| -       | Advertising Supported Programming – we deliver free programming to viewers supported by advertising on Wavelit.com.  We offer a completely live view of wild animals in their natural habitats.  Streaming video completely live 24 hrs a day, viewers can watch wild animals in locations around the world without havingto leave home.                               |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  - | Pay-per-View TV - we offer premium content by a Pay for View model where we pay a portion of our revenues to the content provider. We currently operate this system on our www.MMAWL.com website where we broadcast live Mixed Martial Arts events (Pay-per-View).  This system broadcasts PPV events globally, unlike satellite or digitalcable PPV which can only broadcast locally. |

| Penny Stock Rules  |
|-------------------------|

| The SEC has adopted regulations which generally define a "penny stock" to be any equity secu­rity that has a market price of less than $5.00 per share, subject to certain exceptions.  Depending on market fluctuations, our common stock may be considered a "penny stock".  As a result, it may be subject to rules that impose additional sales practice requirements on broker/dealers who sell these securitiesto persons other than established customers and accredited investors.  For transactions cov­ered by these rules, the broker-dealer must make a special suitability determination for the purchase of our securities.  In addition the broker-dealer must receive the purchaser's written consent to the trans­action prior to the purchase.  The broker-dealer must also provide certain written disclosures to the purchaser.  Consequently, the "penny stock" rules may restrict the ability of broker/dealersto sell our securities, and may negatively affect the ability of holders of our shares to resell them. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Our April 30, 2009 audited consolidated financial statements have been prepared on the basis of the accounts and operations of Galaxy Networks Inc. from incorporation, December 13, 2002 to April 30, 2009 and incorporate the accounts and operations for Wavelit, Inc. (formerly Infotec Business Systems, Inc.), Precision Aviation Inc., Galaxy Networks Inc., Stream Horizon Studios Ltd. (formerly “Infotec Business Strate­gies,Inc.”) and Galaxy US Networks Inc. (formerly “Eventec Inc.”) from December 13, 2002 to April 30, 2009.   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       |
|--------------------------------|

| Liquidity and Capital Resources  |
|---------------------------------------|

| As of April 30, 2009, we had an accumulated deficit of $6,442,860.  Our working capital deficit at April 30, 2009 was $1,558,906.  The accumulated deficit and our working capital was funded by proceeds from the issuance of common shares, advances from related parties and accounts payable to suppliers.  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      We currently market a range of products and services, however, we have limited revenues and limited operating history from which to assess our operations.  Due to our lack of revenue-production history and our lack of contractual commitments to generate profits, there is no basis at this time for investors to make an informed determination as to the prospects for our future success.  For this reason and, aswe have not achieved profitable operations and require additional capital to achieve our objec­tives, our auditors have included in their report covering our financial statements for the period from incorporation to April 30, 2009, that there is substantial doubt about our ability to continue as a going concern. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Additional Risk Factors  |
|-------------------------------|

| As noted throughout this annual report, Wavelit, Inc. (formerly Infotec Business Systems, Inc.), is an emerging devel­opment stage company and accordingly, there are many risks that affect our operations and our ultimate viability.  It is not possible, however, to foresee all risks which may affect us.  Moreover, we cannot predict the magnitude of each risk nor can we predict whether we will successfullyeffectuate our current business plan.  Each prospective investor is encouraged to carefully analyze the risks and merits of an investment in our securities and to take into consideration when making such analysis, among others, the financial risks discussed under the subheading "Liquidity and Capital Resources" above and the additional risk factors we have set out below. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Operating History - We are presently in the process of marketing products and services which we have developed or acquired.  We have only a limited operating history from which investors can evaluate our future business prospects or management’s performance.  As a result, you have no reli­able means to determine whether you should makean investment in this company. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Marketable Products - In order to sell our products and services, we must demonstrate to poten­tial customers that we have systems and services that are functional, supported, cost effective and address their needs.  We have developed products and services which we have introduced and from which we are receiving sales revenues.  Atpresent however, we have only limited history in offering and supporting these product offerings. If products and services we offer do not meet customer needs and if customers are not convinced we can maintain, support and upgrade our offerings in future, or if our products contain product flaws or bugs, we will not be able to successfully market our products and services or earn revenues. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Staff Availability - In addition to our CEO, we currently employ a Network Manager and contract a web programmer and web developer.  We currently have employment agreements with the directors, officers and employees we depend on for the successful implementation of our plan. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Competition - We face competition from a wide range of firms in the streaming media and host­ing services industry.  These companies include large, well established and financially stronger companies.  We do not currently have resources to compete and may never have sufficient funds to be able to refine our offerings and successfully marketour offerings so that we may become a factor in the industry.  These competitive disadvantages represent another factor which may cause investors in our securities to lose the value of their investment. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Management Control - Current management owns or controls approximately 0.00% of the out­standing shares of our common stock. |
|-----------------------------------------------------------------------------------------------------------------------------------|

