----

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| For                the quarter ended September 30, 2005 |  |   | Commission                File No. 0-19944 |
|---------------------------------------------------------|--|--------|--------------------------------------------|

| M~WAVE,                INC.                                                          |
|--------------------------------------------------------------------------------------|
| (Exact                name of registrant as specified in its                charter) |

| DELAWARE                                                                                    |   | 36-3809819                                                        |
|---------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
| (State                or other jurisdiction ofIncorporation                or organization) |   | (I.R.S.                Employeridentification                No.) |

| 475                Industrial Drive, West Chicago, Illinois |   | 60185                     |
|-------------------------------------------------------------|--------|---------------------------|
| (Address                of principal executive offices)     |   | (Zip                Code) |

| Registrant’s                telephone number including area code: |   |   | (630)                562-5550 |
|-------------------------------------------------------------------------|--------|--------|-------------------------------|

| Indicate                by check mark whether the Registrant is an accelerated filer (as                defined                by rule 12b-6 of the Act) | Yes                 ̈ | Nox |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|-----|

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----

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**M-WAVE,      INC.**

**CONTENTS**

| PART                I.   FINANCIAL INFORMATION |                                                                                                                                   |
|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                     |                                                                                                                                   |   |
|                                                     |                                                                                                                                   |   |
|                                                     |                                                                                                                                   | Page |
| Item                1.                                   | Financial                Statements:                                                                                                   |   |
|                                                     |                                                                                                                                   |   |
|                                                     | Consolidated                Balance Sheets as of September 30, 2005                and December 31, 2004 (unaudited)                   | 3 |
|                                                     |                                                                                                                                   |   |
|                                                     | Consolidated                Statements of Operations for the Three                Months Ended September 30, 2005 and 2004 (unaudited) | 4 |
|                                                     |                                                                                                                                   |   |
|                                                     | Consolidated                Statements of Operations for the Nine                Months Ended September 30, 2005 and 2004 (unaudited)  | 5 |
|                                                     |                                                                                                                                   |   |
|                                                     | Consolidated                Statements of Cash Flows for the Nine                Months Ended September 30, 2005 and 2004 (unaudited)  | 6 |
|                                                     |                                                                                                                                   |   |
|                                                     | Notes                to Consolidated Financial Statements                (unaudited)                                                   | 8 |
|                                                     |                                                                                                                                   |   |
| Item                2.                                   | Management’s                Discussion and Analysis of Financial Condition                and Results Of Operations              | 15 |
|                                                     |                                                                                                                                   |   |
| Item                3                                    | Controls                and Procedures                                                                                                 | 27 |
|                                                     |                                                                                                                                   |   |
| PART                II.   OTHER INFORMATION    |                                                                                                                                   |
|                                                     |                                                                                                                                   |   |
| Item                6.                                   | Exhibits                                                                                                                               | 28 |
|                                                     |                                                                                                                                   |   |
|                                                     | Signatures                                                                                                                             | 29 |

