----

----

|   |   |                                                                                 |
|--------|--------|--------------------------------------------------------------------------------------|
| þ |   | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |   |                                                                                     |
|--------|--------|------------------------------------------------------------------------------------------|
| o      |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                          |   |                                |
|---------------------------------------------------------------|--------|-------------------------------------|
| NEVADA                                                        |   | 91-1966948                          |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

|                      |                |                                        |                             |
|---------------------------|---------------------|---------------------------------------------|----------------------------------|
| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o                     | Smaller reporting company þ |
|                      |                | (Do not check if smaller reporting company) |                             |

----

|              |                                                                                                                | Page   |
|-------------------|---------------------------------------------------------------------------------------------------------------------|--------|
| PART I            |
|              |                                                                                                                |   |
| Item 1.           | Business.                                                                                                           | 1      |
|              |                                                                                                                |   |
| Item 1A.          | Risk Factors.                                                                                                       | 3      |
|              |                                                                                                                |   |
| Item 1B.          | Unresolved Staff Comments.                                                                                          | 7      |
|              |                                                                                                                |   |
| Item 2.           | Properties.                                                                                                         | 7      |
|              |                                                                                                                |   |
| Item 3.           | Legal Proceedings.                                                                                                  | 7      |
|              |                                                                                                                |   |
| Item 4.           | (Removed and Reserved).                                                                                             | 7      |
|              |                                                                                                                |   |
| PART II           |
|              |                                                                                                                |   |
| Item 5.           | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | 7      |
|              |                                                                                                                |   |
| Item 6.           | Selected Financial Data.                                                                                            | 9      |
|              |                                                                                                                |   |
| Item 7.           | Management’s Discussion and Analysis of Financial Condition and Results of Operations.                        | 9      |
|              |                                                                                                                |   |
| Item 7A.          | Quantitative and Qualitative Disclosures About Market Risk.                                                         | 13     |
|              |                                                                                                                |   |
| Item 8.           | Financial Statements and Supplementary Data.                                                                        | 13     |
|              |                                                                                                                |   |
| Item 9.           | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.                               | 13     |
|              |                                                                                                                |   |
|  Item 9A(T). | Controls and Procedures.                                                                                            | 13     |
|              |                                                                                                                |   |
| Item 9B.          | Other Information.                                                                                                  | 14     |
|              |                                                                                                                |   |
| PART III          |
|              |                                                                                                                |   |
| Item 10.          | Directors, Executive Officers and Corporate Governance.                                                             | 14     |
|              |                                                                                                                |   |
| Item 11.          | Executive Compensation.                                                                                             | 15     |
|              |                                                                                                                |   |
| Item 12.          | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.                     | 17     |
|              |                                                                                                                |   |
| Item 13.          | Certain Relationships and Related Transactions, and Director Independence.                                          | 19     |
|              |                                                                                                                |   |
| Item 14.          | Principal Accountant Fees and Services.                                                                             | 19     |
|              |                                                                                                                |   |
| PART IV           |
|              |                                                                                                                |   |
| Item 15.          | Exhibits and Financial Statement Schedules.                                                                         | 20     |

----

|   | • |   | our ability to regain the listing of our common stock on the Over The Counter Stock Market (“OTC:BB”); and |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                   |
|   | • |   | our ability to successfully consider, review, and if appropriate, implement other strategic opportunities.             |

----

----

----

| ·   | may significantly reduce the equity interest of existing investors; |
|--------------------|---------------------------------------------------------------------|

| ·   | will likely cause a change in control if a substantial number of our shares of common stock are issued and most likely also result in the resignation or removal of our present officers and directors; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | may adversely affect prevailing market prices for our common stock. |
|--------------------|---------------------------------------------------------------------|

----

| ·   | solely dependent upon the performance of a single business, or |
|--------------------|----------------------------------------------------------------|

| ·   | dependent upon the development or market acceptance of a single or limited number of processes or services. |
|--------------------|-------------------------------------------------------------------------------------------------------------|

----

----

| Fiscal Year Ended December 31, 2009   |   | High    |   | Low     |
|---------------------------------------|--------|---------|--------|---------|
| Quarter ended December 31, 2009  |   | $0.0024 |   | $0.0008 |
| Quarter ended September 30, 2009 |   | $0.0019 |   | $0.0008 |
| Quarter ended June 30, 2009      |   | $0.0017 |   | $0.0002 |
| Quarter ended March 31, 2009     |   | $0.001  |   | $0.0002 |

| Fiscal Year Ended December 31, 2008   |   | High    |   | Low     |
|---------------------------------------|--------|---------|--------|---------|
| Quarter ended December 31, 2008  |   | $0.0012 |   | $0.0006 |
| Quarter ended September 30, 2008 |   | $0.0018 |   | $0.0005 |
| Quarter ended June 30, 2008      |   | $0.006  |   | $0.0007 |
| Quarter ended March 31, 2008     |   | $0.014  |   | $0.0045 |

----

| Plan category                                              |   | Number of securitiesto be issued uponexercise ofoutstanding options,warrants and rights |   |   | Weighted averageexercise price ofoutstanding options,warrants and rights |   |   | Number of securitiesremaining availablefor future issuanceunder equitycompensation plans(excluding securitiesreflected in column (a) |   |
|------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                       |   | (a)                                                                                     |   |   | (b)                                                                      |   |   | (c)                                                                                                                                  |   |
| Equity compensation plans approved by security holders     |   | -                                                                                       |   |   |  N/A                                                                |   |   | 25,561,851                                                                                                                           |   |
|                                                       |   |                                                                                    |   |   |                                                                     |   |   |                                                                                                                                 |   |
| Equity compensation plans not approved by security holders |   | -                                                                                       |   |   | N/A                                                                      |   |   | -                                                                                                                                    |   |
|                                                       |   |                                                                                    |   |   |                                                                     |   |   |                                                                                                                                 |   |
| Total                                                      |   | -                                                                                       |   |   | N/A                                                                      |   |   | 25,561,851                                                                                                                           |   |