|         |
|--------------------------------------------|

----

| Annual Audited Financial Statements |
|-------------------------------------|

| Report of Independent Registered Public Accounting Firm         F -1   |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|

| Consolidated Financial Statements              |
|-----------------------------------------------------------------------------------------------------------------|

| Consolidated Balance Sheets                       F2          |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| Consolidated Statements of Operations  | F-3 |
|---------------------------------------------|-----|

| Consolidated Statement of Stockholders’ Equity (Deficit) | F-4 |
|----------------------------------------------------------------|-----|

| Consolidated Statements of Cash Flows | F-5 |
|---------------------------------------|-----|

| Notes to Consolidated Financial Statements | F-6 - F-10 |
|--------------------------------------------|------------|

----

----

| Wavelit, Inc. (formerly Infotec Business Systems, Inc.) and Subsidiaries |                                                                                  |                                                                |
|--------------------------------------------------------------------------|---------------------------------------------------------------------------------------|---------------------------------------------------------------------|
| (A Development Stage Company)                                            |                                                                                  |                                                                |
| Consolidated Balance Sheets                                              |                                                                                  |                                                                |
|                                                                     |                                                                                  |                                                                |                                                           April 30     |
|                                                                     |                                                                                  |                                                                |                                                               2009 |                                                           2008 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Assets                                                                                |                                                                |   |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Current Assets                                                                        |                                                                |   |
|                                                                     |   Cash                                                                      |                                                                | $                - | $     894 |
|                                                                     |   Accounts receivable                                                       | 20,142                                                              | 29,360 |
|                                                                     |   Inventory                                                                 | 144,007                                                             | - |
|                                                                     |   Prepaid expenses (Note 4)                                                 | 129,271                                                             | 210,444 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     |      Total Current Assets                                    | 293,420                                                             | 240,698 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Property and Equipment (Note 3(d) and 10)                                             | 380,959                                                             | 416,325 |
|                                                                     |    Accumulated Depreciation                                            | (162,207)                                                           | (143,929) |
|                                                                     |  Net Property and Equipment                                                      |                                                                | 218,752 | 272,396 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Intangible Assets (Note 3(e))                                                         |                                                                | 9,881 | 10,782 |
|                                                                     |   Accumulated Amortization                                                       |                                                                |     (2,096) |         (1,820) |
|                                                                     | Net Intangible Assets                                                                 |                                                                | 7,785 | 8,962 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Goodwill (Note 5)                                                                     |                                                                | 417,574 | 417,574 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     |      Total Assets                                            | $937,532                                                            | $  939,630 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Liabilities and Stockholders’ Equity (Deficit)                                  |                                                                |   |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Current Liabilities                                                                   |                                                                |   |
|                                                                     |   Bank overdraft                                                            | $       344                      | $           - |
|                                                                     |   Accounts payable                                                          | 270,000                                                             | 262,495 |
|                                                                     |   Accounts payable – related party (Note 11(c))                       | 1,472,427                                                           | 495,891 |
|                                                                     |   Loans Payable to Shareholders (Note 6)                                    | 109,555                                                             | 118,235 |
|                                                                     |   Due to related party (Note 10)                                            | -                                                                   | - |
|                                                                     |   Compensation Payable (Note 9)                                             | -                                                                   | 13,952 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     |      Total Current Liabilities                               | 1,852,326                                                           | 890,573 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Long Term Liabilities                                                                 |                                                                |   |   |
|                                                                     |   Convertible Debentures to Shareholders (Note 6 and 11(c))                 | 1,372,734                                                           | 1,848,200 |
|                                                                     |   Due to related party (Note 10)                                            | -                                                                   | 42,000 |
|                                                                     |      Total Long Term Liabilities                             | 1,372,734                                                           | 1,890,200 |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Stockholders’ Equity (Deficit)                                                  |                                                                |   |
|                                                                     |   Preferred stock, voting; $0.001 par value; 375,000,000 shares authorized; |                                                                |
|                                                                     |     no shares issued and outstanding at April 30, 2009 and        |                                                                |   |
|                                                                     |     2008, respectively                                            |            - |            - |
|                                                                     |   Common stock, voting; $0.001 par value; 250,000,000 shares authorized;    |                                                                |
|                                                                     |     80,469,940 and 46,319,940 shares issued and outstanding at    |                                                                |   |
|                                                                     |     April 30 2009 and 2008, respectively                          | 80,470                                                              | 46,320 |
|                                                                     |   Additional paid in capital                                                | 4,143,452                                                           | 3,559,960 |
|                                                                     |   Accumulated other comprehensive income                                    | (68,591)                                                            | (27,171) |
|                                                                     |   Deficit accumulated during the development stage                          | (6,442,860)                                                         | (5,420,252) |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     |      Total Stockholders’ Equity (Deficit)              | (2,287,528)                                                         | (1,841,143) |
|                                                                     |                                                                                  |                                                                |   |   |
|                                                                     | Total Liabilities and Stockholders’ Equity                                      |    __$937,532                                        | ______$939,630 |