----

*Contents*

**Part      I - Financial Information**

**Item      1: Financial Statements**

**M~Wave,      Inc.**

**CONSOLIDATED      BALANCE SHEETS**

**(Unaudited)**

| ASSETS                                                                                                                                                                         |   | SEPTEMBER                30,2005 |        | DECEMBER                31,2004 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|-------------|---------------------------------|--------|
| CURRENT                ASSETS:                                                                                                                                                 |   |                             |        |                            |   |
| Cash                                                                                                                                                                           |   | $                                | 7,206       |                            |   | 1,321,445 |   |
| Accounts                receivable, net of allowance for doubtful accounts 2005 $75,000;                2004                $75,000                                            |   |                             | 1,832,080   |                            |   | 2,040,768 |   |
| Inventories,                net                                                                                                                                                |   |                             | 2,259,847   |                            |   | 785,979 |   |
| Prepaid                product credits                                                                                                                                         |   |                             | 235,000     |                            |   | 340,000 |   |
| Prepaid                expenses and other assets                                                                                                                               |   |                             | 654,895     |                            |   | 136,865 |   |
| Total                current assets                                                                                                                                            |   |                             | 4,989,028   |                            |   | 4,625,057 |   |
| MACHINERY                AND EQUIPMENT:                                                                                                                                        |   |                             |        |                            |   |   |   |
| Machinery                and equipment                                                                                                                                         |   |                             | 589,067     |                            |   | 346,665 |   |
| Less                accumulated depreciation                                                                                                                                   |   |                             | (93,551     | )                               |   | (23,736 | ) |
| Machinery                and equipment - net                                                                                                                                   |   |                             | 495,516     |                            |   | 322,929 |   |
| Land,                building and improvements held for sale and idle                                                                                                          |   |                             | 635,821     |                            |   | 745,821 |   |
| Intangibles                assets, net                                                                                                                                         |   |                             | 42,500      |                            |   | 0 |   |
| Investment                in equity securities                                                                                                                                 |   |                             | 75,000      |                            |   | 225,000 |   |
| Goodwill                                                                                                                                                                       |   |                             | 858,471     |                            |   | 0 |   |
| TOTAL                                                                                                                                                                          |   | $                                | 7,096,336   |                            | $      | 5,918,807 |   |
|                                                                                                                                                                           |   |                             |        |                            |   |   |   |
| LIABILITIES                AND STOCKHOLDERS’ EQUITY                                                                                                                      |   |                             |        |                            |   |   |   |
| CURRENT                LIABILITIES:                                                                                                                                            |   |                             |        |                            |   |   |   |
| Accounts                payable                                                                                                                                                |   | $                                | 1,728,652   |                            | $      | 1,163,013 |   |
| Accrued                expenses                                                                                                                                                |   |                             | 520,265     |                            |   | 518,484 |   |
| Note                payable, bank, net                                                                                                                                         |   |                             | 1,957,658   |                            |   | 1,189,192 |   |
| Total                current liabilities                                                                                                                                       |   |                             | 4,206,576   |                            |   | 2,870,689 |   |
|                                                                                                                                                                           |   |                             |        |                            |   |   |   |
| LONG                TERM DEBT, NET                                                                                                                                             |   |                             | 1,999,423   |                            |   | 0 |   |
|                                                                                                                                                                           |   |                             |        |                            |   |   |   |
|                                                                                                                                                                           |   |                             |        |                            |   |   |   |
| STOCKHOLDERS'                EQUITY:                                                                                                                                           |   |                             |        |                            |   |   |   |
| Series                A preferred stock, $100 par value; authorized 30,000 shares; issued                and                outstanding 2005:12,500 shares 2004: 24,000 shares |   |                             | 656,800     |                            |   | 1,261,010 |   |
| Common                stock, $.005 par value; authorized 20,000,000 shares, issued and                outstanding 2005: 6,202,601 shares; 2004: 5,059,028 shares               |   |                             | 39,692      |                            |   | 33,974 |   |
| Additional                paid-in capital                                                                                                                                      |   |                             | 12,969,473  |                            |   | 11,840,351 |   |
| Accumulated                deficit                                                                                                                                             |   |                             | (10,490,457 | )                               |   | (7,802,047 | ) |
| Treasury                stock, at cost 1,735,815 shares                                                                                                                        |   |                             | (2,285,170  | )                               |   | (2,285,170 | ) |
| Total                stockholders' equity                                                                                                                                      |   |                             | 890,338     |                            |   | 3,048,118 |   |
| TOTAL                                                                                                                                                                          |   | $                                | 7,096,336   |                            | $      | 5,918,807 |   |

----

*Contents*

**M~WAVE,      Inc.**

|                                                                     |   | Three                months ended September 30, |       |
|--------------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                                     |   |                                            |       |   |   |
|                                                                     |   | 2005                                            |       | 2004 |   |
| NET                SALES                                                 |   | $                                               | 4,983,084  |   | $ | 4,062,678 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| COST                OF GOODS SOLD                                        |   |                                            | 4,121,316  |   |   | 3,321,024 |   |
| Gross                profit                                              |   |                                            | 861,768    |   |   | 741,654 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| OPERATING                EXPENSES:                                       |   |                                            |       |   |   |   |   |
| General                and administrative                                |   |                                            | 1,615,631  |   |   | 760,946 |   |
| Selling                and marketing                                     |   |                                            | 469,556    |   |   | 356,114 |   |
| Impairment                loss recognized on investment in AM-Wave, LLC  |   |                                            | 0          |   |   | 431,899 |   |
| Stock                compensation                                        |   |                                            | 12,000     |   |   | 58,469 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| Total                operating expenses                                  |   |                                            | 2,097,187  |   |   | 1,607,428 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| Operating                loss                                            |   |                                            | (1,235,419 | ) |   | (865,774 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| OTHER                INCOME (EXPENSE):                                   |   |                                            |       |   |   |   |   |
| Interest                income                                           |   |                                            | 308        |   |   | 1,463 |   |
| Interest                expense                                          |   |                                            | (172,308   | ) |   | (58,010 | ) |
| Trade                debt forgiveness                                    |   |                                            | 0          |   |   | 271,394 |   |
| Impairment                of investment of available for sale securities |   |                                            | (150,000   | ) |   | 0 |   |
| Total                other income (expense), net                         |   |                                            | (322,000   | ) |   | 214,847 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| (LOSS)                BEFORE INCOME TAXES                                |   |                                            | (1,577,419 | ) |   | (650,927 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| Provision                for income taxes                                |   |                                            | 71,328     |   |   | 0 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| NET                (LOSS)                                                |   | $                                               | (1,628,747 | ) | $ | (650,927 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| Preferred                Stock Beneficial Conversion Feature             |   |                                            | 0          |   | $ | (1,827,300 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| NET                (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS            |   | $                                               | (1,628,747 | ) | $ | (2,478,227 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| Weighted                average shares outstanding                       |   |                                            | 6,201,690  |   |   | 4,544,266 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| BASIC                and Diluted (LOSS) PER SHARE                        |   | $                                               | (0.26      | ) | $ | (0.55 | ) |

