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

|  ̈ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|--------|-----------------------------------------------------------------|

| Nevada                                                         |   | 90-0296536                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| 9F, Building A, Rongchao Marina Bay CenterNO. 2021 Haixiu Road, Bao’an DistrictShenzhen, People’s Republic of China |   | 518133     |
|---------------------------------------------------------------------------------------------------------------------------------|--------|------------|
| (Address of principal executive offices)                                                                                        |   | (Zip Code) |

| Large accelerated filer | o      | Accelerated filer         | o      |
|-------------------------|--------|---------------------------|--------|
|                    |   |                      |   |
| Non-accelerated filer   | o      | Smaller reporting company | x      |

----

|   | · | Reclassified cash restricted by local travel bureau from cash and cash equivalent to restricted cash; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | Restated goodwill, intangible assets, deferred tax liabilities, and retained earnings due to an inconsistency between the acquisition dates of five new subsidiaries per the Company's 8-K filings and the reported periods of profit and loss statements included in the consolidated financial statements of the Company; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reported properly deferred tax liabilities; |
|--------|--------|---------------------------------------------|

|   | · | Reclassified business tax and levies from selling expenses and COGS to revenues; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | Reclassified commission paid to retail air ticketing agencies from selling expenses to COGS; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | Restated overstated net income $857,026, revenues $11,352,982, and expenses for the nine months ended September 30, 2010 due to an inconsistency between the acquisition dates of five new subsidiaries per the Company's 8-K filings and the reported periods of profit and loss statements included in the consolidated financial statements of the Company; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Restated the corresponding line items on the consolidated statements of cash flows as a result of above reclassifications and restatement; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Restated the corresponding line items on the segment information have been restated as a result of above reclassifications and restatement; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reclassified the revenue and cost of services of hotel reservation business in Huangshan Holiday Travel Service Co., Ltd. from packaged tours segment to hotel reservation segment; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reclassified the revenue and cost of services of packaged tours business in Chongqing Travel World E-Business Co., Ltd. from air ticketing segment to packaged tours segment. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|     |   |                                                                                                                  |   | Page   |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|--------|
|     |   |                                                                                                                  |   |   |
| PART I.  |   | Financial Information                                                                                                 |   |   |
|     |   |                                                                                                                  |   |   |
|     |   | Item 1.  Financial Statements ( Unaudited)                                                                  |   | 1      |
|     |   |                                                                                                                  |   |   |
|     |   | Report of Independent Registered Public Accounting Firm                                                               |   | 2      |
|     |   |                                                                                                                  |   |   |
|     |   | Unaudited Condensed Consolidated Balance Sheets as of  September 30, 2010  and December 31, 2009  |   | 4      |
|     |   |                                                                                                                  |   |   |
|     |   | Unaudited Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2010 and 2009 |   | 5      |
|     |   |                                                                                                                  |   |   |
|     |   | Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2010 and 2009       |   | 6      |
|     |   |                                                                                                                  |   |   |
|     |   | Notes to Unaudited Condensed Consolidated Financial Statements as of  September 30, 2010                    |   | 7      |
|     |   |                                                                                                                  |   |   |
|     |   | Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operation    |   | 38     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 3.  Quantitative and Qualitative Disclosures About Market Risk.                                             |   | 49     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 4.  Controls and Procedures                                                                                 |   | 49     |
|     |   |                                                                                                                  |   |   |
| PART II. |   | Other Information                                                                                                     |   |   |
|     |   |                                                                                                                  |   |   |
|     |   | Item 1.  Legal Proceedings                                                                                       |   | 49     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 1A. Risk Factors.                                                                                                |   | 49     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                             |   | 50     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 3.  Defaults Upon Senior Securities                                                                         |   | 50     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 4.  (Removed and Reserved).                                                                                 |   | 50     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 5.  Other Information                                                                                       |   | 50     |
|     |   |                                                                                                                  |   |   |
|     |   | Item 6.  Exhibits                                                                                                |   | 50     |

----

----

----

| Condensed Consolidated Balance Sheets                                          |   | 4      |
|--------------------------------------------------------------------------------|--------|--------|
|                                                                           |   |   |
| Unaudited Condensed Consolidated Statements of Income and comprehensive income |   | 5      |
|                                                                           |   |   |
| Unaudited Condensed Consolidated Statements of Cash Flows                      |   | 6      |
|                                                                           |   |   |
| Notes to the Unaudited Condensed Consolidated Financial Statements             |   | 7 - 37 |

----

|                                                                                                                                                                               |   | September 30, 2010 |        |   | December 31, 2009 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------|-------------------|--------|
|                                                                                                                                                                               |   | Unaudited          |        |   |              |   |
|                                                                                                                                                                     |   | Restated           |        |   |              |   |
| ASSETS                                                                                                                                                                             |   |               |        |   |              |   |   |   |
| Cash and cash equivalents                                                                                                                                                          |   | $                  | 56,488,144  |   |              | $      | 36,574,741 |   |
| Restricted cash                                                                                                                                                                    |   |               | 176,169     |   |              |   | 102,681 |   |
| Accounts receivable, net                                                                                                                                                           |   |               | 25,665,637  |   |              |   | 17,321,174 |   |
| Other receivables and deposits, net                                                                                                                                                |   |               | 483,257     |   |              |   | 257,907 |   |
| Due from related party                                                                                                                                                             |   |               | 1,013,386   |   |              |   | - |   |
| Trade deposit                                                                                                                                                                      |   |               | 7,802,370   |   |              |   | 9,775,735 |   |
| Advances                                                                                                                                                                           |   |               | -           |   |              |   | 440,063 |   |
| Prepayments                                                                                                                                                                        |   |               | 1,531,433   |   |              |   | 216,727 |   |
| Note receivable                                                                                                                                                                    |   |               | 4,823,883   |   |              |   | 1,711,392 |   |
| Acquisition Deposits                                                                                                                                                               |   |               | 3,644,317   |   |              |   | 4,077,921 |   |
| Total Current Assets                                                                                                                                                               |   |               | 101,628,596 |   |              |   | 70,478,341 |   |
|                                                                                                                                                                               |   |               |        |   |              |   |   |   |
| Property & equipment, net                                                                                                                                                      |   |               | 1,464,823   |   |              |   | 4,992,677 |   |
| Intangible assets, net                                                                                                                                                             |   |               | 3,296,791   |   |              |   | 339,240 |   |
| Goodwill                                                                                                                                                                           |   |               | 24,508,909  |   |              |   | 9,896,270 |   |
| Total Noncurrent Assets                                                                                                                                                            |   |               | 29,270,523  |   |              |   | 15,228,187 |   |
| Total Assets                                                                                                                                                                       |   | $                  | 130,899,119 |   |              | $      | 85,706,528 |   |
|                                                                                                                                                                               |   |               |        |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                               |   |               |        |   |              |   |   |   |
| Current Liabilities                                                                                                                                                                |   |               |        |   |              |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                              |   | $                  | 6,873,874   |   |              | $      | 2,615,730 |   |
| Customer deposits                                                                                                                                                                  |   |               | 2,366,875   |   |              |   | 2,000,117 |   |
| Income tax payable                                                                                                                                                                 |   |               | 2,719,351   |   |              |   | 1,654,475 |   |
| Total Current Liabilities                                                                                                                                                          |   |               | 11,960,100  |   |              |   | 6,270,322 |   |
| Derivative liability                                                                                                                                                               |   |               | 562,139     |   |              |   | 1,815,319 |   |
| Deferred tax liabilities                                                                                                                                                           |   |               | 809,094     |   |              |   | - |   |
| Total  Liabilities                                                                                                                                                       |   |               | 13,331,333  |   |              |   | 8,085,641 |   |
|                                                                                                                                                                               |   |               |        |   |              |   |   |   |
| Stockholders' Equity                                                                                                                                                               |   |               |        |   |              |   |   |   |
| Common stock, $.001 par value, 70,000,000 shares authorized, 19,898,235 and 16,714,457 issued and outstanding at September 30, 2010 and December 31,  2009, respectively |   |               | 19,898      |   |              |   | 16,714 |   |
| Additional paid in capital                                                                                                                                                         |   |               | 60,261,179  |   |              |   | 37,671,645 |   |
| Statutory reserve                                                                                                                                                                  |   |               | 732,282     |   |              |   | 372,144 |   |
| Retained earnings                                                                                                                                                                  |   |               | 54,466,310  |   |              |   | 37,915,251 |   |
| Accumulated other comprehensive income                                                                                                                                             |   |               | 2,088,117   |   |              |   | 1,645,133 |   |
| Total Stockholders' Equity                                                                                                                                                         |   |               | 117,567,786 |   |              |   | 77,620,887 |   |
| Total Liabilities and Stockholders' Equity                                                                                                                                         |   | $                  | 130,899,119 |   |              | $      | 85,706,528 |   |

