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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-KSB

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

For the fiscal year ended: September 30, 2006

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

For the transition period from _____ to ______

Commission File Number: 000-52140

COLOURED (US) INC.(Name
of small business issuer in its charter)

|NEVADA                                           | N/A                                 
|------------------------------------------------ | ------------------------------------
|(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.)
|organization)                                    |                                     
|                                                 |                                     
|Suite 5.18, 130 Shaftesbury Avenue, London,      |                                     
|England                                          | WID 5EU                             
|(Address of principal executive offices)         | (Zip Code)                          

Issuers telephone number: +44 (0) 20 7031 1189

Securities registered under Section 12(b) of the Exchange
Act:

|Title of each class | Name of each exchange on which registered
|------------------- | -----------------------------------------
|Not Applicable      | Not Applicable                           

Securities registered under Section 12(g) of the Exchange
Act:

Common Stock, $0.001 par value(Title of
class)

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

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

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

State issuers revenues for its most recent fiscal year. $Nil

State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at
which the common equity was sold, or the average bid and asked price of such
common equity, as of a specified date within the past 60 days. (See
definition of affiliate in Rule 12b-2 of the Exchange Act.) $2,810,661.75

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date. 30,623,660
shares of common stock as of December 27, 2006.

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

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COLOURED (US) INC.

Annual report On Form 10-KSB For The Year Ended
September 30, 2006

INDEX

|PART I                          | 2       
|------------------------------- | --------
|                                | Item 1. 
|                                | Item 2. 
|                                | Item 3. 
|                                | Item 4. 
|PART II  FINANCIAL INFORMATION | 18      
|                                | Item 5. 
|                                | Item 6. 
|                                | Item 7. 
|                                | Item 8. 
|                                | Item 8A.
|                                | Item 8B.
|PART III                        | 30      
|                                | Item 9. 
|                                | Item 10.
|                                | Item 11.
|                                | Item 12.
|                                | Item 13.
|                                | Item 14.

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FORWARD-LOOKING STATEMENTS

This annual report on Form 10-KSB contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements involve risks and uncertainties, including
statements regarding our capital needs, business plans and expectations. Such
forward-looking statements involve risk and uncertainty regarding our ability to
achieve commercial levels of sales of our Coloured Mobile Games, our ability to
successfully market our Coloured Mobile Games, our ability to continue
development and upgrades to the Coloured Mobile Games and our mobile games
technology, availability of funds, government regulations, common share prices,
operating costs, capital costs and other factors. Forward-looking statements are
made, without limitation, in relation to our operating plans, our liquidity and
financial condition, availability of funds, operating costs and the market in
which we compete. Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as "may",
"will", "should", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential" or "continue", the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating these statements, you should consider various factors, including the
risks outlined in our registration statement on Form SB-2, filed with the
Securities and Exchange Commission (the SEC) on April 24, 2006, as amended,
this annual report on Form 10-KSB, and, from time to time, in other reports we
file with the SEC. These factors may cause our actual results to differ
materially from any forward-looking statement. Given these uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements.

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PART I

Item
1.               
Description of Business

Overview

We were incorporated on April 5, 2005 under the laws of the
State of Nevada. We carry out our business operations through our wholly owned
subsidiary, Coloured Industry Limited ("Coloured UK"), located in the United
Kingdom. Our principal executive office is located at Suite 5.18, 130
Shaftesbury Avenue, London, England, W1D 5EU. Our telephone number is +44(0)20
7031 1189 and our fax number is +44(0)20 7031 1199.

We are the owner of six mobile games designed to be played on
GSM-network mobile phones using the Short Message Service (SMS) features of
these phones. The SMS short message service refers to an industry adopted
standard for sending and receiving text messages to and from mobile telephones
and other mobile devices. Our games are played entirely via regular text
messages sent back and forth between players via the servers on which our games
are stored. Text messages are relatively short and easily translated into
virtually any language.

All of our games are multi-player games which allow players to
interact with and play against others located in the players vicinity. And all
of our games support optional value-added features such as location-based
services (LBS) where the actual location of each player has an effect of the
outcome, and Multimedia Messaging Services (MMS) which facilitates the inclusion
of graphics in each text message. Players send their commands to our server by
way of text message. Our server receives the messages, integrates the commands
within the context of the game being played, and automatically sends responses
by text message to each player. Three of our games will utilize support from our
website, where players may check their individual playing statistics, view high
scores and get tips and strategies on improving their skills. Our mobile games
may also be played without the LBS feature for networks which do not support it.

The primary target market for our games are teenage and young
adult mobile phone users. Our games have been designed with the objective that
they are quick to learn, enjoyable to play and may be played in a relatively
short period of time over many sessions. Text messages are relatively short and
easily translated into a variety of languages for distribution into major
foreign language markets. Each of our games has been fully developed and is
ready for commercial deployment. We plan further developments to these games as
our future resources permit. Specifically, we plan to develop software, which
players may choose to download onto mobile phones which support the technology,
that will enable our games to integrate more advanced graphics and video into
our games in a way that will further increase their playability.

We intend to market and distribute our games through a number
of different gateway owners, or companies that sell mobile phone products and
services to the general public. Gateway owners include wireless network
providers (such as Vodafone, Orange, T-Mobile, Sprint), Internet portals (MSN
and Lycos) and media companies that publish or distribute products in which
mobile services are generally advertised (Bertelsmann and Bonnier). To assist us
in marketing our games to these gateway owners, we have established and intend
to build relationships with various agents and resellers located in Europe,
America and Asia whom we intend to partner with to distribute our games
worldwide. We intend to expand our dealings to include gateway owners in North
America and eventually South America and Australasia. Each of these regions has
shown growth in the use of text-messaging among mobile phone users in recent
years.

We have not earned revenues to date. Our plan of operations is,
as described below, to partner with gateway owners, either directly or
indirectly through third party resellers, in the marketing and distribution of
our mobile games.

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Our Corporate Organization

We were incorporated on April 5, 2005 as Emcor Holdings Inc.
under the laws of the state of Nevada. On the date of our incorporation, we
appointed Sharon Cocker as our President, Secretary, Treasurer and sole
director. Sharon Cocker is also one of our promoters. Ms. Cocker participated in
a private placement of our securities on April 8, 2005, purchasing 500,000
shares at a price of $0.001 per share for total proceeds of $500.

We entered into a letter of intent to acquire all of the issued
and outstanding shares of Coloured UK on April 18, 2005. The letter of intent
contemplated our acquisition of Coloured UK subject to our raising a minimum of
$200,000, which was subsequently reduced by amendment to $125,000. In
furtherance of this requirement and in order to enable us to negotiate a
definitive share purchase agreement, we completed a private placement of
4,500,000 shares of our common stock at a price of $0.01 per share for proceeds
of $45,000 on May 31, 2005.

We entered into a definitive share exchange agreement with
Coloured UK and the shareholders of Coloured UK, including Mr. Lars Brannvall,
our sole director and executive officer, on May 23, 2005, as amended on June 30,
2005. The share exchange agreement originally contemplated a closing date of
June 30, 2005. The closing date was extended by agreement in order to provide
Coloured UK with more time to obtain necessary corporate approvals and to
provide us with more time to raise the required financing.

During the period from our incorporation to the date of our
acquisition of Coloured UK, we were engaged in completing our corporate
organization and our initial financings. We acquired all of the issued and
outstanding shares of Coloured UK pursuant to the share exchange agreement on
September 30, 2005 in consideration of the issue of an aggregate of 12,000,000
shares of our common stock to the shareholders of Coloured UK. Upon completion
of this share exchange transaction, Mr. Brannvall was issued 1,408,720 shares of
our common stock in exchange for his shares in Coloured UK. Coloured Industry
Inc. (CII), one of our principal shareholders, was issued 9,947,292 shares of
our common stock. Outlander Management Ltd. (Outlander Management), a private
corporation that provided administrative services to Coloured UK, was issued
574,992 shares of our common stock. Concurrent with closing, Coloured UKs
managing director, Lars Brannvall, was appointed as our sole executive officer
and director to replace Sharon Cocker. CII subsequently transferred 4,175,000
shares to four of the selling shareholders named herein in private transactions.

We completed a private placement of 677,660 shares of our
common stock at a price of $0.05 per share on September 30, 2005 for total
proceeds of $33,883. This financing completed concurrently with our acquisition
of Coloured UK.

On February 28, 2006, we acquired the intellectual property
rights to our six mobile games concurrently from CII and ABS Capital by separate
asset purchase agreements, both dated January 31, 2006, for total consideration
of 12,000,000 shares of our common stock, one-half to each of CII and ABS
Capital. Concurrent with the completion of this acquisition, CII transferred
6,000,000 shares of our common stock to The Coloured Industry Technology
Partnership 2 LLP as part of its arrangement to re-acquire five of the six
mobile games from The Coloured Technology Partnership 2 LLP. At this same time,
ABS Capital transferred its 6,000,000 shares of our common stock to The Mobile
Warrior Technology Partnership LLP as part of its own arrangement to re-acquire
the sixth mobile game from The Mobile Warrior Technology Partnership LLP.
Concurrent with these acquisitions, we converted $86,000 in outstanding loans
into 344,000 shares of our common stock at a price of $0.25 per share.

On March 13, 2006, we issued 202,000 shares of our common stock
in a private placement at a price of $0.25 per share for gross proceeds of
$50,500.

Ms. Cocker, Mr. Brannvall, CII and Outlander Management are
considered promoters of our company, having taken initiative in organizing our
current business.

- 3 -

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Corporate Organization of Coloured UK

Incorporation

Coloured UK was incorporated in the United Kingdom on May 2,
2003. The founding shareholders of Coloured UK were CII, Outlander Management
Ltd. and four businessmen including Lars Brannvall, the managing director of
Coloured UK and our sole director and officer. CII is a private Antiguan
corporation that is now one of our principal shareholders. Outlander Management
is a private corporation that is now one of our shareholders.

Ownership and Licensing of the Coloured Mobile Games

Mobile Warrior

One of our six mobile games, entitled Mobile Warrior, was
developed by TrackWell Software, a mobile software development company located
in Iceland. TrackWell is a third party that is also at arms length to both
ourselves and ABS Global Capital Inc. ABS Global Capital Inc. acquired the
rights to the Mobile Warrior game in March 2003. ABS Global Capital Inc.
subsequently sold the intellectual property rights to Mobile Warrior game to The
Mobile Warrior Technology Partnership LLP, also in March 2003. The Mobile
Warrior Technology Partnership then entered into an agency exploitation
agreement, as described below, with LDC Network (LDC Network) on March 31,
2003. LDC Network assigned its rights under that agreement to Coloured UK
effective April 2, 2004.

Remaining Games

The five remaining mobile games to which we currently hold the
rights were originally developed by BF Studios AB of Sweden (Blue Factory).
Blue Factory is a third party that is also at arms length to both ourselves and
CII. CII acquired the five mobile games in March 2003 and subsequently sold the
five mobile games to The Coloured Industry Technology Partnership LLP, also in
March 2003. The Coloured Technology Partnership LLP then granted a license on
August 6, 2003 to Coloured UK to exploit those intellectual property rights.

Each of the licenses held by Coloured UK as described above was
terminated on February 28, 2006, upon our acquisition of the games as described
below.

Agency Exploitation Agreements

Mobile Warrior

LDC Network entered into an agency exploitation agreement on
March 31, 2003 with The Mobile Warrior Technology Partnership LLP. Under the
agency exploitation agreement, LDC Network was appointed as the agent of the
licensee for the purpose of undertaking the commercial exploitation of the
license rights. LDC Network was obligated to carry out the commercial
exploitation of the mobile warrior technology platform and to use its best
efforts to achieve an exploitation result in accordance with an agreed upon
exploitation forecast. The Mobile Warrior Technology Partnership LLP agreed to
pay to LDC Network an amount equal to 25% of the net profit of the partnership
derived from the exploitation of these license rights. LDC Network Limited did
not realize any gross income from the exploitation of the mobile warrior
technology platform during the term of the agency exploitation agreement.

LDC Network assigned its rights under that agreement to
Coloured UK effective April 2, 2004. Coloured UK did not realize any gross
income from the exploitation of the mobile warrior technology platform during
the balance of the term of the agency exploitation agreement.

The agency exploitation agreement was terminated on February
28, 2006 concurrently with our acquisition of the Mobile Warrior game.

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Remaining Games

Coloured UK entered into an agency exploitation agreement on
August 6, 2003 with The Coloured Industry Technology Partnership LLP. Under the
agency exploitation agreement, Coloured UK was appointed as the agent of the
licensee for the purpose of undertaking the commercial exploitation of the
license rights. Coloured UK was obligated to carry out the commercial
exploitation of the five mobile software games and to use its best efforts to
achieve an exploitation result in accordance with an agreed upon exploitation
forecast. The Coloured Industry Technology Partnership LLP agreed to pay to
Coloured UK an amount equal to 25% of the net profit of the partnership derived
from the exploitation of these license rights. Coloured UK did not realize any
gross income from the exploitation of the mobile warrior technology platform
during the term of the agency exploitation agreement. The agency exploitation
agreement was terminated on February 28, 2006 concurrently with our acquisition
of the intellectual property rights to the five mobile software games.

Acquisition of the Coloured Mobile Games

Mobile Warrior

We purchased the intellectual property rights to the Mobile
Warrior game from ABS Capital on February 28, 2006 pursuant to an intellectual
property asset purchase agreement between us and ABS Capital dated January 31,
2006. This acquisition followed the concurrent re-acquisition by ABS Capital of
the Mobile Warrior game from The Mobile Warrior Technology Partnership LLP. We
issued 6,000,000 shares of our common stock to ABS Capital in consideration of
the transfer to us of the Mobile Warrior game. ABS Capital in turn transferred
these 6,000,000 shares of our common stock to The Mobile Warrior Technology
Partnership LLP in connection with its concurrent acquisition of the Mobile
Warrior game from The Mobile Warrior Technology Partnership LLP. This transfer
was completed pursuant in accordance with Rule 903 of Regulation S of the
Securities Act of 1933. The Mobile Warrior Technology Partnership LLP is a
limited liability partnership that is at arms length to ABS Capital Inc. The
Mobile Warrior Technology Partnership LLP became one of our principal
shareholders as a result of the completion of these transactions.

Remaining Games

We purchased the intellectual property rights to the remaining
five Coloured Mobile Games from CII on February 28, 2006 pursuant to an
intellectual property asset purchase agreement between us and CII dated January
31, 2006. This acquisition followed the concurrent re-acquisition by CII of
these five mobile games from The Coloured Industry Technology Partnership 2 LLP.
We issued 6,000,000 shares of our common stock to CII in consideration of the
transfer to us of these five mobile games. CII in turn transferred these
6,000,000 shares of our common stock to The Coloured Industry Technology
Partnership 2 LLP in connection with its concurrent acquisition of these five
mobile games from The Coloured Industry Technology Partnership 2 LLP. This
transfer was completed pursuant in accordance with Rule 903 of Regulation S of
the Securities Act of 1933. The Coloured Industry Technology Partnership 2 LLP
is a limited liability partnership that is at arms length to CII. The Coloured
Industry Technology Partnership 2 LLP became one of our principal shareholders
as a result of the completion of these transactions.

Initial Financing of Coloured UK

Coloured UKs initial corporate activities were funded by CII.
Coloured UK entered into a loan agreement dated October 8, 2003 with CII whereby
CII agreed to extend a secured loan facility to Coloured UK in the maximum
amount of ₤120,000 ($199,211.16, based on the foreign exchange rate on October
8, 2003 of $1.6601: ₤1.0000) . As at April 26, 2005, Coloured UKs outstanding
debt to CII under the secured loan facility was ₤108,450 ($206,722, based on a
foreign exchange rate on April 26, 2005 of $1.9062: ₤1.0000) . Coloured UK and
CII entered into a debt settlement agreement on April 26, 2005 whereby the
outstanding debt was settled by the issuance to CII of 1,075,000 Ordinary A
shares in the

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capital of Coloured UK at a deemed value of ₤0.1009 per share.
CII subsequently exchanged these shares for 6,181,121 shares of our common stock
upon completion of the share exchange agreement on September 30, 2005.

Outlander Management Contract

Outlander Management entered into a service agreement with
Coloured UK on August 4, 2004 whereby Outlander Management provided
administrative, legal administration and financial services, and marketing and
sales support and advice to Coloured UK. The purpose of the services agreement
was to enable Coloured UK to obtain administrative and related services that
would enable Coloured UK to pursue its business without incurring all of these
costs directly. The administrative services included the use of shared office
space. Legal administration services included maintaining Coloured UKs
registered office, providing the services of a company secretary and making
statutory filings. Financial services include bookkeeping and maintaining
management accounts and statutory accounts. Coloured UK paid to Outlander
Management an amount equal to ₤500 per month ($980.00 per month based on a
foreign exchange rate on December 27, 2006 of $1.96:£1.00) in consideration for
the provision of these services.

The Outlander management contract was terminated on June 30,
2005, at which time we entered into a new management contract with Azuracle, as
described below.

Azuracle Management Contract

We entered into a management contract with Azuracle on July 1,
2005 concurrent with the termination of the Outlander Management service
agreement described above. Under the Azuracle management contract, Azuracle
provides us with office space in shared office premises and administration
services, including telephone, reception and Internet access services.
Presently, Azuracle is charging us a monthly management fee of ₤500 per month
($980.00 per month based on a foreign exchange rate on December 27, 2006 of
$1.96:£1.00) . Additional legal administration, financial, marketing and sales,
meeting room, stationary and information technology support services are to be
provided by Azuracle upon our request, at agreed upon rates.