----

----

| RESULTS OF OPERATIONS                                      |
|------------------------------------------------------------|
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   | Increase/ |   |   | Increase/ |   |
|                                                       |   | Year Ended |   |   | (Decrease) |   |   | (Decrease) |   |
|                                                       |   | December 31, |   |   | in $ 2009 |   |   | in % 2009 |   |
|                                                       |   | 2009 |   |   | 2008 |   |   | vs 2008 |   |   | vs 2008 |   |
| Operating expenses:                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|   Selling, general and administrative            |   |   | $679,414 |   |   |   | $1,046,325 |   |   |   | $(366,911 | ) |   |   | -35.1 | % |
|     Total operating expenses           |   |   | 679,414 |   |   |   | 1,046,325 |   |   |   | (366,911 | ) |   |   | -35.1 | % |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Operating loss                                       |   |   | (679,414 | ) |   |   | (1,046,325 | ) |   |   | (366,911 | ) |   |   | -35.1 | % |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Change in fair value of derivative liabilities |   |   | (8,825 | ) |   |   | 75,543 |   |   |   | (84,368 | ) |   | NM |   |
|   Interest expense-related parties               |   |   | (28,795 | ) |   |   | (12,070 | ) |   |   | (16,725 | ) |   |   | 138.6 | % |
|   Interest expense, net                          |   |   | (53,171 | ) |   |   | (85,046 | ) |   |   | (31,875 | ) |   |   | -37.5 | % |
|                                                       |   |   | (90,791 | ) |   |   | (21,573 | ) |   |   | 69,218 |   |   | NM |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss before discontinued operations                    |   |   | (770,205 | ) |   |   | (1,067,898 | ) |   |   | (297,693 | ) |   |   | -27.9 | % |
|                                                       |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income from discontinued operations                        |   |   | - |   |   |   | 43,195 |   |   |   | 43,195 |   |   | NM |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                   |   |   | $(770,205 | ) |   |   | $(1,024,703 | ) |   |   | $(254,498 | ) |   |   | -24.8 | % |

```
 NM: Not Meaningful
```

----

| • | Increase of accrued compensation of approximately $472,000, of which $100,000 was satisfied by issuing a convertible promissory note, and accrued interest of $82,000; |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| • | Fair value of shares issued for services of approximately $125,000; |
|---------|---------------------------------------------------------------------|

| • | Income from discontinued operations of approximately $43,000; |
|---------|---------------------------------------------------------------|

| • | Amortization of debt discount of approximately $49,000; |
|---------|---------------------------------------------------------|

| • | Fair value of derivative liability contracts of approximately $90,000 offset by an a decrease in fair value of such derivative liabilities of approximately $76,000; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Increase of accounts payable and accrued expenses of approximately $734,000, of which $410,000 were satisfied with the issuance of convertible promissory notes-  the remainder of the increase in accounts payable and accrued expenses is due to our lack of liquidity to satisfy our obligations; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Name                             |   | Positions with the Company                                   |
|----------------------------------|--------|--------------------------------------------------------------|
| Joseph R. Cellura                |   | Chief Executive Officer , Director and Chairman of the Board |
|                             |   |                                                         |
| Rachel Baer Patrick Shuster |   | General Counsel Chief Financial officer                 |

|   | • |   | our accounting, financial reporting processes, audits and the integrity of our financial statements; |
|--------|---------|--------|------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                 |
|   | • |   | our independent auditor’s qualifications, independence and performance;                        |

----

|   | • |   | our compliance with legal and regulatory requirements;                                                                                                                                                                                                |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                                                                                                                                                  |
|   | • |   | our internal accounting and financial controls; and                                                                                                                                                                                                   |
|   |    |   |                                                                                                                                                                                                                                                  |
|   | • |   | our audited financial statements and reports, and the discussion of the statements and reports with management, including any significant adjustments, management judgments and estimates, new accounting policies and disagreements with management. |

|   | • |   | each person who served as our chief executive officer in 2009; and |
|--------|---------|--------|--------------------------------------------------------------------|
|   |    |   |                                                               |
|   | • |   | each person who served as our chief financial officer in 2009.     |

----

|   Name and                                                                                                                                     |   |   |   |  Salary |            |   |  Bonus |   |            | Stock Awards |   |   | Option Awards        |   |   | Non-EquityIncentive Plan Compensation |            |   | All Other Compensation |   |            |  Total |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------------|-----------------|--------|-------------|--------|-----------------|--------------|--------|--------|----------------------|--------|--------|---------------------------------------|-----------------|--------|------------------------|--------|-----------------|-------------|--------|
| Principal Position                                                                                                                                       |   | Year   |   | ($)          |            |   | ($)         |   |            | ($)          |   |   | ($)                  |   |   | ($)                                   |            |   | ($)                    |   |            | ($)         |   |
|                                                                                                                                                     |   |   |   |         |            |   |        |   |            |         |   |   |                 |   |   |                                  |            |   |                   |   |            |        |   |   |   |   |   |   |   |   |
| Pedro E. Racelis, III                                                                                                                                    |   | 2009   |   |         | -               |   |        |   | -               |         |   |   | -                    |   |   |                                  | -               |   |                   |   | -               |        |   |   | - |   |   |   | - |   |
|      Former President,     Chief Executive Officer,     Chief Financial Officer and Director |   | 2008   |   |         |     - |   |        |   |     - |         |   |   |     41,667 |   |   |                                  |     - |   |                   |   |     - |        |   |   |     - |   |   |   |     41,667 |   |
|                                                                                                                                                     |   |   |   |         |            |   |        |   |            |         |   |   |                 |   |   |                                  |            |   |                   |   |            |        |   |   |   |   |   |   |   |   |
| Patrick Shuster                                                                                                                                          |   | 2009   |   |         | 8,500           |   |        |   | -               |         |   |   | -                    |   |   |                                  | -               |   |                   |   | -               |        |   |   | - |   |   |   | 8,500 |   |
|      Chief Financial Officer                                                                                                         |   | 2008   |   |         | 100,000         |   |        |   | -               |         |   |   | -                    |   |   |                                  | -               |   |                   |   | -               |        |   |   | - |   |   |   | 100,000 |   |

