UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 
 FORM
10-K
 
 (Mark
      One)o
              ANNUAL
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934For
      the Fiscal Year Ended _____________x
              TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 
 For
the transition period from September 30, 2009 to December 31,
2009
 
 
 (Exact
name of registrant as specified in its charter)
 
 Nevada
              333-154221
              26-3126279(State
      or other jurisdiction
              (Commission
      File Number)
              (IRS
      Employerof
      Incorporation)
              
              Identification
      Number)800
      West El Camino Real
                Suite
      180
                Mountain
      View, CA 94040(Address
      of principal executive offices)(650)
      943-2490(Registrant’s
      Telephone Number)
 
 (Former
name or former address, if changed since last report)
 
 Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.
 Yes o Nox
 
 Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act.
 Yeso   Nox
 
 Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports) and (2) has been subject to such filing requirements for
the past 90 days.
 Yes  x No o
 
 Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
 
 The
aggregate market value of the voting and non-voting common equity held by
non-affiliates of the registrant was NIL based upon the price ($0.00) at which
the common stock was last sold as of the last business day of the most recently
completed second fiscal quarter, multiplied by the approximate number of shares
of common stock held by persons other than executive officers, directors and
five percent stockholders of the registrant without conceding that any such
person is an “affiliate” of the registrant for purposes of the federal
securities laws.  Our common stock is traded in the over-the-counter
market and quoted on the Over-The-Counter Bulletin Board under the symbol
“BLGW.”
 
 1
 Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
 
 Large Accelerated
Filer      o                                                                                Accelerated
Filer                   o
 
 Non-Accelerated
Filer         o                                                                 Smaller
Reporting
Company              x
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
 YesoNox
 
 As of
March 30, 2010, there were 84,700,000shares of the
registrant’s $.001 par value common stock issued and outstanding.
 
 Documents
incorporated by reference: None
  2
  
  BLOGGERWAVE,
INC.
 
 Tableof
Contents
 
 PagePART
      IItem
      1
              Business
              5Item
      1A
              Risk Factors
              17Item
      1B
              Unresolved Staff Comments
              17Item
      2
              Properties
              17Item
      3
              Legal Proceedings
              17Item
      4
              Submission of Matters to a Vote of Security
      Holders
              17PART
      IIItem
      5
              Market for Registrant's Common Equity, Related
      Stockholder Matters and Issuer Purchases of Equity
      Securities
              18Item
      6
              Selected Financial Data
              18Item
      7
              Management's Discussion and Analysis of Financial
      Condition and Results of Operations
              19Item
      7A
              Quantitative and Qualitative Disclosures about
      Market Risk
              24Item
      8
              Financial Statements and Supplementary
      Data
              27Item
      9
              Changes in and Disagreements with Accountants on
      Accounting and Financial Disclosure
              40Item
      9A(T)
              Controls and Procedures
              40Item
      9B
              Other Information
              4141PART
      IIIItem
      10
              Directors and Executive Officers and Corporate
      Governance
              42Item
      11
              Executive Compensation
              45Item
      12
              Security Ownership of Certain Beneficial Owners
      and Management and Related Stockholder Matters
              47Item
      13
              Certain Relationships and Related
      Transactions
              48Item
      14
              Principal Accountant Fees and
      Services
              48PART
      IV50Item
      15
              Exhibits
  3
  FORWARD-LOOKING
STATEMENTS
  This Annual Report
on Form 10-K contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
These forward-looking statements are not historical facts but rather are based
on current expectations, estimates and projections. We may use words such as
“anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and
variations of these words and similar expressions to identify forward-looking
statements. These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and other factors, some of which are
beyond our control, are difficult to predict and could cause actual results to
differ materially from those expressed or forecasted. These risks and
uncertainties include the following:
 
 ·
              The
      availability and adequacy of our cash flow to meet our
      requirements;
 ·
              Economic,
      competitive, demographic, business and other conditions in our local and
      regional markets;
 ·
              Changes
      or developments in laws, regulations or taxes in our
    industry;
 ·
              Actions
      taken or omitted to be taken by third parties including our competitors,
      as well as legislative, regulatory, judicial and other governmental
      authorities;
 ·
              Competition
      in our industry;
 ·
              The
      loss of or failure to obtain any license or permit necessary or desirable
      in the operation of our business;
 ·
              Changes
      in our business strategy, capital improvements or development
      plans;
 ·
              The
      availability of additional capital to support capital improvements and
      development; and
 ·
              Other
      risks identified in this report and in our other filings with the
      Securities and Exchange Commission or the
SEC.
 
 You
should read this report completely and with the understanding that actual future
results may be materially different from what we expect. The forward looking
statements included in this report are made as of the date of this report and
should be evaluated with consideration of any changes occurring after the date
of this Report. We will not update forward-looking statements even though our
situation may change in the future and we assume no obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
 
 Use
of Term
 
 Except as
otherwise indicated by the context, references in this report to the “Company,”
“BLGW,” “we,” “us” and “our” are references to Bloggerwave, Inc.  All
references to “USD” or United States Dollars refer to the legal currency of the
United States of America.
 
  4
  PART
I
 
 ITEM
1.    BUSINESS
 
 Item 1.    Description of
Business
 
 We were
incorporated in the State of Nevada on December 21, 2006 under the name Elevated
Concepts, Inc. From inception through September 9, 2009, our business model was
to export and sell
green,  eco-friendly,  biodegradable,  non-toxic  household  products
and building materials used in housing  construction  and
home  renovation  in the emerging  markets of
Russia,  Ukraine  and
other  Eastern  European  countries  from  North  American
manufacturers. We planned to start with sale and distribution of constructions
and household materials which will be used in "green development" projects in
the suburban areas of Moscow, Russia.
 
 However, on September 9, 2009, we
entered into an Agreement and Plan of Merger (the "Merger Agreement") with
Bloggerwave Aps., a company incorporated under the laws of Denmark
(“Bloggerwave”).  Per the terms of the Merger Agreement, the Company
would survive the merger as the operating company. In accordance with the terms
and provisions of the Merger Agreement, the Company: (i) issued an aggregate of
5,000,000 shares of its common stock to the shareholders of Bloggerwave (the
“Bloggerwave Shareholders”) on the basis of 50,000 restricted shares of the
Company for each one share held of record by the Bloggerwave Shareholder; and
(ii) issued 3,000,000 shares of its common stock to the management of
Bloggerwave (the “Bloggerwave Management”). As a result of the Merger
Agreement, we changed our name to Bloggerwave Inc. by way of Certificate of
Amendment to its Articles of Incorporation filed with the Nevada Secretary of
State on November 19, 2009.
 
 Following the closing of the Merger
Agreement, Bloggerwave Aps., a Danish corporation, is now a wholly operating
owned subsidiary of the Company.
 
 Overview
 
 Bloggerwave helps its corporate clients
harness the power of the Internet by leveraging the power and credibility of
blogs to promote products and services.
 
 Savvy consumers are increasingly
distrustful of traditional modes of advertising, and are turning in ever-growing
numbers to the Internet to seek unbiased opinions for product and service
reviews. In this marketing environment where consumers increasingly turn to each
other for advice and recommendations for new products, tapping into the millions
of independent bloggers worldwide is the crucial next step for any company
seeking to reach its desired market.
 
 Bloggerwave’s innovative business model
connects corporate clients directly with thousands of pre-approved bloggers
around the globe, giving the bloggers the opportunity to write about and
“review” specific products or services and include a link to the company’s
website. Once a company is blogged about, it increases its Internet buzz,
credibility, site hits, ranking on search engines –and ultimately, its bottom
line.
 
 Bloggerwave also delivers something no
other form of advertising can: credibility. Blogs are seen as independent, so
readers’ defenses are down – a blog review is not perceived as blatant
advertising, but as an unbiased opinion from a trusted blogger with a loyal,
regular following. A blogger’s promotion of a company is the best credibility
possible. Bloggerwave gives companies the key to gaining this credibility on the
Internet.
 
 
 
 Mission
 
 Bloggerwave helps its corporate clients
harness the power of the Internet by leveraging the power and credibility of
blogs to promote products and services. We already have over 27,000 registered
bloggers, and have served many big-name corporate clients. Bloggerwave intends
to maintain its leadership position mission in Europe, and expand into markets
in Asia and the U.S.
 
 5
 History
 
 Bloggerwave is a young, dynamic
European company founded by two entrepreneurs in Humlebaek,
Denmark.
 
 The business rationale behind
Bloggerwave was based on an emerging trend on the Internet: the meteoric rise
and power of social media (blogs, online communities and networks such as
MySpace and Facebook). Thomsen and Lemmeke saw these emerging forms of media as
new, unchartered platforms for lucrative advertising opportunities. Not blatant
or obtrusive advertising in the form of flashing or moving banner ads, but
advertising via subtle promotion withinthe media themselves.
They had the idea to incentive bloggers with wide readerships to review, try
out, or promote certain products or services, writing about them on their blogs.
In the Information Age where people are inundated and growing weary and
distrustful of advertising, consumers are increasingly turning to their peers on
the internet for honest product reviews or opinions. The Bloggerwave business
model capitalizes on this paradigm shift in consumer focus, and targets the
blogs (or consumer peers) directly for marketing opportunities.
 
 Paying bloggers to write independently
about a company’s products or services is the ultimate publicity strategy. Blogs
are seen as independent, so readers’ defenses are down –a blog review is not
perceived as blatant advertising, but as an unbiased opinion from a trusted
blogger with a loyal, regular following. A blogger’s promotion of a company is
the best credibility possible. Bloggerwave gives companies the key to gaining
this credibility on the Internet.
 
 Getting bloggers to write about a
company increases its search engine ranking (“Search Engine Optimization”) and
Internet presence in general. It is the latest and most innovative approach to
advertorial advertising in an environment where consumers spend more and more
hours online and increasingly turn to the Internet for consumer
guidance.
 
 Model
 
 Bloggerwave has developed an innovative
yet straightforward business model that helps companies spread Internet buzz
about their products, brands, and services. Marketers realize that blogs are
gathering large, loyal and youthful followings. Bloggerwave is the key for
companies wishing to access these markets.
 
 6
 
 
 
 
 
 
 
 Bloggerwave
for Corporations – How it Works
 
 1.
              Corporate
      clients sign an agreement with
Bloggerwave
 
 2.
              They
      log on to a secure system and post advertorial assignments for a
      pre-approved pool of thousands of registered bloggers
      worldwide
 
 3.
              Registered
      bloggers review the assignments for various products and services, and
      select relevant products or services to write about on their
      blogs
 
 4.
              Bloggerwave
      reviews blog postings to ensure they are in accordance with client
      guidelines, and approves appropriate
postings
 
 5.
              Blogs
      remain published on the World Wide Web and remain for at least 30 days,
      but in most cases, the postings are
indefinite
 
 6.
              All
      blogger postings are ranked by search engines and syndicated via
      RSS
 
 7.
              Clients
      pay a fee per posting. Bloggerwave pays the
  bloggers
 
 8.
              Clients
      are able to regularly review the progress of their blogging
      campaigns
 
 7
 
 
   
 
  Client
      assignments are shown on a virtual notice board for all registered
      bloggers to see. Guidelines state exactly what the company wants to
      achieve, including if certain photos, descriptions, and links are
      required. Furthermore, a personal Bloggerwave team assists clients in
      writing the core copy and choosing which type of blog is best suited for
      the job.

                
                Bloggerwave
      approves all assignments. Once an assignment is approved and posted on the
      Internet, Bloggerwave debits the client’s account. Bloggerwave pays the
      bloggers.
                
                A
      dynamic tracking link will shows clients how their message is spreading
      across the internet. Every time they access their Bloggerwave account,
      they can view vital statistical information about how their message is
      spreading around the Internet.
  
 
 
 
 
 
 
 
 
 8
 
 
 Bloggerwave
for Bloggers:
 
 More and more people have their own
blog. And it’s expanding with close to 200,000 new blogs being created every
day.
 
 Bloggers are increasingly looking for
ways to earn money blogging. Posting ads, affiliate links and paid postings are
potential revenue streams for bloggers.
 
 By registering with Bloggerwave,
bloggers gain access to a plethora of paid posting opportunities. Bloggers
review potential assignments and select those that are relevant for their blogs
and their unique ‘voice’ on the Internet. For example, a technology blogger
would be more inclined to review and promote a new cell phone rather than a new
cosmetic fragrance.
 
 Once bloggers have written a post,
Bloggerwave checks the links and assesses the work. The post is then either
approved or rejected, and if it is approved, the blogger is paid for the
post.
 
 Bloggerwave has a diverse group of
clients, from individuals to corporate clients.
 
 The
Market for Bloggerwave
 
 Social
Media Optimization
 
 Bloggerwave is at the forefront of a
developing industry: Social Media Optimization (SMO). Companies, always looking
for new ways to reach their target markets, have realized that the best way to
access the hearts and minds of their customers is by reaching out through social
media (blogs, online communities, online social networks, etc.) Progressive
companies “in the know” are now accessing their markets through viral marketing
campaigns on YouTube, MySpace, Facebook, and Twitter. Commercial blogging is a
logical extension of this.
 