----

|                                                          |   | For The Nine Months Ended |       |   | For The Three Months Ended |   |
|---------------------------------------------------------------|--------|---------------------------|------------|--------|----------------------------|--------|
|                                                          |   | September 30,             |       |   | September 30,              |   |
|                                                          |   | 2010                      |       |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                                          |   | Restated                  |       |   |                       |   |   |   |   |   |   |   |
| Revenues                                                      |   | $                         | 97,808,768 |   |                       | $      | 63,366,444 |   |   | $ | 45,516,866 |   |   | $ | 29,711,526 |   |
| Cost of services                                              |   |                      | 71,350,008 |   |                       |   | 43,568,224 |   |   |   | 34,045,221 |   |   |   | 20,919,390 |   |
| Gross profit                                                  |   |                      | 26,458,760 |   |                       |   | 19,798,220 |   |   |   | 11,471,645 |   |   |   | 8,792,136 |   |
|                                                          |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                  |   |                      | (5,681,325 | )      |                       |   | (3,161,100 | ) |   |   | (2,038,141 | ) |   |   | (1,358,802 | ) |
| Gain on disposal of fixed assets                              |   |                      | 65,853     |   |                       |   | - |   |   |   | 65,853 |   |   |   |   |   |
| Income from operations                                        |   |                      | 20,843,288 |   |                       |   | 16,637,120 |   |   |   | 9,499,357 |   |   |   | 7,433,334 |   |
|                                                          |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)                                        |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)                                        |   |                      | 6,900      |   |                       |   | 8,879 |   |   |   | (17 | ) |   |   | 2,460 |   |
| Gain/(Loss) on change in fair value of derivative liabilities |   |                      | 1,253,181  |   |                       |   | (6,553,971 | ) |   |   | 304,177 |   |   |   | (847,754 | ) |
| Interest income                                               |   |                      | 56,434     |   |                       |   | 39,206 |   |   |   | 17,723 |   |   |   | 15,910 |   |
| Total other income (expense)                                  |   |                      | 1,316,515  |   |                       |   | (6,505,886 | ) |   |   | 321,883 |   |   |   | (829,384 | ) |
| Income before income taxes –continuing operations       |   |                      | 22,159,803 |   |                       |   | 10,131,234 |   |   |   | 9,821,240 |   |   |   | 6,603,950 |   |
| Provision for income taxes                                    |   |                      | 5,608,744  |   |                       |   | 4,029,194 |   |   |   | 2,547,194 |   |   |   | 1,891,043 |   |
| Income from continuing operations                        |   | $                         | 16,551,059 |   |                       | $      | 6,102,040 |   |   |   | 7,274,046 |   |   |   | 4,712,907 |   |
|                                                          |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Income from discontinued operations                           |   | $                         | -          |   |                       | $      | 177,975 |   |   | $ | - |   |   | $ | - |   |
| Loss on disposition of discontinued operations                |   |                      | -          |   |                       |   | (770,595 | ) |   |   | - |   |   |   | - |   |
| Loss from discontinued operation                              |   | $                         | -          |   |                       | $      | (592,620 | ) |   | $ | - |   |   | $ | - |   |
| Net Income                                                    |   | $                         | 16,551,059 |   |                       | $      | 5,509,420 |   |   | $ | 7,274,046 |   |   | $ | 4,712,907 |   |
|                                                          |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive Income                                          |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net Income                                                    |   | $                         | 16,551,059 |   |                       | $      | 5,509,420 |   |   | $ | 7,274,046 |   |   | $ | 4,712,905 |   |
| Foreign currency translation adjustments                      |   |                      | 442,984    |   |                       |   | 64,144 |   |   |   | 897,063 |   |   |   | 15,557 |   |
| Total Comprehensive income                                    |   | $                         | 16,994,043 |   |                       | $      | 5,573,564 |   |   | $ | 8,171,109 |   |   | $ | 4,728,462 |   |
|                                                          |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Income per common share from continuing operations            |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                         |   | $                         | 0.92       |   |                       | $      | 0.44 |   |   | $ | 0.37 |   |   | $ | 0.34 |   |
| Diluted                                                       |   | $                         | 0.88       |   |                       | $      | 0.41 |   |   | $ | 0.36 |   |   | $ | 0.31 |   |
| Loss per common share from discontinued operations            |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                         |   | $                         | -          |   |                       | $      | (0.04 | ) |   | $ | - |   |   | $ | - |   |
| Diluted                                                       |   | $                         | -          |   |                       | $      | (0.04 | ) |   | $ | - |   |   | $ | - |   |
| Net income per common share                                   |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                         |   | $                         | 0.92       |   |                       | $      | 0.40 |   |   | $ | 0.37 |   |   | $ | 0.34 |   |
| Dilute                                                        |   | $                         | 0.88       |   |                       | $      | 0.37 |   |   | $ | 0.36 |   |   | $ | 0.31 |   |
| Weighted average common shares outstanding                    |   |                      |       |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                         |   |                      | 18,020,554 |   |                       |   | 13,828,739 |   |   |   | 19,898,235 |   |   |   | 13,739,880 |   |
| Diluted                                                       |   |                      | 18,792,520 |   |                       |   | 14,890,318 |   |   |   | 20,373,536 |   |   |   | 15,445,350 |   |

----

|                                                                              |   | 2010       |        |   | 2009   |   |
|-----------------------------------------------------------------------------------|--------|------------|-------------|--------|--------|--------|
|                                                               |   | (Restated) |        |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                              |   |       |        |   |   |   |   |   |
| Net income                                                                        |   | $          | 16,551,059  |   |   | $      | 5,509,420 |   |
| Add:                                                                              |   |       |        |   |   |   |   |   |
| Net loss from discontinued operations                                             |   |       | -           |   |   |   | 592,620 |   |
| Income from operations                                                            |   |       | 16,551,059  |   |   |   | 6,102,040 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |       |        |   |   |   |   |   |
| Depreciation and amortization                                                     |   |       | 1,254,187   |   |   |   | 422,628 |   |
| Provision for doubtful accounts                                                   |   |       | 59,578      |   |   |   | 13,961 |   |
| Stock based compensation                                                          |   |       | 990,846     |   |   |   | 802,157 |   |
| (Gain)/Loss on change in fair value of derivative liabilities                     |   |       | (1,253,181  | )      |   |   | 6,553,971 |   |
| (Gain)Loss on sales of fixed assets                                               |   |       | (65,853     | )      |   |   | - |   |
| (Increase) / decrease in assets:                                                  |   |       |        |   |   |   |   |   |
| Restricted cash                                                                   |   |       | (73,488     | )      |   |   | - |   |
| Accounts receivable                                                               |   |       | (7,730,724  | )      |   |   | (6,156,621 | ) |
| Other receivable                                                                  |   |       | 924,561     |   |   |   | (51,293 | ) |
| Due from related party                                                            |   |       | (995,798    | )      |   |   | - |   |
| Advances                                                                          |   |       | 440,115     |   |   |   | (1,007 | ) |
| Prepayments                                                                       |   |       | (792,128    | )      |   |   | 126,851 |   |
| Trade deposits                                                                    |   |       | 2,118,139   |   |   |   | 582,541 |   |
| Escrow deposits                                                                   |   |       | -           |   |   |   | 762,800 |   |
| Increase / (decrease) in current liabilities:                                     |   |       |        |   |   |   |   |   |
| Accounts payable and accrued expenses                                             |   |       | 3,605,152   |   |   |   | 2,041,436 |   |
| Customer deposits                                                                 |   |       | 308,915     |   |   |   | 393,320 |   |
| Income tax payable                                                                |   |       | 658,821     |   |   |   | (78,773 | ) |
| Net cash provided by continuing operations                                        |   |       | 16,000,201  |   |   |   | 11,514,011 |   |
| Net cash provided by discontinued operations                                      |   |       | -           |   |   |   | 435,259 |   |
| Net cash provided by operating activities                                         |   |       | 16,000,201  |   |   |   | 11,949,270 |   |
|                                                                              |   |       |        |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                              |   |       |        |   |   |   |   |   |
| Purchase of property & equipment                                              |   |       | (2,779,988  | )      |   |   | (3,627,267 | ) |
| Purchase of  intangibles                                                |   |       | (51,359     | )      |   |   | (187,810 | ) |
| (Increase)/Decrease in notes receivable                                           |   |       | (3,028,571  | )      |   |   | 599,151 |   |
| Proceeds from sale of fixed assets                                                |   |       | 5,599,590   |   |   |   | - |   |
| Acquisition deposits                                                              |   |       | 497,330     |   |   |   | - |   |
| Paid for acquisition – net of cash acquired                                 |   |       | (15,782,799 | )      |   |   | - |   |
| Net cash (used in) continuing operations                                          |   |       | (15,545,797 | )      |   |   | (3,215,926 | ) |
| Net cash (used in) discontinued operations                                        |   |       | -           |   |   |   | (1,035,125 | ) |
| Net cash (used in) by investing activities                                        |   |       | (15,545,797 | )      |   |   | (4,251,051 | ) |
|                                                                              |   |       |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                              |   |       |        |   |   |   |   |   |
| Proceeds of equity financing                                                      |   |       | 18,768,054  |   |   |   | - |   |
| Proceeds from warrants exercise                                                   |   |       | -           |   |   |   | 9,570 |   |
| Net cash provided by financing activities                                         |   |       | 18,768,054  |   |   |   | 9,570 |   |
|                                                                              |   |       |        |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                      |   |       | 690,945     |   |   |   | 64,144 |   |
|                                                                              |   |       |        |   |   |   |   |   |
| Net change in cash and cash equivalents                                           |   |       | 19,913,403  |   |   |   | 7,771,933 |   |
| Cash and cash equivalents, beginning balance                                      |   |       | 36,574,741  |   |   |   | 15,720,182 |   |
| Cash and cash equivalents, ending balance                                         |   | $          | 56,488,144  |   |   | $      | 23,492,115 |   |
|                                                                              |   |       |        |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES:                                                         |   |       |        |   |   |   |   |   |
| Cash paid during the period for:                                                  |   |       |        |   |   |   |   |   |
| Income taxes                                                                      |   | $          | 4,271,081   |   |   | $      | 4,164,214 |   |
|                                                                              |   |       |        |   |   |   |   |   |
| Other non-cash transactions                                                       |   |       |        |   |   |   |   |   |
| Net assets sold of discontinued operations                                        |   | $          | -           |   |   | $      | 1,659,292 |   |
| Goodwill attributable to sold discontinued operations                             |   |       | -           |   |   |   | 3,630,539 |   |
| Note received on disposition                                                      |   |       | -           |   |   |   | (2,773,411 | ) |
| Fair value of treasury stock received                                             |   |       | -           |   |   |   | (2,780,950 | ) |
| Loss on disposition                                                               |   |       | -           |   |   |   | (770,595 | ) |
| Net cash of discontinued operations                                               |   | $          | -           |   |   | $      | (1,035,125 | ) |
|                                                                              |   |       |        |   |   |   |   |   |
| Purchased goodwill                                                                |   | $          | (14,612,639 | )      |   | $      | - |   |
| Purchased intangible assets                                                       |   |       | (3,236,376  | )      |   |   | - |   |
| Fair value of assets purchased less cash acquired                                 |   |       | (767,602    | )      |   |   | - |   |
| Acquisition financed with stock issuance                                          |   |       | 2,833,818   |   |   |   | - |   |
| Acquisition paid for with cash - net of acquired                                  |   | $          | (15,782,799 | )      |   | $      | - |   |

