---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-KSB

(Mark One)

[X) Annual Report Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934

For the fiscal year ended **July 31, 2007**

[   ] Transition Report Pursuant to Section 13 or
15(d) of the Securities and Exchange Act of 1934

For the transition period from __________ to _________

Commission file number: **333-137613**

WAVE URANIUM HOLDING(Name
of small business issuer in its charter)

|Nevada                                     | 71-1026782                       
|------------------------------------------ | ---------------------------------
|(State or other jurisdiction of            | (IRS Employer Identification No).
|incorporation or organization)             |                                  
|                                           |                                  
|5348 Vegas Drive, Suite 228, Las Vegas, NV | 89108                            
|(Address of principal executive offices)   | (Zip Code)                       

Issuer's telephone number: **(702) 939-8029**

Securities registered pursuant to Section 12(b) of the Exchange
Act: **None**Securities registered pursuant to Section
12(g) of the Exchange Act: **Common Shares**

Check whether the issuer (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the registrant was required to file
such reports) and (2) has been subject to such filing requirements for the past
90 days. Yes [X]   No [   ]

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

Indicate by check mark whether the Registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [  
]   No [X]

State issuer's revenues for its most recent fiscal year: $0

The aggregate market value of the voting stock held by
non-affiliates of the registrant as of November 8, 2007 was $53,914,800
based on a closing sale price of $1.79 on November 8, 2007.

The number of shares outstanding of the issuer's classes of
Common Stock as of November 8, 2007 is 70,120,005 shares

Transitional Small Business Disclosure Format Yes [  
]   No [X]

---

Table of Contents

|PART I   |          | 2                                                                                                                    
|-------- | -------- | ---------------------------------------------------------------------------------------------------------------------
|         | Item 1.  | DESCRIPTION OF BUSINESS                                                                                              
|         | Item 2.  | DESCRIPTION OF PROPERTY                                                                                              
|         | Item 3.  | LEGAL PROCEEDINGS                                                                                                    
|         | Item 4.  | SUBMISSION OF MATTERS TO
      A VOTE OF SECURITY HOLDERS                                                            
|         |          |                                                                                                                      
|PART II  |          | 19                                                                                                                   
|         | Item 5.  | MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER
      MATTERS AND COMMON STOCK REPURCHASES                             
|         | Item 6.  | MANAGEMENT'S DISCUSSION
      & ANALYSIS OR PLAN OF OPERATION                                                        
|         | Item 7.  | FINANCIAL STATEMENTS                                                                                                 
|         | Item 8.  | CHANGES IN AND DISAGREEMENTS
      WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE                           
|         | Item 8A. | CONTROLS AND PROCEDURES.                                                                                             
|         | Item 8B. | OTHER INFORMATION                                                                                                    
|         |          |                                                                                                                      
|PART III |          | 27                                                                                                                   
|         | Item 9.  | DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS
      AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
|         | Item 10. | EXECUTIVE COMPENSATION                                                                                               
|         | Item 11. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
      OWNERS AND MANAGEMENT                                                 
|         | Item 12. | CERTAIN RELATIONSHIPS AND
      RELATED TRANSACTIONS                                                                 
|         |          |                                                                                                                      
|PART IV  |          | 33                                                                                                                   
|         | Item 13. | EXHIBITS                                                                                                             
|         | Item 14. | PRINIPAL ACCOUNTANT FEES
      AND SERVICES                                                                          

1

---

PART I

Item 1. DESCRIPTION OF BUSINESS

In this Annual Report, when we say we, us, our we are
referring to Wave Uranium Holding and our wholly owned subsidiary, Wave Uranium.

On September 20, 2007 we entered into a mining option agreement
  with Handley Minerals, Inc. a Nevada company, pursuant to which we acquired
  an option to purchase a 100% undivided interest in the Wilson Creek project
  which consists of ten claims situated in the country of Gila in the State of
  Arizona. In November 2007 we have been active in purchasing over 1,200 mineral
  claims in Utah for costs to us of approximately $330,000. As a result of our
  activities relating to the acquisition of rights to Wilson Creek and mineral
  claims in Utah, as well as our active development of our plan of exploration
  we are no longer a shell company as defined in Rule 12b-2 of the Exchange Act.
  The information contained in this annual report on Form 10-KSB satisfies our
  requirement to file a report on Form 8-K pursuant to Item 5.06 (Change in Shell
  Company Status).

Cautionary Statement

When used in this Form 10-KSB the words "expects,"
"anticipates," "estimates", plans and similar expressions are intended to
identify forward-looking statements. Such statements are subject to risks and
uncertainties, including those set forth below under "Risks and Uncertainties,"
that could cause actual results to differ materially from those projected. These
forward-looking statements speak only as of the date hereof. We expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in our expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based. This discussion
should be read together with the financial statements and other financial
information included in this Form 10-KSB.

Currency

All currency references in this Report are in US dollars unless
otherwise noted

Risk Factors

The shares are a speculative investment and very risky. You
should especially consider the following risk factors.

1.        We are still in
the development stage, and we may never obtain the capital we require to carry
out our business, which could prevent us being profitable..

Our activities have been limited. We have not received any
revenues or income related to our business through July 31, 2007. There can be
no assurance that we will be able to acquire valuable mineral properties, or
explore, or develop such properties. We are in need of approximately $8,350,000
in funding to carry out our business plan over the next 12 months, beginning
August 2007. There can be no assurance that we will be able to implement our
business plan in accordance with our internal forecasts or to a level that meets
the expectations of investors, and we may never obtain financing or become
profitable.

2

---

2.        Because we do
not have any revenues and we expect to incur operating losses for the
foreseeable future, our business may fail.

We have never earned revenues and we have never been
profitable. Prior to completing exploration on the property, we anticipate that
we will incur increased operating expenses without realizing any revenues. We
therefore expect to incur significant losses into the foreseeable future. If we
are unable to generate financing to continue the exploration of our mineral
claim, we will fail and any investment in us will be worthless.

3.        We may not be
able to make the required payments under the Wilson Creek Option Agreement,
which could prevent us from generating revenues.

Pursuant to the Option Agreement, we must make certain cash
payments and we must complete certain exploration expenditures. If we are unable
to make these payments or complete such required exploration expenditures, we
could lose our interests in the Wilson Creek Property, and we may never be able
to carry out our business plan or generate revenues.

4.        Our planned
mineral exploration efforts are highly speculative and we may no be able to
complete our exploration activities, which could prevent us from generating
revenues.

Mineral exploration is highly speculative. It involves many
risks and is often non-productive. Even if we believe we have found a valuable
mineral deposit, it may be several years before production is possible. During
that time, it may become no longer feasible to produce those minerals for
economic, regulatory, political, or other reasons. Additionally, we may be
required to make substantial capital expenditures and to construct mining and
processing facilities. As a result of these costs and uncertainties, we may be
unable complete our exploration activities which could prevent us from ever
generating revenues.

5.        Mining
exploration operations in general involve a high degree of risk, difficulties
and expenditure, and we may be unable, or may choose not to insure against such
risks, which could increase our operating expenses.

Our operations are subject to all of the hazards and risks
normally encountered in the exploration of minerals which even a combination of
experience, knowledge and careful evaluation may not be able to overcome. These
include unusual and unexpected geological formations, rock falls, cave-ins,
pollution, flooding and other conditions involved in the drilling and removal of
material, any of which could result in work stoppages and damage to, or
destruction of, mines and other producing facilities, damage to life or
property, environmental damage and possible legal liability. Although we plan to
take adequate precautions to minimize these risks, and risks associated with
equipment failure or failure of retaining dams which may result in environmental
pollution, there can be no assurance that even with our precautions, damage or
loss will not occur and that we will not be subject to liability which could
increase our operating expenses and prevent us from being profitable

6.        Competition may
prevent us from carrying out our exploration plan, which could cause our
business to fail.

The mineral resources industry is intensely competitive and we
compete with many companies that have greater financial resources and technical
facilities than ourselves. Significant competition exists for the limited number
of mineral acquisition opportunities available in our sphere of operation. As a
result of this competition, our ability to acquire additional attractive mining
properties on terms that we consider acceptable may be adversely affected.

3

---

We plan to complete an exploration program for which we will
need drill rigs and other equipment, contract geologists, and crews to operate
the equipment. We have not yet entered into any agreements with services
companies to provide us access to a drilling rig or a drilling crew in Arizona.
We face competition from other mining companies for access to mining equipment,
crews and geologists. Currently, in North America, there are large numbers of
companies competing to obtain the services of rigs and crews. There are
inadequate rigs to meet the demand and the owners of the rigs often give
preference to larger drilling programs than that which we plan to carry out. If
we are unable to obtain mining equipment and labor on commercially reasonable
terms, this could increase our operating costs. If we are unable to obtain
mining equipment or labor we will not be able to complete our exploration
program and we may not be able to achieve revenues

We may, in the future, be unable to meet our share of costs
incurred under agreements to which we are a party and we may have our interests
in any properties that we own which are subject to such agreements, reduced as a
result. Furthermore, if other parties to such agreements do not meet their share
of such costs, we may be unable to finance the costs required to complete the
recommended programs and our business could fail.

7.        Fluctuating
mineral prices could prevent us from obtaining financing and we may have to
cease operations.

The mining industry in general is intensely competitive and
there is no assurance that, even if commercial quantities of mineral resources
are developed, a profitable market will exist for the sale of same. Factors
beyond our control may affect the marketability of any minerals discovered. The
prices of gold, uranium, nickel, copper, cobalt and palladium have varied
considerably over the past few years, and no assurance can be given that prices
will remain at their current levels; significant price movements over short
periods of time may be affected by numerous factors beyond our control,
including international economic and political trends, expectations of
inflation, currency exchange fluctuations (specifically, the U.S. dollar
relative to other currencies), interest rates and global or regional consumption
patterns, speculative activities and increased production due to improved mining
and production methods. The effect of these factors on the price minerals and
therefore the economic viability of any of our exploration projects cannot
accurately be predicted. As we are in the exploration stage, the above factors
have had no material impact on operations or income to date.

The price of uranium has risen dramatically over the past 4
years, from $10.10 per pound in 2003 to over $78 per pound as of October 15,
2007 (www.quoteuranium.com/; and
www.investmentu.net/ppc/t4uranium.cfm?kw=X300G533). This is a rise of
approximately 770% in four years. There is no assurance that this upward trend
will continue. A drop in uranium prices could prevent us from obtaining
financing as a result of which we may have to cease operations.

8.        Environmental
regulation may increase the anticipated time and cost of our exploration
program, which could increase our expenses.

All phases of our operations are subject to environmental regulations.
  Environmental legislation is evolving in a manner which will require stricter
  standards and enforcement, increased fines and penalties for non-compliance,
  more stringent environmental assessments of proposed projects and a heightened
  degree of responsibility for companies and their officers, directors and employees.
  While our planned exploration program budgets for regulatory compliance, there
  is a risk that new regulations could increase our time and costs of doing business
  and prevent us from carrying out our exploration program. These factors could
  prevent us from becoming profitable.

4

---

9.        Our auditors
have rendered a going concern emphasis opinion on our financial statements.

Our auditors have expressed concern as to the uncertainties in
our business which raises substantial doubt about our ability to continue as a
going concern. If our business is ultimately unsuccessful, the assets on our
balance sheet could be worth significantly less than their carrying value and
the amount available for distribution to stockholders on liquidation would
likely be insignificant.

10.      Because the SEC
imposes additional sales practice requirements on brokers who deal in our shares
which are penny stocks, some brokers may be unwilling to trade them. This means
that you may have difficulty reselling your shares and this may cause the price
of the shares to decline.

Our shares are classified as penny stocks and are covered by
Section 15(g) of the Securities Exchange Act of 1934 (the Exchange Act) which
impose additional sales practice requirements on brokers-dealers who sell our
securities in this offering or in the aftermarket. For sales of our securities,
the broker-dealer must make a special suitability determination and receive from
you a written agreement prior to making a sale for you. Because of the
imposition of the foregoing additional sales practices, it is possible that
brokers will not want to make a market in our shares. This could prevent you
from reselling your shares and may cause the price of the shares to decline.

11.      The price and trading
volume of our common stock has been highly volatile and could adversely affect
your ability to sell your shares and the available price for the shares when
sold.

Our common stock is quoted on the OTC Bulletin Board under the
trading symbol WAVU.OB. The market for our stock is highly volatile. We cannot
guarantee you that there will be a market in the future for our common stock.
Trading of securities on the OTC Bulletin Board is often sporadic and investors
may have difficulty buying and selling or obtaining market quotations, which may
have a depressive effect on the market price for our common stock. You may not
be able to sell your shares at your purchase price or at any price at all.
Accordingly, you may have difficulty reselling any shares your purchase from the
selling shareholders.

Introduction

We were originally organized under the name Iron Link Ltd. on
  May 31, 2006 to test and develop IPTV based ethnic media services. We raised
  $48,192 in a registered public offering from the sale of 30,120,000 shares of
  common stock, but expended these funds without being able to attain revenues.
  In June 2007 we lacked the cash to further develop our business and had negative
  stockholders’ equity. Management agreed to sell its 75,000,000 shares
  of common stock to Norman Meier on June 18, 2007, and the IPTV assets were disposed
  of. Concurrently with the sale of shares, and immediately prior to the disposal
  of the IPTV assets, we issued 40,000,005 shares of common stock to Norman Meier
  to acquire Wave Uranium, a Nevada corporation (“Wave Nevada”). On
  June 22, 2007 we amended our Articles of Incorporation to change our name to
  Wave Uranium Holding. On July 13, 2007 the Articles of Incorporation were further
  amended to increase the number of authorized shares of common stock from 75
  million to 145 million and to authorize the issuance of 5 million shares of
  preferred stock. On July 31, 2007 our Board approved resolutions to increase
  our authorized common stock to 150 million and we effected a 15 for

5

---

1 forward split of our common stock On September 26, 2007, Mr.
  Meier cancelled the 75,000,000 shares he had acquired from former management,
  resulting in 70,120,005 shares outstanding (all share numbers herein give effect
  to the July 31 stock split).

Since June 2007 we have been developing our business plan and
have identified some uranium mineral concessions to potentially acquire, through
our operating subsidiary, Wave Nevada.

At the time of the reorganisation and restructuring, Wave
Nevada had never engaged in business and had no business at that time, but
intended to enter the uranium exploration and development business.

It is our managements intention that Wave Uranium Holding
shall operate purely as a holding company for its subsidiaries (currently there
is only one subsidiary, Wave Nevada) and that our business activities shall be
carried out through our operating subsidiary, Wave Nevada. Our long term aim is
to identify and either purchase or option mineral interests in various uranium
prospects with a view to exploring them, and if a commercially viable ore body
is found, extracting uranium from the same and generating a profit either alone
or by forming joint ventures with other companies who have greater resources
than our own.

