UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549





FORM
10-KSB


[X]
              ANNUAL REPORT UNDER
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year
      ended  December 31, 2007[  ]
              TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACTFor the transition
      period from _________ to ________Commission
      file number:000-52374


Language Access
      Network, Inc(Name
      of small business issuer in its charter)Nevada
              61-1433933(State
      or other jurisdiction of incorporation or
    organization)
              (I.R.S.
      Employer Identification No.)10
      South High Street
                Canal Winchester,
      Ohio
              43110(Address
      of principal executive offices)
              (Zip
      Code)


Issuer’s
      telephone number:  (614)
      833-9713Securities
      registered under Section 12(b) of the Exchange Act:Title
      of each class
            Name
      of each exchange on which registerednone
            not
      applicableSecurities
      registered under Section 12(g) of the Exchange Act:Title
      of each class
            Name
      of each exchange on which registeredCommon Stock, par
      value $0.001
            not
      applicable




Check
whether the Issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Securities 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
disclosure of delinquent filers in response to Item 405 of Regulation S-B is not
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 [ ]   No
[X]





State
issuer’s revenue for its most recent fiscal year.  $936,476





State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the average bid and asked price of such
common equity, as of a specified date within the past 60 days:$190,911 based on $0.017per share as
of March 27, 2008 (11,230,061 shares held by
non-affiliates).





State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of the latest practicable date: 32,132,333 common shares as of March
27, 2008.





Transitional
Small Business Disclosure Format (Check One):  Yes: __; NoX




Table of Contents





TABLE OF
CONTENTS




PagePART
      IItem 1.
            Description of Business
            3Item 2.
            Description of Property
            12Item 3.
            Legal Proceedings
            12Item 4.
            Submission of Matters to a Vote of Security
      Holders
            12PART
      IIItem 5.
            Market for Common Equity and Related Stockholder Matters and
      Small Business Issuer Purchases of Equity Securities
            13Item 6.
            Management’s Discussion and Analysis or Plan of
      Operation
            13Item 7.
            Financial Statements
            17Item 8.
            Changes In and Disagreements With Accountants on Accounting and
      Financial Disclosure
            18Item 8A.
            Controls and Procedures
            18PART
      IIIItem 9.
            Directors, Executive Officers, Promoters and Control Persons;
      Compliance With Section 16(a) of the Exchange Act
            19Item 10.
            Executive Compensation
            22Item 11.
            Security Ownership of Certain Beneficial Owners and Management
      and Related Stockholder Matters
            26Item 12.
            Certain Relationships and Related Transactions, and Director
      Independence
            28Item 13.
            Exhibits
            33Item 14.
            Principal Accountant Fees and Services
            33




2
 Table of Contents





PART I


Item 1.   Description of Business





Company
Overview





We were
incorporated as Language Access Network, Inc. (“LAN”) on June 13, 2005, in the
State of Nevada for the purpose of providing video language interpretation
services on a national and international basis. In order to enable us to deliver
technology based services, create jobs, cut costs and help people receive
accurate and timely healthcare services, on August 1, 2007, we acquired iBeam
Solutions, LLC (“iBeam”) for $1 million in restricted common stock and debt in
the Company. iBeam, founded in 2000 and based in Canal Winchester, Ohio, is a
comprehensive provider of technology solutions to businesses. In October of 2007
we determined to pursue the business of iBeam, our wholly-owned subsidiary, as
our primary line of business. Our business, through iBeam, is to sell brand-name
information technology (“IT”) hardware, software, and services specifically for
large enterprises, small- to medium-sized businesses (“SMB”), and public sector
institutions in the United States and abroad.





Business
of Company





Through
our wholly-owned subsidiary, iBeam, we are engaged in the business of selling
brand-name IT hardware and software (our “Products”), and consulting and web
hosting services (our “Services”) specifically for large enterprises, SMB’s, and
public sector institutions in the United States and abroad. Our Products and
Services are intended to enable companies of all sizes to understand, manage,
and leverage technology efficiently and effectively, allowing them to focus on
their core business activities without the diversion of time and finances that
can result from an absence of technical proficiency and guidance.





We
realize revenues through the sale of hardware and software, by charging clients
for out IT consulting services, and through fees collected for hosting client
websites. We intend to grow over the next twelve months through an expansion of
our client base, and by the acquisition of other companies engaged in similar or
complementary businesses. We feel that by focusing on our role as consultants,
we can provide the best value to our clients while generating business for our
technology sales. This will allow us to help accelerate attainment of our
clients’ business objectives, expand the range of products and services we sell
to each of our current clients, and attract new clients.





Our
offices are located at 10 South High Street Canal Winchester, Ohio 43110. Our
telephone number is (614) 833-9713.





Information
Technology Industry





Information
Technology, as defined by the Information Technology
Association of America (“ITAA”), is "the study, design, development,
implementation, support or management of computer-based information systems,
particularly software applications and computer hardware." IT, also sometimes
referred to as “Info Tech,” deals with the use of electronic computers and computer software to
convert, store, protect, process, transmit, and securely retrieve
information.





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Today,
the term information technology has ballooned to encompass many aspects of computing and technology, and the
term is more recognizable than ever before. The information technology umbrella
can be quite large, covering many fields. IT professionals perform
a variety of duties that range from installing applications to designing complex
computer networks and information databases. A few of the duties that IT
professionals perform may include data management,
networking,
engineering
computer hardware, database and software design, as
well as the management and administration of
entire systems.





The
worldwide market for information and communications technologies and services
(“ICT”) was estimated at more than $3 trillion in 2006, and will grow to about
$4 trillion in 2009 (according to data developed by Global Insight, Inc. as
published by WITSA, the World Information Technology and Services Alliance). The
2006 figure includes about $1.57 trillion for the communications segment, with
the balance represented in the computer segments of: $537 billion for hardware,
$317 billion for software and $730 billion for computer services. Analysts at
technology research firm IDC, or International Data Corporation, estimate global
2006 spending on software, hardware and IT services at a lower number of $1.16
trillion in 2006, growing to $1.48 trillion in 2010. Their figures do not
include the communications segment.





Growth in
the InfoTech sector increased significantly in 2004-2005, as the global economy
rebounded from the recession of the early 2000s and organizations increased IT
budgets in order to purchase new systems, software and services. Growth slowed
to about 6% in 2006, and most analysts were forecasting a 5% to 6% global growth
rate in 2007. Sales through 2007 were strong for such items as notebook
computers (a sector in which prices have dropped dramatically), along with
advanced, Internet-enabled cell phones with color screens, electronic game
players, MP3 music players, digital cameras, servers, and many other types of
advanced consumer and business electronics.





Worldwide
sales of semiconductor chips grew to about $255 billion in 2007, due to very
strong demand from makers of everything from iPods to cell phones to PCs.
According to the Semiconductor Industry Association, the industry had sold $233
billion through November 2007. Gartner estimated growth in the global PC market
at 13.7% for 2007 (with 271.2 million PCs sold, including 64.2 million in the
U.S.). It forecasts 11.6% growth for 2008. In the U.S., the market for hardware
was about $148.4 billion in 2007, while software was approximately $131.9
billion, and computer services were about $307.4 billion, according to Plunkett
Research estimates.





The Info
Tech industry is moving rapidly into globalization. Research, development and
manufacturing of components and completed systems have grown quickly in the labs
and manufacturing plants of India, China, Taiwan, Korea, the Philippines and
Indonesia, among other countries. Computer services continue to move offshore
quickly, particularly to the tech centers of India.





While the
1970s and 1980s will be remembered as the "Information Age," and the 1990s will
undoubtedly be singled out in history as the beginning of the "Internet Age,"
the first decades of the 21st Century may become the "Broadband Age" or, even
better said, the "Convergence Age."




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The
advent of the networked computer was truly revolutionary in terms of information
processing, data sharing and data storage. In the 1990s, the Internet was even
more revolutionary in terms of communications and furthering the progress of
data sharing, from the personal level to the global enterprise level. Today,
broadband sources such as Fiber-to-the-premises, Wi-Fi and cable modems provide
high-speed access to information and media. The result is a widespread
convergence of entertainment, telephony and computerized information: data,
voice and video, delivered to a rapidly evolving array of Internet appliances,
PDAs, wireless devices (including cellular telephones) and desktop computers.
This will fuel the next era of growth. Broadband access has been installed in
enough U.S. households and businesses (about 90 million as 2007 ended) to create
a true mass market, fueling demand for new Internet-delivered services,
information, and entertainment.





The
advent of the Convergence Age is leading to a steady evolution in the way we
access and utilize software applications.  On the business side, the
Convergence Age is leading to rapid adoption of Software as a Service. That is,
the delivery of sophisticated software applications by remote servers that are
accessed via the Internet, as opposed to software that is installed locally by
its users (such as Salesforce and Microsoft's Windows Live). On the technology
side, the Convergence Age is leading to booming growth in computing power that
is distributed over large numbers of small servers, now referred to as “Cloud
Computing.”





The
promise of the Convergence Age - the delivery of an entire universe of
information and entertainment to PCs and mobile devices, on-demand with the
click of a mouse - is much closer than it was a mere 2 years ago. Over the next
5 to 10 years, significant groundbreaking products will be introduced in areas
such as high-density storage, artificial intelligence, optical switches and
networking technologies and advances will be made in quantum computing. The Info
Tech revolution continues in the office as well as in the home. The U.S.
workforce totals more than 150 million people. Microsoft recently estimated that
there are 40 million "knowledge workers" in the U.S. A large majority of the
workforce uses a computer of some type on the job daily, in every conceivable
application - from receptionists answering computerized telephone systems to
cashiers at Wal-Mart on registers that are tied into vast computerized
databases. This is the InfoTech revolution at work, moving voice, video, and
data through the air and over phone lines, driving productivity ahead at
unprecedented rates. Our ability to utilize technology effectively is catching
up to our ability to create the technologies themselves. Society is finding more
and more uses for computers with increased processing speed, increased memory
capacity, interfaces that are user-friendly, and software created to speed up
virtually every task known to man. Cheaper, faster chips and more powerful
software will continue to enter the market more and more quickly. InfoTech
continues to create new efficiency-creating possibilities on a continual basis.
Now, RFID (radio frequency ID tagging, a method of digitally identifying and
tracking each individual item of merchandise) promises to revolutionize
logistics and drive InfoTech industry revenues even higher.





The
health care industry is undergoing a technology revolution as well. Patient
records are going digital in standardized formats, and RFID is starting to make
hospital inventories more manageable. For businesses, the stark realities of
global competition are fueling investments in Info Tech. Demands from customers
for better service, lower prices, higher quality, and more depth of inventory
are pushing companies to achieve efficient re-stocking, higher productivity,




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and
faster, more thorough management of information. These demands will continue to
intensify, partly because of globalization.





The
solutions are arising from Info Tech channels: vast computer networks that speed
information around the globe; e-mail, instant messaging, collaboration software
and improved systems for real-time communication between branches, customers and
headquarters; software with the power to call up answers to complex questions by
delving deep into databases; satellites; and clear fiber-optic cables that carry
tens of thousands of streams of data across minuscule beams of light. Businesses
are investing in Info Tech because: substantial productivity gains are possible;
the relative cost of the technology itself has plummeted while its power has
multiplied; and competitive pressures leave them no choice.





Products
and Services





The
rising demand for IT hardware, software, and services has resulted in a highly
receptive market for our Products and Services. Large enterprises, SMB’s, and
public sector institutions are in constant need of technology solutions. The
expanding role of technology in all aspects of business, in addition to the
rapidity of change within the IT industry, highlights the necessity of
comprehensive, state-of-the-art, and customized IT solutions services that we
feel are most effectively delivered within the context of close client
relationships.





We are in
the process of establishing iBeam as a complete IT solutions company and a
premiere hosting provider in the United States and globally. We hope to expand
through the growth of our client base and through the acquisition similar or
complementary companies. We intend to refine and expand our Product offerings by
focusing on strengthening our relationships with our clients.





Hardware





We
currently offer our clients a broad selection of brand-name IT hardware
products. We offer products from hundreds of manufacturers, including
Hewlett-Packard (“HP”), Cisco, Lenovo, IBM, Toshiba, Sony, and American Power
Conversion Corporation (“APC”). We believe that offering multiple vendor choices
enables us to better serve our clients by providing a variety of product
solutions to best address their specific business needs. Utilizing multiple
vendors also allows us to consider other criteria, such as real-time best
pricing and availability, and compatibility with existing technology. This also
allows us to take advantage of manufacturers’ direct selling programs, without
being limited by them.





