of Computer Software Developed or Obtained for Internal
          Use," and Emerging Issues Task Force (EITF) Issue No. 00-02,
          "Accounting for Web Site Development Costs." Qualifying costs incurred
          during the application development stage, which consist primarily of
          outside services and the Company's consultants, are capitalized and
          amortized over the estimated useful life of the asset. All other costs
          are expensed as incurred. All costs for internal use software for the
          years ended December 31, 2003 and 2002 have been expensed as research
          and development since these were returned to the consulting company in
          2002.

          START-UP COSTS
          --------------

          In accordance with the American Institute of Certified Public
          Accountants Statement of Position 98-5, "Reporting on the Costs of
          Start-up Activities", the Company expenses all costs incurred in
          connection with the start-up and organization of the Company.

          REVENUE AND COST RECOGNITION
          ----------------------------

          The Company records its transactions under the accrual method of
          accounting whereby income gets recognized when the services are billed
          rather than when the fees are collected, and costs and expenses are
          recognized in the period they are incurred rather than paid for.

          RESEARCH AND DEVELOPMENT
          ------------------------

          Research and development costs are related primarily to the Company
          obtaining its 15 issued U.S. and Foreign and 12 pending U.S. and
          Foreign patents and patent valuation analysis, developing early
          prototypes and Beta products of its Med-e Monitor device, development
          of first, second and third generation databases to monitor patient
          data and remotely program the Med-e Monitor devices, communications
          connectivity between the devices and the databases via the Internet,
          and website development. Research and development costs are expensed
          as incurred.


                                      F-12
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          INCOME TAXES
          ------------

          The income tax benefit is computed on the pretax loss based on the
          current tax law. Deferred income taxes are recognized for the tax
          consequences in future years of differences between the tax basis of
          assets and liabilities and their financial reporting amounts at each
          year-end based on enacted tax laws and statutory tax rates. No benefit
          is reflected for the years ended December 31, 2003 and 2002,
          respectively.

          ADVERTISING
          -----------

          Costs of advertising and marketing are expensed as incurred.
          Advertising and marketing costs were $57,491 and $1,347 for the years
          ended December 31, 2003 and 2002, respectively.

          RECLASSIFICATIONS
          -----------------

          Certain amounts in the 2002 consolidated financial statements were
          reclassified to conform to the 2003 presentation. The
          reclassifications in 2002 resulted in no changes to the deficits
          accumulated during the development stage.

          EARNINGS (LOSS) PER SHARE OF COMMON STOCK
          -----------------------------------------

          Historical net income (loss) per common share is computed using the
          weighted average number of common shares outstanding. Diluted earnings
          per share (EPS) includes additional dilution from common stock
          equivalents, such as stock issuable pursuant to the exercise of stock
          options and warrants. Common stock equivalents were not included in
          the computation of diluted earnings per share at December 31, 2003 and
          2002 when the Company reported a loss because to do so would be
          anti-dilutive for periods presented. The Company has incurred
          significant losses since its inception to fund its research and
          development of its Med-e Monitor Systems, including the development of
          its intellectual property portfolio; and travel activities and
          attendance at trade shows to create awareness of the product to
          pre-sell the Med-e Monitor.


                                      F-13
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          EARNINGS (LOSS) PER SHARE OF COMMON STOCK (CONTINUED)
          -----------------------------------------

          The following is a reconciliation of the computation for basic and
          diluted EPS:

                                                     December 31,  December 31,
                                                         2003          2002
                                                         ----          ----

          Net Loss                                   ($ 1,949,621) ($ 2,265,677)
                                                     ------------  ------------

          Weighted-average common shares
            outstanding (Basic)                        12,004,771     9,641,903

          Weighted-average common stock equivalents:
                Stock options                                  --            --
                Warrants                                       --            --
                                                     ------------  ------------

          Weighted-average common shares
              outstanding (Diluted)                    12,004,771     9,641,903
                                                     ============  ============

          FAIR VALUE OF FINANCIAL INSTRUMENTS
          -----------------------------------

          The carrying amount reported in the consolidated balance sheets for
          cash and cash equivalents, accounts payable and accrued expenses
          approximate fair value because of the immediate or short-term maturity
          of these financial instruments. The carrying amount reported for notes
          payable approximates fair value because, in general, the interest on
          the underlying instruments fluctuates with market rates.


                                      F-14
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          RECENT ACCOUNTING PRONOUNCEMENTS
          --------------------------------

          In December 2002, the FASB issued Statement No. 148, "Accounting for
          Stock-Based Compensation-Transition and Disclosure, an amendment of
          FASB Statement No. 123"("SFAS 148"). SFAS 148 amends FASB Statement
          No. 123, "Accounting for Stock-Based Compensation," to provide
          alternative methods of transition for an entity that voluntarily
          changes to the fair value based method of accounting for stock-based
          employee compensation. It also amends the disclosure provisions of
          that Statement to require prominent disclosure about the effects on
          reported net income of an entity's accounting policy decisions with
          respect to stock-based employee compensation. Finally, this Statement
          amends Accounting Principles Board ("APB") Opinion No. 28, "Interim
          Financial Reporting", to require disclosure about those effects in
          interim financial information. SFAS 148 is effective for financial
          statements for fiscal years ending after December 15, 2002. The
          Company will continue to account for stock-based employee compensation
          using the intrinsic value method of APB Opinion No. 25, "Accounting
          for Stock Issued to Employees," but has adopted the enhanced
          disclosure requirements of SFAS 148.

