UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

[ X ] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

                 For the annual period ended September 30, 2003

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

          For the transition period from              to
                                         ------------    -------------

                         COMMISSION FILE NUMBER: 0-21279
                                                ---------

                          ABSOLUTE WASTE SERVICES, INC.
                  --------------------------------------------
                 (Name of small business issuer in its charter)


           FLORIDA                                                59-3223708
 ------------------------------                               -----------------
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                              Identification No.)

         141 West Jackson Boulevard, Suite 2182, Chicago, Illinois 60604
           ----------------------------------------------------------
          (Address of principal executive offices, including zip code)


                                 (312) 427-5457
                            -------------------------
                           (Issuer's Telephone Number)


                          THERMACELL TECHNOLOGIES, INC.
                                   -----------
                                  (Former name)

     Securities registered under Section 12(b) of the Exchange Act: None.

     Securities registered under Section 12(g) of the Exchange Act: Common
stock, par value $0.0001 per share.

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
YES [ ] NO [X]

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B, and no disclosure will be contained, to the best of the
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB: [ ]

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

     As of May 20, 2005, the aggregate market value of the voting and nonvoting
common equity held by non-affiliates of the registrant was negligible.

     Check whether the issuer has filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. YES [X] NO [ ]

     As of May 20, 2005, the registrant had 60,469,250 shares of common stock,
$0.0001 par value, issued and outstanding.

Documents incorporated by reference: None.

Transitional Small Business Disclosure Format (check one): Yes [ ]  No [X]

<PAGE>


                                      INDEX

                                     PART I

                                                                           Page
                                                                          ------

Item 1.  Description of Business                                             2

Item 2.  Description of Property                                             5

Item 3.  Legal Proceedings                                                   5

Item 4.  Submission of Matters to a Vote of Security Holders                 5

                                    PART II

Item 5.  Market for Common Equity and Related Stockholder Matters            6

Item 6.  Management's Plan of Operation                                      7

Item 7.  Financial Statements                                               14

Item 8.  Changes In and Disagreements With Accountants on Accounting
         and Financial Disclosure                                           15

Item 8A. Controls and Procedures                                            15

Item 8B. Other Information                                                  15

                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance With Section 16(a) of the Exchange Act.                 16

Item 10. Executive Compensation                                             17

Item 11. Security Ownership of Certain Beneficial Owners and Management
         and Related Stockholder Matters                                    17

Item 12. Certain Relationships and Related Transactions                     17

Item 13. Exhibits                                                           18

Item 14. Principal Accountant Fees and Services                             18

Signatures                                                                  20

                                       i

<PAGE>


PART I

Item 1. Description of Business
-------------------------------

Information included in this Report may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended (the
"Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). This information may involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements to be materially different from future results, performance or
achievements expressed or implied by any forward-looking statements.
Forward-looking statements, which involve assumptions and describe our future
plans, strategies and expectations, are generally identifiable by use of the
words "may," "will," "should," "expect," "anticipate," "estimate," "believe,"
"intend" or "project" or the negative of these words or other variations on
these words or comparable terminology. These forward-looking statements are
based on assumptions that may be incorrect, and there can be no assurance that
these projections included in these forward-looking statements will come to
pass. Our actual results could differ materially from those expressed or implied
by the forward-looking statements as a result of various factors. We undertake
no obligation to update publicly any forward-looking statements for any reason,
even if new information becomes available or other events occur in the future.

Overview
--------
We were incorporated in Florida in August 1993. In November 2001, we filed a
voluntary petition for reorganization under Chapter 11 of the U. S. Bankruptcy
Code with the U.S. Bankruptcy Court. On August 30, 2002, the United States
Bankruptcy Court for the Middle District of Florida, Tampa Division, Case No.
01-20854-8G1 issued an order confirming our Plan of Reorganization under Chapter
11 of the Bankruptcy Code, dated as of February 25, 2002 (the "Plan"). Although
the Plan became effective on August 30, 2002 and we commenced implementation of
the Plan on that date, distributions of common stock to our pre-bankruptcy
creditors did not occur until July 31, 2003.

In July 2003, we changed our name to Absolute Waste Services, Inc. On August 23,
2003, we entered into an Agreement and Plan of Merger (the "Merger Agreement")
with Absolute Industries, LLC, a Texas limited liability company, pursuant to
which Absolute Industries, LLC merged into our newly formed wholly owned
subsidiary (the "Merger Sub"), with the Merger Sub being the surviving entity
and succeeding to the business operations of Absolute Industries, LLC (the
"Merger"). In June 2004, we and the former members of Absolute Industries, LLC
agreed to rescind the Merger Agreement and terminate the Merger ab initio, for
each party to return the other party the consideration received in connection
with the Merger, and to release each other from all claims relating to the
Merger Agreement and the Merger. In connection with this transaction, all of the
issued and outstanding stock of the Merger Sub was transferred to the former
members of Absolute Industries, LLC.

Prior to the Merger, we had no material assets, liabilities or business
operations. In substance, we were a publicly held shell corporation whose sole
business activity was the search for a suitable business opportunity. As a
result of the Merger, we engaged in certain business operations as of September
30, 2003, the end of the fiscal year to which this Report relates. Because the
Merger Agreement has been rescinded and the Merger has been terminated ab
initio, and because we no longer have any ownership interest in Merger Sub and
therefore no longer engage in the type of business previously engaged in by the
Merger Sub, this Annual Report on Form 10-KSB will treat us as a publicly held
shell.

We are seeking business opportunities through a merger with, or acquisition of,
one or more private companies. We have had no material operations in the past
ten months. We are not presently engaged in, and do not plan to engage in, any
substantive commercial business for an indefinite period of time.

We believe that there is a demand by non-public corporations for shell
corporations that have a public distribution of securities. We believe that
demand for shell corporations has increased dramatically since the Securities
and Exchange Commission (the "Commission") imposed additional requirements upon
"blank check" companies pursuant to Rule 419 of the Act. According to the
Commission, Rule 419 was designed to strengthen regulation of securities
offerings by blank check companies, which Congress has found to have been a
common vehicle for fraud and manipulation in the penny stock market. The
foregoing regulation has substantially decreased the number of "blank check"
offerings filed with the Commission, and as a result has stimulated an increased
demand for shell corporations. While we have made the foregoing assumption,
there is no assurance that the same is accurate or correct and, accordingly, no
assurance that we will merge with or acquire an existing private entity.

                                       2

<PAGE>


General
-------
We propose to seek, investigate and, if warranted, acquire an interest in one or
more business opportunity ventures. As of the date hereof, we have no business
opportunities or ventures under contemplation for acquisition or merger, but we
propose to investigate potential opportunities with investors or entrepreneurs
with a concept which has not yet been placed in operation, or with firms which
are developing companies. We may seek out established businesses which may be
experiencing financial or operation difficulties. We anticipate that we will
seek to merge with or acquire an existing business. After the merger or
acquisition has taken place, we will be the surviving entity, however,
management from the acquired entity will in all likelihood control our
operations. There is a remote possibility that we may seek to acquire and
operate a business which is not currently operating, in which case our existing
management might be retained. Due to the absence of capital available for
investment by us, the types of businesses seeking to be acquired by us will
invariably be smaller and higher risk types of businesses. In all likelihood, a
business opportunity will involve the acquisition of or merger with a
corporation which does not need additional cash but which desires to establish a
public trading market for our common stock. Accordingly, our ability to acquire
any business of substance will be extremely limited.

We do not propose to restrict our search for investment opportunities to any
particular industry or geographical location and may, therefore, engage in
essentially any business, anywhere, to the extent of our limited resources.

It is anticipated that business opportunities will be available to us and sought
by us from various sources throughout the United States, including our officer
and director, professional advisors such as attorneys and accountants,
securities broker/dealers, venture capitalists, members of the financial
community, other businesses and others who may present solicited and unsolicited
proposals. We believe that business opportunities and ventures may become
available to us due to a number of factors, including, among others: (a) our
willingness to enter into unproven, speculative ventures; (b) our officer's and
director's contacts and acquaintances; and (c) our flexibility with respect to
the manner in which we may structure potential financing, mergers and/or
acquisitions. However, there is no assurance that we will be able to structure,
finance, merge with and/or acquire any business opportunity or venture.

Our Operations
--------------
Our sole executive officer will seek acquisition/merger candidates and/or orally
contact individuals or broker/dealers and advise them of our availability as an
acquisition candidate. Our sole executive officer will review material furnished
to him by the proposed merger/acquisition candidates and decide if a
merger/acquisition is in our and our shareholders' best interests.

We may employ outside consultants until a merger/acquisition candidate has been
targeted by us; however, we believe that it is impossible to precisely define
the criteria that will be used to hire such consultants. While we may hire
independent consultants, we have not considered any criteria regarding their
experience, the services to be provided, or the term of service. We have not had
any discussions with any consultants and there are no agreements or
understandings with any consultants. Other than as disclosed herein, there are
no other plans for accomplishing our business purposes.

Selection of Opportunities
--------------------------
The analysis of new business opportunities will be undertaken by or under the
supervision of our sole executive officer and director. Inasmuch as we will have
no funds currently available to us in our search for business opportunities and
ventures, and that any funds which subsequently become available to us will
likely be provided in the form of loans from our majority shareholder, we will
not be able to expend significant funds on a complete and exhaustive
investigation of such business or opportunity. We will however, investigate, to
the extent believed reasonable by our sole executive officer, such potential
business opportunities or ventures.

As part of our investigation, we plan to meet personally with management and key
personnel of the firm sponsoring the business opportunity, and we may also visit
and inspect plants and facilities, obtain independent analysis or verification
of certain information provided, check references of management and key
personnel, and conduct other reasonable review, to the extent of our limited
financial resources and management and technical expertise.

                                       3

<PAGE>


Prior to making a decision to participate in a business opportunity or venture,
we will generally request that we be provided with written materials regarding
the business opportunity containing such items as a description of products,
services and company history; management resumes; financial information;
available projections with related assumptions upon which they are based;
evidence of existing patents, trademarks or service marks or rights thereto;
current and proposed forms of compensation to management; a description of
transactions between the prospective entity and our affiliates during relevant
periods; a description of current and required facilities; an analysis of risks
and competitive conditions; and other information deemed by us to be relevant.

It is anticipated that the investigation of specific business opportunities and
the negotiation, drafting and execution of relevant agreements, disclosure
documents and other instruments will require substantial management time and
attention and costs for accountants, attorneys and others. Our majority
shareholder anticipates funding our operations, including providing funds
necessary to search for acquisition candidates, until an acquisition candidate
is found, without regard to the amount involved. Accordingly, no alternative
cash resources have been explored. Note, however, that our majority shareholder
is under no obligation to provide such funding.