 Paying bloggers to write independently
about a company’s products or services is the ultimate publicity strategy. Blogs
are seen as independent, so readers’ defenses are down –a blog review is not
perceived as blatant advertising, but as an unbiased opinion from a trusted
blogger with a loyal, regular following. A blogger’s promotion of a company is
the best credibility possible. Bloggerwave gives companies the key to gaining
this credibility on the Internet.
 
 Social Media Optimization has become an
integral part of Online Reputation Management or Search Engine Reputation
Management –strategies all organizations must now engage in if they care about
their online presence and reputation.
 
 Getting bloggers to write about a
company increases its search engine ranking and Internet presence in general. It
is the latest and most innovative way to market oneself, as consumers spend more
and more hours online and increasingly turn to the Internet for consumer
guidance.
 
 Furthermore, smart businesses are
leveraging Social Media Optimization for more than just marketing. Used
strategically, SMO can help a company with product and service development,
brand building, customer satisfaction and relations, business development and
more. Bloggerwave enables companies to track how their message is spreading
around the Internet, including consumer reactions. Bloggerwave offers clients
the crucial component to any successful marketing campaign.
 
 As Social Media Grows, so too does
Social Media Optimization. Social Media Optimization influences brand awareness,
reputation, improves search engine ranking, enhances traffic for desired
website, generate leads, and improves internal communication and online sales
very effectively.
 
 
 9
 
 
 
 Why
Corporations are Increasingly Using SMO
 
 1.
              It’s
      where the consumers are
 
 No matter how non-technical customers
are - social media impacts their consumption decisions. Social media’s impact on
traditional media is increasing on a daily basis. Newspapers, television, and
radio, are realizing that certain networks are sometimes even faster than the AP
newswire. This impacts which news is presented in a traditional sense. The
geeks, webmasters, the trendsetters, and other folks who are on the bleeding
edge are now watching social media outlets and republishing to the channels that
customers are consuming from.
 
 2.
              SMO
      increases ROI
 
 Social
Media Optimization has resulted in positive ROI that is compelling the Companies
to invest more in SMO.
 
 It has
been observed that Companies with higher level of Social Media activity
increased their sale considerably, while the least active ones saw a drop in
sales. The Economic Intelligence Unit claims that 80% of companies out there
believe that social media or has the potential to increase company
revenue.
 
 
 3.
              The
      competition is doing it
 
  Some
      of the projected sites of Twitter reveal that Social Media
      Optimization has some 100 million and will increase to 350
      million users by 2011, a whopping 25% increase in activity in just one
      year. Internet is a vast communication device, and marketers are taking
      notice: 25 million users are already using this media as marketing
      technique.
                  
                  In
      a March 2009 Forrester Research survey of a sample of 203 US companies
      pursuing online marketing, 40% currently use SMO, 55% plan on using it
      within the next 12 months, and 65% plan on using it in more than 12 months
      from now. In a few years almost all companies will be optimizing Social
      Media, for companies who wish to remain ahead of the curve, the time to
      invest in SMO is now.
 
 4.
              More
      Social = More Search
 More
Search = More Customers
 More
customers = More business
 
 The web
is more de-centralized than ever. After consumers do their initial searches
through the Google, they start looking for communities of likeminded people. The
best customers are the ones that are passionate and want to have a conversation
about companies, their products, or something related. Companies need to be in
these communities.
 
 
 5.
              Websites
      are irrelevant without traffic
 
 Companies
can have the most beautiful website in the world, but without traffic, it is
useless.Social
Media Optimization can drive already-engaged and curious customers to company
websites.
 
 SMO
–The Rising Numbers
 
 10
 Forrester Research says the bottom line
is that social media and mobiles will be the hottest trend in online
marketing.
 
 
 
 SMO marketing is a relatively new field
that is closely associated with SEO marketing (engaging in strategies that
ensure a company’s name turns up high on search engines). Businesses that engage
in SEO are earning revenues in the $5 million USD range. SMO marketing is
considered the ”next generation” of SEO marketing. The following pages charts
list the top performing SEO marketing companies in the US and the UK. As SMO is
so new, no such equivalent market data yet exists.
 
  11
  
 Top 5 US SEO
Companies:
 
 
  12
 Top 5 SEO UK Companies:
 
 
 
  13
  Competitive
Analysis
 Bloggerwave, although only two years
old, despite fierce competition in this new evolving market, has already managed
to beat out all of its European-based competition, and has landed
multi-national, Big-Name blogging campaigns. The Company has single-handedly
propelled itself into the stratosphere of the world’s top Sponsored Blog Post
companies.
 Below is
a list of Bloggerwave’s toughest International Competition, all of which are
U.S.-based.
 1.PayPerPost                                         www.PayPerPost.com
 
 2.ReviewMe                                          www.reviewme.com
 
 3.SponsoredReviews                                                       www.sponsoredreviews.com
 
 4.Blogsvertise                                         www.blogvertise.com
 
 5.Smorty                                                                     www.smorty.com
 6.PayU2Blog                                         www.payu2blog.com
 
 
 Bloggerwave’s
Competitive Advantage
 
 Bloggerwave sets itself apart from the
competition in the following ways:
 European
Market Leader
 Bloggerwave’s competition is all
U.S.-based, giving it the unique advantage of international perspective, and
direct advertising access to international markets.
 Multilingual
 Bloggerwave has English, Danish,
Swedish, and German websites. Advertisers can reach all four linguistic markets
with one advertising assignment.
 
 Personalized
Services
 
 Each client is assigned a personal
Bloggerwave team that assists them in writing their core advertising copy and
provides input into which blogs are the best fit for the assignment. The team
reviews all blog postings to ensure that they are in accordance with client
guidelines, and then approves them on behalf of the client.
 
 Unique
Tracking Feature and Campaign Reports
 
 Clients can regularly log on to
Bloggerwave to view the progress of their blogging campaigns. Bloggerwave
provides clients with a comprehensive report upon completion of the blogging
campaign.
 
 Advertising
and Market Research in One
 
 Clients can receive instant consumer
feedback by following their blogging campaigns, as blog readers often post
‘reader comments’ on blog product reviews.
 
  14
  Marketing
Strategy
 
 Mission:
To attract and maintain more advertisers
 
 Marketing
objectives:
 ·
              Revenue
      growth
 ·
              Increase
      advertisers by 40% each year
 ·
              Increase
      repeat customers by 50% each
quarter
 ·
              Create
      and promote Bloggerwave brand
recognition
 ·
              Penetrate
      markets in US and Asia
 
 Keys
to success:
 ·
              Exceed
      client expectations, emphasize personalized service and
      support
 ·
              Build
      and maintain personal relationships with
  Advertisers
 ·
              Tailor-made
      campaigns and comprehensive, flexible
services
 ·
              Attract
      more first-time clients and provide them with enough value to convert them
      into repeat customers
 
 Target
markets:
 
 Corporate Advertising.
 
 Positioning:
 
 Bloggerwave has already positioned
itself as the premier corporate blogging company in Europe. The company’s intent
is to maintain and bolster this status, as well as build its reputation in US
and Asia.
 
 Typical clients include large
multinational firms that seek to bolster their public image on the Internet,
educate consumers about their products, and drive sales.
 
 Bloggerwave’s unique selling point is
its personalized and tailor-made campaigns for our advertisers.
 
 Strategy:
 
 Bloggerwave will use a combination of
targeted advertising, networking, Internet Marketing and press coverage to
generate visibility and communicate the message that it is the premier business
of its kind, offering custom, personalized services to its corporate
clients.
 
 ·
              Advertising
      will be done in industry-specific
journals.
 
 ·
              Face-to
      face networking activities will be particularly effective by leveraging
      existing relationships and
contacts.
 
 ·
              To
      continue attracting bloggers, Bloggerwave uses Google Ad words and
      blogging campaigns.
 
 ·
              Bloggerwave
      gained many of its initial clients through networking, referrals and cold
      calls; it will continue this
practice.
 
 ·
              Bloggerwave
      regularly informs the media of its unique business model to generate press
      coverage and “buzz.”
 
 ·
              Internet marketing ―
      as an expert in the industry, Bloggerwave already engages in
      various Internet marketing strategies such as blogging campaigns and
      SEO.
 
 ·
              Strategic
      partnerships are fundamental in the world of Internet commerce.
      Bloggerwave’s strategic alliances will help increase brand equity, reduce
      marketing expenses, and reduce the
  time-to-market.
 
  15
  
 Insurance
 
 We do not maintain any insurance and do
not intend to maintain insurance in the future. Because we do not have any
insurance, if we are made a party to a liability action, we may not have
sufficient funds to defend the litigation. If that occurs a judgment could be
rendered against us that could cause us to cease operations.
 
 Intellectual
Property
 
 We depend on our ability to develop and
maintain the proprietary aspects of our technology to distinguish our products
from our competitors’ products. To protect our proprietary technology, we rely
primarily on a combination of confidentiality procedures. It is our policy to
require employees and consultants to execute confidentiality agreements and
invention assignment agreements upon the commencement of their relationship with
us. These agreements provide that confidential information developed or made
known during the course of a relationship with us must be kept confidential and
not disclosed to third parties except in specific circumstances and for the
assignment to us of intellectual property rights developed within the scope of
the employment relationship.
 
 Employees
 
 As of March 30, 2010, we employed 2
full-time employees and no part-time employees. None of our employees is subject
to a collective bargaining agreement and we believe that relations with our
employees are very good. We also frequently use third party consultants to
assist in the completion of various projects. Third parties are instrumental to
keep the development of projects on time and on budget.
 
 WHERE
YOU CAN GET ADDITIONAL INFORMATION
 
 We file annual, quarterly and current
reports, proxy statements and other information with the SEC. You may read and
copy our reports or other filings made with the SEC at the SEC’s Public
Reference Room, located at 100 F Street, N.W., Washington, DC 20549. You can
obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. You can also access these reports and other filings
electronically on the SEC’s web site, www.sec.gov.
 
 In addition, certain of our SEC
filings, including our annual reports on Form 10-K, our quarterly reports on
Form 10-Q and current reports on Form 8-K, and amendments to these reports, can
be viewed and printed from the investor information section of our corporate
website at www.bloggerwaveinc.com,
as soon as reasonably practicable after filing with the SEC.
 
 *The
information on the websites listed above is not and should not be considered
part of this Report and is not incorporated by reference in this document. These
websites are, and are only intended to be, inactive textual
references.
 
 Government
Regulation
 
 We are not currently subject to
federal, state or local regulation other than regulations applicable to
businesses generally or directly applicable to our business model. However, the
Internet is increasingly popular. As a result, it is possible that a number of
laws and regulations may be adopted with respect to the Internet. These laws may
cover issues such as user privacy, freedom of expression, pricing, content and
quality of products and services, taxation, advertising, intellectual property
rights and information security. Furthermore, the growth of electronic commerce
may prompt calls for more stringent consumer protection laws. Several states
have proposed legislation to limit the uses of personal user information
gathered online or require online services to establish privacy
policies.
 
 We are not certain how business may be
affected by the application of existing laws governing issues such as property
ownership, copyrights, encryption and other intellectual property issues,
taxation, libel, obscenity and export or import matters. The vast majority of
such laws were adopted prior to the advent of the Internet. As a result, they do
not contemplate or address the unique issues of the Internet and related
technologies. Changes in laws intended to address such issues could create
uncertainty in the Internet market place. Such uncertainty could reduce demand
for services or increase the cost of doing business as a result of litigation
costs or increased service delivery costs. In addition, because our services are
available over the Internet in multiple states and foreign countries, other
jurisdictions may claim that we are required to qualify to do business in each
such state or foreign country. We are qualified to do business only in Nevada.
Our failure to qualify in a jurisdiction where it is required to do so could
subject it to taxes and penalties. It could also hamper our ability to enforce
contracts in such jurisdictions. The application of laws or regulations from
jurisdictions whose laws currently apply to our business could have a material
adverse affect on our business, results of operations and financial
condition.
  16
 
 ITEM
      1A.
              RISK
      FACTORS
 
 We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
 
 ITEM
      1B.
              UNRESOLVED
      STAFF COMMENTS
 
 None.
 
 ITEM
2.      PROPERTIES
 
 We do not
own any real estate. Our principal executive office is located at 800 West El
Camino Real,Suite
180,Mountain View, CA
94040. Our telephone number is (650) 943-2490. We also maintain a European
office at Gammel Strandvej 22C, 2009 Niva, Denmark. The space we lease is
utilized for offices purposes. It is our belief that the space is adequate for
our immediate needs. Additional space may be required as we expand our
operations. We do not foresee any significant difficulties in obtaining any
required additional facilities.
 
 ITEM 3.      LEGAL
PROCEEDINGS
 
 None.
 