          In June 1998, the Financial Accounting Standards Board issued SFAS No.
          133, "Accounting for Derivative Instruments and Hedging Activities".
          SFAS No. 133 requires companies to recognize all derivative contracts
          as either assets or liabilities in the balance sheet and to measure
          them at fair value. If certain conditions are met, a derivative may be
          specifically designated as a hedge, the objective of which is to match
          the timing of the gain or loss recognition on the hedging derivative
          with the recognition of (i) the changes in the fair value of the
          hedged asset or liability that are attributable to the hedged risk or
          (ii) the earnings effect of the hedged forecasted transaction.


                                      F-15
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
          --------------------------------

          For a derivative not designated as a hedging instrument, the gain or
          loss is recognized in income in the period of change. On June 30,
          1999, the FASB issued SFAS No. 137, "Accounting for Derivative
          Instruments and Hedging Activities - Deferral of the Effective Date of
          FASB Statement No. 133". SFAS No. 133 as amended by SFAS No. 137 is
          effective for all fiscal quarters of fiscal years beginning after June
          15, 2000. In June 2000, the FASB issued SFAS No. 138, "Accounting for
          Certain Derivative Instruments and Certain Hedging Activities". SFAS
          No. 133 as amended by SFAS No. 137 and 138 is effective for all fiscal
          quarters of fiscal years beginning after June 15, 2000.

          Historically, the Company has not entered into derivatives contracts
          to hedge existing risks or for speculative purposes. Accordingly, the
          Company does not expect adoption of the new standard to have a
          material effect on the consolidated financial statements.

          In December 1999, the Securities and Exchange Commission issued Staff
          Accounting Bulletin ("SAB") No. 101, "Revenue Recognition in Financial
          Statements." SAB 101 provides guidance for revenue recognition under
          certain circumstances, and is effective during the first quarter of
          fiscal year 2001. Until the Company generates revenue, SAB 101 is not
          expected to have a material effect on the results of operations,
          financial position and cash flows.

          On March 16, 2000, the Emerging Issues Task Force issued EITF 99-19
          "Recording Revenue as a Principal versus Net as an Agent" which
          addresses the issue of how and when revenues should be recognized on a
          Gross or Net method as the title implies. The emerging Issues Task
          Force has not reached a consensus but cites SEC Staff Accounting
          Bulletin 101. EITF 99-19 does not affect the consolidated financial
          statements.

          On July 20, 2000, the Emerging Issues Task Force issued EITF 00-14
          "Accounting For Certain Sales Incentives" which establishes accounting
          and reporting requirements for sales incentives such as discounts,
          coupons, rebates and free products or services. Generally, reductions
          in or refunds of a selling price should be classified as a reduction
          in revenue. For SEC registrants, the implementation date is the
          beginning of the fourth quarter after the registrant's fiscal year end
          December 15, 1999. EITF 00-14 does not affect the consolidated
          financial statements.


                                      F-16
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
          --------------------------------

          In June 2001, the FASB issued Statement No. 142 "Goodwill and Other
          Intangible Assets". This Statement addresses financial accounting and
          reporting for acquired goodwill and other intangible assets and
          supersedes APB Opinion No. 17, Intangible Assets. It addresses how
          intangible assets that are acquired individually or with a group of
          other assets (but not those acquired in a business combination) should
          be accounted for in financial statements upon their acquisition. This
          Statement also addresses how goodwill and other intangible assets
          should be accounted for after they have been initially recognized in
          the consolidated financial statements. This statement does not affect
          the consolidated financial statements.

          STOCK-BASED COMPENSATION
          ------------------------

          Employee stock awards under the Company's compensation plans are
          accounted for in accordance with Accounting Principles Board Opinion
          No. 25 ("APB 25"), "Accounting for Stock Issued to Employees", and
          related interpretations. The Company provides the disclosure
          requirements of Statement of Financial Accounting Standards No. 123,
          "Accounting for Stock-Based Compensation" ("SFAS 123"), and related
          interpretations. Stock-based awards to non-employees are accounted for
          under the provisions of SFAS 123 and has adopted the enhanced
          disclosure provisions of SFAS No. 148 "Accounting for Stock-Based
          Compensation- Transition and Disclosure, an amendment of SFAS No.
          123".

          The Company measures compensation expense for its employee stock-based
          compensation using the intrinsic-value method. Under the
          intrinsic-value method of accounting for stock-based compensation,
          when the exercise price of options granted to employees is less than
          the estimated fair value of the underlying stock on the date of grant,
          deferred compensation is recognized and is amortized to compensation
          expense over the applicable vesting period. In each of the periods
          presented, the vesting period was the period in which the options were
          granted. All options were expensed to compensation in the period
          granted rather than the exercise date.