Industry Background

Text messaging (SMS) was created during the late 1980s to work
with GSM (Global System for Mobile Communications), the digital technology which
is the basis for most modern cell phones. This technology was defined as the
standard in 1989 by the European Telecommunications Standards Institute (ETSI).
It is widely believed that the first SMS was sent in December of 1992 from a
personal computer to a mobile phone on the Vodafone GSM network in the United
Kingdom. In 1994, SMS became a commercially available product to mobile
subscribers. Today there are GSM networks in approximately 220 countries
worldwide.

In Europe, SMS was quickly adopted as an effective means of
communicating between two parties, and as a less expensive alternative to voice
calls. The youth market was the fastest adopter of SMS. Mass-market acceptance
grew quickly as the user base expanded beyond the youth segment. The European
success with SMS-services spread to the rest of the wireless world in the
nineties, and was soon adopted in most markets. The last large region to adopt
the concept of messaging has been North America, but the growth in numbers of
messages sent in the US and Canada has been similar to the European experience.
The tremendous growth of SMS around the world is the result of high growth in
mobile penetration in most markets, general adoption of the concept among a
broad range of user groups and the launch of value-added services. Consumers
worldwide have accepted SMS as an alternative to direct voice communication, and
the greatest usage of traffic is generated by consumer applications.

SMS has also offered opportunities to strengthen customer
loyalty and generate significant additional revenue streams through the
development of other SMS services, including personalized ring tones, games and
simple information requests such as weather reports.

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The mobile gaming market is evolving as many mobile operators
are offering third party service providers such as ourselves access to the
location of their users in a similar manner that they provided third parties
access to their networks for sending SMS text messages or supplying mobile phone
ringtones.

Market for the Coloured Mobile Games

Text messaging and game-playing are two of the most popular
uses of todays mobile phones. Recently, mobile phone users have seen the
introduction of games that utilize the SMS features of their phones. We believe
that the market for location-based SMS mobile gaming is poised for substantial
growth. Our multi-player, location-based SMS games are intended to represent the
next level in the development of this market. Our games offer users a more
interactive experience and the opportunity to become part of an online
community.

The Coloured SMS-Based Mobile Games

The Companys goal is to provide SMS-based mobile entertainment
to owners of mobile phones on the GSM networks. Our software consists of
multi-player, location based mobile action and role-playing games. We currently
own six such mobile games, each of which is fully developed and ready for
market. Our mobile games are hosted on two different servers. Mobile Warrior is
hosted by agreement on a server owned by TrackWell, the Icelandic company that
developed this game. The other five mobile games we own are hosted on our own
server which is located in space rented from Internet Border Technologies AB, a
Swedish computing services company. These games feature location-based service
(LBS) technology which allows users the ability to play the games against other
registered players located in the users vicinity. The physical location of the
user therefore has a direct impact on the ongoing play of the game. The result
is a new dimension of interactivity in game play through a web-based community
of similar users. A graphical representation of the connections between the
servers and a players mobile phone is as follows:



LDT (Location Determination Technology) in the diagram refers
to software which permits the player to utilize the LBS features of our games.
This service is provided to companies providing mobile phone services such as
ours. The SMS-C gateway is the connection point between our server and a
particular players wireless network provider (represented by the GSM Network in
the above diagram). The SMS-C gateway provides a number of services, in
particular the regulation of the transfer of text messages to mobile phones via
the wireless network provider. There are a number of companies that aggregate
gateway connections to the SMS-Cs, ensuring a single point of access to a
global network of SMS gateways and wireless network providers.

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All our games are played entirely by text messages sent between
players via our servers, and do not require any software to be downloaded onto a
players mobile phone. Players do not have any direct communication with each
other, protecting each players identity and privacy, while still having a
completely interactive experience through the game. To illustrate, each player
will go through the following series of steps:

| | 1. | Once a player has registered by text message or on the
      Internet to play a game, they are sent a text message containing the
      telephone number to the server on which that particular game is stored and
      a key code for the game. When the player wishes to play, they send a text
      message through their operators network to our server via a phone number
      provided to the player. The key code indicates what game the player wants
      to play.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | This text message, including LBS information about the
      players location, is received by our server. Depending on what message
      the player has sent, that players location, and the presence and number
      of other potential players in the vicinity, the server responds
      accordingly and sends a response to the players mobile
  phone.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | This message triggers another message to be sent by the
      mobile phone user.
| | -- | --------------------------------------------------------------------------------

The games drive revenue-generation through the use of text
messages by the players who are charged by their wireless network provider for
the text messages they send, a portion of which we intend to receive by
agreement with the gateway owner through which the player registered to play.

Our games have been designed with the objective that they are
quick to learn, each requiring only the memorization of a few simple commands
which they communicate by text message to our servers, and enjoyable to play.
The user can access registration and support information either through their
mobile phone or, for most of our games, on the Internet. Several of the games
are designed to enable each user to enjoy the added benefit of joining and
interacting with a community of users with similar game-playing interests. Our
games can also support Multimedia Messaging Service (MMS) technology, which will
eventually allow the addition of sound, graphics and even video to our existing
games.

Overview of our Games

We currently hold the rights to six mobile multiplayer games,
which are briefly described below:

Flirtylizer

Flirtylizer allows a user to send pre-set text messages to
another users mobile phone to allow chat with another user they know without
that other user knowing the identity of the person sending the message.

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The receiver gets a text message informing him or her that
someone they know is flirting with them, and they must correctly guess the
senders identity in order to have it revealed. Both parties then receive a
message confirming that the receiver has correctly guessed the identity of the
sender.

Voodolizer

Voodolizer provides a casual spin on the idea behind
Flirtylizer. The receiver will get text message spell saying that something
will happen to their mobile phone (for example, all the phone numbers stored in
the receivers mobile phone will be deleted) unless the receiver can throw the
spell by guessing the senders identity with a text message. If the guess is
correct, both parties are informed that the spell has been lifted.

Banana Battle

Banana Battle is a simple duelling game where players must hit
their opponents with a banana by guessing the distance between themselves and
their opponents by text message. Players send their guess as to their distance
to the other player by text message, with the computer automatically sending
back responses after each throw (hit or miss), until one player correctly
guesses the distance and hits their opponent, ending the game.

Get Nessie!

Players of Get Nessie! try to become the top ranked scientist
by catching the Loch Ness Monster. Doing so requires a player to send text
messages containing coordinates for the placement of sonar buoys in the lake in
which Nessie lives and analyzing the data that comes back from the server via
text message. The lake is full of things other than Nessie, and a player has a
choice of several actions they may take with the information received, such as
attempting to take pictures of whatever they find or try catching it. Players
can check our website at any time to see the latest news on their progress in
the hunt.

Mobile Warrior

Mobile Warrior is a battle game set in the Viking era. Players
initially register and create a character for the game on our website, choosing
their weapons and armour from a list provided. The player then sends a simple
text message to our server when they want to play the game. The LBS feature of
the game determines what other potential players are located in the senders
vicinity, and our server communicates this information to the sender by a text
message. Players can then choose whom they wish to challenge to a duel by
sending a text message back to the server, which then informs the player chosen.
That player may then choose whether or not they wish to play at that time. If
they decline, they will lose points and drop in the overall ranking of players
playing the game. If they accept, the game begins and both players attempt to
defeat the other with attack commands sent by text message to the server.
Battles generally consist of between five and eight text messages per player.
Outcomes depend on a number of factors including each players weapons, armour,
experience, choice of commands and other such factors.

Players collect points by winning battles, which they may
redeem on our website for better weapons and armour. The game is supported by
our website on which players can check their ranking against other players, see
the results of other battles and change their weapons, armour and other features
of their characters.

Hunters & Collectors

Hunters & Collectors is a soft battle game where players
duel each other with weapons such as sticks and water balloons. It is similar to
Mobile Warrior in the manner in which players register and play, but with a less
battle-like tone. Players initially register and create a character for the game
on our website, and then challenge and battle players in the same manner as with
Mobile Warrior. This game is also

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supported by a website on which players can check their ranking
against other players and see the results of other battles.

Development of Our Mobile Games

Our mobile games were all developed during the period from
2000-2002. Mobile Warrior was developed by TrackWell Software and continues to
be hosted on their server by agreement with us, while the others were developed
by the Swedish company Blue Factory. Each development company sought
distribution for the games they developed. Blue Factorys games were available
in 2001 and 2002 to mobile phone users in Europe through a number of operators
including Vodafone, T-Mobile (UK and Germany), Telia (Sweden), i100 (Hong Kong),
TIM (Italian), and Sonera Zed (Finland). None of the games achieved widespread
commercial success; we believe this was due to a variety of factors, including
the lack of an existing LBS infrastructure among mobile operators, the markets
relative unfamiliarity with MMS technology and under-funded marketing efforts.

On April 2, 2004, Coloured UK was assigned an agency
exploitation agreement for the intellectual property rights relating to the
sixth Coloured Mobile Game, Mobile Warrior. On August 6, 2003, Coloured UK
entered into an agency exploitation agreement whereby it undertook to
commercially exploit five of the six Coloured Mobile Games on behalf of The
Coloured Technology Partnership. Lars Brannvall was hired as managing director
of Coloured UK effective August 15, 2003 with a view to establishing a
commercially viable sales and marketing plan for the distribution and sales of
our mobile games. At the time Coloured UK acquired the rights to exploit our
mobile games, the games were fully developed and ready for commercial roll-out.

Current Status of Development and Future Plans

Each of our games is currently fully developed and ready for
commercial roll-out.

In 2004, we commissioned SIA Limited, a UK-based software
developer, to develop a test version of a software program that could be
downloaded onto the mobile phone of anyone playing our Mobile Warrior game. This
program utilizes the advanced MMS graphics capabilities that most mobile phones
currently support to add graphics to Mobile Warrior. Rather than typing their
text messages into their phones, players will be able to choose their commands
from a list. Players will also see graphical representations of their
characters, and other such features that will enhance their playing experience.
The test program was successful, and we intend to add this feature to Mobile
Warrior as we secure additional funding.

We also intend to have the most popular of our games translated
into languages suitable for other foreign markets once we have secured the
necessary funding. Our initial plans call for translations of one or more of the
Coloured Mobile Games into Spanish, German and French.

We do not have the internal ability to carry out any software
development work on our mobile games should we decide in the future that such
work is necessary. We anticipate engaging SIA Limited for any future software
development work we might decide to undertake. We presently do not have any
agreements with SIA Limited in place for any current or future software
development work.

Our Business Model

Our success will depend on our ability to establish a
distribution network for our games. Due to the high cost and relatively low
efficiency of marketing directly to our target market, we intend to approach
gateway owners serving mobile markets, either directly or through third party
resellers and agents who will leverage their industry contacts to sell our games
in exchange for a portion of the revenues generated from text messages sent in
connection with our games. This approach is illustrated below:

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While we plan to pursue gateway owners as part of our plan of
operations, we are in the early stages of the commercialization of our games.
Accordingly, there is no assurance that our business model will be successful.
Further, we may elect to change our business model in response to our success or
lack of success in pursuing commercialization of our games.

Gateway Owners

Gateway owners include wireless network providers (such as
Vodafone, Orange, T-Mobile, Sprint), Internet portals (MSN and Lycos) or other
specialized websites which provide content for mobile phone users for which they
have revenue-sharing agreements with various wireless network providers
(MonsterMob), and a variety of media companies that may produce television
programs or publish or distribute newspapers, websites or other forms of media
in which mobile products and services are generally advertised (Bertelsmann and
Bonnier). In addition to mobile phone service, these gateway owners provide or
advertise a wide range of products and services to our target market, including
ringtones and games, and in doing so have established themselves as destinations
for members of our target market looking for entertainment to use with their
mobile phones.

Under our business model, gateway owners would agree to
distribute our games through their particular media and would be responsible for
the marketing of our games to their customers. If the gateway owner in question
is not a wireless network provider, they would also be responsible for setting
up the billing arrangements with the wireless network providers they deal with.
Gateway owners promote their products and services in a variety of ways. We
expect that the primary methods through which our games would be marketed would
be print and Internet advertisements. Although we expect that the precise terms
of the agreements will vary, our objective is to secure fees that would be not
less than 25% of the revenue derived from text messages generated through the
playing of our games.

Resellers

Given the early stage of development we are at and because of
the time and expense required in marketing directly to gateway owners, we intend
to use agents and third party resellers to market our games at their own cost to
gateway owners while we build an internal sales force. Under this business
model, the goal of our resellers would be to enter into sub-license agreements
with gateway owners located in their particular territory. Those sub-license
agreements would specify the division of the fees received from each text
message sent in connection with our games between the gateway owner and the
reseller.

Through Coloured UK, we have entered into a number of reseller
agreements with agents and resellers located around the world. Each of these
agreements grants the reseller in question non-exclusive rights (unless
otherwise specified) to a particular market territory. The agreements also
contain standardized terms setting out the rights and obligations of each
reseller, and specify any applicable set-up costs and the fees to be paid to
Coloured UK by the reseller in connection with the use of our games. All the
agreements are for a term of one year from the date they were signed, and are
automatically renewed for

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additional one year periods unless otherwise terminated by
either party. Details of the unique terms of the individual agreements are as
follows:

| | 1.  | Reseller: Tele-Publishing UK Ltd.
      (also known as G8wave)                                      
| | --- | ----------------------------------------------------------------------------------------------------
| |     | Territory: United Kingdom                                                                           
| |     | Fees: Reseller will pay Coloured
      UK ₤0,05 (USD$0.1 based on a foreign exchange rate on        
| |     | December 27, 2006 of $1.96:£1.00)
      per text message sent.                                      
| | 2.  | Reseller: iTech Solutions India
      PVT Ltd                                                       
| |     | Territory: India and the Indian
      Subcontinent                                                  
| |     | Fees: Reseller will pay Coloured
      UK a fee to be agreed upon per text message sent.            
| | 3.  | Reseller: Mobiletones Asia Pte
      Ltd.                                                           
| |     | Territory: Asia, excluding
      Singapore                                                          
| |     | Fees: Reseller will pay Coloured
      UK 50% of the revenue generated from our mobile games.       
| |     | Coloured UK has the right to
      reject any sub-license agreement which the reseller proposes to  
| |     | enter into.                                                                                         
| | 4.  | Reseller: Nostromo ICT                                                                              
| |     | Territory: Czech Republic                                                                           
| |     | Fees: Reseller will pay Coloured
      UK 25% of the charge to the customer per text message sent (a
| |     | minimum of 0,625 CZK (USD$0.03
      based on a foreign exchange rate on December 27, 2006) per     
| |     | text message).                                                                                      
| | 5.  | Reseller: Mtertainment Korea                                                                        
| |     | Territory: Asia, with exclusivity
      in Singapore                                                
| |     | Fees: Reseller will pay Coloured
      UK 30% of the revenue generated from our mobile games.       
| | 6.  | Reseller: Mobile Minds                                                                              
| |     | Territory: Hungary, Slovakia,
      Czech Republic and Pakistan                                     
| |     | Fees: Reseller will pay Coloured
      UK a fee to be agreed upon per text message sent             
| | 7.  | Reseller: Net People
      International Inc.                                                       
| |     | Territory: Latin America (South
      & Central America), Mexico and the Caribbean                  
| |     | Fees: Reseller will pay Coloured
      UK 50% of the revenue generated from our mobile games.       
| | 8.  | Reseller: Mobilkraft                                                                                
| |     | Territory: Sweden                                                                                   
| |     | Fees: Reseller will pay Coloured
      UK a fee to be negotiated per text message sent.             
| | 9.  | Reseller: Mocondi Ltd.                                                                              
| |     | Territory: No specific territory.                                                                   
| |     | Fees: Reseller will pay Coloured
      UK a fee to be agreed upon per text message sent. Coloured UK
| |     | has the right to reject any
      sub-license agreement which the reseller proposes to enter into.  
| | 10. | Reseller: Voicelock Ltd. (also
      known as Trust5)                                               
| |     | Territory: United Kingdom &
      Ireland                                                           
| |     | Fees: Reseller will pay Coloured
      UK fees generated from our games, to be based upon a model to
| |     | be agreed upon.                                                                                     
| | 11. | Reseller: Tracebit Ltd.                                                                             
| |     | Territory: Worldwide                                                                                
| |     | Fees: Reseller will pay Coloured
      UK 50% of the revenue generated from our games.              

To date, we have not been successful in generating any revenues
from these reseller agreements.

We also have a marketing co-operation agreement through
Coloured UK with Ericsson AB under which Ericsson has agreed to provide us with
access to their Ericsson Mobility World members network, as well as
introductions to potential customers and invitations to participate with them in
various marketing events. We have agreed to pay Ericsson 15% of the gross
revenues generated from the use of our games by their customers. The agreement
was signed on May 14, 2004 and runs for a period of two years with automatic
renewals until terminated by either party. We intend to continue seeking such
strategic partnerships for the distribution of our games worldwide.

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Marketing Strategy

Overview

We plan to implement a sales and marketing strategy with the
objective of signing our first distribution agreements with gateway owners for
our games. In addition to licensing our games directly to such gateway owners
for distribution, we intend to continue our current relationships with various
agents and third party resellers to distribute our games to gateway owners with
whom they have already established relationships. Once we are able to secure the
necessary financing, we plan to begin the process of hiring additional personnel
and building an internal sales network for the support of our distribution
strategy. There is no guarantee we will secure sufficient funding to build such
a network.

Marketing

Our first challenge will be to use our third party resellers to
build a base of gamers who play our mobile games. Once this has been achieved,
we plan to promote viral marketing efforts with that base of gamers. We
recognize that in the gaming community, current players are often the most
effective and cost-efficient promoters of the games they enjoy to new players.
Because our games are all designed to support multiple players and utilize the
concept of gamer communities, we believe they lend themselves very well to this
kind of marketing. Our strategy is to encourage gateway owners to use other
products and services they promote and sell as prizes for players who
successfully encourage others to try our games.

