Exhibit 15.4

Lite Array Holdings Limited

and Subsidiaries

(A Development Stage Enterprise)

Consolidated Financial Statements

December 31, 2005 and 2006

Together With Report Of Independent Registered

Public Accounting Firm



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Index to Consolidated Financial Statements



---



|                                                           |  |        
|---------------------------------------------------------- |  | -------
|                                                           |  | Page(s)
|                                                           | 
|Report of Independent Registered Public Accounting Firm    |  | 1      
|                                                           | 
|Consolidated Financial Statements                          |  |        
|                                                           | 
|Consolidated Balance Sheets                                |  | 2      
|                                                           | 
|Consolidated Statements of Operations                      |  | 3      
|                                                           | 
|Consolidated Statements of Changes in Shareholders Equity |  | 4      
|                                                           | 
|Consolidated Statements of Cash Flows                      |  | 5      
|                                                           | 
|Notes to Consolidated Financial Statements                 |  | 6 - 14 



---

LOGO

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Lite Array Holdings Limited

We have audited the accompanying consolidated balance sheets of Lite Array Holdings Limited (A Development Stage Enterprise) and
subsidiaries as of December 31, 2005 and 2006, and the related consolidated statements of operations, changes in shareholders equity, and cash flows for the period from December 20, 2004 (date of inception) to December 31, 2005,
for the year ended December 31, 2006 and for the period from December 20, 2004 (date of inception) to December 31, 2006. These consolidated financial statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our
opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Lite Array Holdings Limited and subsidiaries as of December 31, 2005 and 2006 and the consolidated
results of their operations and their cash flows for the period from December 20, 2004 (date of inception) to December 31, 2005, for the year ended December 31, 2006 and for the period from December 20, 2004 (date of inception)
to December 31, 2006 in conformity with accounting principles generally accepted in the United States of America.



|                            
|----------------------------
|LOGO                        
|Certified Public Accountants
|Hong Kong                   
|                            
|August 20, 2007             

LOGO



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Consolidated Balance Sheets

December 31, 2005 and 2006

---



|                                                                     |  |         |  |            |  |              |  
|-------------------------------------------------------------------- |  | ------- |  | ---------- |  | ------------ | -
|                                                                     |  | Note(s) |  | 2005 HK$   |  | 2006 HK$     |  
|                                                                     |  |         | 
|ASSETS                                                               |  |         |  |            |  |              |  
|Current assets:                                                      |  |         |  |            |  |              |  
|Cash and cash equivalents                                            |  | 4       |  | 31,124,915 |  | 317,515      |  
|Prepaid expenses                                                     |  |         |  | 41,213     |  | 12,685       |  
|Amounts due from related parties                                     |  | 5       |  |           |  | 537,026      |  
|                                                                     |  |         |  |            |  |              |  
|Total current assets                                                 |  |         |  | 31,166,128 |  | 867,226      |  
|                                                                     |  |         | 
|Plant and equipment, net                                             |  | 6       |  |           |  | 11,738,580   |  
|                                                                     |  |         |  |            |  |              |  
|Total assets                                                         |  |         |  | 31,166,128 |  | 12,605,806   |  
|                                                                     |  |         |  |            |  |              |  
|LIABILITIES AND SHAREHOLDERS EQUITY                                 |  |         |  |            |  |              |  
|Current liabilities:                                                 |  |         |  |            |  |              |  
|Accruals and other payables                                          |  |         |  |           |  | 367,197      |  
|Amounts due to related parties                                       |  | 5       |  | 114,523    |  | 4,245,664    |  
|                                                                     |  |         |  |            |  |              |  
|Total liabilities                                                    |  |         |  | 114,523    |  | 4,612,861    |  
|                                                                     |  |         |  |            |  |              |  
|Shareholders equity:                                                |  |         |  |            |  |              |  
|Common stock                                                         |  | 7       |  | 31,016,480 |  | 62,216,480   |  
|Additional paid-in capital                                           |  |         |  |           |  | (49,778,687} |  
|Retained earnings/(deficit) accumulated during the development stage |  |         |  | 35,125     |  | (4,836,988   | )
|Accumulated other comprehensive income                               |  |         |  |           |  | 392,140      |  
|                                                                     |  |         |  |            |  |              |  
|Total shareholders equity                                           |  |         |  | 31,051,605 |  | 7,992,945    |  
|                                                                     |  |         |  |            |  |              |  
|Total liabilities and shareholders equity                           |  |         |  | 31,166,128 |  | 12,605,806   |  
|                                                                     |  |         |  |            |  |              |  