We will have unrestricted flexibility in seeking, analyzing and participating in
business opportunities. In our efforts, we will consider the following factors:

     (i) Potential for growth, as indicated by new technology, anticipated
market expansion or new products;

     (ii) Competitive position as compared to other firms engaged in similar
activities;

     (iii) Strength of management;

     (iv) Capital requirements and anticipated availability of required funds
from future operations, through the sale of additional securities, through joint
ventures or similar arrangements or from other sources; and

     (v) Other relevant factors.

Potentially available business opportunities may occur in many different
industries and at various stages of development, all of which will make the task
of comparative investigation and analysis of such business opportunities
extremely difficult and complex. Due to our limited capital and resources that
may be available for investigation, we may not discover or adequately evaluate
adverse facts about the opportunity to be acquired.

We are unable to predict when we may participate in a business opportunity. We
expect, however, that the analysis of specific proposals and the selection of a
business opportunity may take several months or more. We do not plan to raise
any capital at the present time, by private placements, public offerings,
pursuant to Regulation S promulgated under the Act, or by any other means
whatsoever. Further, there are no plans, proposals, arrangements or
understandings with respect to the sale or issuance of additional securities
prior to the location of an acquisition or merger candidate.

Form of Acquisition
-------------------
The manner in which we participate in an opportunity will depend upon the nature
of the opportunity, our needs and desires and the needs and desires of the
promoters of the opportunity, and the relative negotiating strength of us and
such promoters. The exact form or structure of our participation in a business
opportunity or venture will be dependent upon the needs of the particular
situation. Our participation may be structured as an asset purchase agreement, a
lease, a license, a joint venture, a partnership, a merger, or acquisition of
securities.

As set forth above, we may acquire our participation in a business opportunity
through the issuance of common stock or other securities. Although the terms of
any such transaction cannot be predicted, it should be noted that in certain
circumstances the criteria for determining whether or not an acquisition is a
so-called "tax free" reorganization under Section 368(a)(1) of the Internal
Revenue Code of 1986, as amended, may depend upon the issuance to the
shareholders of the acquired company of at least eighty percent (80%) of the
common stock of the combined entities immediately following the reorganization.
If a transaction were structured to take advantage of these provisions rather
than other "tax free" provisions provided under the Internal Revenue Code, all
prior shareholders may, in such circumstances, retain twenty percent (20%) or
less of the total issued and outstanding common stock. This could result in
substantial additional dilution to the equity of those who were our shareholders
prior to such reorganization. Further, extreme caution should be exercised by
any investor relying upon any tax benefits in light of changes that may occur in
the tax laws. It is possible that no tax benefits will exist at all.

                                       4

<PAGE>


Our present management and shareholders will in all likelihood not have control
of a majority of our voting shares following a reorganization transaction. In
fact, it is most probable that the shareholders of the acquired entity will gain
control of us. As part of any transaction, our then director may resign and new
directors may be appointed without any vote by shareholders.

Pursuant to regulations promulgated under the Exchange Act, we will be required
to obtain and file with the Commission audited financial statements of the
acquisition candidate not later than 60 days from the date the Form 8-K is due
at the Commission disclosing the acquisition/merger.

In addition, in April 2004 the Commission issued proposed rules that would
impose additional requirements on "shell companies". If the Commission adopts
rules relating to these matters, and if we determine that these rules apply to
us, we may be required to obtain and file with the Commission audited financial
statements of the acquisition candidate simultaneously with the filing of the
Form 8-K disclosing the acquisition/merger.

Competition
-----------
We will remain an insignificant participant among the firms that engage in the
acquisition of business opportunities. Many established venture capital and
financial firms have significantly greater financial and personnel resources and
technical expertise than us. In view of our lack of financial resources and
limited management availability, we will continue to be at a significant
competitive disadvantage compared to our competitors. We will also be competing
with a large number of small, widely held companies located throughout the
United States, as well as other publicly held companies.

Employees
---------
Thomas F. Duszynski is our sole employee, director and officer. Mr. Duszynski is
not obligated to contribute any specific number of hours per week and intends to
devote only as much time as he deems necessary to our affairs. The amount of
time he will devote in any time period will vary based on the availability of
suitable target businesses to investigate. We do not intend to have any full
time employees prior to the consummation of a business combination. We have no
salaried employees and we anticipate that none of our officers, directors or
principal shareholders will receive any compensation for any services they may
provide us. Our management expects to use consultants, attorneys and accountants
as necessary, and does not anticipate a need to engage any full-time employees
so long as we are seeking and evaluating business opportunities. The need for
employees and their availability will be addressed in connection with the
decision whether or not to acquire or participate in a specific business
opportunity.

Item 2.  Description of Property
--------------------------------

Real Property
-------------
We are provided rent-free office space at 141 West Jackson Boulevard, Suite
2182, Chicago, Illinois 60604 by Augustine Fund, L.P., one of our shareholders.
We are not responsible for reimbursement for out-of-pocket office expenses, such
as telephone, postage or supplies.

Other Property
--------------
We currently use office equipment provided by Augustine Fund, L.P., one of our
shareholders. We do not own or lease any equipment or other material assets.

Item 3.  Legal Proceedings
--------------------------

The Commission has notified us that it is considering initiating administrative
proceedings to have our common stock deregistered. We have submitted a written
response to the Commission's notice and are engaged in discussions with the
Commission regarding this notice. We cannot predict whether such administrative
proceedings will go forward, and, if so, what the outcome of those proceedings
will be.

In the ordinary course of our business, we may at times be subject to various
legal proceedings. However, except as set forth above, we are not party to, and
are not aware of, pending or threatened litigation that we currently anticipate
would have a material adverse effect on our business or operations.

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

In June, 2004, pursuant to a written consent in lieu of a special meeting, the
holders of a majority of our common stock and all of our Series A preferred
stock approved the rescission of the Merger and all agreements entered into in
connection with the Merger.

                                       5

<PAGE>


PART II

Item 5. Market for Common Equity and Related Stockholder Matters
----------------------------------------------------------------

Common Stock Information
------------------------
As of May 20, 2005, we had approximately 275 record holders of our common stock
and a total of 60,469,250 shares of our common stock were outstanding. Our
common stock has previously been traded on the OTC Bulletin Board under the
symbol "VCLL" and was delisted from the OTC Bulletin Board on August 11, 2003,
and there is currently no public trading market for our common stock. On May 20,
2005, there was no bid price for our common stock and the last bid price for our
common stock on the OTC Bulletin Board was $0.05 per share on August 11, 2003.

The following table sets forth, for the quarters indicated, the range of high
and low bid prices of our common stock:

                                   Common Stock
                                   ------------
     By Quarter Ended:            High       Low
     ----------------             ----       ---
     Fiscal 2003
     September 30, 2003          $0.05     $0.005
     June 30, 2003               $0.01     $0.001
     March 31, 2003              $0.009    $0.001
     December 31, 2002           $0.03     $0.007

     Fiscal 2002
     September 30, 2002          $0.035    $0.015
     June 30, 2002               $0.045    $0.015
     March 31, 2002              $0.06     $0.025
     December 31, 2001           $0.10     $0.04

The above quotations were reported by the OTC Bulletin Board and reflect
inter-dealer prices, without retail mark-up, mark-down or commission and may not
necessarily represent actual transactions.

Recent Sales of Unregistered Securities
---------------------------------------
In connection with the Merger in August 2003, we issued 27,000,000 shares of
Class A convertible preferred stock to the former members of Absolute Services,
LLC, and we also issued 10,000,000 shares of common stock to certain other
parties that provided services in connection with the Merger. The issuance of
our preferred stock has been rescinded in connection with the Merger. In
addition, 7,000,000 shares of common stock issued in connection with the Merger
have been returned to us.

In May 2005, Augustine Fund, L.P., one of our shareholders, converted $189,877
in advances previously made to us into 47,469,250 shares of our common stock.

Redemption of Stock in Connection With Rescission
-------------------------------------------------
In connection with the June 2004 rescission of the Merger ab initio, we redeemed
27,000,000 shares of our Class A convertible preferred stock that were issued to
the former members of Absolute Services, LLC. In consideration for such
redemption, we transferred to these parties all of the issued and outstanding
stock of Merger Sub. In addition, 7,000,000 shares of common stock issued in
connection with the Merger have been returned to us.

Dividends
---------
We have not paid any dividends since our inception, and we do not foresee
declaring any dividends in the foreseeable future.

Securities Authorized for Issuance Under Equity Compensation Plans
------------------------------------------------------------------
None.

                                       6

<PAGE>


Item 6. Management's Plan of Operation
--------------------------------------

Introduction
------------
Prior to the Merger, we had no material assets, liabilities or business
operations. In substance, we were a publicly held shell corporation whose sole
business activity was the search for a suitable business opportunity. As a
result of the Merger, we engaged in certain business operations as of September
30, 2003, the end of the fiscal year to which this report relates. Because the
Merger Agreement has been rescinded and the Merger has been terminated ab
initio, and because we no longer have any ownership interest in Merger Sub and
therefore no longer engage in the type of business previously engaged in by the
Merger Sub, this Annual Report on Form 10-KSB will treat us as a publicly held
shell.

We are a company that is intended to serve as a vehicle for the acquisition of a
target business which we believe has significant growth potential. We are not
presently engaged in, and we will not engage in, any substantive commercial
business for an indefinite period of time. While we may seek to effect business
combinations with more than one target business, we will probably have the
ability, as a result of our limited resources, to effect only a single business
combination.

Current Trends
--------------
As a result of the recent declines in the United States equity markets, many
privately held companies have been shut off from the public marketplace.
Additionally, as the economy has slowed, many companies are attempting to divest
non-core assets and divisions. Due to these factors, we believe that there are
substantial opportunities to effect attractive acquisitions and that, as a
public entity, we are well positioned to identify target acquisitions and to
effect a business combination to take advantage of these current trends.

Effecting a Business Combination
--------------------------------
General
A business combination may involve the acquisition of, or merger with, a company
that does not need substantial additional capital but that desires to establish
a public trading market for its shares, while avoiding what it may deem to be
adverse consequences of undertaking a public offering itself. These include time
delays, significant expense, loss of voting control and compliance with various
federal and state securities laws. In the alternative, a business combination
may involve a company which may be financially unstable or in its early stages
of development or growth.

We have not identified a target business or target industry
Our efforts in identifying a prospective target business will not be limited to
a particular industry and we may ultimately acquire a business in any industry
we deem appropriate. To date, we have not selected any target business on which
to concentrate our search for a business combination. While we intend to focus
on target businesses in the United States, we are not limited to those entities
and may consummate a business combination with a target business outside of the
United States. Accordingly, there is no basis to evaluate the possible merits or
risks of the target business or the particular industry in which we may
ultimately operate. To the extent we effect a business combination with a
financially unstable company or an entity in its early stage of development or
growth, including entities without established records of sales or earnings, we
may be affected by numerous risks inherent in the business and operations of
financially unstable and early stage or potential emerging growth companies. In
addition, to the extent that we effect a business combination with an entity in
an industry characterized by a high level of risk, we may be affected by the
currently unascertainable risks of that industry. An extremely high level of
risk frequently characterizes many industries which experience rapid growth. In
addition, although our management will endeavor to evaluate the risks inherent
in a particular industry or target business, there can be no assurance that we
will properly ascertain or assess all significant risk factors.