----

*Contents*

**M~WAVE,      Inc.**

|                                                                     |   | Nine                months ended September 30, |       |
|--------------------------------------------------------------------------|--------|------------------------------------------------|------------|
|                                                                     |   |                                           |       |   |   |
|                                                                     |   | 2005                                           |       | 2004 |   |
| NET                SALES                                                 |   | $                                              | 16,572,547 |   | $ | 13,570,955 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| COST                OF GOODS SOLD                                        |   |                                           | 13,368,340 |   |   | 11,172,103 |   |
| Gross                profit                                              |   |                                           | 3,204,207  |   |   | 2,398,852 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| OPERATING                EXPENSES:                                       |   |                                           |       |   |   |   |   |
| General                and administrative                                |   |                                           | 4,049,924  |   |   | 1,631,350 |   |
| Selling                and marketing                                     |   |                                           | 1,204,128  |   |   | 997,127 |   |
| Impairment                loss recognized on investment in AM-Wave, LLC  |   |                                           | 0          |   |   | 591,359 |   |
| Stock                compensation                                        |   |                                           | 12,000     |   |   | 206,578 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| Total                operating expenses                                  |   |                                           | 5,266,052  |   |   | 3,426,414 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| Operating                loss                                            |   |                                           | (2,061,845 | ) |   | (1,027,562 | ) |
|                                                                     |   |                                           |       |   |   |   |   |
| OTHER                INCOME (EXPENSE):                                   |   |                                           |       |   |   |   |   |
| Interest                income                                           |   |                                           | 6,510      |   |   | 42,025 |   |
| Interest                expense                                          |   |                                           | (411,747   | ) |   | (119,276 | ) |
| Trade                debt forgiveness                                    |   |                                           | 0          |   |   | 710,778 |   |
| Impairment                of investment of available for sale securities |   |                                           | (150,000   | ) |   | 0 |   |
| Total                other income (expense), net                         |   |                                           | (555,237   | ) |   | 633,527 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| (LOSS)                BEFORE INCOME TAXES                                |   |                                           | (2,617,082 | ) |   | (394,035 | ) |
|                                                                     |   |                                           |       |   |   |   |   |
| Provision                for income taxes                                |   |                                           | 71,328     |   |   | 112,678 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| NET                (LOSS)                                                |   | $                                              | (2,688,410 | ) | $ | (506,713 | ) |
|                                                                     |   |                                           |       |   |   |   |   |
| Preferred                Stock Beneficial Conversion Feature             |   |                                           | 0          |   |   | (1,827,300 | ) |
|                                                                     |   |                                           |       |   |   |   |   |
| NET                (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS            |   | $                                              | (2,688,410 | ) | $ | (2,334,013 | ) |
|                                                                     |   |                                           |       |   |   |   |   |
| Weighted                average shares outstanding                       |   |                                           | 5,985,344  |   |   | 4,477,647 |   |
|                                                                     |   |                                           |       |   |   |   |   |
| BASIC                and Diluted (LOSS) PER SHARE                        |   | $                                              | (0.45      | ) | $ | (0.52 | ) |