Manufacturers
warrant most of the products we market, and it is our policy to request that
clients return their defective products directly to the manufacturer for
warranty service. This allows us to avoid most returns and the expensive
restocking fees and other associated costs. On selected products, or for
selected clients,we may accept returns directly from the client and then either
credit the client or ship a replacement product. We generally require clients to
pay for hardware and software at the time of purchase to avoid accumulating
large accounts receivable and the potential default risks associated with
extending short term credit.





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Software





Our
clients acquire software applications from us in the form of licensing
agreements with software publishers, boxed products, or through “Software as a
Service” (“SaaS”), a growing delivery model. Under SaaS, clients subscribe to
software that is hosted off-site and access the applications via the internet.
The majority of our clients, however, purchase their software applications
through licensing agreements. We believe this is a result of this method’s ease
of administration and cost-effectiveness. Licensing agreements, or right-to-copy
agreements, allow a client to either purchase a license for each of its users in
a single transaction or periodically report its software usage, paying a license
fee for each user. For most clients, the overall cost of acquiring software
through a licensing arrangement is substantially less than purchasing boxed
products for each user at their company.





As
software publishers choose different procedures for implementing licensing
agreements, businesses are faced with a significant challenge in evaluating all
the alternatives available and procedures involved to ensure that they select
the appropriate agreements, comply with the publishers’ licensing terms, and
properly report and pay for their software licenses. A large, multinational
corporation may have over 100,000 users, increasing the complexity associated
with purchasing and managing their software assets. We work closely, either
locally or globally, with our clients to understand their requirements and
educate them regarding the options available to them under partner licensing
agreements.





Many of
our clients who have elected to purchase software licenses through licensing
agreements have also entered into software maintenance agreements, which allow
clients to receive new versions, upgrades, or updates of software products
released during the maintenance period, in exchange for a specified annual fee.
These fees may be paid in monthly, quarterly or annual installments. Upgrades
and updates are revisions to previously published software that improve or
enhance certain features of the software and/or correct errors found in previous
versions. We assist our suppliers (the software publishers) and clients in
tracking and renewing these agreements.





Consulting
Services





We are
focused on understanding clients’ business needs through disciplined account
planning, data mining, and on-going research. By understanding the businesses of
our clients, we are able to provide consulting services recommend specific
technology solutions to problems that clients are experiencing or may soon be
experiencing. Our policy is to provide the best solution at the best price
possible, for it is our clients’ trust in our consulting services that drives
our continued retention as consultants, as well as hardware and software
sales.





Effectively
managing hardware and software assets is paramount to fully utilizing technology
investments. Just as our consulting and other technology Services lead to
Product sales, as we provide greater amounts of hardware and software to a given
client, their need for our consulting services in managing their technology
grows. We look for opportunities to complement our Product offerings in a given
market with a suite of professional service offerings. These Services require an
extensive team of field service personnel and, therefore, generally require that
we be broadly and deeply established in a market to support the financial
investment required of us. We




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currently
offer these Services via our own field service personnel, augmented by services
partners to fill gaps in our geographic coverage or capabilities. We expect to
continue to develop these capabilities internally or through targeted
acquisitions over time in new geographic areas, as our Service offerings are an
essential element of our overall business strategy.





Information
Technology Systems Services





Our own
IT systems are at the center of our technology-based operations. To further
facilitate our business, we have implemented Alert, a software program from
FieldPoint Software to manage and improve our workflow by allowing clients to
access and schedule our technical services directly via the internet. We are in
the process of introducing an increasing number of our clients to this software
in order to streamline their businesses as well as ours.





We also
host sites, systems, and data for customers at our Tier4, N+1 data center in
Columbus, Ohio. We are able to host internet sites whether they have been
designed by us, our clients, or third party developers retained by us for that
purpose. We can also provide off-site backup or entire network systems for our
clients at our data center. Additionally, we provide related services to support
the sites, systems, and data housed here.





Suppliers





During
2007, we purchased products and software from a wide variety of vendors, whom we
refer to internally as partners. Approximately 18% (based on dollar volume) of
these purchases from partners were through distributors, with the balance
purchased directly from manufacturers or software publishers. Thus, we are not
dependent on any single partner for sourcing products or software. We believe
that the majority of IT purchases by our clients are made based on the ability
of our total Product and Service offerings to meet their IT needs, as opposed to
the offering or availability of specific brands.





As we
expand into new service areas, we may become more reliant on certain partner
relationships. We currently carry Microsoft Gold Certified Partner status which,
for example, may prove to be very important to our future business development
due to Microsoft’s domination of the computer software industry.





Competition





The IT
hardware, software and services industry is very fragmented and highly
competitive. Historically, competition in the industry had been based primarily
on price, product availability, speed of delivery, credit availability, quality
and breadth of product lines, and, increasingly, it is also based on the ability
to tailor specific solutions to client needs. We compete with manufacturers and
publishers, including manufacturers and publishers of products we sell, as well
as a large number and wide variety of marketers and resellers of IT hardware,
software and services. These companies enjoy brand recognition which exceeds
that of our brand name. In addition, some of these competitors may be able to
respond more quickly to new or changing opportunities, technologies, and client
requirements. Many competitors also engage in more extensive promotional
activities, offer more attractive terms to clients, and adopt more
aggressive




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pricing
policies than we do. Additionally, some of our competitors have higher margins
and/or lower operating cost structures, allowing them to price more
aggressively.  We compete with a large number and wide variety of
established marketers and resellers of IT hardware, software, and services to
businesses, including:





·
            Product
      manufacturers, such as Dell, HP, IBM and
Lenovo


·
            Software
      publishers, such as IBM and
Microsoft


·
            Direct
      marketers, such as CDW Corporation


·
            Software
      resellers, such as SoftChoice


·
            Systems
      integrators, such as Sarcom Inc.


·
            National
      and regional resellers, including VARs, specialty retailers, aggregators,
      distributors, national computer retailers, computer superstores,
      Internet-only computer providers, consumer electronics and office supply
      superstores, and mass merchandisers


·
            National
      and global service providers, such as IBM Global Services, HP and
      EDS





We
believe that we have two primary competitive weaknesses:


1.
            Brand Awareness– The
      iBeam brand is relatively unknown compared to some of our primary
      competitors, and we believe our advertising expenditures are significantly
      lower than many of our competitors.


2.
            Inconsistent Geographic
      Delivery Capabilities– Our ability to deliver across geographic
      areas varies considerably. Our most developed capabilities, network design
      and support, are strongest in Central Ohio. The balance of our footprint
      can currently deliver only products, hosting, and web
    design.





Product
manufacturers and publishers have programs to sell directly to business clients,
particularly larger corporate clients, and are thus a competitive threat to us.
In addition, the manner in which software products are distributed and sold and
the manner in which publishers compensate channel partners such as us are
continually changing. Software publishers may intensify their efforts to sell
their products directly to end-users, including our current and potential
clients, and may reduce the compensation to resellers or change the requirements
for earning these amounts. Other products and methodologies for distributing
software may be introduced by publishers, present competitors, or other third
parties. An increase in the volume of products sold through any of these
competitive programs or distributed directly electronically to end-users, a
decrease in the amount of referral fees paid to us, or increased competition for
providing services to these clients, could have a material adverse effect on our
business, results of operations and financial condition.





We also
believe that our industry will see further consolidation as product resellers
and direct marketers combine operations or acquire or merge with other
resellers, service providers, and direct marketers to increase efficiency,
service capabilities, and market share. Moreover, current and potential
competitors have established or may establish cooperative relationships among
themselves or with third parties to enhance their product and service offerings.
Accordingly, it is possible that new competitors or alliances among competitors
may emerge and acquire significant market share. Generally, pricing is very
aggressive in the industry, and we expect pricing pressures to continue. There
can be no assurance that we will be able to negotiate prices as favorable as
those negotiated by our competitors or that we will be able to offset the
effects of




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price
reductions with an increase in the number of clients, higher net sales, cost
reductions, greater sales of services, which are typically at higher gross
margins, or otherwise. Price reductions by our competitors that we either cannot
or choose not to match could result in an erosion of our market share and/or
reduced sales or, to the extent we match such reductions, could result in
reduced operating margins, any of which could have a material adverse effect on
our business, results of operations and financial condition.





We
compete primarily on the basis of quality, brand name recognition, and price. We
believe that our success will depend upon our ability to remain competitive in
our product areas. The failure to compete successfully in the future could
result in a material deterioration of customer loyalty and our image and could
have a material adverse effect on our business.





Intellectual
Property





We do not
maintain a traditional research and development group, but we do develop and
seek to protect a range of intellectual property, including trademarks, service
marks, copyrights, domain name rights, trade dress, trade secrets, applications
we develop, and similar intellectual property. We rely on applicable statutes
and common law rights, trade-secret protection and confidentiality and license
agreements, as applicable, with teammates, clients, partners, and others to
protect our intellectual property rights. We have registered a number of domain
names, and our principal trademark is a registered mark. We have also applied
for registration of other marks, in the U.S. and in select international
jurisdictions, and from time to time, we may file patent applications. We may
also license certain of our proprietary intellectual property rights to third
parties. We believe our trademarks and service marks, in particular, have
significant value and we continue to invest in the promotion of our trademarks
and service marks and in our protection of them.  We also have created
programs that we lease the use of to others, such as iMailer, which is a
significant asset to this company.





We intend
to aggressively assert our rights under trade secret, unfair competition,
trademark and copyright laws to protect our intellectual property, including
product design, proprietary manufacturing processes and technologies, product
research and concepts and recognized trademarks. These rights are protected
through the acquisition of patents and trademark registrations, the maintenance
of trade secrets, the development of trade dress, and, where appropriate,
litigation against those who are, in our opinion, infringing these
rights.





While
there can be no assurance that registered trademarks will protect our
proprietary information, we intend to assert our intellectual property rights
against any infringer. Although any assertion of our rights can result in a
substantial cost to, and diversion of effort by, our company, management
believes that the protection of our intellectual property rights is a key
component of our operating strategy.





We may
not be able to protect our intellectual property adequately, and we may be
subject to intellectual property infringement claims. To protect our
intellectual property, we rely on copyright and trademark laws, unpatented
proprietary know-how, trade secrets and patents, as well as confidentiality,
invention assignment, non-solicitation and non-competition agreements. There can
be no assurance that these measures will afford us sufficient protection of our




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intellectual
property, and it is possible that third parties may copy or otherwise obtain and
use our proprietary information without authorization or otherwise infringe on
our intellectual property rights. The disclosure of our trade secrets could
impair our competitive position and could have a material adverse effect on our
business relationships, results of operations, financial condition and future
growth prospects. In addition, our registered trademarks and trade names are
subject to challenge by other rights owners. This may affect our ability to
continue using those marks and names. Likewise, many businesses are actively
investing in, developing and seeking protection for intellectual property in the
areas of search, indexing, e-commerce and other Web-related technologies, as
well as a variety of online business models and methods, all of which are in
addition to traditional research and development efforts for IT products and
application software. Additionally, as we increase the geographic scope of our
operations and the types of services provided under the iBeam brand, there is a
greater likelihood that we will encounter challenges to our trade names,
trademarks and service marks. We may not be able to use our principal mark
without modification in all of our operations for all of our offerings, and
these challenges may come from either governmental agencies or other market
participants. These types of claims could have a material adverse effect on our
business, results of operations, and financial condition.





Regulatory
Matters





We are
unaware of and do not anticipate having to expend significant resources to
comply with any governmental regulations of the IT hardware, software and
services industry. We are subject to the laws and regulations of those
jurisdictions in which we plan to sell our Products and provide our Services,
which are generally applicable to business operations, such as business
licensing requirements, income taxes and payroll taxes. In general, the
development, manufacture, sale, and delivery of our Products and Services are
not subject to special regulatory and/or supervisory requirements.





Employees





Our
employees include our officers, directors, and Professional Services
Staff.  Eric Schmidt is our President, Bruce Jarvis is our Vice
President of Operations, and Ed Bosak is our Vice President of Sales and
Marketing. We intend to expand our current management to retain skilled
directors, officers, and employees with experience relevant to our business
focus. Obtaining the assistance of individuals with and in-depth knowledge of
operations and markets will allow us to build market share more effectively. Our
future success will be largely dependent on the efforts of key management
personnel and certified staff. The loss of one or more of these leaders could
have a material adverse effect on our business, results of operations and
financial condition. We cannot offer assurance that we will be able to continue
to attract or retain highly qualified executive personnel or that any such
executive personnel will be able to increase stockholder value. We also believe
that our future success will be largely dependent on our continued ability to
attract and retain highly qualified management, sales, service and technical
personnel, but we cannot offer assurance that we will be able to attract and
retain such personnel. Increase in tenure is important to our business. Our
statistics show that staff productivity increases with experience, stabilizing
our relationships with our clients over time and solidifying our role as a
trusted advisor. Our inability to retain such personnel or to train them either
rapidly enough to meet our




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expanding
needs or in an effective manner for quickly changing market conditions could
cause a decrease in the overall quality and efficiency of our staff, which could
have a material adverse effect on our business, results of operations, and
financial condition.