----

----

| Consideration                                                         |   | $      | 5,554,361  |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|
| Goodwill attributable to sold Shenzhen Speedy Dragon Enterprises Ltd. |   |   | (3,630,539 | )      |
| Net equity of Shenzhen Speedy Dragon Ltd.                             |   |   | (2,694,417 | )      |
| Loss on disposition of discontinued operation                         |   | $      | (770,595   | )      |

|                                                   |   | Three months  |   |   | Nine months   |   |
|--------------------------------------------------------|--------|--------------------|--------|--------|--------------------|--------|
|                                                   |   | ended              |   |   | ended              |   |
|                                                   |   | September 30, |   |   | September 30, |   |
|                                                   |   | 2009               |   |   | 2009               |   |
| Sales                                                  |   | $                  | -      |   |               | $      | 3,631,545 |   |
| Cost of sales                                          |   |               | -      |   |               |   | (3,218,140 | ) |
| Gross profit                                           |   |               | -      |   |               |   | 413,405 |   |
|                                                   |   |               |   |   |               |   |   |   |
| Operating expenses                                     |   |               | -      |   |               |   | (190,989 | ) |
| Income from discontinued operation before income tax   |   |               | -      |   |               |   | 222,416 |   |
|                                                   |   |               |   |   |               |   |   |   |
| Income tax                                             |   |               | -      |   |               |   | (44,441 | ) |
| Income from discontinued operations, net of income tax |   | $                  | -      |   |               | $      | 177,975 |   |

----

----

----

| Description                        |   | Balance atbeginning of year |    |   | Charged toexpenses |   |   | Deductions |   |   | Balance as ofSeptember 30,2010 |   |
|------------------------------------|--------|--------------------------------------------|---------|--------|-------------------------|--------|--------|------------|--------|--------|-----------------------------------------------|--------|
|                               |   |                                       |    |   |                    |   |   |       |   |   |                                          |   |
| Allowance for doubtful receivables |   | $                                          | 414,927 |   |                    | $      | 59,578 |       |   | $      | -                                             |   |   | $ | 475,505 |   |

| Transportation equipment |   | 5 years                                                  |
|--------------------------|--------|----------------------------------------------------------|
| Office equipment         |   | 5 years                                                  |
| Leasehold Improvements   |   | 5 – 10 years or the shorter of the lease term |

|                          |   | September 30, 2010 |      |   | December 31, 2009 |   |
|------------------------------------|--------|------------------------------|-----------|--------|-----------------------------|--------|
|                               |   |                         |      |   |                        |   |
| Transportation equipment           |   | $                            | 428,749   |   |                        | $      | 150,232 |   |
| Furniture and  equipment |   |                         | 455,402   |   |                        |   | 4,170,197 |   |
| Leasehold improvements             |   |                         | 1,465,384 |   |                        |   | 1,385,481 |   |
|                          |   |                         | 2,349,535 |   |                        |   | 5,705,910 |   |
| Accumulated depreciation           |   |                         | (884,712  | )      |                        |   | (713,233 | ) |
|                               |   | $                            | 1,464,823 |   |                        | $      | 4,992,677 |   |

----

|                                              |   | September 30, 2010 |       |   | December 31, 2009 |   |
|--------------------------------------------------------|--------|------------------------------|------------|--------|-----------------------------|--------|
| Shanghai Lanbao Travel Service Co., Ltd.               |   | $                            | 3,081,799  |   |                        | $      | 3,081,799 |   |
| Foshan Overseas International Travel Service Co., Ltd. |   |                         | 6,049,576  |   |                        |   | 6,049,576 |   |
| Xian Golden Net Travel Serve Services Co.,Ltd.         |   |                         | 764,895    |   |                        |   | 764,895 |   |
| Zhengzhou Yulongkang Agency Co., Ltd.                  |   |                         | 3,812,004  |   |                        |   | - |   |
| Hebei Taiyuan Travel Agency Co., Ltd.                  |   |                         | 3,320,700  |   |                        |   | - |   |
| Huangshan Holiday Travel Service Co., Ltd              |   |                         | 1,892,511  |   |                        |   | - |   |
| Kunming Business Travel Service Co., Ltd.              |   |                         | 3,977,608  |   |                        |   | - |   |
| Shanxi Jinyang Travel Agency Co., Ltd.                 |   |                         | 1,609,816  |   |                        |   | - |   |
|                                                   |   | $                            | 24,508,909 |   |                        | $      | 9,896,270 |   |

----

----

----

----

----

----

|                                                                                    |   | Nine months ended Sept 30, |       |   | Three months ended Sept 30, |   |
|-----------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------|-------------------------------------------------|--------|
|                                                                                    |   | 2010                                           |       |   | 2009                                            |   |   | 2010 |   |   | 2009 |   |
| Basic earnings from continuing operations per share:                                    |   |                                           |       |   |                                            |   |   |   |   |   |   |   |
| Numerator:                                                                              |   |                                           |       |   |                                            |   |   |   |   |   |   |   |
| Income from continuing operations  used in computing basic earnings per share |   | $                                              | 16,551,059 |   |                                            | $      | 6,102,040 |   |   | $ | 7,274,046 |   |   | $ | 4,712,905 |   |
| Income from continuing operations applicable to common shareholders                     |   | $                                              | 16,551,059 |   |                                            | $      | 6,102,040 |   |   | $ | 7,274,046 |   |   | $ | 4,712,905 |   |
| Denominator:                                                                            |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                                              |   |                                           | 18,020,554 |   |                                            |   | 13,828,739 |   |   |   | 19,898,235 |   |   |   | 13,739,880 |   |
| Basic earnings per share from continuing operations                                     |   | $                                              | 0.92       |   |                                            | $      | 0.44 |   |   | $ | 0.37 |   |   | $ | 0.34 |   |
| Diluted earnings per share from continuing operations:                                  |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Numerator:                                                                              |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations used in computing diluted earnings per share          |   | $                                              | 16,551,059 |   |                                            | $      | 6,102,040 |   |   | $ | 7,274,046 |   |   | $ | 4,712,905 |   |
| Income from continuing operations applicable to common shareholders                     |   | $                                              | 16,551,059 |   |                                            | $      | 6,102,040 |   |   | $ | 7,274,046 |   |   | $ | 4,712,905 |   |
| Denominator:                                                                            |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                                              |   |                                           | 18,020,554 |   |                                            |   | 13,828,739 |   |   |   | 19,898,235 |   |   |   | 13,739,880 |   |
| Weighted average effect of dilutive securities:                                         |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Stock options and warrants                                                              |   |                                           | 771,966    |   |                                            |   | 1,061,579 |   |   |   | 475,301 |   |   |   | 1,705,470 |   |
| Shares used in computing diluted net income  per share                        |   |                                           | 18,792,520 |   |                                            |   | 14,890,318 |   |   |   | 20,373,536 |   |   |   | 15,445,350 |   |
| Diluted earnings per share from continuing operations                                   |   | $                                              | 0.88       |   |                                            | $      | 0.41 |   |   | $ | 0.36 |   |   | $ | 0.31 |   |

----

|                                                                                              |   | Nine months ended Sept 30, |       |   | Three months ended Sept 30, |   |
|---------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------|-------------------------------------------------|--------|
|                                                                                              |   | 2010                                           |       |   | 2009                                            |   |   | 2010 |   |   | 2009 |   |
| Basic earnings (losses) from discontinuing operations per share:                                  |   |                                           |       |   |                                            |   |   |   |   |   |   |   |
| Numerator:                                                                                        |   |                                           |       |   |                                            |   |   |   |   |   |   |   |
| Income (loss) from discontinuing operations  used in computing basic earnings per share |   | $                                              | -          |   |                                            | $      | (592,620 | ) |   | $ | - |   |   | $ | - |   |
| Income (loss) from discontinuing operations applicable to common shareholders                     |   | $                                              | -          |   |                                            | $      | (592,620 | ) |   | $ | - |   |   | $ | - |   |
| Denominator:                                                                                      |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                                                        |   |                                           | 18,020,554 |   |                                            |   | 13,828,739 |   |   |   | 19,898,235 |   |   |   | 13,739,880 |   |
| Basic (loss) per share from discontinuing operations                                              |   | $                                              | -          |   |                                            | $      | (0.04 | ) |   | $ | - |   |   | $ | - |   |
| Diluted earnings (losses) per share from discontinuing operations:                                |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Numerator:                                                                                        |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from discontinuing operations used in computing diluted earnings (losses) per share |   | $                                              | -          |   |                                            | $      | (592,620 | ) |   | $ | - |   |   | $ | - |   |
| Income (loss) from discontinuing operations applicable to common shareholders                     |   | $                                              | -          |   |                                            | $      | (592,620 | ) |   | $ | - |   |   | $ | - |   |
| Denominator:                                                                                      |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                                                        |   |                                           | 18,020,554 |   |                                            |   | 13,828,739 |   |   |   | 19,898,235 |   |   |   | 13,829,091 |   |
| Weighted average effect of dilutive securities:                                                   |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Stock options and  warrants                                                             |   |                                           | 771,966    |   |                                            |   | 1,061,579 |   |   |   | 475,301 |   |   |   | 1,616,259 |   |
| Shares used in computing diluted net income (loss) per share                                      |   |                                           | 18,792,520 |   |                                            |   | 14,890,318 |   |   |   | 20,373,536 |   |   |   | 15,445,350 |   |
| Diluted (loss) per share from discontinuing operations                                            |   | $                                              | -          |   |                                            | $      | (0.04 | ) |   | $ | - |   |   | $ | - |   |
| Total net income per common share                                                                 |   |                                           |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                             |   | $                                              | 0.92       |   |                                            | $      | 0.40 |   |   | $ | 0.37 |   |   | $ | 0.34 |   |
| Diluted                                                                                           |   | $                                              | 0.88       |   |                                            | $      | 0.37 |   |   | $ | 0.36 |   |   | $ | 0.31 |   |

