UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-K

o**ANNUAL REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**For the fiscal year ended July 31, 2010

**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF TH** E SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________to___________

Commission file number 000-52854

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FBC HOLDING INC.

(Name of Small Business Issuer in its charter)



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|-------------------------------------------------------------- | --------------------------
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|Nevada                                                         | 71-1026782                
|(state or other jurisdiction of incorporation or organization) | (I.R.S. Employer I.D. No.)



66 Piscataqua Road, Dover, NH  03820

(Address of principal executive offices)



(603) 540-0828

Issuers telephone number



Securities registered pursuant to Section 12(b) of the Act: NoneSecurities registered pursuant to Section 12(g) of the Act: Common Stock

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes   o   Noþ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes   o   Noþ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant as required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yesþ   No   o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not 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-K or any amendment to this Form 10-K.  Yes   o   Noþ

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer   o   Accelerated filer   o   Non-accelerated filer   oSmaller reporting companyþ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   o   Noþ

As of January 30, 2010, which was the last business day of the registrants most recent second fiscal quarter, the aggregate market value of the registrants Common Stock held by non-affiliates of the registrant was$36,578.40based on the closing sale price of $0.30 per share on that date.

Number of common shares outstanding at November 13, 2010:  74,410,262









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TABLE OF CONTENTS





|         |                                                                                                                           |   
|-------- | ------------------------------------------------------------------------------------------------------------------------- | --
|PART I   |                                                                                                                           | 3 
|         | Item 1.  Description of Business                                                                                          | 3 
|         | Item 1A.  Risk Factors                                                                                                    | 5 
|         | Item 1B.  Unresolved Staff Comments                                                                                       | 5 
|         | Item 2.  Properties                                                                                                       | 5 
|         | Item 3.  Legal Proceedings                                                                                                | 5 
|         | Item 4.  Submission of Matters to a Vote of Security Holders                                                              | 6 
|PART II  |                                                                                                                           | 6 
|         | Item 5.  Market for Common Equity and Related Stockholder Matters                                                         | 6 
|         | Item 6.  Selected Financial Data                                                                                          | 7 
|         | Item 7.  Management's Discussion and Analysis or Results of Operations                                                    | 7 
|         | Item 7A.  Quantitative and Qualitative Disclosures about Market Risk                                                      | 9 
|         | Item 8.  Financial Statements and Supplementary Data                                                                      | 10
|         | Item 9.  Changes In and Disagreements with Accountants on Accounting and Financial Disclosure                             | 11
|         | Item 9A.  Controls and Procedures                                                                                         | 11
|         | Item 9A(T).  Controls and Procedures                                                                                      | 11
|         | Item 9B.  Other Information                                                                                               | 12
|PART III |                                                                                                                           | 12
|         | Item 10.  Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act | 12
|         | Item 11.  Executive Compensation                                                                                          | 14
|         | Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                  | 15
|         | Item 13.  Certain Relationships, Related Transactions and Director Independence                                           | 16
|         | Item 14.  Principal Accountant Fees and Services                                                                          | 16
|PART IV  |                                                                                                                           | 17
|         | Item 15.  Exhibits and Financial Statement Schedules                                                                      | 17







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PART I

Item 1.  Description of BusinessForward-looking Statements

This annual report contains forward-looking statements.  These statements relate to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable laws, including the securities laws of the United States, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results.

As used in this annual report, the terms "we", "us", "our", the Company, and "FBC" mean FBC Holding Inc., unless otherwise indicated.

All dollar amounts refer to US dollars unless otherwise indicated.

Overview

We were incorporated as a Nevada company on March 16, 2007 as Wave Uranium Holding.  On September 24, 2009 we merged with FBC Holding Inc. and changed our name to FBC Holding Inc. We have recently filed with a name change to Super Rad Industries..  We are a development stage company.



Our principal offices are located at 66 Piscataqua Road, Dover, NH  03820.   Our fiscal year end is July 31.



Our common stock trades on the FINRA-operated Over-the-Counter Bulletin Board (OTCBB) under the ticker symbol FBCD.OB.  The OTCBB is a regulated quotation service that displays real-time quotes, last-sale prices and volume information for over-the-counter equity securities.  OTCBB securities are traded by a community of market makers that enter quotes and trade through a sophisticated computer network.  Information on the OTCBB can be found at www.otcbb.com.  We have not paid any dividends on our common stock.  We currently intend to retain any earnings for use in our business, and therefore do not anticipate paying cash dividends in the foreseeable future.



Our Business



From August 1, 2010 to May 1 2010 the Company was focused on product branding, social networking and branding of our assets name Beverly Hills Choppers.  As of May 1st, 2010 the Company received the shares issued to the owners of FBC (the private company) in return for release of ownership of Beverly Hills Choppers, FBC Group and the JFSC.tv aka the Johnny Fratto Social Club.  At the time the Company began talks with Super rad Corporation.  Super Rad is a pioneer in the vinyl toy space, additional the Super Rad has several licenses amoung many name brand products and toy and comic companies.  At that time The company signed a letter of intent, followed by and option to purchase and asset purchase agreement with Super Rad Corporaton.  As per the agreement the Company will change its name to Super Rad Industries from FBC Holdings.  The asset purchased was finalized in late August, 2010.







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Plan of Operation



As we have recently completed our acquisition of FBC Holding, we have not completed a plan of operation and have not anticipated the cost of further exploiting and expanding our new business opportunities.  We intend to complete a plan of operation during the next quarter.  There no assurance that we will be able to accurately anticipate the cost of expanding our new business opportunities.



Our plan of operation will include a budget for a planned expansion program.  However, there is no assurance that our actual costs will not exceed the budgeted costs.  Factors that could cause actual costs to exceed budgeted costs include increased prices due to competition for personnel and supplies, unanticipated problems in implementing our business plan and delays experienced in completing our business plan.  Increases in costs could result in us not being able to carry out our business without additional financing.  There is no assurance that we would be able to obtain additional financing in this event.  This could prevent us from achieving revenues.



Markets and Competition



We are a marketing and branding entertainment company.  We compete with other marketing and branding companies, large advertisers, and other motorcycle and chopper companies.  Many of these larger companies with whom we compete have greater financial and technical resources than those available to us.  Accordingly, these competitors may be able to spend greater amounts on the development of their business and advertising and developing their products.  In addition, they may be able to afford more experienced and qualified personnel to develop their business.  This competition could result in competitors having taking a larger share of our market and could adversely impact on our ability to achieve the financing necessary for us to further develop our business plan.



We will also compete with other marketing and branding companies for financing from a limited number of investors that are prepared to make investments in these companies.  The presence of competing companies may impact on our ability to raise additional capital in order to fund our development if investors are of the view that investments in competitors are more attractive based on the merit of their business under investigation and the price of the investment offered to investors.



Government Regulations



Various aspects of our business are subject to regulation and ongoing review by a variety of federal, state, and local agencies, including the Federal Trade Commission, the United States Post Office, the Consumer Product Safety Commission, the Federal Communications Commission, various States' Attorneys General and other state and local consumer protection and health agencies.  The statutes, rules and regulations applicable to our operations, and to various products marketed by us are numerous, complex and subject to change.



We will collect and remit sales tax in the states in which we have a physical presence.  We are prepared to collect sales taxes for other states, if laws are passed requiring such collection.  We do not believe that a change in the tax laws requiring the collecting of sales tax will have a material adverse effect on our financial condition or results of operations.



