SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-K





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




For the
fiscal year ended December 31,
2009




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




For the
transition period from _____________to ______________




Commission
File Number 000-53749




DOMAIN
EXTREMES INC.


(Exact
Name of Registrant as Specified in Its Charter)





State
      of Nevada, USA
              (State
      or Other Jurisdiction of Incorporation or Organization)
            98-0632051
              (I.R.S.
      Employer Identification No.)602
      Nan Fung Tower, Suite 6/F
              173
      Des Voeux Road Central
              Central
      District, Hong Kong
              (Address
      of Principal Executive Offices)
            N/A
              (Zip
      Code)





+(852)
2868-0668


(Registrant’s
Telephone Number, Including Area Code)





Securities
registered pursuant to Section 12(b) of the Act:





Title of Each
      Class
            Name of Each Exchange
      on Which RegisteredNone
            N/A





Securities
registered pursuant to Section 12(g) of the Act:


Common
Stock, par value $0.001 per share




Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.  o Yes  x No




Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act.  o Yes  x No




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




Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Website, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). [Not
required]  o Yes  o No




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 the 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. x




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.


Large accelerated
      filer o
              Accelerated filer
      oNon-accelerated
      filer o
              Smaller Reporting
      Company x


Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). o Yes  x No




The
aggregate market value of the voting and non-voting common equity held by
non-affiliates was $56,828as
of June 30, 2009 (the registrant’s most recently completed second quarter),
based upon total outstanding shares as of such date of 89,661,418, of which
56,828,307 shares were held by non-affiliates.





As of
March 1, 2010, there were 106,603,743 shares of the registrant’s common stock
outstanding.




DOCUMENTS
INCORPORATED BY REFERENCE




List
hereunder the following documents if incorporated by reference and the Part of
the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1) Any annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933.




None.












TABLE
OF CONTENTS




PAGEPART IItem 1
            Business
            3Item 1A
            Risk
    Factors
            6Item 1B
            Unresolved Staff
      Comments
            6Item 2
            Properties
            7Item 3
            Legal
      Proceedings
            7Item 4
            Submission of
      Matters to a Vote of Security Holders
            7PART IIItem 5
            Market for
      Registrant’s Common Equity, Related Stockholder Matters and Issuer
      Purchases of Equity Securities
            7Item 6
            Selected Financial
      Data
            8Item 7
            Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
            8Item 7A
            Quantitative and
      Qualitative Disclosures About Market Risk
            12Item 8
            Financial Statements
      and Supplementary Date
            12Item 9
            Changes in and
      Disagreements with Accountants on Accounting and Financial
      Disclosure
            12Item 9A
            Controls and
      Procedures
            13Item 9B
            Other
      Information
            13PART IIIItem 10
            Directors, Executive
      Officers and Corporate Governance
            13Item 11
            Executive
      Compensation
            15Item 12
            Security Ownership
      of Certain Beneficial Owners and Management and Related Stockholder
      Matters
            16Item 13
            Certain
      Relationships and Related Transactions, and Director
Independence
            17Item 14
            Principal Accountant
      Fees and Services
            18PART IVItem 15
            Exhibits, Financial
      Statement Schedules
            19SIGNATURES
            
            20EXHIBITS






2





Forward
Looking Statements




The discussion contained in this Annual
Report on Form 10-K under the Securities Exchange Act of 1934, as amended,
contains forward-looking statements that involve risks and uncertainties. The
registrant’s actual results could differ significantly from those discussed
herein. These include statements about our expectations, beliefs, intentions or
strategies for the future, which we indicate by words or phrases such as
“anticipate,” “expect,” “intend,” “plan,” “will,” “we believe,” “the Company
believes,” “management believes” and similar language, including those set forth
in the discussions under “Risk Factors,” “Notes to Financial Statements” and
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” as well as those discussed elsewhere in this Form
10-K.  Statements contained in this Form 10-K that are not historical
facts are forward-looking statements that are subject to the “safe harbor”
created by the Private Securities Litigation Reform Act of 1995.  The
forward-looking statements in this Annual Report speak only as of the date of
filing with the SEC and might not occur in light of these risks, uncertainties,
and assumptions.  The registrant undertakes no obligation and
disclaims any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.




PART
I




ITEM
      1.
            BUSINESS





Overview




We were
incorporated in the State of Nevada in January 2006 and are a development stage
company. Our business is to develop and operate Internet websites and
applications on mobile platforms.   We intend to earn revenues
through advertisements sold on these websites and applications. Our goal is to
become the largest network of consumer-based websites and applications targeting
viewers in the Hong Kong and Greater China Basin with contents on travel, food,
entertainment, activities and city life. As of the date of this Annual Report,
we have launched the websites, www.drinkeat.com, which
provides reviews of restaurants in Hong Kong and www.sowhat.asia
(in beta version),
which acts as a platform for members to upload photos and videos and comments on
traffic, hygiene, environmental and similar issues in Hong Kong. These two
websites are currently generating advertising income through banner and
pay-per-click advertisements.




We plan
to develop additional websites and solicit advertisement for those websites
through third-party agents. Presently, we own the following domain names: www.domainextremes.com,
www.drinkeat.com, www.sowhat.asia, www.channel.asia, www.winebusiness.asia,
www.winebid.asia, www.wineauction.asia, www.whatnext.asia,www.frontpage.asia,www.greenpage.asia, www.bluepage.asia,
www.redpage.asia, www.appstore.asia, www.pix100.com and
www.nojunkcall.com.




We have
launched Junk Calls, an
iPhone App for downloading by iPhone users in Hong Kong, to screen incoming
phone calls which are considered junk calls.  We plan to launch in the
second quarter of 2010, another iPhone application, BabyWorld,which is a photo
uploading and display application for members.  Members can also
upload photos through our website www.baby.pix100.com.





Our
Business





We are an
active developer and operator of lifestyle-centered websites and mobile platform
applications in the Hong Kong and Greater China Basin. We currently own a number
of domain names and intend to build content centered on travel, food, city life
and entertainment in the region.




Our
content is delivered through internet-connected browser-based devices such as
personal computers, laptops and mobile devices. As a result, our content is
available globally and our distribution is potentially unlimited in breadth.
Thus, while our primary market focus is Hong Kong and the Greater China Basin,
we are able to reach those consumers and content providers around the world who
have an interest in this region.




3




Our site
www.drinkeat.com, also
known as Hong Kong Restaurant Review, provides reviews on Hong Kong restaurants.
We invite food critics to contribute review articles on restaurants in Hong Kong
either for a small fee or by obtaining their consent to post a previously
printed article without charge. Reviews are written in Chinese for the general
public in Hong Kong and Chinese tourists who plan to visit Hong Kong.
Contributors are paid a nominal fee on a per-article basis either in cash, if
available, or through the issuance of shares in the Company. We rely on five
active individual contributors to provide reviews, although we do not have
formal agreements with any. There are several websites providing similar reviews
on Hong Kong restaurants.




We
believe that www.drinkeat.com is among the
top three of such websites in terms of popularity and depth of the articles.
According to Google’s PageRank®, www.drinkeat.com is one of
three restaurant review websites in Hong Kong with a ranking of 5 or higher out
of the maximum 10 as of the date of this Annual Report.




According
to Google’s corporate website, its PageRank® system reflects its view of the
importance of viewed web pages by considering more than 500 million variables
and 2 billion terms. Pages that it believes are important pages receive a higher
PageRank® and are more likely to appear at the top of the search results. Google
assigns a numeric weighting from 0-10 for each webpage on the Internet, with the
PageRank® denoting a site’s importance in the eyes of Google. The PageRank® of a
particular page is roughly based upon the quantity of inbound links as well as
the PageRank® of the pages providing the links. Other factors, such as the
relevance of search words on the page and actual visits to the page reported by
the Google toolbar, also influence the PageRank®. However, in order to prevent
manipulation, Google provides no specific details about how such other factors
influence the resulting PageRank®.




We
launched our second website, www.sowhat.asia, in beta
version, in the 4th quarterof 2009. This site
provides a portal for members to post photos and videos focusing on areas in
Hong Kong which they believe need improvement, including traffic, hygienic
conditions, environmental issues and current affairs and others. The purpose of
these postings is to attract the attention of government departments and
concerned organizations with the ultimate objective that these issues will be
rectified. Initial content has been provided by individuals known to the
Company's management without compensation. Currently, there is no similar
website in Hong Kong.




We will
gradually develop other websites utilizing domain names we currently own or
develop or acquire in the future. We plan to solicit advertisements through
third party agents. Depending on the nature of the content of the websites,
prospective advertisers include restaurants, hotels, travel agents, department
stores and retail outlets. We also include pay-per-click advertisements in our
websites. Our hope is that when our network of websites has increased to at
least five, we will be able to attract and retain more traffic, redirecting
users to other websites in our network.




We have
contracted with programming firms in Hong Kong and China to develop websites for
our network. Once a domain name and theme have been decided by our directors, we
contact potential development firms for initial discussion regarding our
proposal. Our directors maintain close contact with the programming firms during
development of the website and conduct testing throughout the development
process. Additionally, we intend to carry out enhancements on our websites from
time to time based upon member feedback.




4




In the
first quarter of 2010, we launched Junk Calls, an application on the iPhone
platform.  This is an extension of our strategy to develop application
programs to the mobile network.  We will continue to develop similar
lifestyle applications on iPhone and other mobile platforms.




Our Strategy






In order
to develop our platform, we intend to:




●
              Promote
      our existing websites to increase readership, popularity and site-loyalty
      through on-line advertisements, principally through search advertising and
      banner advertisements;


●
              Launch
      a public relations campaign, through print and other media, to promote our
      websites;


●
              Develop
      banner exchange programs with other
websites;


●
              Recruit
      additional writers and contributors to enhance and update site content to
      maintain the relevance of the information, as well as free-lance writers
      to publicize sites in related
forums;


●
              Utilize
      consultants to optimize search engines in order to enhance and maintain
      website ranking;


●
            Expand the network
      through the application of new domain names, as well as the acquisition of
      websites and forums targeting the same consumer
base;




●
            Develop additional
      lifestyle-related mobile phone applications for iPhone and, where
      appropriate, other mobile platforms, and promote them using online key
      word search advertisements; and




●
              Generate
      revenue from user fees and online advertising income at space provided in
      mobile phone applications.