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



2



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Consolidated Statements of Operations

Period from December 20, 2004 (date of inception) to December 31, 2005,

Year Ended December 31, 2006 and Period from December 20, 2004 (date of

inception) to December 31,
2006

---



|                                      |  |         |  |                                                                                |   |  |                                |   |  |                                                                                |  
|------------------------------------- |  | ------- |  | ------------------------------------------------------------------------------ | - |  | ------------------------------ | - |  | ------------------------------------------------------------------------------ | -
|                                      |  | Note(s) |  | For the periodfrom December 20,2004 (date ofinception) toDecember 31, 2005 HK$ |   |  | Year endedDecember 31,2006 HK$ |   |  | For the periodfrom December 20,2004 (date ofinception) toDecember 31, 2006 HK$ |  
|                                      |  |         |  |                                                                               
|Distribution expenses                 |  |         |  |                                                                               |   |  | (5,186                         | ) |  | (5,186                                                                         | )
|Administrative expenses               |  |         |  | (60,400                                                                        | ) |  | (4,464,131                     | ) |  | (4,524,531                                                                     | )
|Other operating expenses              |  |         |  |                                                                               |   |  | (379,590                       | ) |  | (379,590                                                                       | )
|                                      |  |         |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Total operating expenses              |  |         |  | (60,400                                                                        | ) |  | (4,848,907                     | ) |  | (4,909,307                                                                     | )
|                                      |  |         |  |                                                                               
|Interest income                       |  |         |  | 95,525                                                                         |   |  | 67,782                         |   |  | 163,307                                                                        |  
|                                      |  |         |  |                                                                                |   |  |                                |   |  |                                                                                |  
|lncome/(loss) before income tax       |  |         |  | 35,125                                                                         |   |  | (4,781,125                     | ) |  | (4,746,000                                                                     | )
|                                      |  |         |  |                                                                               
|Income tax                            |  | 8       |  |                                                                               |   |  |                               |   |  |                                                                               |  
|                                      |  |         |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Net income/(loss) for the period/year |  |         |  | 35,125                                                                         |   |  | (4,781,125                     | ) |  | (4,746,000                                                                     | )
|                                      |  |         |  |                                                                                |   |  |                                |   |  |                                                                                |  

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



3



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Consolidated Statements of Changes in Shareholders Equity

Period from December 20, 2004 (date of inception) to December 31, 2006

---



|                                                               |        |              |  |            |         |             |                                                 |             |            |                  |               |         |  |             |  
|-------------------------------------------------------------- | ------ | ------------ |  | ---------- | ------- | ----------- | ----------------------------------------------- | ----------- | ---------- | ---------------- | ------------- | ------- |  | ----------- | -
|                                                               |        | Common stock |  | Additional |         |             | Retainedearnings/(deficit)accumulatedduring the |             |            | Accumulatedother |               |         | 
|                                                               | No. of |              |  |            | paid-in |             |                                                 | development |            |                  | comprehensive |         |  |            
|                                                               |        | Shares       |  | Amount     |         | capital     |                                                 |             | stage      |                  |               | income  |  | Total       |  
|                                                               |        |              |  | HK$        |         | HK$         |                                                 |             | HK$        |                  |               | HK$     |  | HK$         |  
|                                                               |        |              |  |            |         |             |                                                 |             |            |                  |               |         |  |             |  
|Issuance of founder common stock of US$1 per share             |        | 1            |  | 8          |         |            |                                                 |             |           |                  |               |        |  | 8           |  
|Issuance of common stock for cash in November 2005             |        | 3,999,999    |  | 31,016,472 |         |            |                                                 |             |           |                  |               |        |  | 31,016,472  |  
|Net income for the period                                      |        |             |  |           |         |            |                                                 |             | 35,125     |                  |               |        |  | 35,125      |  
|Balances at December 31, 2005                                  |        | 4,000,000    |  | 31,016,480 |         |            |                                                 |             | 35,125     |                  |               |        |  | 31,051,605  |  
|                                                               |        |              |  |            |         |            
|Issuance of common stock for plant and equipment in March 2006 |        | 4,000,000    |  | 31,200,000 |         |            |                                                 |             |           |                  |               |        |  | 31,200,000  |  
|Deemed distribution for transfer of assets (see note 6)        |        |             |  |           |         | (49,778,687 | )                                               |             |           |                  |               |        |  | (49,778,687 | )
|Currency translation differences                               |        |             |  |           |         |            |                                                 |             |           |                  |               | 392,140 |  | 392,140     |  
|Net loss for the year                                          |        |             |  |           |         |            |                                                 |             | (4,781,125 | )                |               |        |  | (4,781,125  | )
|Interim dividend declared up to March 31, 2006                 |        |             |  |           |         |            |                                                 |             | (90,988    | )                |               |        |  | (90,988     | )
|Balances at December 31, 2006                                  |        | 8,000,000    |  | 62,216,480 |         | (49,778,687 | )                                               |             | (4,836,988 | )                |               | 392,140 |  | 7,992,945   |  