                                      F-17
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
          ------------------------------------------
          (CONTINUED)

          STOCK-BASED COMPENSATION (CONTINUED)
          ------------------------

          The Company measures compensation expense for its non-employee
          stock-based compensation under the Financial Accounting Standards
          Board (FASB) Emerging Issues Task Force (EITF) Issue No. 96-18,
          "Accounting for Equity Instruments that are Issued to Other Than
          Employees for Acquiring, or in Conjunction with Selling, Goods or
          Services". The fair value of the option issued is used to measure the
          transaction, as this is more reliable than the fair value of the
          services received. The fair value is measured at the value of the
          Company's common stock on the date that the commitment for performance
          by the counterparty has been reached or the counterparty's performance
          is complete. The fair value of the equity instrument is charged
          directly to compensation expense and additional paid-in capital.

          INVENTORY
          ---------

          Inventory consists of Med-eMonitor units that have been developed. The
          Company states the inventory at the lower of cost (first-in, first-out
          basis) or market value.

NOTE 3-   FIXED ASSETS
          ------------

          Fixed assets consist of the following at December 31, 2003 and 2002:

                                                   2003          2002
                                                   ----          ----

          Office and manufacturing equipment    $   33,398    $   33,398
          Computer equipment                        43,931        39,728
          Equipment under capital leases            45,622        45,622
                                                ----------    ----------
                                                   122,951       118,748
          Less: accumulated depreciation           104,268        73,961
                                                ----------    ----------
          Net book value                        $   18,683    $   44,787
                                                ==========    ==========

          Depreciation expense for the years ended December 31, 2003 and 2002
          was $30,307 and $35,436, respectively. Included in that amount is
          $19,008 and $12,907, of amortization expense of equipment under
          capital leases for the years ended December 31, 2003 and 2002,
          respectively. In January 2002, the Company pursuant to a settlement
          agreement with one of its vendors returned $51,635 of computer
          equipment that had $25,818 in accumulated depreciation.


                                      F-18
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 4-   NOTE PAYABLE - BANK
          -------------------

          The Company entered into a promissory note dated July 6, 1998,
          modified February 6, 2000 with United Bank. Principal and interest
          were due in 36 payments from March 6, 2000 to February 6, 2003 at an
          annual interest rate of prime plus one percent. The Company commenced
          payments on March 6, 2000 through May 6, 2001. At that time, this note
          was refinanced, and the Company was advanced amounts to bring the
          balance back to its original amount of $297,500. This promissory note
          was again amended in January 2002, effective December 2001, whereby
          the Company was provided an extension through June 30, 2002 on its
          payments. Interest payments due were paid currently. The Company
          commenced repayment of the principal balance on the loan on August 2,
          2002. The unpaid balance on the note payable at December 31, 2003, was
          $115,694. Of this amount the entire amount is reflected as current
          maturities at December 31, 2003, due to the amount being due on
          November 30, 2004, the date to which the note was extended to.

          The note is personally guaranteed and partially collateralized by
          certain officers and founders of the Company. For signing personally
          on the note, the officers were issued shares of stock.

          Interest expense pertaining to this note was $18,561 and $17,914 for
          the years ended December 31, 2003 and 2002, respectively.

NOTE 5 -  NOTES PAYABLE - OTHER
          ---------------------

          In August 2002, the Company entered into a Promissory Note with its
          CEO in the amount of $25,000. The Promissory Note was bearing interest
          at a rate of 12% annually, and was mandatorily convertible into shares
          of the common stock of the Company when it merged into a public
          company. All accrued interest together with this note was converted
          into stock at the time of the merger.

          In August 2002, the Company entered into a Promissory Note with its
          Investment Banker, Rockwell Capital Partners LLC, in the amount of
          $50,000. The Promissory Note was bearing interest at a rate of 12%
          annually, and was mandatorily convertible into shares of the common
          stock of the Company when it merged into a public company.
          Additionally, Rockwell, on the Company's behalf, funded $100,000 to an
          investor relations firm as a prepayment for investor relation
          services, which has been written off in 2003, as this company never
          provided services for the Company and was reported as defunct.


                                      F-19
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 5-   NOTES PAYABLE - OTHER (CONTINUED)
          ---------------------

          On August 14, 2002, the $50,000 Rockwell note was converted upon the
          issuance of 2,350,000 shares (post-split) of Acquisition Corp. The
          stock was issued at just above par value, and was issued as founders'
          stock. The $100,000 and all accrued interest was converted into stock
          at the time of the merger.

          The Company in August 2002, entered into a Promissory Note with
          American United Global, Inc. ("AUGI") in the amount of $100,000. The
          Promissory Note was bearing interest at a rate of 12% annually, and
          was mandatorily convertible into shares of the common stock of the
          Company when it merged into a public company. All accrued interest
          along with the note was converted to stock at the time of the merger.