Sources of target businesses
We anticipate that target business candidates will be brought to our attention
from various unaffiliated sources, including securities broker-dealers,
investment bankers, venture capitalists, bankers and other members of the
financial community, who may present solicited or unsolicited proposals. Our
sole executive officer and his affiliates may also bring to our attention target
business candidates. While we do not presently anticipate engaging the services
of professional firms that specialize in business acquisitions on any formal
basis, we may engage these firms in the future, in which event we may pay a
finder's fee or other compensation. We do not currently intend to pay our
existing officer or our shareholders or any entity with which they are
affiliated any finder's fee or other compensation for services rendered to us
prior to or in connection with the consummation of a business combination.

                                       7

<PAGE>


Selection of a target business and structuring of a business combination
Subject to the requirement that our initial business combination must be with a
target business with a fair market value that is at least 80% of our net assets
at the time of such acquisition, we will have virtually unrestricted flexibility
in identifying and selecting a prospective target business. In evaluating a
prospective target business, we will consider, among other factors, the
following:

     o    financial condition and results of operation;
     o    growth potential;
     o    experience and skill of management and availability of additional
          personnel;
     o    capital requirements;
     o    competitive position;
     o    stage of development of the target business's products, processes or
          services;
     o    degree of current or potential market acceptance of the target
          business's products, processes or services;
     o    proprietary features and degree of intellectual property or other
          protection of the target business's products, processes or services;
     o    regulatory environment of the industry; and
     o    costs associated with effecting the business combination.

These criteria are not intended to be exhaustive. Any evaluation relating to the
merits of a particular business combination will be based, to the extent
relevant, on the above factors as well as other considerations deemed relevant
by our management in effecting a business combination consistent with our
business objective. In evaluating a prospective target business, we plan to
conduct an extensive due diligence review which will encompass, among other
things, meetings with incumbent management and inspection of facilities, as well
as review of financial and other information which will be made available to us.

We will endeavor to structure a business combination so as to achieve the most
favorable tax treatment to us, the target business and both companies'
shareholders. There can be no assurances, however, that the Internal Revenue
Service or appropriate state tax authority will agree with our tax treatment of
the business combination.

The time and costs required to select and evaluate a target business and to
structure and complete the business combination cannot presently be ascertained
with any degree of certainty. Any costs incurred with respect to the
identification and evaluation of a prospective target business with which a
business combination is not ultimately completed will result in a loss to us and
reduce the amount of capital available to otherwise complete a business
combination.

Fair market value of target business
We anticipate that the initial target business that we acquire will have a fair
market value equal to at least 80% of our net assets at the time of such
acquisition. The fair market value of such business will be determined by our
Board of Directors based upon standards generally accepted by the financial
community, such as actual and potential sales, earnings and cash flow and book
value. If our board is not able to independently determine that the target
business has a sufficient fair market value, we may obtain an opinion from an
unaffiliated, independent investment banking firm which is a member of the
National Association of Securities Dealers, Inc. with respect to the
satisfaction of such criteria. Since any opinion, if obtained, would merely
state that fair market value meets the 80% of net assets threshold, it is not
anticipated that copies of such opinion would be distributed to our
shareholders, although copies will be provided to shareholders who request it.

Rights of dissenting shareholders
A business combination may require the approval of the holders of the
outstanding shares of both participating companies. Shareholders who vote
against a business combination in certain instances may be entitled to dissent
and to obtain payment for their shares. The requirement of approval of our
shareholders in any business combination may be limited to those transactions
identified as a merger or a consolidation. We may enter into a business
combination that would not require the approval of our shareholders, in which
case our shareholders may not be entitled to dissent and obtain payment for
their shares. Accordingly, unless the acquisition requires shareholder approval,
we will not provide shareholders with a disclosure document containing audited
or unaudited financial statements prior to such acquisition.

Prior to any business combination for which shareholder approval is required, we
intend to provide our shareholders disclosure documentation concerning the
business opportunity or target company and its business. Such disclosure will in
all likelihood be in the form of a proxy statement which will be distributed to
shareholders at least 20 days prior to any shareholder's meeting.

                                       8

<PAGE>


Competition
-----------
In identifying, evaluating and selecting a target business, we expect to
encounter intense competition from other entities having a business objective
similar to ours. Many of these entities are well established and have extensive
experience identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical, human and other
resources than us and our financial resources will be relatively limited when
contrasted with those of many of these competitors. While we believe there are
numerous potential target businesses that we could acquire, our ability to
compete in acquiring certain sizable target businesses will be limited by our
available financial resources. This inherent competitive limitation gives others
an advantage in pursuing the acquisition of a target business. Further, if we
need to seek shareholder approval of a business combination, that may delay the
completion of a transaction.

Any of these obligations may place us at a competitive disadvantage in
successfully negotiating a business combination. Our management believes,
however, that our status as a public entity and potential access to the United
States public equity markets may give us a competitive advantage over
privately-held entities having a similar business objective as us in acquiring a
target business with significant growth potential on favorable terms.

Significant Transactions
------------------------
In June 2004, we and the former members of Absolute Industries, LLC agreed to
rescind the Merger Agreement and terminate the Merger ab initio, for each party
to return the other party the consideration received in connection with the
Merger, and to release each other from all claims relating to the Merger
Agreement and the Merger. In connection with this transaction, all of the issued
and outstanding stock of the Merger Sub was transferred to the former members of
Absolute Industries, LLC.

Employees
---------
Thomas F. Duszynski is our sole employee, director and officer. Mr. Duszynski is
not obligated to contribute any specific number of hours per week and intends to
devote only as much time as he deems necessary to our affairs. The amount of
time he will devote in any time period will vary based on the availability of
suitable target businesses to investigate. We do not intend to have any full
time employees prior to the consummation of a business combination. We have no
salaried employees and we anticipate that none of our officers, directors or
principal shareholders will receive any compensation for any assistance they may
provide us. Our management expects to use consultants, attorneys and accountants
as necessary, and does not anticipate a need to engage any full-time employees
so long as we are seeking and evaluating business opportunities. The need for
employees and their availability will be addressed in connection with the
decision whether or not to acquire or participate in a specific business
opportunity.

Our Office
----------
Our office is located at 141 West Jackson Boulevard, Suite 2182, Chicago,
Illinois 60604, and the telephone number is (312) 427-5457. Our office is
located in the office of Augustine Fund, L.P.; Thomas Duszynski, our sole
employee, director and officer, is a principal of Augustine Fund, L.P. We
anticipates that our office will remain at the offices of Augustine Fund, L.P.
until an acquisition has been concluded. All corporate records will be
maintained at this office, and it is anticipated that all shareholders' meetings
will take place in Chicago, Illinois. In the event that a merger or acquisition
takes place, no assurance can be given that the corporate records or
headquarters will continue to be maintained at 141 West Jackson Boulevard, Suite
2182, Chicago, Illinois 60604, or that shareholders' meetings will be held in
Chicago, Illinois. We are not responsible for reimbursement for out-of-pocket
office expenses, such as telephone, postage or supplies. There are no written
documents memorializing the foregoing. We consider our current office space
adequate for our current operations.

There are no agreements or understandings with respect to our offices subsequent
to the completion of an acquisition. Upon a merger or acquisition, we will
likely relocate our office to that of the acquisition candidate.

                                       9

<PAGE>


Reports to Security Holders
---------------------------
We are subject to reporting obligations under the Exchange Act. These
obligations include an annual report under cover of Form 10-KSB, with audited
financial statements, unaudited quarterly reports and the requisite proxy
statements with regard to annual shareholder meetings. The public may read and
copy any materials we file with the Commission at the Commission's Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549. The public may
obtain information of the operation of the Public Reference Room by calling the
Commission at 1-800-SEC-0030. The Commission maintains an Internet site
(http://www.sec.gov) that contains reports, proxy and information statements and
other information regarding issuers that file electronically with the
Commission.

We will not acquire a target business if audited financial statements cannot be
obtained for the target business. Additionally, our management will provide
shareholders with audited financial statements, prepared in accordance with
generally accepted accounting principles, of the prospective target business as
part of the proxy solicitation materials sent to shareholders to assist them in
assessing the target business. Our management believes that the requirement of
having available audited financial statements for the target business will not
materially limit the pool of potential target businesses available for
acquisition.

Liquidity and Capital Resources
-------------------------------
We do not have sufficient funds to engage in significant operating activities.
Our future operating activities are expected to be funded by loans from a major
shareholder. However, none of our shareholders has any obligation to provide
such loans to us.

As of March 31, 2005, we have accounts payable of $115,269, and a payroll tax
obligation of $273,812. We do not have sufficient cash reserves to satisfy these
amounts. We anticipate that we will need to borrow funds from a major
shareholder in order to satisfy these obligations. However, none of our
shareholders has any obligation to provide such loans to us.

Critical Accounting Policies
----------------------------
Management's Plan of Operation discusses our audited consolidated financial
statements, which have been prepared in accordance with accounting policies
generally accepted in the United States. The preparation of these audited
consolidated financial statements requires us to make estimates and assumptions
that affect the assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period.
We believe the following critical accounting policies require significant
judgments, estimates and assumptions used in the preparation of the audited
consolidated financial statements.

Basic loss per common share (EPS) is computed by dividing loss available to our
common stockholders by the weighted average number of shares of common stock
outstanding for the year. Diluted EPS reflect the potential dilution from the
exercise or conversion of securities into common stock. Diluted EPS is not
presented because it is anti-dilutive.

We issue stock in lieu of cash for certain transactions. The fair value of our
common stock, which is based on comparable cash purchases or the value of
services, whichever is more readily determinable, is used to value the
transaction.

We record the receipt of payment for common stock that has not been issued to
the stockholder as a common stock payable in the financial statements.

We follow Financial Accounting Standards Board Statement No. 121 (FASB No. 121),
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be Disposed Of." FASB No. 121 requires that long-lived assets and certain
identifiable intangibles to be held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of these assets may not be recoverable. In performing the review
of recoverability, we estimate the future cash flows that are expected to result
from the use of the assets and their eventual disposition. Because events and
circumstances frequently do not occur as expected, there will usually be
differences between the estimated and actual future cash flows, and these
differences may be material.

Deferred tax assets and liabilities are recognized for the estimated future tax
consequences attributable to differences between the financial statements
carrying amounts of existing assets and liabilities and their respective income
tax bases. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized as income in the
period that included the enactment date.

Material Off-Balance Sheet Arrangements
---------------------------------------
We have no material off-balance sheet arrangements.