We
believe our personnel are the foundation of the iBeam experience. Accordingly,
we focus on knowledge development to promote personnel satisfaction, build our
personnel skill sets and motivate our people to ensure client
satisfaction.  We believe our Professional Services Staff relations
are in good standing. Our staff is not represented by any labor union, and we
have not experienced any work stoppages. We have invested in our staff’s future
and our future through an ongoing program of internal and external training.
Training programs include new hire orientation, technical training, specific
product training, and ongoing staff certification programs. We emphasize
on-the-job training. Many of our staff carry Microsoft, Cisco and other vendor
specific certifications that make up a part of our overall partnership and
certification qualifications.





Environmental
Laws





We have
not incurred and do not anticipate incurring any expenses associated with
environmental laws.





Item 2.   Description of Property





We lease
office space on a month to month basis from PEBCO Partners LLC for $4,160 per
month.  We also lease data center space for $2,600 per month from Your
Colo LLC, we lease a 2005 Chevrolet Astro Van for work purposes from GMAC,and we own equipment associated with
our hosting services including 3 web servers, a Barracuda Spam Filter, SQL
servers, DNS servers and mail servers worth approximately $15,000.





iBeam
Solutions also owns some office furniture,  and other equipment
consistent with a professional consulting business in the technology
sector.





Item 3.   Legal Proceedings





Other
than as described below, we are not aware of any pending or threatened legal
proceeding to which any of our officers, directors, or any beneficial holders of
5% or more of our voting securities are adverse to us or have a material
interest adverse to us.





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





No
matters were submitted to a vote of the Company's shareholders during the
quarter ended December 31, 2007.




12
 Table of Contents




PART II





Item 5.    Market for Common Equity and Related
Stockholder Matters and Small Business Issuer Purchases of Equity
Securities





Market
Information




Our
common stock is currently quoted on the OTC Bulletin Board (“OTCBB”), which is
sponsored by the FINRA. The OTCBB is a network of security dealers who buy and
sell stock. The dealers are connected by a computer network that provides
information on current "bids" and "asks", as well as volume information. Our
shares are quoted on the OTCBB under the symbol “LANW.OB.” As of March 24, 2008,
the closing sale prices of the common stock was $0.011 per share. The following
are the high and low sale prices for the common stock by quarter as reported by
the OTC Bulletin Board since January 1, 2006.







Fiscal
      Year Ending December 31, 2007Quarter
      Ended
            
            High
      $
            
            Low
      $March
      31, 2007
            
            0
            
            0June
      30, 2007
            
            0
            
            0September
      30, 2007
            
            0
            
            0December
      31, 2007
            
            0.84
            
            0.115





The
quotations and ranges listed above were obtained from OTCBB.  The
quotations reflect inter-dealer prices, without retail mark-up, mark-down or
commission and may not represent actual transactions.





Holders
of Our Common Stock





As of
December 31, 2007, we had 21,107,373 shares of our common stock issued and
outstanding, held by 267 shareholders of record.





Dividends





The
Company has not declared, or paid, any cash dividends since inception and does
not anticipate declaring or paying a cash dividend for the foreseeable
future.





Nevada
law prohibits our board from declaring or paying a dividend where, after giving
effect to such a dividend, (i) we would not be able to pay our debts as they
came due in the ordinary course of our business, or (ii) our total assets would
be less than the sum of our total liabilities plus the amount that would be
needed, if the corporation were to be dissolved at the time of distribution, to
satisfy the rights of any creditors or preferred stockholders.





Securities
Authorized for Issuance Under Equity Compensation Plans





Equity
      Compensation Plan Information
              As
      of December 31, 2007Plan
      category
            Number
      of securities to be issued upon exercise of outstanding options, warrants
      and rights
              (a)
            Weighted-average
      exercise price of outstanding options, warrants and rights
              (b)
            Number
      of securities remaining available for future issuance under equity
      compensation plans (excluding securities reflected in column
      (a))
              (c)Equity
      compensation plans approved by security holders
            2,747,220
            $2.04
            3,131,000Equity
      compensation plans not approved by security holders
            -
            -
            -Total
            2,747,220
            $2.04
            3,131,000





On August
30, 2006 our stockholders voted on and passed an amendment to our existing Stock
Option Plan. Among other changes, this amendment increased our maximum shares
allowable for issuance of our common stock under our Stock Option Plan from
2,500,000 to 3,131,000. The Stock Option Plan provides for a grant of options to
corporate employees and directors for the purchase of stock. This was
established as a means to attract, retain and motivate key corporate personnel,
through ownership of our stock, and to attract individuals of outstanding
ability to render services to and enter the employment of our
company.





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





Forward-Looking
Statements





Certain
statements, other than purely historical information, including estimates,
projections, statements relating to our business plans, objectives, and expected
operating results, and the assumptions upon which those statements are based,
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of
1934.   These forward-looking statements generally are identified
by the words “believes,” “project,” “expects,” “anticipates,” “estimates,”
“intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions.  We intend
such forward-looking statements to be covered by the safe-harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995, and are including this statement for purposes of complying with
those safe-harbor provisions.  Forward-looking statements are based on
current expectations and assumptions that are subject to risks and uncertainties
which may cause actual




13
 Table of Contents




results
to differ materially from the forward-looking statements. Our ability to predict
results or the actual effect of future plans or strategies is inherently
uncertain. Factors which could have a material adverse affect on our
operations and future prospects on a consolidated basis include, but are not
limited to: changes in economic conditions, legislative/regulatory changes,
availability of capital, interest rates, competition, and generally
accepted accounting principles. These risks and uncertainties should also be
considered in evaluating forward-looking statements and undue reliance should
not be placed on such statements. We undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.  Further information
concerning our business, including additional factors that could materially
affect our financial results, is included herein and in our other filings with
the SEC.





Plan
of Operation in the Next Twelve Months





In 2009,
iBeam Solutions plans to grow through more sales and through acquiring other
complimentary companies.  This will allow for expansion geographically
as well as synergies between complimentary companies allowing for opportunities
to cross sell products and services.





We hope
to update and commercialize some of our software packages including
iMailerExpress email list management software.  We also see a growing
demand for staff augmentation services and long term project related consulting
so much of our focus will be toward growing this practice area.





Sales
will be affected by current economic conditions; however, we still anticipate an
increase in sales of 20% natively as demand for more sophisticated technology to
drive business increases.  The release of new software by vendors,
more wireless communications, and continued demand for web based systems all
will effect growth in 2008.





Hosted
services are also in their infancy and projected to increase as businesses
return to their core competencies and outsource more and more of their commodity
IT services.  Software as a service, like using hosted Microsoft
Exchange versus having your own server, will drive more opportunities to
companies like iBeam that have built their infrastructure in advance of this and
are prepared to handle the business.  We are also seeing a growing
demand for interactive web sites versus static informational sites of the past,
so we project our web design area will also increase business in
2008.





Results
of Operations for the Years Ended December 31, 2007 and December 31,
2006





Assets.Our total assets as of
December 31, 2007 were $922,504. Our total assets include our current assets of
$84,488, fixed assets of $56,811 and other assets of $781,205. Our current
assets consist of cash and equivalents in the amount of $1,373, accounts
receivables from our operating subsidiary iBeam in the amount of $62,622, and
other current assets consisting of prepaid expenses in the amount of
$20,493.  Our fixed assets consisted of office equipment in the net
amount of $56,811.  Our other assets consist of net assets of
discontinued operations of Language Access Network, LLC of $511,480 and goodwill
of $269,725 that were sold to Interim Support, LLC as detailed in this
report.





Our total
assets as of December 31, 2006, were $466,910, consisting of current assets in
the




14
 Table of Contents




amount of
$282,219 and fixed assets in the amount of $184,691.  Our current
assets consist of cash and equivalents in the amount of $172,737, accounts
receivable from sales in the amount of $13,383 and other current assets
consisting of prepaid expenses in the amount of $96,099. Our fixed assets
consist of computers and office equipment in the amount of
$184,691.





Our total
liabilities as of December 31, 2007 were $3,156,171, consisting of current
liabilities in the amount of $2,293,095 and long term liabilities in the amount
of $3,156,171. Our current liabilities consist of accounts payable in the amount
of $916,642, net liabilities of discontinued operations of Language Access
Network, LLC that were assumed by Interim Support, LLC as detailed in this
report, notes payable in the amount of $70,014 and other current liabilities
consisting of deferred income in the amount of $56,888. Our long term
liabilities consist of convertible notes payable and accrued interest in the
amount of $863,076 that belong to a related party shareholder of the
company.





Our total
liabilities as of December 31, 2006 were $562,862, consisting of current
liabilities in the amount of $182,961 and long term liabilities in the amount of
$379,901. Our current liabilities consist of accounts payable in the amount of
$119,418 and other current liabilities consisting of deferred income in the
amount of $63,543. Our long term liabilities consist of convertible notes
payable and accrued interest in the amount of $562,862 that belong to a related
party shareholder of the company.





Sales.Sales consist of revenues
generated from iBeam, our operating subsidiary. We reported sales of $936,476
for the year period ended December 31, 2007, compared with revenue of $0 for the
same period ended December 31, 2006. This increase is a result the acquisition
of iBeam and the revenues generated by that operating subsidiary, which was not
part of our business in 2006. Our cost of goods sold for the year ended December
31, 2007 was $651,456 resulting in gross profits of $285,020. We did not have
any cost of revenues for the year ended December 31, 2006.





Operating
Expenses.Our
operating expenses decreased by $6,054,661 to $1,556,178 for the year ended
December 31, 2007, compared to $7,610,839 for the same reporting period in the
prior year. The decrease in expenses was largely attributable to a decrease in
options granted to our executive officers offset by increased expenses for the
year ended December 31, 2007 for selling, general and administrative expenses.
Our operating expenses for the year ended December 31, 2007 consisted of
selling, general and administrative expenses of $510,178, depreciation of
$20,231, and employee stock options of $1,025,769. In comparison, our operating
expenses for the year ended December 31, 2006 consisted of selling, general and
administrative expenses of $98,857 and employee stock options of
$7,511,982.





Other
Expenses.Other
income consists of royalty income from our licensing agreement and interest
income from our certificate of deposit. We reported other income of $23,667 and
$2,363 for the nine month and three month periods ended December 31, 2007,
respectively, compared to $28,332 and $13,729 for the same periods ended
December 31, 2006, respectively. For the year ended December 31, 2007, other
income largely consisted of royalty income of $46,933 as opposed to interest
income of $56,420 for the same period ended December 31, 2007. For the three
months ended December 31, 2007, other income largely consisted of royalty income
of $19,877 as opposed to interest income of $18,742 for the same period ended
December 31, 2007.





15
 Table of Contents




Discontinued
Operations.





On
January 16, 2008, pursuant to an acquisition agreement between the Company and
Interim Support, LLC, we sold Language Access Network, LLC. in exchange for the
assumption of certain liabilities contained in the Acquisition Agreement.
Accordingly, the assets, liabilities and operations of Language Access Network
LLC are reclassified as discontinued operations in the accompanying financial
statements. We recorded a loss from discontinued operations of $2,482,710 and
$1,507,280 during the years ended December 31, 2007 and 2006,
respectively.





Net
Loss.We
reported a net loss of $4,526,418 or $0.22 per share and a net loss of
$9,313,453 or $0.46 per share for the years ended December 31, 2007 and 2006,
respectively.





Liquidity
and Capital Resources





As of
December 31, 2007, we had total current assets of $84,488. As of December 31,
2007, we had total current liabilities of $2,293,095. We thus had a working
capital deficit of $2,208,607 at December 31, 2007.





Net cash
used in operating activities was $1,342,085 for the year ended December 31, 2007
compared to net cash used in operating activities of $1,782,993 for the year
ended December 31, 2006. Net cash flow used in investing activities amounted to
$345,136 for the year ended December 31, 2007 compared to net cash used in
investing activities of $75,472 for the year ended December 31, 2006. Net cash
flow provided by financing activities amounted to $1,525,329 for year ended
December 31, 2007, compared to net cash provided by financing activities of
$2,005,527 for the year ended December 31, 2006.





We
anticipate that we will be dependent, for the immediate future, upon additional
investment capital to fund operating expenses.