Research and Development Expenditures



We have not spent any amounts on research and development activities since our inception.



Employees and Consultants



As of November 13, 2010, we have no part time or full time employees.  Christopher LeClerc, our director and President works part time as an independent contractor and works in the areas of business development and management.  He currently contributes approximately 30 hours a week to our operations.



Subsidiaries



As of November 13, 2010, we have the following wholly owned subsidiaries:  Wave Uranium, FBC Holding CA, and FBC Holding NV.







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Intellectual Property



We have not filed for any protection of our trademark for FBC Holding.  We own the copyright of all of the contents of our websites, www.beveryhillschoppers.com, and www.jfsc.tv.

Item 1A.  Risk Factors

Not Applicable.

Item 1B.  Unresolved Staff CommentsNone.Item 2.  Properties



Our principal offices are located at 66 Piscataqua Road, Dover, NH  03820.

Item 3.  Legal Proceedings

As of November 13, 2010, there are not any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or of which any of our properties is the subject.  Also, our management is not aware of any legal proceedings contemplated by any governmental authority against us.





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Item 4.  Submission of Matters to a Vote of Security Holders

None.



PART II

Item 5.  Market for Common Equity and Related Stockholder Matters

Market Information

Our common stock is not traded on any exchange.  Our common stock is quoted on the OTC Bulletin Board, under the trading symbol FBCD.OB.  The market for our stock is highly volatile.  We cannot assure you that there will be a market in the future for our common stock.  The OTC Bulletin Board securities are not listed and traded on the floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board stocks are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

The following table shows the high and low prices of our common shares on the OTC Bulletin Board for each quarter within the two most recent fiscal years.   The following quotations reflect inter-dealer prices, without retail mark-up, mark-down or commissions and may not necessarily represent actual transactions:

|                                    |       |     
|----------------------------------- | ----- | ----
|Period                              | High  | Low 
|May 1, 2010  July 31, 2010         | 0.30  | 0.10
|February 1, 2010  April 30, 2010   | 0. 40 | 0.3 
|November 1, 2010  January 31, 2010 | 1.40  | 0.05
|August 1, 2009  October 31, 2009   | 0.09  | 0.09
|May 1, 2009  July 31, 2009         | 0.12  | 0.09
|February 1, 2009  April 30, 2009   | 1.50  | 0.10
|November 1, 2008  January 31, 2009 | 2.10  | 0.09
|August 1, 2008  October 31, 2008   | 4.80  | 0.21



Holders

As of November 13, 2010, there were approximately 50 holders of record of our common stock.

Dividends

For the two most recent fiscal years 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 dividends will depend upon future earnings, if any, our financial condition, and other factors as deemed relevant by our Board of Directors.

Equity Compensation Plans

Not applicable.

Recent Sales of Unregistered Securities

From May 1, 2010 to July 31, 2010, we made no sales of unregistered securities.





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Item 6.  Selected Financial Data

Not applicable.

Item 7.  Management's Discussion and Analysis or Plan of Operation

The following discussion should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this Form 10-K.  The discussions of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.

Results of Operations

No Revenues

Since our inception on May 30, 2006 to July 31, 2010, we did not earn any revenues.  During the fiscal year ended July 31, 2010 we did not generate any revenues.  As of July 31, 2010, we had an accumulated deficit of $6,649,048.  At this time, our ability to generate any significant revenues continues to be uncertain.  There is 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.

Net Loss

We incurred net loss of $13,948,587 since May 30, 2006 (date of inception) to July 31, 2010.  Our net loss increased significantly, from $2,348,848 for the fiscal year ended July 31, 2009 to $7,283,972 for the fiscal year ended July 31, 2010, an increase of $4,935,124.

Expenses



From May 30, 2006 (date of inception) to July 31, 2010, our total expenses were $11,967,016; our total expenses for the year ending July 31, 2010 were $7,079,071 compared with $1,144,585 for the year ended July 31, 2009.  The major components of our expenses consist of (a) general and administrative expenses ($88,818 for the year ended July 31, 2010, compared to $293,952 for year ending July 31, 2009), (b) warrant expense of $nil for the year ending July 31, 2010 compared to $nil for the year ending July 31, 2009, (c) land claim fee of $nil compared to $63,875 for the year ending July 31, 2009, (d) non cash compensation of $6,989,267 for the year ending July 31, 2010 compared to $15,100 for the year ending July 31, 2009, and (e) impairment of goodwill of $nil for the year ending July 31, 2010 compared to $720,000 for the year ending July 31, 2009.



For the year ending July 31, 2010 our total operating expenses were $7,079,071 compared to $1,144,585 for the year ended July 31, 2009.  We attribute the increase to costs of non cash compensation.  Our general and administrative expenses consisted of the following: salaries, 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.







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Liquidity and Capital Resources

As at July 31, 2010 we had cash in the amount of $nil and a working capital deficit of $3,485,354.  This is in contrast to our cash position at the same time last year, July 31, 2009 when we had $92,525 of cash in the bank.  As at July 31, 2010 our total assets were $nil and our total liabilities were $3,485,354.

Our net loss of $13,947,250 from inception on May 30, 2006 until July 31, 2010 was funded by a combination of equity and debt financing.  From inception on May 30, 2006 until July 31, 2010 we have raised approximately $893,692 from the sale of our common stock.

We are currently not in good short-term financial standing.  We anticipate that we may only generate any limited revenues in the near future and we will not have enough positive internal operating cash flow until we can generate substantial revenues, which may take the next few years to fully realize.  There is no assurance we will achieve profitable operations.  We have historically financed our operations primarily by cash flows generated from the sale of our equity securities and through cash infusions from officers and outside investors in exchange for debt and/or common stock.

We are seeking equity financing to provide for the capital required to market and develop our products and fully carry out our business plan.  We cannot guarantee we will be successful in our business operations.  A critical component of our operating plan impacting our continued existence is our ability to obtain additional capital through additional equity and/or debt financing.  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 financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations.  If we are unable to raise additional financing, we will have to significantly reduce our spending, delay or cancel planned activities or substantially change our current corporate structure.  In such an event, we intend to implement expense reduction plans in a timely manner.  However, these actions would have material adverse effects on our business, revenues, operating results, and prospects, resulting in a possible failure of our business.  If we raise funds through equity or convertible securities, our existing stockholders may experience dilution and our stock price may decline.

We have not yet generated revenues and have incurred significant operating losses from operations.  We may continue to experience net negative cash flows from operations and will be required to obtain additional financing to fund operations through equity securities offerings and bank borrowings to the extent necessary to provide working capital.  Our continuation as a going concern is dependent upon our ability to generate sufficient cash flow from stockholders or other outside sources to sustain operations and meet our obligations on a timely basis and ultimately to attain profitability.  We have limited capital with which to pursue our business plan.  There can be no assurance that our future operations will be significant and profitable, or that we will have sufficient resources to meet our objectives.

These factors raise substantial doubt about our ability to continue as a going concern.  Our auditors have issued a going concern opinion.  This means that there is substantial doubt that we can continue as an on-going business for the next twelve months.  The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.  If we are unable to obtain additional financing from outside sources and eventually produce enough revenues, we may be forced to sell our assets, curtail or cease our operations.





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Off-Balance Sheet Arrangements

As of July 31, 2010, we had no off balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the US.  The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.  We evaluate these estimates on an on-going basis, including those related to customer programs and incentives, bad debts, inventories, investments, intangible assets, income taxes, warranty obligations, impairment or disposal of long-lived assets, contingencies and litigation.  We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions or conditions.