          Upon the issuances of the promissory notes with Rockwell, the Company
          entered into an Intellectual Property Security Agreement as collateral
          for the amounts advanced. The other promissory note holders, the
          InforMedix CEO and AUGI shared in the same rights as Rockwell under
          that agreement. Once these Notes were converted into equity, the
          Intellectual Property Security Agreement was terminated.

          On November 5, 2002, the Company entered into a Security and Loan
          Agreement with Private Equity Investors, LLC ("PIE") in the amount of
          $350,000. The purpose of this transaction was to fund the Company for
          the scalable manufacturing of its products, and provide funds for
          expansion of the marketing and sales of their Med-e Monitor product
          line. This note was repaid in April 2003.

          On February 1, 2003, June 12, 2003, and July 24, 2003, the Company
          entered into various short-term notes payable for amounts ranging
          between $4,000 and $20,000 for a total of $104,400 all due and payable
          at interest rates ranging from 8% to12% in December 2003 through
          January 2004. Of these amounts due, $11,400 plus accrued interest will
          be repaid and $90,000 plus accrued interest will be converted into
          equity. All but $20,000 of these notes are uncollateralized, and
          interest of $8,765 is accrued at December 31, 2003 on these notes.
          $20,000 of these notes were collateralized by a subordinated lien on
          the Company's intellectual property.

          The Company entered into a promissory note agreement in the amount of
          $750,000 on April 11, 2003, collateralized by a perfected first lien
          on the Company's intellectual property in the event of default.
          Proceeds of this note were used to repay the PIE debt and some other
          existing debt as well as fees and related costs to complete the
          merger. Interest was being accrued at a rate of 12% per annum, and the
          note had provisions for the issuance of 800,000 stock warrants


                                      F-20
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 5-   NOTES PAYABLE - OTHER (CONTINUED)
          ---------------------

          (post-split), which have not been exercised as of December 31, 2003.
          On October 16, 2003 the holder of this $750,000 promissory note signed
          an agreement whereby, should the Company be successful in raising at
          least $2 million in its private placement of equity securities,
          $375,000 plus interest would be repaid to this lender, and $375,000
          would be converted into equity under the same terms and conditions as
          the private placement offering. The Company in its second phase of
          equity financing on December 19, 2003, eclipsed the $2 million dollar
          plateau. This loan was collateralized by a first lien on the Company's
          patents. As part of the agreement, the lender was issued 800,000
          warrants exercisable at $3.00 per share for a five-year period. The
          Company and the lender agreed to restructure the loan and those
          800,000 warrants were replaced by warrants to purchase 250,000 shares
          of common stock exercisable at $1.50 per share. Upon the closing of
          the 2nd phase of equity financing, the lender was repaid $375,000 plus
          all accrued and unpaid interest and the remaining $375,000 was
          converted into $375,000 of units as part of the equity financing. When
          the loan was repaid, the loan agreement and related security interest
          was terminated. The lender also received warrants to purchase 150,000
          shares of common stock at $.60 per share in consideration of a
          November 2003 bridge loan in the aggregate amount of $120,000.

          The Company entered into six promissory notes dated August 31, 2003
          and September 10, 2003 with individuals obtained through the Company's
          investment banker Meyers Associates, L.P. These individuals loaned
          $400,000 collectively to the Company in notes that were to mature
          August 31, 2004. The notes accrued interest at a rate of 10% annually.
          These amounts funded were part of the financing that Meyers
          Associates, L.P. raised for the Company. Of the $400,000 loaned to
          InforMedix, the Company repaid $100,000 and converted into equity the
          remaining $300,000 of notes payable in the first phase of equity
          financing completed on December 2, 2003.

NOTE 6 -  RELATED PARTY TRANSACTIONS
          --------------------------

          During 2002 and 2001, the Company received advances from IM Funding,
          LLC. IM Funding, LLC is a limited liability company mostly comprised
          of officers and board of director members of the Company. During 2002
          and 2001, the Company was advanced $500,000 (plus $15,000 of interest)
          of which $321,532 was advanced as of December 31, 2001. The amount
          accrued interest at a rate of 12% per year, and was converted into
          95,832 shares (post-split) of common stock in September 2002 which
          were issued to the individual members of IM Funding. The value of the
          shares issued to convert this payable into equity was $7.80 per share
          (post-split), the fair value of the stock at the time of conversion.
          This transaction resulted in a loss of $249,162, which is reflected in
          the consolidated statements of operations for the year ended December
          31, 2002.


                                      F-21
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 7 -  OBLIGATIONS UNDER CAPITAL LEASE
          -------------------------------

          The Company is the lessee of computer and other equipment under
          capital leases expiring during 2006. These leases are personally
          guaranteed by a shareholder of InforMedix, for which he previously
          received shares of stock.