Going
Concern





We have
incurred a net loss of $14,972,886 for the period from inception to December 31,
2007 and $4,526,418 and $,9356,276 for the years ending December 31, 2007 and
2006, respectively.  Our  future is dependent upon our
ability to obtain financing and upon future profitable operations from the
development of its business opportunities. Our Management has plans to seek
additional capital through a private placement and public offering of its common
stock. The financial statements do not include any adjustments relating to the
recoverability and classification of recorded assets, or the amounts of and
classification of liabilities that might be necessary in the event the Company
cannot continue in existence.





Off
Balance Sheet Arrangements





As of
December 31, 2007, there were no off balance sheet arrangements.





16
 Table of Contents




Item 7.   Financial Statements





Index to
Financial Statements:





Audited
      Financial Statements:F-1
            Report of Independent Registered Public Accounting
      FirmF-2
            Balance Sheet -- Years Ended December 31, 2007 and
      2006F-3
            Statements of Operations – Years Ended December 31, 2007 and
      2006F-4
            Statement of Stockholders’ Equity (Deficit) for the Years Ended
      December 31, 2007 and December 31, 2006F-5
            Statements of Cash Flows - Years Ended December 31,
      2007  and 2006F-6
            Notes to Financial
Statements




17
 Table of Contents




MOORE
& ASSOCIATES, CHARTERED
 ACCOUNTANTS AND
ADVISORS
 PCAOB REGISTERED
 
 
 REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
 To
the Board of Directors
 Language
Access Network, Inc.
 
 
 We have
audited the accompanying balance sheet of Language Access Network, Inc. as of
December 31, 2007 and December 31, 2006, and the related statements of
operations, stockholders’ equity and cash flows for the years ended December 31,
2007 and December 31, 2006. These financial statements are the responsibility of
the Company’s management.  Our responsibility is to express an opinion
on these financial statements based on our audits.
 
 We
conducted our audits in accordance with 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.  An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for our opinion.
 
 In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Language Access Network, Inc. as of
December 31, 2007 and December 31, 2006, and the related statements of
operations, stockholders’ equity and cash flows for the years ended December 31,
2007 and December 31, 2006, in conformity with accounting principles generally
accepted in the United States of America.
 
 The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern.  As discussed in Note 1b to the
financial statements, the Company has incurred a net loss of $14,972,886 for the
period from inception to December 31, 2007 and $4,526,418 and $9,356,276 for the
years ended December 2007 and 2006 respectively, which raises substantial doubt
about its ability to continue as a going concern.  Management’s plans
concerning these matters are also described in Note 1b.  The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
 
 /s/
Moore
& Associates, Chartered
 
 Moore
& Associates Chartered
 Las
Vegas, Nevada
 March 28,
2008
 
 2675 S. Jones Blvd. Suite
109, Las Vegas, NV 89146 (702) 253-7499 Fax (702) 253-7501


F-1
 Table of Contents


LANGUAGE
ACCESS NETWORK, INC. Balance Sheets


December
      31, 2007
              
              December
      31, 2006AssetsCurrent
      AssetsCash
      and equivalents
              $
              1,373
              
              $
              172,737Accounts
      receivable, net
              
              62,622
              
              
              13,383Other
      current assets
              
              20,493
              
              
              96,099Total
      Current Assets
              
              84,488
              
              
              282,219Fixed
      assets, net
              
              56,811
              
              
              184,691Other
      AssetsNet
      assets of discontinued operations
              
              511,480
              
              
              -Goodwill
              
              269,725
              
              
              -Total
      Other Assets
              
              781,205
              
              
              -Total
      Assets
              $
              922,504
              
              $
              466,910Liabilities
      and Stockholders' Equity (Deficit)Current
      LiabilitiesAccounts
      payable
              $
              916,642
              
              $
              119,418Net
      liabilities of discontinued operations
              
              999,551
              
              
              -Notes
      payable-related party
              
              250,000
              
              
              -Notes
      payable
              
              70,014
              
              
              -Other
      current liabilities
              
              56,888
              
              
              63,543Total
      Current Liabilities
              
              2,293,095
              
              
              182,961Long
      Term LiabilitiesConvertible
      notes payable including accrued interest
              
              863,076
              
              
              379,901Total
      Liabilities
              
              3,156,171
              
              
              562,862Stockholders'
      Equity (Deficit)Common
      stock: $0.001 par value; 100,000,000 shares authorized,21,107,373
      and 20,032,567 shares issued
                  and outstanding atDecember
      31, 2007 and December 31, 2006, respectively
              
              21,107
              
              
              20,033Additional
      paid-in capital
              
              12,718,112
              
              
              10,330,483Accumulated
      deficit
              
              (14,972,886)
              
              
              (10,446,468)Total
      stockholders' equity (deficit)
              
              (2,233,667)
              
              
              (95,952)Total
      Liabilities and Stockholders' Equity (Deficit)
              $
              922,504
              
              $
              466,910






F-2
 Table of Contents


LANGUAGE ACCESS NETWORK,
INC.
 Statements of Operations


For
      the YearEndedDecember
      31,2007
              
              For
      the YearEndedDecember
      31,2006Net
      Revenue
              $
              936,476
              
              $
              -Cost
      of goods sold
              
              651,456
              
              
              -Gross
      profit (loss)
              
              285,020
              
              
              -Labor
              
              -
              
              
              -Fair
      value of options granted
              
              1,025,769
              
              
              7,511,982Depreciation
      and amortization
              
              20,231
              
              
              -Selling,
      general and administrative
              
              510,178
              
              
              98,857Total
      operating expenses
              
              1,556,178
              
              
              7,610,839Operating
      Loss
              
              (1,271,158)
              
              
              (7,610,839)Other
      Income and ExpensesInterest
      expense
              
              (772,550)
              
              
              (195,334)Other
      income (expense)
              
              -
              
              
              -Total
      other income and expenses
              
              (772,550)
              
              
              (195,334)Net
      loss before income taxes
              
              (2,043,708)
              
              
              (7,806,173)Discontinued
      Operations
              
              (2,482,710)
              
              
              (1,507,280)Net
      Loss
              $
              (4,526,418)
              
              $
              (9,313,453)Common
      shares outstanding - basic
              
              20,713,652
              
              
              20,216,284Basic
      loss per share
              $
              (0.22)
              
              $
              (0.46)


F-3
 Table of Contents


LANGUAGE ACCESS NETWORK,
INC. Statements of Stockholders' Equity (Deficit)


Common
      Stock
                Shares Amount
              
              Additional
                Paid-in
      Capital
              
              Accumulated
                Deficit
              
              Total
      Stockholders
                'DeficitBalance,
      December 31, 2005
              20,444,000
              
              $
              20,444
              
              $
              988,477
              
              $
              (1,133,015)
              
              $
              (124,094)Shares
      canceled and returned to treasury
              (1,400,000)
              
              
              (1,400)
              
              
              1,400
              
              
              --
              
              
              -Beneficial
      conversion feature
              --
              
              
              --
              
              
              399,000
              
              
              --
              
              
              399,000Fair
      value of stock options granted
              --
              
              
              --
              
              
              7,511,982
              
              
              --
              
              
              7,511,982Notes
      converted to common stock at $0.25 per share
              125,108
              
              
              125
              
              
              31,075
              
              
              --
              
              
              31,200Shares
      issued for cash at $1.00 per share
              390,000
              
              
              390
              
              
              389,610
              
              
              --
              
              
              390,000Shares
      issued for cash at $2.00 per share
              54,341
              
              
              54
              
              
              108,628
              
              
              --
              
              
              108,682Shares
      issued for cash at $3.00 per share
              1,760
              
              
              2
              
              
              5,278
              
              
              --
              
              
              5,280Shares
      issued for cash at $3.20 per share
              21,490
              
              
              22
              
              
              68,748
              
              
              --
              
              
              68,770Shares
      issued for cash at $3.25 per share
              56,274
              
              
              56
              
              
              182,835
              
              
              --
              
              
              182,891Shares
      issued for cash at $3.30 per share
              5,992
              
              
              6
              
              
              19,768
              
              
              --
              
              
              19,774Shares
      issued for cash at $3.35 per share
              3,881
              
              
              4
              
              
              12,997
              
              
              --
              
              
              13,001Shares
      issued for cash at $3.50 per share
              208,934
              
              
              210
              
              
              731,060
              
              
              --
              
              
              731,270Shares
      issued for cash at $3.35 per share
              6,027
              
              
              6
              
              
              21,390
              
              
              --
              
              
              21,396Shares
      issued for cash at $3.60 per share
              2,000
              
              
              2
              
              
              7,198
              
              
              --
              
              
              7,200Shares
      issued for cash at $3.70 per share
              55,865
              
              
              56
              
              
              206,646
              
              
              --
              
              
              206,702Shares
      issued for cash at $3.80 per share
              1,700
              
              
              2
              
              
              6,458
              
              
              --
              
              
              6,460Shares
      issued for cash at $4.05 per share
              9,341
              
              
              10
              
              
              37,822
              
              
              --
              
              
              37,832Shares
      issued for cash at $4.15 per share
              1,793
              
              
              2
              
              
              7,433
              
              
              --
              
              
              7,435Shares
      issued for cash at $4.20 per share
              27,817
              
              
              26
              
              
              116,812
              
              
              --
              
              
              116,838Shares
      issued for cash at $4.25 per share
              16,244
              
              
              17
              
              
              69,022
              
              
              --
              
              
              69,039Stock
      offering costs
              --
              
              
              --
              
              
              (593,156
              
              
              --
              
              
              (593,156)Net
      loss
              --
              
              
              --
              
              
              --
              
              
              (9,313,453)
              
              
              (9,313,453)Balance,
      December 31, 2006
              20,032,567
              
              
              20,033
              
              
              10,330,483
              
              
              (10,446,468)
              
              
              (95,952)Notes
      converted to common stock at $0.78 per share
              611,101
              
              
              610
              
              
              473,890
              
              
              --
              
              
              474,500Beneficial
      conversion feature
              --
              
              
              --
              
              
              1,000,000
              
              
              --
              
              
              1,000,000Fair
      value of stock options granted
              --
              
              
              --
              
              
              1,025,268
              
              
              --
              
              
              1,025,268Shares
      issued for cash at $3.50 per share
              43,715
              
              
              44
              
              
              152,956
              
              
              --
              
              
              153,000Shares
      issued for cash at $4.25 per share
              328,738
              
              
              328
              
              
              632,091
              
              
              --
              
              
              632,419Acquisition
      of subsidiary
              91,252
              
              
              92
              
              
              (460,642
              
              
              --
              
              
              (460,550)Stock
      offering costs
              --
              
              
              --
              
              
              (435,934
              
              
              --
              
              
              (435,934)Net
      loss
              --
              
              
              --
              
              
              --
              
              
              (4,526,418)
              
              
              (4,526,418)Balance,
      December 31, 2007
              21,107,373
              
              $
              21,107
              
              $
              12,718,112
              
              $
              (14,972,886)
              
              $
              (2,233,667)


F-4
 Table of Contents


LANGUAGE ACCESS NETWORK,
INC. Statements of Cash
Flows


For the YearEndedDecember
      31,2007
              
              For the YearEndedDecember
      31,2006OPERATING
      ACTIVITIES:Net
      loss
              $
              (4,526,418)
              
              $
              (9,313,453)Discontinued
      operations
              
              1,195,296
              
              
              -Add
      back non-cash items:Depreciation
              
              58,346
              
              
              49,525Amortization
      of discount on convertible debt
              
              809,291
              
              
              82,819Fair
      value of stock options granted
              
              1,025,268
              
              
              7,511,982Adjustments
      to reconcile net loss tonet
      cash used by operating activities:Change
      in accounts receivable
              
              (49,239)
              
              
              (2,140)Change
      in other assets
              
              75,606
              
              
              (73,188)Change
      in accounts payable
              
              66,948
              
              
              (9,104)Change
      in other liabilities
              
              (6,655)
              
              
              (29,434)Net
      cash used in operating activities
              
              (1,351,557)
              
              
              (1,782,993)INVESTING
      ACTIVITIES:Purchase
      of fixed assets
              
              (345,136)
              
              
              (75,472)Net
      cash used in investing activities
              
              (345,136)
              
              
              (75,472)FINANCING
      ACTIVITIES:Cash
      proceeds from common stock issued
              
              785,419
              
              
              1,993,091Cash
      proceeds from convertible notes payable
              
              1,000,000
              
              
              492,500Stock
      offering costs paid
              
              (435,934)
              
              
              (593,678)Accrued
      interest on convertible notes payable
              
              175,844
              
              
              113,614Net
      cash provided by financing activities
              
              1,525,329
              
              
              2,005,527Net
      decrease in cash and bank deposits
              
              (171,364)
              
              
              147,062Cash
      and cash equivalents at beginning of the year
              
              172,737
              
              
              25,675Cash
      and cash equivalents at end of the year
              $
              1,373
              
              $
              172,737SUPPLEMENTAL
      DISCLOSURE:Cash
      paid during the year for interest
              $
              20,376
              
              $
              -Cash
      paid during the year for income tax
              $
              -
              
              $
              -Non
      cash financing activitiesCommon
      stock issued for convertible debt and accrued interest
              $
              474,500
              
              $
              31,200Common
      stock issued and debt assumed for subsidiary
              $
              1,000,000
 F-5
 Table of Contents
 THE LANGUAGE ACCESS NETWORK, INC.
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2007and 2006
 
 1.
                  NATURE
      OF OPERATIONS
 
 a)
                  Organization
 
 Language
Access Network, Inc. (T-LAN or the “Company”) was incorporated on December 31,
2002 in Nevada. It was originally known as “Global Institute for Gaming
Innovation, Inc.” and was set up to provide information and assistance to
businesses and governments exploring new forms of remote, networked
gaming.  However the Company’s management saw the greater need for
using this new technology of remote video networking to assist individuals who
speak different Languages to better communicate.  Effective September
23, 2005, the Company merged with Preciss, LLC, an Ohio company specializing in
the Company’s primary activities.
 
 b)
                  Going
      Concern
 
 The
accompanying financial statements have been prepared assuming the Company will
continue as a going concern.
 