|  (The accompanying notes are an integral part of these financial statements) |
|-----------------------------------------------------------------------------------|

----

| Wavelit, Inc. (formerly Infotec Business Systems, Inc.) and Subsidiaries |
|--------------------------------------------------------------------------|
| (A Development Stage Company)                                            |   |   |   |
| Consolidated Statements of Operations                                    |   |                                                       Cumulative |
|                                                                     |   |   |                                                          amount |
|                                                                     |   |   |                                                 from inception |
|                                                                     |   |   |                                                 (December 13, |
|                                                                     |   |   |                                                    2002 |
|                                                                     |                                                  For the year ended |                                                       through |
|                                                                     |                                                          April30, 2009 |                                      April 30,2008 |                                                   April 30, 2009 |
|                                                                     |   |   |   |
| Revenues                                                                 | $27,752 | $167,034 | $1,121,905 |
|                                                                     |   |   |   |
| Revenues from related parties (Note 11(b))                               | - | - | 1,676 |
|                                                                     |   |   |   |
| Cost of goods sold                                                       | (120,693) | (260,010) | (942,214) |
|                                                                     |   |   |   |
| Gross Profit                                                             |               (92,941) | (92,976) | 181,367 |
|                                                                     |   |   |   |
| Expenses                                                                 |   |   |   |
|   Accounting and Legal                                         | 34,208 | 180,813 | 492,930 |
|   Administration Fees                                          | - | - | 830,879 |
|   Acquisition fees                                             | - | - | 90,000 |
|   Advertising & Promotion                                  | 5 | 2,688 | 14,468 |
|   Interest, Tax & Bank Charges                             | 91,851 | 139,295 | 384,734 |
|   Depreciation                                                 | 33,588 | 25,749 | 169,173 |
|   Development Costs                                            | - | 11,963 | 71,268 |
|   Management Fees (Note 11(a))                                 | 167,500 | 196,765 | 1,070,934 |
|   Licenses, Press Release Fees & Dues                      | 1,527 | 6,646 | 49,619 |
|   Office and telephone                                         | 134 | 21,591 | 107,300 |
|   Rent and Insurance                                           | 2,101 | 104,556 | 283,467 |
|   Subcontracts                                                 | 840,343 | 336,212 | 1,536,423 |
|   Travel                                                       | - | 9,165 | 80,590 |
|   Wages and Benefits                                           | 1,440 | 54,519 | 284,157 |
|   Bad Debts                                                    | - | - | 267,934 |
|      Total Expenses                             | 1,172,697 | 1,089,962 | 5,733,876 |
|                                                                     |   |   |   |
|      Operating Loss                             | (1,265,639) | (1,182,938) | (5,552,509) |
|                                                                     |   |   |   |
| Other income and Expenses                                                |   |   |   |
|   Loss/Gain on Foreign Exchange                                | 4,222 | (2,369) | 83,072 |
|   Debt Forgiveness                                             | 42,000 | 81,026 | 387,882 |
|   Discontinued Operations (Note 5)                             | - | - | (738,692) |
|   Impairment of Goodwill                                       | - | - | (165,000) |
|                                                                     |   |   |   |
| Net loss before taxes                                                    | (1,219,417) | (1,104,281) | (5,985,247) |
|                                                                     |   |   |   |
| Provision for income taxes (Note 8)                                      |               - |               - | - |
|                                                                     |   |   |   |
| Net Loss                                                                 | $(1,219,417) | $(1,104,281) | $(5,985,247) |
|                                                                     |   |   |   |
| Net Loss Per Share  (Basic and Diluted)                             | $        (0.015) | $        (0.05) |   |
| Weighted Average Shares Outstanding(Basic and Diluted)                   | 61,803,781 | 23,692,176 |   |