 ITEM
4.
  17
  
  PART
II
 
 ITEM
      5.
              MARKET
      FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
      PURCHASES OF EQUITY SECURITIES
  Market
Information
 
 Our
common stock is currently quoted on the OTC Bulletin Board. Our common stock has
been quoted on the OTC Bulletin Board since July 14, 2009 under the symbol
“ELVT.OB.” On January 20, 2010, we began trading under our current symbol of
“BLGW.OB.” Because we are quoted on the OTC Bulletin Board, our securities may
be less liquid, receive less coverage by security analysts and news media, and
generate lower prices than might otherwise be obtained if they were listed on a
national securities exchange.
 
 The
following table sets forth the high and low bid quotations for our common stock
as reported on the OTC Bulletin Board for the periods indicated.
 
 2009
              
              
              High
              
              
              LowThird
      Quarter
              
              
              NIL
              
              
              NILFourth
      Quarter
              
              
              NIL
              
              
              NIL
 
 Record
Holders
 
 As of December 31, 2009, an aggregate
of 84,700,000 shares of our common stock were issued and outstanding and were
owned by approximately 15 holders of record, based on information provided by
our transfer agent.
 
 Recent
Sales of Unregistered Securities
 
 Other than those previously reported,
none.
 
 
 Re-Purchase
of Equity Securities
 
 None.
 
 Dividends
 
 We have
not paid any cash dividends on our common stock since inception and presently
anticipate that all earnings, if any, will be retained for development of our
business and that no dividends on our common stock will be declared in the
foreseeable future. Any future dividends will be subject to the discretion of
our Board of Directors and will depend upon, among other things, future
earnings, operating and financial condition, capital requirements, general
business conditions and other pertinent facts. Therefore, there can be no
assurance that any dividends on our common stock will be paid in the
future.
 
 
 Securities
Authorized for Issuance Under Equity Compensation Plans
 
 The Company has not authorized any
securities for issuance under an Equity Compensation Plan.
 
 Forward-Split
 
 We
implemented a forward split of the issued and outstanding common shares of the
Company, whereby every one share of common stock held was exchanged for 7 shares
of common stock. As a result, the issued and outstanding shares of common stock
were increased from approximately 12,100,000prior to the forward
split to 84,700,000 following
the forward split. The forward split was payable as a dividend to shareholders
of record as of January 20, 2010.
 
 ITEM
6.                 SELECTED
FINANCIAL DATA
 
 We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
  18
 
 ITEM 7.
              MANAGEMENT'S DISCUSSION AND
      ANALYSIS OR PLAN OF
OPERATION.
 
 The
following discussion should be read in conjunction with our audited financial
statements and notes thereto included herein. In connection with, and because we
desire to take advantage of, the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, we caution readers regarding certain
forward looking statements in the following discussion and elsewhere in this
report and in any other statement made by, or on our behalf, whether or not in
future filings with the Securities and Exchange Commission. Forward-looking
statements are statements not based on historical information and which relate
to future operations, strategies, financial results or other developments.
Forward looking statements are necessarily based upon estimates and assumptions
that are inherently subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond our control and many
of which, with respect to future business decisions, are subject to change.
These uncertainties and contingencies can affect actual results and could cause
actual results to differ materially from those expressed in any forward looking
statements made by, or our behalf. We disclaim any obligation to update
forward-looking statements.
 
 Limited
Operating History; Need for Additional Capital
 
 Our
business is subject to risks inherent in the establishment of a new business
enterprise, including limited capital resources and possible cost overruns due
to price and cost increases in services and products.
 
 To become
profitable and competitive, we have to locate and negotiate agreements that
result in revenue.  We may have to seek out additional equity
financing to provide for the capital required to continue to implement our
operations. We have no assurance that future financing will be available to us
on acceptable terms. If financing is not available on satisfactory terms, we may
be unable to continue, develop or expand our operations. Equity financing could
result in additional dilution to existing shareholders.
 
 MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATION
 
 The
Company’s functional currency is the Danish Krone (DKK) however certain
transactions are denominated in United States Dollars or other currencies. Our
financial statements are translated to United States Dollars for reporting
purposes. Our financial statements are prepared in accordance with United States
Generally Accepted Accounting Principles (GAAP).
 
 We have
incurred recurring losses to date. Our financial statements have been prepared
assuming that we will continue as a going concern and, accordingly, do not
include adjustments relating to the recoverability and realization of assets and
classification of liabilities that might be necessary should we be unable to
continue in operation.
 
 We expect
we will require additional capital to meet our long term operating requirements.
We expect to raise additional capital through, among other things, the sale of
equity or debt securities.
 
 RESULTS
OF OPERATION
 
 For
the Fiscal Years Ended December 31, 2009, and December 31, 2008
 
 During
fiscal year ended December 31, 2009, and December 31, 2008, we generated
revenues of $105,008 and $3,670 respectively, our cost of revenues amounted
to $15,028 and $1,875, respectively, and our gross profit was $89,980 and
$1,795, respectively.   The increase in revenues, cost of
revenues, and gross profit are all attributable to the twelve months ended
December 31, 2009, being our first full year of operations whereas we were still
getting organized by December 31, 2009.
 
 During
the fiscal year ended December 31, 2009, we incurred general and administrative
expenses in the aggregate amount of $205,854 compared to $18,259 incurred during
fiscal year ended December 31, 2008. This increase in expenses incurred during
the fiscal year ended December 31, 2009, compared to the fiscal year ended
December 31, 2008, is also attributable to the fiscal year ended December 31,
2009, being our first full year of operations.
 
 This
resulted in a loss from operations of $(115,874) during the fiscal year ended
December 31, 2009, compared to a loss of $(16,464) during the fiscal year ended
December 31, 2008.
 
 19
 LIQUIDITY
AND CAPITAL RESOURCES
 
 Our
financial statements have been prepared assuming that we will continue as a
going concern and, accordingly, do not include adjustments relating to the
recoverability and realization of assets and classification of liabilities that
might be necessary should we be unable to continue in operation.
 
 For
Fiscal Years Ended December 31, 2009 and 2008
 
 As of
December 31, 2009, and 2008, our total assets were $14,163 and $2,793,
respectively, comprised of accounts receivable, office equipment, and limited
cash resources. The increase in assets is attributable to accounts receivable
since by December 31, 2008, we had not yet had any sales.
 
 As of
December 31, 2009, and 2008, our current liabilities were $180,391 and $17,828,
respectively.  This increase is attributable an increase in debt and
accrued liabilities during our first full year of operations.
 
 We have
not generated positive cash flows from operating activities. For the fiscal year
ended December 31, 2009, net cash flow used in operating activities was
($118,280) compared to net cash flow used in operating activities of ($8,546)
for fiscal year ended December 31, 2008.
 
 For
the fiscal year ended December 31, 2009, net cash flows of $119,844 were
financed primarily from subscription agreements, bank financing  and
related party loans.  For the fiscal year ended December 31, 2008, net
cash flows of $10,562 were financed from subscription agreements and related
party loans. The increase was attributable to the cash requirements associated
with our first full year of operations.
 
 PLAN
OF OPERATION AND FUNDING
 
 Existing
working capital, cash flow from operations, further advances from the bank, as
well as debt instruments or stock subscriptions are expected to be adequate to
fund our operations over the next twelve months. Generally, we have financed
operations to date through the proceeds of stock subscriptions, bank financing
and related party loans.
 
 In
connection with our business plan, management anticipates that administrative
expenses will increase over the next twelve months. Additional issuances of
equity or convertible debt securities may be required which will result in
dilution to our current shareholders. Furthermore, such securities might have
rights, preferences or privileges senior to our common stock. Additional
financing may not be available upon acceptable terms, or at all. If adequate
funds are not available or are not available on acceptable terms, we may not be
able to take advantage of prospective new business opportunities, which could
significantly and materially restrict our business operations.
 
 MATERIAL
COMMITMENTS
 
 We do not
have any material commitments for the fiscal years ended December 31, 2009, and
2008.
 
 Related
Party Loan
 
 The
Company owed to the Directors and stockholders the following amounts on the
indicated dates:
 
 December
      31, 2008
              $6,255December
      31, 2009
              $81,299
 
 Such
loans are unsecured, also, as of december 31, 2009, we had a loan from an
individual who was a former Director and officer of the Company  for
$12,000.  The loan was provided for working capital pruposes and
carries an interest rate of 6% non-interest bearing, and have no terms for
repayment. We anticipate that this amount will continue to increase over the
next 12 months.
 
 PURCHASE
OF SIGNIFICANT EQUIPMENT
 
 We do not
intend to purchase any significant equipment during the next twelve
months.
 
 OFF-BALANCE
SHEET ARRANGEMENTS
 
 We do not
have any off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to investors.
 
 20
 GOING
CONCERN
 
 The
independent auditors' report accompanying our December 31, 2009, and 2008,
financial statements contains an explanatory paragraph expressing substantial
doubt about our ability to continue as a going concern. The financial statements
have been prepared "assuming that we will continue as a going concern," which
contemplates that we will realize our assets and satisfy our liabilities and
commitments in the ordinary course of business.
 
 RECENT
ACCOUNTING PRONOUNCEMENTS
  In March
2008, the FASB issued FASB Statement No. 161, (FASB ASC 161 815)“Disclosures about Derivative
Instruments and Hedging Activities – an amendment of FASB Statement
133”(“SFAS
No. 161”).  SFAS No. 161 enhances required disclosures regarding
derivatives and hedging activities, including enhanced disclosures regarding
how:  (a) an entity uses derivative instruments; (b) derivative
instruments and related hedged items are accounted for under FASB No. 133,“Accounting for Derivative
Instruments and Hedging Activities”; and (c) derivative instruments and
related hedged items affect an entity’s financial position, financial
performance, and cash flows.  Specifically, SFAS No. 161
requires:
 
 -
              disclosure
      of the objectives for using derivative instruments be disclosed in terms
      of underlying risk and accounting designation;-
              disclosure
      of the fair values of derivative instruments and their gains and losses in
      a tabular format;
 
 -
              disclosure
      of information about credit-risk-related contingent features;
      and-
              cross-reference
      from the derivative footnote to other footnotes in which
      derivative-related information is
disclosed.
 
 SFAS No.
161 is effective for fiscal years and interim periods beginning after November
15, 2008.  Earlier application is encouraged.  The
management of the Company does not expect the adoption of this pronouncement to
have a material impact on its financial statements.
 
 On May 9,
2008, the FASB issued FASB Statement No. 162, (FASB ASC 162 105) “The Hierarchy of Generally Accepted
Accounting Principles”(“SFAS No.
162”).  SFAS No. 162 is intended to improve financial reporting by
identifying a consistent framework, or hierarchy, for selecting accounting
principles to be used in preparing financial statements that are presented in
conformity with U.S. generally accepted accounting principles (“GAAP”) for
nongovernmental entities.
 
 Prior to
the issuance of SFAS No. 162, GAAP hierarchy was defined in the American
Institute of Certified Public Accountants (“AICPA”) Statement on Auditing
Standards (“SAS”) No. 69, “The
Meaning of Present Fairly in Conformity with Generally Accept Accounting
Principles.”  SAS No. 69 has been criticized because it is
directed to the auditor rather than the entity.  SFAS No. 162
addresses these issues by establishing that the GAAP hierarchy should be
directed to entities because it is the entity (not the auditor) that is
responsible for selecting accounting principles for financial statements that
are presented in conformity with GAAP.
 
 21
 The
sources of accounting principles that are generally accepted are categorized in
descending order as follows:
 
 a)
              FASB
      Statements of Financial Accounting Standards and Interpretations, FASB
      Statement 133 Implementation Issues, FASB Staff Positions, and American
      Institute of Certified Public Accountants (AICPA) Accounting Research
      Bulletins and Accounting Principles Board Opinions that are not superseded
      by actions of the FASB
 
 b)
              FASB
      Technical Bulletins and, if cleared by the FASB, AICPA Industry Audit and
      Accounting Guides and Statements of
Position
 
 c)
              AICPA
      Accounting Standards Executive Committee Practice Bulletins that have been
      cleared by the FASB, consensus positions of the FASB Emerging Issues Task
      Force (EITF), and the Topics discussed in Appendix D of EITF Abstracts
      (EITF D-Topics)
 
 d)
              Implementation
      guides (Q&As) published by the FASB staff, AICPA Accounting
      Interpretations, AICPA Industry Audit and Accounting Guides and Statements
      of Position not cleared by the FASB, and practices that are widely
      recognized and prevalent either generally or in the
    industry
 
 SFAS No.
162 is effective 60 days following the SEC’s approval of the Public Company
Accounting Oversight Board amendment to its authoritative
literature.  It is only effective for nongovernmental entities;
therefore, the GAAP hierarchy will remain in SAS 69 for state and local
governmental entities and federal governmental entities.  The
management of the Company does not expect the adoption of this pronouncement to
have a material impact on its financial statements.
 
 On May
26, 2008, the FASB issued FASB Statement No. 163 (FASB ASC 163 944), “Accounting for Financial Guarantee
Insurance Contracts—an interpretation of FASB Statement No. 60” (“SFAS
No. 163”).  SFAS No. 163 clarifies how FASB Statement No. 60, “Accounting and Reporting by
Insurance Enterprises” (“SFAS No. 60”), applies to financial guarantee
insurance contracts issued by insurance enterprises including the recognition
and measurement of premium revenue and claim liabilities.  It also
requires expanded disclosures about financial guarantee insurance
contracts.
 