----

*Contents*

**M~WAVE,      Inc.**

|                                                                                                                     |   | Nine                months ended September 30, |       |
|--------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|
|                                                                                                                     |   | 2005                                           |       | 2004 |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                                     |   |                                           |       |   |   |
| Net                (loss) income                                                                                         |   | $                                              | (2,688,410 | ) | $ | (506,714 | ) |
| Adjustments                to reconcile net (loss) income to net cash flows used in operating                activities: |   |                                           |       |   |   |   |   |
| Loss                on disposal of property, plant, and equipment                                                        |   |                                           | 110,000    |   |   | 81,596 |   |
| Depreciation                and amortization                                                                             |   |                                           | 69,815     |   |   | 27,564 |   |
| Amortization                of discount on note payable, bank                                                            |   |                                           | 36,414     |   |   | 12,138 |   |
| Amortization                of discount on long term debt                                                                |   |                                           | 114,904    |   |   | 0 |   |
| Amortization                of intangible assets                                                                         |   |                                           | 17,500     |   |   | 0 |   |
| Trade                debt forgiveness                                                                                    |   |                                           | 0          |   |   | (710,777 | ) |
| Impairment                loss recognized on investment in AM-Wave, LLC                                                  |   |                                           | 0          |   |   | 591,359 |   |
| Stock                compensation recognized on options and warrants                                                     |   |                                           | 12,000     |   |   | 206,578 |   |
| Impairment                of investment of available for sale securities                                                 |   |                                           | 150,000    |   |   | 0 |   |
| Adjustment                to refundable income taxes                                                                     |   |                                           | 0          |   |   | 70,403 |   |
| Changes                in assets and liabilities:                                                                        |   |                                           |       |   |   |   |   |
| Accounts                receivable                                                                                       |   |                                           | 708,688    |   |   | 147,684 |   |
| Inventories                                                                                                              |   |                                           | (1,273,868 | ) |   | (713,434 | ) |
| Prepaid                expenses and other assets                                                                         |   |                                           | (413,030   | ) |   | (58,319 | ) |
| Accounts                payable                                                                                          |   |                                           | 565,639    |   |   | (1,714,061 | ) |
| Accrued                expenses                                                                                          |   |                                           | 1,781      |   |   | (600,283 | ) |
| Income                taxes                                                                                              |   |                                           | 0          |   |   | 0 |   |
| Net                cash flows used in operating activities                                                               |   |                                           | (2,588,567 | ) |   | (3,166,266 | ) |
|                                                                                                                     |   |                                           |       |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES:                                                                     |   |                                           |       |   |   |   |   |
| Purchase                of machinery and equipment                                                                       |   |                                           | (142,402   | ) |   | (69,370 | ) |
| Increase                in investment in Am Waved LLC                                                                    |   |                                           | 0          |   |   | (128,439 | ) |
| Proceeds                from sale of land, building and equipment, net of disposal                costs                  |   |                                           | 0          |   |   | 2,688,807 |   |
| Acquisition                of business                                                                                   |   |                                           | (1,718,472 | ) |   | 0 |   |
| Net                cash flows (used in) provided by investing activities                                                 |   |                                           | (1,860,874 | ) |   | 2,490,998 |   |
|                                                                                                                     |   |                                           |       |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                                                     |   |                                           |       |   |   |   |   |
| Proceeds                from exercise of stock options                                                                   |   |                                           | 3,150      |   |   | 920 |   |
| Net                borrowings on note payable, bank                                                                      |   |                                           | 732,052    |   |   | 1,703,615 |   |
| Payments                on short and long term debt                                                                      |   |                                           | 0          |   |   | (2,457,013 | ) |
| Proceeds                from Preferred Stock Issuance                                                                    |   |                                           | 0          |   |   | 2,550,000 |   |
| Borrowings                on long term debt                                                                              |   |                                           | 2,400,000  |   |   | 0 |   |
| Net                cash flows provided by financing activities                                                           |   |                                           | 3,135,202  |   |   | 1,797,462 |   |
|                                                                                                                     |   |                                           |       |   |   |   |   |
| NET                INCREASE/DECREASE IN CASH:                                                                            |   |                                           | (1,314,239 | ) |   | 1,122,194 |   |
| Beginning                of period                                                                                       |   |                                           | 1,321,445  |   |   | 249,343 |   |
| End                of period                                                                                             |   | $                                              | 7,206      |   | $ | 1,371,537 |   |
|                                                                                                                     |   |                                           |       |   |   |   |   |
| SCHEDULE                OF NONCASH FINANCING AND INVESTING ACTIVITIES:                                                   |   |                                           |       |   |   |   |   |
|                                                                                                                     |   |                                           |       |   |   |   |   |
| Contribution                of equipment for investment in AM-Wave, LLC                                                  |   | $                                              | 0          |   | $ | 777,200 |   |
| Stock                options issued in connection with consulting agreement                                              |   |                                           | 0          |   |   | 91,195 |   |
| Stock                warrants issued in connection with SOA agreement                                                    |   |                                           | 0          |   |   | 115,383 |   |
| Stock                warrants issued in connection with bank financing                agreement                          |   |                                           | 0          |   |   | 97,100 |   |
| Stock                warrants issued in connection with preferred stock                offering                          |   |                                           | 0          |   |   | 848,750 |   |
| Stock                warrants issued as discount on note payable, Mercator                                               |   |                                           | 515,480    |   |   | 0 |   |
|                                                                                                                     |   |                                           |       |   |   |   |   |
| Acquisition                of Business:                                                                                  |   |                                           |       |   |   |   |   |
| Accounts                receivable                                                                                       |   | $                                              | 500,000    |   | $ | 0 |   |
| Inventories                                                                                                              |   |                                           | 200,000    |   |   | 0 |   |
| Machinery                and equipment                                                                                   |   |                                           | 100,000    |   |   | 0 |   |
| Intangible                assets                                                                                         |   |                                           | 60,000     |   |   | 0 |   |
| Goodwill,                including acquisition costs of $358,472                                                         |   |                                           | 858,472    |   |   | 0 |   |
| Total                                                                                                                    |   | $                                              | 1,718,472  |   | $ | 0 |   |

----

*Contents*

**M~WAVE,      Inc.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

| **1.** | **Basis                of Presentation** |
|--------|------------------------------------------|

| **2.** | **Business                Issues** |
|--------|------------------------------------|

----

*Contents*

| **3.** | **Realization                of Assets** |
|--------|------------------------------------------|

| **4** | **Inventories** |
|-------|-----------------|

| **5.** | **Business                Segments** |
|--------|--------------------------------------|