          Minimum lease payments under capital leases at December 31, 2003, are
          as follows:

                      2004                         $ 31,016
                      2005                            5,095
                      2006                            3,396
                                                   --------
                                                     39,507

               Less: amounts representing interest  (10,946)
               Less: current portion                (24,961)
                                                   --------
                      Long-term portion            $  3,600
                                                   ========

NOTE 8 -  OPERATING LEASE
          ---------------

          During 2000, the Company entered into a lease for office space
          commencing February 1, 2000 through January 31, 2002 including
          escalation of payments. After January 31, 2002, the Company was on a
          month-to-month lease at its offices. On lease inception, the Company
          issued 500 shares (post-split) of common stock to the lessor that has
          been valued at the fair market value of $20 per share (post-split)
          resulting in a charge to operations of $10,000. Effective March 2003,
          the landlord sold the building the Company is located in and, at that
          time, the Company signed a one year lease agreement for $2,294 per
          month. The Company has extended this lease in March 2004 for another
          year.

NOTE 9 -  PROVISION FOR INCOME TAXES
          --------------------------

          Deferred income taxes will be determined using the liability method
          for the temporary differences between the financial reporting basis
          and income tax basis of the Company's assets and liabilities. Deferred
          income taxes will be measured based on the tax rates expected to be in
          effect when the temporary differences are included in the Company's
          consolidated tax return. Deferred tax assets and liabilities are
          recognized based on anticipated future tax consequences attributable
          to differences between financial statement carrying amounts of assets
          and liabilities and their respective tax bases.


                                      F-22
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 9 -  PROVISION FOR INCOME TAXES (CONTINUED)
          --------------------------

          At December 31, 2003, deferred tax assets consist of the following:

          Net operating loss carryforwards              $ 4,606,919
          Less:  valuation allowance                     (4,606,919)
                                                        -----------
                                                        $       -0-
                                                        ===========

          At December 31, 2003, the Company had deficits accumulated during the
          development stage in the approximate amount of $13,960,362, available
          to offset future taxable income through 2023. The Company established
          valuation allowances equal to the full amount of the deferred tax
          assets due to the uncertainty of the utilization of the operating
          losses in future periods.

NOTE 10 - EQUITY FINANCING
          ----------------

          The Company issued a private placement memorandum (PPM) on October 20,
          2003 for a maximum $5,000,000 raise consisting of units costing
          $50,000 each (100 units). The Company through its placement agent,
          Meyers Associates, L.P. was successful in completing the full
          subscription amount of $5,000,000.

          For an investment in the Company, the investor received common shares
          of the Company at $.37 per share, Class A Warrants exercisable into
          one share of common stock at an exercise price of $.44 per share, and
          Class B Warrants exercisable into one-half share of common stock at an
          exercise price of $.28 per share. For each $50,000 investment, the
          investor received 135,136 shares of common stock, 135,136 Class A
          Warrants and 135,136 Class B Warrants.

          As of December 31, 2003, the Company received $2,745,450 in two
          separate closings, one on the 2nd and one on the 19th of December.
          (See Note 11). The Company received the remaining $2,254,550 in two
          other closings on February 2nd and March 4th of 2004.

          The equity is being used by the Company to fund additional product
          development and the national sales and marketing of the Med-eMonitor
          System.


                                      F-23
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 11 - STOCKHOLDERS' (DEFICIT)
          -----------------------

          COMMON STOCK

          Upon the merger into Hunapu, the Company had 40,000,000 shares of
          common stock authorized (20,000,000 following the reverse stock
          split). Prior to the merger of Hunapu and the Company, there were
          7,250,000 shares (post-split) outstanding in Hunapu of which 5,545,000
          (post-split) were cancelled for a new total number of 1,705,000 shares
          (post-split). Then, the merger transaction resulted in the issuance of
          7,451,000 Hunapu shares (post-split) to InforMedix shareholders to
          acquire the net assets of InforMedix Acquisition Corp. This brought
          the total issued and outstanding shares to 9,156,000 shares
          (post-split).

          The Company issued 9,596 additional shares (post-split) for accrued
          interest on notes payable in the quarter ended June 30, 2003.

          On June 23, 2003, the Company's Board of Directors approved a reverse
          1-for-2 stock split effective June 30, 2003. After the split, the
          Company had 9,165,585 shares of common stock issued and outstanding.
          In addition, the Company reduced the authorized level of common stock
          to 20,000,000 shares.

          As discussed in Note 10, the Company had raised a total of $2,745,450
          in December 2003. For the amounts raised, the Company issued 7,420,184
          shares of common stock plus Class A and Class B warrants.

          In February and March of 2004, the Company issued 6,093,412 shares of
          common stock for $2,254,550, in the final two closings of the equity
          financing.

          On January 21, 2004, the Company's board of directors approved a
          resolution to increase the number of authorized common shares from
          20,000,000 to 80,000,000 effective as of March 3, 2004.

          PREFERRED STOCK

          InforMedix Holdings, Inc. also has authorized 9,000,000 shares of
          preferred stock (4,500,000 following the reverse stock split) which
          may be issued from time to time by the Board of Directors without
          further shareholder approval. No shares of preferred stock have been
          issued by the Company as of December 31, 2003.