 The
accounting and disclosure requirements of SFAS No. 163 are intended to improve
the comparability and quality of information provided to users of financial
statements by creating consistency.  Diversity exists in practice in
accounting for financial guarantee insurance contracts by insurance enterprises
under SFAS No. 60, “Accounting
and Reporting by Insurance Enterprises.”  That diversity
results in inconsistencies in the recognition and measurement of claim
liabilities because of differing views about when a loss has been incurred under
FASB Statement No. 5, “Accounting for Contingencies”
(“SFAS No. 5”).  SFAS No. 163 requires that an insurance enterprise
recognize a claim liability prior to an event of default when there is evidence
that credit deterioration has occurred in an insured financial
obligation.  It also requires disclosure about (a) the risk-management
activities used by an insurance enterprise to evaluate credit deterioration in
its insured financial obligations and (b) the insurance enterprise’s
surveillance or watch list.
 
 SFAS No.
163 is effective for financial statements issued for fiscal years beginning
after December 15, 2008, and all interim periods within those fiscal years,
except for disclosures about the insurance enterprise’s risk-management
activities.  Disclosures about the insurance enterprise’s
risk-management activities are effective the first period beginning after
issuance of SFAS No. 163.  Except for those disclosures, earlier
application is not permitted.  The management of the Company does not
expect the adoption of this pronouncement to have material impact on its
financial statements.
 
 On May
22, 2009, the FASB issued FASB Statement No. 164, (FASB ASC 164 958) “Not-for-Profit Entities: Mergers and
Acquisitions” (“SFAS No. 164”).  Statement 164 is intended to
improve the relevance, representational faithfulness, and comparability of the
information that a not-for-profit entity provides in its financial reports about
a combination with one or more other not-for-profit entities, businesses, or
nonprofit activities.  To accomplish that, this Statement establishes
principles and requirements for how a not-for-profit entity:
 
 a.
              Determines
      whether a combination is a merger for an acquisition.b.
              Applies
      the carryover method in accounting for a
merger.
 
 22
 c.
              Applies
      the acquisition method in accounting for an acquisition, including
      determining which of the combining entities the acquirer
    is.d.
              Determines
      what information to disclose to enable users of financial statements to
      evaluate the nature and financial effects of a merger or an
      acquisition.
 
 This
Statement also improves the information a not-for-profit entity provides about
goodwill and other intangible assets after an acquisition by amending FASB
Statement No. 142,Goodwill and Other Intangible
Assets, to make it fully applicable to not-for-profit
entities.
 
 Statement
164 is effective for mergers occurring on or after December 15, 2009, and
acquisitions for which the acquisition date is on or after the beginning of the
first annual reporting period beginning on or after December 15,
2009.  Early application is prohibited.  The management of
the Company does not expect the adoption of this pronouncement to have material
impact on its financial statements.
 
 On May
28, 2009, the FASB issued FASB Statement No. 165, (FASB ASC 165 855) “Subsequent Events” (“SFAS No.
165”).  Statement 165 establishes general standards of accounting for
and disclosure of events that occur after the balance sheet date but before
financial statements are issued or are available to be
issued.  Specifically, Statement 165 provides:
 
 1.
              The
      period after the balance sheet date during which management of a reporting
      entity should evaluate events or transactions that may occur for potential
      recognition or disclosure in the financial statements.2.
              The
      circumstances under which an entity should recognize events or
      transactions occurring after the balance sheet date in its financial
      statements.
 
 3.
              The
      disclosures that an entity should make about events or transactions that
      occurred after the balance sheet
date.
 
 In
accordance with this Statement, an entity should apply the requirements to
interim or annual financial periods ending after June 15, 2009.  The
adoption of this accounting pronouncement did not have a material impact on the
company's financial statements.
  In June
2009, the FASB issued FASB Statement No. 166 (FASB ASC 166 860), “Accounting for Transfers of
Financial Assets – an amendment of FASB Statement No. 140” (“SFAS No.
166”).  SFAS No. 166 is a revision to FASB Statement No. 140
“Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities” and will
require more information about transfers of financial assets, including
securitization transactions, and where companies have continuing exposure to the
risks related to transferred financial assets.  It eliminates the
concept of a “qualifying special-purpose entity,” changes the requirements for
derecognizing financial assets, and requires additional
disclosures.
 
 This
statement is effective for financial asset transfers occurring after the
beginning of an entity's first fiscal year that begins after November 15,
2009.  The management of the Company does not expect the adoption of
this pronouncement to have a material impact on its financial
statements.
 
 In June
2009, the FASB issued FASB Statement No. 167 (FASB ASC 167 810),"Amendments to FASB Interpretation
No. 46(R)" (“SFAS No. 167”).  SFAS No. 167 amends certain
requirements of FASB Interpretation No.  46(R), “Consolidation of Variable Interest
Entities” and changes how a company determines when an entity that is
insufficiently capitalized or is not controlled through voting (or similar
rights) should be consolidated.  The determination of whether a
company is required to consolidate an entity is based on, among other things, an
entity’s purpose and design and a company’s ability to direct the activities of
the entity that most significantly impact the entity’s economic
performance.
 
 This
statement is effective as of the beginning of each reporting entity’s first
annual reporting period that begins after November 15, 2009.  The
management of the Company does not expect the adoption of this pronouncement to
have a material impact on its financial statements.
 
 In June
2009, the FASB issued FASB Statement No. 168 (FASB ASC 168 105), "The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles - a
replacement of FASB Statement No. 162" ("SFAS No. 168").  SFAS
No. 168 establishes the FASB Accounting Standards Codification (the
"Codification") to become the single official source of authoritative,
nongovernmental U.S. generally accepted accounting principles
(“GAAP”).  The Codification did not change GAAP but reorganizes the
literature.
 
 23
 SFAS
No.168 is effective for interim and annual periods ending after September 15,
2009.   The adoption of this accounting pronouncement did not
have a material impact on the company's financial statements.
  ITEM
7A.                      QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
 We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
  24


BLOGGERWAVE
INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


INDEX
TO FINANCIAL STATEMENTS


DECEMBER
31, 2009, AND 2008














Report
      of Registered Independent Auditors
              F-2Financial
      Statements -Balance
      Sheets as of December 31, 2009, and 2008
              F-3Statements
      of Operations and Other Comprehensive (Loss) for the
                Years
      Ended December 31, 2009, and 2008
              F-4Statements
      of Stockholders’ (Deficit) for the Periods Ended
                December
      31, 2009, and 2008
              F-5Statements
      of Cash Flows for the Years Ended
                December
      31, 2009, and 2008
              F-6Notes
      to Financial Statements December 31, 2009, and 2008
              F-7








25











REPORT
OF REGISTERED INDEPENDENT AUDITORS











To the
Board of Directors and Stockholders


of
Bloggerwave Inc.:





We have
audited the accompanying balance sheets of Bloggerwave Inc. (a Nevada
corporation, and formerly Elevated Concepts, Inc.) as of December 31, 2009, and
2008, and the related statements of operations, stockholders’ (deficit), and
cash flows for each of the two years in the period ended December 31,
2009.  These financial statements are the responsibility of the
Company’s management.  Our responsibility is to express an opinion on
these financial statements based on our audits.





We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States of America).  Those
standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial
reporting.  Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control over financial
reporting.  Accordingly, we express no such opinion.  An
audit 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 Bloggerwave Inc. as of December 31,
2009, and 2008, and the results of its operations and its cash flows for each of
the two years in the period ended December 31, 2009, 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 2 to the
financial statements, the Company has not established a significant source of
revenues to cover its operating costs.  As such, it has incurred an
operating loss since inception.  These and other factors raise
substantial doubt about the Company’s ability to continue as a going
concern.  Management’s plan regarding these matters is also described
in Note 2 to the financial statements.  The accompanying financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.





Respectfully
submitted,





/s/ Davis
Accounting Group P.C.





Cedar
City, Utah,


March 26,
2010.








26





BLOGGERWAVE
      INC.(FORMERLY
      ELEVATED CONCEPTS, INC.)BALANCE
      SHEETS (NOTE 2)AS
      OF DECEMBER 31, 2009, AND 2008ASSETS2009
              
              
              2008Current
      Assets:Cash
      and cash equivalent
              
              $
              115
              
              
              $
              111Accounts
      receivable - Trade
              
              
              9,282
              
              
              
              670Prepaid
      expenses
              
              
              2,511
              
              
              
              -Total
      current assets
              
              
              11,908
              
              
              
              781Property
      and Equipment:Computer
      & office equipment
              
              
              3,866
              
              
              
              2,076Less
      - Accumulated depreciation
              
              
              (1,611
              )
              
              
              (464
              )Net
      property and equipment
              
              
              2,255
              
              
              
              1,612Other
      Assets:Security
      deposit
              
              
              -
              
              
              
              400Total
      other assets
              
              
              -
              
              
              
              400Total
      Assets
              
              $
              14,163
              
              
              $
              2,793LIABILITIES AND STOCKHOLDERS'
      (DEFICIT)Current
      Liabilities:Accounts
      payable - Trade
              
              $
              6,150
              
              
              $
              8,749Accrued
      liabilities
              
              
              79,612
              
              
              
              2,824Deferred
      revenues
              
              
              1,330
              
              
              
              -Due
      to related party - Director and stockholder
              
              
              81,299
              
              
              
              6,255Loan
      from stockholder
              
              
              12,000
              
              
              
              -Total
      current liabilities
              
              
              180,391
              
              
              
              17,828Total
      liabilities
              
              
              180,391
              
              
              
              17,828Commitments
      and ContingenciesStockholders'
      (Deficit):Common
      stock, par value $0.001 per share, 200,000,000 sharesauthorized;
      84,700,000 and 56,000,000 shares issued andoutstanding
      in 2009 and 2008, respectively
              
              
              84,700
              
              
              
              56,000Discount
      on common stock
              
              
              (76,733
              )
              
              
              (51,000
              )Accumulated
      other comprehensive income
              
              
              230
              
              
              
              -Accumulated
      (deficit)
              
              
              (174,425
              )
              
              
              (20,035
              )Total
      stockholders' (deficit)
              
              
              (166,228
              )
              
              
              (15,035
              )Total
      Liabilities and Stockholders' (Deficit)
              
              $
              14,163
              
              
              $
              2,793


The
accompanying notes to the financial statements are


an
integral part of these balance sheets.





F-3
 27





BLOGGERWAVE
      INC.(FORMERLY
      ELEVATED CONCEPTS, INC.)STATEMENTS
      OF OPERATIONS AND OTHER COMPREHENSIVE (LOSS) (NOTE 2)FOR
      THE YEARS ENDED DECEMBER 31, 2009, AND 2008Years
      EndedDecember
      31,2009
            
            
            2008Sales,
      net
            
            $
            105,008
            
            
            $
            3,670Cost
      of Goods Sold
            
            
            15,028
            
            
            
            1,875Gross
      Profit
            
            
            89,980
            
            
            
            1,795Selling,
      General and Administrative expenses
            
            
            205,854
            
            
            
            18,259(Loss)
      from Operations
            
            
            (115,874
            )
            
            
            (16,464
            )Other
      income (expense):Interest
      (expense)
            
            
            (1,093
            )
            
            
            -Provision
      for Income Taxes
            
            
            -
            
            
            
            -Net
      (Loss)
            
            
            (116,967
            )
            
            
            (16,464
            )Other
      Comprehensive (Loss):Foreign
      currency translation
            
            
            230
            
            
            
            -Total
      Comprehensive (Loss)
            
            $
            (116,737
            )
            
            $
            (16,464
            )(Loss)
      Per Common Share:(Loss)
      per common share - Basic and Diluted
            
            $
            (0.00
            )
            
            $
            (0.00
            )Weighted
      Average Number of Common SharesOutstanding
      - Basic and Diluted
            
            
            79,139,795
            
            
            
            39,025,956





The
accompanying notes to the financial statements are


an
integral part of these statements.