Another cost-effective method of marketing our games is by
partnering with resellers to market our games at industry trade shows. These
trade shows provide a convenient forum to demonstrate our games to numerous
gateway owners as well as explaining to them how our games can be integrated
into their current product offering. We expect to have strong support for this
idea, as resellers generally seek to offer multi-dimensional product lines
appealing to a wide variety of customers at such shows. We have identified trade
shows located in a number of European cities in which we would attempt to
participate including London, Barcelona, Los Angeles and Singapore.

Pricing and Revenue Generation

Set Up, Adaptation and Installation Costs

We may charge gateway owners fees in connection with the costs
of set-up, hosting and maintenance adaptation and installation of our games, as
well as for any upgrades of the games or their operations which we may develop
in the future. These fees will be dependent on each gateway owners environment
and requirements. To encourage gateway operators and resellers to offer our
games, we do not intend to charge fees which exceed our costs to any large
degree.

Revenue-Sharing

We do not anticipate that users of our mobile games will pay us
directly to play them, nor is our infrastructure set up to support this. Rather,
we will generate revenue through revenue-sharing agreements with gateway
operators and resellers based on revenue received by those parties from the text
messages generated by players playing our games. There are a number of ways that
mobile phone users may be charged for sending text messages while playing our
games, but the most common ones will likely be:

| | 1. | Premium SMS (P-SMS): where a gateway owner charges a flat
      fee per text message sent while playing our games, which fee is generally
      higher than the cost of text message levied by the wireless network
      operator; and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                        
| | 2. | Subscription: where a player may send up to an agreed
      number of text messages during a certain time period, perhaps a week or
      month, for a set fee.                                                                        

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Our revenue-sharing model is based on SMS messages sent by a
player while playing our games, under which we anticipate that we would
typically earn a fixed percentage of either the price paid per message or the
revenues earned from the number of messages the player is estimated to send
during an upcoming time period. These fees are all exclusive of local taxes.

Our Web Site

Our website, www.cimobilegaming.com is intended to provide
information on our mobile gaming software solely for gateway owners and
resellers/agents, and not for the mobile phone users. We also have a dedicated
website for Mobile Warrior, www.mobilewarrior.net, whose players can register to
play the game, select and develop their characters and check high scores.

Intellectual Property

We own intellectual property rights including trade secrets and
copyright relating to the Coloured Mobile Games. We seek to protect our
intellectual property by generally limiting access to it, treating portions of
it as trade secrets and obtaining confidentiality or non-disclosure agreements
from persons who are given access to it, including our developers.

Trademark Applications

We hold the following trademarks, registered in the United
Kingdom, for each of our mobile games:

Game
    TM Registration Number
    Classes
    Filing DateBanana Battle
    2375332
    9, 28, 38, 41 and 42
    October 7, 2004Flirtylizer
    2375333
    9, 28, 38, 41 and 42
    October 7, 2004Get Nessie!
    2375334
    9, 28, 38, 41 and 42
    October 7, 2004Hunters & Collectors
    2375335
    9, 28, 38, 41 and 42
    October 7, 2004Voodoolizer
    2375336
    9, 28, 38, 41 and 42
    October 7, 2004Mobile Warrior
    2317126
    9, 28, 38, 41 and 42
    November 28, 2002


Patents

CII filed for patent protection in the United Kingdom for all
of mobile games except for Mobile Warrior as of October 7, 2004. CII was later
advised by the UK Patent Office that evidence had been found that the
technologies associated with these mobile games appeared to have been in the
public domain before the patent applications were filed and that as a result,
the patent applications would likely be denied. As a result, a request to
withdraw the patent applications was filed effective February 20, 2006.
Accordingly, we believe that we will not be able to obtain any patent protection
for the Coloured Mobile Games.

Compliance With Government Regulation

We must abide by regulations imposed by government regulatory
authorities in deploying our mobile games. Because our mobile games result only
in the creation of SMS messages, we believe we will only be subject to rules and
regulations pertaining to mobile messaging. The majority of regulations within
the telecommunications industry that apply to mobile messaging are created by
industry bodies producing codes of conduct that outline the rules that network
operators, content providers, carriers, technology

- 14 -

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providers and advertisers must adhere to when providing
telecommunication services to the public. These codes of conduct generally focus
on protecting consumers against unwanted SMS messages being delivered to their
mobile devices.

We intend to thoroughly investigate the regulations imposed in
each jurisdiction in which we intend to expand our business prior to commencing
any marketing efforts in such jurisdiction. In some cases, the cost of
compliance with a jurisdictions regulations may preclude us from providing our
services to customers in such jurisdiction.

Competition

The mobile gaming market is a highly competitive but very
fragmented marketplace in which no single company holds a dominant share. We
believe technology plays the key role in differentiating the types of games
available in this marketplace to be played on a mobile phone. As opposed to
graphics-based (non-SMS) games which use software that must be downloaded onto a
users mobile phone, our focus is on the SMS-based gaming sector. The feature of
the Coloured Mobile Games which we believe differentiates them from the majority
of the other SMS-based mobile games available on the market is the
location-based (LBS) feature that integrates a players actual physical location
relative to other players into play of the game. Of the SMS-based games
currently on the market, we believe that there are at present few competitors
that can offer multi-player games with the LBS and MMS features present in the
Coloured Mobile Games. The following tables list the companies that we believe
to be our key competitors in various parts of the world in which we plan to
eventually make the Coloured mobile games available.

SMS Based Games with LBS Capabilities

Company
    Game
    DescriptionMikoishi Studios Pte Ltd.
      Gunslinger
      A multi-player western showdown game. Can be seen as in
      direct competition with our game Mobile Warrior. Currently available
      only in Singapore.Mopius
      The Journey
      An adventure game where the player takes the role of a
      detective finding clues in a virtual world, similar to our Get Nessie!
      game. Available in several languages including English, German and
      Russian.Daydream Software AB
      BotFighter
      Another multi-player game. BotFighter was the first LBS
      mobile game and has been launched in several markets including Sweden and
      Russia.Blisterent Entertainment Inc.
      Swordfish Torpedo Bay
      A virtual fishing game, similar to our Get Nessie!
      game. A submarine fighting game. Each of these games is
      available in North America


Unlike the Coloured Mobile Games, each of the games listed in
the table above requires the user to first download software to their mobile
phone before the game may be played. As a result, each game may not work on all
brands and models of mobile phones or all networks.

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SMS Based Games without LBS Capabilities

Company
    Game
    DescriptionCellular Magic S.A
    Several games
    This companys primary focus is on offering its own
      mobile services platform to mobile operators to help them host, sell and
      deliver services to mobile phone users. Their games are offered as an
      added service.Cascata Games Limited
    Reversi
    SMS version of this popular game, it requires the user to
      first download software to their mobile phone before the game may be
      playedSMS Prank (website)
    Several games
    Gives the user the opportunity to send prank SMS messages
      for which the sender pays by buying credits.


Competitive Strategy

We believe our Coloured Mobile Games and our sales and
marketing strategy provide us with several competitive advantages over our
competitors which we plan to use to gain market share in this industry.

|• | As we host the Coloured Mobile Games on our own servers
      rather than just licensing the software to gateway owners, we anticipate
      that we will normally able to provide for gateway owners to begin
      distributing our mobile games within two to three weeks of reaching a
      distribution agreement with them.                                                                                                                                                                                  
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|• | Our mobile games can be delivered in versions without MMS
      or LBS functions such that we can expand into markets whose networks do
      not yet have the technology to support these features, such as China,
      India and Nigeria. Expansion into these markets is dependent only upon
      having the text messages used to play the games translated into the
      appropriate language, which can be done relatively easily given the small
      number of words actually used in each text message.
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|• | The fact that the Coloured Mobile Games can be played on
      any GSM phone without the requirement to download unique software (as is
      the case with most of our competitors) means that we do not require a
      large technical support division to adapt our mobile games to different
      types of mobile phones.                                                                                                                                                                                     
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|• | The reseller agreements currently in place between
      Coloured and our third party resellers are highly flexible and adaptable
      to the unique mobile telecommunications culture of each market. This
      gives us the ability to provide the appropriate incentives to each
      reseller to market our games in the most effective manner in that market.                                                                                                                                             

Since the mobile gaming market is highly fragmented, we believe
the primary competitive advantage of the Coloured Mobile Games is the ease with
which they can be launched in the majority of existing markets. While our mobile
games lack the graphic features of many of our competitors, that factor also
gives them the advantage of being compatible with many more types of mobile
phones and on more networks of differing technological advancement.

While our current size makes it difficult for us to
compete with the service and technical support offered by several of our
existing competitors, our mobile games and systems are designed to minimize the
amount of technical support necessary. We plan to seek strategic partnerships
with companies to whom we can outsource these functions. By securing such
partnerships, we believe we will be able to offer a competitive level of service
and improve our competitive position within the market.

- 16 -

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Our primary strategy upon receiving the additional financing we
require is to greatly expand our sales and marketing activities by entering
agreements with more third party agents and resellers. We believe our
profit-sharing model to be very competitive, offering potential agents and
resellers an attractive portion of the revenues from SMS fees and any applicable
license fees generated by our mobile games.

Employees

As of the date of this prospectus, we had one part-time
employee, namely Mr. Lars Brannvall, our sole director and executive officer.

Research And Development Expenditures

Since inception in May 2003, Coloured UK has not incurred any
development costs to date, as all development work carried out by SIA to develop
the test software to integrate MMS graphic features into our Mobile Warrior game
was done on a revenue-sharing arrangement. The purpose of the software was to
demonstrate the feasibility of adding MMS features to our games.

Subsidiaries

We have one wholly-owned subsidiary, namely Coloured UK.

Item
2.               
Description of Property

Our executive office is located at Suite 5.18, 130 Shaftesbury
Avenue, London, England W1D 5EU. We occupy this premise under a contract with
Azuracle Ltd., which provides us with office space in shared office premises and
administration services, including telephone, reception and Internet access
services in consideration of a monthly administration fee that is presently set
at £500 ($980 based on a foreign exchange rate on December 27, 2006 of
$1.96:£1.00) per month. The administration contract is not for a defined term.
We and Azuracle are each entitled to terminate the contract by delivering not
less than one months written notice of termination to the other.

Item
3.               
Legal Proceedings

We currently are not a party to any material legal proceedings
and to our knowledge, no such proceedings are threatened or contemplated.

Item
4.               
Submission of Matters to a Vote of Securities Holders

No matters were submitted to our security holders for a vote
during the year ended September 30, 2006.

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PART II  FINANCIAL INFORMATION

Item
5.               
Market for Common Equity and Related Stockholder Matters

Market Information

There is presently no public market for our common stock. We
currently plan to have our common stock quoted on the National Association of
Securities Dealers Inc.s OTC Bulletin Board, subject to the effectiveness of
the registration statement of which this prospectus forms a part and also
subject to the registration of our common stock under section 12(g) of the
Securities Exchange Act of 1934, as amended. However, we can provide no
assurance that our shares will be traded on the OTC Bulletin Board or, if
traded, that a public market will materialize.

Holders of Our Common Stock

As at December 27, 2006, we had sixty-two (62) registered
holders of our common stock.

Dividends

There are no restrictions in our articles of incorporation or
bylaws that prevent us from declaring dividends. The Nevada Revised Statutes,
however, do prohibit us from declaring dividends where, after giving effect to
the distribution of the dividend:

|1. | We would not be able to pay our debts as they become due
      in the usual course of business; or                                                                                                                                          
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                             
|2. | Our total assets would be less than the sum of our total
      liabilities plus the amount that would be needed to satisfy the rights of
      shareholders who have preferential rights superior to those receiving the
      distribution.

We have not declared any dividends and we do not plan to
declare any dividends in the foreseeable future.

Recent Sales of Unregistered Securities

We completed an offering of 500,000 shares of our common stock
at a price of $0.001 per share to Sharon Cocker, our initial director and
officer, on April 8, 2005, for total proceeds of $500. We completed this
offering pursuant to Section 4(2) of the Securities Act. Sharon Cocker, as our
sole officer and director, was in possession of sufficient information about us
to make an informed investment decision. None of the securities were sold
through an underwriter and accordingly, there were no underwriting discounts or
commissions involved. No registration rights were granted to Sharon Cocker. The
500,000 shares of common stock are restricted shares, as defined in the
Securities Act, and have been endorsed with a legend confirming that the shares
cannot be resold or transferred unless registered under the Securities Act or
pursuant to an exemption from the registration requirements of the Securities
Act.

We completed an offering of 4,500,000 shares of our common
stock at a price of $0.01 per share to a total of six purchasers on May 31,
2005. The total proceeds from this offering were $45,000. We completed this
offering pursuant to Rule 903(a) and (b)(3) of Regulation S of the Act. Each
sale of shares was completed as an offshore transaction, as defined in Rule
902(h) of Regulation S, on the basis that: (i) each investor was outside of the
United States at the time the offer to purchase the shares was made; and (ii) at
the time the subscription agreement for the shares was executed, the investor
was outside of the United States or we had a reasonable belief that the investor
was outside of the United States. We did not engage in any directed selling
efforts, as defined in Regulation S, in the United States. Each investor
represented to us that the investor was not a U.S. person, as defined in
Regulation S, and was not acquiring the shares for the account or benefit of a
U.S. Person. Each purchaser represented their intention to acquire the
securities for investment only and not with a view toward distribution.
Appropriate legends

- 18 -

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have been affixed to the stock certificate issued to each
purchaser in accordance with Regulation S confirming that the shares cannot be
resold or transferred other than pursuant to Regulation S, registration under
the Securities Act or an exemption from the registration requirements of the
Securities Act. None of the securities were sold through an underwriter and
accordingly, there were no underwriting discounts or commissions involved. No
registration rights were granted to any of the purchasers.

We issued 12,000,000 shares of our common stock to the former
stockholders of Coloured UK, including CII, Outlander and Lars Brannvall, on
September 30, 2005, being the closing date of our acquisition of Coloured UK. We
completed this offering pursuant to Section 4(2) of the Securities Act. Each of
the stockholders of Coloured UK was in possession of sufficient information
about us to make an informed investment decision. Each stockholder further
represented their intention to acquire the securities for investment only and
not with a view toward distribution. None of the securities were sold through an
underwriter and accordingly, there were no underwriting discounts or commissions
involved. No registration rights were granted to the stockholders of Coloured
UK. CII subsequently transferred 4,175,000 shares to five of the selling
shareholders named herein in private transactions, namely Andrés Fernando Ribón,
Luz Patricia Galeano, Silvia Maria Hernandez, Yejin Lee and Juhyun Kim. These
shares were transferred in offshore transactions in accordance with Rule 903
of Regulation S and each selling shareholder executed an investment agreement in
favour of us and CII wherein they made various agreements, including the
agreement that the shares were restricted securities and could not be resold
or transferred unless registered under the Securities Act or pursuant to an
exemption from the registration requirements of the Securities Act. The
12,000,000 shares of common stock are restricted shares, as defined in the
Securities Act, and have been endorsed with a legend confirming that the shares
cannot be resold or transferred unless registered under the Securities Act or
pursuant to an exemption from the registration requirements of the Securities
Act. In addition, the issuance of shares to the stockholders of Coloured UK was
completed as an offshore transaction, as defined in Rule 902(h) of Regulation
S, in which we did not engage in any directed selling efforts, as defined in
Regulation S. Each stockholder represented to us that the stockholder was not a
U.S. person, as defined in Regulation S, and was not acquiring the shares for
the account or benefit of a U.S. Person.

We completed an offering of 677,660 shares of our common stock
at a price of $0.05 per share to a total of 40 purchasers on September 30, 2005.
The total proceeds from this offering were $33,883. The closing of this offering
was completed concurrently with our acquisition of Coloured UK from the
stockholders of Coloured UK. We completed this offering pursuant to Rule 903(a)
and (b)(3) of Regulation S of the Act. Each sale of shares was completed as an
offshore transaction, as defined in Rule 902(h) of Regulation S, on the basis
that: (i) each investor was outside of the United States at the time the offer
to purchase the shares was made; and (ii) at the time the subscription agreement
for the shares was executed, the investor was outside of the United States or we
had a reasonable belief that the investor was outside of the United States. We
did not engage in any directed selling efforts, as defined in Regulation S, in
the United States. Each investor represented to us that the investor was not a
U.S. person, as defined in Regulation S, and was not acquiring the shares for
the account or benefit of a U.S. Person. Each purchaser represented their
intention to acquire the securities for investment only and not with a view
toward distribution. Appropriate legends have been affixed to the stock
certificate issued to each purchaser in accordance with Regulation S confirming
that the shares cannot be resold or transferred other than pursuant to
Regulation S, registration under the Securities Act or an exemption from the
registration requirements of the Securities Act. None of the securities were
sold through an underwriter and accordingly, there were no underwriting
discounts or commissions involved. No registration rights were granted to any of
the purchasers.

We issued an aggregate of 12,000,000 shares of our common stock
to CII and ABS Capital on February 28, 2006, being the closing date of our
acquisition of our six mobile games from CII and ABS Capital. We completed these
offerings pursuant to Section 4(2) of the Securities Act. CII was our largest
shareholder at the time of the acquisitions and both CII and ABS Capital were in
possession of sufficient information about us to make an informed investment
decision. None of the securities were sold through an underwriter and
accordingly, there were no underwriting discounts or commissions involved. No
registration rights were granted to CII or ABS Capital. The 12,000,000 shares of
common stock are

- 19 -

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restricted shares, as defined in the Securities Act, and have
been endorsed with a legend confirming that the shares cannot be resold or
transferred unless registered under the Securities Act or pursuant to an
exemption from the registration requirements of the Securities Act. In addition,
the issuances of shares to both CII and ABS Capital were completed as offshore
transactions, as defined in Rule 902(h) of Regulation S, in which we did not
engage in any directed selling efforts, as defined in Regulation S. CII and ABS
Capital represented to us that neither were U.S. persons, as defined in
Regulation S, and neither were acquiring shares for the account or benefit of a
U.S. Person. Concurrent with the completion of this issuances, CII transferred
6,000,000 shares of our common stock to The Coloured Industry Technology
Partnership 2 LLP as part of its arrangement to re-acquire five of the six
mobile games from The Coloured Technology Partnership 2 LLP. At this same time,
ABS Capital transferred its 6,000,000 shares of our common stock to The Mobile
Warrior Technology Partnership LLP as part of its own arrangement to re-acquire
the sixth mobile game from The Mobile Warrior Technology Partnership LLP. Each
transfer of shares was completed in reliance of Rule 903 of Regulation S of the
Securities Act.