|                                                              |   | 3                months ended |                           | 9                months ended |   |
|-------------------------------------------------------------------|--------|-------------------------------|--------------------------------|-------------------------------|--------|
|                                                              |   | 2005                          |                           | 2004                          |   | 2005 |   | 2004 |   |
| Net                Sales                                          |   |                          |                           |                          |   |   |   |   |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |
| EMG                Group                                          |   | $                             | 3,589,809                      |                          | $      | 4,062,678 |   | $ | 14,112,653 |   | $ | 13,570,955 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| DBS                Group                                          |   |                          | 1,393,275                      |                          |   | - |   |   | 2,459,894 |   |   | - |   |
| Consolidated                net sales                             |   | $                             | 4,983,084                      |                          | $      | 4,062,678 |   | $ | 16,572,547 |   | $ | 13,570,955 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| Operating                loss                                     |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| EMG                Group                                          |   | $                             | (587,400                       | )                             | $      | (865,774 | ) |   | (676,740 | ) |   | (1,027,562 | ) |
| DBS                Group                                          |   |                          | (648,019                       | )                             |   | 0 |   |   | (1,385,105 | ) |   | 0 |   |
| Consolidated                operating loss                        |   | $                             | (1,235,419                     | )                             | $      | (865,774 | ) | $ | (2,061,845 | ) | $ | (161,791 | ) |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| Interest                and other (expense) income                |   | $                             | (322,000                       | )                             | $      | 214,849 |   | $ | (555,237 | ) | $ | 633,527 |   |
| Preferred                Stock Conversion                         |   |                          |                           |                          | $      | (1,827,300 | ) |   |   |   |   | (1,827,300 | ) |
| Consolidated                (loss) income before                  |   |                          |       |                          |   |    |   |   |    |   |   |    |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| Income                taxes                                       |   | $                             | (1,557,419                     | )                             | $      | (2,478,227 | ) | $ | (2,617,083 | ) | $ | (2,221,335 | ) |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| Depreciation                and amortization expense              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| EMG                Group                                          |   | $                             | 17,799                         |                          | $      | 9,564 |   | $ | 50,751 |   | $ | 27,564 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| DBS                Group                                          |   |                          | 17,141                         |                          |   | 0 |   |   | 36,564 |   |   | 0 |   |
| Consolidated                depreciation and amortization expense |   | $                             | 34,940                         |                          | $      | 9,564 |   | $ | 87,315 |   | $ | 27,564 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| Capital                expenditures                               |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| EMG                Group                                          |   | $                             | 20,591                         |                          | $      | 3,796 |   | $ | 39,793 |   | $ | 69,370 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| DBS                Group                                          |   |                          | 7,502                          |                          |   | 0 |   |   | 102,609 |   |   | 0 |   |
| Consolidated                capital expenditures                  |   | $                             | 28,093                         |                          | $      | 3,796 |   | $ | 142,402 |   | $ | 69,370 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| Total                Assets                                       |   |                          |                           |                          |   |   |   |   | Sept.                30, 2005 |   |   | Dec.31,                2004 |   |
| EMG                Group                                          |   |                          |                           |                          |   |   |   | $ | 3,212,132 |   | $ | 5,918,807 |   |
|                                                              |   |                          |                           |                          |   |   |   |   |   |   |   |   |   |
| DBS                Group                                          |   |                          |                           |                          |   |   |   |   | 3,884,204 |   |   | 0 |   |
| Consolidated                total assets                          |   |                          |                           |                          |   |   |   | $ | 7,096,336 |   | $ | 5,918,807 |   |

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*Contents*

| **6.** | **Debt** |
|--------|----------|

----

*Contents*

----

*Contents*

| **7.** | **Equity** |
|--------|------------|

|                                                  |   | 3                months ended |         | 9                months ended |   |
|-------------------------------------------------------|--------|-------------------------------|--------------|-------------------------------|--------|
|                                                  |   | 2005                          |         | 2004                          |   | 2005 |   | 2004 |   |
| Weighted                average shares outstanding    |   |                          | 6,201,688    |                          |   | 4,544,266 |   |   | 5,985,343 |   |   | 4,477,647 |   |
|                                                  |   |                          |         |                          |   |   |   |   |   |   |   |   |   |
| Options                in the money, net              |   |                          | 117,771      |                          |   | 175,850 |   |   | 162,807 |   |   | 236,559 |   |
|                                                  |   |                          |         |                          |   |   |   |   |   |   |   |   |   |
| Warrants                in the money, net             |   |                          | 2,525        |                          |   | - |   |   | 17,584 |   |   | 150,845 |   |
| Preferred                shares convertible to Common |   |                          | 1,275,510    |                          |   | 1,275,510 |   |   | 1,275,510 |   |   | 1,275,510 |   |
| Total                Outstanding and Potentially      |   |                          |    |                     |   |   |   |   |    |   |   |   |   |
| Dilutive                shares                        |   |                          | 7,597,494    |                          |   | 5,995,626 |   |   | 7,441,244 |   |   | 6,140,561 |   |

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*Contents*

| **8.** | **Litigation** |
|--------|----------------|

| **9.** | **Impairment                of Long-Lived Assets to be Held and                Used** |
|--------|---------------------------------------------------------------------------------------|

| **10.** | **Stock-Based                Compensation** |
|---------|---------------------------------------------|

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*Contents*

|                                                                                                                                                     |   | **Period****Ended                  September 30,** |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|------------|
|                                                                                                                                                     |   | **3                  Months**                      |       | **9                  Months** |   |
|                                                                                                                                                     |   | **2005**                                           |       | **2004** |   | **2005** |   | **2004** |   |
| Net                  (loss) income, as reported                                                                                                          |   | $                                                  | (1,628,747 | ) | $ | (2,478,227 | ) | $ | (2,688,410 | ) | $ | (2,334,013 | ) |
| Deduct:                  Stock-based compensation expense, net of related tax effects determined                  under fair-value method for all awards |   | $                                                  | (291,233   | ) | $ | (246,544 | ) | $ | (361,996 | ) | $ | (379,192 | ) |
|                                                                                                                                                     |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| Pro                  forma net (loss) income                                                                                                             |   | $                                                  | (1,919,980 | ) | $ | (2,724,771 | ) | $ | (3,050,406 | ) | $ | (2,713,205 | ) |
|                                                                                                                                                     |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| EPS,                  as reported                                                                                                                        |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                    |   | $                                                  | (0.26      | ) | $ | (0.55 | ) | $ | (0.45 | ) | $ | (0.52 | ) |
| Diluted                                                                                                                                                  |   | $                                                  | (0.26      | ) | $ | (0.55 | ) | $ | (0.45 | ) | $ | (0.52 | ) |
|                                                                                                                                                     |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| Pro                  forma EPS                                                                                                                           |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                    |   | $                                                  | (0.31      | ) | $ | (0.60 | ) | $ | (0.51 | ) | $ | (0.61 | ) |
| Diluted                                                                                                                                                  |   | $                                                  | (0.31      | ) | $ | (0.60 | ) | $ | (0.51 | ) | $ | (0.61 | ) |
|                                                                                                                                                     |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| Weighted                  Average Assumptions:                                                                                                           |   |                                               |       |   |   |   |   |   |   |   |   |   |   |
| Fair                  value                                                                                                                              |   | $                                                  | 0.98       |   | $ | 1.08 |   | $ | 1.02 |   | $ | 0.97 |   |
| Expected                  life                                                                                                                           |   |                                               | 5.0        |   |   | 5.0 |   |   | 5.0 |   |   | 5.0 |   |
| Risk-free                  rate                                                                                                                          |   |                                               | 4.09       | % |   | 4.34 | % |   | 4.03 | % |   | 4.25 | % |
| Volatility                                                                                                                                               |   |                                               | 292.80     | % |   | 166.75 | % |   | 295.32 | % |   | 156.27 | % |
| Dividend                  yield                                                                                                                          |   |                                               | 0.00       | % |   | 0.00 | % |   | 0.00 | % |   | 0.00 | % |