                                       10

<PAGE>


Risk Factors
------------
Our limited operating history makes it difficult to judge our prospects.
We have no significant operating history upon which an evaluation of our current
business and prospects can be based. Since we do not have a relevant operating
history, there is no basis upon which to evaluate our ability to achieve our
business objective, which is to acquire an operating business. We have not
conducted any discussions and we have no plans, arrangements or understandings,
with any prospective acquisition candidates. We do not plan to generate any
revenues until, at the earliest, after the consummation of a business
combination.

Since we have not currently selected a particular industry or any target
business with which to complete a business combination, we are unable to
currently ascertain the merits or risks of the industry or business in which we
may ultimately operate.
We may consummate a business combination with a company in any industry we
choose and are not limited to any particular industry or type of business.
Accordingly, there is no current basis to evaluate the possible merits or risks
of the particular industry in which we may ultimately operate or the target
business that we may ultimately acquire. To the extent we complete a business
combination with a financially unstable company or an entity in its development
stage, we may be affected by numerous risks inherent in the business operations
of those entities. If we complete a business combination with an entity in an
industry characterized by a high level of risk, we may be affected by the
currently unascertainable risks of that industry. Although our management will
endeavor to evaluate the risks inherent in a particular industry or target
business, there can be no assurances that we will properly ascertain or assess
all of the significant risk factors.

We may issue shares of our common stock and/or preferred stock to complete a
business combination, which would reduce the equity interest of our shareholders
and likely cause a change in control of our ownership.
Our certificate of incorporation authorizes the issuance of up to 150,000,000
shares of common stock, par value $0.0001 per share, and 50,000,000 shares of
preferred stock, par value $0.0001 per share. As of May 20, 2005, 60,469,250
shares of our common stock are outstanding. Although we have no commitments as
of the date hereof to issue our securities, we will, in all likelihood, issue a
substantial number of additional shares of our common stock or preferred stock,
or a combination of common and preferred stock, to complete a business
combination. The issuance of additional shares of our common stock or any shares
of our preferred stock may:

     o    significantly reduce the equity interest of our shareholders;
     o    likely cause a change in control if a substantial number of our shares
          of common stock are issued, which may affect, among other things, our
          ability to use our net operating loss carry forwards, if any, and most
          likely also result in the resignation or removal of our present
          officer and director; and
     o    adversely affect the prevailing market price for our common stock.

It is likely that our current officer and director will resign upon consummation
of a business combination and we will have only limited ability to evaluate the
management of the target business.
Our ability to successfully effect a business combination will be totally
dependent upon the efforts of Thomas Duszynski, our sole officer and director.
The future role of Mr. Duszynski in the target business, however, cannot
presently be ascertained. Although it is possible that some of our key personnel
will remain associated in various capacities with the target business following
a business combination, it is likely that the management of the target business
at the time of the business combination will remain in place. Although we intend
to closely scrutinize the management of a prospective target business in
connection with evaluating the desirability of effecting a business combination,
there can be no assurance that our assessment of management will prove to be
correct. In particular, there can be no assurance that the future management
will have the necessary skills, qualifications or abilities to manage a public
company intending to embark on a program of business development. Furthermore,
the future role of Mr. Duszynski, if any, in the target business cannot
presently be stated with any certainty. While it is possible that Mr. Duszynski
will remain associated in some capacity with us following a business
combination, it is unlikely that he will devote his full efforts to our affairs
subsequent to a business combination. Moreover, there can be no assurance that
Mr. Duszynski will have significant experience or knowledge relating to the
operations of the particular target business.

Following a business combination, we may seek to recruit additional managers to
supplement the incumbent management of the target business. There can be no
assurance that we will have the ability to recruit additional managers, or that
additional managers will have the requisite skills, knowledge or experience
necessary to enhance the incumbent management.

                                       11

<PAGE>


We have significant liabilities.
As of March 31, 2005, we have accounts payable of $115,269, and a payroll tax
obligation of $273,812. We do not have sufficient cash reserves to satisfy these
amounts. We anticipate that we will need to borrow funds from a major
shareholder in order to satisfy these obligations. However, none of our
shareholders has any obligation to provide such loans to us. If we are unable to
obtain the funds to repay these amounts, that would materially adversely affect
our business operations and prospects.

Our officer and director may allocate his time to other businesses.
Mr. Duszynski is not required to commit his full time to our affairs, which may
result in a conflict of interest in allocating his time between our operations
and other businesses. Mr. Duszynski is now, and may in the future become,
affiliated with entities, including other "blank check" companies, engaged in
business activities similar to those intended to be conducted by us. Mr.
Duszynski may become aware of business opportunities which may be appropriate
for presentation to us as well as the other entities with which he may be
affiliated. Accordingly, he may consider competing interests in determining to
which entity a particular business opportunity should be presented. There can be
no assurance that these issues will be resolved in our favor.

The Commission may deregister our common stock.
The Commission has notified us that it is considering initiating administrative
proceedings to have our common stock deregistered. We have submitted a written
response to the Commission's notice and are engaged in discussions with the
Commission regarding this notice. We cannot predict whether such administrative
proceedings will go forward, and, if so, what the outcome of those proceedings
will be. There can be no assurance that we will be able to avoid deregistration
of our stock. If our stock is deregistered, our shareholders may find it more
difficult to sell our securities, which would materially adversely affect our
business operations and prospects.

The Commission may adopt rules that impose additional requirements on "shell
companies".
In April 2004 the Commission issued proposed rules that would impose additional
requirements on "shell companies". If the Commission adopts rules relating to
these matters, and if we determine that these rules apply to us, we may be
required to obtain and file with the Commission audited financial statements of
the acquisition candidate simultaneously with the filing of the Form 8-K
disclosing the acquisition/merger and we may be subject to additional
requirements that may limit our ability to effect a business combination or
increase the cost of a business combination.

If our common stock becomes subject to the Commission's penny stock rules,
broker-dealers may experience difficulty in completing customer transactions and
trading activity in our securities may be adversely affected.
If at any time we have net tangible assets of $5,000,000 or less and our common
stock has a market price per share of less than $5.00, transactions in our
common stock may be subject to certain rules under the Exchange Act. Under these
rules, broker-dealers who recommend such securities to persons other than
institutional accredited investors:

     o    must make a special written suitability determination for the
          purchaser;
     o    receive the purchaser's written agreement to a transaction prior to
          sale;
     o    provide the purchaser with risk disclosure documents which identify
          certain risks associated with investing in "penny stocks" and which
          describe the market for these "penny stocks" as well as a purchaser's
          legal remedies; and
     o    obtain a signed and dated acknowledgment from the purchaser
          demonstrating that the purchaser has actually received the required
          risk disclosure document before a transaction in a "penny stock" can
          be completed.

If our common stock becomes subject to these rules, broker-dealers may find it
difficult to effectuate customer transactions and trading activity in our
securities may be adversely affected. As a result, the market price of our
common stock may be depressed, and our shareholders may find it more difficult
to sell our securities.

                                       12

<PAGE>


It is probable that we will only be able to complete one business combination,
which will cause us to be solely dependent on a single business and a limited
number of products or services. It is probable that we will have the ability to
complete only a single business combination. Accordingly, the prospects for our
success may be:

     o    solely dependent upon the performance of a single business, or
     o    dependent upon the development or market acceptance of a single or
          limited number of products, processes or services.

In this case, we will not be able to diversify our operations or benefit from
the possible spreading of risks or offsetting of losses, unlike other entities
which may have the resources to complete several business combinations in
different industries or different areas of a single industry.

Because of our limited resources and the significant competition for business
combination opportunities, we may not be able to consummate a business
combination with growth potential.
We expect to encounter intense competition from other entities having a business
objective similar to ours, including venture capital funds, leveraged buyout
funds and operating businesses competing for acquisitions. Many of these
entities are well established and have extensive experience in identifying and
effecting business combinations directly or through affiliates. Many of these
competitors possess greater technical, human and other resources than we do and
our financial resources will be relatively limited when contrasted with those of
many of these competitors. While we believe that there are numerous potential
target businesses that we could acquire, our ability to compete in acquiring
certain sizable target businesses will be limited by our available financial
resources. This inherent competitive limitation gives others an advantage in
pursuing the acquisition of certain target businesses.

If we succeed in effecting a business combination, there will be, in all
likelihood, intense competition from competitors of the target business. In
particular, certain industries which experience rapid growth frequently attract
an increasingly larger number of competitors, including competitors with
increasingly greater financial, marketing, technical and other resources than
the initial competitors in the industry. The degree of competition
characterizing the industry of any prospective target business cannot presently
be ascertained. There can be no assurance that, subsequent to a business
combination, we will have the resources to compete effectively, especially to
the extent that the target business is in a high-growth industry.

We may be unable to obtain financing, if required, to complete a business
combination or to fund the operations and growth of the target business, which
could compel us to restructure the transaction or abandon a particular business
combination.
Inasmuch as we have not yet identified any prospective target business, we
cannot ascertain the capital requirements for any particular transaction, and we
may be required to seek financing. There can be no assurance that such financing
would be available on acceptable terms, if at all. To the extent that financing
proves to be unavailable when needed to consummate a particular business
combination, we would be compelled to restructure the transaction or abandon
that particular business combination and seek an alternative target business
candidate. In addition, if we consummate a business combination, we may require
financing to fund the operations or growth of the target business. The failure
to secure financing could have a material adverse effect on the continued
development or growth of the target business. Neither our executive officer and
director nor our shareholders are required to provide any financing to us in
connection with or after a business combination.

We intend to have our securities quoted on the OTC Bulletin Board, which will
limit the liquidity and price of our securities more than if our securities were
quoted or listed on the Nasdaq Stock Market or a national exchange.
Management anticipates that our common stock will be traded in the
over-the-counter market following a business combination. It is anticipated that
our common stock will be quoted on the OTC Bulletin Board, an NASD-sponsored and
operated inter-dealer automated quotation system for equity securities not
included in the Nasdaq Stock Market. Quotation of our securities on the OTC
Bulletin Board will limit the liquidity and price of our securities more than if
our securities were quoted or listed on The Nasdaq Stock Market or a national
exchange. There can be no assurance that we will be able to have our securities
traded in any public market, including the OTC Bulletin Board.

                                      13

<PAGE>


We are significantly influenced by our sole officer and director and entities
affiliated with him.
Our sole executive officer and director is affiliated with our majority
shareholders, and these shareholders own in the aggregate approximately 90.9% of
our issued and outstanding shares of common stock. These shareholders, if acting
together, will be able to significantly influence all matters requiring approval
by shareholders, including the election of directors and the approval of mergers
or other business combinations transactions.