We consider the following accounting policies to be both those important to the portrayal of our financial condition and that require the subjective judgment:

Net Income (Loss) per Common Share

We calculate 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.

Cash and Cash Equivalents

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

Item 7A.  Quantitative and Qualitative Disclosures about Market Risk

Not Applicable.





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Item 8.  Financial Statements and Supplementary Data

|                                                                   |          
|------------------------------------------------------------------ | ---------
|FBC Holding Inc.                                                   |          
|(A Development Stage Company)                                      |          
|                                                                   |          
|                                                                   |          
|July 31, 2010                                                      |          
|                                                                   |          
|                                                                   | **Index**
|Report of Independent Registered Public Accounting Firm            | F-1      
|                                                                   |          
|Consolidated Balance Sheets                                        | F-2      
|                                                                   |          
|Consolidated Statements of Operations and Other Comprehensive Loss | F-3      
|                                                                   |          
|Consolidated Statements of Cash Flows                              | F-4      
|                                                                   |          
|Consolidated Statement of Changes in Stockholders Equity (Deficit) | F-5      
|                                                                   |          
|Notes to the Consolidated Financial Statements                     | F-6      







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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

FBC Holding Inc.

Las Vegas, Nevada



I have audited the accompanying consolidated balance sheets of FBC Holding Inc. (a development stage company), as of July 31, 2010 and 2009 and the related statements of operations, stockholders' equity and cash flows for the years ended July 31, 2010 and 2009, and for the period from May 30, 2006 (inception) through July 31, 2010. 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 FBC Holding Inc. as of July 31, 2010 and 2009, and the results of its operations and its cash flows for the years ended July 31, 2010 and 2009, and for the period from May 30, 2006 (inception) through July 31, 2010 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 4 to the financial statements the Company has suffered recurring losses fromoperations 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 4. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.







|Aurora, Colorado | Ronald R. Chadwick, P.C.
|---------------- | ------------------------
|October 20, 2010 | RONALD R. CHADWICK, P.C.







F-1



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FBC Holding Inc.

(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS

Audited

|                                                 |  |                                    |                                 
|------------------------------------------------ |  | ---------------------------------- | --------------------------------
|                                                 |  | July 31, 2010                      | July 31, 2009                   
|ASSETS                                           |  |                                    |                                 
|Current Assets                                   |  |                                    |                                 
|Cash                                             |  | $                                - | $                   92,525      
|                                                 |  |                                    |                                 
|Total Current Assets                             |  | -                                  | 92,525                          
|                                                 |  |                                    |                                 
|Total Assets                                     |  | $                                - | $                   92,525      
|                                                 |  |                                    |                                 
|                                                 |  |                                    |                                 
|LIABILITIES AND STOCKHOLDERS EQUITY              |  |                                    |                                 
|                                                 |  |                                    |                                 
|Current Liabilities                              |  |                                    |                                 
|Bank Over Draft                                  |  | $                       1,263      | $                              -
|Accounts Payable                                 |  | 5,085                              | 9,069                           
|Accrued Interest                                 |  | 332,006                            | 295,508                         
|Current Portion of Debt Discount                 |  | -                                  | (168,403)                       
|Stock Subscriptions Payable                      |  | -                                  | 1,219,800                       
|Equity Obligations - current                     |  | 1,249,500                          | 749,700                         
|Current Portion of Notes Payable                 |  | 1,897,500                          | 1,897,500                       
|Total Current Liabilities                        |  | 3,485,354                          | 4,003,174                       
|                                                 |  |                                    |                                 
|                                                 |  |                                    |                                 
|Total Liabilities                                |  | 3,485,354                          | 4,003,174                       
|                                                 |  |                                    |                                 
|Stockholders Equity                             |  |                                    |                                 
|                                                 |  |                                    |                                 
|Common Stock .001 Par Value;                     |  |                                    |                                 
|150,000,000 shares authorized;                   |  |                                    |                                 
|22,810,262 (2010) and 260,262 (2009)             |  |                                    |                                 
|issued and outstanding                           |  | 22,810                             | 260                             
|Preferred Stock .001 Par Value                   |  |                                    |                                 
|5,000,000 shares authorized                      |  |                                    |                                 
|0 issued and outstanding                         |  | -                                  | -                               
|                                                 |  |                                    |                                 
|Additional paid in capital                       |  | 10,424,756                         | 2,738,039                       
|Deficit accumulated during the development stage |  | (13,932,920)                       | (6,648,948)                     
|Total Stockholders' Equity                       |  | (3,485,354)                        | (3,910,649)                     
|                                                 |  |                                    |                                 
|Total Liabilities and Stockholders' Equity       |  | $                                - | $                   92,525      





See notes accompanying to the consolidated financial statements.







F-2



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FBC Holding Inc.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

Audited

|                                                    |                                      |  |  |                                  |  |                                               
|--------------------------------------------------- | ------------------------------------ |  |  | -------------------------------- |  | ----------------------------------------------
|                                                    | Year Ended July 31, 2010             |  |  | Three Months Ended July 31, 2009 |  | May 30, 2006 (Inception) through July 31, 2010
|Revenue                                             | $                                  - |  |  | $                      -         |  | $                          -                  
|                                                    |                                      |  |  |                                  |  |                                               
|Expenses                                            |                                      |  |  |                                  |  |                                               
|General Selling and Administrative                  | 88,818                               |  |  | 293,952                          |  | 1,564,101                                     
|Depreciation                                        | -                                    |  |  | 1,062                            |  | 1,889                                         
|Warrant Expense                                     | -                                    |  |  |                                  |  | 861,694                                       
|Bank Charges                                        | 986                                  |  |  | 596                              |  | 2,094                                         
|Land Claim Fees                                     | -                                    |  |  | 63,875                           |  | 597,957                                       
|Non Cash Compensation                               | 6,989,267                            |  |  | 15,000                           |  | 7,809,303                                     
|Amortization of Deferred Finance Charges            |                                      |  |  | 50,000                           |  | 141,861                                       
|Impairment of Goodwill                              | -                                    |  |  | 720,000                          |  | 986,667                                       
|Other Expenses                                      |                                      |  |  |                                  |  | 1,450                                         
|                                                    | 7,079,071                            |  |  | 1,144,485                        |  | 11,967,016                                    
|                                                    |                                      |  |  |                                  |  |                                               
|Gain(Loss) on Operations                            | (7,079,071)                          |  |  | (1,144,485)                      |  | (11,967,016)                                  
|                                                    |                                      |  |  |                                  |  |                                               
|Other Income (expense)                              |                                      |  |  |                                  |  |                                               
|Amortization of Debt Discount                       | (168,403)                            |  |  | (961,167)                        |  | (1,648,198)                                   
|Interest Expense                                    | (36,498)                             |  |  | (243,096)                        |  | (332,036)                                     
|                                                    | (204,901)                            |  |  | (1,204,263)                      |  | (1,980,234)                                   
|                                                    |                                      |  |  |                                  |  |                                               
|Net Income (Loss) before provision for income tax   | (7,283,972)                          |  |  | (2,348,748)                      |  | (13,947,250)                                  
|                                                    |                                      |  |  |                                  |  |                                               
|Provision for income tax                            | -                                    |  |  | -                                |  | -                                             
|                                                    |                                      |  |  |                                  |  |                                               
|Net Income(Loss) from Continuing Operations         | (7,283,972)                          |  |  | (2,348,748)                      |  | (13,947,250)                                  
|                                                    |                                      |  |  |                                  |  |                                               
|Discontinued Operations: Gain (Loss) from           |                                      |  |  |                                  |  |                                               
|discontinued operations (including gain on disposal |                                      |  |  |                                  |  |                                               
|in 2007 of $28,553)  - net of tax                   | -                                    |  |  | -                                |  | 15,593                                        
|                                                    |                                      |  |  |                                  |  |                                               
|Net Income (Loss)                                   | $                 (7,283,972)        |  |  | $        (2,348,748)             |  | $       (13,931,657)                          
|                                                    |                                      |  |  |                                  |  |                                               
|                                                    |                                      |  |  |                                  |  |                                               
|Net Income(Loss) per share                          |                                      |  |  |                                  |  |                                               
|Basic and Fully Diluted, From:                      |                                      |  |  |                                  |  |                                               
|Continuing operations                               | $                         (0.82)     |  |  | $                (9.11)          |  |                                               
|Discontinued operations                             | -                                    |  |  | -                                |  |                                               
|Combined                                            | $                         (0.82)     |  |  | $                (9.11)          |  |                                               
|                                                    |                                      |  |  |                                  |  |                                               
|                                                    |                                      |  |  |                                  |  |                                               
|Weighted Average Number of Common Shares            | 8,877,362                            |  |  | 257,728                          |  |                                               