| **11.** | **Trade                Debt Forgiveness** |
|---------|-------------------------------------------|

| **12.** | **Taxes** |
|---------|-----------|

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*Contents*

| **13.** | **Reclassifications** |
|---------|-----------------------|

**Item      2:**

**MANAGEMENT'S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS**

----

*Contents*

**RESULTS      FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 COMPARED TO THE THREE MONTHS      ENDED      SEPTEMBER 30, 2004**

**Net      Sales**

**Gross      Profit and Cost of Goods Sold**

----

*Contents*

**Operating      Expenses**

----

*Contents*

**Operating      Loss **

**Interest      Income **

**Interest      Expense**

----

*Contents*

**Other      Income/Expenses**

**Income      Taxes**

**RESULTS      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 COMPARED TO THE NINE MONTHS ENDED      SEPTEMBER 30, 2004**

**Net      Sales**

----

*Contents*

**Gross      Profit and Cost of Goods Sold**

**Operating      Expenses**

----

*Contents*

----

*Contents*

**Operating      Loss **

**Interest      Income **

**Interest      Expense**

**Other      Income/Expense**

**Income      Taxes**

----

*Contents*

**Liquidity      and Capital Resources**

----

*Contents*

----

*Contents*

**Inflation**

----

*Contents*

**Foreign      Currency Transactions**

**Risk      Factors Affecting Business and Results of Operations**

----

*Contents*

**Item      3. Controls and Procedures **

----

*Contents*

**(b)        **
***Changes      in internal controls***
**.**

**Part      II - Other Information**

**Item      6: Exhibits**

| 10.47  |   | Settlement                Agreement, dated August 19, 2005, among M-Wave, Inc., Carl R. Klein,                James                A. Skelton, Gary Castagna, Greg Meyer, Joseph A. Turek, Gerald M.                (“Jim”)                Mayer, and Freeborn & Peters, LLP |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                         |
| 10.48  |   | Agreement                for the Purchase and Sale of Real Estate, dated October 5, 2005,                between                M-Wave, Inc. and Jozef Szczecina, Miroslaw Kubas, Wojciech Dziewonski,                and                Kazimierz Koniarczyk.                               |
|   |   |                                                                                                                                                                                                                                                                                         |
| 10.49  |   | Agreement                for the Asset Sale and Transition Agreement between M-Wave, Inc.                and                American Standard Circuits dated October 21, 2005.                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                         |
| 31.1   |   | Certification                of the CEO pursuant to Section 302 of the Sarbanes-Oxley                Act.                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                         |
| 31.2   |   | Certification                of the CFO pursuant to Section 302 of the Sarbanes-Oxley                Act.                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                         |
| 32     |   | Certification                pursuant to 18 U.S.C. Section 135O, as adopted pursuant to section                906 of                the Sarbanes-Oxley Act of 2002.                                                                                                                         |

----

*Contents*

**SIGNATURE**

|                                         |   |                                               | **M~WAVE,                Inc.** |
|----------------------------------------------|--------|----------------------------------------------------|---------------------------------|
|                                         |   |                                               |                            |
| Date:                 November 21, 2005 |   | /s/                Jeff Figlewicz                  |
|                                         |   |                  Jeff Figlewicz               |
|                                         |   |                  Corporate Controller and     |
|                                         |   |                  Principal Accounting Officer |

----

*Contents*

**Exhibit      Index**

| **Exhibit** |   |                                                                    |         |
|-------------|--------|-------------------------------------------------------------------------|--------------|
| **No.**     |   | **Description**                                                         | **Location** |
|        |   |                                                                    |         |
| 3.1         |   | Certificate                of Incorporation of the Company              | 1            |
|        |   |                                                                    |         |
| 3.2         |   | Bylaws                of the Company                                    | 1            |
|        |   |                                                                    |         |
| 3.3         |   | Certificate                of Designations for Series A Preferred Stock | 5            |
|        |   |                                                                    |         |
| 4.1         |   | Specimen                Common Stock Certificate                        | 4            |
|        |   |                                                                    |         |