4



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Consolidated Statements of Cash Flows

Period from December 20, 2004 (date of inception) to December 31, 2005 and

Year Ended December 31, 2006 and Period from December 20, 2004 (date of

inception) to December 31,
2006

---



|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|---------------------------------------------------------------------------------------- |  | ----- |  | ------------------------------------------------------------------------------ | - |  | ------------------------------ | - |  | ------------------------------------------------------------------------------ | -
|                                                                                         |  | Notes |  | For the periodfrom December 20,2004 (date ofinception) toDecember 31, 2005 HK$ |   |  | Year endedDecember 31,2006 HK$ |   |  | For the periodfrom December 20,2004 (date ofinception) toDecember 31, 2006 HK$ |  
|                                                                                         |  |       |  |                                                                               
|Cash flows from operating activities:                                                    |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Net income/(loss) for the period/year                                                    |  |       |  | 35,125                                                                         |   |  | (4,781,125                     | ) |  | (4,746,000                                                                     | )
|Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Depreciation                                                                             |  |       |  |                                                                               |   |  | 1,213,291                      |   |  | 1,213,291                                                                      |  
|                                                                                         |  |       |  |                                                                               
|Changes in operating assets and liabilities:                                             |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Prepaid expenses                                                                         |  |       |  | (41,213                                                                        | ) |  | 29,692                         |   |  | (11,521                                                                        | )
|Amounts due from related parties                                                         |  |       |  |                                                                               |   |  | (31,634,233                    | ) |  | (31,634,233                                                                    | )
|Accruals and other payable                                                               |  |       |  |                                                                               |   |  | 367,197                        |   |  | 367,197                                                                        |  
|Amounts due to related parties                                                           |  |       |  | 114.523                                                                        |   |  | 4.038.986                      |   |  | 4.153.509                                                                      |  
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Net cash provided by/(used in) operating activities                                      |  |       |  | 108.435                                                                        |   |  | (30,766,192                    | ) |  | (30,657,757                                                                    | )
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Cash flows from investing activities:                                                    |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Purchase of plant and equipment                                                          |  |       |  |                                                                               |   |  | (41,208                        | ) |  | (41,208                                                                        | )
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Net cash used in investing activities                                                    |  |       |  |                                                                               |   |  | (41,208                        | ) |  | (41,208                                                                        | )
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Cash flows from financing activities:                                                    |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Proceeds from issuance of common stock                                                   |  |       |  | 31,016,480                                                                     |   |  |                               |   |  | 31,016,480                                                                     |  
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Net cash provided by financing activities                                                |  |       |  | 31,016,480                                                                     |   |  |                               |   |  | 31,016,480                                                                     |  
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Net increase/(decrease) in cash and cash equivalents                                     |  |       |  | 31,124,915                                                                     |   |  | (30,807,400                    | ) |  | 317,515                                                                        |  
|Cash and cash equivalents at beginning of period/year                                    |  |       |  |                                                                               |   |  | 31,124,915                     |   |  |                                                                               |  
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Cash and cash equivalents at end of fiscal period/year                                   |  |       |  | 31,124,915                                                                     |   |  | 317,515                        |   |  | 317,515                                                                        |  
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Supplemental information                                                                 |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Income taxes paid                                                                        |  |       |  |                                                                               |   |  |                               |   |  |                                                                               |  
|Interest paid                                                                            |  |       |  |                                                                               |   |  |                               |   |  |                                                                               |  
|                                                                                         |  |       |  |                                                                                |   |  |                                |   |  |                                                                                |  
|Major non-cash transaction                                                               |  | 12    |  |                                                                                |   |  |                                |   |  |                                                                                |  



