**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      DC 20549**




**FORM
      10-K/A**


**Amendment
      No. 1**




x
            **ANNUAL
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934**




For
      the
      fiscal year ended: December
      31, 2007




o
            **TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF
                1934**




For
      the
      transition period from _________ to _________





Commission
      File Number: **000-52074**





**4C
      Controls Inc.**


(Exact
      Name of Registrant as Specified in its Charter)





**Nevada**
            
            **98-0446287**(State
                of other jurisdiction of
            
            (IRS
                Employer Identificationincorporation
                or organization)
            
            Number)




**104
      Summit Avenue**


**Summit,
      NJ 07902-0080**


(Address
      of principal executive offices)




**(908)
      273-4442**


(Registrant’s
      telephone number)




Securities
      registered pursuant to Section 12(b) of the Exchange Act: None




Securities
      registered pursuant to Section 12(g) of the Exchange Act: Common Stock, par
      value $0.00001 per share





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





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





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





Indicate
      by check mark if disclosure of delinquent filers pursuant to Item 405 of
      Regulation S-K is not contained herein, and will not be contained, to the best
      of registrant's knowledge, in definitive proxy or information statements
      incorporated by reference in Part III of this Form 10-K or any amendment to
      this
      Form 10-K: o





Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, a non-accelerated filer, or a smaller reporting company.
      See
      the definitions of “large accelerated filer,” “accelerated filer” and “smaller
      reporting company” in Rule 12b-2 of the Exchange Act. (Check one):




Large
                Accelerated Filer
            o
            Accelerated
                Filer
            oNon-Accelerated
                Filer
            o
            Smaller
                Reporting Company
            x





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





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





State
      the
      aggregate market value of the voting and non-voting common equity held by
      non-affiliates computed by reference to the price at which the common equity
      was
      last sold, or the average bid and asked price of such common equity, as of
      the
      last business day of the registrant’s most recently completed second fiscal
      quarter: $2,315,285 at June 29, 2007.





Indicate
      the number of shares outstanding of each of the registrant’s classes of common
      stock, as of the latest practicable date: The Issuer
      had 44,179,540 shares of Common Stock, par value $.00001, outstanding
      as of September 17, 2008.





Explanatory
      Note: On July 7, 2008, 4C Controls Inc. (the “Company”) determined that certain
      amounts in the financial statements and financial information provided in the
      Company’s Annual Report on Form 10-KSB for the year ended December 31, 2007
      contained certain bookkeeping recognition and classification errors. In
      addition, it was determined that certain Notes to the financial statements
      should be clarified. The Company’s Chief Financial Officer made these
      determinations. The recognition and classification issues pertained to certain
      of the Company’s legal fees which were paid by Rudana Investment Group AG, the
      Company’s majority shareholder.





The
      Company is hereby amending and restating its financial statements for the annual
      period ended December 31, 2007 to reflect the changes described above. Readers
      are directed to the Company’s periodic reports filed with respect to periods
      subsequent to December 31, 2007 for information pertaining to the Company’s
      operations, and financial reports following the period reported
      herein.


2


**TABLE
      OF CONTENTS**





ITEM
                1: DESCRIPTION OF BUSINESS
            
            
            5ITEM
                2: DESCRIPTION OF PROPERTY
            
            
            8ITEM
                3: LEGAL PROCEEDINGS
            
            
            8ITEM
                4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
            
            
            8ITEM
                5: MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL
                BUSINESS ISSUER PURCHASERS OF EQUITY SECURITIES
            
            
            9ITEM
                6: MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
                OPERATION
            
            
            10ITEM
                7: FINANCIAL STATEMENTS
            
            
            13ITEM
                8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
                FINANCIAL DISCLOSURE
            
            
            24ITEM
                8A: CONTROLS AND PROCEDURES
            
            
            24ITEM
                8B: OTHER INFORMATION
            
            
            25ITEM
                9: DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
                COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT
            
            
            26ITEM
                10: EXECUTIVE COMPENSATION
            
            
            28ITEM
                11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
                AND
                RELATED STOCKHOLDER MATTERS
            
            
            29ITEM
                12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
                INDEPENDENCE
            
            
            30ITEM
                13: EXHIBITS
            
            
            31ITEM
                14: PRINCIPAL ACCOUNTANT FEES AND SERVICES
            
            
            32SIGNATURES
            
            
            33


3




**SPECIAL
      NOTE REGARDING FORWARD-LOOKING STATEMENTS**




This
      Report on Form 10-K (this “Report”) includes forward-looking statements within
      the meaning of the Private Securities Litigation Reform Act of 1995, Section
      27A
      of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
      of
      1934. Forward-looking statements include statements concerning our plans,
      objectives, goals, strategies, future events, future revenues or performance,
      capital expenditures, financing needs and other information that is not
      historical information and, in particular, appear in the sections entitled
“Risk
      Factors,” “Management’s Discussion and Analysis of Financial Condition and
      Results of Operations” and elsewhere in this Report. When used in this Report,
      the words “estimates,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should” and variations of these
      words or similar expressions (or the negative versions of any these words)
      are
      intended to identify forward-looking statements. All forward-looking statements,
      including, without limitation, management’s examination of historical operating
      trends, are based upon our current expectations and various assumptions. Our
      expectations, beliefs and projections are expressed in good faith and we believe
      there is a reasonable basis for them. However, we can give no assurance that
      management’s expectations, beliefs and projections will be
      achieved.





There
      are
      a number of risks and uncertainties that could cause our actual results to
      differ materially from the results referred to in the forward-looking statements
      contained in this Report. Important factors outside the scope of our control
      could cause our actual results to differ materially from the results referred
      to
      in the forward-looking statements we make in this Report. Without limiting
      the
      foregoing, if we are unable to acquire approvals or consents from third parties
      or governmental authorities with respect to our new business model, our plans
      to
      commence our new business may become irrevocably impaired.





All
      forward-looking statements included herein are expressly qualified in their
      entirety by the cautionary statements contained or referred to in this Report.
      Except to the extent required by applicable laws and regulations, the Company
      undertakes no obligation to update these forward-looking statements to reflect
      events or circumstances after the date of this Report or to reflect the
      occurrence of unanticipated events.




Unless
      otherwise provided in this Report, references to the “Company,” the
“Registrant,” the “Issuer,” “we,” “us,” and “our” refer to 4C Controls Inc.
      (formally known as Amecs Inc.).


4





**PART
      I**





**ITEM
      1:**  **DESCRIPTION
      OF BUSINESS**  ****





**Introduction**





We
      were
      incorporated in the State of Nevada on December 28, 2004 as Amecs Inc. The
      Company’s business plan during 2007 was to provide web sales services. As of
      December 31, 2007, we had not commenced any operations. As of December 31,
      2007,
      we had not yet generated any revenues. On March 3, 2008, we announced a change
      in our business model. We now intend to pursue a new business model on the
      basis
      of international security and surveillance technology.





Our
      address is 104 Summit Avenue, Summit, New Jersey 07902-0080, and our telephone
      number is (908) 273-4442.





**Subsequent
      Events**





In
      connection with a change of control of the Company which occurred on December
      18, 2007, we changed our name from “Amecs Inc.” to “4C Controls Inc.” on
      February 12, 2008. Our trading symbol on the over-the-counter bulletin board
      changed to FOUR.





On
      February 6, 2008, Gerald Sullivan was appointed as the Chief Financial Officer
      and interim President and Chief Executive Officer of the Company. On February
      6,
      2008 Ms. Barbara Salz was appointed as Corporate Secretary. As of March 28,
      2008
      the Company’s Board of Directors consists of Dr. Augustine Fou who was appointed
      to fill a vacancy on the Board of Directors on February 6, 2008 and Dr. Riccardo
      Maggiora who was appointed to fill a vacancy on the Board of Directors on
      December 18, 2007.





On
      March
      3, 2008, the Company announced a change in its business model. The Company
      now
      intends to pursue a new business model on the basis of international security
      and surveillance technology. The Company intends to create strategic
      affiliations with leading international security and surveillance enterprises
      serving security markets worldwide and establish an ability to design, manage
      and integrate state-of-the-art high technology security solutions with
      comprehensive and fully integrated service offerings. The Company anticipates
      acquiring technologies and large global distribution networks primarily in
      the
      market sectors of (1) electronic surveillance/ global access control markets;
      and (2) low-orbit high resolution satellites technologies.





Our
      new
      Business Model is set forth below in Part II under Item 6 - Management's
      Discussion And Analysis or Plan of Operation - Subsequent Events - Our Plan
      of
      Operation.





**Our
      Competitive Position**





The
      markets in which we intend to do business under our new business model are
      highly competitive. There are many competitors, some of which are significantly
      larger, have access to much more important resources or capital than us, or
      have
      established reputations among potential customers. Within the sectors in which
      we plan to operate our new businesses, the large industry participants make
      up
      the most significant share of the market. There is increasing competition in
      the
      industry and the usage of cooperation agreements, alliances and partnerships
      have also increased. We may not be able to compete effectively against other
      industry participants.





**Compliance
      with Government Regulations**





The
      part
      of our business related to satellites is a highly regulated industry both in
      the
      United States and internationally. We plan to have a satellite business located
      abroad. It is our intention to have the satellites constructed and launched
      outside of the United States. We will need to comply with the applicable
      satellite regulation of the United States and other countries. Furthermore,
      in
      order to operate internationally, remote imaging satellites may require
      International Telecommunications Union (“ITU”) coordination and registration and
      licenses from the United States and governments of foreign countries relating
      to
      imagery may be directly downlinked. Applicable regulations may
      include:




·
            International
                Telecommunication Union regulations, which define for each service
                the
                technical operating parameters, including maximum transmitter power,
                maximum interference to other services and users, and the minimum
                interference the user must operate under for that
                service;


5




·
            the
                Intelsat and Inmarsat agreements, which require that operators of
                international satellite systems demonstrate that they will not cause
                technical harm to Intelsat and Inmarsat;
                and




·
            regulations
                of the United States and foreign countries that may require satellite
                operators to secure appropriate licenses and operational authority
                to use
                the required spectrum in each
                country.





We
      currently intend to construct our satellites through minority ownership in
      strategic alliance joint ventures located outside of the U.S. We currently
      have
      no intention of constructing satellites in the U.S. or of using U.S. airspace.
      However, we may nonetheless become subject to the U.S. regulatory regime
      including various forms of regulation under different U.S. laws and regulations
      that govern the collection and transmission of satellite imagery, as well as
      satellite tracking, telemetry and control. These include: the International
      Traffic in Arms Regulations administered by the U.S. Department of State, the
      Export Administration Regulations administered by the Department of Commerce
      and
      various Federal Communications Commission regulations. Further, U.S. regulators
      may subject us in the future to new laws, policies or regulations, or changes
      in
      the interpretation or application of existing laws, policies and regulations
      that modify the present U.S. regulatory environment. U.S. regulators could
      decide to impose limitations on U.S. companies that are currently applicable
      only to other countries, or other regulatory limitations that affect satellite
      remote imaging operations. Any limitations of this kind could adversely affect
      our business and our results of operations.