|      |
|--------------------------|

----

| Wavelit, Inc. (formerly Infotec Business Systems, Inc.) and Subsidiaries    |   |            |   |
|-----------------------------------------------------------------------------|--------|-----------------|--------|
| (A Development Stage Company)                                               |   |            |   |   |
| Consolidated Statements of Stockholders’ Equity (Deficit)        |   |            |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |
|                                                                        |   | Preferred Stock |   | Common Stock |   |   |   |   |   | accumulated |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   | during |   | Total |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   | Compre- |   | the |   | stockholders’ |   |
|                                                                        |   | Number of       |   |   |   | Number of |   |   |   | Paid-in |   | hensive |   | development |   | equity |   |
|                                                                        |   | shares          |   | Amount |   | shares |   | Amount |   | capital |   | income |   | stage |   | (deficit) |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at inception - December 13, 2002                                    |   |            | -      |   | $ | - |   |   | - |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   |
| Stock issued for:                                                           |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Cash                                                                  |   |            | -      |   |   | - |   |   | 500,000 |   |   | 500 |   |   | (338 | ) |   | - |   |   | - |   |   | 162 |   |
|  Equipment                                                             |   |            | -      |   |   | - |   |   | 666,667 |   |   | 667 |   |   | (15,884 | ) |   | - |   |   | - |   |   | 16,551 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Stock issued for cash:                                                |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  December 14, 2002                                                     |   |            | -      |   |   | - |   |   | 500,000 |   |   | 500 |   |   | (12,465 | ) |   | - |   |   | - |   |   | 12,965 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (12,172 | ) |   | (12,172 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   |   | - |   | 742 |   |   | - |   |   | 742 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss)                                                        |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (11,430 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance - April 30, 2003                                                    |   |            | -      |   |   | - |   |   | 1,666,667 |   |   | 1,667 |   |   | (16,581 | ) |   | 742 |   |   | (12,172 | ) |   | 18,248 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (10,525 | ) |   | (10,525 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (165 | ) |   | - |   |   | (165 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss)                                                        |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (10,690 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance - April 30, 2004                                                    |   |            | -      |   |   | - |   |   | 1,666,667 |   |   | 1,667 |   |   | 28,011 |   |   | 577 |   |   | (22,697 | ) |   | 7,558 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock issued for:                                                           |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Acquisition                                                           |   |            | -      |   |   | - |   |   | 1,529,167 |   |   | 1,529 |   |   | 7,143 |   |   | - |   |   | (241,786 | ) |   | (233,114 | ) |
|  Services                                                              |   |            | -      |   |   | - |   |   | 41,667 |   |   | 42 |   |   | 89,958 |   |   | - |   |   | - |   |   | 90,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Stock issued for settlement of                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Consulting fees                                                       |   |            | -      |   |   | - |   |   | 137,500 |   |   | 138 |   |   | 112,062 |   |   | - |   |   | - |   |   | 112,200 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (133,502 | )  |   | (133,502 | )  |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 2,371 |   |   | - |   |   | 2,371 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss)                                                        |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (131,131 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance - April 30, 2005                                                    |   |            | -      |   |   | - |   |   | 3,375,000 |   |   | 3,375 |   |   | 240,550 |   |   | 2,948 |   |   | (397,985 | ) |   | (154,487 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock issued for:                                                      |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Private placement for cash                                            |   |            | -      |   |   | - |   |   | 166,667 |   |   | 167 |   |   | 249,833 |   |   | - |   |   | - |   |   | 250,000 |   |
|  Business acquisition (Note 12(b))                                     |   |            | -      |   |   | - |   |   | 416,667 |   |   | 417 |   |   | 749,583 |   |   | - |   |   | - |   |   | 750,000 |   |