| Joseph R. Cellura                                                                                                                                        |   | 2009 |   |   | 400,000               |   |   |   | 18,515                |   |   |   | -               |   |   |   | -               |   |   |   | -               |   |   |   | -               |   |   |   | 418,515               |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------|--------|--------|-----------------------|--------|--------|--------|-----------------------|--------|--------|--------|-----------------|--------|--------|--------|-----------------|--------|--------|--------|-----------------|--------|--------|--------|-----------------|--------|--------|--------|-----------------------|--------|
|      Former President,     Chief Executive Officer,     Chief Financial Officer and Director |   | 2008 |   |   |     318,904 |   |   |   |     275,000 |   |   |   |     - |   |   |   |     - |   |   |   |     - |   |   |   |     - |   |   |   |     593,904 |   |

|                                     |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |
|------------------------------------------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
| Rachel Baer                              |   | 2009   |   |   | 204,000 |   |   |   | 3,390  |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 207,390 |   |
|      General Counsel |   | 2008   |   |   | 100,000 |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 100,000 |   |

| ·   | Base annual compensation of $400,000; |
|--------------------|---------------------------------------|

| ·   | 7% of the authorized shares of the Company; |
|--------------------|---------------------------------------------|

| ·   | 7% of all capital raised by the Company; |
|--------------------|------------------------------------------|

| ·   | 7% of the disposition proceeds upon the sale of the Company; |
|--------------------|--------------------------------------------------------------|

| ·   | Incentive compensation based on revenues ranging from $20,000 if revenues range between $0-2 million to $200,000 if revenues are in excess of $10 million; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | $275,000 upon the performance of specific performances, which were accomplished during March 2008. |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | Base annual compensation of $450,000; |
|--------------------|---------------------------------------|

| ·   | Incentive compensation based on revenues ranging from $20,000 if revenues range between $0-2 million to $200,000 if revenues are in excess of $10 million; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Monthly stipend for office and residence of $9,000 per month; |
|--------------------|---------------------------------------------------------------|

| ·   | 2% of all capital raised by the Company; |
|--------------------|------------------------------------------|

| ·   | 5% of the disposition proceeds upon the sale of the Company. |
|--------------------|--------------------------------------------------------------|

| ·   | Base annual compensation of $204,000; |
|--------------------|---------------------------------------|

| ·   | Incentive compensation based on revenues ranging from $10,400 if revenues range between $0-2 million to $102,000 if revenues are in excess of $10 million; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 2% of all capital raised by the Company; |
|--------------------|------------------------------------------|

| ·   | 5% of the disposition proceeds upon the sale of the Company; |
|--------------------|--------------------------------------------------------------|

| ·   | Monthly stipend for office of $3,000 per month. |
|--------------------|-------------------------------------------------|

----

|   | • |   | each of our directors;                                                                                                                         |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                                           |
|   | • |   | each of our named executive officers;                                                                                                          |
|   |    |   |                                                                                                                                           |
|   | • |   | all of our executive officers and directors as a group; and                                                                                    |
|   |    |   |                                                                                                                                           |
|   | • |   | each person, or group of affiliated persons, known to us to be the beneficial owner of more than 5% of our outstanding shares of common stock. |

----

|                                                                                                                                                                                                            |   | Number of    |       |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|-------------|
|                                                                                                                                                                                                            |   | Shares       |       | Percent of  |
|                                                                                                                                                                                                            |   | Beneficially |       | Outstanding |
| Name and Address of Beneficial Owner                                                                                                                                                                            |   | Owned(#)     |       | Shares(%)   |
|                                                                                                                                                                                                            |   |         |       |        |   |
| Five percent stockholders:                                                                                                                                                                                      |   |         |       |        |   |
| Pedro E. Racelis III ( former chief executive officer)     101 Church Street     Suite 14     Los Gatos, CA     95030           |   |         | 39,620,209 |        | 6.6% |
|                                                                                                                                                                                                            |   |         |       |        |   |
| Henry Zaks (former director)     101 Church Street     Suite 14     Los Gatos, CA     95030                                     |   |         | 13,218,944 |        | 5.3% |
|                                                                                                                                                                                                            |   |         |       |        |   |
| Named Executive Officers and Directors:                                                                                                                                                                         |   |         |       |        |   |
| Joseph Cellura  (Chief Executive Officer and Director)     101 Church Street     Suite 14     Los Gatos, CA     95030 |   |         | -          |        |  -% |
|                                                                                                                                                                                                            |   |         |       |        |   |
| Rachel Baer  (General Counsel)     101 Church Street     Suite 14     Los Gatos, CA     95030                         |   |         | 2,500,000  |        | 1.0% |
|                                                                                                                                                                                                            |   |         |       |        |   |
| Patrick Shuster  (former Chief Financial Officer)     101 Church Street     Suite 14     Los Gatos, CA     95030      |   |         | -          |        | -% |
|                                                                                                                                                                                                            |   |         |       |        |   |
| Executive Officers and Directors as a group (3 persons)                                                                                                                                                         |   |         | 2,500,000  |        | 1.0% |

----

|                                                                                                         |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Audit Fees                                                                                                   |   | $      | 15,000 |   |   | $      | 15,000 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Audit Related Fees (review of annual reports and other SEC filings)                                          |   |   | 10,400 |   |   |   | 13,400 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Tax Fees (tax-related services, including income tax advice regarding income taxes within the United States) |   | __     |   |   | __     |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| All other fees (acquisition due diligence services)                                                          |   | __     |   |   | __     |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Total Fees                                                                                                   |   | $      | 25,400 |   |   | $      | 28,400 |   |

----

|   |   |                                                                                                                                                                                                                                                                                                                                           |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)(1) |   | List of Financial Statements Filed as Part of this Annual Report on Form 10-K:                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                           |
|   |   | A list of the consolidated financial statements, notes to consolidated financial statements, and accompanying report of independent registered public accounting firm appears on page F-1 of the Index to Consolidated Financial Statements and Financial Statement Schedules, which is filed as part of this Annual Report on Form 10-K. |
|   |   |                                                                                                                                                                                                                                                                                                                                           |
| (a)(2) |   | Financial Statement Schedules:                                                                                                                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                           |
|   |   | All other schedules are omitted because they are not applicable, the amounts are not significant, or the required information is shown in our consolidated financial statements or the notes thereto.                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                           |
| (a)(3) |   | Exhibits:                                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                           |
|   |   | See the Exhibit Index filed as part of this Annual Report on Form 10-K.                                                                                                                                                                                                                                                              |