 As shown
in the accompanying financial statements, the Company has incurred a net loss of
$14,972,886 for the period from inception to December 31, 2007 and $4,526,418
and $,9356,276 for the years ending December 31, 2007 and 2006,
respectively.  The future of the Company is dependent upon its ability
to obtain financing and upon future profitable operations from the development
of its business opportunities. Management has plans to seek additional capital
through a private placement and public offering of its common stock. The
financial statements do not include any adjustments relating to the
recoverability and classification of recorded assets, or the amounts of and
classification of liabilities that might be necessary in the event the Company
cannot continue in existence.
  3.
                  SIGNIFICANT
      ACCOUNTING POLICIES
 
 The
financial statements of the Company have been prepared in accordance with
generally accepted accounting principles in the United States. Because a precise
determination of many assets and liabilities is dependent upon future events,
the preparation of financial statements for a period necessarily involves the
use of estimates. Actual results may vary from those estimates.
 
 The
financial statements have, in management’s opinion, been properly prepared
within reasonable limits of materiality, and within the framework of the
significant accounting policies summarized below:
 
 a)
                  Research
      and Development Costs
 
 The
Company expenses all costs related to research and development in the period
incurred.
 
 b)
                  Revenue
      Recognition Policy
 
 Interpretation
support services revenue is recognized as the services are provided. Revenue
from service contracts is recorded as deferred revenue and subsequently
recognized over the term of the contract or when the service is
completed.  Revenue from product sales is recognized when shipped, FOB
shipping point. Shipping and handling charges billed to customers are included
in net sales, and shipping and handling costs incurred by the Company are
included in cost of goods sold.
  F-6
 Table of Contents
 
 c)
                  Fair
      Value of Financial Instruments
 
 Fair
value estimates discussed herein are based upon certain market assumptions and
pertinent information available to management at this time.  The
respective carrying value of certain on-balance-sheet financial instruments
approximated their fair values. These financial instruments include cash and
accounts payable. Fair values were assumed to approximate carrying values for
cash and payables because they are short term in nature and their carrying
amounts approximate fair values or they are payable on demand.
 
 d)
                  Basic
      and Diluted Loss Per Share
 
 In
accordance with SFAS No. 128, “Earnings Per Share,” the basic loss per common
share is computed by dividing net loss available to common stockholders by the
weighted average number of common shares outstanding. Diluted loss per common
share is computed similar to basic loss per common share except that the
denominator is increased to include the number of additional common shares that
would have been
 outstanding
if the potential common shares had been issued and if the additional common
shares were dilutive. In 2007 and 2006, the Company’s common stock equivalents
were anti-dilutive and excluded in the earnings per share
computation.
  e)
                  Depreciation
 
 Property,
plant and equipment are stated at the lower of cost or estimated net recoverable
amount.  The cost of property, plant and equipment is depreciated
using the straight-line method based on the lesser of the estimated useful lives
of the assets or the lease term based on the following life
expectancy:
  Computer
      equipment
                  5 yearsVehicles
                  5 yearsOffice furniture and
      fixtures
                  7
  years
  Repairs
and maintenance expenditures are charged to operations as
incurred.  Major improvements and replacements, which extend the
useful life of an asset, are capitalized and depreciated over the remaining
estimated useful life of the asset.  When assets are retired or sold,
the costs and related accumulated depreciation and amortization are eliminated
and any resulting gain or loss is reflected in operations.
 
 f)
                  Accounts
      Receivable
 
 Accounts
receivable are carried at original invoice amount less an estimate made for
doubtful receivables based on a review of all outstanding amounts on a monthly
basis. Management determines the allowance for doubtful accounts by regularly
evaluating individual customer receivables and considering a customer’s
financial condition and credit history, and current economic conditions.
Accounts receivable are written off when deemed uncollectible. Recoveries of
accounts receivable previously written off are recorded when
received.
 
 g)
                  Inventories
 
 Inventories
are stated at the lower of cost or market value, with cost being determined on a
weighted average basis.  Provisions made for inventory obsolescence
and declines in market value are included in cost of goods sold.
 
 h)
                  Advertising
 
 The
Company expenses all costs of advertising as incurred.  There were no
advertising costs included in selling and marketing expenses during the reported
periods.
 
 F-7
 Table of Contents
 
 i)
                  Income
      Taxes
 
 The
Company follows Statement of Financial Accounting Standard No. 109, “Accounting
for Income Taxes” (“SFAS No. 109”) for recording the provision for income
taxes.  Deferred tax assets and liabilities are computed based upon
the difference between the financial statement and income tax basis of assets
and liabilities using the enacted marginal tax rate applicable when the related
asset or liability is expected to be realized or settled.  Deferred
income tax expenses or benefits are based on the changes in the asset or
liability each period.  If available evidence suggests that it is more
likely than not that some portion or all of the deferred tax assets will not be
realized, a valuation allowance is required to reduce the deferred tax assets to
the amount that is more likely than not to be realized.  Future
changes in such valuation allowance are included in the provision for deferred
income taxes in the period of change.
 
 Deferred
income taxes may arise from temporary differences resulting from income and
expense items reported for financial accounting and tax purposes in different
periods.  Deferred taxes are classified as current or non-current,
depending on the classification of assets and liabilities to which they
relate.  Deferred taxes arising from temporary differences that are
not related to an asset or liability are classified as current or non-current
depending on the periods in which the temporary differences are expected to
reverse.
 
 As of
December 31, 2007, the Company had net operating loss carryovers of
approximately $4,710,000 which expire in 2027. The potential tax benefit of the
loss carryover of $1,837,000 has been offset in full by a valuation allowance
due to the uncertainty of future taxable earnings.
 
 The
income tax provision differs from the amount of income tax determined by
applying U.S. federal and state income tax rates of 39% to pretax income for the
years ended December 31, 2007 and 2006 due to the following:
   December
    31,2007
                  
                  2006Book
      loss
                  $
                  (1,765,303)
                  
                  $
                  (3,648,948)Fair
      value of stock options
      granted
                  
                  1,089,289
                  
                  
                  2,929,673Valuation
      allowance
                  
                  676,014
                  
                  
                  719,275$
                  -
                  
                  $
                  -
  3.
                  CONVERTIBLE
      NOTES PAYABLE
 
 The
Company has issued convertible notes payable, as amended, at December 31, 2007
in the face amount of $869,500.  These notes incur interest at the
rate of 10% per annum and mature one and half to two years after being issued
with the first maturing on December 31, 2007 and may be converted by the holder
at anytime at the rates of between $0.01 and $2.70 per share.  Total
interest accrued on convertible notes at December 31, 2007 was
$176,809.  During the year 2007, convertible notes and accrued
interest in the amount of $474,500 were converted to common stock at an average
of $0.78 per share for a total of 611,101 shares.
  Convertible
notes payable consist of the following at:
  December
      31,2007
                  
                  
                  2006Notes
    payable
                  $
                  869,500
                  
                  
                  $
                  699,500Accrued
      interest
                  
                  176,809
                  
                  
                  
                  54,909Unamortized discount
      for beneficial conversion feature
                  
                  (183,233)
                  
                  
                  
                  (374,508)Net Convertible
      Notes Payable
                  $
                  863,076
                  
                  
                  $
                  379,901
 
 F-8
 Table of Contents
  4.
                  EQUITY
 
 During
the year ending December 31, 2007,43,715 shares of the Company’s common stock
were issued for cash at $3.50 per share.  Also during the year ending
December 31, 2007, 328,738 shares of the Company’s common stock were issued for
cash at $4.25 per share.
 
 During
the year ending December 31, 2006, 898,144 shares of the Company’s common stock
were issued for cash at an average price of $2.22 per share.  Also
during the year ending December 31, 2006, 1,400,000 shares of the Company’s
common stock were returned to Treasury and canceled.
 
 5.
                  COMMON
      STOCK PURCHASE OPTIONS
 
 Under
FASB Statement 123, the Company estimates the fair value of
each  stock  award at the  grant  date
by  using  the  Black-Scholes  option  pricing
model.  The
following  weighted  average  assumptions used for
grants in the year ended December 31, 2006:dividend yield of  zero
percent;  expected volatility of
12.27%;  risk-free  interest rates of 5.35% and expected
life of 1.0. The Company granted no options in 2005.  During the year
ended December 31, 2006, The Company granted common stock purchase options to
its employees and consultants which is amortized over the term of the service.
The options provide for exercise prices of between $0.25 and $4.15 per
share.  The Company granted no options during the year ended December
31, 2007.The Company recognized an expense of $1,205,268 and $7,511,982 for the
fair value of the options during the years ended December 31, 2007 and 2006,
respectively.
 
 A summary
of the status of the Company’s stock option plans as of December 31, 2007 and
December 31, 2006 and the changes during the years are presented
below:
  2007
                  2006Shares
                  SharesUnexercised
      options, beginning of year
                  8,404,505
                  -Stock
      options issued during the year
                  48,500
                  8,404,505Stock
      options expired
                  (5,908,725)
                  -Stock
      options exercised
                  -
                  -Unexercised
      options, end of year
                  2,544,280
                  8,404,505
 
 6.
                  FIXED
      ASSETS
 
 Fixed
assets consist of the following:
 
 December
      31, 2007
                  
                  December
      31, 2006Computers,
      equipment and software
                  $
                  107,365
                  
                  $
                  227,165Vehicles
                  
                  20,091
                  
                  
                  -Furniture
      and fixtures
                  
                  9,461
                  
                  
                  22,000136,917
                  
                  
                  249,165Less
      accumulated depreciation
                  
                  (80,106)
                  
                  
                  (64,474)Total
                  $
                  56,811
                  
                  $
                  184,691
 
 Depreciation
expense totaled $58,346 and $49,525 for the years ended December 31, 2007 and
2006, respectively.
 
 F-9
 Table of Contents
  7.   NOTES
PAYABLE
 
 At
December 31, 2007, notes payable to consist of the following:
   Capital
      lease payable; 11.65% interest;due
      December
      2008
                  $
                  13,382Equipment
      purchase contract; 7% interest;due
      November 2008
                  
                  8,645Note
      payable to an unrelated party; Prime rate plus 2%
      interest;due
      December 2008
                  
                  14,983Revolving
      line of credit with financial institution, 10.75%
      interest; $500
      minimum monthly payment.
                  
                  33,004Total Notes
      Payable
                  $
                  70,014
 
 8.     RECENTLY
ISSUED ACCOUNTING PROUNCEMENTS
 
 In
September 2006, the FASB issued SFAS No. 157, Fair Value Measurements,
which defines fair value, establishes a framework for measuring fair value in
generally accepted accounting principles, and expands disclosures about fair
value measurements. SFAS No. 157 does not require any new fair value
measurements, but provides guidance on how to measure fair value by providing a
fair value hierarchy used to classify the source of the information. This
statement is effective for us beginning January 1, 2008. The Company is
currently assessing the potential impact that adoption of SFAS No. 157
would have on the financial statements.
 