----

*Contents*

| 10.1   |   | Credit                Agreement dated October 1, 2003 between Bank One, NA, the Company,                and                Poly Circuits, Inc.                                                                        | 2      |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                                                                                                  |   |
| 10.2   |   | Consulting                Agreement dated September 1, 2003 by and between the Company and                Credit                Support International, LLC                                                            | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.3   |   | 2003                Stock Incentive Plan                                                                                                                                                                              | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.4   |   | Asset                Purchase and Sale Agreement dated February 3, 2004 by and between                the                Company, Poly Circuits and M-Wave, L.L.C.                                                    | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.5   |   | Agreement                for Strategic Operating Alliance dated February 3, 2004 by and between                the                Company and American Standard Circuits, Inc.                                        | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.6   |   | Bill                of Sale dated February 3, 2004 by and between Poly Circuits and AM-Wave,                L.L.C.                                                                                                    | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.7   |   | Real                Estate Sales Contract dated February 3, 2004 by and between the Company                and AMI Partners, L.L.C.                                                                                   | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.8   |   | Limited                Liability Company Operating Agreement of AM-Wave, L.L.C. dated February                3,                2004 by and between Poly Circuits and American Standard Circuits,                Inc. | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.9   |   | Warranty                Deed dated February 3, 2004 by and between the Company and AMI Partners,                L.L.C.                                                                                                | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.10  |   | Industrial                Lease Agreement dated February 3, 2004 by and between the Company                and                AMI-Partners, LLC                                                                       | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.11  |   | Warrant                to Purchase Stock dated March 31, 2004 by and between the Company                and                Silicon Valley Bank                                                                        | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.12  |   | Accounts                Receivable Financing Agreement dated March 31, 2004 by and between                the                Company and Silicon Valley Bank                                                          | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.13  |   | Intellectual                Property Security Agreement dated March 31, 2004 by and between the                Company and Silicon Valley Bank                                                                        | 2      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.14  |   | Amendment                to Consulting Agreement, dated May 1, 2004, between the Company and                Credit                Support International, LLC                                                          | 3      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.15  |   | Letter                Agreement with Paul Schmitt dated May 1, 2004                                                                                                                                                   | 3      |
|   |   |                                                                                                                                                                                                                  |   |
| 10.16  |   | Employment                Agreement dated July 28, 2004 between Company and Jim                Mayer                                                                                                                  | 4      |
|   |   |                                                                                                                                                                                                                  |   |

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*Contents*

| 10.17  |   | Employment                Agreement dated July 28, 2004 between Company and Joe                Turek                                                    | 4      |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                                    |   |
| 10.18  |   | Employment                Agreement dated May 1, 2004 between Company and Robert                Duke                                                    | 4      |
|   |   |                                                                                                                                                    |   |
| 10.19  |   | Subscription                Agreement dated June 28, 2004 between Company and Mercator Advisory                Group                                    | 4      |
|   |   |                                                                                                                                                    |   |
| 10.20  |   | Stock                Registration Rights Agreement dated June 28, 2004 between Company                and                Mercator Advisory Group        | 4      |
|   |   |                                                                                                                                                    |   |
| 10.21  |   | Nonstatutory                Stock Option Agreement dated July 28, 2004 between Company and Jim                Mayer                                     | 4      |
|   |   |                                                                                                                                                    |   |
| 10.22  |   | Amendment                to Loan Documents, dated December 17, 2004 between M-Wave, Inc. and                Silicon Valley Bank                         | 6      |
|   |   |                                                                                                                                                    |   |
| 10.23  |   | Loan                and Security Agreement, dated June 28, 2004, Between M-Wave, Inc.                and                Silicon Valley Bank             | 6      |
|   |   |                                                                                                                                                    |   |
| 10.24  |   | Asset                Purchase Agreement, dated February 25, 2005 by and between Jayco                Ventures,                Inc. and M-Wave DBS, Inc. | 7      |
|   |   |                                                                                                                                                    |   |
| 10.25  |   | Employment                Agreement, dated February 25, 2005 between M-Wave DBS, Inc. and Jason                Cohen                                    | 7      |
|   |   |                                                                                                                                                    |   |
| 10.26  |   | Employment                Agreement, dated February 25, 2005 between M-Wave DBS, Inc. and Joshua                Blake                                   | 7      |
|   |   |                                                                                                                                                    |   |
| 10.27  |   | Promissory                Note, dated February 23, 2005, issued by M-Wave, Inc. to Mercator                Momentum                Fund, L.P.           | 7      |
|   |   |                                                                                                                                                    |   |
| 10.28  |   | Promissory                Note, dated February 23, 2005, issued by M-Wave, Inc. to Monarch                Pointe                Fund, Ltd.              | 7      |
|   |   |                                                                                                                                                    |   |
| 10.29  |   | Warrant,                dated February 23, 2005, issued by M-Wave, Inc. to Mercator Momentum                Fund,                L.P.                   | 7      |
|   |   |                                                                                                                                                    |   |
| 10.30  |   | Warrant,                dated February 23, 2005, issued by M-Wave, Inc. to Monarch Pointe                Fund,                Ltd.                      | 7      |
|   |   |                                                                                                                                                    |   |
| 10.31  |   | Warrant,                dated February 23, 2005, issued by M-Wave, Inc. to M.A.G. Capital,                LLC                                           | 7      |
|   |   |                                                                                                                                                    |   |