Overview

We are engaged in the acquisition of mineral rights on
properties that our management believes hold potential for significant uranium
deposits. Our current geographic focus is the Utah - Colorado region and certain
areas in Arizona. On September 20, 2007 we signed an agreement with Handley
Minerals, Inc. whereby we acquired an option to purchase a 100% interest in the
mineral rights to the Wilson Creek project which consists of ten claims situated
in the county of Gila, Arizona (the Wilson Creek Property). We are in the
process of completing the acquisition of over 1,200 mineral claims in Utah for
costs to us of approximately $330,000 the Utah Claims). We expect to announce
details of the acquisition of the Utah Claims and our plan of exploration on the
Utah Claims on Form 8-K within the next week.

Our plan of operation for the next twelve months beginning
August 2007 is to carry out exploration of the Wilson Creek Property, the Utah
Claims, and to acquire other selective early stage properties in the US or
Canada. The specific exploration plan for the Wilson Creek Property, together
with information regarding the location and access, history of operations,
present condition and geology of the property, is presented in this report under
the heading Description of Property.

We are an exploration stage company. The Wilson Creek project
is at the exploration stage and there is no assurance that it contains a
commercially viable ore body. Further exploration beyond the scope of our
planned exploration activities will be required before a final evaluation as to
the economic and legal feasibility of mining of the property is determined. We
plan to undertake such further exploration, however it is anticipated that
significant additional financing will be required in order to do so, and there
is no assurance that the necessary financing will be obtainable in the future.
Even if the financing is obtained, there is no assurance that further
exploration will result in a final evaluation that a commercially viable uranium
or other mineral deposit exists at the Wilson Creek Property.

Exploration and Growth Strategy

Our objectives are to acquire land positions in areas of
significant uranium resource potential by a systematic and rational screening
process, then explore and develop those properties to produce uranium ore. We
recognize two key components to a productive exploration

6

---

program, 1) geologic models that can be tested by drilling and
developed into predictive tools, and 2) effective database management. Geologic
models (of sandstone-type deposits, for example) involve a combination of
sedimentology (study of sediments) of the host rock, mineralogic indicators of
alteration history, paleohydrologic constraints, and much more. Our management
believes that these models, or guiding concepts, must be grounded in actual data
and fact, and we plan to seek feedback from an appropriately structured
information management system to apply them on a regional basis. Sound decisions
on land acquisitions, disposition of held properties, and subsurface targeting
are fundamentally dependent on the vision of the exploration geologist and his
or her ability to process essential information that can be massive in scope and
content. We seek to minimize the financial burden of land acquisitions from
external parties, choosing instead to develop exploration plays in-house.

Our managements research indicates that most radioactive
mineral discoveries have been made at outcrops of mineralized rock units by
prospectors using Geiger counters or similar gamma- or beta-ray detectors.
Numerous uranium occurrences have been explored by small-scale mining beginning
at the point of discovery and guided by ore grade only. Because of the
inherently higher risk and cost associated with exploratory drilling, we plan to
use a conceptual modelfor favorability as the basis for targeting
decisions.

Just as petroleum geologists have historically targeted
reservoir rocks in structurally favorable locations, uranium geologists have
long known that favorable environmentscan be systematically explored.
However, unlike petroleum accumulation, uranium enrichment is most commonly the
result of geochemical processes unrelated to present-day structure or hydrology.
Petroleum geologists minimize risk associated with drilling a wildcat well
using a variety of geophysical techniques. Because robust conceptual models have
not been available to uranium geologists, the risks associated with exploratory
drilling for uranium have historically been far greater. Our geoscience team
intends to use sound, robust conceptual genetic models to evaluate targets,
thereby minimizing risk.

Our competitive advantage lies in our unique ability to
integrate mappable data from fluvial sedimentology, groundwater models and
instrumental methods to guide the discovery of new Colorado Plateau type ores.
Our technical team is structured to systematically process and interpret natural
tracers and environmental indicators in a rationalapproach to locating
intersections of favorable host rocks with favorable hydrologic settings.

Our long-term strategic vision is to develop sufficient
reserves of mineable uranium to ensure our long-term profitability, and to
balance exploration costs with lower-risk sources of revenue so the exploration
component can be sustained indefinitely.

A study of the most successful companies operating in the
21st-Century uranium boom shows that all of them share two qualities: they are
aggressive and focused. Companies that have succeeded in this competitive
environment have chosen to focus on particular deposit types, mining methods, or
geographic areas. Once companies have developed their unique, proprietary
exploration models for the deposit types of choice, they pursue property
positions aggressively through acquisitions from other companies or by
conducting primary exploration of their own. In the near term, we have chosen to
focus on sandstone-type uranium deposits in the Colorado Plateau. Although many
ages of rock host small or subeconomic quantities of uranium, the major
producers in the Colorado Plateau have been the Salt Wash Member of the Morrison
Formation and the Moss Back Member of the Chinle Formation. We have assembled an
experienced team of geoscientists to explore for deposits of these types: a
geochemist, a hydrogeologist (a groundwater professional), and a
sedimentologist. The Salt Wash has been studied for over 100 years. Reams of
geological and geochemical information have been compiled over the years; the
most current theories for origin of Salt Wash type deposits seem to point to a
two-solution model that requires a

7

---

very specific hydrologic regime in order to form uranium
deposits. However, although the current models depend strongly on the hydrologic
relationships of the source and host rocks, none of the current models have been
tested and refined by hydrogeologists. We propose to calibrate and refine
existing models for the formation of Salt Wash and other sandstone ores by
defining the specific hydrologic regimes in which they occur. Then, we will find
analogs to those hydrologic regimes in other Colorado Plateau sedimentary
environments that may have been overlooked by other explorationists. That will
enable us to develop unique prospects that might be missed by other companies
whose models use geology and geochemistry alone.

The deeper channel-controlled rocks at the base of the Chinle
Formation host numerous ore bodies in the region, and others probably exist in
the huge Cottonwood paleovalley system between Lisbon Valley and the San Rafael
Swell. The Chinle is a second "favorable environment" that we are planning to
concentrate on, although we expect that other favorable environments and areas
will present themselves as the exploration program evolves. We will acquire
properties as opportunities present themselves, and conduct primary exploration
in and around known deposit trends or extensions of known trends. Our plan is to
have our geoscience team evaluate properties quickly and effectively, allowing
us to stake and acquire properties quickly and to quickly reject marginal or
unfavorable properties, thereby providing the most efficient use of our
resources.

We expect to continuously revise our exploration models as we
analyze data and acquire or dispose of mineral properties.

Mineral Property and Plan of Operations

Wilson Creek

On September 20, 2007 we acquired an option to purchase a 100%
undivided interest in the Wilson Creek Property, which currently comprises ten
mineral claims in Gila, Arizona. Further details of the interest in the Wilson
Creek Property are described below, under the heading Description of Property

The Wilson Creek Property claims do not have any proved uranium
reserves. We will be required to extensively explore the property in order to
determine if any uranium in commercially viable quantities is present. The
claims were previously explored by Westinghouse Wyoming Mineral Corporation.
These claims surround the Shepp #2 mine, which had historic production of less
than 100 tons of ore in the 1950s. The uranium deposits in the Dripping Spring
quartzite in Gila County, Arizona, of which the Wilson Creek area is a small
part, have been called a model for the intermediate stages of uranium
concentration, situated between sedimentary low-grade deposits and highly
remobilized and concentrated deposits, such as those found in the Alligator
Rivers region of Australia (Nutt, 1981).

Uranium was first discovered in the region in 1950 and was
first mined in 1953. The true areal extent of the uranium deposits in the region
was first discovered by a Manhattan Project-era airborne radiometric survey
(Magleby and Mead, 1955). We intend to perform drilling and exploration activity
on these claims commencing in the last months of 2007.

The terms of the option are for an initial payment of $25,000
and 200,000 shares of restricted common stock and annual payments under the
following schedule:

8

---

Payment Due
      Date
    Cash
    **Shares**September 1, 2008
    $50,000
    200,000September 1, 2009
    $50,000
    200,000September 1, 2010
    $50,000
    200,000September 1, 2011
    $100,000
    200,000


We are evaluating additional claims and projects for
acquisition, depending on the availability of funds and opportunities presented
to us. We expect to announce the acquisition of more than 1,200 claims in Utah
within the next week.

Exploration Program

Our plan of operation over the next 12 months, as relates to
the exploration of the Wilson Creek Property, is set out in detail below in the
section entitled Description of Property.

The exploration program of the Wilson Creek Property is
preliminary in nature in that its completion will not result in a determination
that it contains commercially exploitable quantities of mineralization.

The exploration programs will be directed by management and
will be supervised by our President and Chief Executive Officer, Cady Johnson,
who is also a geologist. We will engage contractors to carry out our exploration
programs under Mr. Johnsons supervision. We plan to engage project geologists,
geochemical sampling crews and drilling companies as contractors, depending on
the specific exploration program of the property. Our budget for the exploration
program is set forth in the section of this report entitled Description of
Property. We plan to solicit bids from drilling companies prior to selecting
any drilling company to complete a drilling program. We anticipate paying normal
industry rates for core drilling.

Our Board of Directors will make determinations as to whether
to proceed with the additional exploration of the Wilson Creek Property, or any
other property that we acquire, based on the results of the preliminary
exploration undertaken. In completing these determinations, an assessment will
be made as to whether the results of the preliminary exploration are
sufficiently positive to enable us to achieve the financing that would be
necessary to proceed with more advanced exploration.

We plan to continue exploration of our mineral claims for so
long as the results of the geological exploration indicate that further
exploration of the mineral claims is recommended and we are able to obtain the
additional financing necessary to enable the continued exploration. All
exploration activities on the Wilson Creek Property are presently preliminary
exploration activities. Advanced exploration activities, including the
completion of comprehensive drilling programs, will be necessary before we are
able to complete any feasibility studies on our mineral property. If our
exploration activities were to result in an indication that the Wilson Creek
Property contains a potentially commercially exploitable quantity of uranium,
then we would attempt to complete feasibility studies on the property to assess
whether commercial exploitation of the property would be commercially
feasible.

Government Regulations

Any operations at the Wilson Creek property will be subject to
various federal and state laws and regulations in the United States which govern
prospecting, development, mining, production, exports, taxes, labour standards,
occupational health, waste disposal, protection of the environment, mine safety,
hazardous substances and other matters. We will be required to obtain those
licenses, permits or other authorizations currently required to conduct
exploration and other programs. Although we believe our exploration and

9

---

development activities are currently carried out in accordance
with all applicable rules and regulations, no assurance can be given that new
rules and regulations will not be enacted or that existing rules and regulations
will not be applied in a manner which could limit or curtail production or
development. There are no current orders or directions relating to us or any of
our claims with respect to the foregoing laws and regulations. If we escalate
our operations at these claims, it is reasonable to expect that compliance with
various regulations will increase our costs. Such compliance may include
feasibility studies on the surface impact of our proposed operations, costs
associated with minimizing surface impact, water treatment and protection,
reclamation activities, including rehabilitation of various sites, on-going
efforts at alleviating the mining impact on wildlife and permits or bonds as may
be required to ensure our compliance with applicable regulations. It is possible
that the costs and delays associated with such compliance could become so
prohibitive that we may decide not to proceed with exploration, development, or
mining operations on any of our mineral properties. We are not presently aware
of any specific material environmental constraints affecting our mineral
property that would preclude the economic development or operation of property
in the United States.

Environmental laws:

U.S. Federal Laws

The U.S. Forest Service requires that mining operations on
lands subject to its regulation obtain an approved plan of operations subject to
environmental impact evaluation under the National Environmental Policy
Act. Any significant modifications to the plan of operations may require the
completion of an environmental assessment or Environmental Impact Statement
prior to approval. Mining companies must post a bond or other surety to
guarantee the cost of post-mining reclamation. These requirements could add
significant additional cost and delays to any mining project undertaken by
us.

Under the U.S. Resource Conservation and Recovery Act,
mining companies may incur costs for generating, transporting, treating,
storing, or disposing of hazardous waste, as well as for closure and
post-closure maintenance once they have completed mining activities on a
property. Any future mining operations at the Wilson Creek property may produce
air emissions, including fugitive dust and other air pollutants, from stationary
equipment, storage facilities, and the use of mobile sources such as trucks and
heavy construction equipment which are subject to review, monitoring and/or
control requirements under the Federal Clean Air Act and state air quality laws.
Permitting rules may impose limitations on our production levels or create
additional capital expenditures for pollution control in order to comply with
the rules.

The U.S. Comprehensive Environmental Response Compensation
and Liability Act of 1980, as amended, ("CERCLA") imposes strict joint and
several liability on parties associated with releases or threats of releases of
hazardous substances. Those liable groups include, among others, the current
owners and operators of facilities which release hazardous substances into the
environment and past owners and operators of properties who owned such
properties at the time the disposal of the hazardous substances occurred. This
liability could include the cost of removal or remediation of the release and
damages for injury to the surrounding property. We cannot predict the potential
for future CERCLA liability with respect to any of our mineral claims or
surrounding areas.

Failure to comply with applicable laws, regulations and
permitting requirements may result in enforcement actions thereunder, including
orders issued by regulatory or judicial authorities causing operations to cease
or be curtailed, and may include corrective measures requiring capital
expenditures, installation of additional equipment or remedial actions. Parties
engaged in mining operations or in the exploration or development of mineral
properties may

10

---

be required to compensate those suffering loss or damage by
reason of the mining activities and may have civil or criminal fines or
penalties imposed for violations or applicable laws or regulations.

Amendments to current laws and regulations governing operations
or more stringent implementation thereof could have a substantial impact on us
and cause increases in exploration expenses and capital expenditures or require
abandonment or delays in development of new mining properties.

As we do not know the exact extent of the exploration program
that we will be undertaking, we cannot estimate accurately the cost of the
remediation and reclamation that will be required. Hence, it is impossible at
this time to assess the impact of any capital expenditures on earnings or our
competitive position in the event a potentially economic deposit is
discovered.

Upon entry into commercial production, due to the increased
environmental impact, the cost of complying with permit and environmental laws
will be greater than in the previous phases. At this stage, permits and
regulations will regulate much of our production program to limit environmental
impact. Some examples of regulatory requirements that may be encountered include
but are not limited to:

- an impact report on the local flora and fauna;
- any water discharged will have to meet water standards;
- monitoring of ground water to ensure no/minimal contamination;
- all material to be left on the surface will need to be environmentally
  benign; and
- the socio-economic impact will have to be evaluated and re-mediated if
  deemed negative.

Before we can commence the production phase we would need to
submit an application to commence mining operations. This application is the
subject to a lengthy review process which ultimately decides whether our
application should be approved or rejected. This process may involve steps such
as consulting public and other interested parties for comments or the request of
additional information from us. The length of time and cost of this process is
dependent upon the size of the proposed mining operation, among other factors.

Intellectual Property

We have not filed for any protection of our trademark. We own
the copyright in our website www.waveuranium.com.

Research and Development

We have not spent any amounts on research and development
activities since our inception. Our planned expenditures on our exploration
programs are summarized under the section of this report entitled Description
of Property.