During
      the appropriate stages of the development, we plan to comply with all the
      necessary government regulations. At the appropriate points during our
      development, we plan, to obtain all U.S., ITU and international licenses,
      authorizations and registrations necessary to operate effectively. Though we
      believe that we should be able to receive these licenses, approvals and
      registrations, we cannot assure you that we will be successful in doing so.
      The
      failure to obtain some or all necessary licenses, approvals or registrations
      could adversely affect our business.





As
      of the
      date of this Report, the Company’s strategic alliance financings and plans to
      make minority investments constitutes cash and nominal investments. These
      contemplated transactions do not have the effect of causing the Company to
      cease
      being a shell company, as defined in Rule 12b-2 promulgated under the Securities
      Exchange Act of 1934, as Amended (the “Exchange Act”). The Company expects to
      transition from such status after closing future transactions and will report
      the transition in accordance with the Exchange Act and the rules and regulations
      promulgated thereunder.





**Research
      and Development**




The
      Company has not yet determined its anticipated spending on research and
      development activities for the year ending December 31, 2008. Research and
      development efforts are expected to be conducted by our strategic alliance
      and
      joint venture partners, including the Politechnico di Torino, in Torino,
      Italy.




**Compliance
      with Environmental Laws**





The
      costs
      and effects of compliance with federal, state and local environmental laws
      were
      not material to our business during the fiscal year ended December 31,
      2007.





**Intellectual
      Property**





As
      of
      December 31, 2007, we did not own any intellectual property. Subsequent to
      the
      fiscal year end 2007 we registered the internet domain name 4CControls.com
      and
      related domain names. The information contained in our website is not part
      of
      this Report. We do not currently have any patents in regards to any proprietary
      technology.


6





**Employees**





Upon
      the
      resignation of Alexei Gavriline as our Company’s President and Chief Executive
      Officer on December 18, 2007, Mr. Sharif Rehuman was appointed President and
      Chief Executive Officer. Mr. Rehuman resigned as President and Chief Executive
      Officer as of February 4, 2008. On February 6, 2008, Gerald Sullivan was
      appointed as the Chief Financial Officer and interim President and Chief
      Executive Officer. As of December 31, 2007, we had no full or part time paid
      employees. As of March 28, 2008, our only employees are Mr. Sullivan, who is
      the
      Chief Financial Officer and interim President and Chief Executive Officer,
      and
      Barbara Salz, Corporate Secretary, each of whom serve on a part-time basis.
      The
      Company has not yet determined its anticipated staff needs for the fiscal year
      ending December 31, 2008.





**Where
      You Can Find More Information**





The
      Company is and expects to remain a “reporting company.” We will therefore be
      required to continue to file annual, quarterly and other requisite filings
      with
      the U.S. Securities and Exchange Commission (the “SEC”). Members of the public
      may read and copy any materials which we file with the SEC at the SEC’s Public
      Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Members
      of the public may obtain additional information on the operation of the Public
      Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains
      an
      internet site that contains reports, proxy and information statements, as well
      as other information regarding issuers that file electronically with the SEC.
      This site is located at http://www.sec.gov.





You
      may
      also request a copy of our filings at no cost, by writing or telephoning us
      at:





4C
      CONTROLS INC.


104
      Summit Avenue


Summit,
      NJ 07902-0080


Telephone:
      (908) 273-4442


Attention:
      Gerald Sullivan


Title:
      Chief Financial Officer


7





**ITEM
      2:**  **DESCRIPTION
      OF PROPERTY**  ****





The
      Company does not own any real estate or other property. The Company does not
      plan on investing directly or indirectly in real estate in the near future.
      As
      of September 1, 2008 the Company is renting office space in Summit, New Jersey
      for $1,200 per month which may be terminated upon three months advance notice
      by
      the Company.




**ITEM
      3:**  **LEGAL
      PROCEEDINGS**




The
      Company is not, and has not been during the period covered by this Report,
      a
      party to any legal proceedings.





**ITEM
      4:**  **SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS**  ****




There
      have been no meetings of security holders during the period covered by this
      Report.




No
      matters were submitted to the vote of the Company’s security holders during the
      period covered by this Report.


8




**PART
      II**





**ITEM
      5:**  **MARKET
      FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER**  **PURCHASERS
      OF EQUITY SECURITIES**  ****





***(a)
      Market Information.***





Our
      shares are traded on the over-the-counter bulletin board operated by the
      National Association of Securities Dealers, Inc. under the symbol “FOUR”. Prior
      to February 26, 2008 our common stock traded on the over-the-counter bulletin
      board under the symbol “AMEC”. The following table sets forth for the periods
      indicated the high and low close prices for the Company’s common stock in U.S.
      Dollars. These quotations reflect only inter dealer prices, without retail
      mark
      up, mark down or commissions and may not represent actual transactions. 
The following prices do not reflect the effects of the Company’s 6 for 1
      stock dividend declared on December 18, 2007 and paid on January 4,
      2008.




Common
                StockHigh
            
            LowQuarter
                Ended December 31, 2007
            
            
            5.90
            
            
            1.02Quarter
                Ended September 30, 2007
            
            
            2.50
            
            
            2.00Quarter
                Ended June 30, 2007
            
            
            2.40
            
            
            1.85Quarter
                Ended March 31, 2007
            
            
            2.90
            
            
            0.65Quarter
                Ended December 31, 2006(1)
            
            
            2.75
            
            
            0.53





(1)
      No
      stock price information is available regarding the Company prior to December
      18,
      2006.





***(b)
      Holders.***





At
      March
      28, 2008, there were 54 stockholders of record of the Company’s common
      stock.





***(c)
      Dividends.***





On
      December 18, 2007, the Board of Directors declared the payment of a stock
      dividend, approving the payment of such dividend to all of the stockholders
      of
      record of the Company as of the record date of January 2, 2008. The stock
      dividend was paid on January 4, 2008 and the ex-dividend date was January 7,
      2008. Each stockholder received six additional shares of the Company’s common
      stock for each one share of the Company’s common stock which they held on the
      record date. Following payment of the stock dividend, the issued and outstanding
      share ownership of the Company increased from 6,007,650 shares of Company common
      stock to 42,053,550 shares of common stock.





During
      the period covered by this Report, we have not declared or paid cash dividends.
      The Company does not intend to pay cash dividends on its common stock in the
      foreseeable future. We anticipate retaining any earning for use in our continued
      development. We are not subject to any restrictions respecting the payment
      of
      dividends, except that they may not be paid to render us insolvent.





***(d)
      Securities authorized for issuance under equity compensation
      plans***





We
      do not
      have any equity compensation plans and accordingly we have no securities
      authorized for issuance thereunder.





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





During
      the three fiscal years through December 31, 2007, the Company has not sold
      any
      securities without registering such securities under the Securities Act of
      1933,
      as amended.


9




**ITEM
      6:**  **MANAGEMENT'S
      DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**





**The
      Company's Operations**





The
      following discussion of the financial condition and results of operations of
      the
      Company should be read in conjunction with the financial statements and the
      related notes thereto included elsewhere in this Report. This Report contains
      certain forward-looking statements and the Company's future operating results
      could differ materially from those discussed herein. Certain statements
      contained in this Report, including, without limitation, statements containing
      the words “believes”, “anticipates,” “expects” and the like, constitute
“forward-looking statements” within the meaning of Section 27A of the Securities
      Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
      1934,
      as amended (the “Exchange Act”). However, as the Company intends to issue “penny
      stock,” as such term is defined in Rule 3a51-1 promulgated under the Exchange
      Act, the Company is ineligible to rely on these safe harbor provisions. Such
      forward-looking statements involve known and unknown risks, uncertainties and
      other factors which may cause the actual results, performance or achievements
      of
      the Company to be materially different from any future results, performance
      or
      achievements expressed or implied by such forward-looking statements. Given
      these uncertainties, readers are cautioned not to place undue reliance on such
      forward-looking statements. The Company disclaims any obligation to update
      any
      such factors or to announce publicly the results of any revisions of the
      forward-looking statements contained or incorporated by reference herein to
      reflect future events or developments, except as required by the Exchange
      Act.





**Plan
      of Operations during the year ended December 31, 2007**





We
      were
      incorporated in the State of Nevada on December 28, 2004 as Amecs Inc. During
      the fiscal year ended December 31, 2007, our business model was to develop
      a
      website that would serve as an electronic market place for automotive
      dealerships. As of December 31, 2007, the Company had not started operations.
      As
      of December 31, 2007, we had not yet generated any revenues. During the year
      ended December 31, 2007, the Company had no plans to add any significant number
      employees or to purchase significant equipment. The Company was not engaged
      in
      any research or development. On March 3, 2008, the Company announced a change
      in
      its business model. The Company now intends to pursue a new business model
      on
      the basis of international security and surveillance technology.





**Change
      of Control**





On
      December 18, 2007, Mr. Alexei Gavriline sold 5 million shares of the Company’s
      common stock to Rudana Investment Group AG (“Rudana”). Rudana purchased the
      shares of Company common stock pursuant to agreement dated as of December 5,
      2007. Rudana acquired 83.2% of the 6,007,650 issued and outstanding shares
      of
      the Company as of December 18, 2007. In connection with the execution of the
      agreement with Rudana and the change in control, Mr. Gavriline, who had served
      as the Company’s sole officer and director since the Company’s inception,
      resigned on December 18, 2007.





Prior
      to
      Mr. Gavriline’s resignation, on December 18, 2007, Mr. John Genner and Dr.
      Riccardo Maggiora were each appointed to fill vacancies on the board of
      directors of the Company. Mr. John Genner subsequently resigned as a director
      on
      February 5, 2008. Mr. Sharif Rehuman served as the President and Chief Executive
      Officer from December 18, 2007 until his resignation as of February 4,
      2008.





**Revenues**





During
      the fiscal year ended December 31, 2007, the Company had no
      revenues.





**Subsequent
      Events**





In
      connection with a change of control that occurred on December 18, 2007, we
      changed our name from “Amecs Inc.” to “4C Controls Inc.” on February 12, 2008.
      Our trading symbol on the over-the-counter bulletin board changed to
      FOUR.





On
      February 6, 2008, Gerald Sullivan was appointed as the Chief Financial Officer
      and interim President and Chief Executive Officer of the Company. On February
      6,
      2008 Ms. Barbara Salz was appointed as Corporate Secretary. As of March 28,
      2008
      the Company’s Board of Directors consists of Dr. Augustine Fou who was appointed
      to fill a vacancy on the Board of Directors on February 6, 2008 and Dr. Riccardo
      Maggiora who was appointed to fill a vacancy on the Board of Directors on
      December 18, 2007.





On
      March
      3, 2008, the Company announced a change in its business model. The Company
      now
      intends to pursue a new business model on the basis of international security
      and surveillance technology. The Company intends to create strategic
      affiliations with leading international security and surveillance enterprises
      serving security markets worldwide and establish an ability to design, manage
      and integrate state-of-the-art high technology security solutions with
      comprehensive and fully integrated service offerings. The Company anticipates
      acquiring technologies and large global distribution networks primarily in
      the
      market sectors of (1) electronic surveillance/ global access control markets;
      and (2) low-orbit high resolution satellites technologies.




