UNITED STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-KT/A


(AMENDMENT
NO. 2)


(Mark
One)





 ̈    ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





For
the Fiscal Year Ended _____________





xTRANSITION
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
              0-53631
              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  ̈  No x





Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act. Yes  ̈  No x





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  ̈





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.”





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
                   ̈
                  Accelerated
      filer
                   ̈Non-accelerated
      filer
                   ̈  (Do not check if a smaller
      reporting company)
                  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). Yes  ̈  No x





As of
March 30, 2010, there were 119,700,000  shares of the
registrant’s $.001 par value common stock issued and outstanding.





Documents
incorporated by reference: None





BLOGGERWAVE, INC.




Table of
Contents





PagePART
      IItem
      1
              Business
              4Item
      1A
              Risk
      Factors
              13Item
      1B
              Unresolved
      Staff Comments
              13Item
      2
              Properties
              13Item
      3
              Legal
      Proceedings
              14Item
      4
              Submission
      of Matters to a Vote of Security Holders
              14PART
      IIItem
      5
              Market
      for Registrant's Common Equity, Related Stockholder Matters and Issuer
      Purchases of Equity Securities
              14Item
      6
              Selected
      Financial Data
              15Item
      7
              Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations
              15Item
      7A
              Quantitative
      and Qualitative Disclosures about Market Risk
              20Item
      8
              Financial
      Statements and Supplementary Data
              F-1Item
      9
              Changes
      in and Disagreements with Accountants on Accounting and Financial
      Disclosure
              21Item
      9A(T)
              Controls
      and Procedures
              21Item
      9B
              Other
      Information
              22PART
      IIIItem
      10
              Directors
      and Executive Officers and Corporate Governance
              22Item
      11
              Executive
      Compensation
              24Item
      12
              Security
      Ownership of Certain Beneficial Owners and Management and Related
      Stockholder Matters
              25Item
      13
              Certain
      Relationships and Related Transactions
              26Item
      14
              Principal
      Accountant Fees and Services
              26PART
      IVItem
      15
              Exhibits
              27





2


NOTE
REGARDING FORWARD LOOKING STATEMENTS


CAUTIONARY
STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS


OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995




This
Annual Report contains historical information as well as forward-looking
statements. Statements looking forward in time are included in this Annual
Report pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve known and unknown risks
and uncertainties that may cause our actual results in future periods to be
materially different from any future performance suggested herein. We wish to
caution readers that in addition to the important factors described elsewhere in
this Form 10-K, the following forward looking statements, among others,
sometimes have affected, and in the future could affect, our actual results and
could cause our actual consolidated results during 2010 and beyond, to differ
materially from those expressed in any forward-looking statements made by or on
our behalf.





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.




3


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, in exchange for all of the issued and
outstanding shares of Bloggerwave APS, 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, which Amendment also increased our authorized shares from
75,000,000 to 200,000,000. Following the closing of the Merger Agreement,
Bloggerwave Aps., a Danish corporation, is now a wholly operating owned
subsidiary of the Company.





With
respect to the filing of the Certificate of Amendment, we failed to comply with
Section 14 of the Securities Exchange Act of 1934. Prior to amending our
Articles of Incorporation, we were required to notify our stockholders and file
an information statement on Schedule 14C with the SEC consistent with Regulation
14C. Although our Board of Directors and the majority of our shareholders
approved the Merger Agreement and amendment to our Articles of Incorporation,
such actions should not have been effectuated without the filing of an
information statement on Schedule 14C.





Further,
as a result of the Merger Agreement, our then-existing directors resigned and
concurrently appointed Mr. Ulrik Svane Thomsen (“Mr. Thomsen”) and Mr. Jacob
Lemmeke (“Mr. Lemmeke”) as members of the Company's Board of Directors. Pursuant
to Rule 14f-1, since Mssrs. Thomsen and Lemmeke concurrently acquired shares of
the Company's common stock, we were required to notify our stockholders and file
an information statement on Schedule 14Fwith the SEC. The Company effected the
change in its Board of Directors without complying with Rule 14f-1.