 In
February 2007, the FASB issued SFAS No. 159, The Fair Value Option for
Financial Assets and Financial Liabilities. SFAS No. 159 gives the
irrevocable option to carry many financial assets and liabilities at fair
values, with changes in fair value recognized in earnings. SFAS No. 159 is
effective beginning January 1, 2008, although early adoption is permitted.
The Company is currently assessing the potential impact that adoption of SFAS
No. 159 will have on the financial statements.
 
 The FASB
has revised SFAS No. 141.  This revised statement establishes uniform
treatment for all acquisitions.  It defines the acquiring
company.  The statement further requires an acquirer to recognize the
assets acquired, the liabilities assumed, and any non-controlling interest in
the acquired at the acquisition date, measured at their fair market values as of
that date.  It requires the acquirer in a business combination
achieved in stages to recognize the identifiable assets and liabilities, as well
as the non-controlling interest in the acquired, at the full amounts of their
fair values. This changes the way that minority interest is recorded and
modified as a parent’s interest in a subsidiary changes over
time.  This statement also makes corresponding significant amendments
to other standards that related to business combinations, namely, 109, 142 and
various EITF’s.  This statement applies prospectively to business
combinations for which the amendments to other standards that related to
business combinations, namely, 109, 142 and various EITF’s. This statement
applies prospectively to business combinations for which the
 acquisition
date is on or after the beginning of the first annual reporting period beginning
on or after December 15, 2008.  The Company believes the
implementation of this standard will have no effect on our financial
statements.
 
 8.     DISCONTINUED
OPERATIONS
 
 On
January 16, 2008, pursuant to an acquisition agreement  between the
Company and  Interim Support, LLC, the Company sold Language Access
Network, LLC. in exchange for the assumption of certain liabilities contained in
the Acquisition Agreement. Accordingly, the assets, liabilities and operations
of Language Access Network LLC are reclassified as discontinued operations in
the accompanying financial statements. A summary of the balance  sheet
and statement of operations for the discontinued operations is as
follows:
  F-10
 Table of Contents
  Balance
      SheetDecember
      31, 2007AssetsCurrent
      AssetsCash
      and equivalents
                  $
                  9,472Accounts
      receivable, net
                  
                  52,303Other
      current assets
                  
                  44,482Total
      Current Assets
                  
                  106,257Fixed
      assets, net
                  
                  407,996Other
      AssetsDeposits
                  
                  37,226Total
      Other Assets
                  
                  37,226Total
      Assets
                  $
                  551,479Liabilities
      and Members' Equity (Deficit)Current
      LiabilitiesAccounts
      payable
                  $
                  232,847Intercompany
      loans
                  
                  1,595,820Notes
      payable-related party
                  
                  95,000Line
      of credit
                  
                  921,500Total
      Current Liabilities
                  
                  2,845,167Long
      Term LiabilitiesNotes
      payable
                  
                  -Total
      Liabilities
                  
                  2,845,167Members'
      Equity (Deficit)Additional
      paid-in capital
                  
                  2,702,382Accumulated
      deficit
                  
                  (5,036,070)Total
      members' equity (deficit)
                  
                  (2,333,688Total
      Liabilities and Members' Equity (Deficit)
                  $
                  511,479
  F-11
 Table of Contents
   
 Statement
      of OperationsNet
      Revenue
                  $
                  207,412Cost
      of goods sold
                  
                  1,166,660Gross
      profit (loss)
                  
                  (959,248)Labor
                  
                  674,703Marketing
                  
                  209,090Depreciation
      and amortization
                  
                  84,493General
      and administrative
                  
                  564,380Total
      operating expenses
                  
                  1,532,666Operating
      Loss
                  
                  (2,491,914)Other
      Income and ExpensesInterest
      expense
                  
                  (13,724)Other
      income
                  
                  23,132Total
      other income and expenses
                  
                  9,408Net
      loss before income taxes
                  
                  (2,482,506)Income
      tax expense
                  
                  -Net
      Loss
                  $
                  (2,482,506)
 
 7.   NOTES
PAYABLE-RELATED PARTY
 
 At
December 31, 2007, the Company had a note payable to a shareholder of $250,000.
The note payable is unsecured, accrues interest at 6% per annum and is due upon
demand.


F-12
 Table of Contents




Item
8.   Changes In and Disagreements with Accountants on Accounting
and FinancialDisclosure





None





Item 8A.  Controls and Procedures





Management’s
Report On Internal Control Over Financial Reporting





We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of December 31, 2007.  This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer Mr Eric Schmidt.  Based
upon that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that, as of December 31, 2007, our disclosure controls and procedures
are effective.  There have been no significant changes in our internal
controls over financial reporting during the quarter ended December 31, 2007
that have materially affected or are reasonably likely to materially affect such
controls.





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 are 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 Chief Financial Officer,
to allow timely decisions regarding required disclosure.




Continued
Vigilance


We have
implemented and will continue to implement changes to our processes to improve
our internal control over financial reporting.





Limitations
on the Effectiveness of Internal Controls





Our
management, including our Chief Executive Officer and our Chief Financial
Officer, does not expect that our disclosure controls and procedures or our
internal control over financial reporting are or will be capable of preventing
or detecting all errors or all fraud. Any control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance that
the control system’s objectives will be met. The design of a control system must
reflect the fact that there are resource constraints, and the benefits of
controls must be considered relative to their costs. Further, because of the
inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that misstatements, due to error or fraud will not
occur or that all control issues and instances of fraud, if any, within the
company have been detected. These inherent limitations include the realities
that judgments in decision-making can be faulty and that breakdowns may occur
because of simple error or mistake. Controls can also be circumvented by the
individual acts of some persons, by collusion of two or more people,




18
 Table of Contents




or by
management override of controls. The design of any system of controls is based
in part on certain assumptions about the likelihood of future events, and there
can be no assurance that any design will succeed in achieving its stated goals
under all potential future conditions. Projections of any evaluation of controls
effectiveness to future periods are subject to risk.





PART III





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





The
following information sets forth the names of our current directors and
executive officers, their ages as of March 31, 2008 and their present
positions.




Name
            Age
            Position
      Held with the CompanyEric
      Schmidt
            44
            President,
      Secretary, Treasurer, CEO, CFO and
Director





Set forth
below is a brief description of the background and business experience of our
significant employees, executive officers and directors.





Eric
Schmidt is our President, Secretary, Treasurer, CEO, CFO and
Director.  Mr. Schmidt has been in the computing and technology
industry since 1982. Prior to co-founding iBeam Solutions, Eric was the Chief
Information Officer for Bricker & Eckler LLP for over seven years. Over the
years he served in the United States Marine Corps, two years in the healthcare
industry and four years at The Ohio State University as a director of the
largest College at The Ohio State University. Mr. Schmidt is originally from
Lancaster, Ohio and is a graduate of Berne Union High School in Sugar Grove,
Ohio. He attended college at Ohio University and Des Moines Area Community
College in Des Moines, Iowa.





Family
Relationships





There are
no family relationships between or among the directors, executive officers or
persons nominated or chosen by us to become directors or executive
officers.





Involvement
in Certain Legal Proceedings





To  the
best of our knowledge, during the past five years, none of the
following  occurred  with  respect  to a
present or former director, executive officer, or  employee: (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 offenses); (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 or her
involvement in  any  type of business, securities or banking
activities; and (4)




19
 Table of Contents




being
found
by  a  court  of  competent  jurisdiction  (in  a  civil
action), the SEC or the
Commodities  Futures  Trading  Commission  to  have  violated
a federal or state securities or commodities law, and the judgment has not been
reversed, suspended or vacated.





Committees





We
currently do not have an audit committee, compensation committee, nominating
committee, executive committee, Stock Plan Committee, or any other committees.
There has been no need to delegate functions to these committees due to the fact
that our operations are at this stage do not justify the effort and expense of
creating and maintaining these committees.





Audit
Committee





We do not
have a separately-designated standing audit committee. The entire board of
directors performs the functions of an audit committee, but no written charter
governs the actions of the board of directors when performing the functions of
that would generally be performed by an audit committee. The board of directors
approves the selection of our independent accountants and meets and interacts
with the independent accountants to discuss issues related to financial
reporting. In addition, the board of directors reviews the scope and results of
the audit with the independent accountants, reviews with management and the
independent accountants our annual operating results, considers the adequacy of
our internal accounting procedures and considers other auditing and accounting
matters including fees to be paid to the independent auditor and the performance
of the independent auditor.





We do not
have an audit committee financial expert because of the size of our company and
our board of directors at this time. We believe that we do not require an audit
committee financial expert at this time because we retain outside consultants
who possess these attributes.





For the
fiscal year ending December 31, 2007, the board of directors:





§
            Reviewed
      and discussed the audited financial statements with management,
      and





§
            Reviewed
      and discussed the written disclosures and the letter from our independent
      auditors on the matters relating to the auditor's
      independence.





Based
upon the board of directors’ review and discussion of the matters above, the
board of directors authorized inclusion of the audited financial statements for
the year ended December 31, 2007 to be included in this Annual Report on Form
10-KSB and filed with the Securities and Exchange Commission.





Significant
Employees





We have
no significant employees other than our officers and directors.





20
 Table of Contents




Section
16(a) Beneficial Ownership Reporting Compliance





Section
16(a) of the Exchange Act requires our directors and executive officers and
persons who beneficially own more than ten percent of a registered class of the
Company’s equity securities to file with the SEC initial reports of ownership
and reports of changes in ownership of common stock and other equity securities
of the Company.  Officers, directors and greater than ten percent
beneficial shareholders are required by SEC regulations to furnish us with
copies of all Section 16(a) forms they file.  To the best of our
knowledge based solely on a review of Forms 3, 4, and 5 (and any amendments
thereof) received by us during or with respect to the year ended December 31,
2007, the following persons have failed to file, on a timely basis, the
identified reports required by Section 16(a) of the Exchange Act during fiscal
year ended December 31, 2007:





Name
      and principal position
            Number
      of
              late
      reports
            Transactions
      not
              timely
      reported
            Known
      failures to
              file
      a required formMichael
      Guirlinger, Former
      CEO
            1
            0
            0Andrew
      Panos, Former
      President
            0
            0Laurence
      Sturtz, Former Chairman
      and Director
            0
            0
            1James
      Schilling, Former
      Director
            0
            0
            1Dr.
      John “Jack” Perez, Former
      Director
            1
            0
            0Dr.
      Val Warhaft, Former
      Director
            1
            0
            0Dr.
      James Ginter, Former
      Director
            1
            0
            0Steve
      Fellows, Former
      CFO
            1
            0
            0Risk
      Capital Management
            1
            1
            0








Code
of Ethics Disclosure





As of
December 31, 2007, we have not adopted a Code of Ethics for Financial
Executives, which include our principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing
similar functions.





21
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Item 10.  Executive Compensation





Summary
Compensation Table





The table
below summarizes all compensation awarded to, earned by, or paid to the
Company’s former or current executive officers for each of the last three
completed fiscal years.





Summary
      Compensation TableName
      and
              principal
      position
            Year
            Salary
              ($)
            Bonus
              ($)
            Stock
      Awards
              ($)
            Option
              Awards
              ($)
            Non-Equity
              Incentive
      Plan
              Compensation
              ($)
            Nonqualified
              Deferred
              Compensation
              Earnings
      ($)
            All
      Other
              Compensation
              ($)
            Total
              ($)Michael
      GuirlingerCEO & COO(1)
            2007
              2006
              2005
            $115,000
              $72,916
              0
            0
              0
              0
            0
              0
              0
            0
              $358,002
              0
            0
              0
              0
            0
              0
              0
            0
              0
              0
            $115,000
              $430,918
              0Andrew
      Panos, President(2)
            2007
              2006
              2005
            $110,000
              $90,500
              $96,000
            0
              0
              0
            0
              0
              0
            0
              $3,922,254
              0
            0
              0
              0
            0
              0
              0
            0
              0
              0
            $110,000
              $3,922,254
              $96,000Steven
      Fellows, Treasurer and Chief Financial Officer(3)
            2007
              2006
              2005
            $16,000
              $28,500
              $6,500
            0
              0
              0
            0
              0
              0
            0
              $16,048
              0
            0
              0
              0
            0
              0
              0
            0
              0
              0
            $16,000
              $44,548
              $6,500Richard
      Fitzpatrick, Former CEO and Director(4)
            2007
              2006
              2005
            0
              $500
              $16,000
            0
              0
              0
            0
              0
              $7,341,600
            0
              0
              0
            0
              0
              0
            0
              0
              0
            0
              0
              0
            0
              $500
              $7,357,600




1.
            On
      June 1, 2006, we entered into an employment agreement with Mr. Michael
      Guirlinger to serve as our Chief Executive Officer and Chief Operations
      Officer. We agreed to pay Mr. Guirlinger $10,417 per month and provide
      salary increases based on increases in our gross revenues starting January
      31, 2007 capped at $225,000 during the first three-year term of the
      agreement. We also agreed to provide an annual bonus payment starting the
      year beginning January 31, 2007 based upon a percentage of earnings before
      interest expense, taxes, depreciation and amortization (EBITDA) not to
      exceed $187,500 per year. Mr. Guirlinger is also entitled to participate
      in any benefit plans, profit sharing, incentive compensation, 401K plans
      and pension and retirement benefits available to other officers of the
      company. As of January 16, 2008, Mr. Guirlinger resigned as an officer of
      our company.  All obligations for his employment agreement and
      severance have been assumed by Interim Support, LLC in connection with the
      Acquisition Agreement.  Mr. Guirlinger further agreed to forfeit
      all options held in our company.2.
            As
      of January 16, 2008, Mr. Panos resigned as an officer and director of our
      company.  All obligations for his employment agreement and
      severance, if any, have been assumed by Interim Support, LLC in connection
      with the Acquisition Agreement.  Mr. Panos further agreed to
      forfeit all options held in our
company.