11

---

Item 2. DESCRIPTION OF PROPERTY

Our principal executive offices are located at 5348 Vegas
Drive, #226, Las Vegas, NV 89108, but we also carry on business at various
locations where our key officers reside.

We have an option on one mineral property, which is described
below.

Wilson Creek Property

1.      Location and Access

The Wilson Creek Property consists of ten claims situated in
Section 31, T.8 N., R. 15E., & Section 36, T. 8N., R. 14E., Gila County,
Arizona. Access is by a series of dirt roads on ranch and BLM lands heading
east, then south from the town of Young. Wilson Creek marks the upper reaches of
Cherry Creek, which is a major, deeply incised drainage cutting the Sierra Ancha
Range. The last five miles to the property require an all terrain vehicle.

12

---

The map below shows the location of the Wilson Creek property.
The access roads are shown on the map as double dashed lines. Those are
unimproved roads. Single dashed lines are horse trails.



13

---

2.      Ownership Interest

On September 20, 2007 we entered into a mining option agreement
  with Handley Minerals, Inc., pursuant to which we have acquired an option to
  acquire a 100% undivided interest in the Wilson Creek project, which consists
  of the following ten claims situated in the country of Gila in the State of
  Arizona.

AMCNumber
    Claim/SiteName
    County RecorderData
    **TWP**
    RNG
    SEC381239
    WLC #1
    2007-004724
    8N
    14E
    36381240
    WLC #2
    2007-004725
    8N
    14E
    36381241
    WLC #3
    2007-004726
    8N
    14E
    36381242
    WLC #4
    2007-004727
    8N
    14E
    36381243
    WLC #5
    2007-004728
    8N
    15E
    31381244
    WLC #6
    2007-004729
    8N
    15E
    31381245
    WLC #7
    2007-004730
    8N
    15E
    31381246
    WLC #8
    2007-004731
    8N
    15E
    31381247
    WLC #9
    2007-004732
    8N
    15E
    31381248
    WLC #10
    2007-004733
    8N
    15E
    31


The terms of the option agreement are for an initial payment of
$25,000 and 200,000 shares of restricted common stock (paid and issued), and
annual payments as follows:

Payment Due Date
    Cash
    SharesSeptember 1, 2008
    50,000
    200,000September 1, 2009
    50,000
    200,000September 1, 2010
    50,000
    200,000September 1, 2011
    100,000
    200,000


We have the right, but not the obligation, to accelerate the
cash payments and share issuances (together Expenditures) as outlined above.
Any Expenditures incurred that are over and above that required to be made
during a particular time period shall be carried forward and applied against the
Expenditures required in the subsequent period.

In addition, we have an ongoing obligation to pay a 3% Net
Smelter Returns royalty interest (NSR Royalty) to the Vendor, as well as a 3%
Yellow Cake Royalty. (Yellow Cake is the common name for uranium oxide.)

Upon completion of the Expenditures, we shall have earned a
100% undivided interest in the Wilson Creek Property (subject to the NRS and
Yellow Cake Royalty), at which point we shall be entitled to have transfer of
title to the Wilson Creek Property into our name.

During the term of the Option Agreement, we are obliged to
maintain the mining claims in good standing, by the payment of annual assessment
fees, taxes and rentals, and the performance of all other actions which may be
necessary in order to keep the mining claims free and clear of all liens and
other charges arising from our activity on the property.

Termination of Option

We may terminate the agreement at any time, so long as we are
  not in default of any of our obligations, by giving thirty days notice to that
  effect to the Vendor. Thirty days after receipt of such notice by the Vendor,
  the option agreement shall be of no further force or effect, and we shall have
  no interest in the Wilson Creek Property.

14

---

3.      History of
Operations

The ten claims comprising the Wilson Creek Property, over which
we have an option to acquire, were previously explored by Westinghouse Wyoming
Mineral Corporation. Westinghouse conducted an airborne radiometric survey which
defined a broad, low radiometric response centered on Pendleton Mesa, located
about 1.5 to 2 miles southwest of Wilson Creek. The ten claims comprising the
Wilson Creek Property surround the Shepp #2 mine, which had historic production
of less than 100 tons of ore in the 1950s.

Uranium was first discovered in the region in 1950 and was
first mined in 1953. The true areal extent of the uranium deposits in the region
was first discovered by a Manhattan Project-era airborne radiometric survey
(Magleby and Mead, 1955).

4.      Present Condition of the
Property and Current State of Exploration

One drill hole is in evidence on the north side of the creek
canyon and about 800 feet northwest of the adits portals. No information on
production or drilling results has been located to date.

Plan of Operation

The Wilson Creek Property is in the early stages of exploration
and presently contains no known quantities of uranium resources.

Over the next 12 months to the end of July 2008, we intend to
carry out the following actions, as a preliminary exploration program:

1. ****Establish
significant land positions in areas underlain by the Salt Wash Member of the
Morrison Formation, and the Moss Back Member of the Chinle Formation, in the
Utah-Colorado region. We have also acquired an option in the Wilson Creek area
of northeastern Arizona and we are considering additional acquisitions in the
area, pending additional review. As screening tools, we are using the massive
and internally consistent database developed by the National Uranium Resource
Evaluation (NURE), in conjunction with other resources such as BLMs Public
Lands Survey System (PLSS) and LR2000 claims databases. As holdings accumulate,
exploration plans will be developed based on a combination of radiometric
surveys, outcrop mapping, and environmental considerations.

2. ****Establish
strategic alliances with friendly companies exploring the same sedimentary
environments in the region. We have had preliminary discussions for data-sharing
agreements with Universal Uranium and Atomic Minerals, in particular, which
could provide a wealth of reference data from their drilling programs and
radon-gas studies, and in turn, they will benefit from our regional studies and
consistent data sets.

3. ****Focus on
subsurface exploration of the Wilson Creek Property or unknown subsurface
environments and rely on the conceptual models and data management tools
described above. Drilling relatively deep targets in unexplored channel
environments is the likely focus, as we barter less favorable land positions and
exercise buy-in options as opportunities arise. We anticipate an exploration
database that can accrue value as it improves the success rate of exploration
activities.

In order to carry out our preliminary exploration program on
  the Wilson Creek property, as described above, we will need to carry out a helicopter
  radiometric survey, a radon survey, and a stream-sediment survey. The table
  below shows a breakdown of the costs that we will incur in carrying out our
  preliminary exploration program.

15

---

Description of Expense
    Anticipated Cost ($)
    AnticipatedTimefor CompletionDirect Labour:2 x geologists
    $48,000 (@ $600/day)
    40 days2 x assistants
    $36,000 (@ $450/day)
    40 days


|Direct labour                | Subtotal (plus mark up) $100,800 |        
|---------------------------- | -------------------------------- | -------
|                             |                                  |        
|Field Expenses (x 4 people): |                                  |        
|Meals                        | $4,800 (@ $30/day)               | 40 days
|Accommodation                | $8,000) (@ $50/day)              | 40 days
|Camp Trailer Rental (field   | $4,000 (@ $100/day)              | 40 days
|office)                      |                                  |        

Field Expenses
      Subtotal (plus 20% mark up) $20,160Helicopter time
      $48,000 (based on 2 hours/day
        @
      40 days$600/hour)Radon Detectors
      $10,000 ($10 x 1,000)Stream sediment sample
      $25,000 ($100/sample x 250 samples)analysisCapital Equipment:Helicopter radiation
      $65,000survey system2 ATVs
      $20,000 (@ $10,000 ea.)Generator
      $1500


|Capital Equipment         | Subtotal $86,500 |        
|------------------------- | ---------------- | -------
|Total (minus contingency) | $290,460         | 40 days
|Plus Contingency          | $59,540          | 15 days
|TOTAL                     | $350,000         | 55 days

If it is discovered that the Wilson Creek Property holds
potential for other minerals for which our management believes exploration is
warranted, then additional exploration for those minerals will be included in
our plan of operations.

Risk Mitigation

Given the inherently high risks associated with uranium
exploration, which we fully acknowledge, it is essential that we establish
profit centers to sustain a prolonged drilling effort. Land banking, data
banking, water rights, and in-house drilling capabilities meet this need for a
revenue stream to offset drilling costs.

Because our technical team is fully capable of identifying
favorable areas and performing property evaluations, claims acquisitions from
land vendors will be the exception rather than the rule. As our portfolio of
claims holdings builds, we anticipate that there will be opportunities to sell
off exploration rights, and sound geologic reasoning to justify the asking

16

---

price for each parcel. We thereby hope to tap into the profit
potential being realized by land vendors, whose successes are usually due to a
good story associated with their holdings.

Exploration Database

We anticipate attributing a high value to the exploration
database that we propose assembling. Components will include geochemical and
hydrologic information, logging data, stratigraphic interpretations, and much
more. As we narrow our focus over time to specific geographic areas, there will
be information from a much larger region that a competitor would find very
costly to replicate. An appropriately structured data services component of our
business will provide fee-based access to our proprietary databases in a secured
environment, allowing clients to realize significant savings in their
exploration activities.

Groundwater

Water shortages in recent years highlight the value of water
rights holdings; the southern Nevada region is a prime example. As population
centers expand, industries continue to seek areas with reliable water and power.
Mineral exploration generally provides very poor hydrologic records, as does the
oil and gas industry. Competent water-resource assessments, done in conjunction
with our exploration program at minimal incremental cost, will occasionally
identify new sources of water that can be appropriated under Utah (or other
state) water law. A permit to put groundwater to beneficial use has several
years duration before Proof of Use is required, allowing a permit to be
bartered. By anticipating the possibility that any of our exploration boreholes
could be used to demonstrate water-resource potential in a dry area, we will
be prepared to exercise our rights under State water law and profit accordingly.

In-house Drilling

Recognizing that a severe mid-size rig shortage exists due to
demand for groundwater and boom conditions in both the oil/gas and mineral
industries, we intend to carefully review costs and benefits of establishing an
in-house drilling capability. Short term drilling requirements of our associates
Atomic Minerals and Universal Uranium total in the millions of dollars, and
their access to appropriate drilling equipment in a suitable time frame is not
assured.

We are currently negotiating a Memoranda of Agreement with
Atomic and Universal, which will gain us exclusive access to a very large,
existing market if the negotiations are secured. Existing demand for drilling
services is sufficient to fully subsidize perhaps $1,500,000 in drilling
equipment that we would ultimately own, unencumbered. This would dramatically
reduce the costs of exploration and provide a revenue stream as needed via
contract drilling. To that end, discussions with the parties are underway
concerning equipment options and structuring of agreements.

5.**     Geology

Uranium mineralization, occurring throughout much of Gila County
  and hosted by the Precambrian-age Dripping Springs Quartzite Formation, is typically
  found within potassium rich siltstone and sandy siltstone. Stratabound mineralization,
  almost without exception, occurs within 1tens of feet of massive diabase sills
  underlying the quartzite. Ideas about the source of the uranium enriched fluids
  vary, however, it is clear that the intruding, younger diabase served to mobilize
  and concentrate mineralization within the quartzite along bedding planes and
  vertical fractures. Host rocks of typical uranium deposits are well indurated,
  brittle fractured and dark grey to black due to finely divided carbonaceous
  material and pyrite. Reducing conditions presented by sulfides and organic rich
  zones were favorable for precipitation of the mobilized uranium.

17

---

Geologic evaluation of the Wilson Creek Property has been
limited in scope. Exposures at creek level and in the adits have not been
observed, and thickness and lateral extent of mineralization has yet to be
studied. A Ludlum Model 31 'pancake probe' scintillometer was used to
systematically test two stockpiles of material exceeding several hundred tons,
and located near the head of the inclined tram on the north side of the
vertically walled creek canyon. Most material on the dumps is grey to black,
sulfide rich and marked by mostly strong oxides of hematite and
limonite/goethite. Some rocks observed in an ore stockpile appear to represent a
dense, black, organic rich shale.

Recent investigation of exposed outcrop was more extensive
several miles to the southwest in Cherry Creek Canyon. 1977 geologic mapping of
this area, included in the Westinghouse database, had identified a number of
pyretic, carbonaceous zones which apparently had been targeted for exploration
drilling. Evaluation of these zones revealed 40 to 60 thick sections of very
thin bedded to locally varied silty sandstone containing abundant fine black
organics and significant fine grained sulfides. In several areas, diabase can be
observed underlying the quartzite. Adjacent to these pyretic horizons, are broad
areas of bleaching and conspicuous solution fracture hematite and limonite
marking closely spaced bedding breaks and vertical fracture sets. Clear evidence
of ascending fluids along vertical fractures can be observed in a number of
areas.

Geologic units exposed at Wilson Creek consist of about 100
feet of extensively fractured and highly oxidized quartzite, exposed in vertical
bluffs from creek level to a break in slope where the quartzite is overlain by
several hundred feet of pale grey carbonate. Up section in the carbonate about
125 feet, a uniform, planar diabase sill 20 to 30 feet thick intrudes the
carbonate. Overlying the diabase, several 10's of feet thick and representing
surface outcrop as dissected local mesas is more carbonate. It is at these
carbonate/diabase contacts where numerous, widely scattered prospects expose
serpentinized material including veinets of fibrous chrysotile, local soapstone
and a variety of yellow-green waxy serpentine related minerals. Historic
asbestos exploration is fortuitous, as it led to development of a network of
roads that could be utilized to explore the Wilson Creek deposit.

Glossary of Technical Terms

Term
    DefinitionChrysotile
    a sub-group within the serpentine group of mineralsDiabase
    an igneous rock equivalent to volcanic basaltHematite
    the mineral form of Iron(III) oxide, one of several iron
      oxidesLimonite
    an ore consisting in a mixture of hydrated iron(III)
      oxide-hydroxide of varying compositionMesas
    a mesa (Spanish and Portuguese for "table") is an
      elevated area of land with a flat top and sides that are usually steep
      cliffsQuartzite
    a hard, metamorphic rock which was originally sandstoneScintillometer
    a scientific device used to measure small atmospheric
      optical disturbances called scintillationsSerpentine
    a group of common rock-forming hydrous magnesium iron
      phyllosilicate minerals


18

---

Future Acquisitions

In addition to our rights over the Wilson Creek Property, we
are currently finalizing the acquisition of over 1,200 claims in Utah. We have
performed due diligence on these properties and we are proceeding with their
acquisition. As holdings accumulate, exploration plans will be developed based
on a combination of radiometric surveys, outcrop mapping, and environmental
considerations.

Item 3. LEGAL PROCEEDINGS

We are not aware of any pending legal proceedings which involve
us or any of our properties or subsidiaries.