Competition




We face
intense competition from other online content providers who also offer lifestyle
information services. These providers are not necessarily based in the Hong Kong
or Greater China Basin region, but may be based anywhere in the world given the
availability of the internet. We also face competition from new technologies
that could potentially make demand for our website services outdated or
inconvenient.




Intellectual
Property





We rely
on a combination of trademarks, trade secrets and contract law rights in order
to protect our brand, intellectual property assets and confidential or
proprietary information (our “Proprietary Rights”). Our Proprietary Rights are
among the most important assets we possess and we depend significantly on these
Proprietary Rights in being able to effectively compete in our industry. We
cannot be certain that the precautions we have taken to safeguard our
Proprietary Rights will provide meaningful protection from the unauthorized use
by others. If we must pursue litigation in the future to enforce or otherwise
protect our Proprietary Rights, or to determine the validity and scope of the
rights of others, we may not prevail and will likely have to make substantial
expenditures and divert valuable resources in the process. Moreover, we may not
have adequate remedies if our Proprietary Rights are appropriated or
disclosed.




5




We hold
Proprietary Rights to our domain names and, as we develop and acquire content
for our sites, we intend to make trademark and copyright applications as
appropriate to protect our intellectual property in Hong Kong and elsewhere as
we deem appropriate. As we contract with other parties, including website and
content developers and advertisers, we intend to ensure that our content and
services do not infringe upon the intellectual property rights of others. As a
general matter, to date we have acquired and not licensed rights to content for
our websites.





Regulation





There are
currently no restrictions in Hong Kong on the dissemination of information
through the Internet, except as stipulated in the “Control of Obscene and
Indecent Article Ordinance” (COIAO). The contents of our existing websites, and
those in development, do not fall into the categories subject to censorship
under the COIAO.




The Hong
Kong Government is reviewing the filtering of information on the Internet to
protect the youth from accessing obscene material. We do not believe that, even
if new laws or regulations are enacted in this regard, our business activities
would be affected given our target audience and content. However, if new
technical requirements, such as filtering software, are imposed, data
transmission speed could adversely be affected.




We are
not aware of any regulations in any of the jurisdictions in which we intend
primarily offer our content or services that would require us to be licensed to
distribute content over the public Internet.





Employees





As of
December 31, 2009, we had one full-time employee and four part-time employees
taking care of website content development, testing and administrative matters.
We intend to add full and part-time employees, as well as consultants, as our
network continues to expand.




We are
not subject to any collective bargaining agreements and we believe our
relationship with our employees is excellent.





Where
You Can Find Us





Our
principal executive office is located at 602 Nan Fung Tower, Suite 6/F, 173 Des
Voeux Road Central, Central District, Hong Kong. Our telephone number is
+1-852-2868-0668. Our website is www.domainextremes.com. The
content of our website is not incorporated into, or otherwise considered a part
of, this Annual Report.





ITEM
      1A.
            RISK
      FACTORS




This
information is not required of smaller reporting companies.




ITEM
      1B.
            UNRESOLVED
      STAFF COMMENTS.




Not
applicable.




6




ITEM
      2.
            PROPERTIES




We do not
own any property. Our executive offices are located at 602 Nan Fung Tower, Suite
6/F, 173 Des Voeux Road Central, Central District, Hong Kong, which is office
space that we share with certain other development stage companies. As we
continue to grow our business, we may find it necessary to secure separate
office space; however, for our current needs the present space is sufficient and
cost-efficient.




ITEM
      3.
            LEGAL
      PROCEEDINGS




None.




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




No matter
was submitted to a vote of our security holders during the fourth quarter of the
fiscal year ended December 31, 2009.




PART
II




ITEM
      5.
            MARKET
      FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
      EQUITY SECURITIES




Market
Information





There is
no established public trading market for our common stock.





Holders





As of
December 31, 2009, we had 93,943,498 shares of our common stock issued and
outstanding, and held by 747 persons.




In
general, pursuant to Rule 144 adopted under the Securities Act of 1933, as
amended, a shareholder who owns restricted shares of a company which files
periodic reports with the Securities and Exchange Commission and who has a
holding period of at least six months, is entitled to sell such shares in
accordance with the provisions of Rule 144. In the event the shareholder is a
non-affiliate of the issuer, he or she may make unlimited public resales of
shares under Rule 144 provided that the current public information requirement
is satisfied. A non-affiliate who has a holding period of more than one year,
may make unlimited resales of shares without compliance with any other
requirement of Rule 144. Persons who are affiliates of the issuer must comply
with all requirements of Rule 144 in conjunction with resales of their shares
including the current public information requirement, the volume limitations,
the manner of sale requirements and the filing of a Form 144. Therefore, the
possible sale of our currently outstanding shares pursuant to Rule 144 may, in
the future, have a depressive effect on the price of our common stock in the
over-the-counter market.





Dividends





We have
never declared or paid a dividend on our common stock and, because we have very
limited resources and a substantial accumulated deficit, we do not anticipate
declaring or paying any dividends on our common stock in the foreseeable future.
Rather, we intend to retain earnings, if any, for the continued operation and
expansion of our business. It is unlikely, therefore, that the holders of our
common stock will have an opportunity to profit from anything other than
potential appreciation in the value of our common shares held by them. If you
require dividend income, you should not rely on an investment in our common
stock.





7




Equity
Compensation Plans





We do not
currently have any equity compensation plans.




Performance
Graph





This
information is not required of smaller reporting companies.






Recent
Sales of Unregistered Securities; Use of Proceeds from Registered
Securities




In
December 2009, we issued the following shares of common stock without
registration under the Securities Act of 1933, as amended (the “Securities
Act”), in lieu of compensation for services rendered:




Name
            
            Number
                of
      Shares
            
            RelationshipFrancis
      Bok
            
            769,230
            
            PresidentStephen
      Tang
            
            948,720
            
            DirectorAngel
      Lai
            
            384,630
            
            Staff




Such
shares were issued to persons reasonably believed by us to be non-U.S. persons,
as defined under Regulation S under the Securities Act.  The shares
issued to the individuals above were sold at a purchase price of approximately
$0.001 per share (an aggregate of $2,103).




Issuer
Purchases of Equity Securities.




None.




ITEM
      6.
            SELECTED
      FINANCIAL DATA




This
information is not required of smaller reporting companies.




ITEM
      7.
            MANAGEMENT’S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS




The
following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our audited consolidated financial
statements, related notes, and other detailed information included elsewhere in
this Annual Report on Form 10-K.  Our financial statements have been
prepared in accordance with United States generally accepted accounting
principles (“GAAP”), contemplate that we will continue as a going concern, and
do not contain any adjustments that might result if we were unable to continue
as a going concern, however, our independent registered public accounting firm
has added explanatory paragraphs in Note 1 of each of our audited consolidated
financial statements for the fiscal years ended December 31, 2009 and 2008,
respectively, raising substantial doubt as to our ability to continue as a going
concern. Certain information contained below and elsewhere in this Annual Report
on Form 10-K, including information regarding our plans and strategy for our
business, constitute forward-looking statements. See "Cautionary Statement
Regarding Forward-Looking Statements.”





Overview





We are a
development stage company organized under the laws of the State of Nevada in
January 2006. Our business is to develop and operate Internet websites and
mobile phone applications and we intend to earn revenues through advertisements
sold on these websites and mobile platforms. Our goal is to become the largest
network of consumer-based websites and iPhone applications and similar mobile
platforms targeting viewers in the Hong Kong and Greater China Basin with
contents on travel, food, entertainment, activities and city life. As of the
date of this Annual Report, we have launched two websites and one mobile phone
application. We plan to develop additional websites and mobile phone
applications.  We generate advertising revenues through banner and
pay-per-click advertisements, as well as through application user
fees.





8




Results
of Operations





Two
Years Ended December 31, 2009 and 2008





Net
Sales





We
generated revenues of $5,577 for the year ended December 31, 2009, compared to
$0 for fiscal 2008.  These revenues are attributable to the launch of
our websites, resulting in advertising revenues in the form of banner and
pay-per-click advertisements.  We expect our revenues to increase
proportionate to the growth in our site traffic.  We also intend to
generate future revenues from advertising and user fees related to our mobile
phone applications.




Net
Income(Loss)




We have
incurred a net loss of $57,510 in 2009 and $33,429 in 2008, principally due to a
substantial increase in our administrative expenses as we have increased our
development activities.




We had
other income of $560 in 2009 and $1,418 in 2008, attributable to internet
advertising, domain name registration and gain on exchange.




We
incurred general, administrative and operating expenses of $63,647 in 2009 and
$34,847 in 2008. Of these amounts, $6,526 and $6,359 related to the value of
share-based compensation to our directors in each of 2009 and 2008,
respectively, in lieu of cash compensation for services rendered. In addition, a
substantial portion of our expenses in each year relates to audit, financial
consultancy fees, website development fees, legal and secretarial fees. The
substantial increase in expenses in 2009 is due principally to legal fees
associated with our SEC registration.




Taxes




Due to
our lack of revenues, we have not incurred any tax obligations since inception.
However, we would anticipate that income tax obligations will arise as we begin
to generate significant revenue in the future.





Liquidity
and Capital Resources





At
December 31, 2009, we had cash and cash equivalents of $3,583, compared to
$1,204 at December 31, 2008, an increase of $2,379.




Currently,
we have limited operating capital. We expect that our current capital and our
other existing resources will be sufficient only to provide a limited amount of
working capital, and the revenues, if any, generated from our business
operations alone may not be sufficient to fund our operations or planned growth.
We will likely require additional capital to continue to operate our business,
and to further expand our business.




We expect
our cash flow needs over the next 12 months to be approximately $65,000.
However, this amount may be materially increased if market conditions are
favorable for a more rapid expansion of our business model or if we adjust our
model to exploit strategic acquisition opportunities. In addition, we may
require additional cash flow to support our public company reporting
requirements in the United States. Although our average monthly expenditures to
date have averaged less than $4,000, we expect this rate to increase
exponentially as our business expands. To date, we have been financed
principally by our two directors; however, we expect to secure third party
financing or bank loans as necessary until we secure sufficient revenues,
principally from advertisers on our websites, to sustain our ongoing
operations.