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3.
            On
      August 31, 2006 we granted Mr. Steven Fellows options to purchase 25,000
      shares of common stock at the exercise price of $4.15 per share with an
      expiration date of August 31, 2011.  Mr. Fellows resigned as our
      CFO on August 13, 2007 and all 25,000 unexercised options were returned to
      the company option pool on November 14,
2007.





4.
            Mr.
      Fitzpatrick was terminated as our CEO and as a member of our board of
      directors on May 1, 2006. On August 15, 2006, we entered into a settlement
      agreement to resolve litigation in Ohio with Mr. Fitzpatrick. Under the
      terms of the settlement agreement, Mr. Fitzpatrick retained 1,520,000
      common shares of our company and surrendered the balance of his shares,
      which totals approximately 1,400,000. The value of his remaining shares on
      August 15, 2006 equaled $7,341,600 (at $4.83 per share). Mr. Fitzpatrick
      agreed to volume restrictions in the sale of his stock in the public
      market and further agreed to not sell his stock privately unless to his
      attorneys under other volume restrictions. Mr. Fitzpatrick finally agreed
      to vote his shares in favor of resolutions proposed by the board of
      directors of our company.





OUTSTANDING
EQUITY AWARDS





The table
below sets forth information concerning unexercised options; stock that has not
vested; and equity incentive plan awards for our named executive officers as of
December 31, 2007.




OPTION
      AWARDS AT FISCAL YEAR END 2007Name
            Number
      of
              Securities
              Underlying
              Unexercised
              Options
              (#)
              Exercisable(1)
            Number
      of
              Securities
              Underlying
              Unexercised
              Options
              (#)
              Unexercisable
            Equity
      Incentive
              Plan
      Awards:
              Number
      of
              Securities
              Underlying
              Unexercised
              Unearned
      Options
              (#)
            Option
              Exercise
              Price
              ($)
            Option
              Expiration
              DateMichael
      Guirlinger
            0
            0
            0
            0
            0Andrew
      Panos
            0
            0
            0
            0
            0Steve
      Fellows
            0
            0
            0
            0
            0Richard
      Fitzpatrick
            0
            0
            0
            0
            0





1.
            We
      grant stock options to our executive officers based on their level of
      experience and contributions to our company. All options to our executive
      officers vest immediately. The aggregate fair value of these options are
      computed in accordance with FAS 123R and are reported in the Summary
      Compensation Table above in the column titled “Option Awards.” At no time
      during the last fiscal year was any outstanding option repriced or
      otherwise modified. There was no tandem feature, reload feature, or
      tax-reimbursement feature associated with any of the stock options we
      granted to our executive officers or
otherwise.




23
 Table of Contents




Summary of Stock
Awards





Set forth
below is a summary of our stock awards to executive officers outstanding as of
December 31, 2007, our latest fiscal year end.





STOCK
      AWARDS AT FISCAL YEAR END 2007Name
            Number
              of
      Shares
              or
      Units
              of
      Stock That
              Have
      Not
              Vested
              (#)
            Market
      Value
              of
      Shares
              or
      Units
              of
      Stock
              That
      Have
              Not
      Vested
              ($)
            Equity
              Incentive
              Plan
      Awards:
              Number
      of
              Unearned
              Shares,
      Units or Other
              Rights
      That Have Not
              Vested
              (#)
            Equity
              Incentive
              Plan
      Awards:
              Market
      or
              Payout
      Value of Unearned
              Shares,
      Units or Other
              Rights
      That
              Have
      Not
              Vested
              (#)Michael
      Guirlinger
            0
            0
            0
            0Andrew
      Panos
            
            0
            0
            0Steve
      Fellows
            0
            0
            0
            0Richard
      Fitzpatrick
            0
            0
            0
            0




24
 Table of Contents




Compensation
to Directors





The table
below summarizes all compensation awarded to, earned by, or paid to our
directors for our fiscal year ended December 31, 2007.





DIRECTOR COMPENSATION
      2007Name
            Fees
      Earned or
              Paid
      in
              Cash
              ($)
            Stock
      Awards
              ($)
            Option
      Awards
              ($)(3)
            Non-Equity
              Incentive
              Plan
              Compensation
              ($)
            Non-Qualified
              Deferred
              Compensation
              Earnings
              ($)
            All
              Other
              Compensation
              ($)
            Total
              ($)Laurence
      Sturtz(1)
            0
            0
            0
            0
            0
            0
            0Andrew
      Panos
            0
            0
            0
            0
            0
            0
            0James
      Schilling(2)
            0
            0
            0
            0
            0
            0
            0Dr.
      Jack Perez(3)
            0
            0
            0
            0
            0
            0
            0Dr.
      Val Warhaft(4)
            0
            0
            0
            0
            0
            0
            0Dr.
      James Ginter(5)
            0
            0
            0
            0
            0
            0
            0




1.
            Mr.
      Laurence Sturtz was appointed as Chairman of the Board in May 1, 2006. As
      of January 16, 2008, Mr. Sturtz resigned as chairman and director of our
      company.  All obligations owed to him, if any, have been assumed
      by Interim Support, LLC in connection with the Acquisition
      Agreement.  Mr. Sturtz further agreed to forfeit all options
      held in our company.





2.
            As
      of December 19, 2007, Mr. James Schilling resigned as a director of our
      company.  All obligations owed to him, if any, have been assumed
      by Interim Support, LLC in connection with the Acquisition
      Agreement.





3.
            As
      of January 16, 2008, Dr. Jack Perez resigned as a director of our
      company.  All obligations owed to him, if any, have been assumed
      by Interim Support, LLC in connection with the Acquisition
      Agreement.  Dr. Perex further agreed to forfeit all options held
      in our company.





4.
            As
      of January 16, 2008, Dr. Val Warhaft resigned as a director of our
      company.  All obligations owed to him, if any, have been assumed
      by Interim Support, LLC in connection with the Acquisition
      Agreement.  Dr. Warhaft further agreed to forfeit all options
      held in our company.





5.
            As
      of January 16, 2008, Dr. James Ginter resigned as a director of our
      company.  All obligations owed to him, if any, have been assumed
      by Interim Support, LLC in connection with the Acquisition
      Agreement.  Dr. Ginter further agreed to forfeit all options
      held in our company.




25
 Table of Contents




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





The
following table sets forth, as of January 17, 2008, the beneficial ownership of
our common stock by each executive officer and director, including those that
resigned on January 16, 2008, by each person known by us to beneficially own
more than 5% of the our common stock and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the
percentage shown is based on 32,132,333 shares of common stock issued and
outstanding on January 17, 2008 plus the particular beneficial owner’s right to
acquire common stock exercisable within 60 days.





Beneficial
ownership is determined in accordance with the rules of the Securities and
Exchange Commission. Except as described in the footnotes to this table, and
subject to applicable community property laws, the persons named in the table
have sole voting and investment power with respect to all shares of common stock
held by them.




Title
      of class
            Name
      and addressof
      beneficial owner
            Amount
      ofbeneficial
      ownership
            Percentof
      class(1)Executive
      Officers & Directors:Common
            Eric
      Schmidt
              10
      S. High Street
              Canal-Winchester,
      OH
              43110
            237,185
            0.7%Common
            Andrew
      Panos(2)
              Former
      officer/director
              111
      W. Rich Street, Suite 150
              Columbus,
      Ohio 43215
            2,000,000
            6.2%Common
            Laurence
      Sturtz(3)
              Former
      chairman/director
              3421
      Pointe Creek Ct. #106
              Bonita
      Springs, FL 34134
            1,104,286
            3.4%




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 Table of Contents




Common
            James
      Schilling(4)
              Former
      director
              20455
      S. South End Road
              Oregon
      City, OR 97045
            1,250,000
            3.8%Common
            Dr.
      John Perez(5)
              Former
      director
              111
      W. Rich Street, Suite 150
              Columbus,
      Ohio 43215
            229,500
            0.7%Common
            Michael
      Guirlinger(6)
              Former
      officer
              10295
      Braemar Drive
              Powell,
      OH 43065
            600,000
            1.8%Common
            Dr.
      Val Warhaft(7)
              Former
      director
              111
      N. Sepulveda Blvd. Ste. 210 Manhattan Beach, CA 90266
            94,643
            0.2%Common
            James
      Ginter(8)
              Former
      director
              2448
      Edington Road
              Columbus,
      OH 43221
            28,571
            0.7%Total
      of All Directors and Executive Officers:
            5,541,185
            17.2%More
      Than 5% Beneficial Owners:Common
            Edward
      Panos(9)
              1350
      E. Flamingo, #77
              Las
      Vegas, NV 89119
            11,065,075
            34.4%Risk
      Capital Management LLC(10)
              1350
      East Flaming Rd. Suite 228 Las Vegas Nevada USA 89119
            4,000,000
            12.5%




(1)
            As
      used in this table, "beneficial ownership" means the sole or shared power
      to vote, or to direct the voting of, a security, or the sole or shared
      investment power with respect to a security (i.e., the power to dispose
      of, or to direct the disposition of, a security). In addition, for
      purposes of this table, a person is deemed, as of any date, to have
      "beneficial ownership" of any security that such person has the right to
      acquire within 60 days after such
date.




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 Table of Contents




(2)
            Included
      in the calculation of beneficial ownership for Mr. Andrew Panos are
      1,980,000 shares of common stock and 20,000 shares held in his children’s
      name.





(3)
            Included
      in the calculation of beneficial ownership for Mr. Laurence Sturtz are
      1,104,286 shares of common stock.(4)
            Included
      in the calculation of beneficial ownership for Mr. James Shilling are
      1,250,000 shares of common stock.  Mr. Shilling disclaims
      beneficial ownership over 150,000 shares of common stock held by his
      spouse.





(5)
            Included
      in the calculation of beneficial ownership for Dr. John Perez are 229,500
      shares of common stock.(6)
            Included
      in the calculation of beneficial ownership for Mr. Michael Guirlinger are
      500,000 shares of common stock in his name, and 100,000 shares held for
      the benefit of others.(7)
            Included
      in the calculation of beneficial ownership for Dr. Val M. Warhaft are
      94,643 shares of common stock.(8)
            Included
      in the calculation of beneficial ownership for James Ginter are 28,571
      shares of common stock.





(9)
            Included
      in the calculation of beneficial ownership for Mr. Edward Panos are
      11,057,075 shares of our common stock held by Panos Industries, LLC, and
      8,000 shares of common stock held in his name.  Mr. Panos
      disclaims beneficial ownership of 200,000 shares of common stock held by
      his wife and child.




(10)
            The
      sole beneficial owner of Risk Capital Management LLC, which holds
      4,000,000 shares of our common stock, is Roderick Hall
    Risk.




Item 12.   Certain Relationships and Related
Transactions





Related
Party Transactions





Except as
disclosed below, none of our directors or executive officers, nor any proposed
nominee for election as a director, nor any person who beneficially owns,
directly or indirectly, shares carrying more than 5% of the voting rights
attached to all of our outstanding shares, nor any members of the immediate
family (including spouse, parents, children, siblings, and in-laws) of any of
the foregoing persons has any material interest, direct or indirect, in any
transaction since the beginning of 2007 or in any presently proposed transaction
which, in either case, has or will materially affect us.




1.
            Mr.
      Schmidt is a one third owner of PEBCO Partners LLC that owns the real
      estate and building that iBeam Solutions LLC leases for its primary
      offices located at 10 South High Street, Canal Winchester, Ohio. This
      lease is in the amount of $4,160.00 per month which includes utilities,
      insurance and maintenance.