See notes accompanying to the consolidated financial statements.







F-3



|
|
|

FBC Holding Inc.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

Audited

|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|------------------------------------------------------------------------------------------------------------- | ------------------------------------- | ----------- | --------- | ---------------------------- | ------------------------ | -------------------------------------- | -------------------------------------- | ---------------------------------------- | --------------------------------------------
|                                                                                                              |                                       |             |           |                              | Year Ended July 31, 2010 |                                        | Year Ended July 31, 2009               |                                          | May 30, 2006 Inception through July 31, 2010
|Cash flow from operating Activity:                                                                            |                                       |             |           |                              |                          |                                       
|Operating activity from continuing operations                                                                 |                                       |             |           |                              |                         
|                                                                                                              | Net Loss                              |             |           |                              | $        (7,283,972)     |                                        | $                (2,348,848)           |                                          | $                (13,932,930)               
|                                                                                                              | Less: (Income) loss from discontinued |             |           |                              |                          | (15,657)                              
|                                                                                                              | Operations                            |             |           | -                            |                          | -                                      |                                        | -                                       
|Net loss from continuing operations                                                                           |                                       | (7,283,972) |           | (2,348,848)                  |                          | (13,948,587)                          
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Adjustments:                                                                                                  |                                       |             |           |                              |                          |                                        |                                        |                                         
|Stock issued for services                                                                                     |                                       |             | 6,989,267 |                              | 15,100                   |                                        | 8,989,847                             
|Impairment of goodwill                                                                                        |                                       |             |           |                              | 720,000                  |                                        | 720,000                               
|Amortization - debt discount                                                                                  |                                       |             | 168,403   |                              | 961,167                  |                                        | 1,129,570                             
|Depreciation                                                                                                  |                                       |             |           |                              |                          | 1,062                                  |                                        | 1,062                                   
|Deferred Financing Fees                                                                                       |                                       |             |           |                              | 50,000                   |                                        |                                       
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Changes in assets & liabilities  from                                                                         |                                       |             |           |                              |                          |                                       
|continuing operations                                                                                         |                                       |             |           |                              |                          |                                        |                                       
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Deposits                                                                                                      |                                       |             |           |                              | -                        |                                        |                                        |                                          |                                             
|Prepaids                                                                                                      |                                       |             |           |                              | -                        |                                        | -                                      |                                          |                                             
|Accounts Payable                                                                                              |                                       |             |           | (3,984)                      |                          | 2,559                                  |                                        | (3,984)                                 
|Accrued Expenses                                                                                              |                                       |             |           | 36,498                       |                          | 242,296                                |                                        | 332,006                                 
|Other                                                                                                         |                                       |             |           |                              | 1,263                    |                                        |                                        |                                          |                                             
|Due Related Parties                                                                                           |                                       |             |           |                              |                          | -                                      |                                        | -                                       
|Cash flow from operating activities                                                                           |                                       |             |           |                              |                          |                                       
|by continuing operations                                                                                      |                                       |             | (92,525)  |                              | (356,664)                |                                        | (2,780,086)                           
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Cash Flow from investing activities                                                                           |                                       |             |           |                              |                          |                                       
|Purchase of fixed assets                                                                                      |                                       |             | -         |                              |                          |                                        | (2,259)                               
|Net cash provided by (used for)  from investing activities                                                    | -                                     |             | -         |                              | (2,259)                 
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Cash Flow from Financing activities                                                                           |                                       |             |           |                              |                          |                                       
|Notes payable - borrowings                                                                                    |                                       |             | -         |                              | 335,000                  |                                        | 1,897,500                             
|Notes payable - payments                                                                                      |                                       |             | -         |                              | (120,000)                |                                        | (8,847)                               
|Issuance of stock                                                                                             |                                       |             |           | -                            |                          |                                        |                                        | 893,692                                 
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Net cash provided by (used for)  from financing activities                                                    | -                                     |             | 215,000   |                              | 2,782,345               
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Net cash used in continuing operations                                                                        |                                       | (92,525)    |           | (141,664)                    |                          | -                                     
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Cash Flow from discontinued operations                                                                        | -                                     |             | -         |                              | -                       
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Net change in cash                                                                                            |                                       |             |           | (92,525)                     |                          | (141,664)                              |                                        | -                                       
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Beginning cash                                                                                                |                                       |             |           | 92,525                       |                          | 234,189                                |                                        |                                         
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Ending cash                                                                                                   |                                       |             |           | $                          - |                          | $                         92,525       |                                        | $                                      -
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Schedule of Non-Cash Investing and Financing Activities                                                       |                                       |             |           |                              |                         
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|In 2007, the Company issued 133,333 shares for all the shares in a private corporation valued at $266,667.   
|In 2008, lendors to the Company converted $386,653 of notes payable and accrued interest into 3,563 shares of
|common stock.                                                                                                 |                                       |             |           |                              |                          |                                        |                                        |                                         
|In 2010 the Company issued 8 million shares in fulfillment of a stock subscription payable of $720,000 and   
|14,550,000 shares for consulting and services valued at $6,989,267.                                          
|                                                                                                              |                                       |             |           |                              |                          |                                        |                                        |                                          |                                             
|Supplemental Disclosures                                                                                      |                                       |             |           |                              |                          |                                        |                                       
|Cash Paid For:                                                                                                |                                       |             |           |                              |                          |                                        |                                        |                                         
|Interest                                                                                                      |                                       |             |           |                              |                          |                                        | $                                    - |                                          |                                             
|Income Taxes                                                                                                  |                                       |             |           |                              |                          | $                                    - |                                        |                                         





See notes accompanying to the consolidated financial statements.







F-4



|
|
|

FBC Holding Inc.