9




Sources
of additional capital through various financing transactions or arrangements
with third parties may include equity or debt financing, bank loans or revolving
credit facilities. We may not be successful in locating suitable financing
transactions in the time period required or at all, and we may not obtain the
capital we require by other means. Our inability to raise additional funds when
required may have a negative impact on our operations, business development and
financial results.





Off-Balance
Sheet Arrangements





As of
December 31, 2009, we did not have any off-balance sheet
arrangements.





Critical
Accounting Policies





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 reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting periods.




Our
management routinely makes judgments and estimates about the effects of matters
that are inherently uncertain. As the number of variables and assumptions
affecting the probable future resolution of the uncertainties increase, these
judgments become even more subjective and complex. We have identified the
following accounting policies, described below, as the most critical to an
understanding of our current financial condition and results of
operations.




Impairment
of Long-Lived Assets




We have
adopted Statement of financial Accounting Standards No. 144, “Accounting for the
Impairment or Disposal of Long-Lived Assets” (SFAS 144), which addresses
financial accounting and reporting for the impairment or disposal of long-lived
assets and supersedes SFAS No. 121, “Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of,” and the accounting and
reporting provision of APB Opinion No. 30, “reporting the Results of Operations
for a Disposal of a Segment of a Business.” We periodically evaluate the
carrying value of long-lived assets to be held and used in accordance with SFAS
144. SFAS 144 requires impairment losses to be recorded on long-lived assets
used in operations when indicators of impairment are present and the
undiscounted cash flows estimated to be generated are present and the
undiscounted cash flows estimated to be generated by those assets are less than
the assets’ carrying amounts. In that event, a loss is recognized based on the
amount by which the carrying amount exceeds the fair market value of the
long-lived assets. Loss on long-lived assets to be disposed of is determined in
a similar manner, except that fair market values are reduced for the cost of
disposal.




Stock-based
Compensation




We have
adopted SFAS No. 123 (Revised 2004), “Share Based Payment” (SFAS 123R), under
the modified-prospective transition method. SFAS 123R requires companies to
measure and recognize the cost of employee services received in exchange for an
award of equity instruments based on the grant-date fair value. Share-based
compensation recognition under the modified-prospective transition method of
SFAS 123R includes share-based compensation based on the grant-date fair value
determined in accordance with the original provisions of SFAS 123, “Accounting
for Stock-Based Compensation,” for all share-based payments granted prior to and
not yet vested as of June 1, 2006 and share-based compensation based on the
grant-date fair-value determined in accordance with SFAS 123R for all
share-based payments granted after June 1, 2006. SFAS 123R eliminates the
ability to account for the award of these instruments under the intrinsic value
method prescribed by Accounting Principles Board (APB) Opinion No. 25,
“Accounting for Stock issued to Employees,” and allowed under the original
provisions of SFAS 123.




10




Foreign
Currency Translations




The
functional currency of the company is Hong Kong dollars. We maintain our
financial statements in the functional currency. Monetary assets and liabilities
denominated in currencies other than the functional currency are translated into
the functional currency at rates of exchange prevailing at the balance sheet
dates. Transactions denominated in currencies other than the functional currency
are translated into the functional currency at the exchange rates prevailing at
the dates of the transaction. Exchange gains or losses arising from foreign
currency transactions are included in the determination of net income for the
respective periods.




For
financial reporting purposes, the financial statements of the Company which are
prepared using the functional currency have been translated into U.S.
dollars.




Recent
Accounting Pronouncements




In
February 2007, the FASB issued SFAS No. 159, The Fair Value for Financial Assets
and Financial Liabilities—including an amendment of FASB Statement No.
115. This statement permits entities to choose to measure many financial
instruments and certain other items at value.  The objective is to
improve financial reporting by providing entities with the opportunity to
mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting
provisions. This Statement is expected to expand the use of fair value
measurement, which is consistent with the FASB’s long-term measurement
objectives for accounting for financial instruments.  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. No
entity is permitted to apply the Statement retrospectively to fiscal years
preceding the effective date unless the entity chooses early adoption. Adoption
of this standard is not expected to have a material effect on our results of
operations or its financial condition.




In
December 2007, the FASB issued SFAS No. 141(revised 2007), Business Combinations (SFAS
141R) and SFAS No. 160, “Noncontrolling Interests in Consolidated Financial
Statements – an amendment to ARB No. 51” (SFAS 160). SFAS 141R and SFAS 160
require most identifiable assets, liabilities, noncontrolling interests and
goodwill acquired in a business combination to be recorded at “full fair value”
and require noncontrolling interests (previously referred to as minority
interest) to be reported as a component of equity, which changes the accounting
for transactions with noncontrolling interest holders. Both statements are
effective for periods beginning on or after December 15, 2008, and earlier
adoption is prohibited. SFAS 141(R) will be applied to business combinations
occurring after the effective date. SFAS 160 will be applied prospectively to
all noncontrolling interest, including any that arose before the effective date.
SFAS 160 is effective for the Company on January 1, 2009. Except for the
classification of minority interest as a component of equity, we do not expect
the initial adoption of SFAS 160 will have a material effect on our consolidated
financial statements.




In
March 2008, the FASB issued SFAS No. 161, “Disclosures about
Derivative Instruments and Hedging Activities — an amendment to FASB Statement
No. 133.” SFAS No. 161 is intended to improve financial standards for
derivative instruments and hedging activities by requiring enhanced disclosures
to enable investors to better understand their effects on an entity’s financial
position, financial performance, and cash flows. Entities are required to
provide enhanced disclosures about: (a) how and why an entity uses
derivative instruments; (b) how derivative instruments and related hedged
items are accounted for under Statement 133 and its related interpretations; and
(c) how derivative instruments and related hedged items affect an entity’s
financial position, financial performance, and cash flows. It is effective for
financial statements issued for fiscal years beginning after November 15,
2008, with early adoption encouraged. The adoption of this statement, which is
expected to occur in the first quarter of 2009, is not expected to have an
impact on the Company’s financial statements.




11




In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles.” SFAS No. 162 identifies the sources of accounting
principles and the framework for selecting the principles to be used in the
preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles in the
United States. It is effective 60 days following the SEC’s approval of the
Public Company Accounting Oversight Board amendments to AU Section 411, “The
Meaning of Present Fairly in Conformity With Generally Accepted Accounting
Principles.” The adoption of this statement is not expected to have a material
effect on the Company’s financial statements.





Tabular
Disclosure of Contractual Obligations





This
information is not required of smaller reporting companies.




ITEM
      7A.
            QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK




This
information is not required of smaller reporting companies.




ITEM
      8.
            FINANCIAL
      STATEMENTS AND SUPPLEMENTARY DATA




The
financial statements to be provided in this Annual Report on Form 10-K are
included following Part IV, Item 15, commencing on page F-1.





Summarized
Quarterly Data (unaudited)





The
following table summarizes our quarterly results of operations for the year
ended December 31, 2009:




Quarter
              ended
              March
      31,
              2009
            
            
            Quarter
              ended
              June
      30,
              2009
            
            
            Quarter
              ended
              September
      30,
              2009
            
            
            Quarter
              ended
              December
      31,
              2009Revenue
            
            
            15
            
            
            
            90
            
            
            
            331
            
            
            
            5,701Loss
      from operations
            
            
            (2,581
            )
            
            
            (13,550
            )
            
            
            (28,847
            )
            
            
            (18,669
            )Interest
      income
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Loss
      before provision for income taxes
            
            
            (2,566
            )
            
            
            (13,460
            )
            
            
            (28,516
            )
            
            
            (12,968
            )Provision
      for  income taxes
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Net
      Loss
            
            
            (2,566
            )
            
            
            (13,460
            )
            
            
            (28,516
            )
            
            
            (12,968
            )Weighted
      average sharesoutstanding
      basic anddiluted
            
            
            69,761,401
            
            
            
            85,436,561
            
            
            
            91,840,918
            
            
            
            93,943,498Basic
      and diluted net loss per share
            
            (0.004 cents
            )
            
            (0.02 cents
            )
            
            (0.03 cents
            )
            
            (0.01 cents
            )




ITEM
      9.
              CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE.




None.




12




ITEM
      9A(T).
            CONTROLS
      AND PROCEDURES




Disclosure
Controls and Procedures




We have
established disclosure controls and procedures to ensure that material
information relating to us is made known to the officers who certify our
financial reports and to other members of senior management and the Board of
Directors.




A control
system, no matter how well conceived and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are
met.  Because of the inherent limitations in all control systems, no
evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within a company have been
detected.  Our disclosure controls and procedures are designed to
provide reasonable assurance of achieving its objectives.  Based upon
their evaluation as of December 31, 2009, our Principal Executive and Principal
Financial and Accounting Officer have concluded that our disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934) are effective at that reasonable assurance
level.




Management's
Report on Internal Control Over Financial Reporting




Under the
supervision and with the participation of our management, including our
Principal Executive Officer and our Principal Financial and Accounting Officer,
we conducted an evaluation of the effectiveness of our internal control over
financial reporting based on the criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (“COSO”). Based on our evaluation under the criteria
established in Internal
Control – Integrated Framework, our management concluded that our
internal control over financial reporting was effective as of December 31,
2009.




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




Changes
in Internal Control Over Financial Reporting




There has
been no change in our internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting during the most recently completed fiscal
quarter.




ITEM
      9B.
            OTHER
      INFORMATION




None.





PART
III




ITEM
      10.
            DIRECTORS,
      EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE.





The
following table sets forth information regarding our executive officers and
directors as of December 31, 2009.