We issued a total of 344,000 shares of our common stock at a
price of $0.25 per share in full settlement of the outstanding loans of $86,000
to two investors. The transaction has completed concurrently with our
acquisition of the mobile games technology from CII and ABS Capital. We
completed these transactions pursuant to Rule 903(a) and (b)(3) of Regulation S
of the Act. Each sale of shares was completed as an offshore transaction, as
defined in Rule 902(h) of Regulation S, on the basis that: (i) each investor was
outside of the United States at the time the offer to purchase the shares was
made; and (ii) at the time the subscription agreement was executed, the investor
was outside of the United States or we had a reasonable belief that the investor
was outside of the United States. We did not engage in any directed selling
efforts, as defined in Regulation S, in the United States. Each investor
represented to us that the investor was not a U.S. person, as defined in
Regulation S, and was not acquiring the shares for the account or benefit of a
U.S. Person. Each investor represented its intention to acquire the securities
for investment only and not with a view toward distribution. Appropriate legends
have been affixed to the stock certificate issued to each creditor in accordance
with Regulation S confirming that the shares cannot be resold or transferred
other than pursuant to Regulation S, registration under the Securities Act or an
exemption from the registration requirements of the Securities Act. None of the
securities were sold through an underwriter and accordingly, there were no
underwriting discounts or commissions involved. No registration rights were
granted to any of the purchasers.

We completed an offering of 202,000 shares of our common stock
at a price of $0.25 per share to one purchaser on March 9, 2006. The total
proceeds from this offering were $50,500. We completed this offering pursuant to
Rule 903(a) and (b)(3) of Regulation S of the Act. Each sale of shares was
completed as an offshore transaction, as defined in Rule 902(h) of Regulation
S, on the basis that: (i) the investor was outside of the United States at the
time the offer to purchase the shares was made; and (ii) at the time the
subscription agreement for the shares was executed, the investor was outside of
the United States or we had a reasonable belief that the investor was outside of
the United States. We did not engage in any directed selling efforts, as defined
in Regulation S, in the United States. The investor represented to us that the
investor was not a U.S. person, as defined in Regulation S, and was not
acquiring the shares for the account or benefit of a U.S. Person. The investor
represented its intention to acquire the securities for investment only and not
with a view toward distribution. Appropriate legends have been affixed to the
stock certificate issued to each purchaser in accordance with Regulation S
confirming that the shares cannot be resold or transferred other than pursuant
to Regulation S, registration under the Securities Act or an exemption from the
registration requirements of the Securities Act. None of the securities were
sold through an underwriter and accordingly, there were no underwriting
discounts or commissions involved. No registration rights were granted to any of
the purchasers.

We completed an offering of 400,000 shares of our common stock
at a price of $0.25 per share to two purchasers, the first on June 23, 2006 and
the second on July 3, 2006. The total proceeds from this offering were $100,000.
We completed this offering pursuant to Rule 903(a) and (b)(3) of Regulation S of
the Act. Each sale of shares was completed as an offshore transaction, as
defined in Rule 902(h) of Regulation S, on the basis that: (i) the investor was
outside of the United States at the time the offer to purchase the shares was
made; and (ii) at the time the subscription agreement for the shares was
executed,

- 20 -

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the investor was outside of the United States or we had a
reasonable belief that the investor was outside of the United States. We did not
engage in any directed selling efforts, as defined in Regulation S, in the
United States. The investor represented to us that the investor was not a U.S.
person, as defined in Regulation S, and was not acquiring the shares for the
account or benefit of a U.S. Person. The investor represented its intention to
acquire the securities for investment only and not with a view toward
distribution. Appropriate legends have been affixed to the stock certificate
issued to each purchaser in accordance with Regulation S confirming that the
shares cannot be resold or transferred other than pursuant to Regulation S,
registration under the Securities Act or an exemption from the registration
requirements of the Securities Act. None of the securities were sold through an
underwriter and accordingly, there were no underwriting discounts or commissions
involved. No registration rights were granted to any of the purchasers.

Item
6.               
Managements Discussion and Analysis or Plan of Operation

The following discussion of our financial condition, changes in
financial condition and results of operations for the year ended September 30,
2006 should be read in conjunction with our audited consolidated financial
statements and related notes for the year ended September 30, 2006.

Our Plan of Operations

We plan to exploit our mobile games in their present form.
While our strategy in each geographic market will vary according to a number of
factors including the maturity of the local mobile gaming market and the telecom
infrastructure available, our overall objective is to establish greater
awareness of our mobile games in each marketplace in order to generate initial
revenues. We plan to achieve this objective by undertaking sales and marketing
campaigns in each market directed at local gateway owners. We will also continue
creating relationships with strategic partners/resellers in different markets
where we have few direct contacts. We also anticipate proceeding with the
continued enhancement of our mobile games with a view to increasing their
features and functionality.

Our plan of operations for the next twelve months is to
complete the following objectives within the time periods and within the budgets
specified:

|1. | We plan to intensify our sales and marketing efforts for
      our applications and games with the objective of securing sales to gateway
      owners and entering into further agreements with resellers. We anticipate
      that marketing activities will be carried throughout the course of the
      next twelve months. We anticipate that we will spend approximately $7,000
      per month on sales and marketing activities during the next twelve months,
      for a total anticipated expenditure of $84,000.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | We anticipate spending approximately $20,000 over the
      next twelve months on the development of new features for our mobile
      games, which may include one or more of those as outlined in our
      registration statement on Form SB-2, as filed with the SEC, under the
      heading "Current Status Development and Future Plans".                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|3. | We anticipate spending approximately $2,000 in ongoing
      general and administrative expenses per month for the next twelve months,
      for a total anticipated expenditure of $24,000 over the next twelve
      months. The general and administrative expenses for the year will consist
      primarily of rent and office services, technical support and hosting
      services and general office expenses.                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4. | We anticipate spending approximately $40,000 in complying
      with our obligations as a reporting company under the Securities
      Exchange Act of 1934. These expenses will consist primarily of
      professional fees relating to the preparation of our financial statements
      and completing our annual report, quarterly report, current report and
      proxy statement filings with the SEC.                                                                                                               

As at September 30, 2006, we had cash reserves of $6,695 and a
working capital deficit of $128,457. Our planned expenditures over the next
twelve months in the amount of $168,000 will exceed our current cash

- 21 -

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reserves and working capital. As a result, we anticipate that
we will require financing in the amount of approximately $297,000 in order to
carry out our plan of operations for the next twelve months and to cover our
working capital deficit. We have not completed any financings since September
30, 2006 and need immediate financing in order for us to continue our
operations.

During the twelve month period following the date of this
annual report, we anticipate that we will not generate revenues that exceed our
operating costs. We anticipate based on our current cash and working capital and
our planned expenses that we will be able to continue our plan of operations for
three more months without additional financing. We believe that we will require
substantial additional financing in order to commercialize our mobile games in
order to earn revenues that exceed our operating expenses. We believe that debt
financing from third parties will not be an alternative for funding of our
planned activities as we do not have tangible assets to secure any debt
financing. We anticipate that additional funding will be in the form of equity
financing from the sale of our common stock or sales of convertible promissory
notes that are convertible into shares of our common stock. We may also seek to
obtain additional financing in the forms of loans from our principal
shareholders, although none of our shareholders have committed to advance any
shareholder loans to us. We plan to approach our principal shareholders with the
objective of securing loans by the end of the current fiscal year. Even if we
are able to secure a loan from one of our principal shareholders or promoters,
we anticipate that the amount of the financing will not be sufficient to enable
us to sustain our business operations until such time as we can generate
significant revenues from operations. If we do not obtain the necessary
additional financing, we will be forced to abandon our plan of operations and
our business activities.

Presentation of Financial Information

Effective September 30, 2005, we acquired 100% of the issued
and outstanding shares of Coloured UK by issuing 12,000,000 shares of our common
stock. Notwithstanding its legal form, our acquisition of Coloured UK has been
accounted for as a reverse acquisition, since the acquisition resulted in the
former shareholders of Coloured UK owning the majority of our issued and
outstanding shares. Because Emcor Holdings Inc. (now Coloured (US) Inc.) was a
newly incorporated company with nominal net non-monetary assets, the acquisition
has been accounted for as an issuance of stock by Coloured UK accompanied by a
recapitalization. Under the rules governing reverse acquisition accounting, the
results of operations of Coloured (US) Inc. are included in our consolidated
financial statements effective September 30, 2005. Our date of inception is the
date of inception of Coloured UK, being May 2, 2003, and our financial
statements are presented with reference to the date of inception of Coloured UK.
Financial information relating to periods prior to September 30, 2005 is that of
Coloured UK.

Critical Accounting Policies

Development Stage Company

We are a development stage company as defined by Financial
Accounting Standards No. 7. We are presently devoting all of our present efforts
to establishing a new business. All losses accumulated since inception have been
considered as part of our development stage activities.

Revenue Recognition

We recognize revenue when all of the following criteria have
been met: persuasive evidence for an arrangement exists; delivery has occurred;
the fee is fixed or determinable and collection is reasonably assured. Upfront
contract payments received from the sale of services not yet earned are
initially recorded as deferred revenue on the balance sheet. The amount is
recognized as income over the term of the contract.

Revenue from time and material service contracts is recognized
as the services are provided. Revenue from fixed price, long-term service or
development contracts is recognized over the contract term based on the
percentage of services that are provided during the period compared with the
total estimated

- 22 -

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services to be provided over the entire contract. Losses on
fixed price contracts are recognized during the period in which the loss first
becomes apparent. Payment terms vary by contract.

Foreign Currency Translations

Our functional currency is pounds sterling (£). Our reporting
currency is the U.S. dollar. All transactions initiated in other currencies are
re-measured into the functional currency as follows:

| | i)   | Monetary assets and liabilities at the rate of exchange
      in effect at the balance sheet date,
| | ---- | --------------------------------------------------------------------------------------------------
| |      |                                                                                                   
| | ii)  | Non-monetary assets and liabilities, and equity at
      historical rates, and                    
| |      |                                                                                                   
| | iii) | Revenue and expense items at the average rate of exchange
      prevailing during the period.     

Gains and losses on re-measurement are included in determining
net income for the period.

Translation of balances from the functional currency into the
reporting currency is conducted as follows:

| | i)   | Assets and liabilities at the rate of exchange in effect
      at the balance sheet date,    
| | ---- | ---------------------------------------------------------------------------------------------
| |      |                                                                                              
| | ii)  | Equity at historical rates, and                                                              
| |      |                                                                                              
| | iii) | Revenue and expense items at the average rate of exchange
      prevailing during the period.

Translation adjustments resulting from translation of balances
from functional to reporting currency are accumulated as a separate component of
shareholders equity as a component of comprehensive income or loss. Upon sale
or liquidation of the net investment in the foreign entity the amount deferred
will be recognized in income.

Results Of Operations  Years Ended September 30, 2006 and
2005

References to the discussion below to fiscal 2006 are to our
current fiscal year ended September 30, 2006. References to fiscal 2005 are to
our fiscal year ended September 30, 2005.

|                                           |   |               |  |   |               |  |   | Cumulative    | 
|------------------------------------------ | - | ------------- |  | - | ------------- |  | - | ------------- | 
|                                           |   |               |  |   |               |  |   | From          | 
|                                           |   |               |  |   |               |  |   | Inception     | 
|                                           |   | Year Ended    |  |   | Year Ended    |  |   | (May 2, 2003) | 
|                                           |   | September 30, |  |   | September 30, |  |   | to September  | 
|                                           |   | 2006          |  |   | 2005          |  |   | 30, 2006      | 
|                                           |   | (Audited)     |  |   | (Audited)     |  |   | (Audited)     | 
|General and Administrative
      Expenses: |   |               |  |   |               |  |   |               | 
|Intellectual properties                    | $ | 3,000,000     |  | $ | -             |  | $ | 3,000,000     | 
|Accounting and auditing                    |   | 136,503       |  |   | 36,819        |  |   | 210,061       | 
|Legal                                      |   | 82,635        |  |   | 925           |  |   | 83,560        | 
|Consulting fees                            |   | 34,697        |  |   | 26,497        |  |   | 95,994        | 
|Filing fees                                |   | 11,217        |  |   | -             |  |   | 11,217        | 
|Rent                                       |   | 10,806        |  |   | 6,824         |  |   | 32,766        | 
|Amortization                               |   | 9,605         |  |   | 4,934         |  |   | 14,539        | 
|Information technology                     |   | 3,567         |  |   | 11,839        |  |   | 19,937        | 

- 23 -

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|                                 |   |               |   |   |               |   |   | Cumulative    |  
|-------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                 |   |               |   |   |               |   |   | From          |  
|                                 |   |               |   |   |               |   |   | Inception     |  
|                                 |   | Year Ended    |   |   | Year Ended    |   |   | (May 2, 2003) |  
|                                 |   | September 30, |   |   | September 30, |   |   | to September  |  
|                                 |   | 2006          |   |   | 2005          |   |   | 30, 2006      |  
|                                 |   | (Audited)     |   |   | (Audited)     |   |   | (Audited)     |  
|Transfer
      agent fees        |   | 2,015         |   |   | -             |   |   | 2,015         |  
|Salaries and wages               |   | 1,900         |   |   | 45,373        |   |   | 104,196       |  
|Office
      and miscellaneous   |   | 41            |   |   | 1,660         |   |   | 5,135         |  
|Travel                           |   | -             |   |   | 2,382         |   |   | 6,248         |  
|Advertising                      |   | -             |   |   | -             |   |   | 1,890         |  
|Total General and Administrative |   |               |   |   |               |   |   |               |  
|Expenses                         |   | 3,292,986     |   |   | 137,253       |   |   | 3,587,558     |  
|Loss from Operations             |   | (3,292,986    | ) |   | (137,253      | ) |   | (3,587,558    | )
|Other Income
      (Expense):    |   |               |   |   |               |   |   |               |  
|Interest expense                 |   | (4,508        | ) |   | (933          | ) |   | (6,235        | )
|Foreign
      exchange loss      |   | (2,867        | ) |   | -             |   |   | (2,867        | )
|Miscellaneous income             |   | -             |   |   | 214           |   |   | 214           |  
|Loss for the Year                | $ | (3,300,361    | ) | $ | (137,972      | ) | $ | (3,596,446    | )

Revenue

We have not generated revenues from sales of our Coloured
mobile games to date.

Intellectual Property

We expensed the intellectual property associated with our
Coloured mobile games acquired in fiscal 2006 due to our determination that the
cost of the intellectual property purchased during the current fiscal year does
not meet the criteria for capitalization as set out in SFAS No. 86.

Accounting and Auditing

Our accounting and auditing expenses are attributable to the
preparation and audit of our financial statements. Accounting and auditing
expenses increased during fiscal 2006 compared to fiscal 2005 as a result of our
completing our audited annual and unaudited interim consolidated financial
statements prepared in connection with the filing of a registration statement
with the SEC.

Legal

Legal expenses are attributable to legal fees paid to our legal
counsel in connection with the completion of our corporate reorganization and
our filing of a registration statement with the SEC and becoming a reporting
company under the Securities Exchange Act of 1934.

Legal expenses increased during fiscal 2006 compared to fiscal
2005 as a result of our completing our corporate reorganization and preparing
and filing of a registration statement with the SEC.

- 24 -

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Consulting Fees

Consulting fees increased during fiscal 2006 from fiscal 2005
owing mainly to consulting fees paid during the year to DeBondo Capital Limited,
a related party.

Filing Fees

Filing fees during fiscal 2006 were incurred in connection with
our corporate reorganization and our filing of a registration statement with the
SEC.

Rent

Our rent expenses increased to $10,806 for fiscal 2006 compared
to $6,824 for fiscal 2005. Our contract with Citibase was replaced with our
agreement with Azuracle in July 2005.

Amortization

We incurred $9,605 in amortization expenses for fiscal 2006
compared to $4,934 for fiscal 2005 as a result of our commencing the
amortization of the server and software platform we needed to host and operate
the Coloured Mobile Games (excluding Mobile Warrior, which is hosted by
agreement with TrackWell). We purchased the server and platform in 2005, and it
was slated to be amortized over a three year period.

Information Technology

Information technology expenses include website development and
the provision of hosting services for the Coloured Mobile Games. Information
technology expenses declined significantly during fiscal 2006 compared to fiscal
2005 due to the completion of our website design services as described above
under Description of Business.

Transfer Agent Fees

We incurred $2,015 in transfer agent fees during fiscal 2006
with respect to our appointment of Pacific Stock Transfer Company as our
transfer agent and the disbursements incurred by our transfer agent with respect
to the issuance of shares to our stockholders.

Salaries and Wages

Salaries and wages are primarily comprised of salary paid to
Lars Brannvall, our sole executive officer and employee. Effective November 1,
2005, Mr. Brannvall has agreed not to take any salary until such time as we
secure an arrangement with a gateway owner to provide our Coloured mobile games
which has the potential to generate earnings for us.

Our salaries and wages decreased to $1,900 for fiscal 2006
compared to $45,373 for fiscal 2005. The reduction in salaries and wages for
fiscal 2006 compared to fiscal 2005 resulted primarily from Mr. Brannvall
ceasing to draw a salary from us since November 2005.