10




In
      order
      to commence its new business model, the Company has made an investment of AUD
      $4
      million in BQT Solutions Limited (“BQT Solutions”). The payment for the
      investment was made on behalf of the Company by Rudana. The total value of
      investment in BQT Solutions is AUD$18 million of which AUD$4 million is intended
      to be directly invested in BQT Solutions, AUD$14 million in BQT Satellites
      Ltd
      (“BQT Satellites”) and together with BQT Solutions and BQT Satellites, the “BQT
      Group”). Rudana, the majority shareholder of the Company, has undertaken to
      provide 4C Controls with the funds required to complete the Company’s strategic
      alliance financing investments in BQT Solutions.





**Our
      Plan of Operation**





As
      of
      March 3, 2008, the Company now plans to position itself as a leading
      international security and surveillance group serving security markets
      worldwide. The Company’s aim is to achieve the global superiority through
      cutting edge technology and industrial development, offering diverse and
      integrated security and surveillance solutions.





The
      Company’s strategy focuses on technology as the key driver of growth in the
      security market as the market shifts towards more integrated security solutions
      including:





·
            offering
                high technology security integrated solutions providing real-time
                early
                warning and reduction of time scales from threat-detection to termination
                in the field;




·
            planning
                strategic mergers and acquisitions in the global security industry
                to
                ensure fast access to the industry and strengthen its ability to
                design,
                manage and integrate cutting edge technological security solutions
                and
                achieve a comprehensive service offering;
                and





·
            primarily
                focusing on acquisition of technologies and large distribution networks
                in
                the following market sectors:





·
            Electronic
                Surveillance / Access Control Markets: Biometric, Radio Frequency
                identification (“RFID”), Real Time Locating Systems (“RTLS”) and
                closed-circuit television (“CCTV”);·
            High
                Resolution Low Equatorial Synthetic Aperture Radar (“SAR”) Satellites;
                and·
            Ground
                high performance radars for intrusion
                detection.





The
      Company’s strategy is to diversify and expand its activities in the security and
      surveillance technology sector. This strategy is expected to involve hiring
      of
      senior management with expertise in the selected expansion sectors, particularly
      the commercial segment. The Company expects to conduct its expansion plan as
      follows:





The
      Company intends to focus on commercializing an access control systems and
      support sales of biometrics, smart card readers, CCTV cameras and customized
      solutions for selected key clients. Access control management systems are
      sophisticated, intelligent and cost effective security applications that provide
      movement and access controls within a facility.





The
      Company’s satellite plan intends to focus on design, building and operation of
      small SAR satellites dedicated for earth observation and surveillance. The
      Company has established an alliance with Politechnico di Torino (“Polito”), one
      of the leading European technology and scientific research institutes. The
      alliance is presently conducted with BQT Polito Space Technologies SPA (“BP
      Space”), an Italian private stock company.





The
      Company is negotiating the acquisition from Polito of technologies in the field
      of intrusion detection systems, radar systems for border and pipeline
      surveillance, RFID and RTLS for monitoring and surveillance. The Company is
      also
      negotiating the acquisition of a highly qualified manufacturer of security
      and
      surveillance products. The completion of this acquisition is expected to provide
      the Company with manufacturing capability for the technologies expected to
      be
      acquired from Polito.




11




**Research
      and Development**





The
      Company has not yet determined its anticipated spending on research and
      development activities for the year ending December 31, 2008. Research and
      development efforts are expected to be conducted by our strategic alliance
      and
      joint venture partners, including the Politechnico di Torino, in Torino,
      Italy.





**Plant
      and Equipment**





The
      Company has not yet determined its anticipated spending on plant and equipment
      for the year ending December 31, 2008.





**Employees**





Upon
      the
      resignation of Alexei Gavriline as our Company’s President and Chief Executive
      Officer on December 18, 2007, Mr. Sharif Rehuman was appointed President and
      Chief Executive Officer. Mr. Rehuman resigned as President and Chief Executive
      Officer as of February 4, 2008. On February 6, 2008, Gerald Sullivan was
      appointed as the Chief Financial Officer and interim President and Chief
      Executive Officer. As of March 28, 2008, our only employees are Mr. Sullivan,
      who is the Chief Financial Officer and interim President and Chief Executive
      Officer, and Barbara Salz, Corporate Secretary, each of whom serve on a
      part-time basis. As of December 31, 2007, the Company had no full or part time
      paid employees. The Company has not yet determined its anticipated employee
      and
      staff needs for the year ending December 31, 2008.





**Liquidity
      and capital resources**





During
      the year ended December 31, 2007 and to date, the primary source of capital
      has
      been loans from existing shareholders, and equity sales. Our consolidated cash
      balance at December 31, 2007 was $6,313. Our operations to date have consumed
      substantial amounts of cash.  Our negative cash flow from operations
      is expected to continue and to accelerate in the foreseeable future as the
      Company invests in capital expenditures including production
      facilities.





We
      will
      need to raise additional capital to implement our new business plan and continue
      operations. We are seeking alternative sources of financing, through private
      placement of securities and loans from our shareholders in order for us to
      maintain our operations. We cannot guarantee that we will be successful in
      raising additional cash resources for our operations or that we will stay in
      business after our new business plan has commenced.





As
      of the
      date of this Report, we have not yet generated any revenues from our business
      operations.





As
      of
      December 31, 2007, our total assets were $6,313 (consisting of cash on hand)
      and
      our total liabilities were $74,392. Our working capital deficiency as of
      December 31, 2007 was $68,079.





Subsequent
      to the period covered by this Report, the Company has issued a warrant to
      Arimathea Limited in consideration for international corporate development
      services rendered on behalf of the Company. The warrant is exercisable for
      the
      purchase of 20 million shares of Company restricted common stock at an exercise
      price of US$3.45 per share, which was the closing publicly traded market price
      of the Company’s common stock on March 25, 2008, the date immediately preceding
      the date of grant of the warrant. The Arimathea warrant will vest and become
      exercisable in three equal tranches upon the following events: (i) closing
      of
      the Company’s BQT Group investments; (ii) closing of the first contract for the
      sale of a satellite by BQT Satellites; and (iii) closing of the second contract
      for the sale of a satellite by BQT Satellites. Under the terms of its warrant,
      Arimathea will not be permitted to exercise and own more than 4.9% of the
      Company’s Common Stock at any given time. The Arimathea Warrant does not contain
      any call provisions and there is no obligation on the part of Arimathea to
      exercise its warrant at any time. Assuming exercise in full of the warrant
      by
      Arimathea, the Company would realize approximately $70 million in
      proceeds.





**Off
      Balance Sheet Arrangements**





As
      of
      December 31, 2007, we did not have any off balance sheet arrangements that
      have
      or are reasonably likely to have a current or future effect on our financial
      condition, changes in financial condition, revenues or expenses, results of
      operations, liquidity, capital expenditures or capital resources.


12


Paritz& Company,
                  P.A
              15
                  Warren Street, Suite 25
                Hackensack,
                  New Jersey 07601
                (201) 342-7753
                Fax:
                  (201) 342-7598
                E-Mail:
                  PARITZ@paritz.comCertified
                  Public Accountants
 
 **REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
 
 Board
        of
        Directors
 4C
        Controls Inc. (formerly known as Amecs Inc.)
 (A
        Development Stage Company)
 Summit,
        New Jersey
 
 We
        have
        audited the accompanying balance sheet of 4C Controls Inc. (formerly known
        as
        Amecs Inc.) (A Development Stage Company) as of December 31, 2007 and the
        related statements of operations, changes in stockholders’ deficiency and cash
        flows for the year ended December 31, 2007 and the period from inception
        (December 28, 2004) to December 31, 2007. We did not audit the statements
        of
        operations and changes in stockholders’ deficiency of the Company from inception
        (December 28, 2004) to December 31, 2006 (not presented separately herein).
        Those statements were audited by other auditors whose report has been furnished
        to us, and our opinion insofar as it relates to amounts included for that
        period
        is based solely on the report of the other auditors. These financial statements
        are the responsibility of the Company's management. Our responsibility is
        to
        express an opinion on these financial statements based on our
        audit.
 
 We
        conducted our audit in accordance with auditing standards of the Public Company
        Accounting Oversight Board (United States). Those standards require that
        we plan
        and perform the audit to obtain reasonable assurance about whether the financial
        statements are free of material misstatement. An audit includes examining,
        on a
        test basis, evidence supporting the amounts and disclosures in the financial
        statements. An audit also includes assessing the accounting principles used
        and
        significant estimates made by management, as well as evaluating the overall
        financial statement presentation. We believe that our audit provides a
        reasonable basis for our opinion.
 
 In
        our
        opinion, the financial statements referred to above present fairly, in all
        material respects, the financial position of 4C Controls Inc. (formerly known
        as
        Amecs Inc.) (A Development Stage Company) as of December 31, 2007, and the
        results of its operations and its cash flows for the period from inception
        (December 28, 2004) to December 31, 2007, in conformity with accounting
        principles generally accepted in the United States of America.
 
 As
        discussed in Note 8, The Company has restated its balance sheet as of December
        31, 2007 and the related statements of operations, changes in stockholders’
deficiency and cash flows for the year then ended.
 
 The
        accompanying financial statements have been prepared assuming the Company
        will
        continue as a going concern. As discussed in Note 1, the ability of the Company
        to continue as a going concern and to emerge from the development stage is
        dependent upon its successful execution of its plan of operations and ability
        to
        raise additional financing. There is no guarantee that the Company will be
        able
        to raise additional capital or sell any of its products or services at a
        profit.
        These factors, among others, raise substantial doubt regarding the Company’s
        ability to continue as a going concern. The accompanying financial statements
        do
        not include any adjustments that might result from the outcome of this
        uncertainty.
 ***Paritz
        & Company, P.A.***
 
 Hackensack,
        New Jersey
 March
        30,
        2008, except for Note 8 as to which
 the
        date
        is July 7, 2008
  13
  Report
          of Independent Registered Public Accounting Firm
 
 
 To
          the
          Board of Directors and Stockholders of
 4C
          Controls Inc. (formerly Amecs Inc.)
 (A
          Development Stage Company)
 
 We
          have
          audited the accompanying statements of operations, stockholders’ equity and cash
          flows of 4C Controls Inc. (formerly Amecs Inc.) (A Development Stage
          Company) for the year ended December 31, 2006 and accumulated from December
          28,
          2004 (Date of Inception) to December 31, 2006. These financial statements
          are
          the responsibility of the Company’s management. Our responsibility is to express
          an opinion on these financial statements based on our audit.
 
 We
          conducted our audit in accordance with the Standards of the Public Company
          Accounting Oversight Board (United States). Those standards require that
          we plan
          and perform the audit to obtain reasonable assurance about whether the
          financial
          statements are free of material misstatement. An audit includes examining,
          on a
          test basis, evidence supporting the amounts and disclosures in the financial
          statements. An audit also includes assessing the accounting principles
          used and
          significant estimates made by management, as well as evaluating the overall
          financial statement presentation. We believe that our audit provides a
          reasonable basis for our opinion.
 
 In
          our
          opinion, the financial statements referred to above, present fairly, in
          all
          material respects, the results of its operations and its cash flows of
          4C
          Controls Inc. (formerly Amecs Inc.) (A Development Stage Company), for
          the year
          ended December 31, 2006 and accumulated from December 28, 2004 (Date of
          Inception) to December 31, 2006 in conformity with accounting principles
          generally accepted in the United States.
 