|  Share purchase agreement (Note 12(c))                                 |   |            | -      |   |   | - |   |   | 91,667 |   |   | 92 |   |   | 164,908 |   |   | - |   |   | - |   |   | 165,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,612,267 | ) |   | (1,612,267 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 11,166 |   |   | - |   |   | 11,166 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss)                                                        |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,601,151 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance – April 30, 2006                                              |   |            | -      |   | $ | - |   |   | 4,050,000 |   | $ | 4,050 |   | $ | 1,401,500 |   | $ | 14,114 |   | $ | (2,010,252 | ) | $ | (590,588) |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock issued for:                                                      |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Consulting Agreement (Note 12(e))                                     |   |            | -      |   |   | - |   |   | 103,333 |   |   | 103 |   |   | 92,897 |   |   | - |   |   | - |   |   | 93,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Consulting Agreements (Note 12(f))                                    |   |            | -      |   |   | - |   |   | 229,791 |   |   | 230 |   |   | 220,369 |   |   | - |   |   | - |   |   | 220,599 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Content Agreement (Note 12(g))                                        |   |            | -      |   |   | - |   |   | 333,333 |   |   | 333 |   |   | 319,667 |   |   | - |   |   | - |   |   | 320,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Executive Employment Agreement (Note 12(h))                           |   |            | -      |   |   | - |   |   | 666,667 |   |   | 667 |   |   | 799,333 |   |   | - |   |   | - |   |   | 800,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,893,084 | ) |   | (1,893,084 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (14,258 | ) |   | - |   |   | (14,258 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss)                                                        |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,907,342 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance – April 30, 2007                                              |   |            | -      |   | $ | - |   |   | 5,383,069 |   | $ | 5,383 |   | $ | 2,888,959 |   | $ | (144) |   | $ | (3,979,514 | ) | $ | (1,085,318 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock issued for:                                                      |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Consulting Agreement (Note 12(k))                                     |   |            | -      |   |   | - |   |   | 936,876 |   |   | 937 |   |   | 17,800 |   |   | - |   |   | - |   |   | 18,737 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Stock Purchase   Agreement (Note 12(l))                |   |            | -      |   |   | - |   |   | 40,000,000 |   |   | 40,000 |   |   | 480,000 |   |   | - |   |   | - |   |   | 520,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,104,281 | ) |   | (1,104,281 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (27,028 | ) |   | - |   |   | (27,028 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss)                                                        |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,131,309 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance – April 30, 2008                                              |   |            | -      |   | $ | - |   |   | 46,319,945 |   | $ | 46,320 |   | $ | 3,386,759 |   | $ | (27,172) |   | $ | (5,420,252 | ) | $ | (1,841,143 | ) |
| Stock issued for:                                                      |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Asset Purchase Agreement (Note 12(m))                                 |   |            | -      |   |   | - |   |   | 8,500,000 |   |   | 8,500 |   |   | 694,635 |   |   | - |   |   | - |   |   | 703,135 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Consulting Agreement (Note 12(n))                                     |   |            | -      |   |   | - |   |   | 5,100,000 |   |   | 5,100 |   |   | 45,900 |   |   | - |   |   | - |   |   | 51,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Employment Agreement (Note 12(o))                                     |   |            | -      |   |   | - |   |   | 10,000,000 |   |   | 10,000 |   |   | 90,000 |   |   | - |   |   | - |   |   | 100,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Consulting Agreement (Note 12(p))                                     |   |            | -      |   |   | - |   |   | 1,000,000 |   |   | 1,000 |   |   | 9,000 |   |   | - |   |   | - |   |   | 10,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Resignation Agreement (Note 12(q))                                    |   |            | -      |   |   | - |   |   | 1,050,000 |   |   | 1,050 |   |   | 51,450 |   |   | - |   |   | - |   |   | 52,500 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Debenture Conversions (Note 12(r))                                    |   |            | -      |   |   | - |   |   | 17,000,000 |   |   | 17,000 |   |   | 408,000 |   |   | - |   |   | - |   |   | 425,000 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Share Cancelation (Note 12(s))                                        |   |            | -      |   |   | - |   |   | (8,500,000) |   |   | (8,500) |   |   | (694,635) |   |   | - |   |   | - |   |   | (703,135) |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for the period                                                   |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,219,417 | ) |   | (1,219,417 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for                                                              |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (41,419) |   |   | - |   |   | (41,419) |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive Gain(Loss)                                                    |   |            | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 175,951 |   |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance – April 30, 2009                                              |   |            | -      |   | $ | - |   |   | 80,469,945 |   | $ | 80,470 |   | $ | 3,991,109 |   | $ | (68,591) |   | $ | (6,639,669 | ) | $ | (2,287,528 | ) |
|                                                                        |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (The accompanying notes are an integral part of these financial statements) |   |