(A Development Stage Company)

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY

Audited

|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|-------------------------------------------------------------------------------------------------------------- | --------- | ------------ | ----- | --------------------- | ------- | ------------------------------ |  | ---------------------------- | - | --------------------------------- | ------- | -----------------------------
|                                                                                                               |           | Common Stock |       |                       |         | Deficit Accumulated During the |  | Accumulated Other            |   |                                  
|                                                                                                               |           |              |       | Amount                |         | Paid In                        |  | Development                  |   | Comprehensive                     |         | Stockholders                
|                                                                                                               |           | Shares (1)   |       | ($.001Par)            |         | Capital                        |  | Stage                        |   | Income/(Loss)                     |         | Equity                       
|Balance at May 30, 2006                                                                                        |           | -            |       | $                   - |         | $                     -        |  | $                          - |   | $                               - |         | $                           -
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Issuance of stock for cash                                                                                     |           | 250,000      |       | 250                   |         | 4,750                          |  |                              |   |                                   |         | 5,000                        
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Foreign currency Gain(Loss)                                                                                    |           |              |       |                       |         |                                |  |                              |   | (64)                              |         | (64)                         
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Net Gain (Loss) for period ending                                                                              |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|July 31st, 2006                                                                                                |           |              |       |                       |         |                                |  | (9,881)                      |   |                                   |         | (9,881)                      
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Balance at July 31, 2006                                                                                       |           | 250,000      |       | $             250     |         | $            4,750             |  | $               (9,881)      |   | $                          (64)   |         | $                (4,945)     
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Issuance of stock for cash                                                                                     |           | 100,400      |       | 100                   |         | 50,100                         |  |                              |   |                                   |         | 50,200                       
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Issuance of shares for                                                                                         |           | 133,333      |       | 133                   |         | 266,534                        |  |                              |   |                                   |         | 266,667                      
|acquisition                                                                                                    |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Discontinued Operations                                                                                        |           |              |       |                       |         |                                |  |                              |   | 64                                |         | 64                           
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Net loss for the year                                                                                          |           |              |       |                       |         |                                |  | (310,032)                    |   |                                   |         | (310,032)                    
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Balance at July 31, 2007                                                                                       |           | 483,733      |       | $             483     |         | $       321,384                |  | $          (319,913)         |   | $                               - |         | $                  1,954     
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Share Cancellation                                                                                             |           | (250,000)    |       | (250)                 |         | 250                            |  |                              |   |                                   |         | -                            
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Shares Issued for cash, net of offering                                                                        |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|costs of $64,315                                                                                               |           | 3,047        |       | 3                     |         | 255,582                        |  |                              |   |                                   |         | 255,585                      
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Shares Issued for Services                                                                                     |           | 9,500        |       | 10                    |         | 854,990                        |  |                              |   |                                   |         | 855,000                      
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Conversion of Debt                                                                                             |           | 3,563        |       | 4                     |         | 386,649                        |  |                              |   |                                   |         | 386,653                      
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Shares Issued for Land Claims                                                                                  |           | 284          |       |                       |         | 42,500                         |  |                              |   |                                   |         | 42,500                       
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Issuance of Warrants                                                                                           |           |              |       |                       |         | 861,694                        |  |                              |   |                                   |         | 861,694                      
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Net loss for the year                                                                                          |           |              |       |                       |         |                                |  | (3,980,287)                  |   |                                   |         | (3,980,287)                  
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Balance at July 31, 2008                                                                                       |           | 250,127      |       | $             250     |         | $    2,723,049                 |  | $       (4,300,200)          | # | $                               - |         | $       (1,576,901)          
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Shares Issued for services                                                                                     |           | 10,000       |       | 10                    |         | 14,990                         |  |                              |   |                                   |         | 15,000                       
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Fractional Shares - Reverse Stock Split                                                                        |           | 135          |       |                       |         |                                |  |                              |   |                                   |         |                              
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Net loss for the year                                                                                          |           |              |       |                       |         |                                |  | (2,348,748)                  |   |                                   |         | (2,348,748)                  
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Balance at July 31, 2009                                                                                       |           | 260,262      |       | $             260     |         | $    2,738,039                 |  | $       (6,648,948)          |   | $                               - |         | $       (3,910,649)          
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Shares Issued for services                                                                                     |           | 14,550,000   |       | 14,550                |         | 6,974,717                      |  |                              |   |                                   |         | 6,989,267                    
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Shares issued for stock subscription payable                                                                   | 8,000,000 |              | 8,000 |                       | 712,000 |                                |  |                              |   |                                   | 720,000
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Net loss for the year                                                                                          |           |              |       |                       |         |                                |  | (7,283,972)                  |   |                                   |         | (7,283,972)                  
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|Balance at July, 31 2010                                                                                       |           | 22,810,262   |       | $       22,810        |         | $ 10,424,756                   |  | $    (13,932,920)            |   | $                               - |         | $       (3,485,354)          
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|                                                                                                               |           |              |       |                       |         |                                |  |                              |   |                                   |         |                              
|(1) As restated for a 15 for 1 forward stock split on 7/30/07 and a 1 for 300 reverse stock split on 11/11/08. |           |              |       |                      





See notes accompanying to the consolidated financial statements.







F-5



|
|
|

FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 1  NATURE OF OPERATIONS AND BASIS OF PRESENTATION



Nature of Operations

Wave Uranium Holding's ("Wave", the "Company") business has been to acquire mineral land positions. In October 2009 the Company was redomiciled as a Nevada corporation under the name FBC Holding Corp. On July 21, 2009 the Company entered into an acquisition agreement to purchase FBC Holdings, Inc., a California corporation ("FBC Holdings, Inc. - California"), and as such the Company will abandon its former business plan in the industry of mining and land acquisition. FBC Holdings, Inc. - California had no material activity up to the agreement date and no material assets or liabilities. The acquisition agreement calls for the Company to purchase FBC Holdings, Inc. - California by acquiring all the outstanding shares of FBC Holdings, Inc. - California in exchange for 8 million shares of the Company. As of July 31, 2009 the Company had not completed the transaction by issuing the 8 million shares, so the Company has recorded a stock subscription payable of $720,000 based on the market price of $.09 per share on the date the acquisition agreement was entered into, with a corresponding recording and immediate write-off of goodwill in the same amount. The stock was subsequently issued in November 2009. The new entity will be focused in three areas, branding (product placement) in television production, movies, etc.; the sale of mini-choppers and the associated merchandise of the brand Beverly Hills Choppers, including clothing, accessories, parts, etc; and the new Company plan will have internet platforms focused on social networking and the database built around the Johnny Fratto Social Club.

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.

Earnings per Share

The Company calculates net income (loss) per share as required by ASC 260, "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 periods when they would be anti-dilutive common stock equivalents, if any, are not considered in the computation.





F-6



|
|
|

FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 2  STOCK BASED COMPENSATION



The Company accounts for stock based compensation in accordance with ASC 718, "Accounting for Stock-Based Compensation." The provisions of ASC 718 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.

Stock Splits

On July 30th, 2007 the Companys board of directors authorized a 15 for 1 forward stock split.  On November 11, 2008 the Company and shareholders authorized a 1 for 300 reverse stock split.

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

Fair Value of Financial Instruments

AFC Topic 820, "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 July 31, 2010 and 2009.

The respective carrying values 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.

Income Tax

The Company accounts for income taxes under ASC 720, Under ASC 720 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

At July 31, 2010 and 2009 the Company had net operating loss carryforwards of approximately $13,000,000 and $5,800,000 which begin to expire in 2026. The deferred tax assets of approximately $1,900,000 and $860,000 in 2010 and 2009, created by the net operating losses, have been offset by a 100% valuation allowance. The change in the valuation allowance in 2010 and 2009 was $1,040,000 and $360,000.

Reclassifications

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





F-7



|
|
|

FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 3  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.





F-8



|
|
|

FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 3  NEW PRONOUNCEMENTS (continued)



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

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 accumulate 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.