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

On June 18, 2007, our Board of Directors unanimously approved
  an amendment to the Articles of Incorporation to change our name to Wave Uranium
  Holding. The amendment was approved by holders of 5,000,000 of the 7,008,000
  shares (pre spilt), acting by consent action. On July 12, 2007 the Board of
  Directors unanimously approved an amendment to the Articles of Incorporation
  to increase the number of authorized shares of common stock from 75,000,000
  to 145,000,000 million and to authorize the issuance of five million shares
  of preferred stock. The amendment was approved by holders of 79% of the shares,
  acting by consent action. On July 31, 2007 our Board of Directors approved an
  amendment to our Articles of Incorporation to increase the number of authorized
  shares of common stock from 145,000,000 to 150,000,000. The amendment was approved
  by a majority of our shareholders, acting by consent action.

Item 5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND COMMON STOCK REPURCHASES

Market Information and Sales of Unregistered Securities.

There is a limited public market for our common shares. Our
common shares are quoted for trading on the FINRA regulated OTC Bulletin Board
under the symbol WAVU.

Our shares became eligible for trading on the OTC Bulletin
under our previous symbol IRLK.OB. On July 19, 2007, our symbol changed to
WAVU.OB, in line with our name change and change of business direction.

On November 8, 2007, our shares closed the days trading at
$1.79.

The following table shows the high and low prices of our common
shares on the FINRA regulated OTC Bulletin Board since we became eligible for
trading. The following quotations reflect inter-dealer prices, without retail
mark-up, mark-down or commission and may not necessarily represent actual
transactions:

Period
    High
    LowSeptember 12, 2007  November 8, 2007
    $1.80
    $0.51


As of November 8, 2007, there were 70,120,005 common shares
outstanding, held by approximately eight shareholders of record.

To date, we have not paid any cash dividends on our common shares
  and do not expect to declare or pay any cash dividends on our common shares
  in the foreseeable future. Payment of any cash dividends will depend upon future
  earnings, if any, our financial condition, and other factors as deemed relevant
  by our Board of Directors.

19

---

On July 31, 2007, we effected a 15 for 1 forward split of our
  common stock. This increased our issued and outstanding common shares to 145,120,005.

Recent Sales of Unregistered Securities

All sales of unregistered securities have been reported in our
prior filings.

During this final quarter, we issued 16,000,000 newly issued
shares on July 21, 2006 to seven individuals, comprising all of the shareholders
of Wave Uranium Holding. No underwriter was involved. The transaction was exempt
under section 4(2) and Regulation S of the Securities Act of 1933. All of the
purchasers were required to sign letters regarding their investment
qualifications.

Report of Offering of Securities and Use of Proceeds

We issued 30,120,000 common shares in a registered public
offering at $0.025 per share for proceeds of $50,200 ($40,000 net of offering
expenses). The registration statement was declared effective on December 12,
2006. The offering was completed in the quarter ended January 31, 2007. The net
proceeds of $40,000 were used $9,704 to repay a loan from an officer and
director, officer compensation (at a rate of $500 per month) and the remainder
was put towards our general and administrative expenses. In June 2007 a payment
of $12,087 was made to repay a loan that was outstanding

Company repurchases of common stock during the year ended
July 31, 2007.

We did not repurchase any common stock during the year ended
July 31, 2007.

Equity Compensation Plans

As of November 8, 2007 we have not adopted any equity
compensation plans.

Securities and Exchange Commission Rule 15g

Our shares are covered by Rule 15g of the Securities and
Exchange Act of 1934, as amended, which imposes additional sales practice
requirements on broker/dealers who sell such securities to persons other than
established customers and accredited investors (generally institutions with
assets in excess of $5,000,000 or individuals with net worth in excess of
$1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their
spouses). For transactions covered by the Rule, the broker/dealer must make a
special suitability determination for the purchase and have received the
purchasers written agreement to the transaction prior to the sale.
Consequently, the Rule may affect the ability of broker/dealers to sell our
securities and also may affect your ability to sell your shares in the secondary
market.

Section 15(g) of the Exchange Act also imposes additional sales
practice requirements on broker/dealers who sell penny securities. These rules
require a one-page summary of certain essential items. The items include the
risk of investing in penny stocks in both public offerings and secondary
marketing; terms important to in understanding of the function of the penny
stock market, such as bid and offer quotes, a dealers spread and
broker/dealer compensation; the broker/dealer compensation, the broker/dealers
duties to its customers, including the disclosures required by any other penny
stock disclosure rules; the customers

20

---

rights and remedies in causes of fraud in penny stock
transactions; and, the NASDs toll free telephone number and the central number
of the North American Administrators Association, for information on the
disciplinary history of broker/dealers and their associated persons.

Change of Control.

There have been no changes of control which have not been
disclosed in previous filings.

Item 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR
  PLAN OF OPERATIONS

We are a start-up stage corporation with limited operations and
no revenues from our business operations. Our auditors have issued a going
concern opinion. This means that our auditors believe there is substantial doubt
that we can continue as an on-going business for the next twelve months unless
we obtain additional capital. Our only source for cash at this time is
investments by others in our company. We must raise cash to implement our plan
of operation.

Results of Operations

Our results of operations are presented below:

For the year ended July 31, 2007 ($)
    For the year ended July 31, 2006 ($)
    Period from May 30, 2006 (inception) to
      July 31, 2007 ($)Costs and Expenses:General and Administrative
    62,648
      3,414
      66,062Depreciation
    -
    73
    73Bank Charges
    295
    61
    356Impairment of Goodwill
    266,667
    -
    266,667Loss of Discontinued Subsidiary
    6,572
    -
    6,572Net Loss
    310,032
    9,881
    319,913Loss per common share (basic and assuming dilution)
      (0)
      (0)
    -


Lack of Revenues

Since our inception on May 30, 2006 to July 31, 2007, we had
  not yet earned any revenues. As of July 31, 2007, we have incurred total liabilities
  including stockholders deficiency of $3,997. At this time, our ability to generate
  any significant revenues continues to be uncertain. The auditor's report on
  our July 31, 2007 financial statements contains an additional explanatory paragraph
  which identifies issues that raise substantial doubt about our ability to continue
  as a going concern. Our financial statements do not include any adjustment that
  might result from the outcome of this uncertainty.

21

---

Expenses

From May 30, 2006 (date of inception) to July 31, 2007, our total
  expenses were $334,608; our total expenses for the year ending July 31, 2007
  were $331,060 compared with $3,548 for the year ended July 31, 2006. The major
  components of our expenses consist of a) general and administrative expenses
  ($62,648 for the year ended July 31, 2007, compared to $3,548 for year ending
  July 31, 2006) b) impairment of goodwill ($266,667 for the year ended July 31,
  2007 compared to $nil for the year ending July 31, 2006) c) bank charges ($295
  for the year ending July 31, 2007, compared to $61 for the year ending July
  31, 2006) and d) depreciation ($nil for the year ending July 31, 2007, compared
  to $73 for the year ending July 31, 2006).

For the year ending July 31, 2007 our total operating expenses
  were $331,060 compared to $3,548 for the year ended July 31, 2006. The reason
  for the top heavy expenses in the most recently completed fiscal year is that
  we have changed our business focus from developing IPTV technology, to the acquisition
  of uranium properties that are either past producers, have been the subject
  of prior work programs and, or contain historic resources. In this way, we have
  incurred the majority of our operating expenses in the last few months as we
  have been concentrating our efforts on acquiring interests in mineral properties,
  whereas during the 2006 fiscal year (which is only two months – from inception
  on May 30, 2006 until July 31, 2006), we remained fairly inactive. During the
  most recent fiscal year we have also seen an increase in professional fees including
  accounting, legal and other consulting fees.

Our general and administrative expenses consisted of the
following: filing fees, bank charges and interest, professional fees (accounting
and legal), telephone and other associated office fees, management and
consulting fees (including investor relation fees), marketing, and mineral
property expenses.

Net Loss

For the year ended July 31, 2007 we incurred net loss of
$310,032, compared to a net loss of $9,881 for the year ending July 31, 2006.
From May 30, 2006 (date of inception) to July 31, 2007, we incurred an overall
net loss of $319,913. The loss was primarily due to increased legal fees,
consulting fees and general and administrative costs. We expect to continue to
incur losses for at least the next two years.

Plan of Operations

Our plan of operation for the next twelve months, beginning
August 2007, is to continue with the exploration of the Wilson Creek Property,
look to acquire other selective early stage properties, develop an exploration
database, research the development of an in-house drilling capability, and
review the water resource potential of our mineral property. A more detailed
description of our plan of operation is described above under the section
entitled Description of Property.

Our planned exploration expenditures for the next twelve months
on the Wilson Creek property, together with amounts we intend to spend
developing and commercializing secondary services such as the exploration
database, together with amounts we expect to spend on administrative costs are
summarized as follows:

22

---

Description of Expense
    AmountPayment towards acquisition of the Wilson Creek property
    $ 50,000 (1)Exploration of the Wilson Creek property
    $ 350,000Acquisition of land parcels, including acquisition of the
      Utah Claims (and ancillary development of Exploration Database)
    $ 750,000Development of 3 properties on a joint venture basis, and
      exploration of the Utah Claims
      $ 1,000,000Commence advanced stage exploration of 1 or 2 wholly owned
      land packages
      $ 6,000,000General and Administrative Expenses
    $ 200,000Total
    $ 8,350,000


(1) Under the terms of the Option Agreement, we are obliged to
pay $50,000 in cash, and issue 200,000 shares of our common stock to the vendors
by September 1, 2008.

The general and administrative expenses for the year will
consist primarily of professional fees for the audit and legal work relating to
our regulatory filings throughout the year, as well as transfer agent fees,
management fees, investor relations and general office expenses.

We had available cash in the amount of $3,997 and a working
capital of $1,954 as of July 31, 2007. Based on the planned expenditures of our
plan of operation over the next 12 months beginning August 2007, we require a
minimum of approximately $8,348,000 to proceed with our plan of operations. If
we achieve less than the full amount of financing that we require, we will scale
back our exploration programs on our mineral properties and will proceed with
scaled back exploration plans based on our available financial resources.

From the date of this annual report for at least the following
30 months, we anticipate that we will not generate any revenue. Accordingly, we
will be required to obtain additional financing in order to continue our plan of
operations. It may be difficult to secure debt financing on acceptable terms as
we do not have tangible assets to secure any debt financing. We anticipate that
additional funding will be in the form of equity financing from the sale of our
common stock. However, we do not have any financing arranged and we cannot
provide investors with any assurance that we will be able to raise sufficient
funding from the sale of our common stock to fund our exploration programs. In
the absence of such financing, we will not be able to continue exploration of
our mineral claims and we may be forced to abandon the Wilson Creek property and
our plan of operations.

Our exploration plans will be continually evaluated and
modified as exploration results become available. Modifications to our plans
will be based on many factors, including: results of exploration, assessment of
data, weather conditions, exploration costs, and the price of uranium and
available capital. Further, the extent of the exploration programs that we
undertake will be dependent upon the amount of financing available to us.

Liquidity and Capital Resources

As at July 31, 2007 we had cash in the amount of $3,997 and a
  working capital of $1,954. This is in contracts to our cash position at the
  same time last year, July 31, 2006 when we had $16,849 of cash in the bank.
  As at July 31, 2007 our total assets were $3,997 and our total liabilities were
  $2,043. Our net loss per share was $0.

Our net loss of $313,589 from inception on May 30, 2006 until
  July 31, 2007 was funded by a combination of equity and debt financing. From
  inception on May 30, 2006 until July 31, 2007 we have raised approximately $55,200
  from the sale of our common stock.

23

---

In terms of debt financing, we have been funded from the
proceeds of notes from shareholders or other lenders, as set out below.

- We borrowed $51,000 in July 2007 secured by all of our assets and a pledge
  of the shares of our control shareholder. The loan was due September 30, 2007
  and bears interest at a rate of 12%. We agreed to issue 51,000 shares of
  common stock in connection with the loan. Loan proceeds were used to obtain
  the option on the Wilson Creek Property and for general and administrative
  expenses. In October 2007 the lender agreed to extend the due date until
  October 31, 2007 and to loan an additional $100,000.
- We borrowed $300,000 from three lenders on September 25, 2007 to finalize
  acquisition of control from the former management. The loans are due on
  October 31, 2007 and bear interest at 8%. We borrowed an additional $90,000
  from one of these lenders on the same terms. We have also secured a commitment
  for $400,000 in loans. We expect to refinance these loans at the end of
  October or repay them from one or more equity placements, but we have no firm
  commitment for any capital financing.

For the year ending July 31, 2007 we used net cash of $61,848
  in continuing operating activities and spent net cash of $173 in investing activities.
  For the year ending July 31, 2007 we received net cash of $41,653 from financing
  activities. As at July 31, 2007 we had cash of $3,997 which will not cover our
  operating and investing activities for even one month according to our current
  burn rate.

This compares to our financial results for the year ended July
  31, 2006 when we had cash of $16,849 and a working capital deficit of $4,245.
  We had total assets of $21,094 as at July 31, 2006, including $214 in prepaid
  expenses, $3,581 in capital assets, and $450 as a security deposit. Our net
  loss of $9,881 for the year ending July 31, 2006 was funded by a combination
  of equity and debt financing.

We used net cash of $8,160 in operations for the year ended July
  31, 2006, and net cash of $nil in investing activities. We received net cash
  of $25,009 from financing activities for the year ended July 31, 2006.

We expect that our total expenses will increase over the next
year as we increase our business operations and seek additional mineral
interests. We have not been able to reach the break-even point since our
inception on May 30, 2006 and have had to rely on outside capital resources. We
do not anticipate making any revenues for the next year.

We anticipate that we will incur substantial losses over the
  next 30 months. We estimate that we will purchase another option to acquire
  100% interest in a property, and start exploration project on the Wilson Creek
  property over the next 12 months beginning August 2007. We estimate we will
  require $50,000 to maintain the rights to the Wilson Creek property, $350,000
  to explore and develop the Wilson Creek property and $7,750,000 to acquire rights
  to other mineral properties and explore and develop them. In addition, we need
  approximately $200,000 for our general and administrative expenses. Total cash
  requirements over the next 12 months are approximately $8,350,000, less whatever
  cash we have in the bank at that time.

24

---

We are currently conducing an offering to raise capital in
Canada pursuant to Regulation S of the Securities Act. It is likely that we will
not be able to raise the entire amount required initially, in which case our
development time will be extended until such full amount can be obtained. Even
if we are successful in obtaining the required funding, we probably will need to
raise additional funds at the end of 12 months.

We plan to raise capital through private placements, a direct
offering or related party loans. There is no assurance that any additional
financing will be available or if available, on terms that will be acceptable to
us. Obtaining additional financing will be subject to a number of factors
including market conditions, investor acceptance of our business plan, and
investor sentiment. These factors may make the timing, amount, terms and
conditions of additional financing unattractive or unavailable to us. If we are
unable to raise additional financing, we will have to significantly reduce our
spending, delay or cancel planned activities.

If we are unable to achieve the necessary additional financing,
then we plan to reduce the amounts that we spend on our exploration activities
and administrative expenses in order to be within the amount of capital
resources that are available to us. Specifically, we anticipate that we would
defer drilling programs pending our obtaining additional financing.