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 position mission in Europe, and
expand into markets in Asia and the U.S.




4


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). Mssrs. 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 within the 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.








5


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











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.


6











Bloggerwave
for Bloggers:





More and
more people have their own blog. Based on information available on www.alexa.com , there
are 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.


7


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.











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.


8


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





5.
            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. 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





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.





Top
5 US SEO Companies:


Best
Search Engine Optimization Companies- November 2009








Source:
www.invisiblepr.com


9


Top 5 SEO UK Companies:


Best
Search Engine Optimization Companies- November 2009








Source:
www.invisiblepr.com





Competitive
Analysis





Bloggerwave,
although only three years old, has quickly established itself as a fierce
competitor in this new evolving market, having reached the milestone of
acquiring 50,000 bloggers in its international networks (refer to
http://finance.yahoo.com/news/Bloggerwave-Hits-Milestone-of-iw-1700578356.html?x=0&.v=1),
launching several advertising campaigns for clients around the globe (refer to
http://finance.yahoo.com/news/Bloggerwave-Launches-First-iw-1069516802.html?x=0&.v=1),
and acquiring some of the most recognizable brand names in consumer culture,
such as Coca-Cola, Sony, and McDonalds (refer to
http://www.bloggerwaveinc.com/pages/1095/clients). Furthermore, Bloggerwave
believes that its rapid success and growth within the international market has
made it a leader among 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.com2. ReviewMe
                            www.reviewme.com3. SponsoredReview
      s
                            www.sponsoredreviews.com4. Blogsvertise
                            www.blogvertise.com5. Smorty
                            www.smorty.com6. PayU2Blog
                            www.payu2blog.com





Bloggerwave’s
Competitive Advantage





Bloggerwave
sets itself apart from the competition in the following ways:


10


European Market Leader





As we are
a U.S.-based Company and since our operations are based in Europe, we believe we
are poised for growth, based on out international presence 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.





Marketing
Strategy





Mission:
To attract and maintain more advertisers





Marketing
objectives:





·
            Revenue
      growth


·
            Increase
      advertisers by 40% each year


·
            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:





We
believe that Bloggerwave has already positioned itself as the premier corporate
blogging company in Europe due to the Company’s growth and rapid expansion. 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.


11


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.





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 are 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.


12


Government Regulation





Our
operations are subject to various federal, state and local regulations which
cover many issues such as user privacy, freedom of expression, pricing, content
and quality of products and services, taxation, advertising, intellectual
property rights and information security. One such federal law is Section 5 of
the Federal Trade Commission Act (15 U.S.C. 45), which prohibits corporations
from engaging in unfair methods of competition or deceptive acts or practices in
or affecting commerce. The growth of electronic commerce may prompt calls for
even more stringent consumer protection laws.





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.





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,
however, the below risk factor is applicable to the Registrant.





We
may be subject to discipline based on our failure to file an information
statement as required by Section 14 of the Securities Exchange Act of 1934 with
the SEC regarding the filing of an amendment to our Articles of
Incorporation and the election of members to our Board of
Directors.




Pursuant
to Section 14 of the Securities Exchange Act of 1934, we are required to furnish
a publicly-filed information statement to every stockholder in connection with
any proposed corporate action requiring a stockholder vote. Further, Section 14
requires us to provide an information statement regarding a majority change to
 our Board of Directors if the incoming directors are acquiring shares of
our common stock.




We were
required to notify our stockholders and file an information statement prior to
amending our Articles of Incorporation. Although this action was approved by the
holders of the majority of our outstanding shares of common stock, such action
should not have been effectuated without the filing of the information
statement.





Furthermore,
we were required to notify our stockholders and file an information statement
before approving additional members to our Board of Directors since the majority
change in our Board of Directors involved the incoming directors acquiring
shares of our common stock. A change in the majority of directors does not
require stockholder approval; however, the information statement would have
provided notice to the stockholders of the action taken by the Company as
required by Section 14.





Because
we failed to file information statements regarding the foregoing corporate
actions, we may be subject to discipline by the SEC as a result of our failure
to comply with Section 14 of the Securities Exchange Act of 1934.