Office and Miscellaneous

Our office and miscellaneous expenses decreased to $41 for
fiscal 2006 compared to $1,660 for fiscal 2005. The decrease was attributable to
the completion of our website design services as described under Information
Technology above which resulted in the decrease in our office administration
activities.

- 25 -

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Travel and Advertising

Our travel and promotion expenses decreased substantially to
$nil during fiscal 2006 from fiscal 2005 due to our determination not to conduct
sales and marketing and publicity activities during fiscal 2006, other than
those activities carried on by Lars Brannvall as our sole executive officer.

Loss from Operations

Our loss for fiscal 2006 increased significantly from fiscal
2005 as a result of our increased business activity, particularly our costs
attributable to filing a registration statement with the SEC, and our write off
of intellectual property.

Liquidity and Financial Resources

We had cash of $6,695 and a working capital deficiency of
$128,457 as at September 30, 2006, compared to cash of $102,725 and a working
capital deficit of $71,962 as at September 30, 2005.

Plan of Operations

We estimate that our total expenditures over the next twelve
months will be approximately $190,000, as outlined above under the heading Plan
of Operations. We anticipate that our cash and working capital will not be
sufficient to enable us to undertake our plan of operations over the next twelve
months without our obtaining additional financing. We presently require
immediate financing in order that we have the cash necessary for us to continue
our operations. We anticipate that we will require additional financing in the
approximate amount of $297,000 order to enable us to sustain our operations for
the next twelve months.

Cash used in Operating Activities

We used cash of $274,434 in operating activities during fiscal
2006 compared to cash used of $108,723 in operating activities during fiscal
2005.

We have applied cash generated from financing activities to
fund cash used in operating activities.

Cash from Investing Activities

We did not use any cash in investing activities during fiscal
2006 compared to cash used of $19,368 and cash acquired of $127,705 in investing
activities during fiscal 2005.

Cash acquired and used in investing activities during fiscal
2005 were attributable to the completion of our acquisition of Coloured UK and
the acquisition of rights and technology, respectively.

Cash from Financing Activities

We generated cash of $183,577 from financing activities during
fiscal 2006 compared to cash of $86,022 generated from activities during fiscal
2005. These financing activities included (i) a private placement of 202,000
shares of our common stock at a price of $0.25 per share for total proceeds of
$50,500 on March 9, 2006; (ii) a private placement of 200,000 shares of our
common stock at a price of $0.25 per share for total proceeds of $50,000 on June
23, 2006; (iii) a private placement of 200,000 shares of our common stock at a
price of $0.25 per share for total proceeds of $50,000 on July 3, 2006; and (iv)
a convertible loan of $1,000 with a creditor.

Going Concern

- 26 -

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We have not attained profitable operations and are dependent
upon obtaining financing to pursue any extensive business activities. For these
reasons our auditors stated in their report that they have substantial doubt we
will be able to continue as a going concern.

Future Financings

We anticipate continuing to rely on equity sales of our common
shares in order to continue to fund our business operations. Issuances of
additional shares will result in dilution to our existing stockholders. There is
no assurance that we will achieve any additional sales of our equity securities
or arrange for debt or other financing to fund our planned activities.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to stockholders.

- 27 -

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Item
7.               
Financial Statements

The following unaudited condensed consolidated interim
financial statements of Coloured (US) Inc. (the Company) are included in this
Annual report on Form 10-KSB:

|                                                                                                                                                                            | Page
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|                                                                                                                                                                            |     
|Report
      of Independent Registered Public Accounting Firm                                                                                                               | F-1 
|                                                                                                                                                                            |     
|Consolidated
      Balance Sheets as at September 30, 2006 and 2005                                                                                                         | F-2 
|                                                                                                                                                                            |     
|Consolidated
      Statements of Changes in Stockholders Deficiency for the period from
      incorporation (May 2, 2003) to September 30, 2006                            | F-3 
|                                                                                                                                                                            |     
|Consolidated Statements of Operations for the years ended
      September 30, 2006 and 2005 and for the period from incorporation (May 2,
      2003) to September 30, 2006 | F-5 
|                                                                                                                                                                            |     
|Consolidated Statements of Cash Flows for the years ended
      September 30, 2006 and 2005 and for the period from incorporation (May 2,
      2003) to September 30, 2006 | F-6 
|                                                                                                                                                                            |     
|Notes to Consolidated Financial Statements                                                                                                                                  | F-7 

- 28 -

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COLOURED (US) INC.

(Doing Business as CI Mobile Gaming)

(Formerly Emcor Holdings Inc.)

(A Development Stage Company)

CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2006 and 2005

US FUNDS



F-i

---



|Report of Independent Registered Public Accounting Firm
|-------------------------------------------------------
|                                                       

To the Stockholders of Coloured (US) Inc.:

We have audited the accompanying consolidated balance sheets
  of Coloured (US) Inc. (the Company) as at September 30, 2006 and
  2005 and the related consolidated statements of changes in stockholders
  deficiency, operations and cash flows for each of the years ended September
  30, 2006 and 2005 and the period from incorporation (May 2, 2003) to September
  30, 2006. These financial statements are the responsibility of the Company's
  management. Our responsibility is to express an opinion on these financial statements
  based on our audits.

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

In our opinion, the consolidated financial statements referred
  to above present fairly, in all material respects, the financial positions of
  the Company as at September 30, 2006 and 2005, and the results of its operations
  and its cash flows for each of the years ended September 30, 2006 and 2005 and
  the period from incorporation (May 2, 2003) to September 30, 2006, in conformity
  with United States generally accepted accounting principles.

The accompanying consolidated financial statements have been
  prepared assuming that the Company will continue as a going concern. As discussed
  in Note 1 to the financial statements, the Company is dependent upon financing
  to continue operations, had suffered recurring losses from operations and has
  total liabilities that exceed total assets. These matters raise substantial
  doubt about the Companys ability to continue as a going concern. Managements
  plans in regards to these matters are discussed in Note 1. The financial statements
  do not include any adjustments that might result from the outcome of this uncertainty.



|Vancouver, B.C., Canada | STALEY, OKADA & PARTNERS
|----------------------- | ------------------------
|November 2, 2006        | CHARTERED ACCOUNTANTS   
|                        |                         

F-1

---

|Coloured (US) Inc.                   | Statement 1
|------------------------------------ | -----------
|(Doing Business as CI Mobile Gaming) |            
|(Formerly Emcor Holdings Inc.)       |            
|(A Development Stage Company)        |            
|Consolidated Balance Sheets          |            
|US Funds                             |            

|                                                                      |   | September 30, |   |   | September 30, |  
|--------------------------------------------------------------------- | - | ------------- | - | - | ------------- | -
|ASSETS                                                                |   | 2006          |   |   | 2005          |  
|Current                                                               |   |               |   |   |               |  
|Cash                                                                  | $ | 6,695         |   | $ | 102,725       |  
|Accounts receivable                                                   |   | 509           |   |   | -             |  
|VAT receivable                                                        |   | 3,490         |   |   | -             |  
|                                                                      |   | 10,694        |   |   | 102,725       |  
|                                                                      |   |               |   |   |               |  
|Rights and Technology(Note 3)                                         |   | 14,981        |   |   | 23,469        |  
|                                                                      | $ | 25,675        |   | $ | 126,194       |  
|                                                                      |   |               |   |   |               |  
|                                                                      |   |               |   |   |               |  
|LIABILITIES                                                           |   |               |   |   |               |  
|Current                                                               |   |               |   |   |               |  
|Accounts payable                                                      | $ | 42,328        |   | $ | 244           |  
|Accrued liabilities                                                   |   | 30,787        |   |   | 54,979        |  
|Accrued interest                                                      |   | -             |   |   | 505           |  
|Promissory note payable (Note 5a)                                     |   | -             |   |   | 85,000        |  
|Due to related parties (Note 7)                                       |   | 66,036        |   |   | 33,959        |  
|                                                                      |   | 139,151       |   |   | 174,687       |  
|Going Concern(Note 1)                                                 |   |               |   |   |               |  
|                                                                      |   |               |   |   |               |  
|                                                                      |   |               |   |   |               |  
|STOCKHOLDERS
      DEFICIENCY                                        |   |               |   |   |               |  
|Capital Stock                                                         |   |               |   |   |               |  
|Common Stock                                                          |   |               |   |   |               |  
|Authorized: 100,000,000
      shares with $0.001 par value            |   |               |   |   |               |  
|Issued and fully paid: 30,623,660 (2005
       17,677,660)           |   |               |   |   |               |  
|-
      Statement 2                                                   |   | 30,624        |   |   | 17,678        |  
|Additional paid-in capital - Statement
      2                        |   | 3,465,485     |   |   | 238,997       |  
|Preferred stock                                                       |   |               |   |   |               |  
|Authorized: 5,000,000 shares with $0.001
      par value              |   |               |   |   |               |  
|Issued and fully paid:
      Nil                                      |   | -             |   |   | -             |  
|Accumulated Comprehensive Loss- Statement 2                           |   | (13,139       | ) |   | (9,083        | )
|Deficit Accumulated during the
      development stage  Statement 2 |   | (3,596,446    | ) |   | (296,085      | )
|                                                                      |   | (113,476      | ) |   | (48,493       | )
|                                                                      | $ | 25,675        |   | $ | 126,194       |  

- See Accompanying Notes -

F-2

---

|Coloured (US) Inc.                                                   | Statement 2
|-------------------------------------------------------------------- | -----------
|(Doing Business as CI Mobile Gaming)                                 |            
|(Formerly Emcor Holdings Inc.)                                       |            
|(A Development Stage Company)                                        |            
|Consolidated Statements of Changes in Stockholders
      Deficiency |            
|US Funds                                                             |            

DeficitAccumulatedAdditional
      
      
      During the
      
      
      Accumulated
      
      
      TotalCommon Stock
      
      
      Paid-in
      
      
      Development
      
      
      Comprehensive
      
      
      Stockholders'Shares
      
      
      Amount
      
      
      Capital
      
      
      Stage
      
      
      Loss
      
      
      DeficiencyShares issued for cash at $0.33per share - May 2, 2003
      
      6
      
      $
      1
      
      $
      1
      
      $
      -
      
      $
      -
      
      $
      2Loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (13,421
      )
      
      -
      
      
      (13,421
      )Foreign currency translationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (391
      )
      
      (391
      )Balance - September 30, 2003
      
      6
      
      
      1
      
      
      1
      
      
      (13,421
      )
      
      (391
      )
      
      (13,810
      )Stock split  April 30, 2004
      
      569
      
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      -Shares issued for cash at $0.003per share  December 22,
        2003
      
      2,874,365
      
      
      2,875
      
      
      6,018
      
      
      -
      
      
      -
      
      
      8,893Shares issued for cash at $0.003per share  April 30, 2004
      
      1,466,220
      
      
      1,466
      
      
      3,211
      
      
      -
      
      
      -
      
      
      4,677Shares issued for consulting
        at$0.003 per share  August
        26,2004
      
      939,139
      
      
      939
      
      
      2,008
      
      
      -
      
      
      -
      
      
      2,947Loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (144,692
      )
      
      -
      
      
      (144,692
      )Foreign currency translationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (2,175
      )
      
      (2,175
      )Balance - September 30, 2004
      
      5,280,299
      
      
      5,281
      
      
      11,238
      
      
      (158,113
      )
      
      (2,566
      )
      
      (144,160
      )Shares issued for consulting
        at$0.003 per share  November
        17,2004
      
      234,790
      
      
      235
      
      
      545
      
      
      -
      
      
      -
      
      
      780Shares issued for consulting at$0.003 per share
         March 9,2005
      
      234,791
      
      
      235
      
      
      545
      
      
      -
      
      
      -
      
      
      780Shares issued for consulting
        at$0.033 per share  April
        26, 2005
      
      68,999
      
      
      68
      
      
      2,241
      
      
      -
      
      
      -
      
      
      2,309Shares issued for debt at $0.033per share  April 26, 2005
      
      6,181,121
      
      
      6,181
      
      
      200,541
      
      
      -
      
      
      -
      
      
      206,722Loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (137,972
      )
      
      -
      
      
      (137,972
      )Foreign currency translationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (6,517
      )
      
      (6,517
      )Balance - September 30, 2005- Issued before acquisition
      
      12,000,000
      
      
      12,000
      
      
      215,110
      
      
      (296,085
      )
      
      (9,083
      )
      
      (78,058
      )Acquisition of Coloured IndustryLimited- Recapitalization - September
        30,2005 (Note 1)
      
      5,677,660
      
      
      5,678
      
      
      23,887
      
      
      -
      
      
      -
      
      
      29,565Balance - September 30, 2005- Issued post acquisition
      
      17,677,660
      
      $
      17,678
      
      $
      238,997
      
      $
      (296,085
      )
      $
      (9,083
      )
      $
      (48,493
      )


- See Accompanying Notes -

F-3

---

|Coloured (US) Inc.                                                               | Statement 2 -Continued
|-------------------------------------------------------------------------------- | ----------------------
|(Doing Business as CI Mobile Gaming)                                             |                       
|(Formerly Emcor Holdings Inc.)                                                   |                       
|(A Development Stage Company)                                                    |                       
|Consolidated Statements of Changes
      in Stockholders Deficiency  Continued
|US Funds                                                                         |                       

DeficitAccumulatedAdditional
      
      
      During the
      
      
      Accumulated
      
      
      TotalCommon Stock
      
      
      Paid-in
      
      
      Development
      
      
      Comprehensive
      
      
      Stockholders'Shares
      
      
      Amount
      
      
      Capital
      
      
      Stage
      
      
      Loss
      
      
      DeficiencyBalance Forward - September 30,2005- Issued post acquisition
      
      17,677,660
      
      $
      17,678
      
      $
      238,997
      
      $
      (296,085
      )
      $
      (9,083
      )
      $
      (48,493
      )Shares issued in exchange fordebt at $0.25 per share February 28,
        2006 (Note 5)
      
      340,000
      
      
      340
      
      
      87,570
      
      
      -
      
      
      -
      
      
      87,910Shares issued in exchange fordebt at $0.25
        per share February 28, 2006 (Note 5)
      
      4,000
      
      
      4
      
      
      1,020
      
      
      -
      
      
      -
      
      
      1,024Shares issued for Colour IndustryTechnology at $0.25 per share
        February 28,
        2006 (Note 4a)
      
      6,000,000
      
      
      6,000
      
      
      1,494,000
      
      
      -
      
      
      -
      
      
      1,500,000Shares issued for Mobile WarriorTechnology at
        $0.25 per share February 28, 2006 (Note 4b)
      
      6,000,000
      
      
      6,000
      
      
      1,494,000
      
      
      -
      
      
      -
      
      
      1,500,000Shares issued for cash at $0.25per share  March 9, 2006
      
      202,000
      
      
      202
      
      
      50,298
      
      
      -
      
      
      -
      
      
      50,500Shares issued for cash at $0.25per share  June 23, 2006
      
      200,000
      
      
      200
      
      
      49,800
      
      
      -
      
      
      -
      
      
      50,000Shares issued for cash at $0.25per share  July 3, 2006
      
      200,000
      
      
      200
      
      
      49,800
      
      
      -
      
      
      -
      
      
      50,000Loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (3,300,361
      )
      
      -
      
      
      (3,300,361
      )Foreign currency translationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (4,056
      )
      
      (4,056
      )Balance  September 30, 2006
      
      30,623,660
      
      $
      30,624
      
      $
      3,465,485
      
      $
      (3,596,446
      )
      $
      (13,139
      )
      $
      (113,476
      )


- See Accompanying Notes -

F-4

---

|Coloured (US) Inc.                    | Statement 3
|------------------------------------- | -----------
|(Doing Business as CI Mobile Gaming)  |            
|(Formerly Emcor Holdings Inc.)        |            
|(A Development Stage Company)         |            
|Consolidated Statements of Operations |            
|US Funds                              |            

|                                              |   |               |   |   |               |   |   | Cumulative    |  
|--------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                              |   |               |   |   |               |   |   | From          |  
|                                              |   |               |   |   |               |   |   | Incorporation |  
|                                              |   | For the       |   |   | For the       |   |   | (May 2, 2003  | )
|                                              |   | Year Ended    |   |   | Year Ended    |   |   | to            |  
|                                              |   | September 30, |   |   | September 30, |   |   | September 30, |  
|                                              |   | 2006          |   |   | 2005          |   |   | 2006          |  
|General and Administrative Expenses           |   |               |   |   |               |   |   |               |  
|Intellectual properties (Note 4)              | $ | 3,000,000     |   | $ | -             |   | $ | 3,000,000     |  
|Accounting and auditing                       |   | 136,503       |   |   | 36,819        |   |   | 210,061       |  
|Legal                                         |   | 82,635        |   |   | 925           |   |   | 83,560        |  
|Consulting fees                               |   | 34,697        |   |   | 26,497        |   |   | 95,994        |  
|Filing fees                                   |   | 11,217        |   |   | -             |   |   | 11,217        |  
|Rent                                          |   | 10,806        |   |   | 6,824         |   |   | 32,766        |  
|Amortization                                  |   | 9,605         |   |   | 4,934         |   |   | 14,539        |  
|Information technology                        |   | 3,567         |   |   | 11,839        |   |   | 19,937        |  
|Transfer agent fees                           |   | 2,015         |   |   | -             |   |   | 2,015         |  
|Salaries and wages                            |   | 1,900         |   |   | 45,373        |   |   | 104,196       |  
|Office and miscellaneous                      |   | 41            |   |   | 1,660         |   |   | 5,135         |  
|Travel                                        |   | -             |   |   | 2,382         |   |   | 6,248         |  
|Advertising                                   |   | -             |   |   | -             |   |   | 1,890         |  
|Total General and Administrative Expenses     |   | 3,292,986     |   |   | 137,253       |   |   | 3,587,558     |  
|Loss from Operations                          |   | (3,292,986    | ) |   | (137,253      | ) |   | (3,587,558    | )
|Other Income (Expense)                        |   |               |   |   |               |   |   |               |  
|Interest expense                              |   | (4,508        | ) |   | (933          | ) |   | (6,235        | )
|Foreign exchange loss                         |   | (2,867        | ) |   | -             |   |   | (2,867        | )
|Miscellaneous income                          |   | -             |   |   | 214           |   |   | 214           |  
|Loss for the Year                             | $ | (3,300,361    | ) | $ | (137,972      | ) | $ | (3,596,446    | )
|                                              |   |               |   |   |               |   |   |               |  
|Loss per Share  Basic and Diluted            | $ | (0.13         | ) | $ | (0.02         | ) |   |               |  
|                                              |   |               |   |   |               |   |   |               |  
|Weighted Average Shares Outstanding           |   | 25,131,430    |   |   | 8,328,351     |   |   |               |  
|                                              |   |               |   |   |               |   |   |               |  
|Comprehensive Loss                            |   |               |   |   |               |   |   |               |  
|Loss for the year                             | $ | (3,300,361    | ) | $ | (137,972      | ) | $ | (3,596,446    | )
|Foreign currency translation
      adjustment |   | (4,056        | ) |   | (6,517        | ) |   | (13,139       | )
|Total Comprehensive Loss for the Year         | $ | (3,304,417    | ) | $ | (144,489      | ) | $ | (3,609,585    | )
|                                              |   |               |   |   |               |   |   |               |  
|                                              |   |               |   |   |               |   |   |               |  
|Comprehensive Loss per Share                  | $ | (0.13         | ) | $ | (0.02         | ) |   |               |  