Product Research and Development

We do not anticipate spending any material amounts in
connection with product research and development activities during the next
twelve months.

Acquisition of Plant and Equipment and Other Assets

Apart from our interests in the Wilson Creek property and our
stated plan to acquire other mineral concessions or land parcels, as described
in our plan of operations above, we do not anticipate the sale or acquisition of
any material property, plant or equipment during the next twelve months. Any
acquisitions are subject to obtaining additional financing.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to stockholders.

Critical Accounting Policies

Our financial statements are impacted by the accounting
policies used and the estimates and assumptions made by management during their
preparation. A complete summary of these policies is included in the notes to
our consolidated financial statements. We have identified below the accounting
policies that are of particular importance in the presentation of our financial
position, results of operations and cash flows and which require the application
of significant judgment by management.

Net Income (Loss) per Common Share

We calculates net income (loss) per share as required by
Statement of Financial Accounting Standards ("SFAS") 128, "Earnings per Share."
Basic earnings (loss) per share is calculated by dividing net income (loss) by
the weighted average number of common shares

25

---

outstanding for the period. Diluted earnings (loss) per share
is calculated by dividing net income (loss) by the weighted average number of
common shares and dilutive common stock equivalents outstanding. During the
periods when they would be anti-dilutive, common stock equivalents, if any, are
not considered in the computation.

Cash and Cash Equivalents

We consider all highly liquid investments with an original
maturity of three months or less to be cash equivalents.

Property, Equipment and Depreciation

Our property and equipment are stated at cost. Depreciation is
calculated using the straight-line method over the estimated useful lives of the
assets of three to seven years.

Item 7.      FINANCIAL
STATEMENTS

Our audited financial statements as of July 31, 2007 follow,
  together with the Report of Independent Registered Public Accounting Firm thereon,
  are included in this report commencing on page F-1.

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

Not applicable.

Item 8A.    CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, we carried
  out an evaluation of the effectiveness of the design and operation of our disclosure
  controls and procedures as of July 31, 2007, being the date of our fiscal year
  end covered by this Annual Report. This evaluation was carried out under the
  supervision and with the participation of our Chief Executive Officer and Chief
  Financial Officer. Upon that evaluation, our Chief Executive Officer and Chief
  Financial Officer concluded that our disclosure controls and procedures are
  effective in timely alerting management to material information relating to
  us required to be included in our periodic SEC filings.

Disclosure controls and procedures are controls and other procedures
  that are designed to ensure that information required to be disclosed in our
  reports filed or submitted under the Exchange Act is recorded, processed, summarized
  and reported, within the time periods specified in the SEC's rules and forms.

During our fiscal year ended July 31, 2007, there were no changes
  in our internal control over financial reporting that have materially affected,
  or are reasonably likely to affect, our internal control over financial reporting.

The term "internal control over financial reporting" is defined
  as a process designed by, or under the supervision of, the registrant's principal
  executive and principal financial officers, or persons performing similar functions,
  and effected by the registrant's board of directors, management and other personnel,
  to provide reasonable assurance regarding the reliability of financial reporting
  and the preparation of financial statements for external purposes in accordance
  with generally accepted accounting principles and includes those policies and
  procedures that:

26

---





RONALD R. CHADWICK, P.C. 
  Certified Public Accountant 
  2851 South Parker Road, Suite 720 
  Aurora, Colorado 80014 
  Telephone (303)306-1967 
  Fax (303)306-1944



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors 
  Wave Uranium Holding 
  Las Vegas, Nevada

I have audited the accompanying consolidated balance sheets of
  Wave Uranium Holding (a development stage company), formerly Iron Link Ltd.,
  as of July 31, 2007 and 2006 and the related statements of operations, stockholders'
  equity and cash flows for the year ended July 31, 2007, the period from May
  30, 2006 (inception) through July 31, 2006, and for the period from May 30,
  2006 (inception) through July 31, 2007. These financial statements are the responsibility
  of the Company's management. My responsibility is to express an opinion on these
  financial statements based on my audit.

I conducted my audit in accordance with the standards of the
  Public Company Accounting Oversight Board (United States). Those standards require
  that I plan and perform the audit to obtain reasonable assurance about whether
  the financial statements are free of material misstatement. An audit includes
  examining, on a test basis, evidence supporting the amounts and disclosures
  in the financial statements. An audit also includes assessing the accounting
  principles used and significant estimates made by management, as well as evaluating
  the overall financial statement presentation. I believe that my audit provides
  a reasonable basis for my opinion.

In my opinion, the consolidated financial statements referred
  to above present fairly, in all material respects, the consolidated financial
  position of Wave Uranium Holding as of July 31, 2007 and 2006 and the related
  statements of operations, stockholders' equity and cash flows for the year ended
  July 31, 2007, the period from May 30, 2006 (inception) through July 31, 2006,
  and for the period from May 30, 2006 (inception) through July 31, 2007 in conformity
  with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been
  prepared assuming that the Company will continue as a going concern. As discussed
  in Note 5 to the financial statements the Company has suffered recurring losses
  from operations that raise substantial doubt about its ability to continue as
  a going concern. Management's plans in regard to these matters are also described
  in Note 5. The financial statements do not include any adjustments that might
  result from the outcome of this uncertainty.

|Aurora, Colorado | /s/ Ronald R. Chadwick, P.C.
|---------------- | ----------------------------
|October 29, 2007 | RONALD R. CHADWICK, P.C.    

F-1

---

WAVE URANIUM HOLDINGS 
  (A Development Stage Company) 
  CONSOLIDATED BALANCE SHEETS

|                                                 |   | July
      31, 2007 |   |   | July
      31, 2006 |  
|------------------------------------------------ | - | ------------------- | - | - | ------------------- | -
|                                                 |   |                     |   |   |                     |  
|ASSETS                                           |   |                     |   |   |                     |  
|Current Assets                                   |   |                     |   |   |                     |  
|Cash                                             | $ | 3,997               |   | $ | 16,849              |  
|Prepaid Consulting Fee                           |   | -                   |   |   | 214                 |  
|                                                 |   |                     |   |   |                     |  
|Total Current Assets                             |   | 3,997               |   |   | 17,063              |  
|                                                 |   |                     |   |   |                     |  
|Capital Assets                                   |   | -                   |   |   | 3,581               |  
|Security Deposit                                 |   | -                   |   |   | 450                 |  
|                                                 |   |                     |   |   |                     |  
|                                                 |   | -                   |   |   | 4031                |  
|Total Assets                                     | $ | 3,997               |   | $ | 21,094              |  
|                                                 |   |                     |   |   |                     |  
|                                                 |   |                     |   |   |                     |  
|LIABILITIES AND STOCKHOLDERS EQUITY              |   |                     |   |   |                     |  
|                                                 |   |                     |   |   |                     |  
|Current Liabilities                              |   |                     |   |   |                     |  
|Accounts Payable                                 | $ | 2,043               |   | $ | -                   |  
|Due to Related Parties                           |   |                     |   |   | 6,030               |  
|Notes Payable Related Parties                    |   |                     |   |   | 20,009              |  
|Total Current Liabilities                        |   | 2,043               |   |   | 26,039              |  
|                                                 |   |                     |   |   |                     |  
|Total Liabilities                                |   | 2,043               |   |   | 26,039              |  
|                                                 |   |                     |   |   |                     |  
|Stockholders Equity                              |   |                     |   |   |                     |  
|                                                 |   |                     |   |   |                     |  
|Common Stock .001 Par Value;                     |   |                     |   |   |                     |  
|150,000,000 authorized                           |   |                     |   |   |                     |  
|145,120,005 (2007) shares issued and outstanding |   | 145,120             |   |   | 75,000              |  
|75,000,000 (2006) shares issued and outstanding  |   |                     |   |   |                     |  
|Preferred Stock .001 Par Value                   |   |                     |   |   |                     |  
|5,000,000 authorized                             |   |                     |   |   |                     |  
|0 issued and outstanding                         |   |                     |   |   |                     |  
|                                                 |   |                     |   |   |                     |  
|Additional paid in capital                       |   | 176,747             |   |   | (70,000             | )
|Defitcit Accumlated during the development stage |   | (319,913            | ) |   | (9,881              | )
|Accumlated other comprehensive income(loss)      |   | -                   |   |   | (64                 | )
|Total Stockholders Equity                        |   | 1,954               |   |   | (4,945              | )
|                                                 |   |                     |   |   |                     |  
|Total Liabilities and Stockholders Equity        | $ | 3,997               |   | $ | 21,094              |  

See accompanying notes to the consolidated financial statements

F-2

---

WAVE URANIUM HOLDINGS 
  (A Development Stage Company)CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

|                                                        |   | Year       |   |   | 30-May-06           |   |   | 30-May-06           |  
|------------------------------------------------------- | - | ---------- | - | - | ------------------- | - | - | ------------------- | -
|                                                        |   | Ended      |   |   | (Inception) through |   |   | (Inception) through |  
|                                                        |   | 31-Jul-07  |   |   | 31-Jul-06           |   |   | 31-Jul-07           |  
|                                                        |   |            |   |   |                     |   |   |                     |  
|Revenue                                                 | $ | -          |   | $ | -                   |   | $ | -                   |  
|                                                        |   |            |   |   |                     |   |   |                     |  
|Expenses                                                |   |            |   |   |                     |   |   |                     |  
|General Selling and Adminstrative                       | $ | 62,648     |   | $ | 3,414               |   | $ | 66,062              |  
|Depreciation                                            |   | -          |   |   | 73                  |   |   | 73                  |  
|Bank Charges                                            |   | 295        |   |   | 61                  |   |   | 356                 |  
|Impairment of Goodwill                                  |   | 266,667    |   |   | -                   |   |   | 266,667             |  
|Other Expenses                                          |   | 1,450      |   |   | -                   |   |   | 1,450               |  
|                                                        |   | 331,060    |   |   | 3,548               |   |   | 334,608             |  
|                                                        |   |            |   |   |                     |   |   |                     |  
|Gain (Loss) on Operations                               |   | (331,060   | ) |   | (3,548              | ) |   | (334,608            | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Other Income (expense)                                  |   |            |   |   |                     |   |   |                     |  
|Interest Expense                                        |   | (953       | ) |   | (9                  | ) |   | (962                | )
|                                                        |   | (953       | ) |   | (9                  | ) |   | (962                | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Net Income (Loss) From Continuing Operations            |   | (332,013   | ) |   | (3,557              | ) |   | (335,570            | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Discontinued Operations: Gain (Loss) from               |   |            |   |   |                     |   |   |                     |  
|discontinued operations (including gain on disposal     |   |            |   |   |                     |   |   |                     |  
|in 2007 of $28,553)                                     |   | 21,981     |   |   | (6,324              | ) |   | 15,657              |  
|                                                        |   |            |   |   |                     |   |   |                     |  
|Net Income (Loss) before provision for income
      tax |   | (310,032   | ) |   | (9,881              | ) |   | (319,913            | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Provision for Income Tax                                |   | -          |   |   | -                   |   |   | -                   |  
|                                                        |   |            |   |   |                     |   |   |                     |  
|Net Income (Loss)                                       |   | (310,032   | ) |   | (9,881              | ) |   | (319,913            | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Other Comprehensive Income (Loss) - net
      of tax    |   |            |   |   |                     |   |   |                     |  
|Forein Currency Translation Gain (Loss)                 |   | -          |   |   | (64                 | ) |   | (64                 | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Comprehensive Income (Loss)                             | $ | (310,032   | ) | $ | (9,945              | ) | $ | (319,977            | )
|                                                        |   |            |   |   |                     |   |   |                     |  
|Net Income (Loss) per share                             |   |            |   |   |                     |   |   |                     |  
|Basic and Fully Diluted                                 | $ | 0.00       |   | $ | 0.00                |   |   |                     |  
|                                                        |   |            |   |   |                     |   |   |                     |  
|Weighted Average Number of Common Shares                |   | 95,766,175 |   |   | 105,120,000         |   |   |                     |  

See accompanying notes to the consolidated financial statements

F-3

---

Wave Uranium Holdings 
  (A Development Stage Company)CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

|                               |  |                  |  |   |         |  |   |             |   |   | Deficit    |   |   |               |   |   |          |  
|------------------------------ |  | ---------------- |  | - | ------- |  | - | ----------- | - | - | ---------- | - | - | ------------- | - | - | -------- | -
|                               |  |                  |  |   |         |  |   |             |   |   | Accum.     |   |   | Accum.        |   |   |          |  
|                               |  |                  |  |   |         |  |   |             |   |   | During the |   |   | Other         |   |   | Stock-   |  
|                               |  | Common Stock     |  |   | Paid In |  |   | Development |   |   | Compre.    |   |   | holders'      |  
|                               |  | Shares
      (1) |  |   | Amount  |  |   | Capital     |   |   | Stage      |   |   | Income/(Loss) |   |   | Equity   |  
|Balance at May 30, 2006        |  | -                |  | $ | -       |  | $ | -           |   | $ | -          |   | $ | -             |   | $ | -        |  
|Issuance of stock for cash     |  | 75,000,000       |  |   | 75,000  |  |   | (70,000     | ) |   |            |   |   |               |   |   | 5,000    |  
|Foreign currency Gain(Loss)    |  |                  |  |   |         |  |   |             |   |   |            |   |   | (64           | ) |   | (64      | )
|Net Gain (Loss) for the period |  |                  |  |   |         |  |   |             |   |   | (9,881     | ) |   |               |   |   | (9,881   | )
|Balance at July 31, 2006       |  | 75,000,000       |  | $ | 75,000  |  | $ | (70,000     | ) | $ | (9,881     | ) | $ | (64           | ) | $ | (4,945   | )
|Issuance of stock for cash     |  | 30,120,000       |  |   | 30,120  |  |   | 20,080      |   |   |            |   |   |               |   |   | 50,200   |  
|Issuance of shares for         |  |                  |  |   |         |  |   |             |   |   |            |   |   |               |   |   |          |  
|acquisition                    |  | 40,000,005       |  |   | 40,000  |  |   | 226,667     |   |   |            |   |   |               |   |   | 266,667  |  
|Discontinued Operations        |  |                  |  |   |         |  |   |             |   |   |            |   |   | 64            |   |   | 64       |  
|Net Gain (Loss) for the period |  |                  |  |   |         |  |   |             |   |   | (310,032   | ) |   |               |   |   | (310,032 | )
|Balance at July 31, 2007       |  | 145,120,005      |  | $ | 145,120 |  | $ | 176,747     |   | $ | (319,913   | ) | $ | -             |   | $ | 1,954    |  