Name
            
            Age
            
            PositionFrancis
      Bok
            
            43
            
            Director,
      President (principal executive officer)Stephen
      Tang
            
            57
            
            Director,
      Treasurer (principal financial
officer)




13




Francis Bokhas served as our President and Chairman of our board of directors since
our inception in January 2006. In addition, since June 2005, Mr. Bok also serves
as chief executive officer of Beyond IVR Limited, an information technology
company providing tailor-made telecommunications solutions and telephone
servicing, based in Hong Kong. During 2004, Mr. Bok served as assistant manager
for Kactus Limited, a Hong Kong-based content and applications provider for
mobile handsets. From 2002 until 2004, Mr. Bok was the manager, solutions
services, for Continuous Technologies International Limited in Hong Kong, which
provides CRM solutions, project management and system integration services. Mr.
Bok received his B.Math in Mathematics in 1993 from the University of Waterloo,
Canada, a Master of Science in 1997 from the University of Hong Kong, and an MBA
in 2000 from the City University of Hong Kong.




Stephen
Tang has served as a Director and Treasurer of the Company since January
2006. Mr. Tang has served as the chairman of Mega Pacific Capital, Inc., a
finance and investment consulting firm, serving Asian companies, since 2005.
Since 2007, he has also served as the chief operating officer of Viasa Gem Fund
Ltd., Pty, a private investment holding company. From 2003 to 2005, Mr. Tang
was  a director and chairman of Sancon Resources Recovery, Inc., an
environmental service company specializing in the collection, processing and
selling or reprocessed materials. From April 2008 through March 2009, Mr. Tang
served as a director of The Hartcourt Companies.  Mr. Tang received
his Bachelor’s degree in Business Administration from Hong Kong Baptist
University in 1974 and his MBA from the Asian Institute of Management in Manila,
Philippines, in 1976.





Family
Relationships





There are
no family relationships among any of our directors or executive
officers.





Legal
Proceedings





●
            During
      the past ten years, none of our directors, executive officers or control
      persons have been involved in any of the following
  events:





●
              any
      bankruptcy petition filed by or against any business of which such person
      was an 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;
      and




●
              being
      found by a court of competent jurisdiction (in a civil action), the
      Securities and Exchange Commission or the Commodity Futures Trading
      Commission to have violated a federal or state securities or commodities
      law, and the judgment has not been reversed, suspended, or
      vacated.






Code
of Ethics





We have
adopted a written code of ethics that applies to all of our officers, directors
and employees, including our principal executive officer and principal financial
officer, or persons performing similar functions.





Board
Nominations





There
have been no material changes to the Company’s procedures by which stockholders
may recommend nominees to the Board of Directors.




14


Audit
Committee Matters





The
Company does not have a formal Audit Committee.  All matters are
handled by the Board of Directors.




Section
16(a) Beneficial Ownership Reporting Compliance




Section
16(a) of the Securities Exchange Act of 1934 requires our officers, directors
and persons who own more than ten percent of a registered class of our equity
securities to file reports of ownership and changes in ownership with the
Securities and Exchange Commission.  Officers, directors and ten
percent stockholders are required by regulation to furnish us with copies of all
Section 16(a) forms they file.  Based solely on copies of such forms
received or written representations from certain reporting persons that no Form
5s were required for those persons, we believe that, during the fiscal year
ended December 31, 2009, all filing requirements applicable to our officers,
directors and greater than ten percent beneficial owners were complied
with.





ITEM 11.
            EXECUTIVE
      COMPENSATION





Executive
Officers





Neither
Mr. Bok (the Principal Executive Officer) nor Mr. Tang (the Principal Financial
Officer) have received compensation in the form of cash for their management
services to the Company since our inception; however, each has received
share-based compensation in lieu of cash for services as directors as set forth
in the Summary Compensation Table below. Future compensation of officers will be
determined by the Board of Directors based upon our financial condition and
performance, our financial requirements, and individual performance of each
officer.




We do not
have an employment agreement with Mr. Bok or Mr. Tang. Further, we have no
compensatory plans or arrangements, including payments to be received from the
Company, with respect to either Executive Officer or any other of our employees,
which would in any way result in payments to any such person because of
resignation, retirement or other termination of such person's employment with
us, or any change in control of the Company, or a change in the person's
responsibilities following such a change in control.




No
retirement, pension, profit sharing, stock option or insurance programs or other
similar programs have been adopted by us for the benefit of our executive
officers and employees.





Directors





No salary
or cash compensation is paid to our directors. Pursuant to our bylaws, our
directors are eligible to be reimbursed for their actual out-of-pocket expenses
incurred in attending board meetings and other director functions, as well as
fixed fees and other compensation to be determined by our board of directors.
The fixed fee is determined by the Board of Directors from time to time.Each of Mr. Bok
and Mr. Tang received director’s service fees in each of 2008 and 2009 paid in
shares of our common stock valued at $3,076.92. In 2009, Mr. Bok’s reimbursed
expenses were $1,781 and Mr. Tang’s reimbursed expenses were $911.




15




Summary
      Compensation Table (1)Name
      and Principal
                Position
            
            Director
              Fees
              ($)
            
            
            All
      other compensation (2)
              ($)
            
            
            Total
              ($)Francis
      Bok (President(principal
      executive officer) and Director)2008
            
            
            3,076.92
            
            
            
            -
            
            
            
            3,076.922009
            
            
            3,076.92
            
            
            
            -
            
            
            
            3,076.92Stephen
      Tang (Treasurer (principal financial officer) and Director2008
            
            
            3,076.92
            
            
            
            205.12
            
            
            
            3,282.042009
            
            
            3,076.92
            
            
            
            371.80
            
            
            
            3,448.72




(1)
Neither Mr. Bok nor Mr. Tang received salary, bonus, stock awards, option
awards, nonequity incentive compensation earnings, or nonqualified deferred
compensation earnings in 2008 or 2009.  Amounts received as
“Directors' Fees” reflect the dollar value of common stock received in lieu of
cash.




(2)
Represents writer’s fees for www.drinkeat.com.




Compensation
Committee Interlocks and Insider Participation; Compensation Committee
Report




This
information is not required of smaller reporting companies.




ITEM
      12.
            SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS




The
following table sets forth certain information regarding the beneficial
ownership of our common stock as of December 31, 2009. The information in this
table provides the ownership information for:





●
              each
      person known by us to be the beneficial owner of more than 5% of our
      common stock;




●
              each
      of our directors and executive officers;
and




●
              all
      of our directors and executive officers as a
  group.






Beneficial
ownership has been determined in accordance with the rules and regulations of
the SEC and includes voting or investment power with respect to our common stock
and those rights to acquire additional shares within sixty days. Unless
otherwise indicated, the persons named in the table below have sole voting and
investment power with respect to the number of shares of common stock indicated
as beneficially owned by them, except to the extent such power may be shared
with a spouse. Common stock beneficially owned and percentage ownership are
based on 93,943,498shares of common stock
currently outstanding and no additional shares potentially acquired within sixty
days.




16




Name
      and address of beneficial owner (1)
            
            Amount
      and nature of beneficial ownership
            
            
            Percent
      of
              ClassSino
      Harvest Asia Ltd.
            
            
            17,742,112
            
            
            
            18.9%Stephen
      Tang
            
            
            16,592,321
            
            
            
            17.7%Ng
      Wai Yin, Phoebe
              Rm
      403 Lap Fai Building
              8
      Pottinger Street
              Central,
      Hong Kong
            
            
            12,820,510
            
            
            
            13.6%Francis
      Bok
            
            
            13,809,669
            
            
            
            14.7%Angel
      Lai
            
            
            6,585,001
            
            
            
            7.0%Globaland
      Capital Limited
              21/F
      Chun Wo Commercial Centre,
              25
      Wing Wo Street,
              Central,
      Hong Kong
            
            
            6,410,255
            
            
            
            6.8%Leadersoft
      Asia Limited (2)
            
            
            7,948,717
            
            
            
            8.5%Directors
      and Officers as a group (two persons)
            
            
            30,401,990
            
            
            
            32.4%





(1)
Except where otherwise noted, the address of each person is 602 Nan Fung Tower,
173 Des Voeux Road Central, Central District, Hong Kong.





(2)
Leadersoft Asia Ltd. (“Leadersoft”) is a Hong Kong-based investment company
controlled by Stephen Tang, one of our directors. Angel Lai is also a
shareholder in this entity. Shares held by Leadersoft are subject to a trust
arrangement pursuant to which Leadersoft has no investment or voting discretion.
Each of Mr. Tang and Ms. Lai disclaims beneficial ownership of the shares held
by Leadersoft.





Change
of Control Arrangements




None.




Securities
Authorized for Issuance Under Equity Compensation Plans




None.




ITEM
      13.
              CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
      INDEPENDENCE







Our
directors have advanced funds on an interest-free basis, with no maturity date,
from inception for working. Amounts advanced totaled $12,820 in 2009 and $3,872
in 2008. In 2008, Mr. Bok advanced amounts for domain fees and the Company’s
complaint forum project; Mr. Tang advanced amounts for filing and domain fees.
In 2009, Mr. Bok and Mr. Tang advanced amounts for legal and audit
fees.




17




In 2008,
we paid $1,192 to Beyond IVR Limited for technical support fees and $4,350 to
Mega Pacific Capital Inc., an affiliate of Mr. Tang, for financial consultancy
fees. In 2009, we paid $192 to Beyond IVR Limited for technical support fees,
received $91 from Mega Pacific Capital Inc. for domain name registration fees
and received $12,821 from Leadersoft Asia Ltd. for shares capital of 6,410,255
shares of common stock . In addition, we have an informal arrangement with
Beyond IVR Limited for the provision of server hosting services pursuant to
which we are invoiced $385 every six months.




As of the
date of this Annual Report, we have no standing committees and our entire board
of directors serves as our audit and compensation committees. We have determined
that neither of our directors are independent based on an analysis of the
standards for independence set forth in Section 121A of the American Stock
Exchange Company Guide. If we undertake to qualify our common stock for
quotation in the over-the-counter market, we may need to ensure we meet any
eligibility requirements with respect to independent directors.




ITEM
      14.
            PRINCIPAL
      ACCOUNTANT FEES AND SERVICES.




The firm
of Dominic K.F. Chan & Co. acts as our principal accountant. The following
is a summary of fees paid to our principal accountant for services
rendered.