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.


13


ITEM 3. LEGAL
PROCEEDINGS





We know
of no material, existing or pending legal proceedings against our company, nor
are we involved as a plaintiff in any material proceeding or pending litigation.
There are no proceedings in which our director, officer or any affiliates, or
any registered or beneficial shareholder, is an adverse party or has a material
interest adverse to our interest.





ITEM
4.





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 17,100,000 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 17,100,000 prior to the forward split to
119,700,000 following the forward split. The forward split was payable as a
dividend to shareholders of record as of January 20, 2010.


14


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.





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





Sales Revenue and Gross
Profit






December
      31,
                                      2009
                                      $
                                    December
      31,
                                      2008
                                      $Sales
      Revenue
                                    120,719
                                    152,981Cost
      of Goods Sold
                                    24,235
                                    25,019Gross
      Profit
                                    96,484
                                    127,962Gross
      Profit Margin
                                    79.9%
                                    83.6%





During
the year ended December 31, 2009, we generated sales revenue of $120,719 as
compared to $152,981 during the year ended December 31, 2008. The decrease in
sales revenue is attributed to the fact that the Company had a decrease in the
number of clients from ____ clients in 2008 to ___ in 2009 which accounted for
the overall decline. In 2009, we signed an Authorized Reseller Agreement (the
“Agreement”) with Salomatkin and Partners, a company incorporated in Russia, for
the non-exclusive right to resell our products in the Moscow region. This
Agreement generated $_________ of revenues during the year ended December 31,
2009.


15


The overall gross profit margin decreased during fiscal 2009 as a
result of increasing competition, as the cost of entry for blogging is quite low
given the advance of technology and the use of internet as a medium for social
networking and communication.





Operating Expenses and Net
Comprehensive Loss





During
the year ended December 31, 2009, we incurred general and administrative
expenses of $253,713 as compared to $258,949 during the year ended December 31,
2008. Overall, the Company’s overhead costs, comprised mainly of salary expense,
rent expense, office supplies, utilities, and professional fees relating to
accounting, audit, and legal services related to SEC filings, were consistent
year-to-year as the nature of the Company’s operations did not change
significantly.





The net
loss for the year ended December 31, 2009 was $163,498 as compared to $128,533
for the year ended December 31, 2008. The overall increase in net loss was due
to a decrease in sales revenue and costs incurred with respect to the due
diligence and finalization of the merger transaction on September 9, 2009.




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





Assets, Liabilities, and
Working Capital





As at
December 31, 2009, the Company had total assets of $14,163 as compared to total
assets of $13,747 as at December 31, 2008. Overall, the Company’s cash balance
was consistent to the prior year.





As of
December 31, 2009, the Company had total liabilities of $180,391 as compared to
total liabilities of $110,422 as at December 31, 2008. The increase in total
liabilities was attributed to increases in financing from related parties of
$69,977 that were used to support the ongoing working capital of the
Company.





As at
December 31, 2009, the Company had a working capital deficit of $168,483 as
compared to $100,166 as at December 31, 2008. The increase in working capital
deficit is attributed to the fact that the Company obtained financing from
related parties and used the proceeds to pay down outstanding obligations and
incur general expenditures.





Cashflows from Operating
Activities





During
the year ended December 31, 2009, the Company incurred $101,876 of cash for
operating activities as compared to $16,109 during the year ended December 31,
2008. The increase in the use of cash for operating activities was attributed to
the fact that proceeds received from financing activities were used to repay
outstanding obligations of the Company.





Cashflows from Investing
Activities





During
the year ended December 31, 2009, the Company incurred no cash for investing
activites compared to $1,905 during the year ended December 31, 2008 relating to
the purchase of computer and office equipment.





Cashflows from Financing
Activities





During
the year ended December 31, 2009, the Company received $106,878 of cash from
financing activities compared to $14,863 during the year ended December 31,
2008. The increase in cash proceeds from financing activities was attributed to
an increase of $70,655 of proceeds from related parties.