- See Accompanying Notes -

F-5

---

|Coloured (US) Inc.                    | Statement 4
|------------------------------------- | -----------
|(Doing Business as CI Mobile Gaming)  |            
|(Formerly Emcor Holdings Inc.)        |            
|(A Development Stage Company)         |            
|Consolidated Statements of Cash Flows |            
|*US Funds*                            |            

|                                                       |   |               |   |   |               |   |   | Cumulative    |  
|------------------------------------------------------ | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                       |   |               |   |   |               |   |   | From          |  
|                                                       |   |               |   |   |               |   |   | Incorporation |  
|                                                       |   | For the       |   |   | For the       |   |   | (May 2, 2003  | )
|                                                       |   | Year Ended    |   |   | Year Ended    |   |   | To            |  
|                                                       |   | September 30, |   |   | September 30, |   |   | September 30, |  
|                                                       |   | 2006          |   |   | 2005          |   |   | 2006          |  
|Operating                                              |   |               |   |   |               |   |   |               |  
|Loss for the year                                      | $ | (3,300,361    | ) | $ | (137,972      | ) | $ | (3,596,446    | )
|Items not involving an outlay of cash:                 |   |               |   |   |               |   |   |               |  
|Amortization                                           |   | 9,605         |   |   | 4,934         |   |   | 14,539        |  
|Shares for consulting services                         |   | -             |   |   | 3,869         |   |   | 6,816         |  
|Interest
      expense on promissory notes             |   | 2,429         |   |   | -             |   |   | 2,429         |  
|Shares for intellectual
      properties (Note 4)      |   | 3,000,000     |   |   | -             |   |   | 3,000,000     |  
|Changes in non-cash working capital
      items:       |   |               |   |   |               |   |   |               |  
|Accounts receivable                                    |   | (509          | ) |   | 1,513         |   |   | (509          | )
|VAT receivable                                         |   | (3,490        | ) |   | -             |   |   | (3,490        | )
|Prepaid expense                                        |   | -             |   |   | 2,068         |   |   | -             |  
|Accounts
      payable                                 |   | 42,084        |   |   | 244           |   |   | 42,328        |  
|Accrued liabilities                                    |   | (24,192       | ) |   | 16,621        |   |   | 18,152        |  
|                                                       |   | (274,434      | ) |   | (108,723      | ) |   | (516,181      | )
|Investing                                              |   |               |   |   |               |   |   |               |  
|Acquisition of rights and technology                   |   | -             |   |   | (19,368       | ) |   | (28,403       | )
|Cash acquired on purchase of Emcor Holdings            |   |               |   |   |               |   |   |               |  
|Inc.
      (Note 1)                                    |   | -             |   |   | 127,705       |   |   | 127,705       |  
|                                                       |   | -             |   |   | 108,337       |   |   | 99,302        |  
|Financing                                              |   |               |   |   |               |   |   |               |  
|Amounts due to related parties                         |   | 32,077        |   |   | 29,410        |   |   | 66,036        |  
|Loan from related party                                |   | -             |   |   | 56,612        |   |   | 206,722       |  
|Promissory note (Note 5b)                              |   | 1,000         |   |   | -             |   |   | 1,000         |  
|Share issuances for cash                               |   | 150,500       |   |   | -             |   |   | 164,072       |  
|                                                       |   | 183,577       |   |   | 86,022        |   |   | 437,830       |  
|Effect of foreign currency translation on
      rights |   |               |   |   |               |   |   |               |  
|and technology (Note
      3)                          |   | (1,117        | ) |   | -             |   |   | (1,117        | )
|Effect of exchange rate changes on cash                |   | (4,056        | ) |   | (6,517        | ) |   | (13,139       | )
|                                                       |   | (5,173        | ) |   | (6,517        | ) |   | (14,256       | )
|                                                       |   |               |   |   |               |   |   |               |  
|Net Increase (Decrease) in Cash                        |   | (96,030       | ) |   | 79,119        |   |   | 6,695         |  
|Cash - Beginning of year                               |   | 102,725       |   |   | 23,606        |   |   | -             |  
|Cash - End of Year                                     | $ | 6,695         |   | $ | 102,725       |   | $ | 6,695         |  
|                                                       |   |               |   |   |               |   |   |               |  
|Income Taxes Paid                                      | $ | -             |   | $ | -             |   | $ | -             |  
|Interest Paid                                          | $ | (95           | ) | $ | -             |   | $ | (95           | )

Please refer to Note 10 for the supplemental schedule of non-cash
  investing and financing transactions.

- See Accompanying Notes -

F-6

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|1. | Organization and Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Organization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Emcor Holdings Inc. (the Company or "Emcor")
        was incorporated on April 5, 2005 under the laws of the State of Nevada.
        On December 8, 2005, the Company changed its name to Coloured (US) Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | By letter of intent dated April 18, 2005 and Share Exchange
        Agreement ("Agreement") dated May 23, 2005, amended on June 30, 2005 with
        Coloured Industry Limited ("Coloured"), a United Kingdom corporation,
        wherein Emcor agreed to issue to the shareholders of Coloured 12,000,000
        Emcor shares in exchange for the 2,087,000 shares that constituted all
        the issued and outstanding shares of Coloured. On September 30, 2005,
        Coloured completed the reverse acquisition under a Stock Exchange Agreement
        (RTO) with Emcor. Immediately before the date of the RTO,
        Emcor had 100,000,000 shares authorized and 5,677,660 shares of common
        stock issued and outstanding. Pursuant to the RTO, all of the 2,087,000
        issued and outstanding shares of common stock of Coloured were exchanged
        for 12,000,000 shares of Emcor, on an approximately 5.75 to 1 basis.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Immediately after the RTO, the management of Coloured
        took control of the board and officer positions of Emcor, constituting
        a change of control. Because the former owners of Coloured gained control
        of Emcor, the transaction would normally have been considered a purchase
        by Coloured. However, since Emcor was not carrying on a business, the
        transaction was not considered to be a business combination. Instead,
        the transaction was accounted for as a recapitalization of Coloured and
        the issuance of stock by Coloured (represented by the outstanding shares
        of Emcor) for the assets and liabilities of Emcor. The value of the net
        assets of Emcor acquired by Coloured is the same as their historical book
        value, being $29,565. At the date of the acquisition, the balance sheet
        of Emcor was as follows:                                       

| | Cash                               | $ | 97,213  | 
| | ---------------------------------- | - | ------- | 
| | Due from Coloured Industry Limited |   | 30,492  | 
| | Total Assets                       | $ | 127,705 | 
| |                                    |   |         | 
| | Accrued liabilities                | $ | 12,635  | 
| | Accrued interest                   |   | 505     | 
| | Promissory note payable            |   | 85,000  | 
| | Total Liabilities                  | $ | 98,140  | 
| |                                    |   |         | 
| | Net Assets                         | $ | 29,565  | 

Coloured was incorporated May 2, 2003
  and is a technology and marketing company, headquartered in London, England.

The Company is a marketer and developer
  of electronic mobile entertainment services. The Company currently has agreements
  for the sale of certain electronic mobile entertainment services for both the
  private and public sectors.

F-7

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|1. | Organization and Going Concern
        Continued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Organization-Continued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Company is targeting owners of mobile
        phones world-wide, typically in the age range of 14  25 years and
        intends to market its services via a two-channel strategy: the Direct
        Users Strategy and the Partnership/Re-seller Strategy.
        Under the direct users strategy the technology is offered to corporate
        clients with a customer base of mobile phone owners covering such operations
        as portals, media houses and TV channels. The partnership/re-seller strategy
        is focused on establishing a world-wide distribution network through agents
        who promote the electronic services utilising operators in their local
        markets. The objective of employing these strategies is to utilise channels
        that have the ability to reach high volumes of end customers.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Going Concern and Liquidity Considerations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The accompanying consolidated financial statements
        have been prepared assuming that the Company will continue as a going
        concern, which contemplates, among other things, the realization of assets
        and satisfaction of liabilities in the normal course of business. As at
        September 30, 2006, the Company hasa working capital deficiency of $128,457,
        an accumulated deficit of $3,596,446 and has incurred an accumulated operating
        cash flow deficit of $516,181 since incorporation. The Company intends
        to continue funding operations through sales and equity financing arrangements,
        which may be insufficient to fund its capital expenditures, working capital
        and other cash requirements for the next fiscal year.                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | Thereafter, the Company will be required to
        seek additional funds, either through sales and/or equity financing, to
        finance its long-term operations. The successful outcome of future activities
        cannot be determined at this time, and there is no assurance that, if
        achieved, the Company will have sufficient funds to execute its intended
        business plan or generate positive operating results. In response to these
        conditions, management intends to raise additional funds through future
        private placement offerings.                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | These factors, among others, raise substantial
        doubt about the Company's ability to continue as a going concern. The
        accompanying consolidated financial statements do not include any adjustments
        that might result from the outcome of this uncertainty.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|2. | Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

F-8

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | c)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | d)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | e)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | f)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | g)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   

F-9

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | h)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | i)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   
|   | j)                                                
|   |                                                   
|   |                                                   

| | i)   | Monetary assets and liabilities at the rate of exchange
        in effect at the balance sheet date,
| | ---- | ----------------------------------------------------------------------------------------------------
| | ii)  | Non-monetary assets and liabilities, and equity at historical
        rates, and                    
| | iii) | Revenue and expense items at the average rate of exchange
        prevailing during the period.     

Gains and losses on re-measurement are
  included in determining net income for the period

Translation of balances from the functional
  currency into the reporting currency is conducted as follows:

| | ii)  | Assets and liabilities at the rate of exchange in effect
        at the balance sheet date,    
| | ---- | -----------------------------------------------------------------------------------------------
| | ii)  | Equity at historical rates, and                                                                
| | iii) | Revenue and expense items at the average rate of exchange
        prevailing during the period.

Translation adjustments resulting from
  translation of balances from functional to reporting currency are accumulated
  as a separate component of shareholders equity as a component of comprehensive
  income or loss. Upon sale or liquidation of the net investment in the foreign
  entity the amount deferred will be recognized in income.

F-10

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | k)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | l)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | m)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | n)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | o)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | p)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | q)                                                
|   |                                                   
|   |                                                   

F-11

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | r)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | s)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | t)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | u)                                                
|   |                                                   
|   |                                                   

F-12

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | v)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   
|   | w)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | x)                                                
|   |                                                   
|   |                                                   

F-13

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | x)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   
|   |                                                   

F-14

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|2. | Significant Accounting Policies
        Continued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | x)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|3. | Rights and Technology                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | By option agreement dated May 25, 2004, the
        Company paid in 2004, $9,035 (GPB 5,000) for an option to acquire a software
        licence for the mobile platform known as ARTE. The agreed upon purchase
        price was $44,018 (GBP 25,000). On November 8, 2004, the Company exercised
        its option and signed an agreement to purchase the license for a reduced
        consideration of $19,368 (GBP 11,000), which was paid during the year
        ended September 30, 2005. The Company amortizes the software on a straight-
        line basis over the estimated useful life of three years as follows:

Effect of
      
      
      
      
      
      Net Book
      
      
      Net BookForeign
      
      
      
      
      
      Value
      
      
      ValueCurrency
      
      
      Accumulated
      
      
      September 30,
      
      
      September 30,Cost
      
      
      Translation
      
      
      Amortization
      
      
      2006
      
      
      2005Rights and Technology
      $
      28,403
      
      $
      1,117
      
      $
      (14,539
      )
      $
      14,981
      
      $
      23,469 F-15


---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|4. | Agency Exploitation Agreements and Intellectual
        Properties                                                                                                                                                                                                                      
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                         
|   | a)                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                         
|   | b)                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                         
|5. | Promissory Notes Payable                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                         
|   | a)                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                         
|   | b)                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                         
|   | By agreements dated February 28, 2006, the
        Company entered into debt conversion agreements whereby the Company agreed
        to issue 344,000 common shares valued at $0.25 per share in full settlement
        of the $86,000 promissory notes payable plus related interest.
|   |                                                                                                                                                                                                                                                                                         

F-16

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|6. | Capital Stock
|-- | -------------
|   |              
|   | a)           
|   |              
|   | b)           
|   |              
|   | c)           
|   |              
|   | d)           
|   |              
|   | e)           
|   |              
|   | f)           
|   |              
|   | g)           
|   |              
|   | h)           
|   |              
|   | i)           
|   |              
|   | j)           
|   |              
|   | k)           
|   |              
|   | l)           
|   |              
|   | m)           
|   |              
|   | n)           

F-17

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|6. | Capital Stock
|-- | -------------
|   |              
|   | o)           
|   |              
|   | p)           

|   | There were no warrants or stock options granted during
        the current year and none were outstanding as at September 30, 2006 and
        September 30, 2005.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                   
|   |                                                                                                                                                                   
|7. | Related Party Balances and Transactions                                                                                                                           
|   |                                                                                                                                                                   
|   | Related party transactions not disclosed elsewhere in
        these financial statements are as follows:                                                          

| | a) | The amounts due to related parties of $66,036
        (2005 - $33,959) are non-interest bearing and due on demand. Included
        in amounts due to related parties are $25,924 (2005 - $24,405) owing to
        a corporate shareholder, $92 (2005 - $87) owing to the Managing Director,
        $7,249 (2005 - $6,823) and $14,045 (2005 - $2,644) owing to two separate
        companies with directors in common with a corporate shareholder of the
        Company, and $18,726 (2005 - $Nil) owing to a company with an officer
        in common with a corporate shareholder of the Company.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | b) | By employment agreement dated August 15, 2003
        and amended July 20, 2004, the Company agreed to pay to the Managing Director
        $38,450 (GBP24,000) per annum plus 234,785 shares every three months to
        a maximum of 1,408,720 common shares. As at September 30, 2005, the maximum
        common shares have been issued. During the current year, $1,851 (2005
        - $42,115) was paid to the Managing Director, of which $1,851 (2005 -
        $40,555) was in cash and $Nil (2005 - $1,560) was in share consideration
        (Note 6e).                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | c) | During the current year, the Company paid
        or accrued the following fees:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    | iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

| | The above transactions, occurring
        in the normal course of operations, are measured at the exchange amount,
        which is the amount of consideration established and agreed to by the
        related parties.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                          

F-18

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|8. | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The Company has incurred non-capital losses for UK tax
        purposes of approximately $369,000, which may be carried forward indefinitely
        and used to reduce taxable income of future years. The Company also had
        accumulated net operating losses for U.S. federal income tax purposes
        of approximately $394,000 which may be carried forward until 2026 and
        used to reduce taxable income of future years. In addition, the Company
        has $2,883,000 of intellectual property costs deductible for tax purposes
        at $200,000 per year.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | Details of future income tax assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

| |                                                      |       | September 30,  |       |   | September 30, |  
| | ---------------------------------------------------- | ----- | -------------- | ----- | - | ------------- | -
| | Future income tax assets:                            |       | 2006           |       |   | 2005          |  
| | Net operating
      losses                           | **$** | **763,000**    |       | $ | 345,800       |  
| | Intellectual property costs deductible
      for tax |       | **2,883,000**  |       |   | -             |  
| | purposes                                             |       |                |       |   |               |  
| |                                                      |       | **3,646,000**  |       |   | 345,800       |  
| | Effective US
      and UK corporate tax rates        |       | **32%**        |       |   | 32%           |  
| | Future income tax asset                              |       | **1,167,000**  |       |   | 105,775       |  
| | Valuation allowance                                  |       | **(1,167,000** | **)** |   | (105,775      | )
| |                                                      | **$** | **-**          |       | $ | -             |  

| | The potential future tax benefits
        of these losses have not been recognized in these financial statements
        due to uncertainty of their realization. When the future utilization of
        some portion of the carryforwards is determined not to be “more
        likely than not,” a valuation allowance is provided to reduce the
        recorded tax benefits from such assets.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                   

F-19

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|9. | Segmented Information                                                         
|-- | ------------------------------------------------------------------------------
|   |                                                                               
|   | Details on a geographic basis as at September 30, 2006
        are as follows:

| |                   |   | Western |   |   |            |   |   |            |  
| | ----------------- | - | ------- | - | - | ---------- | - | - | ---------- | -
| |                   |   | Europe  |   |   | U.S.A.     |   |   | Total      |  
| | Assets            | $ | 18,793  |   | $ | 6,882      |   | $ | 25,675     |  
| | Loss for the year | $ | (73,292 | ) | $ | (3,227,069 | ) | $ | (3,300,361 | )