Item 7. Financial Statements
----------------------------


                                                                        Page
                                                                       ------
         Report of Independent Registered Accounting Firm...........     F-1

         Balance Sheet -
           September 30, 2003.......................................     F-2

         Statements of Operations -
           The year ending
           September 30, 2003 and 2002..............................     F-3

         Statements of Changes in Stockholders' Deficit
           The year ending September 30, 2003.......................     F-4

         Statements of Cash Flows -
           The year ending
           September 30, 2003 and 2002..............................  F-5 - F-6

         Notes to Financial Statements..............................  F-7 - F-12

                                       14

<PAGE>


Report of Independent Registered Public Accounting Firm



Board of Directors
Absolute Waste Services, Inc.
(f/k/a Thermacell Technologies, Inc.)
Chicago, Illinois


We have audited the accompanying balance sheet of Absolute Waste Services, Inc.
(f/k/a Thermacell Technologies, Inc.) as of September 30, 2003 and the related
statements of operations, changes in stockholders' equity, and cash flows for
the years then ended September 30, 2003 and 2002. These financial statements are
the responsibility of the management of Absolute Waste Services, Inc. (f/k/a
Thermacell Technologies, Inc.) Our responsibility is to express an opinion on
these financial statements based on our audit.

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

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Absolute Waste Services, Inc.
(f/k/a Thermacell Technologies, Inc.) as of September 30, 2003 and 2002 and the
results of its operations and its cash flows for the year ended September 30,
2003 and 2002 in conformity with United States generally accepted accounting
principles.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2, the Company
incurred a net loss of $199,530 during the year ended September 30, 2003 and has
an accumulated deficit of $17,184,933 from inception to September 30, 2003.
These factors, among others, raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to these matters
are also described in Note 2. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.




/s/  Pender Newkirk & Company
----------------------------------
     Pender Newkirk & Company
     Certified Public Accountants


Tampa, Florida
May 20, 2005

                                      F-1

<PAGE>
<TABLE>
<CAPTION>


                           Absolute Waste Services, Inc.
                       (f/k/a Thermacell Technologies, Inc.)
                                   Balance Sheet
                                September 30, 2003



<S>                                                                  <C>
Assets
Current assets:
   Cash                                                              $        131
                                                                     ------------
                                                                              131
                                                                     ============


Liabilities and Stockholders' Deficit

Current liabilities:
   Accounts Payable                                                  $    150,924
   Accrued payroll taxes                                                  195,812
                                                                     ------------
Total current liabilities                                                 346,736
                                                                     ------------

Long Term Liabilities                                                     117,061


Stockholders' deficit:
    Common stock; $.0001 par value; 150,000,000 shares authorized;
     13,000,000 shares issued and shares outstanding                        1,300
    Preferred stock; $.001 par value; 50,000,000 shares authorized;
     no shares outstanding
   Additional paid-in capital                                          16,179.984
   Common stock payable                                                   539,983
   Accumulated deficit                                                (17,184,933)
                                                                     ------------
Total stockholders' deficit                                              (463,666)
                                                                     ------------

                                                                     $        131
                                                                     ============


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

                                        F-2
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                             Absolute Waste Services, Inc.
                         (f/k/a Thermacell Technologies, Inc.)
                               Statements of Operations



                                                           Year Ended September 30,
                                                         ----------------------------
                                                             2003            2002
                                                         ------------    ------------
<S>                                                      <C>             <C>
Sales                                                    $       --      $     14,041
                                                         ------------    ------------

Cost of sales                                                    --             6,151
                                                         ------------    ------------

Gross profit                                                     --             7,890
                                                         ------------    ------------

Selling, general and administrative
expenses                                                      199,530       1,233,624
                                                         ------------    ------------

Loss from operations                                         (199,530)     (1,225,734)
                                                         ------------    ------------

Other expense:
      Other expense                                              --           (34,183)
                                                         ------------    ------------
                                                                 --           (34,183)

Loss from continuing operations                          $   (199,530)   $ (1,259,917)
                                                         ------------    ------------



Loss before extraordinary item                           $   (199,530)   $ (1,259,917)
                                                         ------------    ------------

Extraordinary item:
      Gain on bankruptcy reorganization                          --           569,784
                                                         ------------    ------------

Net loss                                                 $   (199,530)   $   (690,133)
                                                         ============    ============

Earnings (loss) per share:
      Basic loss per share from continuing operations           (0.02)          (1.26)
      Basic earnings per share from extraordinary item           0.00            0.57
                                                         ------------    ------------

Net loss per share                                       $      (0.16)   $      (0.69)
                                                         ============    ============

Weighted average number of
      common shares outstanding                             1,249,315         988,519
                                                         ============    ============


                        The accompanying notes are an integral
                          part of the financial statements.

                                          F-3
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                             Absolute Waste Services, Inc.
                         (f/k/a Thermacell Technologies, Inc.)
              Consolidated Statements of Changes in Stockholders' Deficit


                    For the Year ending September 30, 2002 and 2003


                                   Common Stock
                          ----------------------------    Additional         Common
                           Number of                        Paid-in           Stock
                             Shares          Amount         Capital          Payable
                          ------------    ------------    ------------    ------------
<S>                       <C>             <C>             <C>             <C>
Balance,
 September 30, 2001          5,847,109    $        585    $ 11,712,394    $  1,079,961

Issuance of common
 stock payable               6,883,595             688         866,646        (867,334)

Amortization of prepaid
 stock incentive                  --              --              --              --

Retirement of
 Treasury Stock                (40,000)             (4)        (54,996)           --

Adjustment of shares
 pursuant to the
 bankruptcy
 reorganization            (11,690,704)         (1,169)          1,169            --

Stock issued
 in sale of
 discontinued operation           --              --              --           539,983

Stock issued
 in satisfaction of
 liabilities                      --              --              --         3,413,344

Net loss for the year             --              --              --              --
                          ------------    ------------    ------------    ------------
Balance,
 September 30, 2002          1,000,000    $        100    $ 12,525,213    $  4,165,954

Stock issued per
Bankruptcy plan              9,000,000             900       3,625,071      (3,625,971)

Stock issued in merger
and not retrieved            3,000,000             300          29,700            --

Net loss for the year             --              --              --              --
                          ------------    ------------    ------------    ------------
Balance,
  September 30, 2003        13,000,000    $      1,300    $ 16,179,984         539,983
                          ============    ============    ============    ============

                                           F-4
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                              Absolute Waste Services, Inc.
                          (f/k/a Thermacell Technologies, Inc.)
               Consolidated Statements of Changes in Stockholders' Deficit
                                      (Continued)

                     For the Year ending September 30, 2002 and 2003



                             Common
                             Stock         Accumulated      Treasury
                           Receivable        Deficit          Stock           Total
                          ------------    ------------    ------------    ------------
<S>                      <C>              <C>             <C>             <C>
Balance,
 September 30, 2001       $    (21,250)   $(16,295,270)   $    (55,000)   $ (3,578,580)

Issuance of common
 stock payable                    --              --              --              --

Amortization of prepaid
 stock incentive                21,250            --              --            21,250

Retirement of
 Treasury Stock                   --              --            55,000            --

Adjustment of shares
 pursuant to the
 bankruptcy
 reorganization                   --              --              --              --

Stock issued
 in sale of
 discontinued operation           --              --              --           539,983

Stock issued
 in satisfaction of
 liabilities                      --              --              --         3,413,344

Net loss for the year             --          (690,133)           --          (690,133)
                          ------------    ------------    ------------    ------------
Balance,
 September 30, 2002       $       --      $(16,985,403)   $       --      $   (294,136)

Stock issued per
Bankruptcy plan                   --              --              --              --

Stock issued in merger
and not retrieved                 --              --              --            30,000

Net loss for the year             --          (199,530)           --          (199,530)
                          ------------    ------------    ------------    ------------
Balance,
  September 30, 2003              --      $(17,184,933)           --      $   (463,666)
                          ============    ============    ============    ============


        The accompanying notes are an integral part of the financial statements.

                                       F-4(Con't)
</TABLE>

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)
                            Statements of Cash Flows



                                                        Year Ended September 30,
                                                         ----------------------
                                                           2003         2002
                                                         ---------    ---------


Operating activities
      Net loss                                           $(199,530)   $(690,133)
                                                         ---------    ---------

      Adjustments to reconcile net loss
      to net cash used by operating activities:
          Amortization of discount on notes payable           --         54,352
          Services paid for with stock                      30,000         --
          Gain on bankruptcy reorganization                   --       (569,784)
          Amortization of prepaid stock incentive             --         21,250
          Decrease in:
           Accounts receivable and notes receivable           --           --
           Officer advance                                    --           --
           Prepaid and other assets                           --         51,191
          Increase (decrease) in:
           Accounts payable                                 55,901       90,602
           Accrued expenses                                  4,861      480,473
                                                         ---------    ---------
       Total adjustments                                    90,762      127,084
                                                         ---------    ---------

                                                         ---------    ---------
       Net cash used by operating activities              (108,768)    (563,049)
                                                         ---------    ---------

Financing activities
      Bank overdraft                                        (8,162)       8,162
      Proceeds from issuance of notes payable                 --        548,790
      Proceeds from shareholder advance                    117,061         --
                                                         ---------    ---------
      Net cash provided by financing activities            108,899      556,952
                                                         ---------    ---------

      Net increase (decrease) in cash                          131       (6,097)

      Cash at beginning of period                             --          6,097
                                                         ---------    ---------

      Cash at end of period                              $     131    $    --
                                                         =========    =========

                                       F-5

<PAGE>



                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)
                            Statements of Cash Flows


Continued

Supplemental disclosure of cash flow information:

        During the year ended September 30, 2002, the Company issued 6,883,595
        shares of common stock recorded as a common stock payable in the amount
        of $867,334 recorded during the year ended September 30, 2002.

        During the year ended September 30, 2002, pursuant to the terms of the
        Bankruptcy Plan, the Company recognized a 1 for 12.7 reverse split
        recorded as an increase in paid-in-capital and a reduction in common
        stock in the amount of $1,169.

        During the year ended September 30, 2002, pursuant to the terms of the
        Bankruptcy Plan, the Company cancelled treasury stock resulting in a
        reduction of common stock and paid-in capital of $55,000.

        During the year ended September 30, 2002, the Company pursuant to its
        plan of reorganization, recorded an additional $3,413,344 common stock
        payable for 9,000,000 shares of common stock that had not been issued as
        of September 30, 2002.

        During the year ended September 30, 2002, the Company sold Atlas
        Chemical Co. for the payment of 50,000 shares of the Company's common
        stock that had not been issued as of September 30, 2002. The Atlas sale
        was recorded as a common stock payable in the amount of $539,983 at
        September 30, 2002.

        During the year ended September 30, 2003, the company issued 9,000,000
        shares of common stock as outlined in the plan of reorganization.

        During the year ended September 30, 2003, the company issued 27,000,000
        shares of preferred stock and 10,000,000 shares of common stock in
        association with a merger. This merger was rescsinded ab initio and the
        preferred stock and 7,000,000 shares of the common stock have been
        returned.