----

----

|                                                                                                                                                                                                                 | September 30, |   |      | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|-----------|-------------------|--------|
|                                                                                                                                                                                                                 | 2010               |   |      | 2009              |   |
| Shenzhen Yuzhilu Aviation Service Co., Ltd:                                                                                                                                                                          |               |   |      |              |   |
| Deposit for TRIPEASY kiosks. In September 2010, all of kiosks were sold.                                                                                                                                             |               | $      | -         |              |   | $ | 1,465,592 |   |
| Deposit for central ticket system. This was a deposit for obtaining air tickets from third party before any payments, and the full amounts are returnable.                                                           |               |   | 3,882     |              |   |   | - |   |
| Deposit for government according to regulation.                                                                                                                                                                      |               |   | 49,268    |              |   |   | - |   |
| Deposit for airlines. This was a deposit for issuing air-tickets, and the full amount is returnable if the company discontinues air-ticket business.                                                                 |               |   | 686,762   |              |   |   | 2,811,004 |   |
| Deposit for Financial System Software                                                                                                                                                                                |               |   | -         |              |   |   | 16,898 |   |
| Deposit for air-ports. This was a deposit for admittance to do marketing in air-ports, and is deductible against monthly rental obligation to air-ports                                                              |               |   | 23,589    |              |   |   | 8,508 |   |
| Deposit for agencies. This was a deposit for the company to issue other ticket agencies' special fare air-ticket, and the full amount is returnable if the company discontinues its business with other agencies.    |               |   | 3,336,767 |              |   |   | 1,100,158 |   |
| Subtotal                                                                                                                                                                                                             |               |   | 4,100,267 |              |   |   | 5,402,160 |   |
|                                                                                                                                                                                                                 |               |   |      |              |   |   |   |   |
| Huangshan Holiday Travel Agency Co., Ltd.:                                                                                                                                                                           |               |   |      |              |   |   |   |   |
| Advance payment to tour guides for expenses during leading the tour. This will be transferred to costs when the tour guide returns from the tour.                                                                    |               |   | 896       |              |   |   | - |   |
| Subtotal                                                                                                                                                                                                             |               |   | 896       |              |   |   | - |   |
|                                                                                                                                                                                                                 |               |   |      |              |   |   |   |   |
| Foshan Overseas International Travel Service Co. Ltd.:                                                                                                                                                               |               |   |      |              |   |   |   |   |
| Deposit paid to tour companies.  This was a deposit for co-operate travel agencies, and is deductible against tour payments, the balance is returnable when cease doing business with these agencies.      |               |   | 159,747   |              |   |   | - |   |
| Deposit for agencies. This was a deposit for the company to issue other ticket agencies' special fare air-ticket, and the full amount is returnable if the company discontinues its business with other agencies.    |               |   | 304,009   |              |   |   | 969,261 |   |
| Advance payment to tour guides for expenses during leading the tour. This will be transferred to costs when the tour guide returns from the tour.                                                                    |               |   | -         |              |   |   | 243,342 |   |
| Subtotal                                                                                                                                                                                                             |               |   | 463,756   |              |   |   | 1,212,603 |   |
|                                                                                                                                                                                                                 |               |   |      |              |   |   |   |   |
| Xian Golden Net Travel Serve Services, Ltd.:                                                                                                                                                                         |               |   |      |              |   |   |   |   |
| Deposit for Tour companies. This was a deposit for co-operate travel agencies, and is deductible against tour payments, the balance is returnable when cease doing business with these agencies                      |               |   | 432,959   |              |   |   | 425,396 |   |
| Deposit for agencies. This was a deposit for the company to issue other ticket agencies' special fare air-ticket, and the full amount is returnable if the company discontinues its business with other agencies.    |               |   | 134,366   |              |   |   | - |   |
| Deposit for transportations. This was a deposit for co-operate transportation suppliers, and is deductible against transportation payments, the balance is returnable when cease doing business with these agencies. |               |   | -         |              |   |   | 132,019 |   |
| Subtotal                                                                                                                                                                                                             |               |   | 567,325   |              |   |   | 557,415 |   |
|                                                                                                                                                                                                                 |               |   |      |              |   |   |   |   |
| Chongqing Travel World E-Business Co., Ltd.                                                                                                                                                                          |               |   |      |              |   |   |   |   |
| Deposit for agencies. This was a deposit for the company to issue other ticket agencies' special fare air-ticket, and the full amount is returnable if the company discontinues its business with other agencies.    |               |   | 2,632,802 |              |   |   | 2,587,279 |   |
| Subtotal                                                                                                                                                                                                             |               |   | 2,632,802 |              |   |   | 2,587,279 |   |
|                                                                                                                                                                                                                 |               |   |      |              |   |   |   |   |
| Shenzhen Universal Travel Agency Co., Ltd.                                                                                                                                                                           |               |   |      |              |   |   |   |   |
| Deposit for agencies. This was a deposit for the company to issue other ticket agencies' special fare air-ticket, and the full amount is returnable if the company discontinues its business with other agencies.    |               |   | 37,324    |              |   |   | 16,278 |   |
| Subtotal                                                                                                                                                                                                             |               |   | 37,324    |              |   |   | 16,278 |   |
| Total                                                                                                                                                                                                                |               | $      | 7,802,370 |              |   | $ | 9,775,735 |   |

----

|                       | Nine months |   | Nine months |   | Three months |   | Three months |   |
|----------------------------|------------------|--------|------------------|--------|-------------------|--------|-------------------|--------|
|                       | ended            |   | ended            |   | ended             |   | ended             |   |
|                       | September 30,    |   | September 30,    |   | September 30,     |   | September 30,     |   |
|                       | 2010             |   | 2009             |   | 2010              |   | 2009              |   |
| Current income tax expense |             | $      | 5,608,744        |   |              | $      | 4,029,194         |   |   | $ | 2,547,194 |   |   | $ | 1,891,043 |   |
| Actual effective tax rate  |             |   | 25.31            | %      |              |   | 39.77             | %      |   |   | 25.94 | % |   |   | 28.64 | % |

----

| 2011        |   | $      | 363,824   |   |
|-------------|--------|--------|-----------|--------|
| 2012        |   |   | 297,691   |   |
| 2013        |   |   | 247,902   |   |
| 2014        |   |   | 171,465   |   |
| 2015        |   |   | 4,777     |   |
| There after |   |   | 10,077    |   |
| Total       |   | $      | 1,095,736 |   |

| Cash acquired                       |   | $      | 814,097   |   |
|-------------------------------------|--------|--------|-----------|--------|
| Other assets                        |   |   | 441,494   |   |
| Property Plant & Equipment      |   |   | 80,121    |   |
| Identifiable Intangibles            |   |   | 892,898   |   |
| Goodwill                            |   |   | 3,977,608 |   |
| Total assets acquired               |   |   | 6,206,218 |   |
| Liabilities assumed                 |   |   |      |   |
| Accounts & Income Taxes payable |   |   | 174,732   |   |
| Deferred Tax Liability              |   |   | 223,224   |   |
| Other payable                       |   |   | 72,394    |   |
| Total                               |   | $      | 5,735,868 |   |

----

| Cash acquired                       |   | $      | 7,258     |   |
|-------------------------------------|--------|--------|-----------|--------|
| Other assets                        |   |   | 534,373   |   |
| Property Plant & Equipment      |   |   | 20,339    |   |
| Identifiable Intangibles            |   |   | 361,124   |   |
| Goodwill                            |   |   | 1,609,816 |   |
| Total assets acquired               |   |   | 2,532,910 |   |
| Liabilities assumed                 |   |   |      |   |
| Accounts & Income Taxes payable |   |   | 78,574    |   |
| Deferred Tax Liability              |   |   | 90,281    |   |
| Other payable                       |   |   | 99,123    |   |
| Total                               |   | $      | 2,264,932 |   |

----

| Cash acquired                       |   | $      | 1,513,636 |   |
|-------------------------------------|--------|--------|-----------|--------|
| Accounts receivable                 |   |   | 29,154    |   |
| Other assets                        |   |   | 11,779    |   |
| Property Plant & Equipment      |   |   | 29,019    |   |
| Identifiable Intangibles            |   |   | 805,626   |   |
| Goodwill                            |   |   | 3,812,004 |   |
| Total assets acquired               |   |   | 6,201,218 |   |
| Liabilities assumed                 |   |   |      |   |
| Accounts & Income Taxes payable |   |   | 230,107   |   |
| Deferred Tax Liability              |   |   | 201,406   |   |
| Other payable                       |   |   | 56,769    |   |
| Total                               |   | $      | 5,712,936 |   |

----

| Cash acquired                       |   | $      | 340,174   |   |
|-------------------------------------|--------|--------|-----------|--------|
| Accounts receivable                 |   |   | 21,450    |   |
| Other assets                        |   |   | 452,193   |   |
| Property Plant & Equipment      |   |   | 69,682    |   |
| Identifiable Intangibles            |   |   | 479,870   |   |
| Goodwill                            |   |   | 1,892,511 |   |
| Total assets acquired               |   |   | 3,255,880 |   |
| Liabilities assumed                 |   |   |      |   |
| Accounts & Income Taxes payable |   |   | 176,863   |   |
| Deferred Tax Liability              |   |   | 119,968   |   |
| Other payable                       |   |   | 29,534    |   |
| Total                               |   | $      | 2,929,515 |   |

----

| Cash acquired                       |   | $      | 532,349   |   |
|-------------------------------------|--------|--------|-----------|--------|
| Accounts receivable                 |   |   | 120,152   |   |
| Other assets                        |   |   | 208,771   |   |
| Property Plant & Equipment      |   |   | 49,637    |   |
| Identifiable Intangibles            |   |   | 696,858   |   |
| Goodwill                            |   |   | 3,320,700 |   |
| Total assets acquired               |   |   | 4,928,467 |   |
| Liabilities assumed                 |   |   |      |   |
| Accounts & Income Taxes payable |   |   | 232,188   |   |
| Deferred Tax Liability              |   |   | 174,215   |   |
| Other payable                       |   |   | 123,602   |   |
| Total                               |   | $      | 4,398,462 |   |

----

|                  |   | Total  |      |   | Exercise Price |   | RemainingLife    |   | AggregateIntrinsic Value |   |
|---------------------------------|--------|--------|-----------|--------|---------------------|--------|------------------|--------|-------------------------------|--------|
|                            |   |   |      |   |                |   |             |   |                          |   |
| Outstanding, December 31, 2009  |   |   | 1,603,888 |   |                | $      | 2.70–11.25 |   | 6.67-9yrs                     |   |   | - |   |
| Forfeited in 2010               |   |   | (70,000   | )      |                |   |             |   |                          |   |   |   |   |
| Outstanding, September 30, 2010 |   |   | 1,533,888 |   |                |   |             |   |                          |   |   |   |   |