Details on a geographic basis as at September
  30, 2005 are as follows:

| |                   |   | Western  |   |   |        |  |   |          |  
| | ----------------- | - | -------- | - | - | ------ |  | - | -------- | -
| |                   |   | Europe   |   |   | U.S.A. |  |   | Total    |  
| | Assets            | $ | 28,981   |   | $ | 97,213 |  | $ | 126,194  |  
| | Loss for the year | $ | (137,972 | ) | $ | -      |  | $ | (137,972 | )

|    |                                                                                      
|--- | -------------------------------------------------------------------------------------
|10. | Non-Cash Transactions                                                                
|    |                                                                                      
|    | The following is a schedule of non-cash investing and
        financing transactions:

| |                                             |   |               |  |   |               |  |   | Cumulative from  | 
| | ------------------------------------------- | - | ------------- |  | - | ------------- |  | - | ---------------- | 
| |                                             |   | For the Year  |  |   | For the Year  |  |   | Incorporation    | 
| |                                             |   | Ended         |  |   | Ended         |  |   | (May 2, 2003) to | 
| |                                             |   | September 30, |  |   | September 30, |  |   | September 30,    | 
| |                                             |   | 2006          |  |   | 2005          |  |   | 2006             | 
| | Shares issued for acquisition of Coloured   |   |               |  |   |               |  |   |                  | 
| | Industry Limited                            | $ | -             |  | $ | 29,565        |  | $ | 29,565           | 
| | Shares issued for consulting services       | $ | -             |  | $ | 3,869         |  | $ | 6,816            | 
| | Shares issued to related party for debt     | $ | -             |  | $ | 206,722       |  | $ | 206,722          | 
| | Shares issued to unrelated parties for debt | $ | 88,934        |  | $ | -             |  | $ | 88,934           | 
| | Shares issued for intellectual properties   |   |               |  |   |               |  |   |                  | 
| | (Note 4)                                    | $ | 3,000,000     |  | $ | -             |  | $ | 3,000,000        | 
| | Acquisition of Assets and Liabilities of    |   |               |  |   |               |  |   |                  | 
| | Emcor Holdings Inc.:                        |   |               |  |   |               |  |   |                  | 
| | Due from Coloured Industry Limited          |   |               |  | $ | 30,492        |  | $ | 30,492           | 
| | Accrued liabilities                         | $ | -             |  | $ | 12,635        |  | $ | 12,635           | 
| | Accrued interest                            | $ | -             |  | $ | 505           |  | $ | 505              | 
| | Promissory note payable                     | $ | -             |  | $ | 85,000        |  | $ | 85,000           | 
| |                                             |   |               |  |   |               |  |   |                  | 

F-20

---

|Coloured (US) Inc.                        
|------------------------------------------
|(Doing Business as CI Mobile Gaming)      
|(Formerly Emcor Holdings Inc.)            
|(A Development Stage Company)             
|Notes to Consolidated Financial Statements
|September 30, 2006 and 2005               
|US Funds                                  
|                                          
|                                          

|11. | Commitment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | By agreement dated August 1, 2006, the Company entered
        into a one-year Consulting Agreement with a related company that has an
        officer in common with a corporate shareholder of the Company. The monthly
        payments for general consulting services is $9,326 (GBP 5,000) for a minimum
        of one year beginning on the agreement date above. At September 30, 2006,
        $18,726 (GBP10,000) was accrued (Note 7c(iii)). This agreement
        will automatically renew on a month-to-month basis with the same terms
        and conditions. At any time after August 1, 2007, either party may terminate
        this agreement with one months advance written notice.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

F-21

---

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

Not applicable.

Item
8A.             Controls
and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of
1934 (the Exchange Act), we carried out an evaluation of the effectiveness of
the design and operation of our disclosure controls and procedures as of
September 30, 2006, being the date of our most recently completed fiscal year.
This evaluation was carried out under the supervision and with the participation
of our Chief Executive Officer and Chief Financial Officer, Mr. Lars Branvall.
Based upon that evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures are effective to
ensure that information required to be disclosed by us in the reports that we
file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified by the rules and forms of the
Securities and Exchange Commission (the SEC) .

Disclosure controls and procedures are controls and other
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SECs rules
and forms. Disclosure controls and procedures include, without limitation,
controls and procedures designed to ensure that information required to be
disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and our Chief
Financial Officer, to allow timely decisions regarding required disclosure.

During the fiscal quarter ended September 30, 2006, there were
no changes in our internal control over financial reporting that have materially
affected, or are reasonably likely to affect, our internal control over
financial reporting during the fiscal quarter ended September 30, 2006.

The term internal control over financial reporting is defined
as a process designed by, or under the supervision of, the registrants
principal executive and principal financial officers, or persons performing
similar functions, and effected by the registrants board of directors,
management and other personnel, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles and includes those policies and procedures that:

|(a) | Pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect the transactions and dispositions of
      the assets of the registrant;                                                                                                                                                                                                   
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                
|(b) | Provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with generally accepted accounting principles, and that
      receipts and expenditures of the registrant are being made only in
      accordance with authorizations of management and directors of the
      registrant; and
|    |                                                                                                                                                                                                                                                                                                                                                                                
|(c) | Provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of the
      registrants assets that could have a material effect on the financial
      statements.                                                                                                                                              

Item
8B.             Other
Information

Not applicable.

- 29 -

---

PART III

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

Our executive officer and director and his age as of December
27, 2006 are as follows:

|Name of Director          | Age |                                            
|------------------------- | --- | -------------------------------------------
|                          |     |                                            
|Lars Branvall             | 42  |                                            
|                          |     |                                            
|Name of Executive Officer | Age | Office                                     
|                          |     |                                            
|Lars Branvall             | 42  | President and Chief Executive
      Officer

Mr. Brannvall has not been a director of any reporting company
under the Exchange Act or any other publicly traded company. The following
describes the business experience of Mr. Lars Brannvall, our sole director and
executive officer.

Lars Brannvall is our president, secretary, treasurer and sole
director, having been appointed to those roles concurrent with the closing of
our acquisition of our subsidiary, Coloured UK on September 30, 2005. Mr.
Brannvall has been the managing director of Coloured UK since August 15, 2003,
and continues to serve in that capacity. His focus is on our distribution and
sales channels, building relationships with mobile operators, portals, media
houses, resellers and agents to create new opportunities for the company and its
products.

Prior to joining Coloured UK, Mr. Brannvall was the Business
Development Manager at LDC Network Limited, a UK-based mobile gaming company,
from July 2002 until June 2003. He was also the European Marketing and Business
Development Manager for Pricejamieson, a UK-based recruitment consultant, for
the period from August 2000 until February 2002. In his career, Mr. Brannvall
has over 10 years of experience in sales, marketing and international business
development with various companies in the recruitment and hospitality
industries, in addition to his experience in the wireless industry. He has a
Bachelor of Arts in Business Management and Economics from Orebro University,
Sweden.

Mr. Brannvall currently devotes his efforts to our business on
a part-time basis.

Term of Office

Our directors are appointed for a one-year term to hold office
until the next annual general meeting of our stockholders or until removed from
office in accordance with our by-laws. Our officers are appointed by our board
of directors and hold office until removed by the board.

Audit Committee and Audit Committee Financial Expert

Our board of directors has not established an audit committee.
Accordingly, our board of directors presently performs the functions that would
customarily be undertaken by an audit committee.

Our board of directors has determined that Mr. Lars Branvall,
our sole director and officer, does not qualify as an audit committee financial
expert, as defined by the rules of the SEC. Further, Mr. Branvall is not
independent, as that term is defined in Rule 121 of the American Stock
Exchange (AMEX) listing standards, as he is our sole executive officer in
addition to being our sole director.

Compensation Committee

Our board of directors has not established a compensation
committee.

- 30 -

---

Code of Ethics

Our board of directors has not adopted a code of ethics due to
  the fact that we presently only have one director, officer and shareholder,
  namely Mr. Lars Branvall, and we are in the development stage of our operations.
  We anticipate that we will adopt a code of ethics when we increase either the
  number of our directors and officers or the number of our employees.

Significant Employees

We have no significant employees other than Mr. Lars Branvall,
our president, chief executive officer and sole director.

Committees of the Board Of Directors

At present, we do not have an audit committee, compensation
committee, nominating committee, an executive committee of our board of
directors, stock plan committee or any other committees. However, we will
consider seeking suitable candidates for election as directors, and establishing
various committees, during the current fiscal year.

Family Relationships

We do not currently anticipate the election or appointment as
directors and officers of our company any persons who are related to each other
or to our existing officer and director.

Involvement in Certain Legal Proceedings

None of our directors, executive officers and control persons
have been involved in any of the following events during the past five years:

|1. | any bankruptcy petition filed by or against any business
      of which such person was a general partner or executive officer either at
      the time of the bankruptcy or within two years prior to that
  time;                                                                                                            
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                
|2. | any conviction in a criminal proceeding or being subject
      to a pending criminal proceeding (excluding traffic violations and other
      minor offences);                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                
|3. | being subject to any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining, barring, suspending or
      otherwise limiting his involvement in any type of business, securities or
      banking activities; or
|   |                                                                                                                                                                                                                                                                                                                                
|4. | being found by a court of competent jurisdiction (in a
      civil action), the Securities and Exchange Commission or the Commodity
      Futures Trading Commission to have violated a federal or state securities
      or commodities law, and the judgment or decision has not been reversed,
      suspended, or vacated. 

Promoters

The term promoter is defined in Rule 405 under the Securities
Act of 1933 to include, with reference to an issuer such as the Company, any
person who, acting alone or in conjunction with one more persons, directly or
indirectly takes initiative in founding and organizing the business of the
issuer, as well as any person who, in connection with the founding and
organizing of business of the issuer, directly or indirectly receives in
consideration of services and/or property, 10 percent or more of any class of
securities of the issuer or 10 percent or more of the proceeds from the sale of
any class of such securities.

- 31 -

---

Debra Rosales, Lars Branvall, Colour Industry Inc. and
Outlander Management are considered promoters of our company, having taken
initiative in organizing our current business. (For additional details, please
see the discussion under the heading Description of Business)

Compliance with Section 16(a) of the Securities Exchange Act
of 1934

Section 16(a) of the Exchange Act requires our executive
officers and directors, and persons who beneficially own more than ten percent
of the our equity securities, to file reports of ownership and changes in
ownership with the Securities and Exchange Commission. Officers, directors and
greater than ten percent shareholders are required by SEC regulation to furnish
us with copies of all Section 16(a) forms they file. Based on our review of the
copies of such forms received by us, we believe that during the fiscal year
ended September 30, 2006 all such filing requirements applicable to our officers
and directors were complied with except as noted below:

Name and Principal Position
    Number of Late Reports
    Transactions Not Timely
      Reported
    Known Failures to File a
      FormLars Branvall, President, CEO, CFO and Director
    One
    Nil
    NilColour Industry Inc. (Greater than 10% Shareholder)
    One
    Nil
    NilColoured Industry Technology Partnership 2 LLP
      (Greater than 10% Shareholder)
    One
    Nil
    NilMobile Warrior Technology Partnership LLP (Greater
      than 10% Shareholder)
    One
    Nil
    Nil


Item
10.              Executive
Compensation

Summary Compensation Table

The following table sets forth certain compensation information
as to our president and chief executive officer, Lars Branvall for the fiscal
years ended September 30, 2006, 2005 and 2004.

- 32 -

---

No other compensation was paid to Mr. Branvall other than the
cash and stock compensation set forth below:

Name and 
        Principal 
        Position
      Year
      Annual Compensation
      Long Term Compensation
      All Other 
        Compen- 
        sation ($)Salary 
        ($)
      Bonus 
        ($)
      Other Annual 
        Compen- 
        sation 
        ($)
      Restricted 
        Stock Awards
      Securities 
        Underlying 
        Options/SARS 
        (#)
      LTIP 
        payouts 
        ($)Lars 
        Brannvall
      2006 
        2005 (1)
        2004
      $1,851 
        $40,555 
        $40,659
      Nil 
        Nil 
        Nil
      $Nil 
        $1,560(2)
        $2,947(2)
      Nil 
        Nil 
        Nil
      Nil 
        Nil 
        Nil
      Nil 
        Nil 
        Nil
      Nil 
        Nil 
        Nil


(1)      Comprised of the issuance of
ordinary shares of Coloured UK which were subsequently exchanged for 1,408,720
shares of our common stock upon completion of our acquisition of Coloured
UK.

(2)      Mr. Brannvall has been our
chief executive officer since September 30, 2005.

(3)      Ms. Sharon Cocker was our
chief executive officer from April 5, 2005, the date of our incorporation, to
September 30, 2005, the date of our acquisition of Coloured UK. We did not pay
any compensation to Ms. Cocker during this period.

Employment Agreements

Lars Brannvall provides his services as managing director to
Coloured UK under a contract dated August 6, 2003. Mr. Brannvall is obligated to
devote his full business time to our business. We have agreed to pay to Mr.
Brannvall a salary of ₤24,000 per annum ($47,040 based on a foreign exchange
rate on December 27, 2006 of $1.96: ₤1.00) . In addition, Coloured UK agreed to
issue to Mr. Brannvall shares ordinary shares of Coloured UK up to a maximum of
245,000 ordinary shares. By agreement, all 245,000 shares were issued to Mr.
Brannvall prior to the execution of the Share Exchange Agreement. These shares
were exchanged for 1,408,720 shares of our common stock upon completion of our
acquisition of Coloured UK. No additional shares are issuable to Mr. Brannvall
pursuant to his employment contract.

Effective November 1, 2005, Mr. Brannvall has agreed not to take
  any salary until such time as we secure an arrangement with a gateway owner
  to provide our Coloured mobile games and which has the potential to generate
  earnings for us.

Compensation of Directors

We do not pay our directors any fees or other compensation for
acting as directors. We have not paid any fees or other compensation to any of
our directors for acting as directors to date.

Stock Option Grants

We have never granted any stock options to our directors and
officers.

Exercises of Stock Options and Year-End Option Values

None of our directors or officers exercised any stock options
(i) during our fiscal year ended September 30, 2006, or (ii) since the end of
our fiscal year on September 30, 2006.

Outstanding Stock Options

Our director and officer does not hold any options to purchase
any shares of our common stock.

- 33 -

---

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

The following table sets forth certain information concerning
the number of shares of our common stock owned beneficially as of December 27,
2006 by: (i) each person (including any group) known to us to own more than five
percent (5%) of any class of our voting securities, (ii) each of our directors,
(iii) each of our officers, and (iv) our officers and directors as a group. Each
stockholder listed possesses sole voting and investment power with respect to
the shares shown.

|                | Name and address              | Amount and nature   | Percentage of
|--------------- | ----------------------------- | ------------------- | -------------
|Title of class  | of beneficial
      owner(2)  | of beneficial owner | class(1)     
|                |                               |                     |              
|Directors and   |                               |                     |              
|Officers        |                               |                     |              
|                |                               |                     |              
|Common Stock    | Lars Brannvall                | 1,608,721           | 5.3%         
|                | 46 Buckingham Road            |                     |              
|                | Brighton, UK                  |                     |              
|                | BN1 3RQ                       |                     |              
|                |                               |                     |              
|Common Stock    | All executive officers and    | 1,608,721           | 5.3%         
|                | directors as a group (one     |                     |              
|                | person)                       |                     |              
|                |                               |                     |              
|5% Shareholders |                               |                     |              
|                |                               |                     |              
|Common Stock    | Colour Industry Inc.(3)       | 5,772,292           | 18.8%        
|                | FD ICIC Building,             |                     |              
|                | Lower Factory Road,           |                     |              
|                | St. Johns, Antigua           |                     |              
|                |                               |                     |              
|Common Stock    | The Coloured Industry         | 6,000,000           | 19.6%        
|                | Technology Partnership 2      |                     |              
|                | LLP(4)                        |                     |              
|                | 4 Bedford Road                |                     |              
|                | London, UK WC1R 4DF           |                     |              
|                |                               |                     |              
|Common Stock    | The Mobile Warrior            | 6,000,000           | 19.6%        
|                | Technology Partnership LLP(5) |                     |              
|                | 4 Bedford Road                |                     |              
|                | London, UK WC1R 4DF           |                     |              

(1)      The percentage of class is
based on 30,623,660 shares of common stock issued and outstanding as of December
27, 2006.

(2)      Under Rule 13d-3, a
beneficial owner of a security includes any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has
or shares: (i) voting power, which includes the power to vote, or to direct the
voting of shares; and (ii) investment power, which includes the power to dispose
or direct the disposition of shares. Certain shares may be deemed to be
beneficially owned by more than one person (if, for example, persons share the
power to vote or the power to dispose of the shares). In addition, shares are
deemed to be beneficially owned by a person if the person has the right to
acquire the shares (for example, upon exercise of an option) within 60 days of
the date as of which the information is provided. In computing the percentage
ownership of any

- 34 -

---

person, the amount of shares outstanding is deemed to include
the amount of shares beneficially owned by such person (and only such person) by
reason of these acquisition rights.

(3)      All of the shares of Colour
Industry Inc. are owned by The Outlander Trust. The trustees of The Outlander
Trust have voting and dispositive control over the shares held by The Outlander
Trust. There are two co-trustees of The Outlander Trust, namely Wealth
Management Inc. and United Trust Company Limited. The director of Wealth
Management Inc. is Laura Mouck. The directors of United Trust Company Limited
are Margaret Ferrari, Andrew Cummings, G. Grahame Bollers and Monica
Roberts.