    The accompanying notes are an integral part of the financial statements.

                                       F-6

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)

                          Notes to Financial Statements

                     Years Ended September 30, 2003 and 2002


1.   Background Information

Absolute Waste Services, Inc. (f/k/a Thermacell Technologies, Inc.) (the
"Company" or "Absolute") is a Florida corporation that was incorporated on
August 12, 1993. On July 31, 2003 the Company changed its name to Absolute Waste
Services, Inc. pending a merger described in Note 7.

The Company has operated as a debtor-in-possession under Chapter 11 of the
United States Code (the "Bankruptcy Code") from November 2001 through August
2002. Absolute's Plan of Reorganization filed with the U.S. Bankruptcy Court was
approved effective August 30, 2002 (See Note 2). The Company has no current
operations.

2.   Financial Restructuring, Bankruptcy Plan, and Going Concern Considerations

In November 2001, the Company filed a voluntary petition for reorganizationunder
Chapter 11 of the U. S. Bankruptcy Code with the U.S. Bankruptcy Court. On
August 30, 2002, the United States Bankruptcy Court for the Middle District of
Florida, Tampa Division, Case No. 01-20854-8G1 issued an order confirming
Absolute's Plan of Reorganization under Chapter 11 of the Bankruptcy Code, dated
as of February 25, 2002 (the "Plan of Reorganization").

The key elements of the Plan of Reorganization were as follows:

     The Plan of Reorganization provided for the issuance or reservation for
     future issuance of ten million (10,000,000) new shares of Absolute common
     stock in the aggregate. Previously issued shares of Absolute common stock
     were cancelled and replaced by the new shares authorized under the Plan of
     Reorganization.

     Pac Funding, LLC, a Florida limited liability company ("Pac"), whose
     members are Augustine Capital Funding, L.P. and Private Capital Group were
     issued 5,000,000 new common shares pursuant to the Plan of Reorganization.
     Pac was the debtor-in-possession funding source and supplied funds
     necessary to operate the business while it was a debtor-in-possession and
     avoid liquidation.

     General unsecured creditors and unsecured claims pursuant to the Plan of
     Reorganization were entitled to 4,000,000 new Absolute common shares.

     The existing shareholders of Absolute were entitled to 1,000,000 new
     Absolute common shares pursuant to the Plan of Reorganization. As of August
     30, 2002, there were approximately 13,000,000 shares of Absolute common
     stock outstanding. Thus, pursuant to the Plan of Reorganization and action
     by the board of directors, existing Absolute common stockholders were
     entitled to one (1) new Absolute common share for every 13.034 Absolute
     common shares previously held, subject to adjustment for the actual number
     of shares outstanding as of August 30, 2002, pursuant to records maintained
     by the transfer agent and Absolute.

     All debts, claims or demands that arose before the date of the Plan of
     Reorganization's confirmation, were discharged, except for priority tax
     claims and certain administrative claims. Priority tax claims were to be
     paid over a six (6) year period from the date of assessment. The IRS made a
     claim for approximately $195,000. In addition, Absolute was obligated for
     administrative claims payable to the government, lawyers and accountants,
     estimated at over $100,000.

                                       F-7

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)

                          Notes to Financial Statements

                     Years Ended September 30, 2003 and 2002


The reorganization resulted in an extraordinary gain of $569,784 from the
discharge of certain liabilities, based on the original cost, which gain was
recognized during the year ended September 30, 2002.

In August 2003, the board of directors amended the articles of incorporation to
increase the authorized shares of voting common stock to 150,000,000 at $0.0001
par value and to authorize 50,000,000 shares of preferred stock at $0.001 par
value, with rights and terms to be determined by the board from time to time.

The accompanying financial statements have been prepared on a going concern
basis that contemplates the realization of assets and liabilities. In the
ordinary course of business, operating losses have been incurred each year since
inception, resulting in an accumulated deficit of $17,184,933 and negative
working capital of $346,736 as of September 30, 2003, and total liabilities
exceeding total assets by $463,666 as of September 30, 2003. Currently, the
Company has been provided working capital by a shareholder and is seeking a
merger with an operating company. However, these conditions raise substantial
doubt about the Company's ability to continue as a going concern. The financial
statements of the Company do not include any adjustments relating to the
recoverability of liabilities that might be necessary should the Company be
unable to continue as a going concern.


3.   Significant Accounting Policies

The significant accounting policies followed are:

     The preparation of financial statements in conformity with accounting
     principles generally accepted in the United States of America requires
     management to make estimates and assumptions that affect the reported
     amounts of assets and liabilities 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. Actual
     results could differ from those estimates. The estimated fair value of the
     Company's liabilities approximated their carrying value at year-end.

     Basic loss per common share (EPS) is computed by dividing loss available to
     common stockholders by the weighted average number of shares of common
     stock outstanding for the year. Diluted EPS reflect the potential dilution
     from the exercise or conversion of securities into common stock. Diluted
     EPS is not presented because it is anti-dilutive.

     The Company has issued and may issue stock in lieu of cash for certain
     transactions. The fair value of the stock, which is based on comparable
     cash purchases or the value of services, whichever is more readily
     determinable, is used to value the transaction.

     The Company records the receipt of payment for common stock that has not
     been issued to the stockholder as a common stock payable in the financial
     statements.

     The Company follows Financial Accounting Standards Board Statement No. 121
     (FASB No. 121), "Accounting for the Impairment of Long-Lived Assets and for
     Long-Lived Assets to be Disposed Of." FASB No. 121 requires that long-lived
     assets and certain identifiable intangibles held and used by an entity be
     reviewed for impairment whenever events or changes in circumstances
     indicate that the carrying amount of these assets may not be recoverable.
     In performing the review of recoverability, the Company estimates the
     future cash flows that are expected to result from the use of the assets
     and their eventual disposition. Because events and circumstances frequently
     do not occur as expected, there will usually be differences between the
     estimated and actual future cash flows, and these differences may be
     material.

     Deferred tax assets and liabilities are recognized for the estimated future
     tax consequences attributable to differences between the financial
     statements carrying amounts of existing assets and liabilities and their
     respective income tax bases. Deferred tax assets and liabilities are
     measured using enacted tax rates expected to apply to taxable income in the
     years in which those temporary differences are expected to be recovered or
     settled. The effect on deferred tax assets and liabilities of a change in
     tax rates is recognized as income in the period that included the enactment
     date.

     Certain minor reclassifications have been made to the 2002 financial
     statements to conform to the classifications used in 2003.

                                       F-8

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)

                          Notes to Financial Statements

                     Years Ended September 30, 2003 and 2002


4.   Recently Issued Accounting Pronouncements:

     In June 2001, the Financial Accounting Standards Board issued SFAS No. 143,
     "Accounting for Asset Retirement Obligations," which is effective for
     fiscal years beginning after June 15, 2002. The adoption of SFAS No. 143
     did not have an impact on the Company's financial position or results of
     operations.

     In June 2002, the Financial Accounting Standards Board issued SFAS No. 146,
     "Accounting for Costs Associated with Exit or Disposal Activities." SFAS
     No. 146 provides direction for accounting and disclosure regarding specific
     costs related to an exit or disposal activity. These include, but are not
     limited to, costs to terminate a contract that is not a capital lease,
     costs to consolidate facilities or relocate employees, and certain
     termination benefits provided to employees that are involuntarily
     terminated under the terms of a one-time benefit arrangement. The adoption
     of SFAS No. 146 did not have an impact on the Company's financial position
     or results of operations.

     In December 2002, the Financial Accounting Standards Board issued SFAS No.
     148, "Accounting for Stock-Based Compensation - Transition and Disclosure -
     an Amendment of SFAS No. 123." SFAS No. 148 provides additional transition
     guidance for those entities that elect to voluntarily adopt the provisions
     of SFAS No. 123. Furthermore, SFAS No. 148 mandates new disclosures in both
     interim and year-end financial statements. The adoption of SFAS No. 148
     will not have an impact on the Company's financial position or results of
     operations.

     In January 2003, the Financial Accounting Standards Board (FASB) issued
     Interpretation No. 46, "Consolidation of Variable Interest Entities, an
     Interpretation of Accounting Research Bulletin No. 51" (the
     "Interpretation"). The Interpretation requires the consolidation of
     variable interest entities in which an enterprise absorbs a majority of the
     entity's expected losses, receives a majority of the entity's expected
     residual returns, or both, as a result of ownership, contractual, or other
     financial interests in the entity. Currently, entities are generally
     consolidated by an enterprise that has controlling financial interest
     through ownership of a majority voting interest in the entity. The
     Interpretation was originally immediately effective for variable interest
     entities created after January 31, 2003, and effective in the fourth
     quarter of the Company's fiscal 2003 for those created prior to February 1,
     2003. However, in October 2003, the FASB deferred the effective date for
     those variable interest entities created prior to February 1, 2003, until
     the Company's first quarter of fiscal 2004. The Company has substantially
     completed the process of evaluating this interpretation and believes its
     adoption will not have a material impact on its consolidated financial
     statements.

     In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
     Financial Instruments with Characteristics of Both Liabilities and Equity."
     This statement establishes standards for how an issuer classifies and
     measures certain financial instruments with characteristics of both
     liabilities and equity. This statement is effective for financial
     instruments entered into or modified after May 31, 2003 and pre-existing
     instruments as of the beginning of the first interim period that commences
     after June 15, 2003, except for mandatorily redeemable financial
     instruments. Mandatorily redeemable financial instruments are subject to
     the provisions of this statement beginning on January 1, 2004. The Company
     has not entered into or modified any financial instuments subsequent to May
     31, 2003 affected by this statement. The adoption of SFAS No. 148 will not
     have an impact on the Company's financial position or results of
     operations.

     In November 2004, the Financial Accounting Standards Board issued statement
     of Financial Accounting Standard No. 151, "Inventory Costs". The new
     Statement amends Accounting Research Bulletin No. 43, Chapter 4, "Inventory
     Pricing," to clarify the accounting for abnormal amounts of idle
     facility expense, freight, handling costs, and wasted material. This
     Statement requires that those items be recognized as current-period charges
     and requires that allocation of fixed production overheads to the cost of
     conversion be based on the normal capacity of the production facilities.
     This statement is effective for the fiscal years beginning after June 15,
     2005. We do not expect adoption of this statement to have a material impact
     on our financial condition or results of operations.

                                       F-9

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)

                          Notes to Financial Statements

                     Years Ended September 30, 2003 and 2002


     In December 2004, the Financial Accounting Standards Board issued Statement
     of Financial Accounting Standards No. 123 (revised 2004), Share-Based
     Payment. This Statement replaces FASB Statement No. 123 and supercedes APB
     Opinion No. 25. Statement No. 123(R) will require the fair value of
     all stock option awards issued to employees to be recorded as an expense
     over the related vesting period. The Statement also requires the
     recognition of compensation expenses for the fair value of any unvested
     stock option awards outstanding at the date of adoption. We are evaluating
     these new rules, but expect no material impact upon adoption relating to
     outstanding options since a majority of the awards under the existing
     incentive stock option plan will be fully vested prior to the effective
     date of the revised rules.