Audit
Fees




During
the year ended December 31, 2009, we paid our principal accountants $18,704 in
connection with our annual audit for the year ended December 31, 2008 and the
review of our Quarterly Reports on Form 10-Q.  The fee for the audit
of the financial statements included in this Annual Report on Form 10-K for the
fiscal year ended December 31, 2009 is $6,451.  The aggregate of such
fees is $25,155.




Audit-Related
Fees




We did
not receive audit-related services that are not reported as Audit Fees for the
year ended December 31, 2009.




Tax
Fees




During
fiscal 2009, our principal accountant did not render services to us for tax
compliance, tax advice and tax planning.




All
Other Fees




During
fiscal 2009, there were no fees billed for products and services provided by the
principal accountant other than those set forth above.




Audit
Committee Approval




We do not
have a formal audit committee.  Our Board of Directors pre-approved
all of the foregoing services.




18




PART
IV




ITEM
      15.
            EXHIBITS,
      FINANCIAL STATEMENT SCHEDULES




(a) The
following Exhibits are filed as part of this report.




Exhibit
      No.
            Description3.1
            Articles
      of Incorporation, as amended as of May 4, 2009*3.2
            By-laws,
      as currently in effect*10.1
            Financial
      Consulting Services Agreement, dated as of January 1, 2007, by and among
      Mega Pacific Capital Inc. and Domain Extremes Inc.*10.2
            Project
      Agreement, dated January 11, 2008, between Domain Extremes Inc. and
      Guangzhou Sunnasia Digital Technology Co. Ltd.*14.1
            Code
      of Business Conduct and Ethics*31.1
            Certification
      of President31.2
            Certification
      of Treasurer32.1
            Statement
      required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of
      the Sarbanes-Oxley Act of 200232.2
            Statement
      required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of
      the Sarbanes-Oxley Act of 2002






*
Incorporated by reference to the Registrant’s Registration Statement on Form 10,
dated August 3, 2009.






19




DOMAIN
EXTREMES INC
 (A
CORPORATION IN THE DEVELOPMENT STAGE)
 
 FINANCIAL
STATEMENTS
 FOR THE
YEARS ENDED DECEMBER 31 2009 AND 2008
 AND
INDEPENDENT AUDITORS’ REPORT
 
 
 INDEX TO
FINANCIAL STATEMENTS
 
 
  PAGESREPORT OF
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
              F-2BALANCE
    SHEETS
              F-3STATEMENTS OF
      OPERATIONS
              F-4STATEMENTS OF
      STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME
              F-5STATEMENTS OF CASH
      FLOW
              F-6NOTES TO FINANCIAL
      STATEMENTS
              F-7 -
  F-17
 
 F-1
 
 
 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
 To the
Board of Directors and Stockholders of
 DOMAIN
EXTREMES INC
 
 We have
audited the accompanying balance sheets of Domain Extremes Inc (the “Company”),
a development stage company, as of December 31, 2009 and 2008 and the related
statements of operations, shareholders’ equity and other comprehensive income,
and cash flows, for the period from January 23, 2006 (inception) to the period
December 31, 2009, and two years ended December 31, 2009 and 2008. These
financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
 
 We
conducted our audit 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. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
 
 In our
opinion, these financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2009 and 2008 and the
results of its operations and their cash flows for the period from January 23,
2006 (inception) to the period December 31, 2009, and two years ended December
31, 2009 and 2008 in conformity with accounting principles generally accepted in
the United States of America.
 
 The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company is in the development stage and has minimal operations.
Its ability to continue as a going concern is dependent upon its ability to
develop additional sources of capital, develop websites, generate advertising
income, and ultimately, achieve profitable operations. These conditions raise
substantial doubt about its ability to continue as a going concern. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
 /s/
Dominic K.F. Chan & Co
 
 Dominic
K.F. Chan & Co
 Certified
Public Accountants
 Hong
Kong
 March 15,
2010
 
 F-2
  DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 BALANCE
SHEETS
 (Stated
in US Dollars)
  At
      December 31,Notes
              
              
              2009
              
              
              2008$
              
              
              $ASSETSCurrent
      Asset :Cash
      and cash equivalents
              
              
              
              
              
              3,583
              
              
              
              1,204Other
      receivable
              
              
              
              
              
              6,410
              
              
              
              -Total
      Current Asset
              
              
              
              
              
              9,993
              
              
              
              1,204Non-Current
      Asset :Plant
      and equipment
              
              
              
              
              
              1,280
              
              
              
              -Total
      Non-Current Assets
              
              
              
              
              
              1,280
              
              
              
              -TOTAL
      ASSETS
              
              
              
              
              
              11,273
              
              
              
              1,204LIABILITIES
      AND STOCKHOLDERS’ EQUITYLIABILITIESCurrent
      Liabilities :Accrued
      expenses and other liabilities
              
              6
              
              
              
              15,535
              
              
              
              27,001Advance
      from related parties
              
              7
              
              
              
              12,820
              
              
              
              3,872Total
      Current Liabilities
              
              
              
              
              
              28,355
              
              
              
              30,873TOTAL
      LIABILITIES
              
              
              
              
              
              28,355
              
              
              
              30,873STOCKHOLDERS’
      (DEFICIT)/EQUITYCommon
      stockPar
      value: US$0.001Authorized:
      200,000,000 shares(2008
      – 75,000,000 shares)Issued
      and outstanding: 2009 – 93,943,498 shares(2008
      – 41,153,920 shares)
              
              5
              
              
              
              93,943
              
              
              
              41,154Additional
      paid-in-capital
              
              
              
              
              
              17,308
              
              
              
              -Deficit
      accumulated during the development stage
              
              
              
              
              
              (128,333
              )
              
              
              (70,823
              )TOTAL
      STOCKHOLDERS’ DEFICIT
              
              
              
              
              
              (17,082
              )
              
              
              (29,669
              )TOTAL
      LIABILITIES AND STOCKHOLDERS’EQUITY
              
              
              
              
              
              11,273
              
              
              
              1,204
     F-3
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 STATEMENTS
OF OPERATIONS
 (Stated
in US Dollars)
  For
      the year
                ended
                December
      31,
                2009
              
              
              For
      the year
                ended
                December
      31,
                2008
              
              
              For
      the period
                  January
      23, 2006
                  (inception)
                  through
                  December
      31, 2009Notes
              
              
              $
              
              
              $
              
              
              $Net
      sales
              
              
              
              
              
              5,577
              
              
              
              -
              
              
              
              5,577Cost
      of sales
              
              
              
              
              
              -
              
              
              
              -
              
              
              
              -Gross
      Profit
              
              
              
              
              
              5,577
              
              
              
              -
              
              
              
              5,577Impairment
      loss of long-term investment
              
              
              
              
              
              -
              
              
              
              -
              
              
              
              (10,000
              )Impairment
      loss of intangible assets
              
              
              
              
              
              -
              
              
              
              -
              
              
              
              (3,910
              )Other
      operating income
              
              3
              
              
              
              560
              
              
              
              1,418
              
              
              
              3,375Administrative
      and other operating expenses, including share based
      compensation
              
              
              
              
              
              (63,647
              )
              
              
              (34,847
              )
              
              
              (123,375
              )Operating
      loss before income taxes
              
              
              
              
              
              (57,510
              )
              
              
              (33,429
              )
              
              
              (128,333
              )Income
      taxes
              
              4
              
              
              
              -
              
              
              
              -
              
              
              
              -Net
      loss
              
              
              
              
              
              (57,510
              )
              
              
              (33,429
              )
              
              
              (128,333
              )Loss
      per share of common stock-
      Basic and diluted
              
              
              
              
              (0.08
      cents
              )
              
              (0.09
      cents
              )
              
              (0.31
      cents
              )Weighted
      average shares of common stock-
      Basic and diluted
              
              
              
              
              
              76,180,116
              
              
              
              38,585,464
              
              
              
              41,027,736
 
 
 
 
 
 
 See
accompanying notes to financial statements
  F-4
 
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 STATEMENTS
OF STOCKHOLDERS’ EQUITY
 AND
COMPREHENSIVE INCOME
 (Stated
in US Dollars)
 
 
 DeficitaccumulatedAdditional
              
              
              during
      theCommon
      stock
              
              
              Paid-in
              
              
              developmentShare(s)
              
              
              Amount
              
              
              Capital
              
              
              stage
              
              
              Total$
              
              
              
              
              
              
              
              
              $Balance,
      December 31, 2007
              
              
              33,128,240
              
              
              
              33,128
              
              
              
              -
              
              
              
              (37,394
              )
              
              
              (4,266
              )Issuance
      of common stock
              
              
              8,025,680
              
              
              
              8,026
              
              
              
              -
              
              
              
              -
              
              
              
              8,026Net
      loss
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (33,429
              )
              
              
              (33,429
              )Balance,
      December 31, 2008
              
              
              41,153,920
              
              
              
              41,154
              
              
              
              -
              
              
              
              (70,823
              )
              
              
              (29,669
              )Issuance
      of common stock
              
              
              52,789,578
              
              
              
              52,789
              
              
              
              17,308
              
              
              
              -
              
              
              
              70,097Net
      loss
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (57,510
              )
              
              
              (57,510
              )Balance,
      December 31, 2009
              
              
              93,943,498
              
              
              
              93,943
              
              
              
              17,308
              
              
              
              (128,333
              )
              
              
              (17,082
              )
 
 
 See
accompanying notes to financial statements
   F-5
 
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 STATEMENTS
OF CASH FLOWS
 (Stated
in US Dollars)
  For
      the year ended December 31, 2009
                
                For
      the year ended December 31, 2008
                
                For
      the period
                  January
      23, 2006 (inception)
                  through
                  December
      31, 2009$
                
                
                $
                
                
                $Cash
      flows from operating activities:Net
      loss
                
                (57,510
                )
                
                (33,429
                )
                
                (128,333
                )Depreciation
                
                323
                
                
                -
                
                
                323Share
      based compensation
                
                8,244
                
                
                8,026
                
                
                49,398Changes
      in current assets and liabilitiesPrepaid
      expenses and other receivables
                
                (6,410
                )
                