28





BLOGGERWAVE
      INC.(FORMERLY
      ELEVATED CONCEPTS, INC.)STATEMENTS
      OF STOCKHOLDERS' (DEFICIT) (NOTE 2)FOR
      THE PERIODS ENDED DECEMBER 31, 2009, AND 2008AccumulatedOtherCommon
      Stock
              
              
              
              
              
              Discount
      on
              
              
              Comprehensive
              
              
              AccumulatedDescription
              
              Shares
              
              
              Amount
              
              
              Common
      stock
              
              
              Income
              
              
              (Deficit)
              
              
              TotalBalance
      - December 31, 2007
              
              
              21,000,000
              
              
              $
              21,000
              
              
              $
              (21,000
              )
              
              $
              -
              
              
              $
              (3,571
              )
              
              $
              (3,571
              )Common
      stock issued for cash
              
              
              35,000,000
              
              
              
              35,000
              
              
              
              (30,000
              )
              
              
              -
              
              
              
              -
              
              
              
              5,000Net
      (loss) for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (16,464
              )
              
              
              (16,464
              )Balance
      - December 31, 2008
              
              
              56,000,000
              
              
              
              56,000
              
              
              
              (51,000
              )
              
              
              -
              
              
              
              (20,035
              )
              
              
              (15,035
              )Common
      stock issued for cash
              
              
              28,700,000
              
              
              
              28,700
              
              
              
              4,100
              
              
              
              -
              
              
              
              -
              
              
              
              32,800Impact
      of recapitalization from reverse merger
              
              
              -
              
              
              
              -
              
              
              
              (29,833
              )
              
              
              -
              
              
              
              (37,423
              )
              
              
              (67,256
              )Foreign
      currency translation adjustment
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              230
              
              
              
              -
              
              
              
              230Net
      (loss) for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (116,967
              )
              
              
              (116,967
              )Balance
      - December 31, 2009
              
              
              84,700,000
              
              
              $
              84,700
              
              
              $
              (76,733
              )
              
              $
              230
              
              
              $
              (174,425
              )
              
              $
              (166,228
              )


























The
accompanying notes to the financial statements are


an
integral part of these statements.





F-5
 29








BLOGGERWAVE
      INC.(FORMERLY
      ELEVATED CONCEPTS, INC.)STATEMENTS
      OF CASH FLOWS (NOTE 2)FOR
      THE YEARS ENDED DECEMBER 31, 2009, AND 2008Years
      EndedDecember
      31,2009
              
              
              2008Operating
      Activities:Net
      (loss)
              
              $
              (116,967
              )
              
              $
              (16,464
              )Adjustments
      to reconcile net (loss) to net cash(used
      in) operating activities:Depreciation
              
              
              1,147
              
              
              
              415Impact
      of recapitalization from reverse merger
              
              
              (67,256
              )
              
              
              -Changes
      in net assets and liabilities:Accounts
      receivable - Trade
              
              
              (8,612
              )
              
              
              (670
              )Prepaid
      expenses
              
              
              (2,511
              )
              
              
              -Security
      deposit
              
              
              400
              
              
              
              (400
              )Accounts
      payable - Trade
              
              
              (2,599
              )
              
              
              5,476Accrued
      liabilities
              
              
              76,788
              
              
              
              3,097Deferred
      revenues
              
              
              1,330
              
              
              
              -Net
      Cash (Used in) Operating Activities
              
              
              (118,280
              )
              
              
              (8,546
              )Investing
      Activities:Purchases
      of computer equipment
              
              
              (1,790
              )
              
              
              (1,905
              )Net
      Cash (Used in) Investing Activities
              
              
              (1,790
              )
              
              
              (1,905
              )Financing
      Activities:Proceeds
      from the issuance of common stock
              
              
              32,800
              
              
              
              5,000Proceeds
      from Director and stockholder
              
              
              87,044
              
              
              
              5,562Net
      Cash Provided by Financing Activities
              
              
              119,844
              
              
              
              10,562Effect
      of Exchange Rate Changes on Cash
              
              
              230
              
              
              
              -Net
      Increase in Cash and Equivalent
              
              
              4
              
              
              
              111Cash
      and Cash Equivalent - Beginning of Period
              
              
              111
              
              
              
              -Cash
      and Cash Equivalent - End of Period
              
              $
              115
              
              
              $
              111Supplemental
      Disclosure of Cash Flow Information:Cash
      paid during the period for:Interest
              
              $
              -
              
              
              $
              -Income
      taxes
              
              $
              -
              
              
              $
              -























The
accompanying notes to the financial statements are


an
integral part of these statements.





F-6
 30
 BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008








1)           Summary
of Significant Accounting Policies





Basis
of Presentation and Organization





Bloggerwave
Inc. (the “Company” and formerly Elevated Concepts, Inc.) was incorporated in
the State of Nevada on December 21, 2006, under the name Elevated Concepts,
Inc.  The Company originally was in the business of export and sale of
green, eco-friendly, biodegradable, non-toxic household products and building
materials used in housing construction and home renovation in the emerging
markets of Russia, Ukraine and other Eastern European countries from North
American manufactures.





On
September 9, 2009, the Company entered into an Agreement and Plan of Merger (the
"Merger Agreement") with Bloggerwave ApS., a company incorporated under the laws
of Denmark (“Bloggerwave ApS”).  In accordance with the terms and
provisions of the Merger Agreement, the Company: (i) issued an aggregate of
35,000,000 shares of its common stock (post forward stock split) to the
shareholders of Bloggerwave on the basis of 350,000 restricted shares of the
Company (post forward stock split) for each one share held of record by the
Bloggerwave Shareholder; and (ii) issued 21,000,000 shares of its common stock
(post forward stock split) to the management of Bloggerwave.  As a
result of the Merger Agreement, the Company changed its name to Bloggerwave Inc.
by way of Certificate of Amendment to its Articles of Incorporation filed with
the Nevada Secretary of State on November 19, 2009.





Bloggerwave
ApS was incorporated under the laws of Denmark on August 23,
2007.  The business plan of the company is to help its corporate
clients harness the power of the Internet by leveraging the power and
credibility of blogs to promote products and services.





Given
that Bloggerwave ApS is considered to have acquired the Company by a reverse
merger through an Agreement and Plan of Merger, and its stockholders currently
have voting control of the Company, the accompanying financial statements and
related disclosures in the notes to financial statements present the financial
position as of December 31, 2009, and 2008, and the operations for the years
ended December 31, 2009, and 2008, of Bloggerwave ApS under the name of the
Company.  The reverse merger has been recorded as a recapitalization
of the Company, with the net assets of the Company and Bloggerwave ApS brought
forward at their historical bases.  The costs associated with the
reverse merger have been expensed as incurred.





The
accompanying financial statements of the Company were prepared from the accounts
of the Company under the accrual basis of accounting.





Cash
and Cash Equivalents





For
purposes of reporting within the statements of cash flows, the Company considers
all cash on hand, cash accounts not subject to withdrawal restrictions or
penalties, and all highly liquid debt instruments purchased with a maturity of
three months or less to be cash and cash equivalents.








Accounts
Receivable





Trade
accounts receivable are recorded on services provided to customers, and
generally are due under the terms of net 30 days.  The trade
receivables are not collateralized and interest is not accrued on past due
accounts.  Periodically, management reviews the adequacy of its
provision for doubtful accounts based on historical bad debt expense results and
current economic conditions using factors based on the aging of its accounts
receivable.  Additionally, the Company may identify additional
allowance requirements based on indications that a specific customer may be
experiencing financial difficulties.  Actual bad debt results could
differ materially from these estimates.  As of December 31, 2009, and
2008, the balance of the allowance for doubtful account was $0 and $0,
respectively.  While management uses the best information available
upon which to base estimates, future adjustments to the allowance may be
necessary if economic conditions differ substantially from the assumptions used
for the purposes of analysis.







31


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





Property and
Equipment





Property
and equipment is stated at cost.  Expenditures that materially
increase useful lives are capitalized, while ordinary maintenance and repairs
are expensed as incurred.  Depreciation is computed using the
straight-line method over the estimated useful lives of the assets as
follows:





Computer
and office
equipment                                     3
years





Impairment
of Long-lived Assets





The
Company evaluates the recoverability of long-lived assets and the related
estimated remaining lives at each balance sheet date.  The Company
records an impairment or change in useful life whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable or the
useful life has changed.  For the years ended December 31, 2009, and
2008, no events or circumstances occurred for which an evaluation of the
recoverability of long-lived assets was required.





Lease
Obligations





All
noncancellable leases with an initial term greater than one year are categorized
as either capital or operating leases.  Assets recorded under capital
leases are amortized according to the methods employed for property and
equipment or over the term of the related lease if shorter.





Fair
Value of Financial Instruments





The
Company estimates the fair value of financial instruments using the available
market information and valuation methods.  Considerable judgment is
required in estimating fair value.  Accordingly, the estimates of fair
value may not be indicative of the amounts the Company could realize in a
current market exchange.  As of December 31, 2009, and 2008, the
carrying value of the Company’s financial instruments approximated fair value
due to the short-term nature and maturity of these instruments.







Foreign
Currency Translation





The
Company accounts for foreign currency translation pursuant to SFAS No. 52 (FASB
ASC 830-30), “Foreign Currency
Translation.”  The Company’s functional currency is the Danish
Krone (DKK).  Under SFAS No. 52 (FASB ASC 830-30), all assets and
liabilities are translated into United States dollars using the current exchange
rate at the end of each fiscal period.  Revenues and expenses are
translated using the average exchange rates prevailing throughout the respective
periods.  Translation adjustments are included in other comprehensive
income (loss) for the period.  Certain transactions of the Company are
denominated in United States dollars or other currencies.  Translation
gains or losses related to such transactions are recognized for each reporting
period in the related statement of operations and comprehensive income
(loss).





Deferred
Revenues





Prepayments
from customers for merchandise that has not yet been shipped are recognized as
deferred revenues in the accompanying financial statements.





Revenue
Recognition





The
Company recognizes revenues when completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.  The Company is required to collect a 25 percent
value-added-tax (“VAT”) on each sale.  Gross revenues do not include
this VAT, which is remitted to the government semiannually.







32


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





Loss
per Common Share





Basic
loss per share is computed by dividing the net loss attributable to the common
stockholders by the weighted average number of shares of common stock
outstanding during the periods.  Diluted loss per share is computed
similar to basic loss per 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.  There were no dilutive financial instruments
issued or outstanding for the year ended December 31, 2009, and
2008.





Comprehensive
Income (Loss)





The
Company has adopted FASB Statement No. 130 (FASB ASC 220), “Reporting Comprehensive
Income.”  Comprehensive income or loss includes net income or loss
and all changes in equity during a period that arises from non-owner sources,
such as foreign currency items and unrealized gains and losses on certain
investments in equity securities.  For the years ended December 31,
2009, and 2008, the only components of comprehensive income (loss) were the
net income (loss) for the periods, and the foreign currency translation
adjustments.




Income
Taxes





The
Company accounts for income taxes pursuant to FASB Statement No. 109 (FASB ASC
740), “Accounting for Income
Taxes.”  Under SFAS No. 109 (FASB ASC 740), deferred tax assets
and liabilities are determined based on temporary differences between the bases
of certain assets and liabilities for income tax and financial reporting
purposes.  The deferred tax assets and liabilities are classified
according to the financial statement classification of the assets and
liabilities generating the differences.





The
Company maintains a valuation allowance with respect to deferred tax
assets.  The Company establishes a valuation allowance based upon the
potential likelihood of realizing the deferred tax asset and taking into
consideration the Company’s financial position and results of operations for the
current period.  Future realization of the deferred tax benefit
depends on the existence of sufficient taxable income within the carryforward
period under the Federal tax laws.





Changes
in circumstances, such as the Company generating taxable income, could cause a
change in judgment about the reliability of the related deferred tax
asset.  Any change in the valuation allowance will be included in
income in the year of the change in estimate.





Estimates





The
financial statements are prepared on the basis of accounting principles
generally accepted in the United States of America.  The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities as of December 31, 2009, and 2008,
and revenues and expenses for the years ended December 31, 2009, and
2008.  Actual results could differ from those estimates made by
management.





F-9


33


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





(2)           Business
Activities and Going Concern





The
Company is currently devoting substantially all of its efforts towards
conducting marketing of its products.  The business plan of the
Company is to help its corporate clients harness the power of the Internet by
leveraging the power and credibility of blogs to promote products and
services.





The
Company has experienced an accumulated (deficit) through December 31, 2009,
amounting to $(174,425).  Since its organization and incorporation,
the Company has initiated its activities in developing an innovative
straightforward business model that helps companies spread Internet buzz about
their products, brands, and services.  Marketers realize that blogs
are gathering large, loyal, and youthful followings.  Bloggerwave is
the key for companies wishing to access this market.





While
management of the Company believes that the Company will be successful in its
operating activities, there can be no assurance that it will be successful in
the development of its sales such that it will generate sufficient revenues to
sustain its operations.  The management of the Company plans to
continue to provide for its capital needs by the issuance of common stock and
related party advances.





The
accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America which
contemplate the continuation of the Company as a going concern.  The
Company has not established sufficient revenues to cover its operating costs,
and as such, has incurred an operating loss since inception.  Its
ability to continue as a going concern is dependent upon the ability of the
Company to generate profitable operations in the future and/or to obtain the
necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due.  These and other
factors raise substantial doubt about the Company’s ability to continue as a
going concern.  The accompanying financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or the amounts and classification of liabilities that
may result from the possible inability of the Company to continue as a going
concern.





(3)           
Loans from Directors and Officers





As of
December 31, 2009, and 2008, loans from an individual who is a Director and
officer of the Company amounted to $81,299, and $6,255,
respectively.  The loans were provided for working capital purposes,
and are unsecured, non-interest bearing, and have no terms for
repayment.