----

|                                                            |   | Foreign Currency |      |   | Accumulated Other |   |
|-----------------------------------------------------------------|--------|-----------------------|-----------|--------|------------------------|--------|
|                                                            |   | Translation           |      |   | Comprehensive          |   |
|                                                            |   | Adjustment            |      |   | Income                 |   |
|                                                            |   |                  |      |   |                   |   |
| Balance December 31, 2008                                       |   | $                     | 1,520,166 |   |                   | $      | 1,520,166 |   |
| Changes for the year ended December 31, 2009                    |   |                  | 124,967   |   |                   |   | 124,967 |   |
| Balance December 31, 2009                                       |   |                  | 1,645,133 |   |                   |   | 1,645,133 |   |
| Changes for  the nine months ended September 30, 2010 |   |                  | 442,984   |   |                   |   | 442,984 |   |
| Balance at September 30, 2010                                   |   | $                     | 2,088,187 |   |                   | $      | 2,088,187 |   |

----

----

|                            |   | Air                                   |       |   | Hotel       |   | Package    |   |   |   |       |   |   |   |
|---------------------------------|--------|---------------------------------------|------------|--------|-------------|--------|------------|--------|--------|--------|------------|--------|--------|--------|
|                            |   | Ticketing                             |       |   | Reservation |   | Tours      |   |   | Other  |       |   | Total  |   |
|                            |   | Nine Months Ended September 30, 2010  |       |
| Revenue, net                    |   | $                                     | 14,439,187 |   |        | $      | 10,862,393 |   |   | $      | 72,507,188 |   |   | $      | - |   |   | $ | 97,808,768 |   |
| Cost of services                |   | $                                     | 4,913,895  |   |        | $      | 3,533,764  |   |   | $      | 62,902,349 |   |   | $      | - |   |   | $ | 71,350,008 |   |
| Gross profit                    |   | $                                     | 9,525,292  |   |        | $      | 7,328,629  |   |   | $      | 9,604,839  |   |   | $      | - |   |   | $ | 26,458,760 |   |
| Income from operations          |   | $                                     | 6,714,151  |   |        | $      | 7,189,368  |   |   | $      | 8,831,760  |   |   | $      | (1,891,991 | ) |   | $ | 20,843,288 |   |
| Depreciation & Amortization |   | $                                     | 1,201,092  |   |        | $      | 1,459      |   |   | $      | 51,636     |   |   | $      |   |   |   | $ | 1,254,187 |   |
| Asset Expenditures              |   | $                                     | 2,740,871  |   |        | $      | 38,105     |   |   | $      | 1,012      |   |   | $      |   |   |   | $ | 2,779,988 |   |
| Total assets                    |   | $                                     | 62,052,012 |   |        | $      | 9,642,792  |   |   | $      | 37,798,215 |   |   | $      | 21,406,100 |   |   | $ | 130,899,119 |   |
|                            |   | Nine Months Ended September 30, 2009  |       |
| Revenue, net                    |   | $                                     | 10,922,307 |   |        | $      | 9,063,229  |   |   | $      | 43,380,908 |   |   | $      |   |   |   | $ | 63,366,444 |   |
| Cost of services                |   | $                                     | 3,121,300  |   |        | $      | 2,868,994  |   |   | $      | 37,577,930 |   |   | $      | - |   |   | $ | 43,568,224 |   |
| Gross profit                    |   | $                                     | 7,801,007  |   |        | $      | 6,194,235  |   |   | $      | 5,802,978  |   |   | $      | - |   |   | $ | 19,798,220 |   |
| Income from operations          |   | $                                     | 6,797,123  |   |        | $      | 5,987,617  |   |   | $      | 5,477,448  |   |   | $      | (1,625,068 | ) |   | $ | 16,637,120 |   |
| Depreciation & Amortization |   | $                                     | 407,904    |   |        | $      | 3,384      |   |   | $      | 11,340     |   |   | $      | - |   |   | $ | 422,628 |   |
| Asset Expenditures              |   | $                                     | 3,625,949  |   |        | $      | -          |   |   | $      | 1,318      |   |   | $      | - |   |   | $ | 3,627,267 |   |
| Total assets                    |   | $                                     | 37,386,452 |   |        | $      | 11,746,801 |   |   | $      | 10,146,807 |   |   | $      | 2,097,985 |   |   | $ | 61,378,045 |   |
|                            |   | Three Months Ended September 30, 2010 |       |
| Revenue, net                    |   | $                                     | 5,736,699  |   |        | $      | 4,400,270  |   |   | $      | 35,379,897 |   |   | $      | - |   |   | $ | 45,516,866 |   |
| Cost of services                |   | $                                     | 2,080,605  |   |        | $      | 1,554,191  |   |   | $      | 30,410,425 |   |   | $      | - |   |   | $ | 34,045,221 |   |
| Gross profit                    |   | $                                     | 3,656,094  |   |        | $      | 2,846,079  |   |   | $      | 4,969,472  |   |   | $      | - |   |   | $ | 11,471,645 |   |
| Income from operations          |   | $                                     | 2,549,069  |   |        | $      | 2,799,878  |   |   | $      | 4,701,748  |   |   | $      | (551,338 | ) |   | $ | 9,499,357 |   |
| Depreciation & Amortization |   | $                                     | 460,857    |   |        | $      | 580        |   |   | $      | 29,043     |   |   | $      |   |   |   | $ | 490,480 |   |
| Asset Expenditures              |   | $                                     | 1,744,295  |   |        | $      | 4,638      |   |   |   | -          |   |   | $      | - |   |   | $ | 1,748,933 |   |
|                            |   | Three Months Ended September 30, 2009 |       |
| Revenue, net                    |   | $                                     | 4,876,665  |   |        | $      | 3,832,254  |   |   | $      | 21,002,607 |   |   | $      | - |   |   | $ | 29,711,526 |   |
| Cost of services                |   | $                                     | 1,435,136  |   |        | $      | 1,185,367  |   |   | $      | 18,298,887 |   |   | $      | - |   |   | $ | 20,919,390 |   |
| Gross profit                    |   | $                                     | 3,441,529  |   |        | $      | 2,646,887  |   |   | $      | 2,703,720  |   |   | $      | - |   |   | $ | 8,792,136 |   |
| Income from operations          |   | $                                     | 3,074,462  |   |        | $      | 2,516,078  |   |   | $      | 2,630,460  |   |   | $      | (787,666 | ) |   | $ | 7,433,334 |   |
| Depreciation & Amortization |   | $                                     | 227,389    |   |        | $      | 766        |   |   | $      | 3,734      |   |   | $      | - |   |   | $ | 231,889 |   |
| Asset Expenditures              |   | $                                     | 67,244     |   |        | $      | -          |   |   | $      | 1,318      |   |   | $      | - |   |   | $ | 68,562 |   |

----

|   | · | Reclassified cash restricted by local travel bureau from cash and cash equivalent to restricted cash; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | Restated goodwill, intangible assets, deferred tax liabilities, and retained earnings due to an inconsistency between the acquisition dates of five new subsidiaries per the Company's 8-K filings and the reported periods of profit and loss statements included in the consolidated financial statements of the company; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reported properly deferred tax liabilities |
|--------|--------|--------------------------------------------|

|   | · | Reclassified business tax and levies from selling expenses and COGS to revenues; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | Reclassified commission paid to retail air ticketing agencies from selling expenses to COGS; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | Restated overstated net income $857,026, revenues $11,352,982, and expenses for the nine months ended September 30, 2010 due to an inconsistency between the acquisition dates of five new subsidiaries per the Company's 8-K filings and the reported periods of profit and loss statements included in the consolidated financial statements of the company ; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | As a result of above reclassifications and restatement, the corresponding line items on the consolidated statements of cash flows have been restated. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | As a result of above reclassifications and restatement, the corresponding line items on the segment information have been restated. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reclassified the revenue and cost of services of hotel reservation business in Huangshan Holiday Travel Service Co., Ltd from packaged tours segment to hotel reservation segment. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reclassified the revenue and cost of services of packaged tours business in Chongqing Travel World E-Business Co., Ltd from air ticketing segment to packaged tours segment. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                               |   | As of September 30, 2010 |        |   | Changes                |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|-------------|--------|------------------------|--------|
|                                                                                                                                                                               |   | As restated                   |        |   | As previously reported |   |   | Inc/(Dec) |   |
| ASSETS                                                                                                                                                                             |   |                          |        |   |                   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                          |   | $                             | 56,488,144  |   |                   | $      | 56,664,313 |   |   |   | (176,169 | ) |
| Restricted cash                                                                                                                                                                    |   |                          | 176,169     |   |                   |   | - |   |   |   | 176,169 |   |
| Accounts receivable, net                                                                                                                                                           |   |                          | 25,665,637  |   |                   |   | 25,665,637 |   |   |   | - |   |
| Other receivables and deposits, net                                                                                                                                                |   |                          | 483,257     |   |                   |   | 483,257 |   |   |   | - |   |
| Due from related party                                                                                                                                                             |   |                          | 1,013,386   |   |                   |   | 1,013,386 |   |   |   | - |   |
| Trade deposit                                                                                                                                                                      |   |                          | 7,802,370   |   |                   |   | 7,802,370 |   |   |   | - |   |
| Prepayments                                                                                                                                                                        |   |                          | 1,531,433   |   |                   |   | 1,531,433 |   |   |   | - |   |
| Note receivable                                                                                                                                                                    |   |                          | 4,823,883   |   |                   |   | 4,823,883 |   |   |   | - |   |
| Acquisition Deposits                                                                                                                                                               |   |                          | 3,644,317   |   |                   |   | 3,644,317 |   |   |   | - |   |
| Total Current Assets                                                                                                                                                               |   |                          | 101,628,596 |   |                   |   | 101,628,596 |   |   |   | - |   |
|                                                                                                                                                                               |   |                          |        |   |                   |   |   |   |   |   |   |   |
| Property & equipment, net                                                                                                                                                      |   |                          | 1,464,823   |   |                   |   | 1,464,823 |   |   |   | - |   |
| Intangible assets, net                                                                                                                                                             |   |                          | 3,296,791   |   |                   |   | 3,134,972 |   |   |   | 161,819 |   |
| Goodwill                                                                                                                                                                           |   |                          | 24,508,909  |   |                   |   | 24,812,040 |   |   |   | (303,131 | ) |
| Total Noncurrent Assets                                                                                                                                                            |   |                          | 29,270,523  |   |                   |   | 29,411,835 |   |   |   | (141,312 | ) |
| Total Assets                                                                                                                                                                       |   | $                             | 130,899,119 |   |                   | $      | 131,040,431 |   |   |   | (141,312 | ) |
|                                                                                                                                                                               |   |                          |        |   |                   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                               |   |                          |        |   |                   |   |   |   |   |   |   |   |
| Current Liabilities                                                                                                                                                                |   |                          |        |   |                   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                              |   | $                             | 6,873,874   |   |                   | $      | 6,873,874 |   |   |   | - |   |
| Customer deposits                                                                                                                                                                  |   |                          | 2,366,875   |   |                   |   | 2,366,875 |   |   |   | - |   |
| Income tax payable                                                                                                                                                                 |   |                          | 2,719,351   |   |                   |   | 2,719,351 |   |   |   | - |   |
| Total Current Liabilities                                                                                                                                                          |   |                          | 11,960,100  |   |                   |   | 11,960,100 |   |   |   |   |   |
| Derivative liability                                                                                                                                                               |   |                          | 562,139     |   |                   |   | 562,139 |   |   |   | - |   |
| Deferred tax liabilities                                                                                                                                                           |   |                          | 809,094     |   |                   |   | - |   |   |   | 809,094 |   |
| Total  Liabilities                                                                                                                                                       |   |                          | 13,331,333  |   |                   |   | 12,522,239 |   |   |   | 809,094 |   |
|                                                                                                                                                                               |   |                          |        |   |                   |   |   |   |   |   |   |   |
| Stockholders' Equity                                                                                                                                                               |   |                          |        |   |                   |   |   |   |   |   |   |   |
| Common stock, $.001 par value, 70,000,000 shares authorized, 19,898,235 and 16,714,457 issued and outstanding at September 30, 2010 and December 31,  2009, respectively |   |                          | 19,898      |   |                   |   | 19,898 |   |   |   | - |   |
| Additional paid in capital                                                                                                                                                         |   |                          | 60,261,179  |   |                   |   | 60,261,179 |   |   |   | - |   |
| Statutory reserve                                                                                                                                                                  |   |                          | 732,282     |   |                   |   | 732,282 |   |   |   | - |   |
| Retained earnings                                                                                                                                                                  |   |                          | 54,466,310  |   |                   |   | 55,323,336 |   |   |   | (857,026 | ) |
| Accumulated other comprehensive income                                                                                                                                             |   |                          | 2,088,117   |   |                   |   | 2,181,497 |   |   |   | (93,380 | ) |
| Total Stockholders' Equity                                                                                                                                                         |   |                          | 117,567,786 |   |                   |   | 118,518,192 |   |   |   | (950,406 | ) |
| Total Liabilities and Stockholders' Equity                                                                                                                                         |   | $                             | 130,899,119 |   |                   | $      | 131,040,431 |   |   |   | (141,312 | ) |