F-9



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 3  NEW PRONOUNCEMENTS (continued)



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 issued Financial 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 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.





F-10



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 3  NEW PRONOUNCEMENTS (continued)



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 sheets 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 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.





F-11



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010



NOTE 3  NEW PRONOUNCEMENTS (continued)



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 4  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, 2010, the Company incurred a net loss of $7,283,972.

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 5  NOTES PAYABLE



At July 31, 2010 and 2009 the Company had two unsecured notes payable outstanding for $120,000 total, all currently due and bearing compound interest at 9% per annum.

On March 20, 2008, Wave Uranium Holding (the "Company") entered into a securities purchase agreement (the "Agreement") with accredited investors (the "Investors") pursuant to which the Investors purchased an aggregate principal amount of $1,562,500 of 8% Original Issue Discount Senior Secured Convertible Debentures for an aggregate purchase price of $1,250,000 (the "Debentures"). The Debentures bore interest at 8% and mature twenty-four months from the date of issuance. The Debentures were convertible at the option of the holder at any time into shares of common stock, at an initial conversion price equal to $0.25 ("Initial Conversion Price").





F-12



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 5  NOTES PAYABLE (continued)



In connection with the Agreement, each Investor received a warrant to purchase such number of shares of common stock equal to their subscription amount divided by the Initial Conversion Price ("Warrants"). Each Warrant is exercisable for a period of five years from the date of issuance at an initial exercise price of $90. The investors may exercise the Warrants on a cashless basis if the shares of common stock underlying the Warrants are not then registered pursuant to an effective registration statement. In the event the Investors exercise the Warrants on a cashless basis, then we will not receive any proceeds.

The conversion price of the Debentures and the exercise price of the Warrants are subject to full ratchet and anti-dilution adjustment for subsequent lower price issuances by the Company, as well as customary adjustments provisions for stock splits, stock dividends, recapitalizations and the like.

The full principal amount of the Debentures is due upon default under the terms of Debentures. Beginning on the seven (7) month anniversary of the closing of the Debentures and continuing on the same day of each successive month thereafter, the Company must prepay 1/18th of the aggregate face amount of the Debentures, plus all accrued interest thereon, either in cash or in common stock, at the option of the Company. If the Debenture is prepaid in shares of common stock, the conversion price of such shares shall be equal to the lesser of (i) the conversion price then in effect and (ii) 80% of the average of the three (3) closing bid prices for the 20 consecutive trading days ending on the trading day that is immediately prior to the applicable redemption date.

Notwithstanding the foregoing, the Company's right to prepay the Debentures in shares of common stock on each prepayment date is subject to, among other things, the following conditions: (i) that a registration statement must be effective on such prepayment date and available for use by the Investors (ii) the shares to be issued are registered with the Securities and Exchange Commission and (iii) the aggregate number of shares to be issued under any monthly redemption amount is less than 20% of the total dollar trading volume of the Company's common stock for the 20 trading days prior to the applicable monthly redemption date.

At any time after the effectiveness of the registration statement described below, the Company may, upon written notice, redeem the Debentures in cash at 115% of the then outstanding principal amount of the Debentures provided, among other things, that (i) the volume weighted average price ("VWAP") for any 20 consecutive trading days exceeds $0.50, (ii) a registration statement must be effective on such redemption date and available for use by the Investors and (iii) the Company has satisfied all conditions under the transaction documents.

Each of the Investors have contractually agreed to restrict their ability to exercise the Warrants and convert the Debentures such that the number of shares of the Company common stock held by each of them and their affiliates after such conversion or exercise does not exceed 4.99% of the Company's then issued and outstanding shares of common stock.





F-13



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 5  NOTES PAYABLE (continued)



The Company is obligated to file a registration statement registering the resale of shares of (i) the Common Stock issuable upon conversion of the Debentures, (ii) the Common Stock issuable upon exercise of the Warrants, and (iii) the shares of common stock issuable as payment of interest on the Debenture. If the registration statement is not filed within 45 days from the final closing, or declared effective within 105 days thereafter (120 days if the registration statement receives a review by the SEC), the Company is obligated to pay the investors certain fees in the amount of 2% of the total purchase price of the Debentures, per month, and the obligations may be deemed to be in default.

Additionally the Company has shown the current portion of the debt in current liabilities; also the Company has discounted the note under the interest method and is amortizing the debt discount over the life of the loan. On July 6, 2009 the debenture terms were amended with the interest rate being changed to nil (0.00%) and the conversion price changed to $.62 per share.

The Company has discounted the Debentures under the interest method, and the original issue discount on the Debentures of $312,500 plus the additional calculated debt discount of $1,250,000 derived from the calculated cost of the conversion feature and attached warrants as limited by the face amount of the Debentures ($1,562,500 total) is being amortized over the life of the loan. The effective amortization rate is 96%. During the years ended July 31, 2010 and 2009 the Company amortized $168,403 and $961,167 of the debt discount, leaving a remaining balance of $0. The Company's potential equity cost from the conversion feature and attached warrants of $1,249,500 was recorded as an equity obligation liability in 2008.

On March 16th, 2009 the Company borrowed $40,000 under a note payable, due in June 2009, bearing interest at 10% per annum with upward adjustments for default, secured by Company assets, and convertible into Company common shares at $.10 per share anytime at the maker's discretion. In Conjunction with the note the maker agreed to convert 16,668 warrants from the March 20, 2008 debenture financing into 16,668 shares of common stock.

On June 8th, 2009 the Company borrowed $25,000 under a note payable, due in December 2009, bearing interest at 10% per annum with upward adjustments for default, secured by Company assets, and convertible into Company common shares at $.10 per share anytime at the maker's discretion.

On July 6th, 2009 the Company borrowed $150,000 under a convertible debenture, due in January 2011, bearing interest at 8% per annum with upward adjustments for default, secured by Company assets, and convertible into Company common shares at $.75 per share anytime at the maker's discretion. The debenture calls for monthly principal and interest payments over 18 months of approximately $8,900 per month commencing in August 2009.

The balance due under all notes payable at July 31, 2010 and 2009 was $1,897,500, with all notes currently due at July 31, 2010. Interest expense from notes payable in 2010 and 2009 was $36,498 and $243,096, and accrued interest payable at July 31, 2010 and 2009 was $332,006 and $295,508.





F-14



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010





NOTE 6  STOCKHOLDERS EQUITY



As of July 31, 2010 and 2009, the Company had 150,000,000 authorized shares,$.001 par value, with 21,810,262 and 262,300 shares issued and outstanding.

STOCK OPTIONS AND WARRANTS

At July 31, 2010 and 2009 the Company had stock options and warrants outstanding as described below.

NON-EMPLOYEE STOCK OPTIONS AND WARRANTS

The Company accounts for non-employee stock options and warrants under ASC 718, whereby option and warrant costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Unless otherwise provided for, the Company covers option and warrant exercises by issuing new shares.

During fiscal year 2008 the Company granted 20,833 common stock warrants in connection with debenture borrowings as more fully described in Note 5. In addition the Company issued 1,828 warrants to various individuals and entities for compensation, allowing the holder to purchase one share of common stock per warrant, exercisable immediately at $150 per share with the warrant terms expiring in November and December of 2009. The fair value of these warrant grants were estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 3.2%, dividend yield of 0%, expected life of 2 years, volatility of 26%. The Company recorded total compensation expense under these warrant issuances of $861,694 in fiscal year 2008.