(1) As restated for a 15 for 1 forward stock split on July 30,
  2007

See accompanying notes to the consolidated financial statements

F-4

---

Wave Uranium Holding 
  (A Development Stage Company) 
  CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                              |   | Year      |   |   | 30-May-06           |   |   | 30-May-06           |  
|--------------------------------------------- | - | --------- | - | - | ------------------- | - | - | ------------------- | -
|                                              |   | Ended     |   |   | (Inception) through |   |   | (Inception) through |  
|                                              |   | 31-Jul-07 |   |   | 31-Jul-06           |   |   | 31-Jul-07           |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Cash flow from operating Activity:            |   |           |   |   |                     |   |   |                     |  
|Operating activity from continuing operations |   |           |   |   |                     |   |   |                     |  
|Net Loss                                      | $ | (310,032  | ) | $ | (9,881              | ) | $ | (319,913            | )
|Less: Income from discontinued                |   |           |   |   |                     |   |   |                     |  
|Operations                                    |   | (21,981   | ) |   | 6,324               |   |   | (15,657             | )
|Net loss from continuing operations           |   | (332,013  | ) |   | (3,557              | ) |   | (335,570            | )
|                                              |   |           |   |   |                     |   |   |                     |  
|Adustments:                                   |   |           |   |   |                     |   |   |                     |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Impairment of goodwill                        |   | 266,667   |   |   | -                   |   |   | 266,667             |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Changes in assets & liabilities from          |   |           |   |   |                     |   |   |                     |  
|continuing operations                         |   |           |   |   |                     |   |   |                     |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Prepaids                                      |   | 214       |   |   | (214                | ) |   | -                   |  
|Security Deposit                              |   | 450       |   |   | (450                | ) |   | -                   |  
|Accounts Payable                              |   | 2,043     |   |   | -                   |   |   | 2,043               |  
|Due Related Parties                           |   | 791       |   |   | 1,337               |   |   | 2,128               |  
|Cash flow from operating activities           |   |           |   |   |                     |   |   |                     |  
|by continuing operations                      |   | (61,848   | ) |   | (2,884              | ) |   | (64,732             | )
|                                              |   |           |   |   |                     |   |   |                     |  
|Cash Flow from investing activities           |   |           |   |   |                     |   |   |                     |  
|Purchase of fixed assets                      |   | (173      | ) |   | -                   |   |   | (173                | )
|                                              |   |           |   |   |                     |   |   | -                   |  
|Cash Flow from investing activities           |   | (173      | ) |   | -                   |   |   | (173                | )
|                                              |   |           |   |   |                     |   |   |                     |  
|Cash Flow from Financing activities           |   |           |   |   |                     |   |   |                     |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Issue(Repay) Notes Payable                    |   | (8,547    | ) |   | 20,009              |   |   | 11,462              |  
|Issue of stock                                |   | 50,200    |   |   | 5,000               |   |   | 55,200              |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Cash Flow from financing activities           |   | 41,653    |   |   | 25,009              |   |   | 66,662              |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Net cash used in continuing operations        |   | (20,368   | ) |   | 22,125              |   |   | 1,757               |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Cash Flow from discontinued operations        |   | 7,516     |   |   | (5,276              | ) |   | 2,240               |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Net change in cash                            |   | (12,872   | ) |   | 16,849              |   |   | 3,977               |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Beginning cash                                |   | 16,849    |   |   | -                   |   |   | -                   |  
|                                              |   |           |   |   |                     |   |   |                     |  
|Ending cash                                   | $ | 3,977     |   | $ | 16,849              |   | $ | 3,977               |  

Schedule of Non-Cash Investing and Financing Activities

In 2007 the Company issued 40,000,005 shares for all the shares
  in a private corporation valued at $266,667.

|Supplemental Disclosures |   |     |  |  |     |  |  |   | 
|------------------------ | - | --- |  |  | --- |  |  | - | 
|Cash Paid For:           |   |     |  |  |     |  |  |   | 
|Interest                 | $ | - $ |  |  | - $ |  |  | - | 
|Income Taxes             | $ | - $ |  |  | - $ |  |  | - | 

See accompanying notes to the consolidated financial statements

F-5

---

WAVE URANIUM HOLDINGS
  (A Development Stage Company) 
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
  JULY 31, 2007 AND 2006

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

The overarching objectives of Wave Uranium Holdings (Wave,
  the Company) are to acquire land positions in areas of significant
  uranium resource potential by a systematic and rational screening process, then
  explore and develop those properties to produce uranium ore. Wave recognizes
  two key components to a productive exploration program, 1) geologic models that
  can be tested by drilling and developed into predictive tools, and 2) effective
  database management. Geologic models (of sandstone-type deposits, for example)
  involve a combination of sedimentology of the host rock, mineralogic indicators
  of alteration history, paleohydrologic constraints, and much more. These models,
  or guiding concepts, must be grounded in actual data and fact, requiring effective
  feedback from an appropriately structured information management system if they
  are to be applied on a regional basis. Sound decisions on land acquisitions,
  disposition of held properties, and subsurface targeting are fundamentally dependent
  on the vision of the exploration geologist and his/her ability to process essential
  information that can be massive in scope and content. Wave seeks to minimize
  the financial burden of land acquisitions from external parties, choosing instead
  to develop exploration plays in-house.

Development Stage Company

The Company is in the development
  stage and has not yet realized any revenues from its planned operations. The
  Company's business plan is to evaluate structure and complete a merger with,
  or acquisition of, prospects consisting of private companies, partnerships or
  sole proprietorships.

Based upon the Company's business
  plan, it is a development stage enterprise. Accordingly, the Company presents
  its financial statements in conformity with the accounting principles generally
  accepted in the United States of America that apply in establishing operating
  enterprises. As a development stage enterprise, the Company discloses the deficit
  accumulated during the development stage and the cumulative statements of operations
  and cash flows from inception to the current balance sheet date.

Consolidation

The consolidated financial statements include the accounts of
  the Company and its wholly owned subsidiaries. All intercompany accounts and
  balances have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original
  maturity of three months or less to be cash equivalents.

Property, Equipment and Depreciation

Property and equipment are stated at cost. Depreciation is calculated
  using the straight-line method over the estimated useful lives of the assets
  of three to seven years.

Net Income (Loss) per Common Share

The Company calculates net income (loss) per share as required
  by Statement of Financial Accounting Standards ("SFAS") 128, "Earnings per Share."
  Basic earnings (loss) per share is calculated by dividing net income (loss)
  by the weighted average number of common shares outstanding for the period.
  Diluted earnings (loss) per share is calculated by dividing net income (loss)
  by the weighted average number of common shares and dilutive common stock equivalents
  outstanding. During the periods when they would be anti-dilutive, common stock
  equivalents, if any, are not considered in the computation.

F-6

---

Fair Value of Financial Instruments

SFAS 107, "Disclosures About Fair Value of Financial Instruments,"
  requires disclosure of fair value information about financial instruments. Fair
  value estimates discussed herein are based upon certain market assumptions and
  pertinent information available to management as of December 31, 2006.

The respective carrying value of certain on-balance-sheet financial
  instruments approximate their fair values. These financial instruments include
  cash, restricted cash, trade accounts receivables, accounts payable, accrued
  expenses, notes payable and due to investors. Fair values were assumed to approximate
  carrying values for these financial instruments since they are short term in
  nature and their carrying amounts approximate fair value or they are receivable
  or payable on demand. The carrying value of the Company's long-term debt, notes
  payable and due to investors approximates fair values of similar debt instruments.

Use of Estimates

The preparation of financial statements in conformity with accounting
  principles generally accepted in the United States of America requires management
  to make estimates and assumptions that affect the amounts reported in the financial
  statements and accompanying notes. Actual results could differ from those estimates.

Note 2: Stock-Based Compensation

The Company accounts for equity instruments issued to employees
  for services based on the fair value of the equity instruments issued and accounts
  for equity instruments issued to other than employees based on the fair value
  of the consideration received or the fair value of the equity instruments, whichever
  is more reliably measurable. The Company accounts for stock based compensation
  in accordance with SFAS 123, "Accounting for Stock-Based Compensation." The
  provisions of SFAS 123 allow companies to either expense the estimated fair
  value of stock options or to continue to follow the intrinsic value method set
  forth in Accounting Principles Board Opinion 25, "Accounting for Stock Issued
  to Employees" ("APB 25") but disclose the pro forma effects on net income (loss)
  had the fair value of the options been expensed.

In December 2004, the FASB issued SFAS 123 (revised 2004) Share-Based
  Payment. This Statement requires that the cost resulting from all share-based
  transactions be recorded in the financial statements. The Statement establishes
  fair value as the measurement objective in accounting for share-based payment
  arrangements and requires all entities to apply a fair-value-based measurement
  in accounting for share-based payment transactions with employees. The Statement
  also establishes fair value as the measurement objective for transactions in
  which an entity acquires goods or services from non-employees in share-based
  payment transactions. The Statement replaces SFAS 123 Accounting for Stock-Based
  Compensation and supersedes APB Opinion No. 25 Accounting for Stock
  Issued to Employees. The provisions of this Statement were effective for
  the Company beginning with its fiscal year ended December 31, 2006. Stock-based
  awards to non-employees are accounted for whichever is more reliably measurable
  in accordance with the provisions of the FASB issued SFAS 123 (revised 2004)
  Share-Based Payment and Emerging Issues Task Force (EITF)
  Issue No. 96-18, Accounting for Equity Instruments That Are Issued to Other
  Than Employees for Acquiring, or in Conjunction with Selling, Goods and Services.

F-7

---

Note 3: Discontinued Business

Statement of Operations

|                                        |   | 2007   |   |   | 2006   |  
|--------------------------------------- | - | ------ | - | - | ------ | -
|Revenue for Iron Link TV                | $ | 0      |   | $ | 0      |  
|Expenses                                |   |        |   |   |        |  
|General SGA                             | $ | 5,601  |   | $ | 6,361  |  
|Depreciation Expense                    |   | 723    |   |   | 0      |  
|                                        |   | 6,324  |   |   | 6,361  |  
|Gain/(Loss) on operation                | $ | (6,324 | ) | $ | (6,361 | )
|Net Income (Loss)                       | $ | (6,324 | ) | $ | (6,361 | )
|Foreign Currency Adjustment Gain/(Loss) |   | (312   | ) |   | 52     |  
|Comprehensive Income/(Loss)             | $ | (6,636 | ) | $ | (6,309 | )

Balance Sheet

|ASSETS                                    |   |         |   |   |        |  
|----------------------------------------- | - | ------- | - | - | ------ | -
|Current Assets                            |   |         |   |   |        |  
|Cash                                      | $ | 215     |   | $ | 1,697  |  
|                                          |   |         |   |   |        |  
|Total Current Assets                      |   | 215     |   |   | 1,697  |  
|                                          |   |         |   |   |        |  
|Capital Assets                            |   | 3,754   |   |   | 3,581  |  
|                                          |   |         |   |   |        |  
|Total Assets                              | $ | 3,969   |   | $ | 5,278  |  
|                                          |   |         |   |   |        |  
|LIABILITIES AND STOCKHOLDERS EQUITY       |   |         |   |   |        |  
|Current Liabilities                       |   |         |   |   |        |  
|Due Related Parties                       | $ | 6,435   |   | $ | 4,693  |  
|Due To/From Subsidiary                    |   | 10,457  |   |   | 6,884  |  
|Total Liabilities                         |   | 16,892  |   |   | 11,577 |  
|                                          |   |         |   |   |        |  
|Common Stock                              |   | 10      |   |   | 10     |  
|Current Earnings                          |   | (12,933 | ) |   | (6,309 | )
|Total Stockholders Equity                 |   | (12,923 | ) |   | (6,299 | )
|                                          |   |         |   |   |        |  
|                                          |   |         |   |   |        |  
|Total Liabilities and Stockholders Equity | $ | 3,969   |   | $ | 5,278  |  

On June 19th, 2007 the Company discontinued operations
  in Iron Link TV. The Iron Link TV subsidiary had total assets of $3,969 and
  a historical operating loss of $12,685.

F-8

---

The results of operations for Iron Link TV were reported within
  the discontinued operations (Gain on Sale of Subsidiary) in he accompanying
  statement of operations.

Iron Link TV was a separate operating segment.

Forward Stock Split

On July 30th, 2007 the Companys board of
  directors authorized a 15 for 1 forward stock split.

The total authorized shares was increased to 150,000,000 and
  the authorized preferred stock was increased to 5,000,000. The financial statements
  were cast with the forward stock split included.

All references to the number of shares and per share amounts
  in the financial statements are presented on a post- split basis.

Reclassifications

Certain items previously reported in the prior year have been
  reclassified to conform to current year presentation.

Note 4: New Pronouncements

SFAS 155 - "Accounting for Certain Hybrid Financial Instruments--an
  amendment of FASB Statements No. 133 and 140" This Statement, issued in February
  2006, amends FASB Statements No. 133, "Accounting for Derivative Instruments
  and Hedging Activities", and No. 140, "Accounting for Transfers and Servicing
  of Financial Assets and Extinguishments of Liabilities". This Statement resolves
  issues addressed in Statement 133 Implementation Issue No. D1, "Application
  of Statement 133 to Beneficial Interests in Securitized Financial Assets."

This Statement:

a. Permits fair value remeasurement for any hybrid financial
  instrument that contains an embedded derivative that otherwise would require
  bifurcation

b. Clarifies which interest-only strips and principal-only
  strips are not subject to the requirements of Statement 133

c. Establishes a requirement to evaluate interests in securitized
  financial assets to identify interests that are freestanding derivatives or
  that are hybrid financial instruments that contain an embedded derivative requiring
  bifurcation

d. Clarifies that concentrations of credit risk in the form
  of subordination are not embedded derivatives

e. Amends Statement 140 to eliminate the prohibition on a
  qualifying special-purpose entity from holding a derivative financial instrument
  that pertains to a beneficial interest other than another derivative financial
  instrument.

This Statement is effective for the Company for all financial
  instruments acquired or issued after the beginning of our fiscal year beginning
  January 1, 2007.

The fair value election provided for in paragraph 4(c) of
  this Statement may also be applied upon adoption of this Statement for hybrid
  financial instruments that had been bifurcated under paragraph 12 of Statement
  133 prior to the adoption of this Statement. Earlier adoption is permitted as
  of the beginning of our fiscal year, provided we have not yet issued financial
  statements, including financial statements for any interim period, for that
  fiscal year. Provisions of this Statement may be applied to instruments that
  we hold at the date of adoption on an instrument-by-instrument basis.

The Company is currently reviewing the effects of adoption
  of this statement but it is not expected to have a material impact on our financial
  statements.

SFAS 156 - "Accounting for Servicing of Financial Assets--an
  amendment of FASB Statement No. 140"

F-9

---

This Statement, issued in March 2006, amends FASB Statement No.
  140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments
  of Liabilities", with respect to the accounting for separately recognized servicing
  assets and servicing liabilities. This Statement:

1. Requires an entity to recognize
  a servicing asset or servicing liability each time it undertakes an obligation
  to service a financial asset by entering into a servicing contract in certain
  situations.

2. Requires all separately recognized
  servicing assets and servicing liabilities to be initially measured at fair
  value, if practicable.

3. Permits an entity to choose
  either the amortization method or the fair value measurement method for each
  class of separately recognized servicing assets and servicing liabilities.