----

|                                                          |   | For the three months ended September 30, 2010 |       |   | Changes                |   |
|---------------------------------------------------------------|--------|-----------------------------------------------|------------|--------|------------------------|--------|
|                                                          |   | As restated                                   |       |   | As previously reported |   |   | Inc/(Dec) |   |
| Revenues                                                      |   | $                                             | 45,516,866 |   |                   | $      | 46,290,131 |   |   |   | (773,265 | ) |
| Cost of services                                              |   |                                          | 34,045,221 |   |                   |   | 32,827,460 |   |   |   | 1,217,761 |   |
| Gross profit                                                  |   |                                          | 11,471,645 |   |                   |   | 13,462,671 |   |   |   | (1,991,026 | ) |
|                                                          |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                  |   |                                          | (2,038,141 | )      |                   |   | (4,029,167 | ) |   |   | 1,991,026 |   |
| Gain on disposal of fixed assets                              |   |                                          | 65,853     |   |                   |   | 65,853 |   |   |   | - |   |
| Income from operations                                        |   |                                          | 9,499,357  |   |                   |   | 9,499,357 |   |   |   | - |   |
|                                                          |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Other income (expense)                                        |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Other income (expense)                                        |   |                                          | (17        | )      |                   |   | (17 | ) |   |   | - |   |
| Gain/(Loss) on change in fair value of derivative liabilities |   |                                          | 304,177    |   |                   |   | 304,177 |   |   |   | - |   |
| Interest income                                               |   |                                          | 17,723     |   |                   |   | 17,723 |   |   |   | - |   |
| Total other income (expense)                                  |   |                                          | 321,883    |   |                   |   | 321,883 |   |   |   | - |   |
| Income before income taxes                                    |   |                                          | 9,821,240  |   |                   |   | 9,821,240 |   |   |   | - |   |
|                                                          |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Provision for income taxes                                    |   |                                          | 2,547,194  |   |                   |   | 2,547,194 |   |   |   | - |   |
| Net Income                                                    |   |                                          | 7,274,046  |   |                   |   | 7,274,046 |   |   |   | - |   |
|                                                          |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Comprehensive Income                                          |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Net Income                                                    |   | $                                             | 7,274,046  |   |                   | $      | 7,274,046 |   |   |   | - |   |
| Foreign currency translation adjustments                      |   |                                          | 897,063    |   |                   |   | 897,063 |   |   |   | - |   |
| Total Comprehensive income                                    |   | $                                             | 8,171,109  |   |                   | $      | 8,171,109 |   |   |   | - |   |
|                                                          |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Income per common share                                       |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Basic                                                         |   | $                                             | 0.37       |   |                   | $      | 0.37 |   |   |   | - |   |
| Diluted                                                       |   | $                                             | 0.36       |   |                   | $      | 0.36 |   |   |   | - |   |
| Weighted average common shares outstanding                    |   |                                          |       |   |                   |   |   |   |   |   |   |   |
| Basic                                                         |   |                                          | 19,898,235 |   |                   |   | 19,898,235 |   |   |   | - |   |
| Diluted                                                       |   |                                          | 20,373,536 |   |                   |   | 20,373,536 |   |   |   | - |   |

----

|                                                          |   | For the nine months ended September 30, 2010 |       |   | Changes                |   |
|---------------------------------------------------------------|--------|----------------------------------------------|------------|--------|------------------------|--------|
|                                                          |   | As restated                                  |       |   | As previously reported |   |   | Inc/(Dec) |   |
| Revenues                                                      |   | $                                            | 97,808,768 |   |                   | $      | 109,161,750 |   |   | $ | (11,352,982 | ) |
| Cost of services                                              |   |                                         | 71,350,008 |   |                   |   | 76,643,966 |   |   |   | (5,293,958 | ) |
| Gross profit                                                  |   |                                         | 26,458,760 |   |                   |   | 32,517,784 |   |   |   | (6,059,024 | ) |
|                                                          |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                  |   |                                         | (5,681,325 | )      |                   |   | (10,553,846 | ) |   |   | 4,872,521 |   |
| Gain on disposal of fixed assets                              |   |                                         | 65,853     |   |                   |   | 65,853 |   |   |   | - |   |
| Income from operations                                        |   |                                         | 20,843,288 |   |                   |   | 22,029,791 |   |   |   | (1,186,503 | ) |
|                                                          |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Other income (expense)                                        |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Other income                                                  |   |                                         | 6,900      |   |                   |   | 6,900 |   |   |   | - |   |
| Gain/(Loss) on change in fair value of derivative liabilities |   |                                         | 1,253,181  |   |                   |   | 1,253,181 |   |   |   | - |   |
| Interest income                                               |   |                                         | 56,434     |   |                   |   | 58,435 |   |   |   | (2,001 | ) |
| Total other income (expense)                                  |   |                                         | 1,316,515  |   |                   |   | 1,318,516 |   |   |   | (2,001 | ) |
| Income before income taxes                                    |   |                                         | 22,159,803 |   |                   |   | 23,348,307 |   |   |   | (1,188,504 | ) |
|                                                          |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Provision for income taxes                                    |   |                                         | 5,608,744  |   |                   |   | 5,940,222 |   |   |   | (331,478 | ) |
| Net Income                                                    |   | $                                            | 16,551,059 |   |                   | $      | 17,408,085 |   |   | $ | (857,026 | ) |
|                                                          |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Comprehensive Income                                          |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Net Income                                                    |   | $                                            | 16,551,059 |   |                   | $      | 17,408,085 |   |   | $ | (857,026 | ) |
| Foreign currency translation adjustments                      |   |                                         | 442,984    |   |                   |   | 536,364 |   |   |   | (93,380 | ) |
| Total Comprehensive income                                    |   | $                                            | 16,994,043 |   |                   | $      | 17,944,449 |   |   | $ | (950,406 | ) |
|                                                          |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Income per common share from continuing operations            |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Basic                                                         |   | $                                            | 0.92       |   |                   | $      | 0.97 |   |   | $ | (0.05 | ) |
| Diluted                                                       |   | $                                            | 0.88       |   |                   | $      | 0.93 |   |   | $ | (0.05 | ) |
| Weighted average common shares outstanding                    |   |                                         |       |   |                   |   |   |   |   |   |   |   |
| Basic                                                         |   |                                         | 18,020,554 |   |                   |   | 18,020,554 |   |   |   | - |   |
| Diluted                                                       |   |                                         | 18,792,520 |   |                   |   | 18,792,520 |   |   |   | - |   |