As of July 31, 2008, all of the 2008 warrant grants of 22,661 remained outstanding.

The Company issued 100,000 warrants in 2009 under a $150,000 convertible debenture, allowing the holder to purchase one share of common stock per warrant, exercisable immediately at $1 per share with the warrant terms expiring in July 2014. The warrants were out of the money with no material recording value.  At July 31, 2009 there were 122,661 warrants outstanding.

In year-end July 31, 2010, 1,828 warrants expired leaving a year-end balance of 120,833 warrants.







F-15



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FBC Holding Inc.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Audited

July 31, 2010



NOTE 7  CONTINGENCIES



In November 2008 a note holder filed a legal action against the Company in the Superior Court of Orange County, California alleging breach of contract and other malfeasance and seeking damages of approximately $225,000. The Company disputes the allegations and the matter is currently ongoing.

NOTE 8  RELATED PARTY TRANSACTIONS



In 2009 The Company made payments of $1,500 per month plus costs on a building lease held in the name of an entity under common control. The lease ran through July 2009.





F-16



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Item 9.  Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Since inception, we have had no changes in or disagreements with our accountants.  Our audited financial statements for the fiscal years ended July 31, 2010 and 2009 have been included in this annual report in reliance upon Ronald R. Chadwick, P.C., Independent Registered Public Accounting Firm, as experts in accounting and auditing.

Item 9A.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of July 31, 2010.  Based on this evaluation, our management has concluded that our disclosure controls and procedures adequately do not 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 due to the material weaknesses in our internal control over financial reporting as reported below.  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:

|    |                                                                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 9A(T).  Controls and Procedures

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)).  Our internal control over financial reporting is designed 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.

Because of our inherent limitations, our internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of July 31, 2010.  In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control  Integrated Framework.

Management conducted a walkthrough of the procedures and controls documented in this memo or relied on personal knowledge where no walk through was possible in order to test the effectiveness of the Companys internal control over financial reporting.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Companys annual or interim financial statements will not be prevented or detected on a timely basis.  In its assessment of the effectiveness of internal control over financial reporting as of July 31, 2010, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.



|   |                                                                                                                                                                                                                                      
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | There is lack of segregation of duties and therefore the Company is susceptible to fraud and misappropriation of assets.                                                                                                             
|2. | There are no preventative and detective IT systems in place to prevent and/or detect fraud other than password protection.  There no software based accounting controls in place to prevent double entries, monitor performance, etc.
|3. | There is a lack of entity wide controls establishing a tone at the top, including no audit committee, no policy on fraud and no code of ethics.  A whistleblower policy is not necessary given the small size of the organization. 





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The Company is working on the following remediation efforts:



|   |                                                                                                                                                                                                                     
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | The Company has hired an external accountant to record transactions and prepare the financial statements.  The information should be sent to the accountant by someone who is not in control of the bank account.   
|2  | Obtain quotes for prevention and detection software in order to protect against fraud.                                                                                                                              
|3. | Once we obtain funding, we will purchase basic accounting software to record accounting transactions and print checks.                                                                                              
|4. | Adopt a corporate records and document retention policy to ensure that all significant records are kept for the appropriate amount of time as required by law.                                                      
|5. | Appoint a minimum of two independent directors to the board of directors and then implement an audit committee to review all financial statements and SEC filings and oversee the development of corporate policies.

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the companys internal controls.

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of July 31, 2010 based on criteria established in Internal ControlIntegrated Framework issued by COSO.

This annual report does not include an attestation report of the company's registered public accounting firm regarding internal control over financial reporting.  Management's report was not subject to attestation by the company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management's report in this annual report.

We did not change our internal control over financial reporting during our last fiscal quarter of 2010 in connection with the results of Managements report, nor have we made any changes to our internal control over financial reporting.

Item 9B.  Other Information

None.



PART III

Item 10.  Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act

The following table sets forth the name, age, and position of our executive officers and directors as of November 13, 2010.



|                        |                                       |                               
|----------------------- | ------------------------------------- | ------------------------------
|                        | Position(s) Held in                   |                               
|Name and Age            | FBC Holding Inc.                      | Tenure                        
|Christopher LeClerc, 34 | Director                              | From December 2007 to present 
|                        | President, Chief Executive Officer    | From March 20, 2009 to present
|                        | Chief Financial Officer and Treasurer | From June 2007 to present     
|Brian Lehmann, 41       | Secretary                             | July 22, 2010 to present      







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The directors shall be elected at an annual meeting of the stockholders and except as otherwise provided within our Bylaws, as pertaining to vacancies, shall hold office until a successor is elected and qualified.  There any arrangements or understanding between any of our directors or officers or any other person pursuant to which any officer or director was or is to be selected as an officer or director.

Christopher LeClerc, Director, President, Chief Executive Officer, Chief Financial Officer and Treasurer

Mr. LeClerc has been the Companys Chief Financial Officer since June 2007 and a Director of the Company since December 2007.  He was appointed our President and Chief Executive Officer on March 20, 2009.  Mr. LeClerc has also has 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.

Brian Lehmann, Secretary

Mr. Lehman has been our Secretary since July 22, 2010.  Mr. Lehmann has over 22 years of business and technical experience in outsourced services, software and technology fields, with particular strengths in corporate development, marketing, product management, business development and software development.  From 2005 until present, Mr. Lehmann has been Chief Executive Officer of Prestige Employee Administrators Inc., a private company that provides outsourced human resources services to over 250 Small & Medium Businesses in 32 States

Director Nominees

We do not have a nominating committee.  The Board of Directors, sitting as a Board, selects individuals to stand for election as members of the 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.  Unless 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 will accept written submissions of proposed nominees that include the name, address and telephone number of the proposed nominee; a brief statement of the nominees qualifications to serve as a director; and a statement as to why the shareholder submitting the proposed nominee believes that the nomination would be in the best interests of shareholders. If the proposed nominee is not the same person as the shareholder submitting the name of the nominee, a letter from the nominee 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 identifies director nominees through a combination of referrals from different people, including management, existing Board members and security holders.  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 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.

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 have an audit committee financial expert on our Board of Directors carrying out the duties of the Audit Committee.  The 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.

Significant Employees

Other than the senior officers described above, we do not expect any other individuals to make a significant contribution to our business.





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Family Relationships

There are no family relationships among our officers, directors or persons nominated for such positions.

No Legal Proceedings

None of our directors, executive officers, promoters or control persons have 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 SEC 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.

Code of Ethics

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

Item 11.  Executive Compensation

The following table sets forth, as of July 31, 2010, compensation awarded to our Chief Executive Officer (CEO), and to other persons serving as executive officers whose salary and bonus for such year exceeded $100,000 (collectively, the Named Executive Officers) for the last two completed fiscal years.



|                           |      |        |       |         |        |                |              |              |        
|-------------------------- | ---- | ------ | ----- | ------- | ------ | -------------- | ------------ | ------------ | -------
|SUMMARY COMPENSATION TABLE |     
|                           |      |        |       |         |        |                | Nonqualified |              |        
|Name and                   |      |        |       |         |        | Non-Equity     | Deferred     |              |        
|Principal                  |      |        |       | Stock   | Option | Incentive Plan | Compensation | All Other    |        
|Position                   | Year | Salary | Bonus | Awards  | Awards | Compensation   | Earnings     | Compensation | Total  
|                           |      | ($)    | ($)   | ($)     | ($)    | ($)            | ($)          | ($)          | ($)    
|Christopher                | 2010 | 0      | 0     | 0       | 0      | 0              | 0            | 0            | 0      
|LeClerc (1)                | 2009 | 0      | 0     | 450,000 | 0      | 0              | 0            | 0            | 450,000
|Cady                       | 2010 | 0      | 0     | 0       | 0      | 0              | 0            | 0            | 0      
|Johnson (2)                | 2009 | 45,000 | 0     | 300,000 | 0      | 0              | 0            | 0            | 345,000



|    |                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Mr. LeClerc has been a director since December 2007 and our Chief Financial Officer, Secretary and Treasurer since June 2007.  He was appointed our President, Chief Executive Officer on March 20, 2009.
|(2) | Mr. Johnson was our President and Chief Financial Officer from June 2007 until March 19, 2009                                                                                                            





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Employment Agreements

We do not currently have an employment agreement with our sole officer and director.