 The
          accompanying financial statements have been prepared assuming the Company
          will
          continue as a going concern. As discussed in Note 1 to the financial statements,
          the Company has not generated any revenue and has accumulated losses since
          inception and will need additional equity financing to begin realizing
          its
          business plan. These factors raise substantial doubt about the Company’s ability
          to continue as a going concern. Management’s plans in regard to these matters
          are also discussed in Note 1. The financial statements do not include any
          adjustments that might result from the outcome of this uncertainty.
 
 /s/
                    MANNING ELLIOTT LLPCHARTERED
                    ACCOUNTANTSVancouver,
                    CanadaFebruary
                    23, 2007
  14
  **4C
        CONTOLS INC.**
 (formerly
        known as Amecs Inc.)
 (A
        Development Stage Company)
 
 BALANCE
        SHEET
 
 DECEMBER
        31, 2007
 AS
        RESTATED
 
 
 **ASSETS****CURRENT
                  ASSETS:**Cash
              
              $
              6,313**TOTAL
                  CURRENT ASSETS**
              
              
              **6,313****TOTAL
                  ASSETS**
              
              **$**
              **6,313****LIABILITIES
                  AND STOCKHOLDERS’ DEFICIENCY****CURRENT
                  LIABILITIES:**Accrued
                  liabilities
              
              $
              74,392**TOTAL
                  CURRENT LIABILITIES**
              
              
              **74,392****STOCKHOLDERS’
                  DEFICIENCY:**Common
                        stock, $0.00001 par value 100,000,000 shares authorized 42,053,550
                        shares
                        issued and outstanding
              
              
              420Additional
                  paid-in capital
              
              
              99,147Donated
                  capital
              
              
              24,000Deficit
                  accumulated during development stage
              
              
              (191,646
              )**TOTAL
                  STOCKHOLDERS’ DEFICIENCY**
              
              
              **(68,079**
              **)****TOTAL
                  LIABILITIES AND STOCKHOLDERS’ EQUITY**
              
              **$**
              **6,313**
 
 See
        notes
        to financial statements
  15
 
 **4C
        CONTOLS INC.**
 (formerly
        known as Amecs Inc.)
 (A
        Development Stage Company)
 
 STATEMENT
        OF OPERATIONS
 
 From Inception
                (December 28, 2004)Year Ended December 31,
              
              To2007
              
              2006
              
              December 31, 2007As
                  restated
              
              
              
              As
                  restated**REVENUE**
              
              **$**
              **-**
              
              **$**
              **-**
              
              **$**
              **-****COSTS
                  AND EXPENSES:**Consulting
                  fees
              
              
              
              
              
              7,500
              
              
              7,500Donated
                  services
              
              
              
              
              
              12,000
              
              
              24,000Impairment
                  loss on website development
              
              
              
              
              
              5,000
              
              
              5,000General
                  and administrative expenses
              
              
              1,075
              
              
              2,248
              
              
              6,814Professional
                  fees
              
              
              92,602
              
              
              15,959
              
              
              148,032**TOTAL
                  COSTS AND EXPENSES**
              
              
              **93,677**
              
              
              **42,707**
              
              
              **191,346****NET
                  LOSS**
              
              **$**
              **(93,677**
              **)**
              **$**
              **(42,707**
              **)**
              **$**
              **(191,346**
              **)**NET
                  LOSS PER COMMON SHAREBASIC
                  AND DILUTED
              
              
              (0.0022
              )
              
              (0.0010
              )
              
              -WEIGHTED
                  AVERAGE SHARES OUTSTANDING
              
              
              42,053,550
              
              
              42,053,550
              
              
              -
 
 See
        notes
        to financial statements
  16
  **4C
        CONTROLS INC.**
 (formerly
        known as Amecs Inc.)
 (A
        Development Stage Company)
 
 STATEMENT
        OF CHANGES IN STOCKHOLDERS’ DEFICIENCY
 AS
        RESTATED
 
 —COMMON STOCK—
                    
                    ADDITIONAL
                      PAID-IN
                      CAPITAL
                    
                    DONATED
                      CAPITAL
                    
                    DEFICIT
                      ACCUMULATED
                      DURING
                      DEVELOPMENT
                      STAGE
                    
                    TOTALSHARES
                    
                    AMOUNT**BALANCE –
                        DECEMBER 28, 2004**
                      **(Inception)**
                    
                    
                    **-**
                    
                    **$**
                    **-**
                    
                    **$**
                    **-**
                    
                    **$**
                    **-**
                    
                    **$**
                    **-**
                    
                    **$**
                    **-**Common
                        stock issued for cash at$0.00001
                        per share
                    
                    
                    35,000,000
                    
                    
                    350
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (300
                    )
                    
                    50Net
                        loss for the period
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (6,520
                    )
                    
                    (6,520
                    )**BALANCE –
                        DECEMBER 31, 2004**
                    
                    
                    **35,000,000**
                    
                    
                    **350**
                    
                    
                    **-**
                    
                    
                    **-**
                    
                    
                    **(6,820**
                    **)**
                    
                    **(6,470**
                    **)**Common
                        stock issued for cash at $0.10 per share
                    
                    
                    7,053,550
                    
                    
                    70
                    
                    
                    100,695
                    
                    
                    -
                    
                    
                    -
                    
                    
                    100,765Share
                        issuance costs
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (1,548
                    )
                    
                    -
                    
                    
                    -
                    
                    
                    (1,548
                    )Donated
                        services
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    12,000
                    
                    
                    -
                    
                    
                    12,000Net
                        loss for the year
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (48,442
                    )
                    
                    (48,442
                    )**BALANCE –
                        DECEMBER 31, 2005**
                    
                    
                    **42,053,550**
                    
                    
                    **420**
                    
                    
                    **99,147**
                    
                    
                    **12,000**
                    
                    
                    **(55,262**
                    **)**
                    
                    **56,305**Donated
                        services
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    12,000
                    
                    
                    -
                    
                    
                    12,000Net
                        loss for the year
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (42,707
                    )
                    
                    (42,707
                    )**BALANCE
                        - DECEMBER 31, 2006**
                    
                    
                    **42,053,550**
                    
                    
                    **420**
                    
                    
                    **99,147**
                    
                    
                    **24,000**
                    
                    
                    **(97,969**
                    **)**
                    
                    **25,598**Net
                        loss for the year
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (93,677
                    )
                    
                    (93,677
                    )**BALANCE –
                        DECEMBER 31, 2007**
                    
                    
                    **42,053,550**
                    
                    **$**
                    **420**
                    
                    **$**
                    **99,147**
                    
                    **$**
                    **24,000**
                    
                    **$**
                    **(191,646**
                    **)**
                    **$**
                    **(68,079**
                    **)**
 
 See
        notes
        to financial statements
  17
  **4C
        CONTROLS INC.**
 (formerly
        known as Amecs Inc.)
 (A
        Development Stage Company)
 
 STATEMENT
        OF CASH FLOWS
 
 Year Ended December 31,
              
              From Inception
                (December 28, 2004)
                To2007
              
              2006
              
              December 31, 2007As restated
              
              
              
              As restated**OPERATING ACTIVITIES:**Net
                  loss
              
              $
              (93,677
              )
              $
              (42,707
              )
              $
              (191,706
              )*Adjustments
                      to reconcile net loss to*net cash used in
                      operating activities:Donated
                  services
              
              
              -
              
              
              12,000
              
              
              24,000Impairment
                  loss on website development costs
              
              
              -
              
              
              5,000
              
              
              5,000*Change
                  in operating assets and liabilities:*Prepaid
                  expenses
              
              
              29
              
              
              -
              
              
              -Accrued
                  expenses
              
              
              73,987
              
              
              (5,353
              )
              
              74,752**NET
                  CASH USED IN OPERATING ACTIVITIES**
              
              
              **(19,661**
              **)**
              
              **(31,060**
              **)**
              
              **(87,954**
              **)****INVESTING
                  ACTIVITIES:**Website development
                  costs
              
              
              -
              
              
              (5,000
              )
              
              (5,000
              )**NET
                  CASH USED IN INVESTING ACTIVITIES**
              
              
              **-**
              
              
              **(5,000**
              **)**
              
              **(5,000**
              **)****FINANCING
                  ACTIVITIES:**Advances
                  from related party
              
              
              -
              
              
              794
              
              
              34,019Repayment
                  to related party
              
              
              (794
              )
              
              (33,225
              )
              
              (34,019
              )Net
                  proceeds from issuance of common shares
              
              
              -
              
              
              -
              
              
              99,267**NET
                  CASH PROVIDED BY (USED IN)**
                **FINANCING
                  ACTIVITIES**
              
              
              **(794**
              **)**
              
              **(32,431**
              **)**
              
              **99,267****INCREASE
                  (DECREASE) IN CASH**
              
              
              **(20,455**
              **)**
              
              **(68,491**
              **)**
              
              **6,313****CASH –
                  BEGINNING OF PERIOD**
              
              
              **26,768**
              
              
              **95,259**
              
              
              **-****CASH –
                  END OF PERIOD**
              
              **$**
              **6,313**
              
              **$**
              **26,768**
              
              **$**
              **6,313**
  See
        notes
        to financial statements
  18
  **4C
        CONTROLS INC.**
 (formerly
        known as Amecs Inc.)
 (A
        Development Stage Company)
 
 NOTES
        TO
        FINANCIAL STATEMENTS
 
 DECEMBER
        31, 2007
 AS
        RESTATED
 
  **1**
                **DEVELOPMENT
                    STAGE COMPANY**
 
 4C
        Controls Inc. (formerly known as Amecs Inc.) (the “Company”) was incorporated in
        the State of Nevada on December 28, 2004 and is a development stage company
        as
        defined by Statement of Financial Accounting Standards No. 7, “Development Stage
        Companies”. Prior to March 2008, the Company’s planned operation involved
        business-to-business e-commerce and was based in Toronto, Ontario, Canada.
        The
        Company proposed to create an electronic marketplace for automotive dealerships,
        both retail and wholesale, where the dealers can offer and bid for vehicles
        that
        are coming off lease, offered as a trade-in or otherwise available.
 
 The
        Company is in the development stage during which management has devoted most
        of
        its activities to the development of a business plan for the Company. As
        of
        December 31, 2007, the Company has an accumulated deficit of $135,314. The
        ability of the Company to continue as a going concern and to emerge from
        the
        development stage is dependent upon its successful execution of its plan
        of
        operations and ability to raise additional financing. There is no guarantee
        that
        the Company will be able to raise additional capital or sell any of its products
        and services at a profit. These factors, among others, raise substantial
        doubt
        regarding the Company’s ability to continue as a going concern. The accompanying
        financial statements do not include any adjustments that might result from
        the
        outcome of this uncertainty.
 
 On
        March
        3, 2008, the Company announced a change in its business model. The Company
        now
        intends to pursue a new business model on the basis of international security
        and surveillance technology. The Company intends to create strategic
        affiliations with leading international security and surveillance enterprises
        serving security markets worldwide and establish an ability to design, manage
        and integrate state-of-the-art high technology security solutions with
        comprehensive and fully integrated service offerings. The Company anticipates
        acquiring technologies and large global distribution networks primarily in
        the
        market sectors of (1) electronic surveillance/global access control markets;
        and
        (2) low-orbit high resolution satellites technologies.
 