----

|                                                                              |   | For the nine months ended September 30, 2010 |        |   | Changes                |   |
|-----------------------------------------------------------------------------------|--------|----------------------------------------------|-------------|--------|------------------------|--------|
|                                                                              |   | As restated                                  |        |   | As previously reported |   |   | Inc/(Dec) |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                              |   |                                         |        |   |                   |   |   |   |   |
| Net income                                                                        |   | $                                            | 16,551,059  |   |                   | $      | 17,408,085 |   |   | $ | (857,026 | ) |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                                         | 1,254,187   |   |                   |   | 1,442,882 |   |   |   | (188,695 | ) |
| Provision for doubtful accounts                                                   |   |                                         | 59,578      |   |                   |   | 59,578 |   |   |   | 0 |   |
| Stock based compensation                                                          |   |                                         | 990,846     |   |                   |   | 990,846 |   |   |   | - |   |
| (Gain)/Loss on change in fair value of derivative liabilities                     |   |                                         | (1,253,181  | )      |                   |   | (1,253,181 | ) |   |   | - |   |
| (Gain)Loss on sales of fixed assets                                               |   |                                         | (65,853     | )      |                   |   | (65,853 | ) |   |   | - |   |
| (Increase) / decrease in assets:                                                  |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Restricted cash                                                                   |   |                                         | (73,488     | )      |                   |   | - |   |   |   | (73,488 | ) |
| Accounts receivable                                                               |   |                                         | (7,730,724  | )      |                   |   | (7,491,630 | ) |   |   | (239,094 | ) |
| Other receivable                                                                  |   |                                         | 924,561     |   |                   |   | 1,151,103 |   |   |   | (226,542 | ) |
| Due from related party                                                            |   |                                         | (995,798    | )      |                   |   | (995,798 | ) |   |   | - |   |
| Advances                                                                          |   |                                         | 440,115     |   |                   |   | 440,115 |   |   |   | - |   |
| Prepayments                                                                       |   |                                         | (792,128    | )      |                   |   | (991,909 | ) |   |   | 199,781 |   |
| Trade deposits                                                                    |   |                                         | 2,118,139   |   |                   |   | 2,109,924 |   |   |   | 8,215 |   |
| Increase / (decrease) in current liabilities:                                     |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                                             |   |                                         | 3,605,152   |   |                   |   | 3,554,277 |   |   |   | 50,875 |   |
| Customer deposits                                                                 |   |                                         | 308,915     |   |                   |   | 325,446 |   |   |   | (16,531 | ) |
| Income tax payable                                                                |   |                                         | 658,821     |   |                   |   | 385,391 |   |   |   | 273,430 |   |
| Net cash provided by operating activities                                         |   |                                         | 16,000,201  |   |                   |   | 17,069,276 |   |   |   | (1,069,075 | ) |
|                                                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Purchase of property & equipment                                              |   |                                         | (2,779,988  | )      |                   |   | (2,779,988 | ) |   |   | - |   |
| Purchase of  intangibles                                                |   |                                         | (51,359     | )      |                   |   | (51,359 | ) |   |   | - |   |
| (Increase)/Decrease in notes receivable                                           |   |                                         | (3,028,571  | )      |                   |   | (3,028,571 | ) |   |   | - |   |
| Proceeds from sale of fixed assets                                                |   |                                         | 5,599,590   |   |                   |   | 5,599,590 |   |   |   | - |   |
| Acquisition deposits                                                              |   |                                         | 497,330     |   |                   |   | 497,330 |   |   |   | - |   |
| Paid for acquisition – net of cash acquired                                 |   |                                         | (15,782,799 | )      |                   |   | (16,085,929 | ) |   |   | 303,130 |   |
| Net cash (used in) by investing activities                                        |   |                                         | (15,545,797 | )      |                   |   | (15,848,927 | ) |   |   |   |   |
|                                                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Proceeds of equity financing                                                      |   |                                         | 18,768,054  |   |                   |   | 18,768,054 |   |   |   | - |   |
| Net cash provided by financing activities                                         |   |                                         | 18,768,054  |   |                   |   | 18,768,054 |   |   |   | - |   |
|                                                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                      |   |                                         | 690,945     |   |                   |   | (1,512 | ) |   |   | 692,457 |   |
|                                                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Net change in cash and cash equivalents                                           |   |                                         | 19,913,403  |   |                   |   | 19,986,891 |   |   |   | (73,488 | ) |
| Cash and cash equivalents, beginning balance                                      |   |                                         | 36,574,741  |   |                   |   | 36,677,422 |   |   |   | - |   |
| Cash and cash equivalents, ending balance                                         |   | $                                            | 56,488,144  |   |                   | $      | 56,664,313 |   |   | $ | (176,169 | ) |
|                                                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES:                                                         |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Cash paid during the period for:                                                  |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Income taxes                                                                      |   | $                                            | 4,271,081   |   |                   | $      | 4,875,346 |   |   | $ | (604,265 | ) |
|                                                                              |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Other non-cash transactions                                                       |   |                                         |        |   |                   |   |   |   |   |   |   |   |
| Purchased goodwill                                                                |   | $                                            | (14,612,639 | )      |                   | $      | (14,915,770 | ) |   | $ | 303,131 |   |
| Purchased intangible assets                                                       |   |                                         | (3,236,376  | )      |                   |   | (3,236,376 | ) |   |   | - |   |
| Fair value of assets purchased less cash acquired                                 |   |                                         | (767,602    | )      |                   |   | (767,602 | ) |   |   | - |   |
| Acquisition financed with stock issuance                                          |   |                                         | 2,833,818   |   |                   |   | 2,833,818 |   |   |   | - |   |
| Acquisition paid for with cash - net of acquired                                  |   | $                                            | (15,782,799 | )      |                   | $      | (16,085,929 | ) |   | $ | 303,130 |   |

----

|                        |   | For the nine months ended September 30, |        |
|-----------------------------|--------|----------------------------------------------|-------------|
|                        |   | 2010                                         |        |   | 2009 |   |
| Revenues                    |   | $                                            | 111,312,695 |   |   | $ | 100,881,634 |   |
| Income from operations      |   | $                                            | 22,426,069  |   |   | $ | 20,052,454 |   |
| Net Income                  |   | $                                            | 17,705,677  |   |   | $ | 8,054,205 |   |
| Net income per common share |   |                                         |        |   |   |   |   |   |
| Basic                       |   | $                                            | 0.98        |   |   | $ | 0.58 |   |
| Dilute                      |   | $                                            | 0.94        |   |   | $ | 0.54 |   |

----

----

|                                                          |   | For The Three Months Ended |       |   |      |   |       |       |   |
|---------------------------------------------------------------|--------|----------------------------|------------|--------|-----------|--------|------------|------------|--------|
|                                                          |   | September 30,              |       |   | Increase/ |   |       |       |   |
|                                                          |   | 2010                       |       |   | 2009      |   |       | (Decrease) |   |   | Percentage |   |
|                                                          |   | Restated                   |       |   |      |   |       |       |   |   |   |   |
| Revenues                                                      |   | $                          | 45,516,866 |   |      | $      | 29,711,526 |       |   | $ | 15,805,340 |   |   |   | 53.20 | % |
| Cost of services                                              |   |                       | 34,045,221 |   |      |   | 20,919,390 |       |   |   | 13,125,831 |   |   |   | 62.74 | % |
| Gross profit                                                  |   |                       | 11,471,645 |   |      |   | 8,792,136  |       |   |   | 2,679,509 |   |   |   | 30.48 | % |
| Selling, general and administrative expenses                  |   |                       | (2,038,141 | )      |      |   | (1,358,802 | )          |   |   | (679,339 | ) |   |   | 50.00 | % |
| Gain on disposal of fixed assets                              |   |                       | 65,853     |   |      |   | -          |       |   |   | 65,853 |   |   |   | 100.00 | % |
| Income from operations                                        |   |                       | 9,499,357  |   |      |   | 7,433,334  |       |   |   | 2,066,023 |   |   |   | 27.79 | % |
| Other income (expenses)                                       |   |                       | (17        | )      |      |   | 2,460      |       |   |   | (2,477 | ) |   |   | -100.69 | % |
| Gain/(Loss) on change in fair value of derivative liabilities |   |                       | 304,177    |   |      |   | (847,754   | )          |   |   | 1,151,931 |   |   |   | -135.88 | % |
| Interest income                                               |   |                       | 17,723     |   |      |   | 15,910     |       |   |   | 1,813 |   |   |   | 11.40 | % |
| Income before income taxes                                    |   |                       | 9,821,240  |   |      |   | 6,603,950  |       |   |   | 3,217,290 |   |   |   | 48.72 | % |
| Provision for income taxes                                    |   |                       | 2,547,194  |   |      |   | 1,891,043  |       |   |   | 656,151 |   |   |   | 34.70 | % |
| Net Income                                                    |   | $                          | 7,274,046  |   |      | $      | 4,712,907  |       |   | $ | 2,561,139 |   |   |   | 54.34 | % |

----

| For the three months ended September 30, 2010: |      |   |      |   |        |   |   |   |    |   |      |   |   |   |   |   |   |   |       |
|------------------------------------------------|-----------|--------|-----------|--------|-------------|--------|--------|--------|---------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|------------|
|                                           | Air       |   | (%) of    |   | Hotel       |   | (%) of |   | Package |   | (%) of    |   |   |   |
| Revenue Segment                                | Ticketing |   | sector    |   | Reservation |   | sector |   | Tours   |   | sector    |   | Total  |   |
| Revenue                                        |      | $      | 5,736,699 |   |        |   | 12.60  | %      |    | $      | 4,400,270 |   |   |   | 9.67   | %      |   | $      | 35,379,897 |   |   |   | 77.73 | % |   | $ | 45,516,866 |   |
| Cost of services                               |      | $      | 2,080,605 |   |        |   | 6.11   | %      |    | $      | 1,554,191 |   |   |   | 4.57   | %      |   | $      | 30,410,425 |   |   |   | 89.32 | % |   | $ | 34,045,221 |   |
| Gross profit                                   |      | $      | 3,656,094 |   |        |   | 31.87  | %      |    | $      | 2,846,079 |   |   |   | 24.81  | %      |   | $      | 4,969,472  |   |   |   | 43.32 | % |   | $ | 11,471,645 |   |
| Gross margin                                   |      |   | 63.73     | %      |        |   |   |   |    |   | 64.68     | %      |   |   |   |   |   |   | 14.05      | % |   |   |   |   |   |   | 25.20 | % |
| Segment effect in gross margin (*)             |      |   | 8.03      | %      |        |   |   |   |    |   | 6.25      | %      |   |   |   |   |   |   | 10.92      | % |   |   |   |   |   |   | 25.20 | % |
|                                           |      |   |      |   |        |   |   |   |    |   |      |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| For the three months ended September 30, 2009: |      |   |      |   |        |   |   |   |    |   |      |   |   |   |   |   |   |   |       |   |   |   |   |   |   |
|                                           | Air       |   | (%) of    |   | Hotel       |   | (%) of |   | Package |   | (%) of    |   |   |   |   |   |
| Revenue Segment                                | Ticketing |   | sector    |   | Reservation |   | sector |   | Tours   |   | sector    |   | Total  |   |
| Revenue                                        |      | $      | 4,876,665 |   |        |   | 16.41  | %      |    | $      | 3,832,254 |   |   |   | 12.90  | %      |   | $      | 21,002,607 |   |   |   | 70.69 | % |   | $ | 29,711,526 |   |
| Cost of services                               |      | $      | 1,435,136 |   |        |   | 6.86   | %      |    | $      | 1,185,367 |   |   |   | 5.67   | %      |   | $      | 18,298,887 |   |   |   | 87.47 | % |   | $ | 20,919,390 |   |
| Gross profit                                   |      | $      | 3,441,529 |   |        |   | 39.14  | %      |    | $      | 2,646,887 |   |   |   | 30.11  | %      |   | $      | 2,703,720  |   |   |   | 30.75 | % |   | $ | 8,792,136 |   |
| Gross margin                                   |      |   | 70.57     | %      |        |   |   |   |    |   | 69.07     | %      |   |   |   |   |   |   | 12.87      | % |   |   |   |   |   |   | 29.59 | % |
| Segment effect in gross margin (*)             |      |   | 11.58     | %      |        |   |   |   |    |   | 8.91      | %      |   |   |   |   |   |   | 9.10       | % |   |   |   |   |   |   | 29.59 | % |