Option Grants

We did not grant any options or stock appreciation rights to our named executive officers or directors in the fiscal 2010.  As of November 13, 2010, none of our executive officers or directors owned any of our derivative securities.

Pension, Retirement or Similar Benefit Plans

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers.  We have no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the Board of Directors or a committee thereof.

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.

Compensation of Directors

We reimburse our directors for expenses incurred in connection with attending Board meetings.  We did not pay director's fees or other cash compensation for services rendered as a director for the year ended July 31, 2009.

No cash compensation was paid to any of our directors for the director's services as a director during the fiscal year ended July 31, 2009.  We have no standard arrangement pursuant to which our directors are compensated for their services in their capacity as directors except for the granting from time to time of incentive stock options.  The Board of Directors may award special remuneration to any director undertaking any special services on behalf of our Company other than services ordinarily required of a director.  Other than indicated below, no director received and/or accrued any compensation for his services as a director, including committee participation and/or special assignments.

Change of Control

As of November 13, 2010 we had no pension plans or compensatory plans or other arrangements which provide compensation on the event of termination of employment or change in control of us.

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of November 13, 2010 by: (i) each of our directors; (ii) each of our named executive officers; and (iii) each person or group known by us to beneficially own more than 5% of our outstanding shares of common stock.  Unless otherwise indicated, the shareholders listed below possess sole voting and investment power with respect to the shares they own.





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As of November 13, 2010, there were 74,410,262 common shares issued and outstanding.



|                                    |                    |               |               
|----------------------------------- | ------------------ | ------------- | --------------
|                                    |                    | Amount and    |               
|                                    |                    | Nature of     |               
|                                    |                    | Beneficial    | **Percent of**
|Name and Address of                 |                    | Ownership (1) | **Class (2)** 
|**Beneficial Owner**                | **Title of Class** | (#)           | (%)           
|Christopher LeClerc (3)             | Common             | 5,000         | (4)           
|66 Pifcatqua Road                   |                    |               |               
|Dover, NH 03820                     |                    |               |               
|                                    |                    |               |               
|Norman Meier                        | Common             | 133,334       | 23.8          
|5348 Vegas Drive, #228              |                    |               |               
|Las Vegas, Nevada 89108             |                    |               |               
|                                    |                    |               |               
|Sichenzia Ross Friedman Ference LLP | Common             | 300,000       | 53.5          
|1065 Avenue of the Americas         |                    |               |               
|New York, NY 10018                  |                    |               |               
|                                    |                    |               |               



(1) The number and percentage of shares beneficially owned is determined under rules of the SEC and the information is not necessarily indicative of beneficial ownership for any other purpose.  Under such rules, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within 60 days through the exercise of any stock option or other right.  The persons named in the table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them, subject to community property laws where applicable and the information contained in the footnotes to this table.

(2) Based on 74,410,262 issued and outstanding shares of common stock as of November 13, 2010.

(3) Mr. LeClerc is our sole officer and director.

(4)  Less than 1%.

Item 13.  Certain Relationships, Related Transactions and Director Independence

Not applicable.

Item 14.  Principal Accountant Fees and Services

Audit and Non-Audit Fees

The following table represents fees for the professional audit services and fees billed for other services rendered by our former auditors, Morgan & Company, and our current auditors, Ronald r. Chadwick, P.C. PC, for the audit of our annual financial statements respectively for the years ended July 31, 2009 and 2010 and any other fees billed for other services rendered by Morgan & Company and Ronald r. Chadwick, P.C. PC during these periods.  All fees are paid by US dollars.



|                   |                     |                    
|------------------ | ------------------- | -------------------
|                   | Year Ended July 31, | Year Ended July 31,
|                   | 2009                | 2010               
|Audit fees         | 8,500               |                    
|Audit-related fees | -                   |                    
|Tax fees           | -                   |                    
|All other fees     | -                   |                    
|Total              | 8,500               |                    

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 the fiscal 2010.





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PART IV

Item 15.  Exhibits and Financial Statement Schedules

(a) (1) Financial Statements

See Index to Financial Statements set forth on page 10.

(a) (2) Financial Statement Schedules

None.  The financial statement schedules are omitted because they are inapplicable or the requested information is shown in our financial statements or related notes thereto.



|               |                                                                                                                                                                                                                         
|-------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number | Exhibit Description                                                                                                                                                                                                     
|2.1            | 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)                                                                                                                         
|3.4            | Certificate of Amendment to Articles of Incorporation increasing authorized stock (4)                                                                                                                                   
|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           | Form of Debenture related to March 2008 financing (5)                                                                                                                                                                   
|10.6           | Form of Warrant related to March 2008 financing (5)                                                                                                                                                                     
|10.7           | Securities Purchase Agreement, dated March 20, 2008 by and between Wave Uranium Holding and the Purchasers signatory thereto (5)                                                                                        
|10.8           | Registration Right Agreement, dated March 20, 2008 by and between Wave Uranium Holding and the Purchasers signatory thereto (5)                                                                                         
|10.9           | Security Agreement, dated March 20, 2008 by and between Wave Uranium Holding and the Purchasers signatory thereto (5)                                                                                                   
|10.10          | Pledge and Security Agreement, dated March 20, 2008 by and between Wave Uranium Holding and the Purchasers signatory thereto (5)                                                                                        
|10.11          | Subsidiary Guarantee, dated March 20, 2008 of Wave Uranium (5)                                                                                                                                                          
|10.12          | Form of Lock-Up Agreement (5)                                                                                                                                                                                           
|31.1           | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934 as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2003
|32.1           | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2003                                        
|               |                                                                                                                                                                                                                         



|    |                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.                                            
|(4) | Filed with our Annual Report on Form 10-K for the fiscal year ended July 31, 2007, filed November 13, 2007, and incorporated by reference to this Annual Report.
|(5) | Filed with Current Report on Form 8-K dated March 20, 2008 and incorporated by reference to this Annual Report.                                                 







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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.



|                        |                                                                                                                  
|----------------------- | -----------------------------------------------------------------------------------------------------------------
|                        | FBC Holding Inc. By:/s/Christopher LeClerc                                                                       
|Date: November 15, 2010 | Christopher LeClercPresident, Secretary, Treasurer, Chief Executive Officer, Chief Executive Officer and Director



Pursuant to the requirements of the Exchange Act this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



|                        |                                                |                  
|----------------------- | ---------------------------------------------- | -----------------
|Signature               | Title                                          | D ate            
|                       
|/s/ Christopher LeClerc | President, Chief Executive Officer, Secretary, | November 15, 2010
|Christopher LeClerc     | Treasurer, Chief Financial Officer, Director   |                  





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