As of
December 31, 2009, a loan from an individual who is a former Director and
officer of the Company amounted to $12,000.  The loan was provided for
working capital purposes, and bears an interest rate of 6
percent.





(4)           Common
Stock





On
September 9, 2009, as part of the Merger Agreement, the Company changed the
number of authorized shares of common stock from 75,000,000 shares with a par
value of $0.001 per share to 200,000,000 with a par value of $.001 per
share.  No other classes of stock are authorized.  As of
December 31, 2009, the Company had not granted any stock options or recorded any
stock-based compensation.




On
January 20, 2010, the Company effected a 7-for-1 forward stock split of its
issued and outstanding common stock.  The accompanying financial
statements have been adjusted accordingly to reflect this forward stock
split.




In June
2008, the Company issued 17,500,000 shares of its common stock (post forward
stock split) to its former Director, President, and CEO at par
value.  The transaction was valued at $2,500.





In June
2008, the Company issued 17,500,000 shares of its common stock (post forward
stock split) to its former Director, Secretary, Chief Financial Officer,
Treasurer, and Principal Accounting Officer at par value.  The
transaction was valued at $2,500.





On July
22, 2008, the Company also commenced a capital formation activity to file a
Registration Statement on Form S-1 with the SEC to register a minimum of
28,000,000 shares, and a maximum of 350,000,000 shares of common stock (post
forward stock split), par value $0.001 per share, and raise up to $400,000 in
proceeds from the sale of common stock at $0.001 per share in the public
markets.  On October 14, 2008, the Company filed a Registration
Statement on Form S-1 with the SEC to register 350,000,000 shares of its common
stock (post forward stock split).  The Registration Statement was
declared effective by the SEC on October 28, 2008.  After the
effective date of the Registration Statement, the Company commenced the sale of
the registered shares.  On March 27, 2009, the Company closed the
offering by selling 28,700,000 shares of its common stock (post forward stock
split) for proceeds of $32,800.




F-10


34


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





On
September 9, 2009, the Company entered into a Merger Agreement with Bloggerwave
ApS.  In accordance with the terms and provisions of the Merger
Agreement, the Company: (i) issued an aggregate of 35,000,000 shares of its
common stock (post forward stock split) to the shareholders of Bloggerwave ApS
(the “Bloggerwave Shareholders”) on the basis of 350,000 restricted shares of
the Company (post forward stock split) for each one share held of record by the
Bloggerwave Shareholders; and (ii) issued 21,000,000 shares of its common stock
(post forward stock split) to the management of Bloggerwave ApS.





Given
that Bloggerwave ApS is considered to have acquired the Company by a reverse
merger through an Agreement and Plan of Merger, and its stockholders currently
have voting control of the Company, the accompanying financial statements and
related disclosures in the notes to financial statements present the financial
position as of December 31, 2009, and 2008, and the operations for the years
ended December 31, 2009, and 2008, of Bloggerwave ApS under the name of the
Company.  The reverse merger has been recorded as a recapitalization
of the Company, with the net assets of the Company and Bloggerwave ApS brought
forward at their historical bases.  The costs associated with the
reverse merger have been expensed as incurred.





(5)           Income
Taxes





The
provision (benefit) for income taxes for the years ended December 31, 2009, and
2008, were as follows (assuming a 15 percent effective tax rate):







Years
      EndedDecember
      31,2009
              
              
              2008Current
      Tax ProvisionFederalTaxable
      Income
              
              $
              -
              
              
              $
              -Total
      current tax provision
              
              $
              -
              
              
              $
              -Deferred
      Tax Provision:Federal-Loss
      carryforward
              
              
              16,958
              
              
              $
              2,470Change
      in valuation allowance
              
              
              (16,958
              )
              
              
              (2,470
              )Total
      deferred tax provision
              
              $
              -
              
              
              $
              -


The
Company had deferred income tax assets as of December 31, 2009, and 2008, as
follows:





As
      of
              
              
              As
      ofDecember
      31,
              
              
              December
      31,2009
              
              
              2008Loss
      carryforwards
              
              $
              24,482
              
              
              
              3,005Less
      - Valuation allowance
              
              
              (24,482
              )
              
              
              (3,005
              )Total
      net deferred tax assets
              
              
              -
              
              
              
              -





The
Company provided a valuation allowance equal to the deferred income tax assets
for the year ended December 31, 2009, and 2008, because it is not presently
known whether future taxable income will be sufficient to utilize the loss
carryforwards.







35


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





As of
December 31, 2009, and 2008, the Company had approximately $174,425 and $20,035,
respectively, in tax loss carryforwards that can be utilized in future periods
to reduce taxable income, and begin to expire in the year 2027.





(6)           Related
Party Transactions





As
described in Note 3, as of December 31, 2009, and December 31, 2008, the
Company owed $81,299 and $6,255, respectively, to an individual who is a
Director and officer of the Company.





As
described in Note 4, the Company issued 17,500,000 shares of its common stock
(post forward stock split) to its former Director, President, and Chief
Executive Officer at par value.  The transaction was valued at
$2,500.





As
described in Note 4, the Company issued 17,500,000 shares of its common stock
(post forward stock split) to its former Director, Secretary, Chief Financial
Officer, Treasurer, and Principal Accounting Officer at par
value.  The transaction was valued at $2,500.





As
described in Note 3, On December 31, 2009, a loan from an individual who is a
former Director and officer of the Company amounted to $12,000.  The
loan was provided for working capital purposes and bear interest rate of 6
percent.





(7)
            Commitments





On April
16, 2009, the Company entered into an Authorized Reseller Agreement
(“Agreement”) with an unrelated third party.  The Agreement grants to
Salomatkin & Partners the nonexclusive right to resell products supplied by
the Company in the Moscow Region in Russia for one year.





(8)           Recent
Accounting Pronouncements





In March
2008, the FASB issued FASB Statement No. 161 (FASB ASC 815), “Disclosures about Derivative
Instruments and Hedging Activities – an amendment of FASB Statement
133.”  SFAS No. 161 (FASB ASC 815) enhances required
disclosures regarding derivatives and hedging activities, including enhanced
disclosures regarding how:  (a) an entity uses derivative instruments;
(b) derivative instruments and related hedged items are accounted for under FASB
No. 133, “Accounting for
Derivative Instruments and Hedging Activities”; and (c) derivative
instruments and related hedged items affect an entity’s financial position,
financial performance, and cash flows.  Specifically, SFAS No. 161
(FASB ASC 815) requires:





-
            disclosure
      of the objectives for using derivative instruments be disclosed in terms
      of underlying risk and accounting designation;-
            disclosure
      of the fair values of derivative instruments and their gains and losses in
      a tabular format;-
            disclosure
      of information about credit-risk-related contingent features;
      and-
            cross-reference
      from the derivative footnote to other footnotes in which
      derivative-related information is
disclosed.





SFAS No.
161 (FASB ASC 815) is effective for fiscal years and interim periods beginning
after November 15, 2008.  Earlier application is
encouraged.  The management of the Company does not expect the
adoption of this pronouncement to have a material impact on its financial
statements.





On May 9,
2008, the FASB issued FASB Statement No. 162 (FASB ASC 105), “The Hierarchy of Generally Accepted
Accounting Principles.”  SFAS No. 162 (FASB ASC 105) is
intended to improve financial reporting by identifying a consistent framework,
or hierarchy, for selecting accounting principles to be used in preparing
financial statements that are presented in conformity with U.S. generally
accepted accounting principles (“GAAP”) for nongovernmental
entities.





36


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





Prior to
the issuance of SFAS No. 162 (FASB ASC 105), GAAP hierarchy was defined in the
American Institute of Certified Public Accountants (“AICPA”) Statement on
Auditing Standards (“SAS”) No. 69, “The Meaning of Present Fairly in
Conformity with Generally Accept Accounting Principles.”  SAS
No. 69 has been criticized because it is directed to the auditor rather than the
entity.  SFAS No. 162 (FASB ASC 105) addresses these issues by
establishing that the GAAP hierarchy should be directed to entities because it
is the entity (not the auditor) that is responsible for selecting accounting
principles for financial statements that are presented in conformity with
GAAP.








The
sources of accounting principles that are generally accepted are categorized in
descending order as follows:


a)
            FASB
      Statements of Financial Accounting Standards and Interpretations, FASB
      Statement 133 Implementation Issues, FASB Staff Positions, and American
      Institute of Certified Public Accountants (AICPA) Accounting Research
      Bulletins and Accounting Principles Board Opinions that are not superseded
      by actions of the FASB




b)
            FASB
      Technical Bulletins and, if cleared by the FASB, AICPA Industry Audit and
      Accounting Guides and Statements of
Position





c)
            AICPA
      Accounting Standards Executive Committee Practice Bulletins that have been
      cleared by the FASB, consensus positions of the FASB Emerging Issues Task
      Force (EITF), and the Topics discussed in Appendix D of EITF Abstracts
      (EITF D-Topics)





d)
            Implementation
      guides (Q&As) published by the FASB staff, AICPA Accounting
      Interpretations, AICPA Industry Audit and Accounting Guides and Statements
      of Position not cleared by the FASB, and practices that are widely
      recognized and prevalent either generally or in the
    industry





SFAS No.
162 (FASB ASC 105) is effective 60 days following the SEC’s approval of the
Public Company Accounting Oversight Board amendment to its authoritative
literature.  It is only effective for nongovernmental entities;
therefore, the GAAP hierarchy will remain in SAS 69 for state and local
governmental entities and federal governmental entities.  The
management of the Company does not expect the adoption of this pronouncement to
have a material impact on its financial statements.





On May
26, 2008, the FASB issued FASB Statement No. 163 (FASB ASC 944), “Accounting for Financial Guarantee
Insurance Contracts—an interpretation of FASB Statement No.
60.”  SFAS No. 163 (FASB ASC 944) clarifies how FASB Statement
No. 60, “Accounting and
Reporting by Insurance Enterprises” (“SFAS No. 60”), applies to financial
guarantee insurance contracts issued by insurance enterprises including the
recognition and measurement of premium revenue and claim
liabilities.  It also requires expanded disclosures about financial
guarantee insurance contracts.





The
accounting and disclosure requirements of SFAS No. 163 (FASB ASC 944) are
intended to improve the comparability and quality of information provided to
users of financial statements by creating consistency.  Diversity
exists in practice in accounting for financial guarantee insurance contracts by
insurance enterprises under SFAS No. 60.  That diversity results in
inconsistencies in the recognition and measurement of claim liabilities because
of differing views about when a loss has been incurred under FASB Statement No.
5, “Accounting for
Contingencies” (“SFAS No. 5”).  SFAS No. 163 (FASB ASC 944)
requires that an insurance enterprise recognize a claim liability prior to an
event of default when there is evidence that credit deterioration has occurred
in an insured financial obligation.  It also requires disclosure about
(a) the risk-management activities used by an insurance enterprise to evaluate
credit deterioration in its insured financial obligations and (b) the insurance
enterprise’s surveillance or watch list.





SFAS No.
163 (FASB ASC 944) is effective for financial statements issued for fiscal years
beginning after December 15, 2008, and all interim periods within those fiscal
years, except for disclosures about the insurance enterprise’s risk-management
activities.  Disclosures about the insurance enterprise’s
risk-management activities are effective the first period beginning after
issuance of SFAS No. 163 (FASB ASC 944).  Except for those
disclosures, earlier application is not permitted.  The management of
the Company does not expect the adoption of this pronouncement to have material
impact on its financial statements.





F-13


37


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





On May
22, 2009, the FASB issued FASB Statement No. 164 (FASB ASC 958), “Not-for-Profit Entities: Mergers and
Acquisitions”.  SFAS No. 164 (FASB ASC 958) is intended to
improve the relevance, representational faithfulness, and comparability of the
information that a not-for-profit entity provides in its financial reports about
a combination with one or more other not-for-profit entities, businesses, or
nonprofit activities.  To accomplish that, this Statement establishes
principles and requirements for how a not-for-profit entity:





a.
            Determines
      whether a combination is a merger or an acquisition.b.
            Applies
      the carryover method in accounting for a merger.c.
            Applies
      the acquisition method in accounting for an acquisition, including
      determining which of the combining entities the acquirer
    is.d.
            Determines
      what information to disclose to enable users of financial statements to
      evaluate the nature and financial effects of a merger or an
      acquisition.





This
Statement also improves the information a not-for-profit entity provides about
goodwill and other intangible assets after an acquisition by amending FASB
Statement No. 142, Goodwill
and Other Intangible Assets, to make it fully applicable to
not-for-profit entities.





SFAS No.
164 (FASB ASC 958) is effective for mergers occurring on or after December 15,
2009, and acquisitions for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after December
15, 2009.  Early application is prohibited.  The management
of the Company does not expect the adoption of this pronouncement to have
material impact on its financial statements.