----

|                       | CHINA WIRELESS COMMUNICATIONS INC. |                                                            |
|----------------------------|------------------------------------|-----------------------------------------------------------------|
|                       |                               |                                                            |   |
| Date: March 10, 2011  | By:                                | /s/ Joseph Cellura                                         |   |
|                       |                               | Joseph CelluraChief Executive Officer and Chairman of the Board |   |

| Signature            |   | Title                                                                             |   | Date                 |
|----------------------|--------|-----------------------------------------------------------------------------------|--------|----------------------|
|                 |   |                                                                              |   |                 |
| /s/ Joseph R. Cellur |   | Chief Executive Officer and                                                       |   | March 10, 2011  |
| Joseph R. Cellura    |   | Chairman of the Board(Principal Executive Officer andPrincipal Financial officer) |   |                 |

----

|                                                                                                       |   |   |   |   |
|------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|                                                                                                       |   | Page   |   |
| Media Exchange Group (f/k/a CHINA WIRELESS COMMUNICATIONS INC.)                                       |   |   |   |   |
|                                                                                                       |   |   |   |   |
| Report of Independent Registered Public Accounting Firm                                                    |   |   | F-2    |   |
|                                                                                                       |   |   |   |   |
| Consolidated Balance Sheets as of December 31, 2009 and 2008                                          |   |   | F-3    |   |
|                                                                                                       |   |   |   |   |
| Consolidated Statements of Operations for the years ended December 31, 2009 and 2008                  |   |   | F-4    |   |
|                                                                                                       |   |   |   |   |
| Consolidated Statements of Stockholders’ Deficit for the years ended December 31, 2009 and 2008 |   |   | F-5    |   |
|                                                                                                       |   |   |   |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008                  |   |   | F-6    |   |
|                                                                                                       |   |   |   |   |
| Notes to Consolidated Financial Statements                                                                 |   |   | F-7    |   |
|                                                                                                       |   |   |   |   |

----

| /s/ Sherb & Co., LLP New York, New YorkMarch 7, 2011 |
|---------------------------------------------------------------|

----

| Media Exchange Group, Inc.                                                               |
|------------------------------------------------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                                                              |
|                                                                                     |   |   |   |   |   |   |
|                                                                                     |   | December 31, |   |   | December 31, |   |
| ASSETS                                                                                   |   | 2009 |   |   | 2008 |   |
|                                                                                     |   |   |   |   |   |   |
| Current Assets:                                                                          |   |   |   |   |   |   |
| Cash                                                                                     |   | $ | 200 |   |   | $ | 274 |   |
| Total current assets                                                                     |   |   | 200 |   |   |   | 274 |   |
|                                                                                     |   |   |   |   |   |   |   |   |
| Total assets                                                                             |   | $ | 200 |   |   | $ | 274 |   |
|                                                                                     |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |   |   |   |   |   |   |
| Current Liabilities:                                                                     |   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                                                    |   | $ | 163,093 |   |   | $ | 125,293 |   |
| Accrued compensation                                                                     |   |   | 696,942 |   |   |   | 324,901 |   |
| Derivative liabilities                                                                   |   |   | 22,945 |   |   |   | 14,120 |   |
| Convertible notes payable and accrued interest- related parties                          |   |   | 455,865 |   |   |   | 327,070 |   |
| Convertible notes payable and accrued interest                                           |   |   | 856,170 |   |   |   | 633,499 |   |
| Total current liabilities                                                                |   |   | 2,195,015 |   |   |   | 1,424,883 |   |
|                                                                                     |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |   |   |   |   |   |   |
| Stockholders' Deficit:                                                                   |   |   |   |   |   |   |   |   |
| Preferred stock, $0.01 par value, 1,000,000 shares authorized:                           |   |   |   |   |   |   |   |   |
|    none issued and outstanding                                            |   |   | - |   |   |   | - |   |
| Common stock, par value $0.001 per share, 250,000,000 shares of common stock authorized, |   |
|    234,260,702  issued and outstanding                          |   |   | 234,261 |   |   |   | 234,261 |   |
| Additional paid-in capital                                                               |   |   | 15,104,403 |   |   |   | 15,104,403 |   |
| Accumulated deficit                                                                      |   |   | (17,533,479 | ) |   |   | (16,763,273 | ) |
|                                                                                     |   |   |   |   |   |   |   |   |
| Total stockholders’ deficit                                                        |   |   | (2,194,815 | ) |   |   | (1,424,609 | ) |
|                                                                                     |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ deficit                                        |   | $ | 200 |   |   | $ | 274 |   |
|                                                                                     |   |   |   |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.                                          |

----

| Media Exchange Group, Inc.                                 |
|------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS                 |
|                                                       |   | Year Ended |   |
|                                                       |   | December 31, |   |
|                                                       |   | 2009 |   |   | 2008 |   |
|                                                       |   |   |   |   |   |   |
| Operating expenses:                                        |   |   |   |   |   |   |
|   Selling, general and administrative            |   | $ | 679,414 |   |   | $ | 1,046,325 |   |
|     Total operating expenses           |   |   | 679,414 |   |   |   | 1,046,325 |   |
|                                                       |   |   |   |   |   |   |   |   |
|  Operating loss                                       |   |   | (679,414 | ) |   |   | (1,046,325 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Other income (expense):                                    |   |   |   |   |   |   |   |   |
|   Change in fair value of derivative liabilities |   |   | (8,825 | ) |   |   | 75,543 |   |
|   Interest expense-related parties               |   |   | (28,795 | ) |   |   | (12,070 | ) |
|   Interest expense, net                          |   |   | (53,171 | ) |   |   | (85,046 | ) |
|                                                       |   |   | (90,791 | ) |   |   | (21,573 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Net loss before discontinued operations                    |   |   | (770,205 | ) |   |   | (1,067,898 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Income from discontinued operations                        |   |   | - |   |   |   | 43,195 |   |
|                                                       |   |   |   |   |   |   |   |   |
| Net loss                                                   |   | $ | (770,205 | ) |   | $ | (1,024,703 | ) |
|                                                       |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |
| Earnings per share:                                        |   |   |   |   |   |   |   |   |
| Continuing operations                                      |   | $ | (0.00 | ) |   | $ | (0.00 | ) |
| Discontinued operations                                    |   |   | - |   |   |   | 0.00 |   |
| Basic and diluted loss per common share                    |   | $ | (0.00 | ) |   | $ | (0.00 | ) |
|                                                       |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |
| Basic and diluted weighted average common                  |   |   |   |   |   |   |   |   |
| shares outstanding                                         |   |   | 234,260,702 |   |   |   | 232,483,011 |   |
|                                                       |   |   |   |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.       |