 **2**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING
                  POLICIES**
 
 ***Basis
        of accounting***
 
 These
        financial statements are prepared in conformity with accounting principles
        generally accepted in the United States and are presented in U.S.
        Dollars.
 
 ***Use
        of estimates***
 
 The
        preparation of financial statements in conformity with U.S. generally accepted
        accounting principles requires management to make estimates and assumptions
        that
        affect the reported amounts of assets and liabilities and disclosure of
        contingent assets and liabilities at the date of the financial statements
        and
        the reported amounts of revenues and expenses during the reporting period.
        The
        actual results experienced by the Company may differ materially and adversely
        from the Company’s estimates. To the extent there are material differences
        between the estimates and the actual results, future results of operations
        will
        be affected.
 
 ***Cash
        and Cash equivalents***
 
 The
        Company considers all highly liquid instruments with a maturity of three
        months
        or less at the time of issuance to be cash.
  19
  ***Income
        taxes***
 
 The
        Company accounts for income taxes in accordance with Statement of Financial
        Accounting Standards No. 109 (SFAS 109) which requires that deferred tax
        assets
        and liabilities be recognized for future tax consequences attributable to
        differences between financial statement carrying amounts of existing assets
        and
        liabilities and their respective tax bases. In addition, SFAS 109 requires
        recognition of future tax benefits, such as carryforwards, to the extent
        that
        realization of such benefits is more likely than not and that a valuation
        allowance be provided when it is more likely than not that some portion of
        the
        deferred tax asset will not be realized.
 
 ***Website
        development costs***
 
 The
        Company recognized the costs associated with developing a website in accordance
        with the American Institute of Certified Public Accountants (“AICPA”) Statement
        of Position (“SOP”) No. 98-1, “ *Accounting
        for the Costs of Computer Software Developed or Obtained for Internal
        Use* ”.
        Relating to website development costs, the Company follows the guidance pursuant
        to the Emerging Issues Task Force (“EITF”) No, 00-2, “ *Accounting
        for Website Development Costs* ”
(“EITF
        00-2”).
 
 Costs
        associated with the website consist primarily of website development costs
        paid
        to a third party. These capitalized costs will be amortized based on their
        estimated useful life over three years upon the website becoming operational.
        Internal costs related to the development of website content will be charged
        to
        operations as incurred.
 
 ***Long-lived
        assets***
 
 In
        accordance with the Financial Accounting Standards Board (“FASB”) SFAS No. 144,
“ *Accounting
        for the Impairment or Disposal of Long-Lived Assets* ”,
        the
        carrying value of intangible assets and other long-lived assets is reviewed
        on a
        regular basis for the existence of facts or circumstances that may suggest
        impairment. The Company recognizes impairment when the sum of the expected
        undiscounted future cash flows is less than the carrying amount of the asset.
        Impairment losses, if any, are measured as the excess of the carrying amount
        of
        the asset over its estimated fair value.
 
 ***Financial
        instruments***
 
 The
        fair
        values of cash, prepaid expense, accrued liabilities and amounts due to a
        related party was estimated to approximate their carrying values due to the
        immediate or short-term maturity of these financial instruments. The Company’s
        operations are in Canada resulting in exposure to market risks from changes
        in
        foreign currency rates. The financial risk is the risk to the Company’s
        operations that arise from fluctuations in foreign exchange rates and the
        degree
        of volatility of these rates. Currently, the Company does not use derivative
        instruments to reduce its exposure to foreign currency risks.
 
 ***Basic
        and diluted net income (loss) per share***
 
 The
        Company computes net income (loss) per share in accordance with SFAS No.
        128,
“ *Earnings
        Per Share* ”
(SFAS
        128). SFAS 128 requires presentation of both basic and diluted earnings per
        share (“EPS”) on the face of the income statement. Basic EPS is computed by
        dividing net income (loss) available to common shareholders (numerator) by
        weighted average number of shares outstanding (denominator) during the period.
        Diluted EPS gives effect to all dilutive potential common shares outstanding
        during the period including stock options, using the treasury stock method,
        and
        convertible preferred stock, using the if-converted method. In computing
        Diluted
        EPS, the average stock price for the period is used in determining the number
        of
        shares assumed to be purchased from the exercise of stock options or warrants.
        Diluted EPS excludes all dilutive potential shares if their effect is
        anti-dilutive.
  20
  ***Foreign
        currency translation***
 
 The
        Company’s functional and reporting currency is the United States Dollar.
        Monetary assets and liabilities denominated in foreign currencies are translated
        in accordance with SFAS No. 52 “ *Foreign
        Currency Translation* ”,
        using
        the exchange rate prevailing at the balance sheet date. Gains and losses
        arising
        on settlement of foreign currency denominated transactions or balances are
        included in the determination of income. Foreign currency transactions are
        primarily undertaken in Canadian Dollars. The Company has not, to the date
        of
        these financial statements, entered into derivative instruments to offset
        the
        impact of foreign currency fluctuations.
 
 ***Stock-based
        compensation***
 
 Effective
        January 1, 2006, the Company adopted the fair value recognition provisions
        of
        SFAS No. 123R “ *Share
        Based Payments* ”,
        using
        the modified retrospective transition method. The Company has not issued
        any
        stock options or share based payments since its inception.
 
 ***Recent
        accounting pronouncements***
 
 In
        December 2007, the FASB issued SFAS No. 141(R), *Business
        Combinations, a replacement of FASB Statement No. 141* (SFAS
        No. 141(R)), which significantly changes the principles and requirements
        for how
        the acquirer of a business recognizes and measures in its financial statements
        the identifiable assets acquired, the liabilities assumed and any noncontrolling
        interest in the acquiree. The statement also provides guidance for recognizing
        and measuring the goodwill acquired in the business combination and determines
        what information to disclose to enable users of the financial statements
        to
        evaluate the nature and financial effects of the business combination. This
        statement is effective prospectively, except for certain retrospective
        adjustments to deferred tax balances, for fiscal years beginning after December
        15, 2008. The Company will assess the impact of this statement upon any future
        business combinations.
 
 In
        December 2007, the FASB issued SFAS No. 160, *Noncontrolling
        Interests in Consolidated Financial Statements, an amendment of ARB No.
        51* (SFAS
        No. 160). This statement established accounting and reporting standards for
        the
        noncontrolling interest in a subsidiary and for the deconsolidation of a
        subsidiary. The accounting and reporting for minority interests will be
        recharacterized as noncontrolling interests and classified as a component
        of
        equity separate from the parent’s equity. In addition, SFAS No. 160 establishes
        reporting requirements that provide sufficient disclosures that clearly identify
        and distinguish between the interests of the parent and the interests of
        the
        noncontrolling owners. This statement is effective prospectively, except
        for
        certain retrospective disclosure requirements, for fiscal years beginning
        after
        December 15, 2008. Accordingly, the Company will adopt SFAS No. 160 in the
        fiscal year 2009.
 
 In
        September 2006, the FASB issued SFAS No. 158, “ *Employers’
        Accounting for Defined Benefit Pension and Other Postretirement Plans - an
        amendment of FASB Statements No. 87, 88, 106 and 132(R). “* This
        statement requires employers to recognize the overfunded or underfunded status
        of a defined benefit postretirement plan (other than a multiemployer plan)
        as an
        asset or liability in its statement of financial position and to recognize
        changes in that funded status in the year in which the changes occur through
        comprehensive income of a business entity or changes in unrestricted net
        assets
        of a not-for-profit organization. This statement also requires an employer
        to
        measure the funded status of a plan as of the date of its year-end statement
        of
        financial position, with limited exceptions. The provisions of SFAS No. 158
        are
        effective for employers with publicly traded equity securities as of the
        end of
        the fiscal year ending after December 31, 2006. The adoption of this statement
        is not expected to have a material effect on the Company’s future reported
        financial position or results of operations.
 
 In
        September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”. The
        objective of SFAS No. 157 is to increase consistency and comparability in
        fair
        value measurements and to expand disclosures about fair value measurements.
        SFAS
        No. 157 defines fair value, establishes a framework for measuring fair value
        in
        generally accepted accounting principles, and expands disclosures about fair
        value measurements. SFAS No. 157 applies under other accounting pronouncements
        that require or permit fair value measurements and does not require any new
        fair
        value measurements. The provisions of SFAS No, 157 are effective for fair
        value
        measurements made in fiscal years beginning after November 15, 2007. The
        adoption of this statement is not expected to have a material effect on the
        Company’s future reported financial position or results of
        operations.
  21
  In
        June
        2006, the Financial Accounting Standards Board (“FASB”) issued FASB Integration
        No. 48, “ *Accounting
        for Uncertainty in Income Taxes, an interpretation of FASB Statements No.
        109”* (“FIN
        48”). FIN 48 clarifies the accounting for uncertainty in income taxes by
        prescribing a two-step method of first evaluating whether a tax position
        has met
        a more likely than not recognition threshold and second, measuring that tax
        position to determine the amount of benefit to be recognized in the financial
        statements. FIN 48 provides guidance on the presentation of such positions
        within a classified statement of financial position as well as on derecognition,
        interest and penalties, accounting in interim periods, disclosure and
        transition. FIN 48 is effective for fiscal years beginning after December
        15,
        2006. The adoption of this standard is not expected to have a material effect
        on
        the Company’s results of operations or financial position.
 
 ***Other
        comprehensive income (loss)***
 
 SFAS
        No.
        130, “ *Reporting
        Comprehensive Income/(Loss* ),”
        establishes standards for the reporting and display of comprehensive income
        or
        loss and its components in the financial statements. As of December 31, 2007
        and
        2006, the Company has no items that represent comprehensive loss.
 
 ***Revenue
        recognition***
 
 The
        Company has not generated any revenue since inception on December 28,
        2004.
 
 **3**
              **WEBSITE
                  DEVELOPMENT COST**
 
 In
        2006
        the Company paid a $5,000 fee to a third-party consultant for the development
        of
        the Company’s website. The capital expenditure was initially capitalized in
        accordance with EITF 00-2. As of December 31, 2006, the cost was written
        off as
        it is uncertain whether the Company will be able to recover the amount
        paid.
 
 **4**
                **RELATED
                    PARTY TRANSACTIONS**
 
 The
        President of the Company provided management services to the Company with
        a fair
        value of $1,000 per month. During the year ended December 31, 2006 the Company
        recognized a total of $12,000 (2005 - $12,000). The amounts were charged
        to
        operations and treated as donated capital.
 
 The
        Company has not paid for management services provided from inception through
        the
        period ended December 31, 2007.
 
 **5**
              **STOCKHOLDERS’
                  EQUITY**
  On
        December 18, 2007, the Board of Directors declared a six-for-one stock split,
        effected in the form of a dividend, payable to the stockholders of record
        of the
        Company as of January 2, 2008. The stock dividend was paid on January 4,
        2008.
        Each stockholder received six additional shares of the Company’s common stock
        for each one share of the Company’s common stock which they held on the record
        date. Following the payment of the stock dividend, the issued and outstanding
        share ownership of the Company increased from 6,007,650 shares of Company
        common
        stock to 42,053,550 shares of common stock. The Company retained the current
        par
        value of $0.00001 per share for all common shares. All references in the
        financial statements and notes to the number of shares outstanding and per
        share
        amounts of the Company’s common stock have been restated to reflect the effect
        of the stock split for all periods presented.
 