On May
28, 2009, the FASB issued FASB Statement No. 165 (FASB ASC 855), “Subsequent
Events.”  SFAS No. 165 (FASB ASC 855) establishes general
standards of accounting for and disclosure of events that occur after the
balance sheet date but before financial statements are issued or are available
to be issued.  Specifically, SFAS No. 165 (FASB ASC 855)
provides:





1.
            The
      period after the balance sheet date during which management of a reporting
      entity should evaluate events or transactions that may occur for potential
      recognition or disclosure in the financial statements.2.
            The
      circumstances under which an entity should recognize events or
      transactions occurring after the balance sheet date in its financial
      statements.3.
            The
      disclosures that an entity should make about events or transactions that
      occurred after the balance sheet
date.





In
accordance with this Statement, an entity should apply the requirements to
interim or annual financial periods ending after June 15, 2009.  The
adoption of this pronouncement did not have a material impact on the financial
statements of the Company.





In June
2009, the FASB issued FASB Statement No. 166 (FASB ASC 860), “Accounting for Transfers of
Financial Assets – an amendment of FASB Statement No.
140.”  SFAS No. 166 (FASB ASC 860) is a revision to FASB
Statement No. 140 “Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities” and will
require more information about transfers of financial assets, including
securitization transactions, and where companies have continuing exposure to the
risks related to transferred financial assets.  It eliminates the
concept of a “qualifying special-purpose entity,” changes the requirements for
derecognizing financial assets, and requires additional
disclosures.





This
statement is effective for financial asset transfers occurring after the
beginning of an entity's first fiscal year that begins after November 15,
2009.  The management of the Company does not expect the adoption of
this pronouncement to have a material impact on its financial
statements.





In June
2009, the FASB issued FASB Statement No. 167 (FASB ASC 810),"Amendments to FASB Interpretation
No. 46(R).”  SFAS No. 167 (FASB ASC 810) amends certain
requirements of FASB Interpretation No. 46(R), “Consolidation of Variable Interest
Entities” and changes how a company determines when an entity that is
insufficiently capitalized or is not controlled through voting (or similar
rights) should be consolidated.  The determination of whether a
company is required to consolidate an entity is based on, among other things, an
entity’s purpose and design and a company’s ability to direct the activities of
the entity that most significantly impact the entity’s economic
performance.






38


BLOGGERWAVE
INC.
 (FORMERLY
ELEVATED CONCEPTS, INC.)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009, AND 2008





This
statement is effective as of the beginning of each reporting entity’s first
annual reporting period that begins after November 15, 2009.  The
management of the Company does not expect the adoption of this pronouncement to
have a material impact on its financial statements.





In June
2009, the FASB issued FASB Statement No. 168 (FASB ASC 105), "The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles - a
replacement of FASB Statement No. 162.”  SFAS No. 168 (FASB ASC
105) establishes the FASB Accounting Standards Codification (the "Codification")
to become the single official source of authoritative, nongovernmental U.S.
generally accepted accounting principles (“GAAP”).  The Codification
did not change GAAP but reorganizes the literature.


SFAS No.
168 (FASB ASC 105) is effective for interim and annual periods ending after
September 15, 2009.  The adoption of this accounting pronouncement did
not have a material impact on the financial statements of the
Company.





(9)   Subsequent
Events





On
January 20, 2010, the Company effected a 7-for-1 forward stock split of its
issued and outstanding common stock.  The accompanying financial
statements have been adjusted accordingly to reflect this forward stock
split.





On
January 22, 2010, the Company entered into an Advisory Board Member Agreement
with Peter Hewitt ("Hewitt Agreement").  Per the terms of the Hewitt
Agreement, Mr. Hewitt shall serve for a period of two years as an advisor to the
Company for business development and growth strategies, and other advisory
services as determined from time to time by the Board of
Directors.  As consideration for the Hewitt Agreement, Mr. Hewitt will
receive a one-time payment of $10,000, and 211,750 shares of the Company's
common stock (post forward stock split).





On
January 22, 2010, the Company entered into an Advisory Board Member Agreement
with Midstone Consulting Ltd., the principal of which is Louis Yerolemou
("Yerolemou Agreement").  Per the terms of the Yerolemou Agreement,
Mr. Yerolemou shall serve for a period of two years as an advisor to the Company
for business development and growth strategies, and other advisory services as
determined from time to time by the Board of Directors.  As
consideration for the Yerolemou Agreement, Mr. Yerolemou will receive a one-time
payment of $10,000, and 211,750 shares of the Company's common stock (post
forward stock split).





On
January 27, 2010, the Board of Directors of the Company approved a change
in the Company's fiscal year end from September 30th to December
31st.





On
January 28, 2010, the Company announced that it had received its new symbol, and
that its common stock was now trading under the symbol BLGW.OB.





On
February 9, 2010, the Company announced the appointment of Peter Hewitt to its
newly created Advisory Board.





On
February 11, 2010, the Company announced the appointment of Louis Yeromelou to
its newly created Advisory Board.





On
February 22, 2010, the Company announced that it has relocated its corporate
headquarters to Mountainview, CA.





On March
2, 2010, the Company announced the opening of new office space in Denmark to
accommodate the Registrants business growth.





On March
4, 2010, the Company announced it had launched a new corporate website created
for shareholders and potential investors.





On March
16, 2010, the Company announced that it had extended its contract with
Buzzamedia, a viral marketing platform in Scandinavia.  The contract
will include all of Scandinavia and the United Kingdom.





On March
18, 2010, the Company announced that it had contracted to run all marketing and
advertising in 2010 for “Green Hearts Natural Charcoal Briquettes,” a barbeque
product created for the American market.





F-15
 39





ITEM
      9.
            CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE.





ITEM 9A.
            CONTROLS AND
      PROCEDURES.





Disclosure
Controls and Procedures





The
Company maintains disclosure controls and procedures, as defined under
Rules 13a-15(e) and 15d-15(e) of the Exchange Act that are designed to
ensure that information required to be disclosed in the Company’s reports under
the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms and that such information is
accumulated and communicated to the Company’s management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow for
timely decisions regarding required disclosure. In designing and evaluating the
disclosure controls and procedures, management recognizes that any controls and
procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and management
is required to apply its judgment in evaluating the cost-benefit relationship of
possible controls and procedures.





The
Company carried out an assessment, under the supervision and with the
participation of the Company’s management, including the Company’s Chief
Executive Officer and Chief Financial Officer, to evaluate the effectiveness of
the design and operation of the Company’s disclosure controls and procedures, as
of December 31, 2009.





Management’s
Annual Report on Internal Control Over Financial Reporting





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





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





Under the
supervision and with the participation of management, including the Chief
Executive Officer and Chief Financial Officer, the Company conducted an
evaluation of the effectiveness of the Company’s internal control over financial
reporting based on the framework in “Internal Control - Integrated
Framework” issued by the Committee of Sponsoring Organizations of the
Treadway Commission ("COSO").





A
material weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the Company’s annual or interim financial
statements will not be prevented or detected on a timely basis. In its
assessment of the effectiveness of internal control over financial reporting as
of December 31, 2009, the Company determined that there were control
deficiencies that constituted material weaknesses, as described
below:





1.
            We do not have an Audit
      Committee or a financial expert on our Board of Directors– While
      not being legally obligated to have an audit committee, it is the
      management’s view that such a committee, including a financial expert
      member, is an utmost important entity level control over the Company’s
      financial statement. Currently the Board of Directors acts in the capacity
      of the Audit Committee, consisting of three members, including two
      independent members.  All members of the Board of Directors lack
      sufficient financial expertise for overseeing financial reporting
      responsibilities.2.
            We did not maintain
      appropriate cash controls– As of December 31, 2009, the Company
      has not maintained sufficient internal controls over financial reporting
      for the cash process, including failure to perform monthly bank
      reconciliations. Alternatively, the effects of poor cash controls were
      mitigated by the fact that the Company had limited transactions in their
      bank accounts during the year ended December 31, 2009 and that the
      Company’s quarterly and year-end financial statements and audit working
      papers and supporting documents were prepared and reviewed by an
      independent accountant prior to submission to our external auditors, which
      mitigated the risk of misappropriation of cash.







40


Accordingly,
the Company concluded that these control deficiencies resulted in a reasonable
possibility that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis by the company’s
internal controls.





As a
result of the material weaknesses described above, management has concluded that
the Company did not maintain effective internal control over financial reporting
as of December 31, 2009 based on criteria established in Internal
Control—Integrated Framework issued by COSO.





Davis
Accounting Group P.C., an independent registered public accounting firm, was not
required to and has not issued a report concerning the effectiveness of our
internal control over financial reporting as of December 31, 2009.





Continuing
Remediation Efforts to Address Deficiencies in Company’s Internal Control Over
Financial Reporting





Once the
Company is engaged in a business of merit and has sufficient personnel
available, then our Board of Directors, in particular and in connection with the
aforementioned deficiencies, will establish the following remediation
measures:





1.
            Our
      Board of Directors will nominate an audit committee or a financial expert
      on our Board of Directors in fiscal 2010.2.
            We
      will appoint additional personnel to assist with the preparation of the
      Company’s monthly financial reporting, including preparation of the
      monthly bank reconciliations.





Changes
in Internal Control and Financial Reporting





There
were no changes in the Company’s internal control over financial reporting
during the fourth quarter of fiscal year 2009 that materially affected, or were
reasonably likely to materially affect, the Company’s internal control over
financial reporting.





ITEM
9B.  OTHER INFORMATION





None.








41





PART III





ITEM 10.
            DIRECTORS
      AND EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE





The
following table presents information with respect to our officers, directors and
significant employees as of the date of this Report:





Name
            
            PositionUlrik
      Svane Thomsen
            
            Director,
      Chief Executive Officer & President, Chief Financial Officer
      &  TreasurerJacob
      W. Lemmeke
            
            Secretary
      & Director





Each
director serves until our next annual meeting of the stockholders or unless they
resign earlier. The Board of Directors elects officers and their terms of office
are at the discretion of the Board of Directors.





Each of
our directors serves until his or her successor is elected and qualified. Each
of our officers is elected by the board of directors to a term of one (1) year
and serves until his or her successor is duly elected and qualified, or until he
or she is removed from office. At the present time, members of the board of
directors are not compensated for their services to the board.





Biographical
Information Regarding Officers and Directors





Ulrik Svane
Thomsen.Mr.
Thomsen is the President, Treasurer and a director of the Company. Mr. Thomsen
has over eight years experience as a certified IT manager, working both in
Denmark and throughout most of Europe. He has broad experience in management
positions and has worked for high profile companies such as the Marriott
International, SAS and IT Consulting, where he worked three years as a project
installer throughout Europe. As of the date of this Current Report, Mr. Thomsen
is a director for Bloggerwave. He has used the past twenty-four months expanding
and branding Bloggerwave in Europe and has great competence is establishing new
ideas and concepts.





Jacob W.
Lemmeke.Mr. Lemmeke
is the Secretary and a director of the Company. During the past five years, Mr.
Lemmeke has been the Director of Business Development and as a Sales Manager at
Wiseport, where he specialized in sales to mega chains all over Europe. As of
the date of this Current Report, he is the Director of Sales for Bloggerwave. He
oversees Bloggerwave operations, where he leads the interactive advertising
sales and strategic development, including partnerships with major operators,
publishers and ad networks. Mr. Lemmeke and his team are instrumental in
launching interactive services to engage a massive base of users and creating
compelling marketing opportunities for advertisers.





Identification
      of Significant Employees




We have
no significant employees other than Joel Franklin, our President, Chief
Executive Officer, Chief Financial Officer, Secretary, Treasurer and a
Director.




Family
      Relationship





We
currently do not have any officers or directors of our company who are related
to each other.





Advisory
Board





On
January 22, 2010, the Company established an Advisory Board, naming Ulrik Svane
Thomsen as Chairman of the Advisory Board. On the same date, the Company named
Mr. Peter Hewitt and Mr. Louis Yerolemou as members of the Advisory
Board.  Mr. Hewitt and Mr. Yerolemou shall serve for a period of two
years as advisors to the Company for business development and growth strategies,
as well as other advisory services as determined from time to time by the Board
of Directors.  As consideration for their involvement, both Mr. Hewitt
and Mr. Yerolemou will receive a one-time payment of $10,000USD and 211,750
shares of the Company's common stock.





42


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





Section 16(a) of the Exchange Act
requires our executive officers and directors and persons who own more than 10%
of a registered class of our equity securities to file with the SEC initial
statements of beneficial ownership, reports of changes in ownership and annual
reports concerning their ownership of our common stock and other equity
securities, on Forms 3, 4 and 5 respectively. Executive officers, directors and
greater than 10% shareholders are required by the SEC regulations to furnish us
with copies of all Section 16(a) reports that they file.





Based solely on our review of the
copies of such forms received by us, or written representations from certain
reporting persons, we believe that all Section 16(a) filing requirements
applicable to our officers, directors and greater than ten percent beneficial
owners were complied with the exception that our current officers and directors
have failed to file any such reports.  We anticipate that such reports
will be filed within 30 days.