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.


16


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 purposes 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.





GOING
CONCERN





The
independent auditors' report accompanying our December 31, 2009, and December
30, 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.


17


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.





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:


18





a.
            Determines whether a combination
      is a merger for 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.





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.


19


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.





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.


20


BLOGGERWAVE
INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


INDEX
TO FINANCIAL STATEMENTS


DECEMBER
31, 2009, AND 2008





Report
      of Registered Independent Auditors
              F-2Restated
      Financial 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 Years 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




F-1




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 and comprehensive (loss),
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.





As
discussed in Note 3 to the financial statements, an error in the determination
of the issuance of 5,000,000 shares of common stock (35,000,000 shares
post forward stock split) in connection with an Agreement and Plan of
Merger between the Company and Bloggerwave ApS whereby the Company acquired 100
percent of the issued and outstanding shares of Bloggerwave ApS through a
reverse merger was determined by management of the Company. In addition, the
financial statements as of and for the year ended December 31, 2008, did not
properly reflect the operations of Bloggerwave ApS as a result of the reverse
merger. Accordingly, the financial statements and related notes thereto as of
and for the periods ended December 31, 2009, and 2008, have been restated to
correct the error.





Respectfully
submitted,





/s/
Davis Accounting Group P.C.





Cedar
City, Utah,


March 26,
2010, except for Note 3, for


which the
date is November 5, 2010.


F-2


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


BALANCE
SHEETS - RESTATED (NOTES 2 AND 3)


AS
OF DECEMBER 31, 2009, AND 2008





ASSETS2009
                          
                          
                          2008Current
      Assets:Cash
      and cash equivalent
                          
                          $
                          115
                          
                          
                          $
                          111Accounts
      receivable - Trade
                          
                          
                          9,282
                          
                          
                          
                          10,145Prepaid
      expenses
                          
                          
                          2,511
                          
                          
                          
                          -Total
      current assets
                          
                          
                          11,908
                          
                          
                          
                          10,256Property
      and Equipment:Computer
      & office equipment
                          
                          
                          3,866
                          
                          
                          
                          4,121Less
      - Accumulated depreciation
                          
                          
                          (1,611)
                          
                          
                          
                          (1,030)Net
      property and equipment
                          
                          
                          2,255
                          
                          
                          
                          3,091Other
      Assets:Security
      deposit
                          
                          
                          -
                          
                          
                          
                          400Total
      other assets
                          
                          
                          -
                          
                          
                          
                          400Total
      Assets
                          
                          $
                          14,163
                          
                          
                          $
                          13,747LIABILITIES
      AND STOCKHOLDERS' (DEFICIT)Current
      Liabilities:Bank
      line of credit
                          
                          $
                          -
                          
                          
                          $
                          7,899Accounts
      payable - Trade
                          
                          
                          6,150
                          
                          
                          
                          12,827Accrued
      liabilities
                          
                          
                          79,612
                          
                          
                          
                          72,119Deferred
      revenues
                          
                          
                          1,330
                          
                          
                          
                          6,255Due
      to related party - Director and stockholder
                          
                          
                          81,299
                          
                          
                          
                          11,322Loan
      from stockholder
                          
                          
                          12,000
                          
                          
                          
                          -Total
      current liabilities
                          
                          
                          180,391
                          
                          
                          
                          110,422Total
      liabilities
                          
                          
                          180,391
                          
                          
                          
                          110,422Commitments
      and ContingenciesStockholders'
      (Deficit):Common
      stock, par value $0.001 per share, 200,000,000 shares authorized;
      84,700,000 and 56,000,000 shares issued and outstanding in 2009 and 2008,
      respectively
                          
                          
                          84,700
                          
                          
                          
                          56,000Common
      stock issuable - 35,000,000 shares in 2009 and 2008,
      respectively
                          
                          
                          35,000
                          
                          
                          
                          35,000Discount
      on common stock
                          
                          
                          (111,733)
                          
                          
                          
                          (63,065)Accumulated
      other comprehensive income
                          
                          
                          230
                          
                          
                          
                          5,228Accumulated
      (deficit)
                          
                          
                          (174,425)
                          
                          
                          
                          (129,838)Total
      stockholders' (deficit)
                          
                          
                          (166,228)
                          
                          
                          
                          (96,675)Total
      Liabilities and Stockholders' (Deficit)
                          
                          $
                          14,163
                          
                          
                          $
                          13,747





The
accompanying notes to the financial statements are an integral part of these
balance sheets.