(4)      The Coloured Industry
Technology Partnership 2 LLP is a limited liability partnership comprised of
twenty three equity partners and two designated partners, each of whom is a
limited partner. Mr. Paul Carter is a designated partner and is the
administrator of the partnership pursuant to a services agreement between Mr.
Paul Carter and the partnership. The administrator is responsible for the
administration of the business of the partnership and, subject to the
partnerships operating agreement, makes decisions regarding management of the
business of the partnership. Accordingly, Mr. Paul Carter exercises voting and
investment control over the securities held by The Coloured Industry Technology
Partnership 2 LLP.

(5)      The Mobile Warrior Technology
Partnership LLP is a limited liability partnership comprised of forty equity
partners and two designated partners, each of whom is a limited partner. Mr.
Paul Carter is a designated partner and is the administrator of the partnership
pursuant to a services agreement between Mr. Paul Carter and the partnership.
The administrator is responsible for the administration of the business of the
partnership and, subject to the partnerships operating agreement, makes
decisions regarding management of the business of the partnership. Accordingly,
Mr. Paul Carter exercises voting and investment control over the securities held
by The Mobile Warrior Technology Partnership LLP.

Changes in Control

We are unaware of any contract, or other arrangement or
provision of our articles of incorporation or our by-laws, the operation of
which may at a subsequent date result in a change of control of our company.

Item
12.              Submission
of Matters to a Vote of Securities Holders

Except as described below, none of the following parties has,
since our date of incorporation, had any material interest, direct or indirect,
in any transaction with us or in any presently proposed transaction that has or
will materially affect us:

- Any of our directors or officers;
- Any person proposed as a nominee for election as a director;
- Any person who beneficially owns, directly or indirectly, shares carrying
  more than 10% of the voting rights attached to our outstanding shares of
  common stock;
- Any member of the immediate family (including spouse, parents, children,
  siblings and in- laws) of any of the above persons.

Purchase of Founders Shares

Sharon Cocker, our initial director and officer, acquired
500,000 shares of our common stock effective May 31, 2005 at a price of $0.001
per share. Ms. Cocker paid a total purchase price of $500 for these shares.

- 35 -

---

Lars Branvall

Lars Brannvall is our sole officer and director. Prior to our
acquisition of Coloured UK, Mr. Brannvall was the managing director and a
shareholder of Coloured UK. Under the share exchange agreement whereby we
acquired Coloured UK as our wholly-owned subsidiary, Mr. Brannvall received
1,408,720 shares in our company in exchange for his shares in Coloured UK. Upon
the acquisition of Coloured UK, Mr. Brannvall was appointed to replace Ms.
Cocker as our sole officer and director.

Mr. Brannvall provides services as chief executive officer to
us under a contract between Mr. Brannvall and Coloured UK dated August 6, 2003.
Mr. Brannvall is obligated to devote his full business time to our business. We
have agreed to pay to Mr. Brannvall a salary of ₤24,000 per annum. In addition,
Coloured UK agreed to issue to Mr. Brannvall up to a maximum of 245,000 ordinary
shares of Coloured UK. By agreement, all 245,000 shares were issued to Mr.
Brannvall prior to the execution of the Share Exchange Agreement. These shares
were exchanged for 1,408,720 shares of our common stock upon completion of our
acquisition of Coloured UK. No additional shares are issuable to Mr. Brannvall
pursuant to his employment contract.

Colour Industry Inc.

Coloured UKs initial corporate activities were funded by CII.
Coloured UK entered into a loan agreement dated October 8, 2003 with CII whereby
CII agreed to extend a secured loan facility to Coloured UK in the maximum
amount of ₤120,000 ($199,211.16, based on the foreign exchange rate on October
8, 2003 of $1.6601: ₤1.0000) . As at April 26, 2005, Coloured UKs outstanding
debt to CII under the secured loan facility was ₤108,450 ($206,722, based on a
foreign exchange rate on April 26, 2005 of $1.9062: ₤1.0000) . Coloured UK and
CII entered into a debt settlement agreement on April 26, 2005 whereby the
outstanding debt was settled by the issuance to CII of 1,075,000 Ordinary A
shares in the capital of Coloured UK at a deemed value of ₤0.1009 per share. CII
subsequently exchanged these shares for shares of our common stock upon
completion of the share exchange agreement on September 30, 2005.

CII was issued 9,947,292 shares of our common stock on
September 30, 2005 upon the completion of our acquisition of Coloured UK
pursuant to the Share Exchange Agreement. These shares were issued by us in
exchange for CIIs shares in Coloured UK. The cost to CII of its shares in
Coloured UK was $218,458, being: (i) $206,722 for the shares issued upon the
debt settlement, (ii) ₤5,000 ($8,893 based on a foreign exchange rate on
December 22, 2003 of $1.7786: ₤1.0000) for the purchase of its initial shares of
Coloured UK, and (iii) ₤1,550 ($2,843 based on a foreign exchange rate on April
30, 2004 of $1.8341: ₤1.0000) for a subsequent purchase of shares of Coloured
UK. CII subsequently transferred 4,175,000 shares to five of the selling
shareholders named herein in private transactions.

We purchased five of our six mobile games from CII on February
28, 2006 pursuant to an intellectual property acquisition agreement between us
and CII dated January 31, 2006. This acquisition followed the re-acquisition by
CII of the intellectual property for those mobile games from the Coloured
Technology Partnership. We issued 6,000,000 shares of our common stock to CII in
consideration of these intellectual property assets. CII in turn paid as
consideration 6,000,000 shares of our common stock to The Coloured Technology
Partnership 2 LLP in connection with the acquisition of these five mobile games
from The Coloured Technology Partnership 2 LLP.

Each of these agreements is described in detail above under
Organization Since Incorporation and Description of Business  Corporate
Organization.

Outlander Management Ltd.

Outlander Management, a private corporation that provided
administration services to Coloured UK, was issued 574,992 shares of our common
stock on September 30, 2005 in exchange for the shares of Coloured UK held by
Outlander Management. The cost to Outlander Management of its shares in

- 36 -

---

Coloured UK was ₤1,000 ($1,834 based on a foreign exchange rate
on April 30, 2004 of $1.8341: ₤1.000) .

We paid or accrued the following fees to Outlander Management
during 2006 and 2005 in respect of administrative services provided by Outlander
Management:

Expense
    Year ended September 30,
      2006
    Year ended September 30,
      2005Accounting
    $Nil
    $3,700Legal fees
    $Nil
    $925Salaries and Wages
    $Nil
    $Nil


As at September 30, 2005, we have an amount payable to
Outlander Management of $24,405 for management services. This amount had
increased to $25,924 as at September 30, 2006 primarily as a result of changes
in foreign exchange rates.

Azuracle Ltd.

As at September 30, 2005, we owed $2,644 to Azuracle for rent
for the period from July 1 to September 30, 2005. Azuracle is a related party to
our company because it had a director in common, namely Ulrik DeBo, with
Outlander Management, one of our promoters. This amount had increased to $14,045
as at September 30, 2006. Mr. DeBo was previously, but is no longer, a director
of Outlander Management.

Azuracle has agreed to defer the payment of the outstanding
amounts which we owe them until such time as we have arranged and received
sufficient funding to pay our accrued liabilities.

DeBondo Capital Inc.

As at September 30, 2005, we owed $6,823 to DeBondo for
advances made to pay for some of our expenses. DeBondo is a related party to our
company because it had a director in common, namely Ulrik DeBo, with Outlander
Management, one of our promoters. This amount had increased to $7,249 as at
September 30, 2006 as a result in an increase in the foreign exchange rate of
the U.S. dollar in terms of the Great Britain pound. Mr. DeBo was previously,
but is no longer, a director of Outlander Management.

DeBondo Capital Limited

We entered into a one year consulting agreement dated August 1,
2006 with DeBondo Capital Limited, a related company that has an officer in
common with a corporate shareholder of the Company. The monthly payments for
general consulting services is $9,326 (GBP 5,000) per month for a minimum of one
year beginning on the agreement date. At September 30, 2006, $18,726 (GBP10,000)
was accrued on account of amounts owing under this agreement. The agreement will
automatically renew on a month-to-month basis with the same terms and
conditions. At any time after August 1, 2007, either party may terminate this
agreement with one months advance written notice.

- 37 -

---

Item
13.              Exhibits

The following exhibits are included with this Annual report on
Form 10-KSB:

|Exhibit  |  |                                                                                                                                                      
|-------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------
|Number   |  | Description of Exhibit                                                                                                                               
|         |  |                                                                                                                                                      
|3.1(1)   |  | Articles of Incorporation                                                                                                                            
|         |  |                                                                                                                                                      
|3.2(1)   |  | Certificate of Amendment to
      Articles of Incorporation                                                                                          
|         |  |                                                                                                                                                      
|3.3(1)   |  | By-Laws                                                                                                                                              
|         |  |                                                                                                                                                      
|5.1(1)   |  | Opinion of Lang Michener LLP,
      with consent to use, regarding the legality of the securities being
      registered                             
|         |  |                                                                                                                                                      
|10.1(1)  |  | Agency Exploitation Agreement dated March 31, 2003,
      between The Mobile Warrior Technology Partnership LLP and LDC Network
      Limited        
|         |  |                                                                                                                                                      
|10.2(1)  |  | Letter Agreement dated effective April 2, 2004, between
      LDC Network Limited and Coloured UK                                                    
|         |  |                                                                                                                                                      
|10.3(1)  |  | Agency Exploitation Agreement dated August 6, 2003,
      between The Coloured Industry Technology Partnership and Coloured UK                       
|         |  |                                                                                                                                                      
|10.4(1)  |  | Employment Agreement between Coloured UK and Lars
      Brannvall dated August 6, 2003                                                               
|         |  |                                                                                                                                                      
|10.5(1)  |  | Loan Agreement dated October 8, 2003, between Coloured UK
      and CII                                                                              
|         |  |                                                                                                                                                      
|10.6(1)  |  | Debt Settlement Agreement dated April 26, 2005, between
      Coloured UK and CII                                                                    
|         |  |                                                                                                                                                      
|10.7(1)  |  | Share Exchange Agreement dated May 23, 2005, as amended,
      among Emcor Holdings Inc., Coloured UK and the stockholders of Coloured UK            
|         |  |                                                                                                                                                      
|10.8(1)  |  | Asset Purchase Agreement dated January 31, 2006, between
      Coloured (US) Inc. and CII (Coloured Mobile Games)                                    
|         |  |                                                                                                                                                      
|10.9(1)  |  | Asset Purchase Agreement dated January 31, 2006, between
      Coloured (US) Inc. and ABS Capital (Mobile Warrior Game)                              
|         |  |                                                                                                                                                      
|10.10(1) |  | Debt Conversion Agreement dated February 28, 2006,
      between Emcor Holdings Inc. and CISA Holdings APS                                           
|         |  |                                                                                                                                                      
|10.11(1) |  | Debt Conversion Agreement dated February 28, 2006,
      between Emcor Holdings Inc. and Dan Simmons                                                 
|         |  |                                                                                                                                                      
|10.12(1) |  | Termination and Release Agreement dated February 28,
      2006, among Coloured UK and the Coloured Industry Technology Partnership
      LLP        
|         |  |                                                                                                                                                      
|10.13(1) |  | Termination and Release Agreement dated February 28,
      2006, among Coloured UK and The Mobile Warrior Technology Partnership LLP                 
|         |  |                                                                                                                                                      
|10.14(1) |  | Debenture Agreement dated October 8, 2003 between
      Coloured UK and CII evidencing The indebtedness of Coloured UK under the
      Loan Agreement

- 38 -

---

|Exhibit  |  |                                                                                                                                                                                                       
|-------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number   |  | Description of Exhibit                                                                                                                                                                                
|         |  |                                                                                                                                                                                                       
|10.15(1) |  | Service Agreement dated August 4, 2004, between Coloured
      UK and Outlander Management                                                                                                            
|         |  |                                                                                                                                                                                                       
|10.16(1) |  | Reseller Agreement dated February 19, 2004, between
      Coloured UK and Mtertainment Korea covering the territory of Asia, with
      exclusivity in Singapore                                      
|         |  |                                                                                                                                                                                                       
|10.17(1) |  | Reseller Agreement dated February 20, 2004, between
      Coloured UK and Tele- Publishing UK Ltd. (also known as G8wave) covering
      the territory of the United Kingdom                          
|         |  |                                                                                                                                                                                                       
|10.18(1) |  | Worldwide Reseller Agreement dated February 20, 2004,
      between Coloured UK and Mocondi Ltd.                                                                                                      
|         |  |                                                                                                                                                                                                       
|10.19(1) |  | Reseller Agreement dated March 13, 2004, between Coloured
      UK and Mobiletones Asia Pte Ltd. covering the territory of Asia, excluding
      Singapore                                            
|         |  |                                                                                                                                                                                                       
|10.20(1) |  | Reseller Agreement dated March 10, 2005, between Coloured
      UK and Net People International Inc. covering the territory of Latin
      America (South & Central America), Mexico and the Caribbean
|         |  |                                                                                                                                                                                                       
|10.21(1) |  | Reseller Agreement dated April 19, 2004, between Coloured
      UK and Mobilkraft covering the territory of Sweden                                                                                    
|         |  |                                                                                                                                                                                                       
|10.22(1) |  | Reseller Agreement dated September 27, 2004, between
      Coloured UK and Nostromo ICT covering the territory of the Czech Republic                                                                  
|         |  |                                                                                                                                                                                                       
|10.23(1) |  | Reseller Agreement dated November 25, 2004, between
      Coloured UK and Voicelock Ltd. (also known as Trust5) covering the
      territory of the United Kingdom and Ireland                        
|         |  |                                                                                                                                                                                                       
|10.24(1) |  | Worldwide Reseller Agreement dated December 12, 2004,
      between Coloured UK and Tracebit Ltd                                                                                                      
|         |  |                                                                                                                                                                                                       
|10.25(1) |  | Reseller Agreement dated December 22, 2004, between
      Coloured UK and Mobile Minds covering the territory of Hungary, Slovakia,
      Czech Republic and Pakistan                                 
|         |  |                                                                                                                                                                                                       
|10.26(1) |  | Reseller Agreement dated February 3, 2005, between
      Coloured UK and iTech Solutions India PVT Ltd covering the territory of
      India and the Indian Subcontinent                              
|         |  |                                                                                                                                                                                                       
|10.27(1) |  | Subscription agreement between the Company and Sharon
      Cocker dated April 8, 2005 relating to the Companys private offering of
      500,000 shares                                             
|         |  |                                                                                                                                                                                                       
|10.28(1) |  | Form of subscription agreement relating to the Company's
      May 31, 2005 private offering of 4,500,000 common shares at $0.01 per
      share                                                      
|         |  |                                                                                                                                                                                                       
|10.29(1) |  | Administration Agreement dated July 1, 2005 between
      Coloured UK and Azuracle Limited                                                                                                            
|         |  |                                                                                                                                                                                                       
|10.30(1) |  | Closing Agreement dated September 30, 2005 amongst Emcor
      Holdings Inc., and the shareholders of Coloured UK                                                                                     
|         |  |                                                                                                                                                                                                       
|10.31(1) |  | Form of subscription agreement and amendment agreement
      relating to the Companys September 30, 2005 private offering of 677,660
      common shares at $0.05 per share                          
|         |  |                                                                                                                                                                                                       
|10.32(1) |  | Form of subscription agreement relating to the Companys
      March 13, 2006 private offering of 202,000 common shares at $0.25 per
      share                                                      

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|Exhibit  |  |                                                                                                                                                                                                       
|-------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number   |  | Description of Exhibit                                                                                                                                                                                
|         |  |                                                                                                                                                                                                       
|10.33(2) |  | Consulting
        agreement dated August 1, 2006 between the Company and DeBondo Capital
        Limited                                                                                             
|         |  |                                                                                                                                                                                                       
|31.1(2)  |  | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to 18
        U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley
        Act of 2002.
|         |  |                                                                                                                                                                                                       
|32.1(2)  |  | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to 18
        U.S.C. Section 1350, as adopted pursuant to section 906 of the sarbanes-oxley
        act of 2002 

|(1) | Filed as an exhibit to the original registration
      statement on Form SB-2 filed with the Securities and Exchange Commission
      on April 24, 2006.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                         
|(2) | Filed as an exhibit to this annual report on Form
      10-KSB.                                                                                         

Item
14.              Principal
Accountant Fees and Services

The following table sets forth information regarding amounts
billed to us by our independent auditors for each of our last two fiscal
years:

| |                    | Year Ended September 30,
| | ------------------ | ------------------------
| |                    | 2006                    
| | Audit Fees         | $62,929.33              
| | Audit Related Fees | $Nil                    
| | Tax Fees           | $Nil                    
| | All Other Fees     | $Nil                    
| | Total              | $Nil                    

Audit Fees

Audit fees are the aggregate fees billed by our independent
auditor for the audit of our annual consolidated financial statements, reviews
of our interim consolidated financial statements and attestation services that
are provided in connection with statutory and regulatory filings or
engagements.

- 40 -

---

SIGNATURES

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

| | COLOURED (US) INC.                                       
| | ---------------------------------------------------------
| |                                                          
| |                                                          
| |                                                          
| | By:
      /s/ Lars Brannvall                             
| | Lars Brannvall                                           
| | Chief Executive Officer and Chief Financial
      Officer
| |                                                          
| | Date: December 29, 2006                                  

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

|Name               |  | Title                          | Date             
|------------------ |  | ------------------------------ | -----------------
|                   |  |                                |                  
|/s/ Lars Brannvall |  | Chief Executive Officer        | December 29, 2006
|                   |  | (Principal Executive Officer), |                  
|Lars Brannvall     |  | Chief Financial Officer        |                  
|                   |  | (Principal Accounting Officer) |                  
|                   |  | and Director                   |                  

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