5



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|1. | The Company and Basis of Presentation
|-- | -------------------------------------

The Company

Lite Array Holdings Limited (the Company) was incorporated
in the British Virgin Islands on December 20, 2004. The Company and its subsidiaries (collectively, the Group) are engaged in research and development of organic light emitting diode (OLED) production equipment,
principally in the Peoples Republic of China (PRC). The Company is a jointly controlled entity of Anwell Technologies Limited (ATL) and Global-Tech Appliances Inc. (Global-Tech).

Basis of Presentation

Since its inception, the Group has not derived any significant revenues from its planned principal operations and its activities have consisted primarily of developing OLED production equipment. The Group has devoted
substantially all its efforts to business planning, research and development, recruiting management and technical staff, acquiring assets and raising capital. Accordingly, the Group is considered to be in the development stage.

All amounts are expressed in Hong Kong Dollars, unless indicated otherwise. Amounts in Hong Kong Dollars have been rounded to the nearest
dollar.

Nature of Operations

The Group is engaged in the research and development of OLED production equipment.

Details
of subsidiaries of the Company at December 31, 2006 are as follows:



|                                                                  |  |                              |  |                                                   |  |                                                   
|----------------------------------------------------------------- |  | ---------------------------- |  | ------------------------------------------------- |  | --------------------------------------------------
|Name of subsidiary                                                |  | Jurisdiction ofincorporation |  | Percentage ofownership helddirectly by theCompany |  | Principal activity                                
|                                                                  |  |                              | 
|Dongguan Litewell (OLED) Technology Limited (Dongguan Litewell) |  | PRC                          |  | 100                                               |  | Research and development OLED production equipment
|                                                                  |  |                              | 
|Litewell Technology (HK) Limited                                  |  | Hong Kong                    |  | 100                                               |  | Provision of management services to the Company   



|2. | Going Concern
|-- | -------------

The financial statements have been prepared on a going concern basis which contemplates the realisation of assets and settlement of liabilities in the ordinary course of business. Since inception, the Group has incurred cumulative net
losses of HK$4,836,988 and, as of December 31, 2006, the Groups current liabilities exceeded its current assets by HK$3,745,635. Management expects losses may continue for the foreseeable future and anticipates that losses may increase
from current levels because of additional costs and expenses related to the continued development of the Groups products. The Groups continuance in business as a going concern is dependent upon maintaining the necessary continuing
financial support from a shareholder of the Company and/or the Group achieving future profitable operations in order to generate sufficient cash flow to meet its liabilities and obligations as and when they fall due. The shareholder has agreed to
provide continuing financial support to the Group, to the extent necessary, for at least one year from the date that the financial statements are approved by the management of the Company.



6



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Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|3 | Summary of Significant Accounting Policies
|- | ------------------------------------------



|(a) | Principles of Consolidation and Basis of Presentation
|--- | -----------------------------------------------------

The consolidated financial statements include the financial statements of the Company, its subsidiaries and variable interest entities (VIEs) for which the Company is the primary
beneficiary. All significant intercompany accounts and transactions have been eliminated. The Company has adopted FASB Interpretation No. 46R Consolidation of Variable Interest Entities (FIN 46R), an Interpretation of
Accounting Research Bulletin No. 51. FIN 46R requires a VIE to be consolidated by a company if that company is subject to a majority of the risk of loss for the VIEs or is entitled to receive a majority of the VIEs residual returns.



|(b) | Subsidiaries
|--- | ------------

Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity.



|(c) | Use of Estimates
|--- | ----------------

In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the reported periods. Actual results could differ from those estimates.