 **6**
              **INCOME
                  TAXES**
 
 The
        Company has available $111,000 of net operating loss carryforwards available
        to
        offset future taxable income, if any. These carryforwards expire as
        follows:
 
 2024
              
              $
              43,0002025
              
              $
              30,7002026
              
              $
              37,300
  22
 
 The
        Company has a deferred tax asset of approximately $38,000 relating to available
        net operating loss carryforwards for which a valuation allowance has been
        provided.
 
 **7**
              **SUBSEQUENT
                  EVENTS**
 
 On
        March
        7, 2008 the Company sold 470,450 post split shares of its common stock and
        117,613 warrants to its principal shareholder for $940,900. The warrants
        become
        exercisable at $.25 per share on March 3, 2009 and expire on March 3,
        2018.
 
 The
        proceeds from this sale were invested in BQT Solutions, Limited (“BQT”). The
        Company intends to invest an aggregate of $18,000,000 in BQT and its affiliated
        companies, subject to obtaining approval from the BQT shareholders. The
        principal shareholder of the Company has undertaken to provide the Company
        with
        the funds required to complete the above mentioned investments.
 
 In
        March
        2008 the Company issued a warrant to purchase 20,000,000 shares of common
        stock
        for $3.45 per share in consideration for international corporate development
        services to be rendered to the Company. The warrant will vest and become
        exercisable in three equal tranches when certain events occur.
 
 **8**
              **RESTATEMENT
                  OF FINANCIAL STATEMENTS**
 
 On
        July
        7, 2008, the Company determined that certain amounts in the financial statements
        and financial information provided in the Company’s Annual Report on Form 10-KSB
        for the year ended December 31, 2007 contained certain bookkeeping recognition
        and classification errors. The Company’s Chief Financial Officer made these
        determinations. The recognition and classification issues pertained to certain
        of the Company’s legal fees which were paid by Rudana Investment Group AG, the
        Company’s majority shareholder. The Company’s Chief Financial Officer discussed
        the matters set forth in item 4.02(a) with the Company’s independent
        auditor.
 
 The
        following is a summary of the effects of the restatement on the Company’s
        financial statements as of and for the year ended December 31,
        2007:
 
 Year ended December 31, 2007
              
              From inception (December 28,
                2004) to December 31, 2007As previously
                reported
              
              As restated
              
              As previously
                reported
              
              As restatedProfessional fees
              
              $
              36,210
              
              $
              92,602
              
              $
              91,640
              
              $
              148,032Net loss
              
              
              (37,285
              )
              
              (93,677
              )
              
              (134,954
              )
              
              (191,346
              )Loss per common share
              
              
              (0.0008
              )
              
              (0.0022
              )
              
              -
              
              
              -
  As of December 31, 2007As previously
                reported
              
              As restatedAccrued
                  expenses
              
              $
              18,000
              
              $
              74,392Deficit
                  accumulated during development stage
              
              
              (135,314
              )
              
              (191,706
              )Total
                  stockholders’ deficiency
              
              
              (11,687
              )
              
              (68,079
              )
  23


**ITEM
      8:**  **CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL**  **DISCLOSURE**  ****





Subsequent
      to the period covered by this Report, on March 6, 2008, the Company dismissed
      its independent auditor, Manning Elliott LLP. Effective as of March 6, 2008,
      the
      Company has retained Paritz & Company, P.A., as its independent auditor. The
      decision to change auditors was approved by the Audit Committee of the Company's
      Board of Directors.





During
      the Company's two most recent fiscal years the opinion of Manning Elliott LLP
      on
      the Company's financial statements did not contain an adverse opinion or
      disclaimer of opinion and was not qualified or modified as to uncertainty,
      audit
      scope or accounting principles, except as follows. Each of the independent
      auditor's reports of Manning Elliott LLP dated February 23, 2007 (for the year
      ended December 31, 2006) and February 7, 2006 (for the year ended December
      31,
      2005) contained “going concern” qualifications. This qualification in each
      report indicated that Company has not generated any revenue and has accumulated
      losses since inception and will need additional equity financing to begin
      realizing its business plan and stressed the absence of any resulting
      adjustments in the financial statements; thus raising substantial doubts
      regarding the Company's ability to continue as a going concern. During the
      Company's two most recent fiscal years, and through the date of their dismissal,
      there were no disagreements with Manning Elliott LLP, whether or not resolved,
      on any matter of accounting principles or practices, financial statement
      disclosure, or auditing scope or procedure, which disagreements, if not resolved
      to Manning Elliott LLP’s satisfaction, would have caused it to make reference to
      the subject matter of the disagreement(s) in connection with its
      report.




**ITEM
      8A:**  **CONTROLS
      AND PROCEDURES**





As
      of the
      end of the period covered by this Report, an evaluation was carried out under
      the supervision and with the participation of our management, including our
      Chief Executive Officer and Chief Financial Officer, of the effectiveness of
      our
      disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated
      under the Securities and Exchange Act of 1934 (the “Exchange Act”). Based on
      their evaluation, the Company’s Chief Executive Officer and Chief Financial
      Officer have concluded that the Company’s disclosure controls and procedures
      were effective to ensure that information required to be disclosed by the
      Company in reports that it files or submits under the Exchange Act is recorded,
      processed, summarized and reported within the time periods specified in
      Securities and Exchange Commission rules and forms.





**Management’s
      Annual Report on Internal Control Over Financial Reporting**




Management
      is responsible for establishing and maintaining adequate internal control over
      financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange
      Act) of the Company. Internal control over financial reporting is a process
      designed to provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external purposes
      in
      accordance with accounting principles generally accepted in the United States
      of
      America.





The
      Company’s internal control over financial reporting includes those policies and
      procedures that (i) pertain to the maintenance of records that, in
      reasonable detail, accurately and fairly reflect the transactions and
      dispositions of the assets of the company; (ii) provide reasonable
      assurance that transactions are recorded as necessary to permit preparation
      of
      financial statements in accordance with accounting principles generally accepted
      in the United States of America, and that receipts and expenditures of the
      Company are being made only in accordance with authorizations of management
      and
      directors of the Company; and (iii) provide reasonable assurance regarding
      prevention or timely detection of unauthorized acquisition, use or disposition
      of the Company’s assets that could have a material effect on the financial
      statements.





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





As
      of the
      end of the period covered by this report, the Company carried out, under the
      supervision and with the participation of the Company’s management, including
      its Chief Executive Officer and Chief Financial Officer, an evaluation of the
      effectiveness of the design and operation of the Company’s disclosure controls
      and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities
      Exchange Act of 1934) in ensuring that information required to be disclosed
      by
      the Company in its reports is recorded, processed, summarized and reported
      within the required time periods. In carrying out that evaluation, management
      identified a material weakness (as defined in Public Company Accounting
      Oversight Board Standard No. 2) in our internal control over financial
      reporting.




The
      material weakness identified by Management consisted of inadequate staffing
      and
      supervision within the bookkeeping and accounting operations of the Company.
      The
      relatively small number of employees who have bookkeeping and accounting
      functions prevents us from segregating duties within the Company’s internal
      control system. The inadequate segregation of duties is a weakness because
      it
      could lead to the untimely identification and resolution of accounting and
      disclosure matters or could lead to a failure to perform timely and effective
      reviews. Accordingly, based on their evaluation of the Company’s disclosure
      controls and procedures as of December 31, 2007, the Company’s Chief Executive
      Officer and its Chief Financial Officer have concluded that, as of that date,
      the Company’s controls and procedures were not effective for the purposes
      described above. The Company intends to take steps to remediate such procedures
      as soon as reasonably possible.




24




This
      Report does not include an attestation report of the Company’s registered public
      accounting firm regarding internal control over financial reporting.
      Management’s report was not subject to attestation by our registered public
      accounting firm pursuant to temporary rules of the SEC that permit us to provide
      only management’s report in this Report on Form 10-K.





**Changes
      in Internal Control Over Financial Reporting**





There
      was
      no change in the Company’s internal control over financial reporting (as defined
      in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934)
      during the quarter ended December 31, 2007 that has materially affected or
      is
      reasonably likely to materially affect the Company’s internal control over
      financial reporting.




**ITEM
      8B:**  **OTHER
      INFORMATION**





None.


25





**PART
      III**





**ITEM
      9:**  **DIRECTORS,
      EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH**  **SECTION
      16(A) OF THE EXCHANGE ACT**  ****





The
      following table presents information with respect to our officers, directors
      and
      significant employees as of March 28, 2008:




Name
            
            Age
            
            PositionGerald
                Sullivan
            
            47
            
            Chief
                Financial Officer and Interim President and Chief Executive
                OfficerBarbara
                S. Salz
            
            57
            
            Corporate
                SecretaryDr.
                Augustine Fou
            
            36
            
            DirectorDr.
                Riccardo Maggiora
            
            38
            
            Director





Each
      director serves until the next annual meeting of shareholders and until his/her
      successor shall have been elected and qualified.





**Biographical
      Information Regarding Officers and Directors**





Mr.
      Gerald Sullivan, Chief Financial Officer and Interim President and Chief
      Executive Officer. Mr. Sullivan has served as an officer of the Company since
      February 6, 2008. Mr. Sullivan has served as President, Chief Executive Officer
      and Chief Financial Officer of the Industry Leaders Fund since 1999. Mr.
      Sullivan has more than ten years of experience in highly regulated financial
      reporting systems. Mr. Sullivan has also served as President and Chief
      Investment Officer of Claremont Investment Partners, L.L.C. since 1997. Mr.
      Sullivan obtained his undergraduate degree from Columbia University and holds
      an
      M.B.A. from the University of Chicago, Graduate School of Business. Mr. Sullivan
      renders his services to the Company on a part time basis.





Barbara
      S. Salz, Corporate Secretary. Ms. Salz has served as Corporate Secretary of
      the
      Company since February 6, 2008. Ms. Salz provides her services to the Company
      through Corporate Secretarial Services LLC, a New Jersey Limited Liability
      Company (“CSS”). Ms. Salz has served CSS since 2003. CSS provides corporate
      secretarial officer services to companies in the United States and abroad.
      Ms.
      Salz renders her services to the Company on a part time basis.





Dr.
      Augustine Fou, Director. Dr. Fou has served as a director of the Company since
      February 6, 2008. Dr. Fou earned his doctorate at the Massachusetts Institute
      of
      Technology Department of Materials Science and Engineering, and completed a
      course of study in the Management of Technology, MIT Sloan School of Management.
      Dr. Fou earned his BS summa cum laude from the University of Dallas. Dr. Fou
      has
      served as a consultant with McKinsey & Company. In 1996 he founded
      go-Digital Internet Consulting Group, Inc. where his consulting mandates through
      1999 included work for IBM, the Federal Reserve Bank of New York, the Norwegian
      Trade Council, the Ministry of Finance of the Government of Macao, the Canadian
      Consulate General, and Gouvernement du Quebec. Since 1999, Dr. Fou has been
      affiliated with Marketing Science Consulting Group, Inc. which he founded as
      a
      technology services firm and which automates large-scale consumer marketing
      campaigns using a variety of high technology marketing, interactivity, and
      payment modules.