4. At its initial adoption, permits
  a one-time reclassification of available-for-sale securities to trading securities
  by entities with recognized servicing rights, without calling into question
  the treatment of other available-for-sale securities under Statement 115, provided
  that the available-for-sale securities are identified in some manner as offsetting
  the entity's exposure to changes in fair value of servicing assets or servicing
  liabilities that a servicer elects to subsequently measure at fair value.

5. Requires separate presentation
  of servicing assets and servicing liabilities subsequently measured at fair
  value in the statement of financial position and additional disclosures for
  all separately recognized servicing assets and servicing liabilities.

Adoption of this Statement is required as of the beginning of
  the first fiscal year that begins after September 15, 2006. The adoption of
  this statement is not expected to have a material impact on our financial statements.

In September 2006, the FASB issued Statement No. 157, "Fair Value
  Measurements". This Statement defines fair value, establishes a framework for
  measuring fair value in generally accepted accounting principles and expands
  disclosure about fair value measurement. The implementation of this guidance
  is not expected to have any impact on the Company's financial statements.

In September 2006, the Financial Accounting Standards Board issued
  Statement of Financial Accounting Standards No. 158, "Employers' Accounting
  for Defined Benefit Pension and Other Postretirement Plans, an amendment of
  FASB Statements No. 87, 106, and 132(R)" ("SFAS No. 158"). SFAS No. 158 requires
  companies to recognize a net liability or asset and an offsetting adjustment
  to accumulated other comprehensive income to report the funded status of defined
  benefit pension and other postretirement benefit plans. SFAS No. 158 requires
  prospective application, recognition and disclosure requirements effective for
  the Company's fiscal year ending December 31, 2007. Additionally, SFAS No. 158
  requires companies to measure plan assets and obligations at their year-end
  balance sheet date. This requirement is effective for the Company's fiscal year
  ending December 31, 2009. The Company does not expect that it will have a material
  impact on its financial statements.

SFAS 159 - The Fair Value Option for Financial Assets and
  Financial LiabilitiesIncluding an amendment of FASB Statement No. 115

In February 2007, the FASB issuedFinancial Accounting
  Standard No. 159 'The Fair Value Option for Financial Assets and Financial
  LiabilitiesIncluding an amendment of FASB Statement No. 115' or SFAS
  159. This Statement permits entities to choose to measure many financial instruments
  and certain other items at fair value. Most of the provisions of this Statement
  apply only to entities that elect the fair value option.

The following are eligible items for
  the measurement option established by this Statement:

1. Recognized financial assets and financial liabilities except:

| | a. | An investment in a subsidiary that the entity is required
        to consolidate                       
| | -- | -------------------------------------------------------------------------------------------------------
| |    |                                                                                                        
| | b. | An interest in a variable interest entity that the entity
        is required to consolidate           
| |    |                                                                                                        
| | c. | Employers and plans obligations (or assets
        representing net overfunded positions) for pension

F-10

---

| |    | benefits, other postretirement benefits (including health
        care and life insurance benefits), post employment benefits, employee
        stock option and stock purchase plans, and other forms of deferred compensation
        arrangements.                     
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                           
| | d. | Financial assets and financial liabilities recognized
        under leases as defined in FASB Statement No. 13, 'Accounting for Leases.'                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                           
| | e. | Deposit liabilities, withdrawable on demand, of banks,
        savings and loan associations, credit unions, and other similar depository
        institutions                                                                                                            
| |    |                                                                                                                                                                                                                                                                           
| | f. | Financial instruments that are, in whole or in part,
        classified by the issuer as a component of shareholders equity (including
        temporary equity). An example is a convertible debt security
        with a noncontingent beneficial conversion feature.

2. Firm commitments that would otherwise not be recognized at
  inception and that involve only financial instruments

3. Nonfinancial insurance contracts and warranties that the insurer
  can settle by paying a third party to provide those goods or services

4. Host financial instruments resulting from separation of an
  embedded nonfinancial derivative instrument from a nonfinancial hybrid instrument.

The fair value option:

1. May be applied instrument by instrument, with a few exceptions,
  such as investments otherwise accounted for by the equity method

2. Is irrevocable (unless a new election date occurs)

3. Is applied only to entire instruments and not to portions
  of instruments.

The Statement is effective as of the beginning of an entitys
  first fiscal year that begins after November 15, 2007. Early adoption is permitted
  as of the beginning of a fiscal year that begins on or before November 15, 2007,
  provided the entity also elects to apply the provisions of FASB Statement No.
  157, 'Fair Value Measurements'. We have not yet determined what effect,
  if any, adoption of this Statement will have on our financial position or results
  of operations.

In September 2006, the United States Securities and Exchange
  Commission ("SEC") SAB No. 108, "Considering the Effects of Prior Year Misstatements
  when Quantifying Misstatements in Current Year Financial Statements." This SAB
  provides guidance on the consideration of the effects of prior year misstatements
  in quantifying current year misstatements for the purpose of a materiality assessment.
  SAB 108 establishes an approach that requires quantification of financial statement
  errors based on the effects of each of the company's balance sheet and statement
  of operations financial statements and the related financial statement disclosures.
  The SAB permits existing public companies to record the cumulative effect of
  initially applying this approach in the first year ending after November 15,
  2006 by recording the necessary correcting adjustments to the carrying values
  of assets and liabilities as of the beginning of that year with the offsetting
  adjustment recorded to the opening balance of retained earnings. Additionally,
  the use of the cumulative effect transition method requires detailed disclosure
  of the nature and amount of each individual error being corrected through the
  cumulative adjustment and how and when it arose. The Company is currently evaluating
  the impact, if any, that SAB 108 may have on the Company's results of operations
  or financial position.

In July 2006, the FASB issued FASB Interpretation No. 48, "Accounting
  for Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109."
  This Interpretation prescribes a recognition threshold and measurement attribute
  for the financial statement recognition and measurement of a tax position taken
  or expected to be taken in a tax return. This Interpretation also provides guidance
  on derecognition, classification, interest and penalties, accounting in interim
  periods, disclosure, and transition. The Interpretation is effective for fiscal
  years beginning

F-11

---

after December 15, 2006 and the Company is currently evaluating
  the impact, if any, that FASB No. 48 may have on the Company's results of operations
  or financial position.

EITF 00-19-2, "Accounting for Registration Payment Arrangements".

In December 2006, the FASB issued Staff Position FSP EITF 00-19-2,
  "Accounting for Registration Payment Arrangements". This statement is effective
  for existing registration payment arrangements as of January 1, 2007, with earlier
  application permitted in previously-unissued financial statements. As discussed
  in Note 9 and as permitted by the FSP, we adopted the provisions of this FSP
  in our fourth quarter of 2006, resulting in reclassification of certain of our
  outstanding warrants from derivative instrument liabilities to equity.

Note 5: BASIS OF REPORTING

The Company's financial statements are presented on a going concern
  basis, which contemplates the realization of assets and satisfaction of liabilities
  in the normal course of business.

The Company has experienced a significant loss from operations
  as a result of its investment necessary to achieve its operating plan, which
  is long-range in nature. For the year ended July 31, 2007, the Company incurred
  losses of $310,032 and for the year ended July 31, 2006 the Company incurred
  losses of $9,881.

The Company's ability to continue as a going concern is contingent
  upon its ability to attain profitable operations and secure financing. In addition,
  the Company's ability to continue as a going concern must be considered in light
  of the problems, expenses and complications frequently encountered by entrance
  into established markets and the competitive environment in which the Company
  operates.

The Company is pursuing equity financing for its operations.
  Failure to secure such financing or to raise additional capital or borrow additional
  funds may result in the Company depleting its available funds and not being
  able pay its obligations.

The financial statements do not include any adjustments to reflect
  the possible future effects on the recoverability and classification of assets
  or the amounts and classification of liabilities that may result from the possible
  inability of the Company to continue as a going concern.

Note 6: STOCKHOLDERS' DEFICIT

Common Stock

At July 31, 2007, the Company's $.001 par value common stock
  authorized was 150,000,000 shares with 145,120,005 shares issued and outstanding
  and the Company's $.001 par value preferred stock authorized was 5,000,000 shares.

During the twelve months ended July 31, 2007, the Company issued
  a total of 70,120,005 (post split) shares of common stock.

On June 18, 2007, pursuant to an
  Agreement and Plan of Reorganization dated June 18, 2007, the Registrant acquired
  all of the capital stock of Wave Uranium, a Nevada corporation, in exchange
  for 40,000,005 newly issued shares of common stock. As a result of the acquisition,
  there are now 145,120,005 shares of common stock outstanding.

As of June 20, 2007, the Registrant
  sold its Iron Link Ltd. subsidiary to its former President, Alexandre Routkovski,
  for cash of $14,000 and payment of $12,088 owed to a related party. The Registrant
  agreed not to enter the IPTV business in the province of British Columbia for
  a period of five years after the date of the Sale Agreement.

F-12

---

Note 7: INCOME TAXES

The Company accounts for income taxes under SFAS 109, which requires
  use of the liability method. SFAS 109 provides that deferred tax assets and
  liabilities are recorded based on the differences between the tax bases of assets
  and liabilities and their carrying amounts for financial reporting purposes,
  referred to as temporary differences. Deferred tax assets and liabilities at
  the end of each period are determined using the currently enacted tax rates
  applied to taxable income in the periods in which the deferred tax assets and
  liabilities are expected to be settled, or realized.

The provision for income taxes differs from the amount computed
  by applying the statutory federal income tax rate to income before provision
  for income taxes. The sources and tax effects of the differences are as follows:

|Income tax provision at the federal statutory
      rate |  | 34%  |  
|-------------------------------------------------------- |  | ---- | -
|Effect of operating losses                               |  | (34% | )
|                                                         |  |     |  

As of July 31, 2007 the Company has a net operating loss carry
  forward of approximately $319,977 subject to any restrictions because of prior
  changes in ownership. The Company offset the deferred tax benefit with a 100%
  valuation allowance.

Note 8: COMMITMENTS AND CONTINGENCIES

During the periods covered by these financial statements the
  Company issued shares of common stock without registration under the Securities
  Act of 1933. Although the Company believes that the sales did not involve a
  public offering of its securities and that the Company did comply with the "safe
  harbor" exemptions from registration, provided required information and acquired
  necessary subscription agreements, it could be liable for rescission of the
  sales or other actions, including SEC enforcement actions, if such exemptions
  were found not to apply or other violations occurred. This could have a material
  negative impact on the Company's financial position and results of operations.

During the periods covered by these financial statements the
  Company entered into some employment, consulting and other agreements with third
  parties. Although the Company obtained settlement releases from a majority of
  the parties, settlement releases were not entered into with some of these parties
  or the settlement releases were verbal agreements. Future contingencies which
  cannot be estimated by management, may exists for the above matters including
  but not limited to issuance of capital stock and other financial obligations
  and may have a material negative impact on the Company's financial position
  and results of operations.

At July 31, 2007 the Company had entered into an executive employment
  contract for one year, renewable each year, (it was renewed At June 18, 2006).
  Through July 2007 with two officers for annual compensation of approximately
  $84,000.

Note 9: SUBSEQUENT EVENTS

A shareholder in the first quarter of fiscal year 2008 has caused
  75,000,000 shares, or all of the shares he purchased from the former control
  persons to be returned to the Company.

F-13

---

(1)
    Pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect the transactions and dispositions of
      the assets of the registrant;(2)
    Provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with generally accepted accounting principles, and that
      receipts and expenditures of the registrant are being made only in
      accordance with authorizations of management and directors of the
      registrant; and(3)
    Provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of the
      registrant's assets that could have a material effect on the financial
      statements.


Item 8B.    OTHER INFORMATION

On September 20, 2007 we acquired an option to purchase from
  Handley Minerals, Inc., a 100% undivided interest in the Wilson Creek mineral
  claim which consists of ten claims situated in the country of Gila in the State
  of Arizona. We are also in the process of acquiring more than 1,200 claims in
  Utah for costs to us of approximately $330,000. As a result of our acquisition
  activities we are no longer a shell company as defined in Rule 12b-2 of the
  Exchange Act. The information contained in this annual report on Form 10-KSB
  satisfies our requirement to file a report on Form 8-K pursuant to Item 5.06
  (Change in Shell Company Status).

On July 30, 2007 our Board of Directors approved an amendment
  to our Articles of Incorporation to be effective July 31, 2007 to increase the
  number of authorized shares of common stock from 145,000,000 to 150,000,000.
  The amendment was approved by a majority of the shareholders, acting by consent
  action.

PART III

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

Our bylaws allow the number of directors to be fixed by the
Board of Directors. Presently there is only one director.

Our current directors and officers are as follows:

|Name                   | Age | Position                                          
|---------------------- | --- | --------------------------------------------------
|                       |     |                                                   
|Cady Johnson           | 56  | Director,
      President, Chief Executive Officer
|                       |     |                                                   
|Christopher J. LeClerc | 33  | Chief Financial
      Officer                     

Cady Johnson, our sole director will serve as a director until
our next shareholder meeting or until a successor is elected who accepts the
position. Officers hold their positions at the will of the Board of Directors.
There are no arrangements, agreements or understandings between non-management
shareholders and management under which non-management shareholders may directly
or indirectly participate in or influence the management of our affairs.

Dr. Cady Johnson, Director, President and Chief Executive
Officer

Cady L. Johnson has been a director and our Chief Executive
Officer and President since June 18, 2007. Since 2003 Dr. Johnson has been, and
continues to be, Principal of GeoLogic VR. From 1998 to 2003 he was a pilot for
Petroleum Helicopters. In 1997 he was

27

---

a pilot for Papillon Grand Canyon Helicopters. Dr. Johnson was
Senior Project Hydrogeologist for Woodward-Clyde Federal Services from 1991 to
1997. From 1990 to 1991 he was Pilot/Mechanic for Helicopter Services of Nevada,
and Associate/Hydrogeologist for Mifflin & Associates from 1986 to 1989. He
was Assistant Research Professor at the Desert Research Institute from 1985 to
1986, Senior Hydrogeologist/Geochemist for Coffey & Partners Pty. Ltd. in
1984, a staff consultant for Intera Environmental Consultants in 1983, and a
Geologist and Research Geoscientist for Bendix Field Engineering Corp. from 1979
to 1982. Dr. Johnson received a bachelors degree in Geology from Oregon State
University in 1976 and a Ph.D. in Geology, Hydrology/Hydrogeology from the
University of Nevada, Reno. Dr. Johnson is an experienced professional pilot,
rotary wing flight instructor and licensed airframe and powerplant mechanic. He
is a certified infrared thermographer and certified nuclear testing equipment
operator.