5.   Related Party Transactions

     The Company had a consulting agreement with a stockholder that expired on
     March 1, 2002. Monthly payments under the agreement were $10,000.
     Consulting expense under this agreement was $0 and $60,000 during the years
     ended September 30, 2003 and 2002, respectively.

     The Company had a consulting agreement with a company owned by its former
     Chairman of the Board of Directors. This agreement expired on March 1, 2002
     and required a monthly payment of $10,000. Consulting expense under this
     agreement was $0 and $60,000 during the years ended September 30, 2003 and
     2002, respectively.

     In July 2000, the Company entered into a three year employment agreement
     with its former President. Under this agreement, the Company's former
     President was entitled to an annual base salary of $130,000 during the term
     of the agreement. During the year ended September 30, 2002, this agreement
     was cancelled pursuant to the Plan of Reorganization.

     The following transactions were authorized in August 2002 and completed in
     August 2003.

          Pac Funding, LLC. whose members are Augustine Capital Fund, L.P., the
          Company's majority shareholder and Private Capital Group, Inc., a firm
          controlled by the wife of the former Chairman of the Company's Board
          of Directors were issued 5,000,000 new common shares pursuant to the
          Plan of Reorganization. Pac was the debtor-in-possession funding
          source and supplied funds necessary to operate the business while it
          was a debtor-in-possession and avoid liquidation.

          Pursuant to the Plan of Reorganization, Augustine Capital Fund, L.P.
          was issued 1,967,292 shares of the Company's common stock for claims
          for notes payable and accrued interest that amounted to $1,958,341.

          Pursuant to the Plan of Reorganization, Private Capital Group, Inc.
          was issued 217,293 shares of the Company's common stock for claims for
          accrued expenses that amounted to $40,000.

          Pursuant to the Plan of Reorganization, TA Holdings, LLC., a related
          firm, was issued 135,923 shares of the Company's common stock for
          claims for notes payable and accrued interest that amounted to
          $460,403.

          Pursuant to the Plan of Reorganization, PAMG, LLC, a shareholder of
          the Company was issued 232,904 shares of the Company's common stock
          for claims for common stock payables that amounted to $105,500.

     During the years ended September 30, 2003 and 2002, Augustine Fund, L.P.
     funded the operations of the company in the amount of $117,061 and $0
     respectively.  These loans are unsecured and noninterest bearing.

     Subsequent to the balance sheet date, Augustine Fund, L.P., the major
     shareholder and funding source for the company, converted its loan to the
     company to common stock. At the time of the conversion, May 2005, the loan
     amount was $1898,877. This loan was converted to 47,469,250 shares of
     common stock. This conversion was effected at a value of $0.004 per share.
     The agreement allows for further conversion of any additional funds
     advanced at the same rate on a quarterly basis. Due to the subsequent
     conversion to equity, the shareholder loan is shown as a long-term
     liability on hte balance sheet.

     The above transactions are not necessarily indicative of the transactions
     that would have been entered into had comparable transactions been entered
     into with independent parties.

                                      F-10

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)

                          Notes to Financial Statements

                     Years Ended September 30, 2003 and 2002


6.   Merger and Rescission

     On July 2, 2003, Absolute, through a wholly owned subsidiary ("Merger
     Sub"), entered into an Agreement and Plan of Merger with Absolute
     Industries LLC ("Industries"), which was approved by the boards of
     directors of each entity. On August 23, 2003, Industries merged with and
     into Merger Sub, with Merger Sub being the surviving entity (the "Merger").
     Prior to the Merger, the Company had 10,000,000 common shares outstanding
     that were approved for issuance under the Plan of Reorganization, which was
     confirmed by the United States Bankruptcy Court for the Middle District of
     Florida in August, 2002. In connection with the Merger, an additional
     10,000,000 shares of new restricted stock were issued. In accordance with
     the Merger Agreement, 100% of the equity interests of Industries were
     exchanged for 27,000,000 of the Company's Class A Convertible Preferred
     Stock. Each share of Class A Convertible Preferred Stock is convertible
     into one share of common stock and is entitled to three votes.

     In June 2004, the Board of Directors of the Company and the majority of the
     Company's Shareholders, by written Consent, determined that as a result of
     breaches of the Merger Agreement, it was equitable and appropriate to
     rescind the Merger Agreement and terminate the Merger ab initio. The
     Company and certain of its shareholders entered into a Mutual Termination
     Agreement (the "Settlement Agreement") rescinding the Merger. Under the
     terms of the Settlement Agreement, all related documents and agreements
     were cancelled and rescinded and rendered null and void for all purposes.
     The former Industries members agreed to surrender all shares of stock of
     Absolute owned by them for cancellation. The Company agreed to distribute
     and assign to Industries members or their designees all shares of Merger
     Sub and all preferred shares and 7 million shares of common stock issued in
     connection with the Merger have been returned to the Company.

7.   Income Taxes

     The Company has net operating loss carryforwards of approximately
     $16,500,000, at September 30, 2003. Annual utilization of the Company's net
     operating loss carryforwards will be limited due to a change in ownership
     control of the company's common stock which took place in 2001. Under
     federal tax law, this change in ownership of the Company will significantly
     restrict future utilization of the net operating loss carryforwards. Other
     than the net operating losses which have been limited because of the change
     in ownership as described above, any other net operating losses will expire
     in 2009 through 2022.

     A valuation allowance is required by FASB Statement No. 109 if, based on
     the weight of available evidence, it is more likely than not that some or
     all of the deferred tax assets will not be realized. The need for the
     valuation allowance is evaluated periodically by management. Based on
     available evidence, management concluded that valuation allowances of 100
     percent for September 30, 2003 and 2002 were necessary. Significant
     components of the Company's net deferred tax assets are as follows:

                                                  2003               2002
                                            ---------------------------------
        Tax benefit of net operating loss  $   6,517,500      $    6,427,000
        Less valuation allowance               6,517,500           6,427,000
                                            ---------------------------------
                                           $           0      $            0
                                            =================================

                                      F-11

<PAGE>


                          Absolute Waste Services, Inc.
                      (f/k/a Thermacell Technologies, Inc.)

                          Notes to Financial Statements

                     Years Ended September 30, 2003 and 2002


     The Company's deferred income tax provisions include the following
     components:

                                                  2003               2002
                                              ---------------------------------
        Future net operating loss deductions  $     79,000      $      273,000
        Change in allowance valuation for tax
           benefit of net operating loss           (79,000)           (273,000)
                                              ---------------------------------
                                              $           0     $            0
                                               =================================

     A reconciliation of the income tax benefit computed at the federal
     statutory rate and the Company's effective rate are as follows:

                                         2003                   2002
                                   --------------------    --------------------

 Federal statutory RATE            $     68,000    34%     $   235,000      34%
 Adjustments, primarily state
    income TAXES                         11,000     5.5          38,000      5.5
 Change in allowance valuation for
    tax benefit of net
    operating loss                      (79,000)  (39.5)      (273,000)   (39.5)
                                   --------------------    --------------------
                                   $          0     0 %    $         0      0 %
                                   ====================    ====================


     The Company's effective income tax rate is lower than what would be
     expected if the federal statutory rate were applied to income from
     continuing operations primarily because of expenses deducted for financial
     reporting purposes that are not deductible for tax purposes and the effects
     of using the surtax exemption.

8.   Stockholders' Equity

     During March 2001, $566,667 of the Company's redeemable convertible
     promissory notes, $100,464 of accrued interest and $200,203 in penalties,
     were converted into 6,883,595 shares of common stock which represents more
     than 50% voting control of the outstanding common stock of the Company.
     These shares were issued during the fiscal year ended September 30, 2002.

     Atlas was sold pursuant to a Stock Purchase Agreement to Great Lakes Oil
     and Gas, Inc. on September 30, 2002. The Company agreed to issue 50,000 of
     its common stock as consideration for the sale.

     The Company's Series A Preferred stock and Series B Preferred stock was
     cancelled pursuant to the Plan of Reorganization. There were no shares of
     either class issued or outstanding on the date of the confirmation of the
     Plan. In addition, the Company's 40,000 shares of treasury stock were
     retired pursuant to the Plan of Reorganization.

9.  Payroll Taxes

As of September 30, 2003 the Company is delinquent in prior period payroll
taxes, penalties and interest in the amount of $195,812. The Company currently
does not have an agreement with the Internal Revenue Service for payment of this
liability.


                                      F-12

<PAGE>


Item 8. Changes in and Disagreements With Accountants on Accounting and
-----------------------------------------------------------------------
Financial Disclosure
--------------------

None.

Item 8A. Controls and Procedures
--------------------------------

(a)   Evaluation of Disclosure Controls and Procedures.
-------------------------------------------------------
Disclosure controls and procedures are designed to ensure that information
required to be disclosed in the reports filed or submitted under the Exchange
Act is recorded, processed, summarized and reported, within the time period
specified in the Commission's rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in the reports filed under the
Exchange Act is accumulated and communicated to management, as appropriate, to
allow timely decisions regarding required disclosure. Our current principal
executive officer, who is also our principal financial officer, evaluated the
effectiveness of our disclosure controls and procedures as of the end of the
period covered by this report pursuant to Rule 15d-15(b) promulgated under the
Exchange Act. Based upon that evaluation, our principal executive and financial
officer has concluded that our disclosure controls and procedures were not
effective in alerting management in a timely fashion to all material information
required to be included in our periodic filings with the Commission, which has
contributed to significant delays in filing our periodic reports.

Based on this evaluation, our principal executive officer and principal
financial officer will accelerate plans to implement additional financial
reporting controls and procedures to ensure that information in reports that we
file or submit under the Exchange Act are recorded, processed, summarized and
reported within the time periods specified in Commission rules and forms.
Furthermore, when and if we acquire an operating business, management will
implement operating controls and procedures to ensure timely disclosure.

A control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance that the control system's objectives will be
met. Further, the design of a control system must reflect the fact that there
are resource constraints, and the benefits of controls must be considered
relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, with the company have been
detected. These inherent limitations include the realities that judgments in
decision-making can be faulty, that breakdowns can occur because of simple
errors or mistakes, and that controls can be circumvented by the acts of
individuals or groups. Because of the inherent limitations in a cost-effective
control system, misstatements due to error or fraud may occur and not be
detected.

(b)   Changes in Internal Controls.
-----------------------------------
There were no significant changes in our internal control over financial
reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred
during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, our internal controls over financial
reporting.

Item 8B.  Other Information.
----------------------------
None.

                                       15

<PAGE>


Part III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
----------------------------------------------------------------------
Compliance With Section 16(a) of the Exchange Act
-------------------------------------------------

The following table sets forth certain information regarding our sole director
and executive officer as of May 20, 2005.