Dr.
      Riccardo Maggiora, Director. Dr. Maggiora has served as a director of the
      Company since December 18, 2007. Dr. Maggiora is an Associate Professor and
      member of Antenna and Electromagnetic Compatibility Laboratory (LACE),
      Politecnico di Torino, Italy. Professor Maggiora has a more than ten years
      of
      experience in designing and accomplishing the realization of a variety of radar
      and image processing systems. Professor Maggiora is the inventor of patented
      technologies in the area of ground intrusion detection radar. He also serves
      on
      the Board and as CEO of BQT Polito Space Technologies SpA.


26





Involvement
      in Certain Legal Proceedings





To
      our
      knowledge, during the past five years, no director, person nominated to become
      a
      director, executive officer, promoter or control person of the company: (1)
      had
      any bankruptcy petition filed by or against any business of which such person
      was a general partner or executive officer either at the time of the bankruptcy
      or within two years prior to that time; (2) was convicted in a criminal
      proceeding or subject to a pending criminal proceeding (excluding traffic
      violations and other minor offenses); (3) was the subject of any order, judgment
      or decree, not subsequently reversed, suspended or vacated, of any court of
      competent jurisdiction, permanently or temporarily enjoining, barring,
      suspending or otherwise limiting his involvement in any type or business,
      securities or banking activities; or (4) was found by a court of competent
      jurisdiction in a civil action or by the U.S. Securities and Exchange Commission
      or the Commodity Futures Trading Commission to have violated a federal or state
      securities or commodities law, and the judgment has not been reversed, suspended
      or vacated.




**Section
      16 (a) Beneficial Ownership Reporting Compliance**





Section
      16(a) of the Exchange Act requires our executive officers and directors, and
      persons who beneficially own more than 10% of our equity securities, to file
      reports of ownership and changes in ownership with the Securities and Exchange
      Commission. Officers, directors and greater than 10% shareholders are required
      by SEC regulation to furnish the Company with copies of all Section 16(a) forms
      they file. Based solely on our review of the copies of such forms we received,
      we believe that during the year ended December 31, 2007, all such filing
      requirements applicable to our officers and directors were complied with, except
      that reports were filed late by the following persons:




Name
            
            Number of
              Late Reports
            
            Transactions
              Not Timely Reported
            
            Known Failures to
              File a Required
              FormRudana
                Investment Group AG (1)
            
            
            1
            
            
            
            
            
            1
            
            
            
            
            
            0





(1)
            Rudana
                Investment Group AG filed a Report on Form 3 on December 18, 2007
                which
                was due on December 15, 2007.




**Code
      of Ethics**





We
      have
      adopted a corporate code of ethics. We believe our code of ethics is reasonably
      designed to deter wrongdoing and promote honest and ethical conduct; provide
      full, fair, accurate, timely and understandable disclosure in public reports;
      comply with applicable laws; ensure prompt internal reporting of code
      violations; and provide accountability for adherence to the code.





We
      have
      posted a copy of our Code of Ethics on our website, www.4CControls.com. We
      adopted a new Code of Ethics on March 27, 2008. We had not granted any waivers
      to the prior version of the Code of Ethics. The purpose of the adoption of
      the
      new Code of Ethics was to conform it to our new business model announced on
      March 4, 2008 and have it be responsive to our new management structure. To
      the
      knowledge of the Company, there were no reported violations under the prior
      version of the Code of Ethics. No persons have benefitted from the adoption
      of
      the new Code of Ethics. In the event of any future amendments to, or waivers
      from, the provisions of the new Code of Ethics, we intend to describe on our
      Internet website, within four business days following the date of a waiver
      or a
      substantive amendment, the date of the waiver or amendment, the nature of the
      amendment or waiver, and the name of the person to whom the waiver was
      granted.





**Board
      Committees**





**Audit
      Committee and Charter**





We
      have a
      designated audit committee of the board. Audit committee functions are performed
      by our entire board of directors, in accordance with the Company’s audit
      committee charter. Dr. Fou is the sole director who may be deemed independent.
      Our audit committee is responsible for: (1) selection and oversight of our
      independent accountant; (2) establishing procedures for the receipt, retention
      and treatment of complaints regarding accounting, internal controls and auditing
      matters; (3) establishing procedures for the confidential, anonymous submission
      by our employees of concerns regarding accounting and auditing matters; (4)
      engaging outside advisors; and (5) funding for the outside auditory and any
      outside advisors engagement by the audit committee.


27





**Audit
      Committee Financial Expert**





None
      of
      our directors or officers have the qualifications or experience to be considered
      a financial expert. We believe the cost related to retaining a financial expert
      at this time is prohibitive. Further, because of our limited operations, we
      believe the services of a financial expert are not yet warranted. We intend
      to
      appoint an audit committee financial expert during the foreseeable
      future.





**Disclosure
      Committee**





We
      have a
      designated disclosure committee of the board. Disclosure committee functions
      are
      performed by our entire board of directors, in accordance with the Company’s
      disclosure committee charter.




**ITEM
      10:**  **EXECUTIVE
      COMPENSATION**





**Summary
      Compensation Table**





No
      officer of the Company received any compensation during the past two fiscal
      years.





**Outstanding
      Equity Awards at Fiscal Year-End**





There
      were no outstanding equity awards at the 2007 fiscal year end for any officer
      or
      director.


**Director
      Compensation**





No
      director of the Company received any compensation during the 2007 fiscal
      year.





The
      following table sets forth the Company’s current scheduled payments for members
      of the Board of Directors:





Cash
                Compensation
            
            All Non-Executive
              Directors
            
            Chairman
            
            Fees for Non-
              Executive Committee
              Chairs (Audit
              Committee)
            
            Fees for Non-
              Executive Committee
              Chairs
              (Compensation
              Committee and
              Nominating and
              Corporate
              Governance
              Committee)Retainer
                (1)
            
            $
            24,000
            
            
            N/A
            
            
            
            
            
            N/A
            
            
            
            
            
            N/A





(1)
      Paid
      in increments of $2,000 per month.





Directors
      receive reimbursement for reasonable out of pocket costs incurred in connection
      their service as Directors.





**Employment
      Contracts**





As
      of the
      end of the fiscal year ended December 31, 2007, the Company did not have any
      employment contracts with any officer, director or other employees. The Company
      expects to enter into written agreements with its officers, directors and key
      employees during 2008.





The
      Company and Gerald Sullivan have agreed that Mr. Sullivan’s compensation as an
      officer of the Company will be $100,000 per annum. Mr. Sullivan serves the
      Company on a part-time basis. As of March 28, 2008, none of the other Company
      officers of directors are entitled to aggregate compensation in excess of
      $100,000. The Company expects to adopt an equity incentive plan for its
      officers, directors and key employees during 2008 and make grants under such
      plan in accordance with comparable industry standards.


28




**ITEM
      11:**  **SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED**  **STOCKHOLDER
      MATTERS**  ****





**Equity
      Compensation Plan Information as of December 31, 2007**





As
      of
      December 31, 2007, no equity securities of the Company were authorized for
      issuance pursuant to equity compensation plans.





**Security
      Ownership of Certain Beneficial Owners and Management**





The
      following table sets forth certain information regarding the beneficial
      ownership of Common Stock as of March 28, 2008 by (i) each director of the
      Company, (ii) each of the Company's officers named in the Summary Compensation
      Table, (iii) each person who is known by the Company to be the beneficial owner
      of more than five percent of the Company's outstanding Common Stock, and (iv)
      all directors and executive officers as a group. Except as otherwise indicated
      below, each person named has sole voting and investment power with respect
      to
      the shares indicated. The percentage of ownership set forth below reflects
      each
      holder's ownership interest in the 42,524,000 shares of the Company's common
      stock outstanding as of March 28, 2008.





The
      Company intends to adopt an equity incentive plan for its officers, directors
      and key employees during 2008.




Amount
      and Nature of Beneficial Ownership




**Name
                and Address of Beneficial Owner**
            
            **Shares**
            
            **Options/**
              **Warrants**
            
            **Total**
            
            **Percentage of**
              **Shares**
              **Outstanding****Five
                Percent Stockholders**Rudana
                Investment Group AG (1)
            
            
            35,470,450
            
            
            117,613
            
            
            35,588,063
            
            
            
            
            
            83.7
            %**Executive
                Officers and Directors**Gerald
                Sullivan (2)
            
            
            0
            
            
            0
            
            
            0
            
            
            
            
            
            0Sharif
                Rehuman (3)
            
            
            0
            
            
            0
            
            
            0
            
            
            
            
            
            0Alexei
                Gavriline (4)
            
            
            0
            
            
            0
            
            
            0
            
            
            
            
            
            0John
                Genner (5)
            
            
            0
            
            
            0
            
            
            0
            
            
            
            
            
            0Riccardo
                Maggiora (6)
            
            
            0
            
            
            0
            
            
            0
            
            
            
            
            
            0All
                Officers and Directors as a Group (7)
            
            
            0
            
            
            0
            
            
            0
            
            
            
            
            
            0





(1)
            On
                December 18, 2007, Rudana acquired 5 million shares of the Company’s
                common stock from Mr. Alexei Gavriline. Pursuant to the payment of
                a stock
                dividend to all Company shareholders of record as of January 2, 2008,
                the
                common stock ownership of Rudana increased to 35 million shares on
                January
                4, 2008. On March 7, 2008, the Company entered into a Subscription
                Agreement (the “Subscription Agreement”) with Rudana. In consideration of
                US$940,900 (AUD$1 million) which was paid by Rudana directly to BQT
                Solutions on behalf of the Company as the first tranche of the BQT
                Group
                Securities Purchase Agreement investment, Rudana purchased 470,450
                shares
                of the Company’s common stock and 117,613 Warrants. The Warrants will
                become exercisable on March 3, 2009 and will expire on March 3, 2018.
                The
                Warrants are each exercisable for the purchase of one share of Company
                common stock at a purchase price of $0.25 per share. As of the date
                of
                filing of this Report, Rudana beneficially owns 35,588,063 shares
                of the
                Company’s common stock, including the shares underlying the
                Warrants.(2)
            Mr.
                Sullivan has served as the Chief Financial Officer and the Interim
                President and Chief Executive Officer of the Company since February
                6,
                2008.(3)
            Mr.
                Rehuman served as the President and Chief Executive Officer of the
                Company
                from December 18, 2007 until February 4, 2008.(4)
            Mr.
                Gavriline served as a director and as the President, Chief Executive
                Officer and Chief Financial Officer of the Company from December
                28, 2004
                until December 18, 2007.(5)
            Mr.
                Genner served as a director of the Company from December 18, 2007
                until
                February 5, 2008.(6)
            Dr.
                Maggiora has served as a director of the Company since December 18,
                2007.(7)
            Includes
                only the CEO and other officers and directors who serve in policy-making
                roles and earn more than $100,000 as calculated after reductions
                for
                non-tax qualified compensation and nonqualified deferred compensation
                plans.





29





The
      mailing address for each of the listed individuals is c/o 4C Controls Inc.,
      Rockefeller Center, 1230 Avenue of the Americas - 7th Floor, New York, NY
      10020.