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*Contents*

| 10.32  |   | SOA                Amendment dated December 31, 2004                                                                                                                                                                                                 | 8      |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.33  |   | Purchase                Agreement between M-Wave and American Standard Circuits dated December                31,                2004                                                                                                                | 8      |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.34  |   | Nonstatutory                Stock Option Agreement dated December 31, 2004 between Company and                Gordhan                Patel                                                                                                           | 8      |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.35  |   | Loan                and Security Agreement, dated April 11, 2005, between M-Wave, Inc.                and                Silicon Valley Bank                                                                                                         | 8      |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.36  |   | Assumption                Agreement and Amendment to Loan Documents, dated April 11, 2005,                between                M-Wave, Inc. and Silicon Valley Bank                                                                                | 8      |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.37  |   | Amendment                to 2003 Stock Incentive Plan                                                                                                                                                                                                | 9      |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.38  |   | Amendment                to Subscription Agreement, dated June 6, 2005 among Mercator Momentum                Fund, LP, Mercator Momentum Fund III, LP, Monarch Ponte Fund, Ltd.,                M.A.G.                Capital, LLC and M-Wave, Inc. | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.39  |   | Promissory                Note, dated June 16, 2005, issued by M-Wave, Inc. to Monarch Pointe                Fund,                Ltd.                                                                                                               | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.40  |   | Promissory                Note, dated June 16, 2005, issued by M-Wave, Inc. to Mercator Momentum                Fund, LP                                                                                                                             | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.41  |   | Promissory                Note, dated June 16, 2005, issued by M-Wave, Inc. to Mercator Momentum                Fund III, LP                                                                                                                         | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.42  |   | Warrant,                dated June 16, 2005, issued by M-Wave, Inc. to Mercator Momentum                Fund III,                LP                                                                                                                  | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.43  |   | Warrant,                dated June 16, 2005, issued by M-Wave, Inc. to Monarch Pointe Fund,                Ltd.                                                                                                                                      | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.44  |   | Warrant,                dated June 16, 2005, issued by M-Wave, Inc. to M.A.G. Capital,                LLC                                                                                                                                            | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |
| 10.45  |   | Warrant,                dated June 16, 2005, issued by M-Wave, Inc. to Mercator Momentum                Fund,                LP                                                                                                                      | 10     |
|   |   |                                                                                                                                                                                                                                                 |   |

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*Contents*

| 10.46  |   | Registration                Rights Agreement, dated June 16, 2005, between M-Wave, Inc. and Mercator                Momentum Fund, LP, Mercator Momentum Fund III, LP, Monarch Pointe                Fund,                Ltd., and Mercator Advisory Group, LLC                             | 10                            |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|
|   |   |                                                                                                                                                                                                                                                                                         |                          |
| 10.47  |   | Settlement                Agreement, dated August 19, 2005, among M-Wave, Inc., Carl R. Klein,                James                A. Skelton, Gary Castagna, Greg Meyer, Joseph A. Turek, Gerald M.                (“Jim”)                Mayer, and Freeborn & Peters, LLP | 11                            |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
| 10.48  |   | Agreement                for the Purchase and Sale of Real Estate, dated October 5, 2005,                between                M-Wave, Inc. and Jozef Szczecina, Miroslaw Kubas, Wojciech Dziewonski,                and                Kazimierz Koniarczyk                                | 12                            |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
| 10.49  |   | Agreement                for the Asset Sale and Transition Agreement between M-Wave, Inc.                and                American Standard Circuits dated October 21, 2005                                                                                                                | 12                            |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
| 31.1   |   | Certification                of the CEO Pursuant to Section 302 of the                Sarbanes-Oxley Act.                                                                                                                                                                                    | Filed                Herewith |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
| 31.2   |   | Certification                of the CFO Pursuant to Section 302 of the                Sarbanes-Oxley Act.                                                                                                                                                                                    | Filed                Herewith |
|   |   |                                                                                                                                                                                                                                                                                         |                          |
| 32     |   | Certification                pursuant to 18 U.S.C. Section 135O, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002.                                                                                                                         | Filed                Herewith |

| (1) | Incorporated                herein by reference to the applicable exhibit to Registrants Registration                Statement on Form S-1 (Registration No.                33-45499) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s Annual                Report on Form 10-K for year ended December 31,                2003 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s                quarterly report on form 10-QSB for the quarter ended March 31,                2004 |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s                Quarterly Report on Form 10-QSB for the quarter ended June 30,                2004 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Incorporated                herein by reference to Appendix B to the Registrant’s Definitive Proxy                Statement filed July 6, 2004 |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Contents*

| (6) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s orm 8-K                filed December 31, 2004 |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s form 8-K                filed March 2, 2005 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s Annual                Report on Form 10-KSB for the year ended December 31,                2004 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Incorporated                herein by reference to Appendix A to the Registrant’s Definitive Proxy                Statement filed April 29, 2005 |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s                Quarterly Report on Form 10-QSB for the quarter ended June 30,                2005 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s Form 8-K                filed August 23, 2005 |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Incorporated                herein by reference to the applicable exhibit to the Registrant’s Form 8-K                filed October 26, 2005 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----