Audit
Committee





The
Company intends to establish an audit committee of the board of directors, which
will consist of soon-to-be-nominated independent directors. The audit
committee’s duties would be to recommend to the Company’s board of directors the
engagement of an independent registered public accounting firm to audit the
Company’s financial statements and to review the Company’s accounting and
auditing principles. The audit committee would review the scope, timing and fees
for the annual audit and the results of audit examinations performed by the
internal auditors and independent registered public accounting firm, including
their recommendations to improve the system of accounting and internal controls.
The audit committee would at all times be composed exclusively of directors who
are, in the opinion of the Company’s board of directors, free from any
relationship which would interfere with the exercise of independent judgment as
a committee member and who possess an understanding of financial statements and
generally accepted accounting principles.





Compensation
Committee





The
Company intends to establish a compensation committee of the Board of Directors.
The compensation committee would review and approve the Company’s salary and
benefits policies, including compensation of executive officers.





Code
of Ethics





We
adopted a code of ethics as of May 31, 2009. This policy will serve as
guidelines in helping employee to conduct our business in accordance with our
values. Compliance requires meeting the spirit, as well as the literal meaning,
of the law, the policies and the Values. It is expected that employee will use
common sense, good judgment, high ethical standards and integrity in all their
business dealings.





INVOLVEMENT
IN CERTAIN LEGAL PROCEEDINGS





We are
not currently involved in any legal proceedings.





During
the last five (5) years, none of our directors or officers has:




1)
            had
      any bankruptcy petition filed by or against any business of which such
      person was a general partner or executive officer either at the time of
      the bankruptcy or within two years prior to that
  time;




2)
            been
      convicted in a criminal proceeding or subject to a pending criminal
      proceeding;




43


3)
            been
      subject to any order, judgment, or decree, not subsequently reversed,
      suspended or vacated, of any court of competent jurisdiction, permanently
      or temporarily enjoining, barring, suspending or otherwise limiting his
      involvement in any type of business, securities or banking activities;
      or




4)
            been
      found by a court of competent jurisdiction in a civil action, the
      Commission or the Commodity Futures Trading Commission to have violated a
      federal or state securities or commodities law, and the judgment has not
      been reversed, suspended, or
vacated.

























44










ITEM
      11.
            EXECUTIVE
      COMPENSATION





The table
set forth below summarizes the annual and long-term compensation for services in
all capacities to us payable to our executive officers during the years ending
December 31, 2009 and 2008:







Summary Compensation
Table





Name
      and Principal
              Position
            Year
            Salary
            Bonus
              Awards
            Stock
              Awards
            Other
      Incentive
              Compensation
            Non-Equity
              Plan
              Compensation
            Nonqualified
              Deferred
              Earnings
            All
              Other
              Compensation
            Total($)
            ($)
            ($)
            ($)
            ($)
            ($)
            ($)
            ($)(a)
            (b)
            (c)
            (d)
            (e)
            (f)
            (g)
            (h)
            (i)
            (j)Ulrik
      Svane Thomsen (1)
              Chief
      Executive Officer, President, Chief Financial Officer &
      Treasurer
            2009
              
              2008
            4,588
              
              44,402Jacob
      W. Lemmeke, (2)
              Director
      & Secretary
            2009
              2008
            0
              39,468Nadezda
      Bulichera (3)
              Chief
      Financial Officer, Treasurer, Principal Accounting Officer, Principal
      Financial Officer, & Director
            2008Vasili
      Borisov (4)
              Chief
      Executive Officer, President, & Director
            2008





There are
no employment contracts, compensatory plans or arrangements, including payments
to be received from the Company with respect to any executive officer, that
would result in payments to such person because of his or her resignation,
retirement or other termination of employment with the Company, or its
subsidiaries, any change in control, or a change in the person’s
responsibilities following a change in control of the Company.





Narrative
to Security Ownership of ManagementTable





(1)           Mr.
Thomsen receives compensation of $0 monthly commencing in September
2009.


(2)           Mr.
Lemmeke receives compensation of $0 monthly commencing in September
2009.


(3)           On
September 9, 2009, Ms. Nadezda Bulichera resigned from all positions with the
Company.


(4)           On
September 9, 2009, Mr. Vasili Borisov resigned from all positions with the
Company.





Outstanding
Equity Awards at Fiscal Year-End





No named
Executive Officer received any equity awards, or holds exercisable or
unexercisable options, as of the years ended December 31, 2009 and
2008.





45


Compensation
of Directors





Our directors who are also our
employees receive no extra compensation for their service on our board of
directors.





Pension
Benefits and Nonqualified Deferred Compensation





The
Company does not maintain any qualified retirement plans or non-nonqualified
deferred compensation plans for its employees or directors.







46




ITEM
      12.
            SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS





The
following table sets forth certain information regarding beneficial ownership of
our common stock as of December 31, 2009: (i) by each of our directors, (ii) by
each of the Named Executive Officers, (iii) by all of our executive officers and
directors as a group, and (iv) by each person or entity known by us to
beneficially own more than five percent (5%) of any class of our outstanding
shares. As of December 31, 2009 there were 12,100,000 shares of our common stock
outstanding:


Name
      and Address of Beneficial Owner
              Directors
      and Officers:
            Amount
      and Nature of Beneficial Ownership
            Percentage
      of Beneficial Ownership (1)Ulrik
      Svane Thomsen
              Klovermarken
      42
              3060
      Espergaerde, Denmark
            500,000
            4.1%Jacob
      W. Lemmeke
              Sortevej
      3
              3070
      Snekkersten, Denmark
            500,000
            4.1%All
      executive officers and directors as a group (2 persons)
            1,000,000
            8.3%Beneficial
      Shareholders greater than 5%IQ
      Division Corp.(2)
              1802
      North Carson Street, Suite 108
              Carson
      City, NV   89701
            3,500,000
            28.9
      %Sapiens
      Alliance Ltd.(3)
              Akara
      Bldg., 24 De Castro Street
              Wickhams
      Cay I
              Road
      town, Tortola,
              British
      Virgin Islands
            1,500,000
            12.4%Svaneco
      Ltd.(4)
              Akara
      Bldg., 24 De Castro Street
              Wickhams
      Cay I
              Road
      town, Tortola,
              British
      Virgin Islands
            1,500,000
            12.4%


(1)           Applicable
percentage of ownership is based on 12,100,000 shares of common stock
outstanding on December 31, 2009. Percentage ownership is determined based on
shares owned together with securities exercisable or convertible into shares of
common stock within 60 days of December 31, 2009 for each stockholder.
Beneficial ownership is determined in accordance with the rules of the SEC and
generally includes voting or investment power with respect to
securities.  Shares of common stock subject to securities exercisable
or convertible into shares of common stock that are currently exercisable or
exercisable within 60 days of December 31, 2009 are deemed to be beneficially
owned by the person holding such securities for the purpose of computing the
percentage of ownership of such person, but are not treated as outstanding for
the purpose of computing the percentage ownership of any other
person.  Our common stock is our only issued and outstanding class of
securities eligible to vote.





(2)           Rene
Lauritsen, a resident of Denmark, has dispositive and voting power over the
shares of IQDivision Corp., a Nevada company, of which he is the sole officer
and director.





47


(3)           Rene
Lauritsen, a resident of Denmark, has dispositive and voting power over the
shares of Sapiens Alliance Ltd., a BVI company, of which he is the
director.





(4)           Jesper
Svane, a resident of Denmark, has dispositive and voting
power over the shares of Svaneco Ltd., a BVI company, of which he is the
director.





Changes
in Control





We know
of no plans or arrangements that will result in a change of control at our
company.





ITEM
13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS





Related
Party Transactions





There have been no related party
transactions, or any other transactions or relationships required to be
disclosed pursuant to Regulation S-K, except as reported elsewhere in this
Report.





With regard to any future related party
transaction, we plan to fully disclose any and all related party transactions in
the following manor:





Ÿ          disclosing
such transactions in reports where required;


Ÿ          disclosing
in any and all filings with the SEC, where required;


Ÿ          obtaining
disinterested directors consent; and


Ÿ          obtaining
shareholder consent where required.





ITEM
14.   PRINCIPAL ACCOUNTING FEES AND SERVICES


Fiscal
      year ended
                December
      31, 2009
              
              
              Fiscal
      year ended
                December
      31, 2008Audit
      Fees
              
              $
              15,000
              
              
              $
              11,580Audit
      Related Fees
              
              
              -
              
              
              
              -Tax
      Fees
              
              
              1,000
              
              
              
              -All
      Other Fees
              
              
              -
              
              
              
              -Total
              
              $
              16,000
              
              
              $
              11,580


Audit
Fees





During
the fiscal years ended December 31, 2009 and 2008, we incurred approximately
$16,000 in fees
to our principal independent accountants for professional services rendered in
connection with the audit and reviews of our financial statements for fiscal
years ended December 31, 2009 and 2008.





During
the fiscal year ended December 31, 2008, we incurred approximately $11,580 in fees to
our principal independent accountants for professional services rendered in
connection with the audit and reviews of our financial statements for fiscal
year ended December 31, 2008.





Audit-Related
Fees





The
aggregate fees billed during the fiscal years ended December 31, 2009 and 2008
for assurance and related services by our principal independent accountants that
are reasonably related to the performance of the audit or review of our
financial statements (and are not reported under Item 9(e)(1) of Schedule
14A was $0 and $0, respectively.





Tax
Fees





The
aggregate fees billed during the fiscal year ended December 31, 2009 for
professional services rendered by our principal accountant tax compliance, tax
advice and tax planning was $0.00 and $0.00, respectively.





48


All
Other Fees





The
aggregate fees billed during the fiscal year ended December 31, 2009 for
products and services provided by our principal independent accountants (other
than the services reported in Items 9(e)(1) through 9(e)(3) of Schedule 14A was
$0 and $0, respectively.







49





PART IV


ITEM
15.                      EXHIBITS.







(a)           Documents
filed as part of this Report.








1.           Financial
Statements.  The Consolidated Balance Sheet of Ethos
Environmental, Inc., and subsidiaries as of December 31, 2009 and 2008, the
Consolidated Statements of Operations for the year ended December 31, 2009
and 2008, the Consolidated Statements Stockholders’ Equity (Deficit) from
inception of development  stage to December 31, 2009, and
Statements of Cash Flows for the year ended December 31, 2009, and together
with the notes thereto and the report of M&K CPAS, PLLC thereon appearing in
Item 8 are included in this 2009 Annual Report on Form 10-K.





3.           Exhibits.
The following exhibits are either filed as a part hereof or are incorporated by
reference. Exhibit numbers correspond to the numbering system in Item 601
of Regulation S-K.








ExhibitNumber
            Description of
      Exhibit
            Filing3.01
            Articles
      of Incorporation
            Filed
      with the SEC on October 14, 2008 as part of our Registration Statement on
      Form S-1.3.01a
            Restated
      Articles of Incorporation filed with the Nevada Secretary of State on
      November 19, 2009
            Incorporated
      by reference on the Company's Current Report on Form 8-K filed with the
      SEC on December 7, 2009.3.02
            Bylaws
            Filed
      with the SEC on October 14, 2008 as part of our Registration Statement on
      Form S-1.10.1
            Authorized
      Reseller Agreement between Elevated Concepts Inc. and Salomatkin &
      Partners dated April 16, 2009
            Filed
      with the SEC on April 20, 2009 as part of our Current Report on Form
      8-K.10.2
            Merger
      Agreement between Elevated Concepts, Inc. and Bloggerwave, Inc. dated
      September 9, 2009
            Filed
      with the SEC on September 14, 2009 as part of our Current Report on Form
      8-K.10.3
            Advisory
      Board Member Agreement between Bloggerwave, Inc. and Peter Hewitt dated
      January 22, 2010.
            Filed
      with the SEC on February 11, 2010 as part of our Current Report on Form
      8-K.10.4
            Advisory
      Board Member Agreement between Bloggerwave, Inc. and Midstone Consulting,
      Ltd. dated January 22, 2010.
            Filed
      with the SEC on February 11, 2010 as part of our Current Report on Form
      8-K.14.1
            Code
      of Ethics
            Filed
      with the SEC on December 7, 2009 as part of our Current Report on Form
      8-K.31.01
            Certification
      of Principal Executive Officer Pursuant to Rule 13a-14
            Filed
      herewith.31.02
            Certification
      of Principal Financial Officer Pursuant to Rule 13a-14
            Filed
      herewith.32.01
            CEO
      and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley
      Act
            Filed
      herewith.





50


SIGNATURES





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





BLOGGERWAVE,
INC.








/s/





Dated:  March
30,
2010                                                                           __________________________________________________


By: Ulrik Svane Thomsen


Its: President and Principal Executive
Officer











/s/





Dated:  March
30,
2010                                                                           __________________________________________________


By: Ulrik Svane Thomsen


Its:  Chief Financial
Officer and Principal Accounting Officer








Pursuant
to the requirement of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the Company and in the
capacities and on the dates indicated:











/s/





Dated:  March
30,
2010                                                                           __________________________________________________


Ulrik Svane Thomsen,
Director








/s/


Dated:  March
30,
2010                                                                           __________________________________________________


Jacob W. Lemmeke,
Director























51