28
 Table of Contents








2.
            iBeam
      Solutions LLC has a Promissory Note for a loan from PEBCO Partners in the
      amount of $20,000 that began April 30th 2007, repayable at the rate of
      $1,000 per month with 10% interest.3.
            Mr.
      Schmidt holds a Promissory Note from iBeam Solutions LLC dated August 17,
      2006 in the amount of $43,000 repayable at a rate of $2,500 per month with
      10% interest.4.
            Interim
      Support, LLC: on October 11, 2007, a company known as Interim
      Support, LLC (“Interim”) entered into a demand line of credit loan with
      National City Bank under a promissory note agreement. The promissory note
      allows Interim to draw up to $1,000,000 until October 11, 2008 with a
      variable rate of interest at a margin of 2.000% added to the index rate
      (One Month LIBOR). Subsequently, we entered into an agreement with Interim
      to borrow any money that Interim draws under the terms of the promissory
      note. This agreement has been formalized in a promissory note (referred to
      herein as the “Language Access Note”) that we signed with Interim that
      essentially mirrors the terms of the promissory note Interim signed with
      National City Bank.
              
              The
      members of Interim include Laurence E. Sturtz, Andrew Panos, James
      Schilling, Dr. John “Jack” Perez, Dr. Val Warhaft, and Dr. James Ginter,
      all former members of our board of directors, and Michael Guirlinger, our
      former CEO. These former officers and directors of our company
      individually agreed to guarantee the promissory note with National City
      Bank.5.
            Sale of
      Language Access Network, LLC to Interim Support, LLC:On January
      16, 2008, we executed an acquisition agreement (the “Acquisition
      Agreement”) by and among us, Interim Support, LLC (“Interim”), iBeam
      Solutions, LLC, a Nevada limited liability company and wholly-owned
      subsidiary of the Company (“iBeam”) and certain individuals, who are
      former officers and directors of our company. Pursuant to the Acquisition
      Agreement, we agreed to sell all interest in Language Access Network, LLC,
      an Ohio limited liability company and our wholly-owned subsidiary
      (“T-LAN”) to Interim in exchange for the assumption of certain liabilities
      contained in the Acquisition Agreement and other terms as explained
      below.
              
              Pursuant
      to the terms and conditions of the Acquisition Agreement, as consideration
      for the Sale of T-LAN: (a) Interim would forgive all indebtedness of our
      company as evidenced by that certain promissory note dated October 11,
      2007 issued by us to Interim relative to the credit facility between
      Interim and National City Bank (approximately $1 million); and (b) Interim
      would assume the following liabilities of our company (all such
      liabilities, the “Assumed
Liabilities”):




(1)
$95,000 payable to Michael Guirlinger pursuant to: (i) that certain Promissory
Note issued by Parent dated May 24, 2007, in principal amount of $75,000; and
(ii) that certain Promissory Note issued by Parent dated October 1, 2007, in
principal amount of $20,000;





(2) All
accrued but unpaid payroll liabilities associated with T-LAN
employees;




29
 Table of Contents





(3)
Continuing responsibilities for healthcare benefits for T-LAN
employees;





(4) All
rent and parking obligations pursuant to that certain Lease Agreement for the
T-LAN Premises dated April 25, 2007;





(5) All
amounts payable to Shared Technologies for hardware provided by such company, in
an amount believed to be approximately $27,000;


(6) All
amounts payable to InnovateIT for hardware provided by such company, in an
amount believed to be approximately $35,000;





(7) All
amounts payable to AT&T for T-1 lines for December 2007, in an amounts
believed to be $27,000, and for AT&T equipment in the amount roughly of
$21,000;





(8) All
amounts payable to AT&T for normal phone and fax lines for the office, in
amounts believed to be approximately $1,033.33;





(9) All
amounts payable to Jerry Tishkoff/Tishkoff Enterprises for commissions on
account of T-LAN sales activities;





(10) All
amounts payable to Clary Communications for MARTTI logo and trademark work, in
an amount believed to be $10,000;





(11)
Ordinary course liabilities associated with copiers, hosting, UPS, utilities, at
T-1 lines for T-LAN’s business;





(12) All
payment obligations to Focus Business Solutions, LLC solely for accounting and
financial reporting services associated with T-LAN from and after
Closing;





(13)
Severance obligations to employees of T-LAN (and or employees of Parent on
account of T-LAN service providers);





(14) Any
and all agreements or contracts entered into with C2D, believed to be
approximately $720.00;





(15)
Capital One believed to be approximately $7,300.22;





(16)
Capitol Office Supply believed to be approximately $308.49;





(17)
Global Solutions Installation believed to be approximately $400.00;





(18)
Laurence E. Sturtz believed to be approximately $145.70 for travel
expenses;





(19)
OneVision Solutions believed to be approximately $1,140.70;





(20) Via
Language believed to be approximately $4,600.00;




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 Table of Contents





(21) VSGI
believed to be approximately $20,482.97;





(22)
Yankovich & Associates believed to be approximately $1,230.00;





(23) Any
and all agreements or contracts entered into with Radiant
Technologies;





(24) Any
and all agreements or contracts entered into with SLA, believed to be
approximately $4,500 per month;





(25) Any
and all agreements or contracts entered into with any sub-contractors for
interpretation services;





(26) Any
and all agreements or contracts entered into with any companies for 800
numbers;





(27)
Atlas Blueprint Supply believed to be approximately $54.00; and





(28) All
other T-LAN liabilities or obligations that relate to past support or ongoing
support for the operations and/or equipment of T-LAN.





The
Acquisition Agreement further provides that the liabilities of our company and
iBeam Solutions, LLC, including the following liabilities, would be retained or
assumed by us (all such liabilities, the “Retained Liabilities”):





(1) All
amounts payable to Parent, T-LAN or third parties by iBeam, in amounts believed
to be approximately $9,000;





(2) All
liabilities associate with iBeam Solutions, LLC., believed to be approximately
$800,000





(3) All
amounts payable on account of Convertible Debentures or other securities issued
by Parent, in amounts believed to be approximately $1,800,000;





(4) All
amounts payable by the Company or its affiliates to the following third parties:
(a) Legal fees and expenses payable to Squire Sanders & Dempsey, LLP, in an
amount believed to be approximately $118,000; (b) J&J Consulting, in an
amount believed to be approximately $6,000; (c) Moore & Associates, in an
amount believed to be approximately $6,500; (d) Standard & Poor’s, in an
amount believed to be approximately $3,500, together with ongoing Blue Sky fees
to Standard & Poor’s in connection with Parent’s listing therewith; (e)
Legal fees and expenses payable to Cane Clark law firm, in an amount believed to
be $25,500 as of December 6, 2007; (f) Business Wire, in an amount believed to
be approximately $445 as of December 12, 2007; (g) CEO Cast, with respect to an
Agreement dated December, 2007, providing for payments in the amount of $5,000
per month; and (h) Focus Business Solutions for accounting and financial
reporting work provided by it prior to Closing, in amounts believed to be
$5,125.





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 Table of Contents




The
Acquisition Agreement further provides that Interim shall have the right, but
not the obligation, to offer to hire any persons who are both employees of our
company or T-LAN (but not employees of iBeam) who are primarily assigned to
T-LAN operations.




The
Acquisition Agreement further provides that: (a) we agree to indemnify Interim
from and against any claims or expenses arising from or relating to any of the
Retained Liabilities and to indemnify the resigning officers and directors of
our company in connection with their involvement in the acquisition, and (b)
Interim agrees to indemnify us from any claims or expenses arising from or
relating to the Assumed Liabilities.





The
Acquisition Agreement further provides that in the event of subsequent sale of
T-LAN by Interim: (a) the proceeds from such subsequent sale would be used to
pay the Assumed Liabilities, together with reasonable Interim transaction
expenses, closing expenses, reasonable deferred wages to officers and employees,
accounting fees, amounts properly payable to iBeam for future invoices, Interim
accounting fees and legal fees payable to Carlile Patchen & Murphy LLP; and
(b) all proceeds from such subsequent sale in excess of such amounts would be
paid to us to facilitate repayment of the Retained Liabilities.





The
Acquisition Agreement further provides that our former officers and directors,
along with employees of our company or T-LAN assigned to T-LAN operations, agree
to forfeit their options, warrants, or convertible features of any debt in the
our company;





The
Acquisition Agreement requires iBeam Solutions, LLC to render services to
Interim on account of T-LAN’s business at such times as reasonably requested by
Interim or T-LAN.





Each of
the parties to the Acquisition Agreement provided customary representations and
warranties and closing conditions. The Closing of the Acquisition Agreement is
still pending review by the Securities and Exchange Commission, and will not be
effective until at least 20 days from when an amended 14C Information Statement
is filed and mailed to shareholders of our company evidencing shareholder
approval of the transaction.





6.
            Edward
      Panos/Panos
      Industries Notes: We issued convertible notes payable, as amended,
      at December 31, 2007 in the face amount of $869,500 to Mr. Edward Panos or
      Panos Industries, LLC controlled by Mr. Panos.  These notes
      incur interest at the rate of 10% per annum and mature one and half to two
      years after being issued with the first maturing on December 31, 2007 and
      may be converted by Mr. Panos at anytime at the rates of between $0.01 and
      $2.70 per share.  Total interest accrued on convertible notes at
      December 31, 2007 was $176,809.  During the year 2007,
      convertible notes and accrued interest in the amount of $474,500 were
      converted to common stock at an average of $0.78 per share for a total of
      611,101 shares.  Under the notes, Mr. Panos was also granted
      five year warrants to purchase shares of our common stock at a strike
      price of $3.00 per share.




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Subsequent
to the reporting period, Mr. Edward Panos elected to convert $50,000 and $30,000
of the principal amounts of his convertible notes payable along with all accrued
interest into 11,024,960 shares of our common stock in accordance with the terms
of the Notes.  The convertible notes are attached to the Annual Report
on Form 10-KSB.





At
December 31, 2007, we had a note payable to Mr. Panos of $250,000. The note
payable is unsecured, accrues interest at 6% per annum and is due upon
demand.





Director
Independence





No
current or proposed members of our Board are or will be “independent” as that
term is used in the SEC’s Exchange Act reporting rules.




Item 13.   Exhibits





Exhibit
      Number
            Description2.1
            Acquisition
      Agreement, dated January 16, 2008(1)3.1
            Articles
      of Incorporation, as amended (1)3.2
            By-laws,
      as amended (1)10.1
            Interim Support, LLC Promissory Note, dated October 11,
      200710.2
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.3
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.4
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.5
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.6
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.7
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.8
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.9
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.10
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.11
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.12
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.13
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.14
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.15
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.16
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.17
            First
      Amended and Restated Convertible Promissory Note, dated January 31,
      200710.18
            First Amended and Restated Convertible Promissory Note,
      dated January 31, 200710.19
            First
      Amended and Restated Convertible Promissory Note, dated January 31,
      200710.20
            First
      Amended and Restated Convertible Promissory Note, dated January 31,
      200710.21
            First
      Amended and Restated Convertible Promissory Note, dated January 31,
      200731.1
            Certification of Chief Executive Officer pursuant to
      Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to
      Section 302 of the Sarbanes-Oxley Act of 200231.2
            Certification of Chief Financial Officer pursuant to
      Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to
      Section 302 of the Sarbanes-Oxley Act of 200232.1
            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)
            Previously
      filed with the Securities and Exchange
  Commission.




Item 14.   Principal Accountant Fees and
Services





Audit
Fees





The
aggregate fees billed by our auditors for professional services rendered in
connection with a review of the financial statements included in our quarterly
reports on Form 10-QSB and the audit of our annual consolidated financial
statements for the fiscal years ended December 31, 2007 and December 31, 2006
were approximately $3,500 and $6,500 respectively.




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Audit-Related
Fees





Our
auditors did not bill any additional fees for assurance and related services
that are reasonably related to the performance of the audit or review of our
financial statements.





Tax
Fees





The
aggregate fees billed by our auditors for professional services for tax
compliance, tax advice, and tax planning were $0 and $0 for the fiscal years
ended December 31, 2007 and 2006.





All
Other Fees





The
aggregate fees billed by our auditors for all other non-audit services, such as
attending meetings and other miscellaneous financial consulting, for the fiscal
years ended December 31, 2007 and 2006 were $0 and $0 respectively.




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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.





Language
Access Network, Inc.




By:
            /s/Eric SchmidtEric
    SchmidtChief
      Executive Officer, President, and DirectorApril 8,
    2008




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




By:
            /s/Eric SchmidtEric
    SchmidtDirectorApril 8,
    2008