|(d) | Risks and Uncertainties
|--- | -----------------------

The Group is subject to all of the risks inherent in a development stage company developing a new product. These risks include, but are not limited to, limited management resources, intense competition, dependence
upon customer acceptance of the product in development and the changing nature of the OLED production equipment industry. The Groups operating results may be materially affected by the foregoing factors. The Group is also exposed to a certain
amount of foreign exchange risk in relation to fluctuations between HK$ and Renminbi arising from its operations in the PRC. In order to limit this foreign currency risk exposure, the Group maintains adequate Renminbi cash balances for daily
operations.



|(e) | Cash Equivalents
|--- | ----------------

The Group considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 2005 and 2006, the Group did not have any cash equivalents.



|(f) | Plant and Equipment
|--- | -------------------

Plant and equipment are stated at cost. Depreciation is computed using the straight-line basis over the following estimated useful lives:



|                        |  |         
|----------------------- |  | --------
|Machinery and equipment |  | 10 years
|Office equipment        |  | 5 years 

Maintenance and repairs are charged to expense as incurred, and improvements and
betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.



7



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|3 | Summary of Significant Accounting Policies (Continued)
|- | ------------------------------------------------------



|(g) | Impairment of Long-Lived Assets
|--- | -------------------------------

In accordance with Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for Impairment or Disposal of Long-Lived Assets, the Group evaluates its long-lived assets to
determine whether later events and circumstances warrant revised estimates of useful lives or a reduction in carrying value due to impairment. If indicators of impairment exist and if the value of the assets is impaired, an impairment loss would be
recognized. No assets were determined to be impaired as of December 31, 2005 and 2006.



|(h) | Income Taxes
|--- | ------------

The Group accounts for income taxes under the asset and liability method, which requires, among other things, that deferred income taxes be provided for temporary difference between the tax basis of the Groups assets and liabilities
and their financial statement reported amounts. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating losses and research and development credit carryforwards. A valuation allowance is provided against
deferred tax assets unless it is more likely than not that they will be realized.



|(i) | Fair Value of Financial Instruments
|--- | -----------------------------------

Carrying amounts of certain of Groups financial instruments including cash and cash equivalents and accruals and other payables, approximate fair value due to their relatively short maturities.



|(j) | Comprehensive Income/Loss
|--- | -------------------------

Statement of Financial Accounting Standards (SFAS) No. 130, Reporting Comprehensive Income, requires companies to classify items of other comprehensive income/loss by their nature in the financial
statements and display the accumulated balance of other comprehensive income/loss separately from retained earnings and additional paid-in capital in the equity section of a balance sheet.

Accumulated other comprehensive income represents the change in the foreign currency translation adjustments during the period/year.



|(k) | Operating Leases
|--- | ----------------

Leases of property, plant and equipment where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received
from the lessor) are taken to the statement of operations on a straight-line basis over the period of the lease.

Where an
operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the financial year in which termination takes place.



|(I) | Employee Benefits
|--- | -----------------

The Group participates in a defined contribution Mandatory Provident Fund retirement benefits scheme (the MPF Scheme) for its subsidiary in Hong Kong under Hong Kong Mandatory Provident Fund Schemes Ordinance, for those
employees who are eligible to participate in the MPF Scheme. Contributions are made based on a percentage of the employees basic salaries and are charged to the statement of operations as they become payable in accordance with the rules of the
MPF Scheme. The Groups contributions to the MPF Scheme are recognized as employee compensation expense when they are due.



8



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|3 | Summary of Significant Accounting Policies (Continued)
|- | ------------------------------------------------------



|(I) | Employee Benefits (continued)
|--- | -----------------------------

Pursuant to the relevant regulations of the PRC government, the subsidiary in the PRC has participated in a local municipal government retirement benefits scheme (the Scheme), whereby the subsidiary in the
PRC is required to contribute a certain percentage of the basic salaries of its employees to the Scheme to fund their retirement benefits. The local municipal government undertakes to assume the retirement benefits obligation of all existing to the
Scheme is to pay the ongoing required contributions under the Scheme. Contributions under the Scheme are charged to the statement of operation as incurred. There are no provisions under the Scheme whereby forfeited contributions may be used to
reduce future contributions.



|(m) | Foreign Currency Translation
|--- | ----------------------------

The functional currency of the Companys subsidiary in the PRC is the Renminbi (RMB). The functional currency of the Company and its subsidiary in Hong Kong is the Hong Kong dollar (HK$).
Transactions demoninated in other currencies are recorded in RMB/HK$ at the rate of exchange prevailing when the transactions occur. Monetary assets and liabilities denominated in other currencies are translated into RMB/HK$ at rates of exchange in
effect at the balance sheet dates. Exchange gains and losses are recorded in the statement of operations and included in administrative expenses for the periods presented.