                10,000
                
                
                (6,410
                )Amount
      due to related parties
                
                8,948
                
                
                (7,334
                )
                
                12,820Accrued
      expenses and other liabilities
                
                (11,466
                )
                
                22,651
                
                
                15,535Net
      cash used in operating activities
                
                (57,871
                )
                
                (86
                )
                
                (56,667
                )Cash
      flows from financing activity:Issuance
      of share capital
                
                61,853
                
                
                -
                
                
                61,853Net
      cash provided by financing activity
                
                61,853
                
                
                -
                
                
                61,853Cash
      flows from investing activity:Purchase
      of property, plant and equipment
                
                (1,603
                )
                
                -
                
                
                (1,603
                )Net
      cash used in investing activity
                
                (1,603
                )
                
                -
                
                
                (1,603
                )Net
      increase in cash and cash equivalents
                
                2,379
                
                
                (86
                )
                
                3,583Cash
      and cash equivalents at beginningof
      the year
                
                1,204
                
                
                1,290
                
                
                -Cash
      and cash equivalents at end ofthe
      year
                
                3,583
                
                
                1,204
                
                
                3,583Supplementary
      disclosures of cash flow information:Interest
      paid
                
                -
                
                
                -
                
                
                -Income
      taxes paid
                
                -
                
                
                -
                
                
                -
 
 See
accompanying notes to financial statements
  F-6
  DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
   1.
              Organization
      and nature of operations
  Domain
Extremes Inc (“the Company”), a development stage company, was organized under
the laws of the State of Nevada on January 23, 2006. The Company is in the
development stage as defined in Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) 915. Among the disclosures required by
FASB ASC 915 are that the Company’s financial statements be identified as those
of a development stage company, and that the statements of earnings, retained
earnings and stockholders’ equity and cash flows disclose activity since the
date of the Company’s inception. The fiscal year end is December
31.
  The
Company's financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company has not generated
significant revenue since inception and has never paid any dividends and is
unlikely to pay dividends or generate significant earnings in the immediate or
foreseeable future.  Since January 22, 2006, the Company has generated
revenue of $5,577 and has incurred an accumulated deficit of $128,333. As of
December 31, 2009 its current liabilities exceed its current assets by
$17,082.
  The
Company is currently devoting its efforts to develop websites on the Internet
and through which to generate advertising income.  The Company’s ability to
continue as a going concern is dependent upon its ability to develop additional
sources of capital, develop websites, generate advertising income, and
ultimately, achieve profitable operations. The accompanying financial statements
do not include any adjustments that might result from the outcome of these
uncertainties.
  2.
              Summary
      of principal accounting policies
  On
June 29, 2009, the Financial Accounting Standards Board (FASB) established
the FASB Accounting Standards Codification (Codification) as the single source
of authoritative U.S. generally accepted accounting principles (GAAP) for all
nongovernmental entities. Rules and interpretive releases of the Securities and
Exchange Commission (SEC) are also sources of authoritative U.S. GAAP for SEC
registrants. The Codification does not change U.S. GAAP but takes previously
issued FASB standards and other U.S. GAAP authoritative pronouncements, changes
the way the standards are referred to, and includes them in specific topic
areas. The Codification is effective for financial statements issued for interim
and annual periods ending after September 15, 2009. The adoption of the
Codification did not have any impact on the Company’s financial
statements.
  Basis of
presentation
  The
accompanying financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in the United States of
America.
  Use of
estimates
  The
preparation of the financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
  F-7
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
   2.
              Summary
      of principal accounting policies (continued)
  Cash and cash
equivalents
  The
Company considers all short-term highly liquid investments that are readily
convertible to known amounts of cash and have original maturities of three
months or less to be cash equivalents.
  Impairment of long-lived
assets
  The
Company accounts for the impairment of long-lived assets, such as plant and
equipment, leasehold land and intangible assets, under the provisions of FASB
Accounting Standard Codification Topic 360 (“ASC 360”) “Property, Plant and
Equipment – Overall” (formerly known as SFAS No. 144, “Accounting for the
Impairment of Long-Lived Assets” (“SFAS 144”)). ASC 360 establishes the
accounting for impairment of long-lived tangible and intangible assets other
than goodwill and for the disposal of a business. Pursuant to ASC 360, the
Company periodically evaluates, at least annually, whether facts or
circumstances indicate that the carrying value of its depreciable assets to be
held and used may not be recoverable. If such circumstances are
determined to exist, an estimate of undiscounted future cash flows produced by
the long-lived asset, or the appropriate grouping of assets, is compared to the
carrying value to determine whether impairment exists. In the event that
the carrying amount of long-lived assets exceeds the undiscounted future cash
flows, then the carrying amount of such assets is adjusted to their fair
value. The Company reports an impairment cost as a charge to operations at
the time it is recognized.
  Income
taxes
  The
Company utilizes FASB Accounting Standard Codification Topic 740 (“ASC 740”)
“Income taxes” (formerly known as SFAS No. 109, "Accounting for Income Taxes"),
which requires the recognition of deferred tax assets and liabilities for the
expected future tax consequences of events that have been included in the
financial statements or tax returns. Under this method, deferred income taxes
are recognized for the tax consequences in future years of differences between
the tax bases of assets and liabilities and their financial reporting amounts at
each period end based on enacted tax laws and statutory tax rates applicable to
the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax
assets to the amount expected to be realized.
  ASC 740
“Income taxes” (formerly known as Interpretation No. 48, Accounting for Uncertainty in Income
Taxes, an interpretation of Statement of Financial Accounting Standards No.
109 (“FIN 48”)) clarifies the accounting for uncertainty in tax
positions. This interpretation requires that an entity recognizes in the
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. Recognized income tax positions are measured at the
largest amount that is greater than 50% likely of being realized. Changes in
recognition or measurement are reflected in the period in which the change in
judgement occurs. The Company has elected to classify interest and penalties
related to unrecognized tax benefits, if and when required, as part of income
tax expense in the statements of operations. The adoption of ASC 740 did not
have a significant effect on the financial statements.
  F-8
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
 
 
 2.
              Summary
      of principal accounting policies (continued)
  Comprehensive
income
  The
Company has adopted FASB Accounting Standard Codification Topic 220 (“ASC 220”)
“Comprehensive income” (formerly known as SFAS No. 130, “Reporting Comprehensive
Income”), which establishes standards for reporting and display of comprehensive
income, its components and accumulated balances. Accumulated other comprehensive
income represents the accumulated balance of foreign currency translation
adjustments of the Company.
  Stock-based
compensation
  The
Company has adopted FASB Accounting Standard Codification Topic 718 (“ASC 718”),
”Stock Compensation” (formerly known as SFAS 123(R), Share-Based Payment), which
requires the measurement and recognition of compensation expense for all
share-based payment awards made to employees and directors including stock
option grants based on estimated fair values. ASC 718 requires companies to
estimate the fair value of share-based payment awards on the date of grant using
an option-pricing model. The value of the award’s portion that is ultimately
expected to vest is recognized as expense over the requisite service periods.
Prior to the adoption of ASC 718, we accounted for share-based awards to
employees and directors using the intrinsic value method. Under the intrinsic
value method, share-based compensation expense was only recognized by us if the
exercise price of the stock option was less than the fair market value of the
underlying stock at the date of grant.
  The
Company accounts for stock-based compensation to non-employees and consultants
in accordance with the provisions of ASC 505-50 “Equity –Based Payments to
Non-employees”. Measurement of share-based payment transactions with
non-employees shall be based on the fair value of whichever is more reliably
measurable: (a) the goods or services received; or (b) the equity instruments
issued. The fair value of the share-based payment transactions should be
determined at the earlier of performance commitment date or performance
completion date.
 
 Issuance of shares for
service
 
 The
Company accounts for the issuance of equity instruments to acquire goods and
services based on the fair value of the goods and services or the fair value of
the equity instrument at the time of issuance, whichever is more reliably
measurable.
  Foreign currencies
translation
  The
functional currency of the Company is Hong Kong dollars (“HK$”).  The
Company maintains its financial statements in the functional
currency.  Monetary assets and liabilities denominated in currencies
other than the functional currency are translated into the functional currency
at rates of exchange prevailing at the balance sheet
dates.  Transactions denominated in currencies other than the
functional currency are translated into the functional currency at the exchanges
rates prevailing at the dates of the transaction.  Exchange gains or
losses arising from foreign currency transactions are included in the
determination of net income for the respective periods.
  For
financial reporting purposes, the financial statements of the Company which are
prepared using the functional currency have been translated into United States
dollars.
 
 
 F-9
 
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
   2.
              Summary
      of principal accounting policies (continued)
  Fair value of financial
instruments
  A
significant number of the Company’s financial instruments are carried at fair
value with changes in fair value recognized in earnings each period. The Company
adopted the provisions of FASB Accounting Standard Codification Topic 820 (“ASC
820”), “Fair Value Measurements and Disclosures” (formerly known as SFAS No.
157). Under this standard, fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date (an exit price).
In determining fair value, the Company uses various valuation techniques. ASC
820, Fair Value Measurements and Disclosures establishes a hierarchy for inputs
used in measuring fair value that maximizes the use of observable inputs and
minimizes the use of unobservable inputs by requiring that the most observable
inputs be used when available.
  The
Company’s financial instruments consists of other receivable, investments,
advances, accrued expenses, and loans payable which approximates fair value
because of the relatively short maturity of those instruments.
  Earnings per
share
  Basic
earnings per share is based on the weighted average number of common shares
outstanding during the period while the effects of potential common shares
outstanding during the period are included in diluted earnings per
share.  The average market price during the year is used to compute
equivalent shares.
  FASB
Accounting Standard Codification Topic 260 (“ASC 260”), “Earnings Per Share,”
requires that employee equity share options, non-vested shares and similar
equity instruments granted to employees be treated as potential common shares in
computing diluted earnings per share. Diluted earnings per share should be based
on the actual number of options or shares granted and not yet forfeited, unless
doing so would be anti-dilutive. The Company uses the “treasury stock” method
for equity instruments granted in share-based payment transactions provided in
ASC 260 to determine diluted earnings per share.
   F-10
  DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
   2.
                Summary
      of principal accounting policies (continued)
  Website Development
Costs
 
 The
Company recognized the costs associated with developing a website in accordance
with ASC 350-50 “Website Development Cost” that codified the American Institute
of Certified Public Accountants (“AICPA”) Statement of Position (“SOP”) NO.
98-1, “Accounting for the Costs of Computer Software Developed or Obtained for
Internal Use”.  Relating to website development costs the Company
follows the guidance pursuant to the Emerging Issues Task Force (EITF) NO. 00-2,
“Accounting for Website Development Costs”.  The website development
costs are divided into three stages, planning, development and production. The
development stage can further be classified as application and infrastructure
development, graphics development and content development. In short, website
development cost for internal use should be capitalized except content input and
data conversion costs in content development stage.
 