----

| Media Exchange Group, Inc.                                          |
|---------------------------------------------------------------------|
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) |
| From January 1, 2008 to December 31, 2009                           |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Total |   |
|                                                                |   |   |   |   | Additional  |   |   | Other |   |   |   |   |   | Stockholders' |   |
|                                                                |   | Common Stock |   |   | Paid-in |   |   | Comprehensive |   |   | Accumulated |   |   | Equity |   |
|                                                                |   | Shares |   |   | $ |   |   | Capital |   |   | Income |   |   | Deficit |   |   | (Deficit) |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, January 1, 2008                                            |   |   | 219,841,653 |   |   | $ | 219,842 |   |   | $ | 14,993,703 |   |   | $ | 935 |   |   | $ | (15,738,571 | ) |   | $ | (524,091 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair value of shares issued for services                            |   |   | 14,419,049 |   |   |   | 14,419 |   |   |   | 110,700 |   |   |   | - |   |   |   | - |   |   |   | 125,119 |   |
| Foreign currency translation adjustment                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (935 | ) |   |   | - |   |   |   | (935 | ) |
| Net loss                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,024,703 | ) |   |   | (1,024,703 | ) |
| Ending balance, December 31, 2008                                   |   |   | 234,260,702 |   |   |   | 234,261 |   |   |   | 15,104,403 |   |   |   | - |   |   |   | (16,763,274 | ) |   |   | (1,424,610 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (770,205 | ) |   |   | (770,205 | ) |
| Ending balance, December 31, 2009                                   |   |   | 234,260,702 |   |   | $ | 234,261 |   |   | $ | 15,104,403 |   |   | $ | - |   |   | $ | (17,533,479 | ) |   | $ | (2,194,815 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.                     |

----

| Media Exchange Group, Inc.                                                      |
|---------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                           |
|                                                                            |   |   |   |   |   |   |
|                                                                            |   | Year Ended |   |
|                                                                            |   | December 31, |   |
|                                                                            |   | 2009 |   |   | 2008 |   |
|                                                                            |   |   |   |   |   |   |
| Cash flows from operating activities:                                           |   |   |   |   |   |   |
| Net loss                                                                        |   | $ | (770,205 | ) |   | $ | (1,024,703 | ) |
| Adjustments to reconcile net loss to net cash used in                           |   |   |   |   |   |   |   |   |
|   operating activities:                                                    |   |   |   |   |   |   |   |   |
| Income from discontinued activities                                             |   |   | - |   |   |   | (43,195 | ) |
| Fair value of shares issued for services                                        |   |   | - |   |   |   | 125,119 |   |
| Fair value of derivative liability contracts at issuance                        |   |   | - |   |   |   | 89,663 |   |
| Amortization of beneficial conversion feature                                   |   |   | - |   |   |   | 48,750 |   |
| Change in fair value of derivative liabilities                                  |   |   | 8,825 |   |   |   | (75,543 | ) |
| Changes in operating assets and liabilities:                                    |   |   |   |   |   |   |   |   |
| Accrued interest                                                                |   |   | 53,171 |   |   |   | 36,296 |   |
| Accrued interest related parties                                                |   |   | 28,795 |   |   |   | 12,070 |   |
| Accrued compensation                                                            |   |   | 472,041 |   |   |   | 734,903 |   |
| Accounts payable and accrued expenses                                           |   |   | 37,799 |   |   |   | - |   |
| Net cash used in continuing operations                                          |   |   | (169,574 | ) |   |   | (96,640 | ) |
| Net cash used in operating activities of discontinued operations                |   |   | - |   |   |   | (79,267 | ) |
| Net cash used in operating activities                                           |   |   | (169,574 | ) |   |   | (175,907 | ) |
|                                                                            |   |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                           |   |   |   |   |   |   |   |   |
| Proceeds from notes payable                                                     |   |   | 169,500 |   |   |   | 95,000 |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Net cash provided by financing activities                                       |   |   | 169,500 |   |   |   | 95,000 |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Net decrease in cash                                                            |   |   | (74 | ) |   |   | (80,907 | ) |
|                                                                            |   |   |   |   |   |   |   |   |
| Effect of variation of exchange rate on cash held in foreign currency           |   |   | - |   |   |   | (935 | ) |
|                                                                            |   |   |   |   |   |   |   |   |
| Cash, beginning of year                                                         |   |   | 274 |   |   |   | 82,116 |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Cash, end of year                                                               |   | $ | 200 |   |   | $ | 274 |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                              |   |   |   |   |   |   |   |   |
| Cash paid for interest                                                          |   | $ | - |   |   | $ | - |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Cash paid for income taxes                                                      |   | $ | - |   |   | $ | - |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Non-cash investing and financing activities:                                    |   |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |
| Issuance of convertible notes payable to satisfy liabilities to related parties |   | $ | 100,000 |   |   | $ | 410,000 |   |
|                                                                            |   |   |   |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.                                 |

----

----

|   | • |   | a purchase order has been received or a contract has been executed;                 |
|--------|---------|--------|-------------------------------------------------------------------------------------|
|   |    |   |                                                                                |
|   | • |   | the product is shipped;                                                             |
|   |    |   |                                                                                |
|   | • |   | title has transferred;                                                              |
|   |    |   |                                                                                |
|   | • |   | the price is fixed or determinable;                                                 |
|   |    |   |                                                                                |
|   | • |   | there are no uncertainties regarding customer acceptance;                           |
|   |    |   |                                                                                |
|   | • |   | collection of the sales proceeds is reasonably assured; and                         |
|   |    |   |                                                                                |
|   | • |   | the period during which the customer has a right to return the product has elapsed. |