Christopher J. LeClerc, Chief Financial Officer

Christopher J. LeClerc, 33, was appointed our Chief Financial
Officer on June 18, 2007. He has also been the President, Chief Financial
Officer and Director of Liska Biometry, Inc. since June 2006. Prior to his
employment with Liska biometry, Mr. LeClerc was employed by Andover Brokerage
LLC (commencing May 2001), where he was responsible for a 12-member proprietary
trading desk specializing in a wide range of investment strategies. Mr. LeClerc
also worked at Mercer Partners L.P. (commencing February 1999). Mercer Partners
L.P. is a New York-based investment bank and securities underwriter. Mr. LeClerc
was a Director of Business Development and Head of OTC trading at Mercer
Partners L.P. Previously, he has served as financial consultant and equities
trader for Merrill Lynch, M.H. Meyerson and ETG LLC.

Other than as disclosed above, our directors and officers do
not currently serve on the board of other public companies.

Family Relationships

There are no family relationships among our officers or
directors.

No Legal Proceedings

None of our directors, executive officers, promoters or control
persons has been involved in any of the following events during the past five
years:

- any bankruptcy petition filed by or against any business of which such
  person was a general partner or executive officer either at the time of the
  bankruptcy or within two years prior to that time;
- any conviction in a criminal proceeding or being subject to a pending
  criminal proceeding (excluding traffic violations and other minor offenses);
- being subject to any order, judgment, or decree, not subsequently
  reversed, suspended or vacated, of any court of competent jurisdiction,
  permanently or temporarily enjoining, barring, suspending or otherwise
  limiting his involvement in any type of business, securities or banking
  activities; or
- being found by a court of competent jurisdiction (in a civil action), the
  Commission or the Commodity Futures Trading Commission to have violated a
  federal or state securities or commodities law, and the judgment has not been
  reversed, suspended, or vacated.

28

---

Code of Ethics

We have not yet adopted a written code of ethics, although we
aim to adopt one within the next 12 months.

Audit Committee

The functions of the Audit Committee are currently carried out
by our Board of Directors. Our Board of Directors has determined that we do not
presently need an audit committee financial expert on our Board of Directors
carrying out the duties of the Audit Committee. Our Board of Directors has
determined that the cost of hiring a financial expert to act as a director of us
and to be a member of the Audit Committee or otherwise perform Audit Committee
functions outweighs the benefits of having a financial expert on the Audit
Committee.

Director Nominees

We do not have a nominating committee. The Board of Directors,
sitting as a Board, selects those individuals to stand for election as members
of our Board. Since the Board of Directors does not include a majority of
independent directors, the decision of the Board as to director nominees is made
by persons who have an interest in the outcome of the determination. The Board
will consider candidates for directors proposed by security holders, although no
formal procedures for submitting candidates have been adopted. Until otherwise
determined, not less than 90 days prior to the next annual Board of Directors'
meeting at which the slate of Board nominees is adopted, the Board accepts
written submissions that include the name, address and telephone number of the
proposed nominee, along with a brief statement of the candidate's qualifications
to serve as a director and a statement of why the shareholder submitting the
name of the proposed nominee believes that the nomination would be in the best
interests of shareholders. If the proposed nominee is not the security holder
submitting the name of the candidate, a letter from the candidate agreeing to
the submission of his or her name for consideration should be provided at the
time of submission. The letter should be accompanied by a résumé supporting the
nominee's qualifications to serve on the Board of Directors, as well as a list
of references.

The Board intends to identify director nominees through a
combination of referrals, including by management, existing Board members and
security holders, where warranted. Once a candidate has been identified, the
Board reviews the individual's experience and background and may discuss the
proposed nominee with the source of the recommendation. If the Board believes it
to be appropriate, Board members may meet with the proposed nominee before
making a final determination whether to include the proposed nominee as a member
of management's slate of director nominees submitted to shareholders for
election to the Board.

Among the factors that the Board considers when evaluating
proposed nominees are their knowledge of and experience with and knowledge of
and experience in business matters, finance, capital markets and mergers and
acquisitions. The Board may request additional information from the candidate
prior to reaching a determination. The Board is under no obligation to formally
respond to all recommendations, although as a matter of practice, it will
endeavor to do so.

29

---

Item 10.      EXECUTIVE
COMPENSATION

Prior to the acquisition of Wave Nevada on June 18, 2007,
whilst we were still doing business as Iron Link Ltd, Alexandre Routkovski was
our President, CEO, Treasurer, CFO, Principal Accounting Officer, Principal
Financial Officer and Director; and Viktor Krukov was the Secretary and a
director. A change of control took place on June 18, 2007 as a result of the
acquisition of Wave Nevada and Messrs. Routkovski and Krukov resigned as
officers and directors. On June 18, 2007 Mr. Cady L. Johnson was elected as the
sole director and as President, and Christopher LeClerc was appointed Chief
Financial Officer and Secretary.

The following Summary Compensation Table sets forth the total
annual compensation paid or accrued by us to or for the account of the Executive
Officers who held this position during Fiscal 2007 and each other executive
officer whose total annual cash compensation exceeds $100,000:

Summary Compensation Table

Annual Compensation
      
      Long Term CompensationAwards
      
      PayoutsNameandPrincipalPosition
      
      Year
      
      Salary
      
      Bonus
      
      OtherAnnualCompensation
      
      RestrictedStockAward(s)
      
      SecuritiesUnderlyingOptions/SARs
      
      LTIPPayouts
      
      All OtherCompensa-tion$
      
      $
      
      $
      
      (#)
      
      (#)
      
      $
      
      $Cady Johnson (1)
      
      2007 (2)
      
      0
      
      0
      
      0
      
      (7)
      
      0
      
      0
      
      0Alexandre Routkovski (3)
      
      2007 (4)
      
      2,500
      
      0
      
      0
      
      0
      
      0
      
      0
      
      02006 (5)
      
      2,000
      
      0
      
      0
      
      0
      
      0
      
      0
      
      0Christopher J. LeClerc (6)
      
      2007 (2)
      
      0
      
      0
      
      0
      
      (8)
      
      0
      
      0
      
      0


(1) Cady Johnson has been our director, President and Chief
Executive Officer since June 18, 2007 (2) For the period from June 18, 2007
until July 31, 2007 (3) Alexandre Routkovski was our President, CEO,
Treasurer, CFO, Principal Accounting Officer, Principal Financial Officer and
Director from July 10, 2006 until June 18, 2007 (4) For the period from
August 1, 2006 until June 18, 2007 (5) For the period from May 31, 2006
(inception) until July 31, 2006 (6) Christopher J. LeClerc has been our
Chief Financial Officer since June 18, 2007 (7) Entitled to receive
1,000,000 common shares pursuant to a management agreement, but no shares were
issued as of July 31, 2007. (8) Entitled to receive 1,500,000 common shares
pursuant to a management agreement, but no shares were issued as of July 31,
2007.

Option/SAR Grants in Year ended July 31, 2007 to Named
Executive Officers

We granted no options to Named Executive Officers in the year
ended July 31, 2007.

Aggregated Option/SAR Exercises and Fiscal Year End
Option/SAR Values

30

---

As of the end of July 31, 2007 we had never issued any options
and none of our directors or officers had the right to receive any stock
options.

Executive Officers Employment and Consulting Agreements

On June 15, 2007, we entered into an employment contract with
Christopher J. LeClerc pursuant to which Mr. LeClerc agrees to act as our Chief
Financial Officer in exchange for compensation of $24,000 per year. The
agreement is at will. We have agreed to issue Mr. LeClerc 1,500,000 shares of
our common stock, but have not done so as of November 8, 2007.

On May 1, 2007 we entered into an employment contract with Cady
Johnson, pursuant to which Mr. Johnson agrees to act as our President and Chief
Executive Officer in exchange for compensation of $60,000 per year. The
agreement is at will. We have agreed to issue Mr. Johnson 1,000,000 shares of
its common stock, but have not done so as of November 8, 2007.

On August 1, 2007 we entered into an employment agreement with
Ranie Lynds pursuant to which we employ Mr. Lynds as a geologist in exchange for
compensation of $36,000 per year. We have also agreed to issue Mr. Lynds 250,000
shares of our common stock, but have not done so as of November 8, 2007. Mr.
Lynds may terminate the agreement at any time upon 14 days written notice to us,
and we may terminate the agreement at any time upon one months written notice
to Mr. Lynds.

On August 1, 2007 we entered into an employment agreement with
Ralf DAndrea pursuant to which we employ Mr. DAndrea as Chief Geologist in
exchange for compensation of $42,000 per year. In addition, where Mr. DAndrea
works in excess of 40 hours per week for us, he will be compensated at a
consulting rate of $800 per day. The agreement may be terminated by either party
upon 14 days written notice to the other.

None of our directors received compensation for their service
as directors during the period from inception (May 31, 2005) until July 31,
2007.

Compensation Committee

We currently do not have a compensation committee of the Board
of Directors. The Board of Directors as a whole determines executive
compensation.

Termination of Employment and Change of Control Arrangement

There is no compensatory plan or arrangement with respect to
any individual named above which results or will result from the resignation,
retirement or any other termination of employment with us, or from a change in
our control.

Item 11.      SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information relating to the
beneficial ownership of our common stock as of the date of this report by (i)
each person known by us to be the beneficial owner of more than 5% of the
outstanding shares of common stock (ii) each of our directors and executive
officers, and (iii) all officers and directors as a group. Unless otherwise
noted below, we believe that all persons named in the table have sole voting and
investment power with respect to all shares of common stock beneficially owned
by them. For purposes

31

---

hereof, a person is deemed to be the beneficial owner of
securities that can be acquired by such person within 60 days from the date
hereof upon the exercise of warrants or options or the conversion of convertible
securities. Each beneficial owner's percentage ownership is determined by
assuming that any warrants, options or convertible securities that are held by
such person (but not those held by any other person) and which are exercisable
within 60 days from the date hereof, have been exercised.

Title of Class
    Name and
      Address
    Office
    Amount and Nature of
      Beneficial Ownership (1)
    Percentage of ClassCommon
    Cady L. Johnson 5348 Vegas Dr. Suite
      228 Las Vegas, NV 89108
    President, Chief Executive Officer
    1,000,000 (2)
    1.4%Common
    Christopher LeClerc 5348 Vegas
      Drive Suite 228 Las Vegas, NV 89108
    Chief Financial Officer
    1,500,000 (2)
    2.1%All officers and directors as
      a group (2 persons)
    
    2,500,000 (2)
    3.5%Common
    Norman Meier Bettlistrasse 35 8600
      Dübendorf Switzerland
    None
    40,000,005 (3)
    57.0%


| | (1) | Except as otherwise noted, shares are owned beneficially
      and of record, and such record shareholder has sole voting, investment,
      and dispositive power.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | Represents shares due to be issued under such
      individuals employment contract but not yet issued.                                                           
| | (3) | These shares were pledged to secure a loan to
  us.                                                                                                                

Changes in Control

There are currently no arrangements which would result in a
change in control of us.

Equity Compensation Plan

As at July 31, 2007 we have no existing equity compensation
plans.

Item 12.      CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS

On June 20, 2007, we sold our Iron Link Ltd. subsidiary to Mr.
Routkovski, for cash of $14,000 and payment of $12,087.62 owed to a related
party. Mr. Routkovski was our

32

---

President, CEO, Treasurer, CFO, Principal Accounting Officer,
Principal Financial Officer and Director from July 10, 2006 until June 18, 2007.
We agreed not to enter the IPTV business for a period of five years after the
date of the Sale Agreement. As of July 31, 2007 no amounts were owed by us to
Mr. Routkovski.

Other than as described above, we have not entered into any
transactions with our officers, directors, persons nominated for these
positions, beneficial owners of 5% or more of our common stock, or family
members of these persons wherein the amount involved in the transaction or a
series of similar transactions exceeded $120,000 or 1% of our total assets for
the last fiscal year.

PART IV

Item 13.      EXHIBITS

Exhibit Number
      Exhibit Description2.1
      Agreement and Plan of Reorganization
          between Wave Uranium and the Registrant.(2)2.2
      Agreement of Sale between the
          Registrant and Alexandre Routkovski (2)3.1
      Articles of Incorporation (1)3.2
      Bylaws (1)3.3
      Certificate of Amendment to
          Articles of Incorporation changing name to Wave Uranium Holding (2)10.1
      Software Development and Consulting
          Agreement (1)10.2
      Employment Agreement with Dr.
          Johnson (2)10.3
      Employment Agreement with Mr.
          LeClerc(2)10.4
      Wilson Creek Agreement (3)10.5
      Certificate of Amendment to Articles
        of Incorporation increasing authorized stock31.1
      Certification
          of the Chief Executive Officer pursuant to Rule 13a-14 of the Securities
          and Exchange Act of 1934 as amended, as adopted pursuant to Section
          302 of the Sarbanes-Oxley Act of 200331.2
      Certification
          of the Chief Financial Officer pursuant to Rule 13a-14 of the Securities
          and Exchange Act of 1934 as amended, as adopted pursuant to Section
          302 of the Sarbanes-Oxley Act of 200332.1
      Certification
          of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as
          adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 200332.2
      Certification
          of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as
          adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2003


33

---

| | (1) | Filed with the Registration Statement on Form SB-2 on
      September 27, 2006, file number 333-137,613 and incorporated by reference
      to this Annual Report.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | Filed with the Current Report on Form 8-K dated June 18,
      2007 and incorporated by reference to this Annual Report.                                          
| | (3) | Filed with the Current Report on Form 8-K dated October
      9, 2007 and incorporated by reference to this Annual
  Report.                                      

Item 14.      Principal
Accountant Fees and Services.

Audit and Non-Audit Fees

The aggregate fees billed for the most recently completed
fiscal years ended July 31 for professional services rendered by the principal
accountant for the audit of our company's annual financial statements and review
of the financial statements included in our Annual Report on Form 10-KSB and
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for these fiscal periods were as
follows:

|                   |   | Year Ended |  |   | From         | 
|------------------ | - | ---------- |  | - | ------------ | 
|                   |   | July 31,   |  |   | Inception to | 
|                   |   | 2007(1)    |  |   | July 31,     | 
|                   |   |            |  |   | 2006         | 
|Audit Related Fees | $ | 7,500      |  | $ | 2,500        | 
|Tax Fees           |   | 0          |  |   | 0            | 
|All Other Fees     |   | 0          |  |   | 0            | 
|Total              |   | 7,500      |  |   | 2,500        | 

(1) estimated.

Since our inception, our Board of Directors, performing the
duties of the Audit Committee, reviews all audit and non-audit related fees at
least annually. The Board of Directors as the Audit Committee pre-approved all
audit related services in Fiscal 2007.

34

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the
Securities and Exchange Act of 1934, the Registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized on
November 12, 2007.

WAVE URANIUM HOLDING

By:/s/ Cady L. Johnson Cady L. Johnson, President

Pursuant to the requirements of the Securities and Exchange
Act of 1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities indicated on November 12, 2007.

By:     /s/
Cady L. JohnsonCady L. Johnson, President, Chief Executive Officer and
Director

By:    /s/
Christopher LeClercChristopher LeClerc, Chief Financial Officer,
(principal accounting and financial officer)

35

---