                                      F-24
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 11 - STOCKHOLDERS' (DEFICIT) (CONTINUED)
          -----------------------

          STOCK OPTION PLAN AND WARRANTS

          In April 2003, upon the merger transaction, the Company's Board of
          Directors approved the former Hunapu Inc. 2003 Stock Incentive Plan
          (the "Plan"). The Plan has 1,250,000 shares (post-split) of common
          stock available for issuance. Awards will be based on performance
          criteria approved by the Company's compensation committee. After the
          reverse 1-for-2 stock split on June 30, 2003, the Company has granted
          862,500 options of which 1/3 will vest at December 31, 2003 at an
          exercise price of $.50 per share. The Company for the year ended
          December 31, 2003, has not expensed any portion of these stock
          options. All of these options were granted to employees, officers and
          key members of the management team of the Company.

          Under the Black-Scholes option pricing model, the total value of the
          stock options granted in 2003 is charged to operations as these
          options are fully vested. SFAS No. 123, "Accounting for Stock-Based
          Compensation", encourages adoption of a fair-value-based method for
          valuing the cost of stock-based compensation. However, it allows
          companies to continue to use the intrinsic-value method for options
          granted to employees and disclose pro forma net loss. 287,500 of these
          options vested as of December 31, 2003.

          The following tables summarizes the activity of the Company's stock
          option plan:

                                                        Year Ended
                                                    December 31, 2003
                                              ----------------------------
                                                                Weighted-
                                                                 average
                                                 Number of      exercise
                                                  Options         price
                                              ------------- --------------

          Outstanding - beginning of
           period                                        0     $        0
          Granted below fair value                       0              0
          Granted at fair value                    862,500            .50
          Converted                                      0              0
          Cancelled                                      -              -
                                              ------------- --------------

          Outstanding - end of period              862,500     $      .50
                                              =============

          Exercisable at end of period:            287,500     $      .50
                                              =============


                                      F-25
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 11 - STOCKHOLDERS' (DEFICIT) (CONTINUED)
          -----------------------

          STOCK OPTION PLAN AND WARRANTS (CONTINUED)


                                                           Year Ended
                                                       December 31, 2002
                                                  ---------------------------

                                                                    Weighted-
                                                      Number        average
                                                        of          exercise
                                                     Options         price
                                                  ------------ --------------

          Outstanding - beginning of
           period
                                                      447,221       $  1.33
          Granted below fair value                     17,083             1
          Granted at fair value                        15,972            10
          Converted                                  (480,276)        (1.61)
          Cancelled                                         -             -
                                                  ------------ --------------

          Outstanding - end of period

                                                            0       $     0
                                                  ============

          Exercisable at end of period:                     0

          For disclosure purposes, the fair value of each stock option granted
          is estimated on the date of grant using the Black-Scholes
          option-pricing model, which approximates fair value, with the
          following weighted-average assumptions used for stock options granted
          in 2003; no annual dividends, volatility of 40%, risk-free interest
          rate of 3.00%, and expected life of 2.2 years.

          If compensation expense for the Company's stock-based compensation
          plans had been determined consistent with SFAS 123, the Company's net
          income and net income per share including pro forma results would have
          been the amounts indicated below:


                                      F-26
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 11 - STOCKHOLDERS' (DEFICIT) (CONTINUED)
          -----------------------

          STOCK OPTION PLAN AND WARRANTS (CONTINUED)
          ------------------------------------------

                                                       Year Ended December 31,
                                                       -----------------------
                                                          2003          2002
                                                          ----         ----
          Net loss:
            As reported                              ($1,949,621)   ($2,265,677)
            Total stock-based employee compensation
               expense determined under fair value
               based method for all awards, net of
               related tax effects                      (280,312)            (0)
                                                     -----------    -----------
             Pro forma                               ($2,229,933)   ($2,265,677)

          Net loss per share:
             As reported:
               Basic                                     $0.16         $0.23
               Diluted                                   $0.16         $0.23
             Pro forma:
               Basic                                     $0.18         $0.23
               Diluted                                   $0.18         $0.23

          The Company has issued 17,715,980 stock warrants as of December 31,
          2003. These warrants were issued in connection with the equity
          financing, and various notes that the Company entered into. None of
          the warrants have been exercised as of December 31, 2003.

          The fair value of these warrants was estimated using the Black-Scholes
          pricing model with the following assumptions: interest rate 3% - 3.5%,
          dividend yield 0%, volatility 40% and expected life of five years.

          The Company has the following warrants exercisable for the purchase of
          its common stock:

                                                            Year Ended
          Exercise                                         December 31,
          --------                                         ------------
           Price    Expiration Date                     2003        2002
           -----    ---------------                     ----        ----
           $0.37    December, 2006                    1,040,000        -
           $0.44    December, 2006                    9,772,319        -
           $0.50    August, 2008                        150,000        -
           $0.56    December, 2006                    4,886,161        -
            $.60    November, 2008                      150,000        -
           $1.50    October, 2008                       250,000        -
           $2.00    August, 2008                         25,000        -
           $2.50    February, 2006                      400,000        -
           $3.00    November, 2007                    1,005,000        -
           $3.00    August, 2008                        137,500        -
                                                     ----------    -----
                                                     17,715,980        -
                                                     ==========    =====
                    Weighted average exercise price       $0.70    $0.00
                                                     ==========    =====


                                      F-27
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 11 - STOCKHOLDERS' (DEFICIT) (CONTINUED)
          -----------------------

          STOCK OPTION PLAN AND WARRANTS (CONTINUED)
          ------------------------------

          In addition, all of these warrants are outstanding as of December 31,
          2003 with the exception of 2,352,135, which will not be issued unless
          the Units are purchased at $50,000 each.