----

| Wavelit, Inc. (formerly Infotec Business Systems, Inc.) and Subsidiaries                |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A Development Stage Company)                                                           |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Consolidated Statements of Cash Flows                                                   |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                        Cumulative                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                     amount from                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                        inception                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                   (December 13,                                    2002                                      to April 30, |
|                                                                                    | For the year ended                                                                                                                                                                                                                                                                                                      |
|                                                                                    | April 30,                                                                                                                                                                                                                                                                                                               |
|                                                                                    |                                                     2009 |                                    2008 |                                            2009)                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Cash Flows From Operating Activities                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Net Loss                                                                    | ($1,219,417)                                                                                                                                                                                                                                                                                                            | ($1,104,281)                                                                                                                                                                                                      | ($5,946,272)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   Adjustments to reconcile net loss to cash                                   |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|      Depreciation                                              | 33,588                                                                                                                                                                                                                                                                                                                  | 25,749                                                                                                                                                                                                            | 135,197                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|      Acquisition fees                                          | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | 90,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|      Impairment of goodwill                                    | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | 165,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|      Written off goodwill / Discontinued operations            | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | 738,692                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   Changes in working capital items                                            |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|      Increase (decrease)  in bank overdraft               | 1,238                                                                                                                                                                                                                                                                                                                   | (10,412)                                                                                                                                                                                                          | (344)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|      Increase (decrease)  in accounts payable             | 7,505                                                                                                                                                                                                                                                                                                                   | 28,832                                                                                                                                                                                                            | 270,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|      Increase (decrease) in accounts payable- related party    | 976,536                                                                                                                                                                                                                                                                                                                 | (443,112)                                                                                                                                                                                                         | 1,472,427                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|      Increase in unearned revenue                              | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|      Increase in due to related parties                        | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|      Increase (decrease) in compensation payable               | (6,976)                                                                                                                                                                                                                                                                                                                 | (6,976)                                                                                                                                                                                                           | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|      (Increase) decrease in accounts receivable                | 9,218                                                                                                                                                                                                                                                                                                                   | 44,787                                                                                                                                                                                                            | (20,142)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|      (Increase) decrease in accounts receivable- related party | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|      (Increase) Decrease in prepaid expenses                   | 81,173                                                                                                                                                                                                                                                                                                                  |  204,026                                                                                                                                                                                                     | (129,271)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Net Cash Provided By (Used in)                                                          |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Operating  Activities                                                  | (117,135)                                                                                                                                                                                                                                                                                                               | (1,261,387)                                                                                                                                                                                                       | (3,224,713)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Cash Flows to Investing Activities                                                      |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Acquisition of property and equipment                                       | 35,366                                                                                                                                                                                                                                                                                                                  | (179,431)                                                                                                                                                                                                         | (380,959)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   Acquisition of intangible assets                                            | 900                                                                                                                                                                                                                                                                                                                     | (5,536)                                                                                                                                                                                                           | (9,881)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Net Cash Used in Investing  Activities                                             | $  36,266                                                                                                                                                                                                                                                                                                     | (184,967)                                                                                                                                                                                                         | $ (390,840)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Cash Flows from Financing  Activities                                              |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Increase in loans payable to stockholders                                   | (475,466)                                                                                                                                                                                                                                                                                                               | 505,247                                                                                                                                                                                                           | 1,372,734                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   Cash received in recapitalization                                           |                  -                                                                                                                                                                                                                 | -                                                                                                                                                                                                                 | 1,353                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   Proceeds from issuance of common stock                                      | 592,384                                                                                                                                                                                                                                                                                                                 | 18,737                                                                                                                                                                                                            | 2,287,528                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Net Cash provided by  Financing Activities                               | 116,918                                                                                                                                                                                                                                                                                                                 | 523,984                                                                                                                                                                                                           | 3,661,615                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Increase (Decrease) in Cash in the Period                                               | (1,238)                                                                                                                                                                                                                                                                                                                 | 894                                                                                                                                                                                                               | (344)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Comprehensive gain (loss) on translation                                                | -                                                                                                                                                                                                                                                                                                                       | -                                                                                                                                                                                                                 | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Cash - Beginning of Period                                                              | 894                                                                                                                                                                                                                                                                                                                     | -                                                                                                                                                                                                                 | 894                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Cash - End of Period                                                                    | $              -                                                                                                                                                                                                                                  | $894                                                                                                                                                                                                              | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Non-Cash Financing Activities                                                           |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Common shares issued for equipment                                          | $                -                                                                                                                                                                                                                      | -                                                                                                                                                                                                                 | $93,193                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Supplementary Disclosure of Non-Cash Items                                              |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Net liabilities assumed in recapitalization                                 | $                -                                                                                                                                                                                                                           | $                -                                                                                                                | $(234,467)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Issuance of common stock for purchase goodwill                              | $                -                                                                                                                                                                                                                      | $                -                                                                                                                | $    838,358                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Issuance of common stock for services                                       | $                -                                                                                                                                                                                                                      | $               -                                                                                                                      | $ 1,340,599                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   Issuance of common stock for consulting                                     | $                -                                                                                                                                                                                                                           | $       18,737                                                                                                                                                                      | $223,937                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                    |                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