 Costs
associated with the website consist primarily of website development costs paid
to third party and directors.  These capitalized costs will be
amortized based on their estimated useful life over three years upon the website
becoming operational.  Internal costs related to the development of
website content will be charged to operations as incurred.  Web-site
development costs related to the customers are charged to cost of
sales.
 
 Recently issued accounting
pronouncements
 
 ASC 805,
Business Combinations(“ASC 805”) (formerly included under SFAS No. 141 (revised 2007),
Business Combinations)
contains guidance that was issued by the FASB in December 2007. It requires the
acquiring entity in a business combination to recognize all assets acquired and
liabilities assumed in a transaction at the acquisition-date fair value, with
certain exceptions. Additionally, the guidance requires changes to the
accounting treatment of acquisition related items, including, among other items,
transaction costs, contingent consideration, restructuring costs,
indemnification assets and tax benefits. ASC 805 also provides for a substantial
number of new disclosure requirements. ASC 805 also contains guidance that was
formerly issued as FSP FAS 141(R)-1, Accounting for Assets Acquired and
Liabilities Assumed in a Business Combination That Arise from
Contingencies which was intended to provide additional guidance
clarifying application issues regarding initial recognition and measurement,
subsequent measurement and accounting, and disclosure of assets and liabilities
arising from contingencies in a business combination. ASC 805 was effective for
business combinations initiated on or after the first annual reporting period
beginning after December 15, 2008. The Company implemented this guidance
effective January 1, 2009. Implementing this guidance did not have an
effect on the Company’s financial position or results of operations; however it
will likely have an impact on the Company’s accounting for future business
combinations, but the effect is dependent upon acquisitions, if any, that are
made in the future.
  ASC 815,
“Derivatives and Hedging—Overall” (formerly SFAS No. 161, “Disclosures
about Derivative Instruments and Hedging Activities—an amendment of FASB
Statement No. 133”), expands the disclosure requirements related to
derivative instruments and hedging activities with the intent to provide users
of financial statements an enhanced understanding of how and why derivative
instruments are used, how derivative instruments and related hedged items are
accounted for and how they affect an entity’s financial position, financial
performance and cash flows. We adopted the amended provisions of this accounting
standard effective January 1, 2009 as required. See Note 16 for the
disclosures required by this accounting standard.
  ASC 855,
Subsequent Events (“ASC
855”) (formerly SFAS No. 165, Subsequent Events), includes
guidance that was issued by the FASB in May 2009, and is consistent with current
auditing standards in defining a subsequent event. Additionally, the guidance
provides for disclosure regarding the existence and timing of a company’s
evaluation of its subsequent events. ASC 855 defines two types of subsequent
events, “recognized” and “non-recognized”. Recognized subsequent events provide
additional evidence about conditions that existed at the date of the balance
sheet and are required to be reflected in the financial statements.
Non-recognized subsequent events provide evidence about conditions that did not
exist at the date of the balance sheet but arose after that date and, therefore;
are not required to be reflected in the financial statements. However, certain
non-recognized subsequent events may require disclosure to prevent the financial
statements from being misleading. This guidance was effective prospectively for
interim or annual financial periods ending after June 15, 2009. The Company
implemented the guidance included in ASC 855 as of April 1, 2009. The
effect of implementing this guidance was not material to the Company’s financial
position or results of operations.
  F-11
 
 DOMAIN
EXTREMES INC
 (A
DEVELOPMENT STAGE COMPANY)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
   2.
                Summary
      of principal accounting policies (continued)
 Recently issued accounting
pronouncements (continued)
  In August
2009, the FASB issued Accounting Standards Update (“ASU”) 2009-05, which amends
ASC Topic 820, Measuring Liabilities at Fair Value, which provides additional
guidance on the measurement of liabilities at fair value. These amended
standards clarify that in circumstances in which a quoted price in an active
market for the identical liability is not available, we are required to use the
quoted price of the identical liability when traded as an asset, quoted prices
for similar liabilities, or quoted prices for similar liabilities when traded as
assets. If these quoted prices are not available, we are required to use another
valuation technique, such as an income approach or a market approach. These
amended standards are effective for us beginning in the fourth quarter of fiscal
year 2009. There was no material impact upon the adoption of this standard on
the Company’s consolidated financial statements.
  In
September 2009, the FASB issued ASU 2009-06, Income Taxes (Topic 740),
”Implementation Guidance on Accounting for Uncertainty in Income Taxes and
Disclosure Amendments for Nonpublic Entities”, which provides implementation
guidance on accounting for uncertainty in income taxes, as well as eliminates
certain disclosure requirements for nonpublic entities.  For entities
that are currently applying the standards for accounting for uncertainty in
income taxes, this update shall be effective for interim and annual periods
ending after September 15, 2009. For those entities that have deferred the
application of accounting for uncertainty in income taxes in accordance with
paragraph 740-10-65-1(e), this
update shall be effective upon adoption of those standards. The adoption of this
standard is not expected to have an impact on the Company’s consolidated
financial position and results of operations since this accounting standard
update provides only implementation and disclosure amendments.
  In
September 2009, the FASB has published ASU 2009-12, “Fair Value Measurements and
Disclosures (Topic 820) - Investments in Certain Entities That Calculate Net
Asset Value per Share (or Its Equivalent)”. This ASU amends Subtopic 820-10,
“Fair Value Measurements and Disclosures – Overall”, to permit a reporting
entity to measure the fair value of certain investments on the basis of the net
asset value per share of the investment (or its equivalent). This ASU also
requires new disclosures, by major category of investments including the
attributes of investments within the scope of this amendment to the
Codification. The guidance in this update is effective for interim and annual
periods ending after December 15, 2009. Early application is
permitted.   The Company is in the process of evaluating the
impact of this standard on its consolidated financial position and results of
operations.
  In
October 2009, the FASB has published ASU 2009-13, “Revenue Recognition (Topic
605)-Multiple Deliverable Revenue Arrangements”, which addresses the accounting
for multiple-deliverable arrangements to enable vendors to account for products
or services (deliverables) separately rather than as a combined unit.
Specifically, this guidance amends the criteria in Subtopic 605-25, “Revenue
Recognition-Multiple-Element Arrangements”, for separating consideration in
multiple-deliverable arrangements. This guidance establishes a selling price
hierarchy for determining the selling price of a deliverable, which is based on:
(a) vendor-specific objective evidence; (b) third-party evidence; or (c)
estimates. This guidance also eliminates the residual method of allocation and
requires that arrangement consideration be allocated at the inception of the
arrangement to all deliverables using the relative selling price method and also
requires expanded disclosures. The guidance in this update is effective
prospectively for revenue arrangements entered into or materially modified in
fiscal years beginning on or after June 15, 2010. Early adoption is permitted.
The adoption of this standard is not expected to have a material impact on the
Company’s consolidated financial position and results of
operations.
 ASC 105,
Generally Accepted Accounting
Principles (“ASC 105”) (formerly SFAS No. 168, The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles a
replacement of FASB Statement No.162), reorganized by topic
existing accounting and reporting guidance issued by the Financial Accounting
Standards Board (“FASB”) into a single source of authoritative generally
accepted accounting principles (“GAAP”) to be applied by nongovernmental
entities. All guidance contained in the Accounting Standards Codification
(“ASC”) carries an equal level of authority. Rules and interpretive releases of
the Securities and Exchange Commission (“SEC”) under authority of federal
securities laws are also sources of authoritative GAAP for SEC registrants.
Accordingly, all other accounting literature will be deemed “non-authoritative”.
ASC 105 is effective on a prospective basis for financial statements issued for
interim and annual periods ending after September 15, 2009. The Company has
implemented the guidance included in ASC 105 as of July 1, 2009. The
implementation of this guidance changed the Company’s references to GAAP
authoritative guidance but did not impact the Company’s financial position or
results of operations.
     F-12
 
 DOMAIN
EXTREMES INC
 (A
CORPORATION IN THE DEVELOPMENT STAGE)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
 
 
 3.
                Other
      income
 
 For
      the year ended December 31,
                2009
              
              
              For
      the year ended December 31,
                2008
              
              
              For
      the period
                  January
      23, 2006
                  (inception)
      through
                  December
      31,2009$
              
              
              $
              
              
              $Bank
      interest income
              
              
              -
              
              
              
              1
              
              
              
              26Gain
      on exchange
              
              
              233
              
              
              
              -
              
              
              
              270Sundry
      income
              
              
              327
              
              
              
              1,417
              
              
              
              3,079Total
              
              
              560
              
              
              
              1,418
              
              
              
              3,375
  4.
                Income
      taxes
  As of the
fiscal years ended December 31, 2009 and 2008, the Company had net operating
loss carry forward. The expenses for the two years ended December 31, 2009 and
2008 will not be deducted for tax purposes and will represent a deferred tax
asset. The Company will provide a valuation allowance in full amount of the
deferred tax asset since there is no assurance of future taxable
income.
 