          Additionally, during 2003 there were no warrants exercised.

          MANDATORILY REDEEMABLE COMMON STOCK

          On August 20, 1999, a Stock Purchase Agreement with Advantor was
          signed providing for the issuance of 15,000 shares (post-split) of
          common stock to Advantor for cash, research and development and
          manufacturing services. On August 23, 1999, in accordance with the
          agreement Advantor purchased 5,000 shares (post-split) of common stock
          at fair value for cash of $100,000. The remaining 10,000 shares
          (post-split) were to be issued in blocks of 2,000 shares (post-split)
          for every 100 inventory units produced by Advantor. In the event that
          the Company was not publicly traded by December 31, 2004, the Company
          was obligated upon written notice by Advantor, to repurchase any stock
          issued of the 15,000 shares (post-split) at the highest price the
          Company had sold any of its stock within 12 months of Advantor's
          notice to repurchase. Through August 7, 2002, 86 Med-eMonitor units
          had been completed and no additional shares had been granted. To
          recognize the 86 units produced, the fair value of $34,400 has been
          credited to accounts payable with the offsetting entry to cost of
          sales.

          Upon the merger, and the Company becoming publicly traded, the
          mandatorily redeemable common stock was converted into common stock
          and as per the agreement none of the 5,000 issued shares (post-split)
          will need to be repurchased by the Company.

          On November 3, 2003, Advantor agreed in writing to convert all of its
          remaining outstanding payables into InforMedix common stock, and
          released the Company from any further liabilities. The conversion
          value of these shares is reflected in the liability for stock to be
          issued.


                                      F-28
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 12 - COMMITMENTS AND CONTINGENCIES
          -----------------------------

          EMPLOYMENT AGREEMENTS

          The Company has entered into employment agreements with key members of
          management and some officers. Most of these employment agreements are
          for a period of three years. Compensation earned by these employees
          has been properly reflected in compensation expense for the years
          ended December 31, 2003 and 2002, respectively. Historically, the
          Company has been unable to pay management compensation in the form of
          cash, and has issued stock options in lieu of cash for a portion of
          the services rendered.

          CONSULTING AGREEMENTS

          The Company had entered into a consulting agreement with Warren Lewis
          Investment Corporation for business development services whereby the
          consulting firm would be compensated when the Company raised
          $2,000,000 in a capital transaction. In December 2003, the Company,
          closed on two separate financings and eclipsed the $2,000,000 mark and
          Warren Lewis Investment Corporation was paid $176,000. This amount is
          included in the consolidated statements of operations.

          The Company on August 14, 2003 entered into a consulting agreement
          with Meyers Associates, L.P. for a term of three years. Meyers
          Associates, L.P. will provide services related to corporate finance
          and other financial service matters. For these services, Meyers
          Associates, L.P. will be paid $2,500 per month to $7,500 per month
          depending on the dollar amount of the equity financing completed by
          the placement agent. The minimum raise for Meyers Associates, L.P. to
          receive payment from the Company was $1,000,000 ($2,500 per month) and
          the maximum is $3,000,000 ($7,500 per month). The Company exceeded the
          $3,000,000 raise level in 2004, and is currently paying $7,500 per
          month to Meyers Associates.

          The Company is party to other consulting agreements with various
          third-parties for the development of the software and production of
          the monitors. The Company has made payments ranging from $6,000 to
          $7,000 per month to vendors for these services.


                                      F-29
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 13 - GOING CONCERN
          -------------

          As shown in the accompanying consolidated financial statements, as is
          typical of companies going through early-stage development of
          intellectual property, and products and services, the Company incurred
          substantial net losses for the years ended December 31, 2003 and 2002.
          The Company is currently in the development stage, and there is no
          guarantee whether the Company will be able to generate enough revenue
          and/or raise capital to support current operations and expand sales.
          This raises substantial doubt about the Company's ability to continue
          as a going concern.

          Management believes that the Company's capital requirements will
          depend on many factors including the success of the Company's sales
          efforts. During 2003 the Company retained an investment banker, Meyers
          Associates, L.P. ("Meyers"), to assist the Company in raising capital.
          Meyers had raised $2,745,450 for the Company as of December 31, 2003
          (and a total of $5,000,000 through March 4, 2004). The proceeds of
          this raise will be used to accelerate the Company's sales and
          marketing, business development, and other corporate activities. The
          private placement of units consisted of a number of shares of common
          stock determined by dividing the purchase price per Unit of $50,000
          by, the lower of $.50 per share and the average closing bid price of
          the Common Stock for the five (5) consecutive trading days immediately
          preceding and including the second trading day immediately prior to
          the initial closing date which was determined to be $.37 per share.
          For each Share of Common Stock issued, the Company also issued one A
          Warrant and one B Warrant to purchase one-half share of Common Stock
          of InforMedix.