The Group has chosen the HK$ as its reporting currency. Accordingly assets and liabilities are translated using the exchange rate in effect at each year end and average exchange rates are used
for the statement of operations. Adjustments resulting from translation of these financial statements are reflected as accumulated other comprehensive income in shareholders equity.



|(n) | Revenue Recognition
|--- | -------------------

Interest income is recognized on a time-proportion basis using the effective interest method.



|(o) | Research and Development Costs
|--- | ------------------------------

Research and development costs are charged to expense as incurred.



9



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|4 | Cash and Cash Equivalents
|- | -------------------------

This amount is represented by cash at bank and on hand.



|5 | Balances and Transactions with Related Parties
|- | ----------------------------------------------

The balances are unsecured, interest-free and repayable on demand. The transactions which gave rise to the balances with related parties were transfer of funds from related parties to the Group
for its operations and expenses payments on behalf of the Group by the related parties. The related parties are subsidiaries of the shareholders of the Company.

In addition to the transactions and balances detailed elsewhere in the financial statements for the period and year ended December 31, 2005 and 2006, the Group incurred annual real estate
rental expenses and management fees aggregating approximately HK$nil and HK$1,030,620, respectively, payable to related companies in which one of the directors of the Company is also a director of the related companies.

On March 23, 2006, the Company assigned an amount due from a related party of HK$31,097,208 to Consortium Investment (BVI) Limited
(Consortium) as part of the consideration for the OLED equipment transferred from Consortium (see also note 6 below).



|6 | Plant and Equipment, Net
|- | ------------------------



|                               |  |                          |   |  |                    |   |  |            |  
|------------------------------ |  | ------------------------ | - |  | ------------------ | - |  | ---------- | -
|                               |  | MachineryandequipmentHK$ |   |  | OfficeequipmentHK$ |   |  | Total HK$  |  
|As at December 31, 2006        |  |                          |   |  |                    |   |  |            |  
|Cost                           |  | 16,144,036               |   |  | 36,691             |   |  | 16,180,727 |  
|Less: Accumulated depreciation |  | (4,439,489               | ) |  | (2,658             | ) |  | (4,442,147 | )
|                               |  |                          |   |  |                    |   |  |            |  
|Net book amount                |  | 11,704,547               |   |  | 34,033             |   |  | 11,738,580 |  
|                               |  |                          |   |  |                    |   |  |            |  

On March 23, 2006, Consortium, a 30% shareholder of the Company, transferred
certain OLED equipment to the Group with a carrying value of HK$12,518,521, which represented its original cost of HK$15,649,305 and accumulated depreciation of HK$3,130,784. The value of the OLED equipment was determined to be HK$62,297,208
(US$8,000,000), based on a valuation report prepared by a professional appraiser. The Company issued common stock of HK$31,200,000 and assigned an amount of HK$31,097,208 due from Global-Tech to Consortium for the OLED equipment. The difference of
HK$49,778,687 between the professionally determined value of HK$62,297,208 and the carrying value of the OLED equipment of HK$12,518,521 was recorded as a deemed distribution to Consortium.

The amount of depreciation charged for the period and year ended December 31, 2005 and 2006 was HK$nil and HK$1,213,291,
respectively.



10



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|7 | Common Stock
|- | ------------



|                                                      |  |                                      |  |           
|----------------------------------------------------- |  | ------------------------------------ |  | ----------
|                                                      |  | Authorised common shares ofUS$1 each
|                                                      |  | No. of shares                        |  | HK$       
|                                                      |  |                                     
|As at December 20, 2004 (date of inception)           |  | 50,000                               |  | 390,000   
|Increase in authorised common shares in November 2005 |  | 3,950,000                            |  | 30,810,000
|                                                      |  |                                      |  |           
|As at December 31, 2005                               |  | 4,000,000                            |  | 31,200,000
|Increase in authorised common shares in March 2006    |  | 4,000,000                            |  | 31,200,000
|                                                      |  |                                      |  |           
|As at December 31, 2006                               |  | 8,000,000                            |  | 62,400,000
|                                                      |  |                                      |  |           