----

----

| Level 1:  | Observable inputs such as quoted market prices in active markets for identical assets or liabilities |
|----------------|------------------------------------------------------------------------------------------------------|

| Level 2:  | Observable market-based inputs or unobservable inputs that are corroborated by market data |
|----------------|--------------------------------------------------------------------------------------------|

| Level 3:  | Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | December 31, |      |   | December 31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-----------|--------|--------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2009         |      |   | 2008         |   |
| $415,000 and $315,000 Notes payable to related parties,  interest rate ranging from 5% to 8% per annum, unsecured and maturing between March 2009 and January 2010.  At the Company’s option, the principal is convertible into shares of the Company’s common stock for $140,000 of such notes at a price of $0.004 per share, including accrued interest of $40,865 and $12,070.     |   | $            | 455,865   |   |         | $      | 327,070 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |         |      |   |         |   |   |   |
| $749,500 and $580,000 Notes payable, interest rate ranging from 5% to 8% interest per annum, unsecured and maturing between February 2008 and July 2010.  At the Company’s option, the principal is convertible for $161,500 of such notes into shares of the Company’s common stock at a prices ranging between $0.004 to $0.025 per share, including accrued interest of $106,670 and $53,499. |   |         | 856,170   |   |         |   | 633,499 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $            | 1,312,035 |   |         | $      | 960,569 |   |

----

|                                                                         |   | December 31, |       |
|------------------------------------------------------------------------------|--------|--------------|------------|
|                                                                         |   | 2009         |       |   | 2008 |   |
| Deferred tax assets (liabilities):                                           |   |         |       |   |   |   |   |   |
| Accrued expenses, accrued compensation and notes payable issued for services |   | $            | 676,000    |   |   | $ | 480,000 |   |
| Net operating loss carryforwards                                             |   |         | 711,000    |   |   |   | 635,000 |   |
|                                                                         |   |         |       |   |   |   |
| Gross deferred tax assets                                                    |   |         | 1,387,000  |   |   |   | 1,115,000 |   |
| Valuation allowance                                                          |   |         | (1,387,000 | ) |   |   | (1,115,000 | ) |
|                                                                         |   |         |       |   |   |   |
| Net deferred taxes                                                           |   | $            | -          |   |   | $ | - |   |

----

|                                       |   | 2009   |   |   | 2008   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                       |   | %      |   |   | %      |   |
| Statutory tax benefit                      |   |   | (35.0  | )      |   |   | (35.0 | ) |
| State income taxes, net of federal effects |   |   | (3.4   | )      |   |   | (3.4 | ) |
|                                       |   |   |   |   |   |   |   |   |
| Valuation allowance                        |   |   | 38.4   |   |   |   | 32.1 |   |
| Permanent difference                       |   |   | -      |   |   |   | 6.3 |   |
|                                       |   |   | -      |   |   |   | - |   |
|                                       |   |   |   |   |   |   |

|   | · | Base annual compensation of $400,000; |
|--------|--------|---------------------------------------|

|   | · | 7% of the authorized shares of the Company; |
|--------|--------|---------------------------------------------|

|   | · | 7% of all capital raised by the Company; |
|--------|--------|------------------------------------------|

|   | · | 7% of the disposition proceeds upon the sale of the Company; |
|--------|--------|--------------------------------------------------------------|

|   | · | Incentive compensation based on revenues ranging from $20,000 if revenues range between $0-2 million to $200,000 if revenues are in excess of $10 million; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $275,000 upon the performance of specific performances, which were accomplished during March 2008. |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | Base annual compensation of $450,000; |
|--------|--------|---------------------------------------|

|   | · | Incentive compensation based on revenues ranging from $20,000 if revenues range between $0-2 million to $200,000 if revenues are in excess of $10 million; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Monthly stipend for office and residence of $9,000 per month; |
|--------|--------|---------------------------------------------------------------|

|   | · | 2% of all capital raised by the Company; |
|--------|--------|------------------------------------------|

|   | · | 5% of the disposition proceeds upon the sale of the Company. |
|--------|--------|--------------------------------------------------------------|

----

|   | · | Base annual compensation of $204,000; |
|--------|--------|---------------------------------------|

|   | · | Incentive compensation based on revenues ranging from $10,400 if revenues range between $0-2 million to $102,000 if revenues are in excess of $10 million; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 2% of all capital raised by the Company; |
|--------|--------|------------------------------------------|

|   | · | 5% of the disposition proceeds upon the sale of the Company; |
|--------|--------|--------------------------------------------------------------|

|   | · | Monthly stipend for office of $3,000 per month. |
|--------|--------|-------------------------------------------------|