F-3


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


STATEMENTS
OF OPERATIONS AND OTHER COMPREHENSIVE (LOSS) -


RESTATED
(NOTES 2 AND 3)


FOR
THE YEARS ENDED DECEMBER 31, 2009, AND 2008





Years
      EndedDecember
      31,2009
              
              
              2008Sales,
      net
              
              $
              120,719
              
              
              $
              152,981Cost
      of Goods Sold
              
              
              24,235
              
              
              
              25,019Gross
      Profit
              
              
              96,484
              
              
              
              127,962Selling,
      General and Administrative expenses
              
              
              253,713
              
              
              
              258,949(Loss)
      from Operations
              
              
              (157,229)
              
              
              
              (130,987)Other
      income (expense):Interest
      (expense)
              
              
              (1,271)
              
              
              
              (808)Provision
      for Income Taxes
              
              
              -
              
              
              
              -Net
      (Loss)
              
              
              (158,500)
              
              
              
              (131,795)Other
      Comprehensive (Loss):Foreign
      currency translation
              
              
              (4,998
              )
              
              
              3,262Total
      Comprehensive (Loss)
              
              $
              (163,498)
              
              
              $
              (128,533)(Loss)
      Per Common Share:(Loss)
      per common share - Basic and Diluted
              
              $
              (0.00)
              
              
              $
              (0.00)Weighted
      Average Number of Common SharesOutstanding - Basic and
      Diluted
              
              
              113,016,438
              
              
              
              73,691,257





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


F-4


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


STATEMENTS
OF STOCKHOLDERS' (DEFICIT) - RESTATED (NOTES 2 AND 3)


FOR
THE YEARS ENDED DECEMBER 31, 2009, AND 2008





AccumulatedOtherCommon
      Stock
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Common
      Stock - Issuable
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Discount
      on
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Comprehensive
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        AccumulatedDescription
                                                                                                                                                                        
                                                                                                                                                                        Shares
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Amount
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Shares
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Amount
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Common
      stock
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        Income
      (Loss)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (Deficit)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        TotalBalance
      - December 31, 2007
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        21,000,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        21,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        35,000,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        35,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        (33,065)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        1,966
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        1,957
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        26,858Common
      stock issued for cash
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        35,000,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        35,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (30,000)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        5,000Foreign
      currency translation adjustment
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        3,262
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        3,262Net
      (loss) for the period
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (131,795)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (131,795)Balance
      - December 31, 2008
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        56,000,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        56,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        35,000,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        35,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (63,065)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        5,228
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (129,838)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (96,675)Common
      stock issued for cash
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        28,700,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        28,700
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        4,100
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        32,800Impact
      of recapitalization from reverse merger
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (52,768)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        113,913
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        61,145Foreign
      currency translation adjustment
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (4,998)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (4,998)Net
      (loss) for the period
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        -
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (158,500)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        (158,500)Balance
      - December 31, 2009
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        84,700,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        84,700
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        35,000,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        35,000
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        (111,733)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        230
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        (174,425)
                                                                                                                                                                        
                                                                                                                                                                        
                                                                                                                                                                        $
                                                                                                                                                                        (166,228)





The
accompanying notes to the financial statement is an integral part of these
statements.