|                                            |  |                                                 |  |           
|------------------------------------------- |  | ----------------------------------------------- |  | ----------
|                                            |  | Issued and fully paid commonshares of US$1 each
|                                            |  | No. of shares                                   |  | HK$       
|                                            |  |                                                
|As at December 20, 2004 (date of inception) |  | 1                                               |  | 8         
|Issuance of common shares in November 2005  |  | 3,999,999                                       |  | 31,016,472
|                                            |  |                                                 |  |           
|As at December 31, 2005                     |  | 4,000,000                                       |  | 31,016,480
|Issuance of common shares in March 2006     |  | 4,000,000                                       |  | 31,200,000
|                                            |  |                                                 |  |           
|As at December 31, 2006                     |  | 8,000,000                                       |  | 62,216,480
|                                            |  |                                                 |  |           

Upon incorporation of the Company on December 20, 2004, the Company issued 1
common share of US$1 per share to Global-Tech for cash. Each share of common share is entitled to one vote. The holders of common shares are also entitled to receive dividends whenever funds are legally available and when and if declared by the
Board of Directors, subject to the prior rights of holders of all classes of share outstanding.

On November 18, 2005,
the Company issued an additional 3,999,999 common shares of US$1 per share to Global-Tech for cash. The total number of common shares issued was 4,000,000.

On March 1, 2006, Global-Tech transferred its 4,000,000 common shares to its wholly owned subsidiary, Consortium.

On March 23, 2006, the Company issued an additional 4,000,000 common shares of US$1 per share to Consortium, as part of the consideration for the transfer of OLED equipment from Consortium
to the Group (see note 6). The total number of common shares held by Consortium was 8,000,000.

On March 31, 2006, the
Company declared a dividend of HK$90,988 which was distributed to the shareholder of the Company, Consortium.

On
April 3, 2006, ATL acquired 5,600,000 common shares of US$1 per share from Consortium and hence ATL then holds a 70% interest in the Company.



11



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|8 | Income Taxes
|- | ------------

Lite Array Holdings Limited and its subsidiaries are subject to income taxes on an entity basis on the income arising in or derived from the tax jurisdiction in which they are domiciled or deemed to operate.

The Hong Kong income tax rate is 17.5% (2005: 17.5%). The subsidiary, Dongguan Litewell, established in the PRC, enjoys tax concessions
made available to Foreign Investment Enterprises and Foreign Enterprises. Pursuant to the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises, the subsidiary in PRC is exempted from taxation for the first two
profitable years and a 50% relief from the PRC national tax of 24% for special economic zones for the next three profitable years thereafter. It is exempted from local income tax rate of 3%. As of December 31, 2006, the tax holiday period had
not commenced, as Dongguan Litewell has not recognised its first year of assessable profit.

No provision for taxation has
been made for the period and year ended December 31, 2005 and 2006 as the Company and its subsidiaries did not generate any taxable profits during this periods/year.

As of December 31, 2005 and 2006, the Group did not have any deferred tax assets and liabilities. The losses incurred during the year ended December 31, 2006 do not generate operating
losses carryforwards which can offset future taxable income.



|9 | Commitments
|- | -----------

Operating lease commitments

The Group has entered into various operating lease agreements for real estate that
extend through 2009. The Group recorded rental expenses for the period and year ended December 31, 2005 and 2006 of HK$nil and HK$295,854 respectively. Future minimum rental payments as of December 31, 2006 were as follows:



|                                             |  |        
|-------------------------------------------- |  | -------
|                                             |  | 2006HK$
|Payable:                                     |  |        
|                                             | 
|Within one year                              |  | 388,880
|Over one year but not exceeding two years    |  | 388,880
|Over two years but not exceeding three years |  | 97,200 
|                                             |  |        
|                                             |  | 874,960
|                                             |  |        

As of December 31, 2005 and 2006, the Group did not have any contingent
liabilities.



12



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|10 | Employee Benefits
|-- | -----------------

The Group participates in a Mandatory Provident Fund (MPF) scheme for all its qualified employees in Hong Kong. The MPF is defined contribution schemes and are administered by independent trustees.