The
      Company is unaware of any pledges of any shares, options or warrants by any
      of
      the individuals or entities listed above.





**Changes
      in Control**





As
      of the
      date of filing of this Report, the Company is unaware of any arrangement which
      may result in a change in control.




**ITEM
      12:**  **CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
      INDEPENDENCE**





**Certain
      Relationships and Related Transactions**





Sale
      of
      Securities to Rudana Investment Group AG





On
      December 18, 2007, Rudana acquired 5 million shares of the Company’s common
      stock from Mr. Alexei Gavriline. Pursuant to the payment of a stock dividend
      to
      all Company shareholders of record as of January 2, 2008, the common stock
      ownership of Rudana increased to 35 million shares on January 4, 2008. On March
      7, 2008, the Company entered into a Subscription Agreement with Rudana. In
      consideration for the payment of US$940,900 (AUD$1 million) paid directly by
      Rudana to BQT Solutions on behalf of the Company as the first tranche of the
      BQT
      Group Securities Purchase Agreement investment, Rudana purchased 470,450 shares
      of the Company’s common stock at a purchase price of $2.00 per share and 117,613
      Warrants. The Warrants will become exercisable on March 3, 2009 and will expire
      on March 3, 2018. The Warrants are each exercisable for the purchase of one
      share of Company common stock at a purchase price of $0.25 per share. As of
      March 28, 2008, Rudana beneficially owns 35,588,063 shares of the Company’s
      common stock, including the shares underlying the Warrants.  The Company
      has utilized the proceeds of the transaction for purposes of commencement of
      the
      Company’s new business model.





Review
      by
      Board of Directors





The
      Board
      of Directors of the Company has ratified and approved the foregoing two
      transactions. On the basis of its review, the Board of Directors concluded
      that
      the terms and conditions of these transactions are fair and reasonable to the
      Company. The Board of Directors of the Company furthermore concluded that these
      transactions will benefit the Company’s shareholders notwithstanding the
      related-party aspect of these transactions.





Director
      Independence





As
      of
      March 28, 2008, the Company has two directors. The Company’s Board of Directors
      has determined that Augustine Fou is independent, and Riccardo Maggiora is
      not
      independent. The Company has adopted the standards for independence contained
      in
      the Nasdaq Marketplaces Rules, Rule 4350(d) and Rule 4200(a)(15).





The
      Company’s Board of Directors currently has an Audit Committee and a Disclosure
      Committee. Both of these committees consist of the entire Board of
      Directors.


30




**ITEM
      13:**  **EXHIBITS**  ****





(a)
        Exhibits





Exhibit
                No.
            
            Description
                of ExhibitsExhibit
                3.1
            
            Articles
                of Incorporation, incorporated by reference to Exhibit 3.1 to the
                Company’s Registration Statement on Form SB-2, filed with the Securities
                and Exchange Commission on March 2, 2005.Exhibit
                3.2
            
            Bylaws,
                as amended, incorporated by reference to Exhibit 3.2 to the Company’s
                Report on Form 10-KSB, filed with the Securities and Exchange Commission
                on March 31, 2008.Exhibit
                3.3
            
            Articles
                of Incorporation, as amended, incorporated by reference to Exhibit
                3.3 to
                the Company’s Report on Form 8-K, filed with the Securities and Exchange
                Commission on February 15, 2008.Exhibit
                4.1
            
            Specimen
                Stock Certificate, incorporated by reference to Exhibit 4.1 to the
                Company’s Registration Statement on Form SB-2, filed with the Securities
                and Exchange Commission on March 2, 2005.Exhibit
                10.1
            
            Securities
                Purchase and Sale Agreement, dated December 5, 2007, between Rudana
                Investment Group AG and Alexei Gavriline, incorporated by reference
                to
                Exhibit 99.1 to Rudana Investment Group AG’s Schedule 13D, filed with the
                Securities and Exchange Commission on December 18,
                2007.Exhibit
                14.1
            
            Code
                of Ethics, adopted March 27, 2008, incorporated by reference to Exhibit
                14.1 to the Company’s Report on Form 10-KSB, filed with the Securities and
                Exchange Commission on March 31, 2008.Exhibit
                21
            
            List
                of Subsidiaries.Exhibit
                31.1
            
            Certification
                of Principal Executive Officer pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002.Exhibit
                31.2
            
            Certification
                of Principal Financial Officer pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002.Exhibit
                32.1
            
            Certification
                of the Principal Executive Officer pursuant to 18 U.S.C. Section
                1350, as
                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
                2002.Exhibit
                32.2
            
            Certification
                of the Principal Financial Officer pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                of
                2002.Exhibit
                99.1
            
            Audit
                Committee Charter, incorporated by reference to Exhibit 99.1 to the
                Company’s Report on Form 10-KSB, filed with the Securities and Exchange
                Commission on February 28, 2006.Exhibit
                99.2
            
            Disclosure
                Committee Charter, incorporated by reference to Exhibit 99.2 to the
                Company’s Report on Form 10-KSB, filed with the Securities and Exchange
                Commission on February 28,
                2006.


31





**ITEM
      14:**  **PRINCIPAL
      ACCOUNTANT FEES AND SERVICES**  ****





**Audit
      Fees**





The
      aggregate fees billed by Paritz & Company, P.A., for professional services
      rendered for the audit of the Company's annual financial statements for the
      fiscal year ended December 31, 2007 totaled $15,000.  The aggregate fees
      billed by Manning Elliot LLP, Charted Accountants, for professional services
      rendered for the quarterly review of the Company’s financial statements and for
      that portion of the audit of the Company’s annual financials statements for the
      fiscal year ended December 31, 2006 which was performed in the year ended
      December 31, 2007 totaled $10,625. The aggregate fees billed by Manning Elliot
      LLP, Charted Accountants, for professional services rendered for the quarterly
      review of the Company’s financial statements and for that portion of the audit
      of the Company’s annual financials statements for the fiscal year ended December
      31, 2005 which was performed in the year ended December 31, 2006 totaled
      $8,800.





**Audit-Related
      Fees**





The
      aggregate fees billed by Paritz & Company, P.A. for audit related services
      for the fiscal year ended December 31, 2007, and which are not disclosed in
      “Audit Fees” above, were $0. The aggregate fees billed by Manning Elliott LLP,
      Chartered Accountants for audit related services for the fiscal year ended
      December 31, 2006 and which are not disclosed in “Audit Fees” above, were
      $0.





**Tax
      Fees**





The
      aggregate fees billed by Paritz & Company, P.A. for tax compliance for the
      fiscal year ended December 31, 2007 was $3,000. The aggregate fees billed by
      Manning Elliott LLP, Chartered Accountants for tax compliance for the fiscal
      year ended December 31, 2006 was $0.





**All
      Other Fees**





The
      aggregate fees billed by Paritz & Company, P.A. for services other than
      those described above, for the year ended December 31, 2007, were $0. The
      aggregate fees billed by Manning Elliott LLP for services other than those
      described above, for the year ended December 31, 2006, were $0.




**Audit
      Committee Pre-Approval Policies**





Our
      Board
      of Directors reviewed the audit and non-audit services rendered by Paritz &
Company, P.A. and by Manning Elliott LLP during the periods set forth above
      and
      concluded that such services were compatible with maintaining the auditors’
independence. All audit and non-audit services performed by our independent
      accountants are pre-approved by our Board of Directors to assure that such
      services do not impair the auditors’ independence from us.


32





**SIGNATURES**




In
      accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
      this report to be signed on its behalf by the undersigned, thereunto duly
      authorized.




**4C
                CONTROLS INC.**By:
            /s/
                Olivier de VergniesName:    
                Olivier de VergniesTitle:      
                Principal Executive Officer and
              DirectorBy:
            /s/
                Gerald SullivanName:    
                Gerald SullivanTitle:      
                Principal Financial Officer and
              Principal
                Accounting Officer





Dated:September
      18, 2008




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


/s/
                  Olivier de VergniesName:   Olivier
                  de VergniesTitle:     Principal
                  Executive Officer and DirectorDated:
                    September 18, 2008/s/
                  Augustine FouName:   Dr.
                  Augustine FouTitle:     DirectorDated:  
                  September 18, 2008/s/
                  Riccardo MaggioraName:   Dr.
                  Riccardo MaggioraTitle:
                      DirectorDated:
                    September 18, 2008/s/
                  Jean-Robert MartinName:   Jean-Robert
                  MartinTitle:     DirectorDated:
                    September 18, 2008/s/
                  Anne-MariePérusName:Anne-Marie
                  PérusTitle:
                      DirectorDated:
                    September 18, 2008Name:Philippe
                  AubayTitle:
                      DirectorDated:
                    September 18, 2008


33




**Exhibit
      Index**





Exhibit
                No.
            
            Description
                of ExhibitsExhibit
                3.1
            
            Articles
                of Incorporation, incorporated by reference to Exhibit 3.1 to the
                Company’s Registration Statement on Form SB-2, filed with the Securities
                and Exchange Commission on March 2, 2005.Exhibit
                3.2
            
            Bylaws,
                as amended, incorporated by reference to Exhibit 3.2 to the Company’s
                Report on Form 10-KSB, filed with the Securities and Exchange Commission
                on March 31, 2008.Exhibit
                3.3
            
            Articles
                of Incorporation, as amended, incorporated by reference to Exhibit
                3.3 to
                the Company’s Report on Form 8-K, filed with the Securities and Exchange
                Commission on February 15, 2008.Exhibit
                4.1
            
            Specimen
                Stock Certificate, incorporated by reference to Exhibit 4.1 to the
                Company’s Registration Statement on Form SB-2, filed with the Securities
                and Exchange Commission on March 2, 2005.Exhibit
                10.1
            
            Securities
                Purchase and Sale Agreement, dated December 5, 2007, between Rudana
                Investment Group AG and Alexei Gavriline, incorporated by reference
                to
                Exhibit 99.1 to Rudana Investment Group AG’s Schedule 13D, filed with the
                Securities and Exchange Commission on December 18,
                2007.Exhibit
                14.1
            
            Code
                of Ethics, adopted March 27, 2008, incorporated by reference to Exhibit
                14.1 to the Company’s Report on Form 10-KSB, filed with the Securities and
                Exchange Commission on March 31, 2008.Exhibit
                21
            
            List
                of Subsidiaries.Exhibit
                31.1
            
            Certification
                of Principal Executive Officer pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002.Exhibit
                31.2
            
            Certification
                of Principal Financial Officer pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002.Exhibit
                32.1
            
            Certification
                of the Principal Executive Officer pursuant to 18 U.S.C. Section
                1350, as
                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
                2002.Exhibit
                32.2
            
            Certification
                of the Principal Financial Officer pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                of
                2002.Exhibit
                99.1
            
            Audit
                Committee Charter, incorporated by reference to Exhibit 99.1 to the
                Company’s Report on Form 10-KSB, filed with the Securities and Exchange
                Commission on February 28, 2006.Exhibit
                99.2
            
            Disclosure
                Committee Charter, incorporated by reference to Exhibit 99.2 to the
                Company’s Report on Form 10-KSB, filed with the Securities and Exchange
                Commission on February 28,
                2006.


34