----

----

----

|                                      |   | For the three months ended September 30, |      |
|-------------------------------------------|--------|------------------------------------------|-----------|
|                                      |   | 2010                                     |      |   | 2009 |   |
| Salary and commission                     |   |                                     | 397,276   |   |   |   | 13,570 |   |
| Marketing                                 |   |                                     | 40,147    |   |   |   | 34,410 |   |
| Rent                                      |   |                                     | 96,095    |   |   |   | 67,197 |   |
| Depreciation and amortization             |   |                                     | 134,464   |   |   |   | 23,189 |   |
| Professional fees                         |   |                                     | 229,842   |   |   |   | 249,375 |   |
| Stock-based compensation                  |   |                                     | 313,842   |   |   |   | 306,432 |   |
| Other general and administrative expenses |   |                                     | 826,475   |   |   |   | 664,629 |   |
| Total                                     |   | $                                        | 2,038,141 |   |   | $ | 1,358,802 |   |

----

|                                                          |   | For The Nine Months Ended |       |   |      |   |       |       |   |
|---------------------------------------------------------------|--------|---------------------------|------------|--------|-----------|--------|------------|------------|--------|
|                                                          |   | September 30,             |       |   | Increase/ |   |       |       |   |
|                                                          |   | 2010                      |       |   | 2009      |   |       | (Decrease) |   |   | Percentage |   |
|                                                          |   | Restated                  |       |   |      |   |       |       |   |   |   |   |
| Revenues                                                      |   | $                         | 97,808,768 |   |      | $      | 63,366,444 |       |   | $ | 34,442,324 |   |   |   | 54.35 | % |
| Cost of services                                              |   |                      | 71,350,008 |   |      |   | 43,568,224 |       |   |   | 27,781,784 |   |   |   | 63.77 | % |
| Gross profit                                                  |   |                      | 26,458,760 |   |      |   | 19,798,220 |       |   |   | 6,660,540 |   |   |   | 33.64 | % |
| Selling, general and administrative expenses                  |   |                      | (5,681,325 | )      |      |   | (3,161,100 | )          |   |   | (2,520,225 | ) |   |   | 79.73 | % |
| Gain on disposal of fixed assets                              |   |                      | 65,853     |   |      |   | -          |       |   |   | 65,853 |   |   |   | 100.00 | % |
| Income from operations                                        |   |                      | 20,843,288 |   |      |   | 16,637,120 |       |   |   | 4,206,168 |   |   |   | 25.28 | % |
| Other income                                                  |   |                      | 6,900      |   |      |   | 8,879      |       |   |   | (1,979 | ) |   |   | -22.29 | % |
| Gain/(Loss) on change in fair value of derivative liabilities |   |                      | 1,253,181  |   |      |   | (6,553,971 | )          |   |   | 7,807,152 |   |   |   | -119.12 | % |
| Interest income                                               |   |                      | 56,434     |   |      |   | 39,206     |       |   |   | 17,228 |   |   |   | 43.94 | % |
| Income before income taxes –continuing operations       |   |                      | 22,159,803 |   |      |   | 10,131,234 |       |   |   | 12,028,569 |   |   |   | 118.73 | % |
| Provision for income taxes                                    |   |                      | 5,608,744  |   |      |   | 4,029,194  |       |   |   | 1,579,550 |   |   |   | 39.20 | % |
| Income from continuing operations                        |   | $                         | 16,551,059 |   |      | $      | 6,102,040  |       |   | $ | 10,449,019 |   |   |   | 171.24 | % |
| Income from discontinued operations                           |   | $                         | -          |   |      | $      | 177,975    |       |   | $ | (177,975 | ) |   |   | -100.00 | % |
| Loss on disposition of discontinued operations                |   |                      | -          |   |      |   | (770,595   | )          |   |   | 770,595 |   |   |   | -100.00 | % |
| Loss from discontinued operation                              |   | $                         | -          |   |      | $      | (592,620   | )          |   | $ | 592,620 |   |   |   | -100.00 | % |
| Net Income                                                    |   | $                         | 16,551,059 |   |      | $      | 5,509,420  |       |   | $ | 11,041,639 |   |   |   | 200.41 | % |

| For the nine months ended September 30, 2010: |      |   |       |   |        |   |   |   |    |   |       |   |   |   |   |   |   |   |       |
|-----------------------------------------------|-----------|--------|------------|--------|-------------|--------|--------|--------|---------|--------|------------|--------|--------|--------|--------|--------|--------|--------|------------|
|                                          | Air       |   | (%) of     |   | Hotel       |   | (%) of |   | Package |   | (%) of     |   |   |   |
| Revenue Segment                               | Ticketing |   | sector     |   | Reservation |   | sector |   | Tours   |   | sector     |   | Total  |   |
| Revenue                                       |      | $      | 14,439,187 |   |        |   | 14.76  | %      |    | $      | 10,862,393 |   |   |   | 11.11  | %      |   | $      | 72,507,188 |   |   |   | 74.13 | % |   | $ | 97,808,768 |   |
| Cost of services                              |      | $      | 4,913,895  |   |        |   | 6.89   | %      |    | $      | 3,533,764  |   |   |   | 4.95   | %      |   | $      | 62,902,349 |   |   |   | 88.16 | % |   | $ | 71,350,008 |   |
| Gross profit                                  |      | $      | 9,525,292  |   |        |   | 36.00  | %      |    | $      | 7,328,629  |   |   |   | 27.70  | %      |   | $      | 9,604,839  |   |   |   | 36.30 | % |   | $ | 26,458,760 |   |
| Gross margin                                  |      |   | 65.97      | %      |        |   |   |   |    |   | 67.47      | %      |   |   |   |   |   |   | 13.25      | % |   |   |   |   |   |   | 27.05 | % |
| Segment effect in gross margin (*)            |      |   | 9.74       | %      |        |   |   |   |    |   | 7.49       | %      |   |   |   |   |   |   | 9.82       | % |   |   |   |   |   |   | 27.05 | % |
|                                          |      |   |       |   |        |   |   |   |    |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| For the nine months ended September 30, 2009: |      |   |       |   |        |   |   |   |    |   |       |   |   |   |   |   |   |   |       |   |   |   |   |   |   |
|                                          | Air       |   | (%) of     |   | Hotel       |   | (%) of |   | Package |   | (%) of     |   |   |   |   |   |
| Revenue Segment                               | Ticketing |   | sector     |   | Reservation |   | sector |   | Tours   |   | sector     |   | Total  |   |
| Revenue                                       |      | $      | 10,922,307 |   |        |   | 17.24  | %      |    | $      | 9,063,229  |   |   |   | 14.30  | %      |   | $      | 43,380,908 |   |   |   | 68.46 | % |   | $ | 63,366,444 |   |
| Cost of services                              |      | $      | 3,121,300  |   |        |   | 7.16   | %      |    | $      | 2,868,994  |   |   |   | 6.59   | %      |   | $      | 37,577,930 |   |   |   | 86.25 | % |   | $ | 43,568,224 |   |
| Gross profit                                  |      | $      | 7,801,007  |   |        |   | 39.40  | %      |    | $      | 6,194,235  |   |   |   | 31.29  | %      |   | $      | 5,802,978  |   |   |   | 29.31 | % |   | $ | 19,798,220 |   |
| Gross margin                                  |      |   | 71.42      | %      |        |   |   |   |    |   | 68.34      | %      |   |   |   |   |   |   | 13.38      | % |   |   |   |   |   |   | 31.24 | % |
| Segment effect in gross margin (*)            |      |   | 12.31      | %      |        |   |   |   |    |   | 9.78       | %      |   |   |   |   |   |   | 9.16       | % |   |   |   |   |   |   | 31.24 | % |

----

----

----

|                                      |   | For the nine months ended September 30, |      |
|-------------------------------------------|--------|-----------------------------------------|-----------|
|                                      |   | 2010                                    |      |   | 2009 |   |
| Salary and commission                     |   |                                    | 1,114,975 |   |   |   | 444,537 |   |
| Marketing                                 |   |                                    | 215,204   |   |   |   | 73,265 |   |
| Rent                                      |   |                                    | 266,438   |   |   |   | 149,868 |   |
| Depreciation and amortization             |   |                                    | 802,847   |   |   |   | 42,263 |   |
| Professional fees                         |   |                                    | 889,092   |   |   |   | 591,051 |   |
| Stock-based compensation                  |   |                                    | 990,846   |   |   |   | 802,157 |   |
| Other general and administrative expenses |   |                                    | 1,401,923 |   |   |   | 1,057,959 |   |
| Total                                     |   | $                                       | 5,681,325 |   |   | $ | 3,161,100 |   |

----

----

----

| Exhibit No. |         | SEC Ref. No. |         | Title of Document                                                                                                                                      |
|-------------|--------------|--------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |         |         |         |                                                                                                                                                   |
| 1           |         | 31.1         |         | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                             |
|        |         |         |         |                                                                                                                                                   |
| 2.          |         | 31.2         |         | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                             |
|        |         |         |         |                                                                                                                                                   |
| 3           |         | 32.1         |         | Certification of the Principal Executive Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
|        |         |         |         |                                                                                                                                                   |
| 4           |    | 32.2         |    | Certification of the Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

----

|   | UNIVERSAL TRAVEL GROUP |                                   |
|--------|------------------------|----------------------------------------|
|   |                   |                                   |   |
|   | By:               | /s/ Jiangping Jiang                    |   |
|   |                   | Jiangping Jiang                        |   |
|   |                   | Chairwoman and Chief Executive Officer |   |
|   |                   |  (Principal Executive Officer)    |   |

|   | By:  | /s/ Jing Xie                   |   |
|--------|-----------|-------------------------------------|--------|
|   |      | Jing Xie                            |   |
|   |      | Chief Financial Officer             |   |
|   |      |  (Principal Financial Officer) |   |

----