Under the MPF scheme, both the Group and the employee contributes the lower of 5% of the employees basic salary and HK$1,000,
subject to a cap of a monthly basic salary of HK$20,000. Employees are entitled to 100% of the Groups contributions together with accrued returns irrespective of their length of service with the Group, but the benefits are required by law to
be preserved until the retirement age of 65.

The costs of these schemes recognized during the period and year ended
December 31, 2005 and 2006 were HK$nil and HK$17,000, respectively.

According to the relevant laws and regulations in
China, the Group is required to contribute 10% of the stipulated salary set by the local government of Dongguan, PRC, to the retirement schemes to fund the benefits of their employees. No forfeited contributions may be used by the employer to reduce
the existing level of contributions. Additionally, the Group provides housing, medical care and subsidized meals to all factory employees. The aggregate amounts incurred by the Group for wages and benefits were HK$nil and HK$1,814,045 during the
period and year ended December 31, 2005 and 2006, respectively.



|11 | Research and Development Costs
|-- | ------------------------------

The Group expenses all research and development costs when incurred. Included in administrative expenses in the consolidated statement of operations were design and development costs of HK$nil and HK$387,308 for the
period and year ended December 31, 2005 and 2006, respectively.



|12 | Major Non-cash Transaction
|-- | --------------------------

On March 23, 2006, the Company issued an additional 4,000,000 common shares of US$1 per share and assigned an amount of HK$31,097,208 due from Global-Tech to Consortium as the consideration for the transfer of
OLED equipment from Consortium to the Group (see note 6).



|13 | Concentrations and Credit Risk
|-- | ------------------------------

Financial instruments that potentially subject the Group to a concentration of credit risk consist of cash and amounts due from related parties. The Group does not require collateral to support financial instruments
that are subject to credit risk.

At December 31, 2005 and 2006, the Group had credit risk exposure of uninsured cash
in banks of approximately HK$31,124,915 and HK$317,515, respectively. The Groups cash and cash equivalents are placed with banking institutions with high credit ratings. The Group performs periodic credit standing evaluation of those banking
institutions to limit the Groupss exposure to any creadit risks.



13



---

Lite Array Holdings Limited and Subsidiaries

(A Development Stage Enterprise)

Notes to Consolidated Financial Statements

December 31, 2005 and 2006

---



|14 | Recently Issued Accounting Standards
|-- | ------------------------------------

The following are accounting standards recently issued in the United States which may be relevant to the Group:

FASB Interpretation No. 48 (FIN 48)

In July 2006, the FASB issued FIN 48,
Accounting for Uncertainty in Income Taxes  an Interpretation of FASB Statements No. 109, which clarifies the accounting for uncertainty in tax positions. This interpretation requires that the Company recognizes in the
consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. FIN 48 will be effective for the accounting period from
January 1, 2007. Management does not expect the adoption of this interpretation to have a material effect on the Groups consolidated financial statements.

Statement of Financial Accounting Standards No. 157 (FAS 157)

In
September 2006, the FASB issued FAS 157, Fair Value Measurements. This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value
measurements. This Statement applies under other accounting pronouncements that require or permit fair value measurements, the FASB having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute.
Accordingly, this Statement does not require any new fair value measurements. However, for some entities, the application of this Statement will change the current practice. This Statement is effective for the accounting period from January 1,
2008. Management is in the process of evaluating the impact that the standard will have on its consolidated financial statements.

Staff Accounting Bulletin No. 108 (SAB No. 108)

In September 2006, the Securities
and Exchange Commission issued Staff Accounting Bulletin No. 108 (SAB 108), Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB 108 provides
interpretative guidance on the process of quantifying financial statement misstatements and is effective for fiscal years ending after November 15, 2006. The adoption of SAB 108 will not have a material impact on the Groups consolidated
financial statements.

Statement of Financial Accounting Standards No. 159 (FAS 159)

In February 2007, the FASB issued FAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities. FAS
No. 159 includes an amendment of FAS No. 115 and is intended, as part of the FASBs ongoing measurement goals, to encourage the application of fair value measurement, allowing the measurement of many financial instruments at fair
value. FAS No. 159 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact of this new standard but believes that it will not have a material impact on the Groups financial
position, results of operations or cash flows.



14