F-5


BLOGGERWAVE
INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


STATEMENTS
OF CASH FLOWS - RESTATED (NOTES 2 AND 3)


FOR
THE YEARS ENDED DECEMBER 31, 2009, AND 2008





Years
      EndedDecember
      31,2009
                
                
                2008Operating
      Activities:Net
      (loss)
                
                $
                (158,500)
                
                
                $
                (131,795)Adjustments
      to reconcile net (loss) to net cash (used in) operating
      activities:Depreciation
                
                
                581
                
                
                
                415Impact
      of recapitalization from reverse merger
                
                
                61,145
                
                
                
                -Changes
      in net assets and liabilities:Accounts
      receivable - Trade
                
                
                863
                
                
                
                67,536Prepaid
      expenses
                
                
                (2,511)
                
                
                
                -Security
      deposit and other
                
                
                655
                
                
                
                (400)Accounts
      payable - Trade
                
                
                (6,677)
                
                
                
                10,203Accrued
      liabilities
                
                
                7,493
                
                
                
                31,677Deferred
      revenues
                
                
                (4,925)
                
                
                
                6,255Net
      Cash (Used in) Operating Activities
                
                
                (101,876)
                
                
                
                (16,109)Investing
      Activities:Purchases
      and adjustments of computer equipment
                
                
                -
                
                
                
                (1,905)Net
      Cash (Used in) Investing Activities
                
                
                -
                
                
                
                (1,905)Financing
      Activities:Proceeds
      from the issuance of common stock
                
                
                32,800
                
                
                
                5,000Payments
      on bank line of credit
                
                
                (7,899)
                
                
                
                (1,459)Proceeds
      from Director and stockholder
                
                
                81,977
                
                
                
                11,322Net
      Cash Provided by Financing Activities
                
                
                106,878
                
                
                
                14,863Effect
      of Exchange Rate Changes on Cash
                
                
                (4,998)
                
                
                
                3,262Net
      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
                
                $
                -
                
                
                $
                -





Additional
Supplemental Disclosure of Cash Flow Information:


On
September 9, 2009, the Company entered into an Agreement and Plan of Merger (the
"Merger Agreement") with Bloggerwave ApS. Per the terms of the Merger Agreement,
the Company was to issue an aggregate of 35,000,000 shares of its common stock
(post forward stock split) to the shareholders of Bloggerwave ApS 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 ApS shareholder; and, 21,000,000
shares of its common stock (post forward stock split) to the management of
Bloggerwave ApS. The 35,000,000 shares of common stock (post forward stock
split) related to the Merger Agreement were deemed as issuable by the Company,
and the 21,000,000 shares were issued to the management of Bloggerwave ApS in
the accompanying financial statements.





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


F-6


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


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
manufacturers.





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 was to: (i) issue 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) issue 21,000,000 shares of its common stock (post forward
stock split) to the management of Bloggerwave. See Note 3 for additional
information. 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 a Merger Agreement, 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.





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




F-7





BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


DECEMBER
31, 2009, AND 2008





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.





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.


F-8


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


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 (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.




(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.


F-9


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


DECEMBER
31, 2009, AND 2008





(3) Restatement





On
September 9, 2009, as a condition of the completion of the Merger Agreement
between the Company and Bloggerwave ApS, 21,000,000 million shares of common
stock of the Company (post forward stock split) were to be issued to the
management of Bloggerwave ApS, with an additional 35,000,000 shares of common
stock (post forward stock split) to be issued to the stockholders of Bloggerwave
ApS. Upon subsequent review of the stockholder records, the 35,000,000 shares
were never issued in accordance with the terms of the Merger Agreement. The
management of the Company is of the opinion that such shares should be issued
and disclosed in the accompanying financial statements as “issuable” as of
December 31, 2009, and 2008. The Company corrected the error by increasing
common stock issuable in the Stockholders’ (Deficit) section of the accompanying
balance sheets by 35,000,000 shares with a value of $5,000, as of December 31,
2009, and 2008. In addition, the discount on common stock and additional paid-in
capital captions of the Stockholders’ (Deficit) section of the accompanying
balance sheets were increased/decreased accordingly by the same amount. Further,
the weighted average number of shares outstanding for the periods ended December
31, 2009, and 2008, were also adjusted by 35,000,000 shares to reflect the
issuable status of the additional shares of common stock in the calculation of
loss per share – basic and diluted.