          The Company entered into the merger with Hunapu and became publicly
          traded anticipating that this would enable the Company to secure
          equity financing and enable the Company to continue the production
          process relating to its Med-e Monitor System, and develop sales and
          marketing activities. Management has also stepped up the research and
          development efforts relating to the clinical drug trial and disease
          management needs for the Med-e Monitor product and believes that
          revenues will be generated in 2004.


                                      F-30
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 13 - GOING CONCERN (CONTINUED)
          -------------

          With the completion of the private placement of $5,000,000 the Company
          has intensified their efforts in the development and production of
          their product, and anticipates operating revenues in the first quarter
          of 2004. The Company is anticipating emerging from the development
          stage in 2004 with sales occurring and the streamlining of their
          research and development costs. Additionally, with the increased cash
          flow from operations, the Company believes that it will not rely as
          heavily upon the issuance of common stock as consideration for
          compensation and services rendered. In the past few years, the stock
          issuances for services and compensation had contributed to the large
          deficits.

          As of March 15, 2004 three pharmaceutical/health care companies had
          accepted delivery of production quality Med-eMonitor devices on a
          pilot test basis to be evaluated for use in clinical drug trial and
          disease management applications. The consolidated financial statements
          do not include any adjustments that might result from the outcome of
          these uncertainties.

NOTE 14 - PATENTS
          -------

          The Company has been successful in securing 15 issued U.S. and Foreign
          patents pertaining to devices and methods to prompt and record patient
          information, including the Med-eMonitor System. The Company believes,
          as a result of an independent valuation of its patents, that it owns
          the "pioneer" patent portfolio in medication compliance and patient
          monitoring, as its patents have been cited as prior art in over 154
          issued patents. In addition, there are 12 pending U.S. and Foreign
          patents. The cost in obtaining these patents has been expensed as a
          research and development expense by the Company in the year that the
          costs pertained to in accordance with SOP 98-1.


                                      F-31
<PAGE>

                            INFORMEDIX HOLDINGS, INC.
                             (FORMERLY HUNAPU INC.)
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)
                           DECEMBER 31, 2003 AND 2002


NOTE 15 - SUBSEQUENT EVENTS
          -----------------

          In February and March 2004, the Company issued 6,093,412 shares of
          common stock for $2,254,550, in the final two closings of the equity
          financings.

          On January 21, 2004, the Company's board of directors approved a
          resolution to increase the number of authorized common shares from
          20,000,000 shares to 80,000,000 shares, and this was effective on
          March 3, 2004.


                                      F-32

<PAGE>

                                   SIGNATURES

      In accordance with the Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                      INFORMEDIX HOLDINGS, INC.


Date: March 31, 2004                        By:  /s/ Bruce A Kehr
      ------------------------------            --------------------------------
                                            Bruce A. Kehr
                                            Chief Executive Officer


Date: March 31, 2004                        By: /s/ Arthur T. Healey
      ------------------------------            --------------------------------
                                            Arthur T. Healey
                                            Chief Financial Officer

      In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on
the dates indicated.

                            Chairman of the Board and
/s/ Bruce A. Kehr           Chief Executive Officer
------------------------       (Principal Executive        March 31, 2004
       Bruce A. Kehr                 Officer)

/s/ Janet Campbell
------------------------      President and Chief          March 31, 2004
     Janet Campbell           Operating Officer


/s/ Arthur T. Healey           Chief Financial Officer
------------------------       and General Counsel
    Arthur T. Healey           (Principal Financial        March 31, 2004
                                     Officer)


/s/ Rhonda B. Friedman
------------------------             Director              April 1, 2004
Rhonda B. Friedman, Sc.D


/s/ Harris Kaplan
------------------------             Director              March 31, 2004
      Harris Kaplan


/s/ Bert W. Wasserman
------------------------             Director              March 31, 2004
    Bert W. Wasserman


/s/ Douglas Watson
------------------------             Director              March 31, 2004
     Douglas Watson

<PAGE>

                            INFORMEDIX HOLDINGS, INC.

                      Annual Report on Form 10-KSB for the
                          Year Ended December 31, 2003

                                  EXHIBIT INDEX

EXHIBIT NO. DESCRIPTION
----------- --------------------------------------------------------------------
  10.3      Employment Agreement dated as of February 15, 2004, between
            InforMedix, Inc. and Davison R. Dulin.
  10.4      Employment Agreement dated as of October 23, 2003, between
            InforMedix, Inc. and Arthur Healey.
  14.1      Code of Ethics
  31.1      Certification of the Chief Executive Officer required by Rule
            13a-14(a) or Rule 15d-14(a)
  31.2      Certification of the Chief Financial Officer required by Rule
            13a-14(a) or Rule 15d-14(a)
  32.1      Certification of the Chief Executive Officer required by Rule
            13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350
  32.2      Certification of the Chief Financial Officer required by Rule
            13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350