----

|    |   |        |   |                                                                                                                             |
|---------|--------|-------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
| Exhibit |   |        |
| No.     |   | Description |
|    |   |        |   |                                                                                                                             |
|    | 2.1    |        |   | Share Exchange Agreement dated as of March 17, 2003 by and between i-Track, Inc. and Strategic Communications Partners, Inc. (1) |
|    |   |        |   |                                                                                                                             |
|    | 3.1    |        |   | Articles of Incorporation (2)                                                                                                    |
|    |   |        |   |                                                                                                                             |
|    | 3.2    |        |   | Bylaws (2)                                                                                                                       |
|    |   |        |   |                                                                                                                             |
|    | 3.3    |        |   | Certificate of Amendment to Articles of Incorporation (3)                                                                        |
|    |   |        |   |                                                                                                                             |
|    | 3.4    |        |   | Certificate of Amendment to Articles of Incorporation (4)                                                                        |
|    |   |        |   |                                                                                                                             |
|    | 10.1   |        |   | 2003 Stock Plan, as amended (5)                                                                                                  |
|    |   |        |   |                                                                                                                             |
|    | 10.2   |        |   | Employment Agreement dated April 23, 2004 with Pedro E. Racelis III (6)                                                          |
|    |   |        |   |                                                                                                                             |
|    | 10.3   |        |   | Consulting Agreement with Jiaxin Consulting Group, Inc. dated December 8, 2004 (8)                                               |
|    |   |        |   |                                                                                                                             |
|    | 10.4   |        |   | Letter agreement with Tianjin Create IT Company Ltd. dated May 24, 2005 (9)                                                      |
|    |   |        |   |                                                                                                                             |
|    | 10.5   |        |   | Employment Agreement dated July 20, 2005 with Michael A. Bowden (10)                                                             |
|    |   |        |   |                                                                                                                             |
|    | 10.6   |        |   | Promissory Note, dated August 1, 2005 in the amount of $12,698 payable to Michael Bowden (10)                                    |
|    |   |        |   |                                                                                                                             |
|    | 10.7   |        |   | Employment Agreement dated March 1, 2006 with Michael A. Bowden (10)                                                             |
|    |   |        |   |                                                                                                                             |
|    | 10.8   |        |   | Employment Agreement dated March 1, 2006 with Pedro E. Racelis III (10)                                                          |
|    |   |        |   |                                                                                                                             |
|    | 10.9   |        |   | Amendment to Letter agreement with Tianjin Create IT Company Ltd. dated May 18, 2006 (10)                                        |
|    |   |        |   |                                                                                                                             |
|    | 10.10  |        |   | Promissory Note, dated May 3, 2006 in the amount of  $15,500 payable to Pedro E. Racelis III (10)                      |
|    |   |        |   |                                                                                                                             |
|    | 10.11  |        |   | Promissory Note, dated May 3, 2006 in the amount of $23,217 payable to Henry Zaks (10)                                           |
|    |   |        |   |                                                                                                                             |
|    | 10.12  |        |   | Promissory  Note, dated May 3, 2006 in the amount of $73,059 payable to Michael Bowden (10)                            |
|    |   |        |   |                                                                                                                             |
|    | 10.13  |        |   | Promissory Note, dated May 30, 2006 in the amount of $3,612 payable to Pedro E. Racelis III (11)                                 |
|    |   |        |   |                                                                                                                             |
|    | 10.14  |        |   | Promissory Note, dated June 16, 2006 in the amount of $2,000 payable to Henry Zaks (11)                                          |
|    |   |        |   |                                                                                                                             |
|    | 10.15  |        |   | Promissory Note, dated June 16, 2006 in the amount of $1,612 payable to Michael A. Bowden (11)                                   |
|    |   |        |   |                                                                                                                             |

----

|   | 10.16  |   |   | Promissory Note, dated June 26, 2006 in the amount of $10,000 payable to Michael A. Bowden (11)                   |
|--------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                              |
|   | 10.17  |   |   | Promissory Note, dated June 27, 2006 in the amount of $7,680 payable to Henry Zaks (11)                           |
|   |   |   |   |                                                                                                              |
|   | 10.18  |   |   | Forgiveness of Promissory Note, dated July 5, 2006 in the amount of $73,059 payable to Michael A. Bowden (12)     |
|   |   |   |   |                                                                                                              |
|   | 10.19  |   |   | Promissory Note, dated July 27, 2006 in the amount of $6,300 payable to Michael A. Bowden (12)                    |
|   |   |   |   |                                                                                                              |
|   | 10.20  |   |   | Promissory Note, dated September 26, 2006 in the amount of $5,000 payable to Michael A. Bowden (12)               |
|   |   |   |   |                                                                                                              |
|   | 10.21  |   |   | Promissory Note, dated September 28, 2006 in the amount of $4,708 payable to Henry Zaks (12)                      |
|   |   |   |   |                                                                                                              |
|   | 10.22  |   |   | Conversion Election Letter dated October 5, 2006 from Pedro E. Racelis III (12)                                   |
|   |   |   |   |                                                                                                              |
|   | 10.23  |   |   | Conversion Election Letter dated October 30, 2006 from Henry Zaks (12)                                            |
|   |   |   |   |                                                                                                              |
|   | 10.24  |   |   | Amendment to Letter Agreement Tianjin Create IT Company Ltd. dated November 7, 2006 (12)                          |
|   |   |   |   |                                                                                                              |
|   | 10.25  |   |   | Conversion Election Letter dated November 7, 2006 from Henry Zaks (14)                                            |
|   |   |   |   |                                                                                                              |
|   | 10.26  |   |   | Conversion Election Letter dated November 7, 2006 from Henry Zaks (14)                                            |
|   |   |   |   |                                                                                                              |
|   | 10.27  |   |   | Promissory Note, dated November 8, 2006 in the amount of $30,000 payable to Michael A. Bowden (14)                |
|   |   |   |   |                                                                                                              |
|   | 10.28  |   |   | Promissory Note, dated November 8, 2006 in the amount of $6,000 payable to Michael A. Bowden (14)                 |
|   |   |   |   |                                                                                                              |
|   | 10.29  |   |   | Forgiveness of Promissory Note, dated November 8, 2006 in the amount of $30,000 payable to Michael A. Bowden (14) |
|   |   |   |   |                                                                                                              |
|   | 10.30  |   |   | Promissory Note, dated November 10, 2006 in the amount of $20,000 payable to Henry K. Zaks (14)                   |
|   |   |   |   |                                                                                                              |
|   | 10.31  |   |   | Conversion Election Letter dated November 13, 2006 from Michael A. Bowden (14)                                    |
|   |   |   |   |                                                                                                              |
|   | 10.32  |   |   | Conversion Election Letter dated November 13, 2006 from Michael A. Bowden (14)                                    |
|   |   |   |   |                                                                                                              |
|   | 10.33  |   |   | Conversion Election Letter dated November 13, 2006 from Michael A. Bowden (14)                                    |
|   |   |   |   |                                                                                                              |
|   | 10.34  |   |   | Promissory Note, dated November 14, 2006 in the amount of $3,900 payable to Michael A. Bowden (14)                |
|   |   |   |   |                                                                                                              |
|   | 10.35  |   |   | Forgiveness of Promissory Note, dated November 17, 2006 in the amount of $6,300 payable to Michael A. Bowden (14) |
|   |   |   |   |                                                                                                              |
|   | 10.36  |   |   | Forgiveness of Promissory Note, dated November 17, 2006 in the amount of $5,000 payable to Michael A. Bowden (14) |
|   |   |   |   |                                                                                                              |
|   | 10.37  |   |   | Forgiveness of Promissory Note, dated November 17, 2006 in the amount of $6,000 payable to Michael A. Bowden (14) |
|   |   |   |   |                                                                                                              |
|   | 10.38  |   |   | Forgiveness of Promissory Note, dated November 30, 2006 in the amount of $3,900 payable to Michael A. Bowden (14) |
|   |   |   |   |                                                                                                              |
|   | 10.39  |   |   | Promissory Note, dated December 11, 2006 in the amount of $4,800 payable to Michael A. Bowden (14)                |
|   |   |   |   |                                                                                                              |
|   | 10.40  |   |   | Forgiveness of Promissory Note, dated December 15, 2006 in the amount of $4,800 payable to Michael A. Bowden (14) |
|   |   |   |   |                                                                                                              |