-------------------     --------    ------------------------------------
Name                       Age      Position
-------------------     --------    ------------------------------------
Thomas F. Duszynski        50       Chief Executive Officer,
                                    Chief Financial Officer and Director

Thomas F. Duszynski has been a director of our company since August 2003, and
our Chief Executive Officer and Chief Financial Officer since June 2004. Mr.
Duszynski was an officer and director of Absolute Waste Services, Inc. since the
merger with Absolute Industries, LLC. Mr. Duszynski has been a Principal of
Augustine Fund, L.P., a private equity investment firm and a major shareholder,
since 1997. Mr. Duszynski is also an executive officer and director of Berkshire
Asset Management, Inc., a public company.

Resignations of Directors and Officers
--------------------------------------
In connection with the rescission of the Merger in June 2004, James Wright,
William Davis and Donald Woods resigned as officers and directors of our
company.

Audit Committee
---------------
We do not have an Audit Committee, because we have only one director. Our Board
of Directors has determined that we do not have an "audit committee financial
expert", and we do not have sufficient resources to engage such a person to be a
member of our Board of Directors.

Section 16(a) Beneficial Ownership Reporting Compliance
-------------------------------------------------------
Section 16(a) of the Exchange Act requires executive officers and directors, and
persons who beneficially own more than 10% of any class of our equity securities
to file initial reports of ownership and reports of changes in ownership with
the Commission. Executive officers, directors and beneficial owners of more than
10% of any class of our equity securities are required by Commission regulations
to furnish us with copies of all Section 16(a) forms they file.

Based solely upon a review of Forms 3 and 4 and amendments thereto furnished to
us under Rule 16a-3(d), and certain written representations from our sole
executive officer and director, we are aware of the following required reports
that have not been timely filed:

     o    a Form 4 by Augustine Fund, L.P., Augustine Capital Management, LLC,
          Thomas Duszynski, John Porter and Brian Porter to cover the issuance
          to PAC Funding, LLC of 5,000,000 shares of our common stock and to
          Augustine Fund, L.P. of 2,507,188 shares of our common stock in
          connection with the Plan;

     o    a Form 4 by Mr. Duszynski to cover the issuance to Mr. Duszynski of
          1,000,000 shares of our common stock in connection with the Merger;
          and

     o    a Form 4 by Mr. Duszynski to cover the return by Mr. Duszynski of
          1,000,000 shares of our common stock in connection with the rescission
          of the Merger.


Other than this, we are unaware of any other required reports that were not
timely filed. Since conducting the review, we have developed new procedures to
ensure improved compliance on an on-going basis, including compliance with the
requirements of the Sarbanes-Oxley Act.

Code of Ethics
--------------
We have adopted a code of ethics that applies to our Chief Executive Officer and
our Chief Financial Officer/Principal Accounting Officer. Our form code of
ethics is attached hereto as Exhibit 14.

                                       16

<PAGE>
<TABLE>
<CAPTION>


Item 10.  Executive Compensation
--------------------------------

Our executive officer and director did not receive any compensation during the
years ended September 30, 2004 or 2003 and does not currently receive any
compensation.

Option Grants and Exercises
---------------------------
There were no executive officers' unexercised options at September 30, 2004. No
shares of common stock were acquired upon exercise of options during the fiscal
year ended September 30, 2004.

Employment Contracts.
---------------------
Our executive officer does not have an employment contract or similar
arrangement with us.

Item 11.  Security Ownership of Certain Beneficial Owners and Management and
----------------------------------------------------------------------------
Related Stockholder Matters
---------------------------

The following table sets forth ownership information as of May 20, 2005 with
respect to (i) our sole director and executive officer and (ii) each person
known by us to be a beneficial owner of more than 5% of our outstanding voting
securities. Each share of common stock is entitled to one vote. The address of
each of the individuals or entities listed below is c/o us at 141 West Jackson
Boulevard, Suite 2182, Chicago, Illinois 60604.

       ------------------------------------ ----------------------------- -------------------------------
                                                Amount and nature of        Percentage of outstanding
       Name                                   beneficial ownership (1)        voting securities (2)
       ------------------------------------ ----------------------------- -------------------------------
       <S>                                         <C>                               <C>
       Thomas F. Duszynski ................         54,976,438                        90.9%
       Augustine Fund, L.P. (3)............         49,976,438                        82.6%
       PAC Funding LLC (4).................          5,000,000                         8.3%
       All executive officers and directors
       as a group (one person).............         54,976,438                        90.9%
       ------------------------------------ ----------------------------- -------------------------------

(1)  Beneficial ownership is determined in accordance with Rule 13d-3(a) of the
     Exchange Act, and generally includes voting or investment power with
     respect to securities. Pursuant to the rules and regulations of the
     Commission, shares of common stock that an individual or group has a right
     to acquire within 60 days pursuant to the exercise of options or warrants
     are deemed to be outstanding for the purposes of computing the percentage
     ownership of such individual or group, but are not deemed to be outstanding
     for the purposes of computing the percentage ownership of any other person
     shown in the table. Except as subject to community property laws, where
     applicable, the person named above has sole voting and investment power
     with respect to all shares of our common stock shown as beneficially owned
     by him.
(2)  Applicable percentage of ownership as of May 20, 2005 is based on
     60,469,250 shares of common stock outstanding.
(3)  Thomas F. Duszynski is a principal of Augustine Fund, L.P.
(4)  Thomas F. Duszynski is a principal of Augustine Fund, L.P., which is a
     manager of PAC Funding LLC.

Securities Authorized for Issuance Under Equity Compensation Plans
------------------------------------------------------------------
We do not have any securities authorized for issuance under equity compensation
plans.

Item 12. Certain Relationships and Related Transactions
-------------------------------------------------------

In connection with the Merger, in August 2003 we issued 1,000,000 shares of our
common stock to Thomas Duszynski, our sole officer and director and an affiliate
of Augustine Fund, L.P. and PAC Funding LLC, two of our shareholders, and we
also issued 4,000,000 shares of our common stock to Private Capital Group, Inc.,
an affiliate of Mr. Duszynski, Augustine Fund, L.P. and PAC Funding LLC.

In June 2004, we entered into an agreement with the former holders of membership
interests of Absolute Industries, LLC, pursuant to which the Merger was
rescinded ab initio. In connection with the rescission of the Merger, James
Wright, William Davis and Donald Woods, who were then directors and officers of

                                       17
</TABLE>

<PAGE>


our company, agreed to return to us all of the shares of our Series A
convertible preferred stock issued to them in the Merger, in consideration for
the receipt of the stock of Merger Sub. In addition, Mr. Duszynski returned to
us the 1,000,000 shares of our common stock issued to him in connection with the
Merger, and Private Capital Group, Inc. returned to us the 4,000,000 shares of
our common stock issued to that entity in connection with the Merger.

In May 2005, we entered into a Conversion Agreement with Augustine Fund, L.P.,
one of our shareholders. Pursuant to the Conversion Agreement, we issued to
Augustine Fund, L.P. 47,469,250 shares of our common stock at a price of $0.004
per share, for the settlement of advances made to us by Augustine Fund, L.P.
totaling $189,877 as of March 31, 2005. In addition, we agreed to issue to
Augustine Fund, L.P. additional shares of common stock at a price of $0.004 per
share in consideration for additional advances made to us, including advances to
fund the preparation and filing of our securities filings with the Commission
and related matters. The per share price of $0.004 was an agreed price between
the parties.

Item 13. Exhibits
-----------------

The following are being filed as part of this Annual Report on Form 10-KSB:
1. Financial Statements
-----------------------
See the Index to Financial Statements which appears on Page F-1 hereof.

2. Financial Statement Schedules
--------------------------------
None.

3. Exhibits
-----------
Exhibit 2 - Plan of Reorganization dated February 25, 2002 (incorporated by
reference to Exhibit 2 to Form 8-K filed September 16, 2002)

Exhibit 10.1 - Mutual Settlement Agreement dated June 3, 2004 by and among
Absolute Waste Services, Inc., Absolute Waste Acquisitions, Inc., PAC Funding,
LLC and the former holders of membership interests of Absolute Industries, LLC
(incorporated by reference to Exhibit A to Schedule 14C filed July 14, 2004)

Exhibit 10.2 - Conversion Agreement dated May 19, 2005 by and between Absolute
Waste Services, Inc. and Augustine Fund, L.P.

Exhibit 14 - Form of Code of Ethics

Exhibit 31.1 - Certification of CEO/CFO pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002

Exhibit 32.1 - Certification of CEO/CFO pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002

Item 14. Principal Accountant Fees and Services
-----------------------------------------------
Our independent registered public accounting firm is Pender Newkirk and Company.

Audit Fees
----------
Fees for audit services totaled $37,041 in 2003 and $35,407 in 2002, including
fees associated with the annual audit, the reviews of our quarterly reports on
Form 10-QSB, and services in connection with Commission filings.

Audit-Related Fees
------------------
Fees for audit related services were $0 for 2004 and 2003.

Tax Fees
--------
Fees for tax services, including tax compliance and tax advice, totaled $0 in
2004 and 2003.

All Other Fees
--------------
Fees for all other services not included above were $0 for 2004 and 2003.

                                       18

<PAGE>


Effective May 6, 2003, the Commission adopted rules that require that before
Pender Newkirk and Company is engaged by us or our subsidiaries to render any
auditing or permitted non-audit related service, the engagement be:

     o    approved by our audit committee; or

     o    entered into pursuant to pre-approval policies and procedures
          established by the audit committee, provided the policies and
          procedures are detailed as to the particular service, the audit
          committee is informed of each service, and such policies and
          procedures do not include delegation of the audit committee's
          responsibilities to management.

The audit committee (or, in our case, the Board of Directors) requires advance
approval of all audit, audit-related, tax, and other services performed by the
independent auditor. Unless the specific service has been previously
pre-approved with respect to that year, the audit committee (or, in lieu
thereof, the Board of Directors) must approve the permitted service before the
independent auditor is engaged to perform it. Our sole director has approved the
performance of services by the independent auditors. For 2004, the sole director
approved 100% of the fees incurred.

Our sole director has considered the nature and amount of the fees billed by
Pender Newkirk and Company, and believes that the provision of the services for
activities unrelated to the audit is compatible with maintaining the
independence of Pender Newkirk and Company.

                                       19

<PAGE>


                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, we have duly caused this report to be signed on our
behalf by the undersigned, thereunto duly authorized.

ABSOLUTE WASTE SERVICES, INC.
(Registrant)


By:  /s/  Thomas F. Duszynski                               Date:  May 27, 2005
------------------------------------
          Thomas F. Duszynski
          Chief Executive Officer,
          Chief Financial Officer and
          Director
          (Principal Executive Officer and
          Principal Financial and Accounting Officer)

                                       20