 5.
                Shareholders’
      equity
  Capitalization
  The
Company has the authority to issue 200,000,000 shares of common stock, $0.001
par value. The total number of shares of the Company’s common stock outstanding
as of December 31, 2009 and 2008 are 94,943,498 and 41,153,920
respectively.
  Equity
transactions
  Following
is the summary of equity transactions during the year ended December 31,
2008.
  On June
30, 2008, we issued 3,846,180 shares of our common stock to Francis Bok, Stephen
Tang and Angel Lai valued at US$3,846.18 in lieu of cash compensation for
director and secretary service from January 2008 to June 2008.
  On June
30, 2008, we issued 51,280 shares of our common stock to Patience Lee and
Stephen Tang valued at US$51.28 in lieu of cash compensation for writer service
at website www.drinkeat.com from April 2008 to June 2008.
 
 F-13
 
 DOMAIN
EXTREMES INC
 (A
CORPORATION IN THE DEVELOPMENT STAGE)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
   5.
              Shareholders’
      equity(continued)
 
 Equity transactions(continued)
  On
September 30, 2008, we issued 1,923,090 shares of our common stock to Francis
Bok, Stephen Tang and Angel Lai valued at US$1,923.09 in lieu of cash
compensation for director and secretary service from July 2008 to September
2008.
  On
September 30, 2008, we issued 153,840 shares of our common stock to Stephen
Tang, Patience Lee and Cheng Hoi Shing valued at US$153.84 in lieu of cash
compensation for writer service at website www.drinkeat.com from July 2008 to
September 2008.
  On
December 31, 2008, we issued 1,923,090 shares of our common stock to Francis
Bok, Stephen Tang and Angel Lai valued at US$1,923.09 in lieu of cash
compensation for director and secretary service from October 2008 to December
2008.
  On
December 31, 2008, we issued 128,200 shares of our common stock to Stephen Tang,
Patience Lee and Cheng Hoi Shing valued at US$128.20 in lieu of cash
compensation for writer service at website www.drinkeat.com from October 2008 to
December 2008.
  Following
is the summary of equity transactions during the year ended December 31,
2009.
  On March
27, 2009, we issued 25,641,020 shares of our common stock to Ng Wai Yin, Phoebe
and Sino Harvest Asia Limited for a consideration of US$25,641.02.
  On March
27, 2009, we issued 1,597,230 shares of our common stock to Ho Wai Ming, Fergus
valued at US$1,597.23 in lieu of cash payment advanced for settle
expenses.
  On March
27, 2009, we issued 1,282,051 shares of our common stock to Lee Yet Chil for a
consideration of US$2,564.10.
  On March
31, 2009, we issued 1,923,090 shares of our common stock to Francis Bok, Stephen
Tang and Angel Lai valued at US$1,923.09 in lieu of cash compensation for
director and secretary service from January 2009 to March 2009.
  On March
31, 2009, we issued 38,460 shares of our common stock to Stephen Tang and
Catherine Lam valued at US$38.46 in lieu of cash compensation for writer service
at website www.drinkeat.com from January 2009 to March 2009.
  On May
15, 2009, we issued 6,410,255 shares of our common stock to Globaland Capital
Limited for a consideration of US$12,820.51.
  On May
15, 2009, we issued 3,205,127 shares of our common stock to Xue Xiao Han for a
consideration of US$6,410.25.
  On May
18, 2009, we issued 6,410,255 shares of our common stock to Leadersoft Asia
Limited for a consideration of US$12,820.51.
 
 F-14
 
 DOMAIN
EXTREMES INC
 (A
CORPORATION IN THE DEVELOPMENT STAGE)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
 
 
 5.
              Shareholders’
      equity(continued)
 
 Equity transactions(continued)
  On June
30, 2009, we issued 1,923,090 shares of our common stock to Francis Bok, Stephen
Tang and Angel Lai valued at US$1,923.09 in lieu of cash compensation for
director and secretary service from April 2009 to June 2009.
  On June
30, 2009, we issued 76,920 shares of our common stock to Stephen Tang, Catherine
Lam and Sally Lui valued at US$76.92 in lieu of cash compensation for writer
service at website www.drinkeat.com from April 2009 to June 2009.
  On
September 30, 2009, we issued 1,923,090 shares of our common stock to Francis
Bok, Stephen Tang and Angel Lai valued at US$1,923.09 in lieu of cash
compensation for director and secretary service from July 2009 to September
2009.
  On
September 30, 2009, we issued 256,410 shares of our common stock to Stephen
Tang, Patience Lee and Sally Lui valued at US$256.41 in lieu of cash
compensation for writer service at website www.drinkeat.com from July 2009 to
September 2009.
  On
December 31, 2009, we issued 1,923,090 shares of our common stock to Francis
Bok, Stephen Tang and Angel Lai valued at US$1,923.09 in lieu of cash
compensation for director and secretary service from October 2009 to December
2009.
  On
December 31, 2009, we issued 179,490 shares of our common stock to Stephen Tang
valued at US$179.49 in lieu of cash compensation for writer service at website
www.drinkeat.com from October 2009 to December 2009.
  6.
                Accrued
      expenses and other current
liabilities
 
 Accrued
expenses and other current liabilities as of December 31, 2009 and 2008 are
summarized as follows:
 
 Year
      ended December 31,2009
              
              
              2008$
              
              
              $Accrued
      audit fee
              
              
              6,451
              
              
              
              16,704Accrued
      financial consultancy fee
              
              
              -
              
              
              
              4,350Other
      payable
              
              
              9,084
              
              
              
              5,947Total
              
              
              15,535
              
              
              
              27,001
 
  F-15
 DOMAIN
EXTREMES INC
 (A
CORPORATION IN THE DEVELOPMENT STAGE)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
 
 
 7.
                Advance
      from related parties
  The
amount due to related parties as of December 31, 2009 and 2008 represents
advanced payment due to the Company’s directors.  The amount due to
directors is interest free without maturity date and repayable upon
demand.
 
 8.
                Related
      party transactions
 
 Year
      ended December 31,2009
              
              
              2008$
              
              
              $Beyond
      IVR Limited
              
              
              577
              
              
              
              1,192Mega
      Pacific Capital Inc.
              
              
              91
              
              
              
              4,350Leadersoft
      Asia Limited
              
              
              12,821
              
              
              
              -Stephen
      Tang
              
              
              372
              
              
              
              205
 
 The
following is a summary of related party transactions for the year ended December
31, 2009:
  During
the period ended December 31, 2009, Domain Extremes issued 6,153,840 shares of
common stock valued at $6,153.84 to its directors in lieu of cash compensation.
The stocks were valued at US$6,153.84 for the period for which service were
provided.
  Domain
Extremes issued 371,800 shares of common stock valued at $371.80 to its director
in lieu of cash compensation for writer service at website
www.drinkeat.com.
  Leadersoft
Asia Limited paid $12,820.51 to Domain Extremes for shares capital of 6,410,255
shares of common stock.
  Domain
Extremes paid $576.92 to Beyond IVR Limited for onsite technical support fee and
computer server hosting service fee.
  Mega
Pacific paid $91.02 to Domain Extremes for domain name registration, email and
web hosting service fee.
  
 F-16
 
 DOMAIN
EXTREMES INC
 (A
CORPORATION IN THE DEVELOPMENT STAGE)
 
 NOTES TO
FINANCIAL STATEMENTS
 (Stated
in US Dollars)
 
 
 8.
                Related
      party transactions
(continued)
  The
following is a summary of related party transactions for the year ended December
31, 2008:
  During
the year ended December 31, 2008, Domain Extremes issued 6,153,840 shares of
common stock valued at  $6,153.84 to its directors in lieu of cash
compensation.  The stocks were valued at  US$6,153.84 for
the period for which service were provided.
  Domain
Extremes issued 205,120 shares of common stock valued at $205.12 to its director
in lieu of cash compensation for writer service at website
www.drinkeat.com.
  Domain
Extremes paid $1,192.30 to Beyond IVR Limited for onsite technical support
fee.
  Mega
Pacific Capital Inc charged Domain Extremes $4,350.00 for financial consultancy
fee.
  9.
                Commitments
      and contingencies
  There has
been no legal proceedings in which the Company is a party during the year ended
December 31, 2009 and 2008.
  10.
                Current
      vulnerability due to certain
concentrations
  The
Company's operations are carried out in Hong Kong, the
PRC.  Accordingly, the Company's business, financial condition and
results of operations may be influenced by the political, economic and legal
environments in Hong Kong, by the general state of the PRC's
economy.  The Company's business may be influenced by changes in
governmental policies with respect to laws and regulations, anti-inflationary
measures, currency conversion and remittance abroad, and rates and methods of
taxation, among other things.
  11.
              Subsequent
      Events
  We have evaluated significant events
and transactions that occurred from January 1, 2010 through the date of this
report and have determined that there were no events or transactions other than
those disclosed in this report, if any, that would require recognition or
disclosure in our Financial Statements for the year ended December 31,
2009.






F-17




SIGNATURES





Pursuant
to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized on the 15th day of March,
2010.




DOMAIN EXTREMES
      INC.By:
              /s/ Francis
      BokFrancis
      BokPresident(Principal
      Executive Officer)


In
accordance with the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.




Name
            
            Title
            
            Date/s/
      Francis
      Bok
              Francis
      Bok
            
            President;
      Director
              (Principal
      Executive Officer)
            
            March
      15, 2010/s/ Stephen
      Tang
              Stephen
      Tang
            
            Treasurer;
      Director
              (Principal
      Financial and Accounting Officer)
            
            March
      15, 2010






20




INDEX
TO EXHIBITS






Exhibit
      No.
              Description3.1
              Articles
      of Incorporation, as amended as of May 4, 2009*3.2
              By-laws,
      as currently in effect*10.1
              Financial
      Consulting Services Agreement, dated as of January 1, 2007, by and among
      Mega Pacific Capital Inc. and Domain Extremes Inc.*10.2
              Project
      Agreement, dated January 11, 2008, between Domain Extremes Inc. and
      Guangzhou Sunnasia Digital Technology Co. Ltd.*14.1
              Code
      of Business Conduct and Ethics*31.1
              Certification
      of President31.2
              Certification
      of Treasurer32.1
              Statement
      required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of
      the Sarbanes-Oxley Act of 200232.2
              Statement
      required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of
      the Sarbanes-Oxley Act of 2002


*
Incorporated by reference to the Registrant’s Registration Statement on Form 10,
dated August 3, 2009, SEC File No. 000-5379.






21