In
addition, upon review of the financial statements as of December 31, 2009, and
2008, it was determined that the amounts presented in the Stockholders’
(Deficit) section of the balance sheets, the statements of operations and
comprehensive (loss), the statements of stockholders’ (deficit), and the
statements of cash flows did not correctly include nor present the operations of
Bloggerwave ApS under the terms of the Merger Agreement, which was determined to
be a reverse merger transaction for financial reporting purposes. As such, these
financial statements have been restated to reflect the impact of the
recapitalization from the reverse merger, and to include the operations of
Bloggerwave ApS as the primary operating entity. Such adjustments increased the
net loss for the year ended December 31, 2009, from $(116,967) to $(158,500),
and the net loss for the year ended December 31, 2008, from $(16,464) to
$(131,795). The impact on the increases in net loss for the years effected was
offset by corresponding adjustments to discount on common stock, accordingly. As
such, the reported total amounts of stockholders’ (deficit) for the periods
presented remained unchanged. (Loss) per share – basic and diluted for the years
ended December 31, 2009, and 2008, remained unchanged at $(0.00) per share, and
$(0.00) per share, respectively




(4) 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.





(5) 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.


F-10


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


DECEMBER
31, 2009, AND 2008





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.




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. The Company completed
the issuance of the 21,000,000 shares of common stock (post forward stock split)
to the management of Bloggerwave ApS. The issuance of the 35,000,000 shares of
common stock (post forward stock split) was not completed by the Company and is
disclosed as common stock issuable in the accompanying financial statements. See
Note 3 for further information.





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 a Merger Agreement, 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.





(6) 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
                    
                    $
                    23,775
                    
                    
                    $
                    19,769Change
      in valuation allowance
                    
                    
                    (23,775)
                    
                    
                    
                    (19,769)Total
      deferred tax provision
                    
                    $
                    -
                    
                    
                    $
                    -


F-11


BLOGGERWAVE
INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


DECEMBER
31, 2009, AND 2008





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
                
                $
                43,251
                
                
                $
                19,476Less
      - Valuation allowance
                
                
                (43,251)
                
                
                
                (19,476)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.





As of
December 31, 2009, and 2008, the Company had approximately $174,425 and
$129,838, respectively, in tax loss carryforwards that can be utilized in future
periods to reduce taxable income, and begin to expire in the year
2027.





(7) Related
Party Transactions





As
described in Note 4, as of December 31, 2009, and December 31, 2008, the
Company owed $81,299 and $11,322, respectively, to an individual who is a
Director and officer of the Company.





As
described in Note 5, 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 5, 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 4, 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 bears interest at the rate of 6
percent.





(8) 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.





(9) 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.


F-12


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


DECEMBER
31, 2009, AND 2008





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.





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


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


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.




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.


F-14


BLOGGERWAVE INC.


(FORMERLY
ELEVATED CONCEPTS, INC.)


NOTES TO
FINANCIAL STATEMENTS - RESTATED


DECEMBER
31, 2009, AND 2008





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.





(10) 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


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





ITEM 9A. CONTROLS AND
PROCEDURES.





Disclosure
Controls and Procedures





We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e)
promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that
are designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms and that such information is accumulated
and communicated to our management, including our Chief Executive Officer and
Chief Financial Officer, as appropriate to allow timely decisions regarding
required disclosure.





We
carried out an evaluation, under the supervision and with the participation of
our management, including our Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of our disclosure
controls and procedures as of December 31, 2009. Based on the evaluation of
these disclosure controls and procedures, and in light of the material
weaknesses found in our internal controls over financial reporting, our Chief
Executive Officer and Chief Financial Officer concluded that our disclosure
controls and procedures were not effective.





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.





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.


21


As a result of the material weaknesses described above,
management, including the Chief Executive Officer and Chief Financial Officer,
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.