----

|   | 10.41      |   |   | Promissory Note, dated December 27, 2006 in the amount of $5,200 payable to Michael A. Bowden (14)                                                                              |
|--------|------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |       |   |   |                                                                                                                                                                            |
|   | 10.42      |   |   | Promissory Note, dated December 2, 2006 in the amount of $3,200 payable to Michael A. Bowden (14)                                                                               |
|   |       |   |   |                                                                                                                                                                            |
|   | 10.43      |   |   | Forgiveness of Promissory Note, dated December 29, 2006 in the amount of $5,200 payable to Michael A. Bowden (14)                                                               |
|   |       |   |   |                                                                                                                                                                            |
|   | 10.44      |   |   | Forgiveness of Promissory Note, dated December 31, 2006 in the amount of $3,200 payable to Michael A. Bowden (14)                                                               |
|   |       |   |   |                                                                                                                                                                            |
|   | 10.45      |   |   | Forgiveness of Promissory Note, dated December 31, 2006 in the amount of $3,200 payable to Michael A. Bowden (14)                                                               |
|   |       |   |   |                                                                                                                                                                            |
|   | 10.46      |   |   | Revolving Line of Credit Agreement and Promissory Note, dated January 1, 2007 in the amount of $30,000 payable to Pedro E.Racelis III (14)                                      |
|   |       |   |   |                                                                                                                                                                            |
|   | 10.47      |   |   | Revolving Line of Credit Agreement and Promissory Note, dated January 1, 2007 in the amount of $30,000 payable to Henry Zaks (14)                                               |
|   |       |   |   |                                                                                                                                                                            |
|   | 14.1       |   |   | Code of Ethics                                                                                                                                                                  |
|   |       |   |   |                                                                                                                                                                            |
|   | 16.1       |   |   | Letter from Bongiovanni and Associates, dated January 11, 2007 (13)                                                                                                             |
|   |       |   |   |                                                                                                                                                                            |
|   | 21.1       |   |   | Subsidiaries of the registrant (14)                                                                                                                                             |
|   |       |   |   |                                                                                                                                                                            |
|   | 31.1       |   |   | Certification by Joseph R. Cellura, Chief Executive Officer, pursuant to Exchange Act Rules 13A-14(a) and 15d-14(a)                                                             |
|   |       |   |   |                                                                                                                                                                            |
|   | 31.2       |   |   | Certification by Charles P. Shuster, Chief Financial Officer, pursuant to Exchange Act Rules 13A-14(a) and 15d-14(a)                                                            |
|   |       |   |   |                                                                                                                                                                            |
|   | 32.1       |   |   | Certification by Joseph R. Cellura, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |       |   |   |                                                                                                                                                                            |
|   | 32.2  |   |   | Certification by Charles P. Shuster, Chef Financial Officer, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |

| (1)    |   | Incorporated by reference to the exhibits to the registrant's current report on Form 8-K dated March 17, 2003 filed with the SEC on March 18, 2003.                                                                                                                              |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                             |
| (2)    |   | Incorporated by reference from the exhibits to the  Registration Statement on Form SB-1 filed with the SEC on November 6, 2000, File No. 333-49388.                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                             |
| (3)    |   | Incorporated by reference to the exhibits to the registrant's current report on Form 8-K dated March 22, 2003, filed with the SEC on March 31, 2003.                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                             |
| (4)    |   | Incorporated by reference to the exhibits to the registrant's current report on Form 8-K dated November 22, 2004, filed with the SEC on November 24, 2004.                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                             |
| (5)    |   | Incorporated by reference to the exhibits to the registrant's annual report on Form 10-KSB for the year ended December 31, 2002, filed with the SEC on April 9, 2003.                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                             |
| (6)    |   | Incorporated  by  reference  to  the  exhibits  to  the   registrant's registration  statement on Form S-8, File No.  333-104457, filed with the SEC on April 27, 2004. |
|   |   |                                                                                                                                                                                                                                                                             |

----

| (7)        |   | Incorporated by reference to the exhibits to the registrant's current report on Form 8-K dated April 15, 2003, filed with the SEC on April 22, 2003.                             |
|------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                                             |
| (8)        |   | Incorporated by reference to the exhibits to the registrant's annual report on Form 10-KSB for the year ended December 31, 2004, filed with the SEC on April 15, 2005.           |
|       |   |                                                                                                                                                                             |
| (9)        |   | Incorporated by reference to the exhibits to the registrant's amended current report on Form 8-K dated May 24, 2005, filed with the SEC on June 6, 2005.                         |
|       |   |                                                                                                                                                                             |
| (10)       |   | Incorporated by reference to the exhibits to the registrant's annual report on Form 10-KSB for the year ended December 31, 2005, filed with the SEC on May 22, 2006.             |
|       |   |                                                                                                                                                                             |
| (11)       |   | Incorporated by reference to the exhibits to the registrant's quarterly report on Form 10-QSB for the quarter ended June 30, 2006, filed with the SEC on August 4, 2006.         |
|       |   |                                                                                                                                                                             |
| (12)       |   | Incorporated by reference to the exhibits to the registrant's quarterly report on Form 10-QSB for the quarter ended September 30, 2006, filed with the SEC on November 14, 2006. |
|       |   |                                                                                                                                                                             |
| (13)       |   | Incorporated by reference to the exhibits to the registrant's current report on Form 8-K/A dated January 3, 2007, filed with the SEC on January 11, 2007.                        |
|       |   |                                                                                                                                                                             |
|  (14) |   | Incorporated by reference to the exhibits to the registrant’s annual report on Form 10-K filed, filed with the SEC on April 13, 2007.                                      |