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 Chief Executive Officer, President, Chief
Financial OFficer, Treasurer and a director of the Company. Mr. Thomsen's
educational background includes a Business School Student and fulfilled a
studentship at a.henriksen shipping a/s a shipping company. Mr. Thomsen has over
eight years experience as a certified IT manager, working both in Denmark and
throughout most of Europe. From 2000 to 2005, Mr. worked as IT systems manager
for Marriott International where his duties included system installations all
over Europe and Asia. Thereafter from 2005 to 2007, Mr. Thomsen worked as
project manager for the Radisson Hotel Group where he was responsible for all
New and ongoing IT projects for the Radisson Hotel group in Denmark. In 2007,
along with Mr. Lemmeke, Mr. Thomsen founded Bloggerwave APS in Denmark. In 2009,
as a result of the transaction between the Company and Bloggerwave APS, Mr.
Thomsen became an officer and director of the Company. In light of Mr. Thomsen's
vast experience in the IT sector detailed above, the Company's Board of
Directors concluded that it was in the Company's best-interest for him to serve
as a director.


22





Jacob W.
Lemmeke. Mr.
Lemmeke is the Secretary and a director of the Company. From 2003 to 2004, Mr.
Lemmeke worked as a sales consultant at Mercoprint where his duties included
sales. From 2004 to 2007, Mr. Lemmeke worked as a Business Development and as a
Sales Manager at Wiseport, where he was responsible for all sales staff and Mega
chains in Europe. In 2007, along with Mr. Thomsen, Mr. Lemmeke founded
Bloggerwave APS. In 2009, as a result of the transaction with the Company, Mr.
Lemmeke was appointed as a director of the Company by the Board of Directors
which concluded that Mr. Lemmeke was qualified to serve as a director as a
result of his extensive experience in the sales field and because of his
previous involvement in founding Bloggerwave APS. Currently, Mr. Lemmeke
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 Ulrik Svane Thomsen, 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.





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.


23


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;


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.





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 Management Table





(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.


24


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.





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.





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 17,100,000 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
                
                3,000,000
                
                17.54%Jacob
      W. Lemmeke
                  Sortevej
      3
                  3070
      Snekkersten, Denmark
                
                3,000,000
                
                17.54%All
      executive officers and directors as a group (2 persons)
                
                6,000,000
                
                35.09%Beneficial
      Shareholders greater than 5%IQ
      Division Corp. (2)
                  1802
      North Carson Street, Suite 108
                  Carson
      City, NV 89701
                
                3,500,000
                
                20.47%Sapiens
      Alliance Ltd. (3)
                  Akara
      Bldg., 24 De Castro Street
                  Wickhams
      Cay I
                  Road
      town, Tortola,
                  British
      Virgin Islands
                
                1,500,000
                
                8.77%Svaneco
      Ltd. (4)
                  Akara
      Bldg., 24 De Castro Street
                  Wickhams
      Cay I
                  Road
      town, Tortola,
                  British
      Virgin Islands
                
                1,500,000
                
                8.77%


25


(1)           Applicable
percentage of ownership is based on 17,100,000 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.





(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:




·
            disclosing
      such transactions in reports where
required;


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


·
            obtaining
      disinterested directors consent;
and


·
            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.


26


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.





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.





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/A Amendment No. 1.





2.           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
                                                                            
                                                                            Certificate
      of Amendment to Articles of Incorporation filed with the Nevada Secretary
      of State on November 19, 2009
                                                                            
                                                                            Filed
      herewith.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
      Certification Pursuant to Section 906 of the Sarbanes-Oxley
      Act
                                                                            
                                                                            Filed
      herewith.32.02
                                                                            
                                                                            CFO
      Certification Pursuant to Section 906 of the Sarbanes-Oxley
      Act
                                                                            
                                                                            Filed
      herewith.




27


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.Dated:
      January 26, 2011/s/ Ulrik SvaneBy:
      Ulrik Svane ThomsenIts:
      President and Principal Executive OfficerDated:
      January 26, 2011/s/ Ulrik SvaneBy:
      Ulrik Svane ThomsenIts:
      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:





Dated:
      January 26, 2011/s/ Ulrik SvaneUlrik
      Svane Thomsen, DirectorDated:
      January 26, 2011/s/ Jacob W. LemmkekJacob
      W. Lemmeke, Director


28