| (The accompanying notes are an integral part of these financial statements) |
|-----------------------------------------------------------------------------|

----

|   | Office equipment - computers | 3 years                    |
|--------|------------------------------|----------------------------|
|   | Office equipment - other     | 5 years                    |
|   | Demonstration equipment      | 3 years                    |
|   | Server systems               | 5 years                    |
|   | Software                     | 1 years                    |
|   | Studio equipment             | 5 years                    |
|   | Leasehold Improvements       | Over the term of the lease |

| Balance as at April 30, 2008            |   | $      | -       |   |
|-----------------------------------------|--------|--------|---------|--------|
|                                    |   |   |    |   |
| Acquisition of Precision Aviation, Inc. |   |   | 417,574 |   |
|                                    |   |   |    |   |
| Balance as at April 30, 2009            |   | $      | 417,574 |   |

| Management Fees                                | April 30, 2009                  | April 30,2008                   |
|------------------------------------------------|---------------------------------|---------------------------------|
|  (current) President/CEO – K.Vaesen |  $   37,500 | $    19,985 |
|  (past) President/CEO – A.Griffiths |     -       | 65,954                          |
|   VP Technology – E.Clunn      | -                               | 44,721                          |
|   VP Finance – R.Clarke        | -                               | 35,595                          |
|   VP Operations – L.Milne      | -                               | 30,510                          |
|                                           |                            |                            |
|                                           | $ 37,500                        | $  196,765            |

|   | (a)    | On September 16, 2005, the Company completed a private placement of 2,000,000 (5,000,000 post-split) shares of common stock at a price of $0.125 per share for cash proceeds of $250,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (b)    | On September 30, 2005, the Company issued 5,000,000 (12,500,000 post-split) common shares in exchange for the business and assets of Stream Horizon Media at a price of $0.06 per share for a cash proceeds of $750,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (c)    | On September 30, 2005 the Company issued 1,100,000 (2,750,000 post-split) common shares in exchange for the prior development and assets of ebahn Television Network Corp., for an aggregated consideration of $165,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (d)    | On October 18, 2005 the Company effected a forward split of its capital stock on a 2.5:1 basis so that the 450,000,000 shares authorized (300,000,000 common shares and 150,000,000 preferred shares) and 48,600,000 shares of common stock issued, were increased to 1,125,000,000 shares authorized (750,000,000 common shares and 375,000,000 preferredshares) and 121,500,000 shares of common stock issued. Par value of the preferred and common stock remained unchanged at $0.001. All figures in these financial statements, including comparative information have been updated to give effect to the forward 2.5:1 split.                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (e)    | On November 6, 2006, we issued 3,100,000 shares of our company to two consultants, Paul Marek and Peter Lindhout, pursuant to consulting agreements dated November 6, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (f)    | On February 6,2007, we filed form S-8 in relation to our 2007 Stock Plan and authorized 35,000,000 pre-split (1,166,667 post 30:1 split) common shares.  We issued 6,893,719 pre-split (229,791 post 30:1 split) common shares to employees and contractors for past and future services to the company.  Total value of services$220,599. On February 28, 2007, we have issued common stock to the following service providers/contractors/employees: OC3 Networks (Ilan Mishan), 2,037,063 shares for $65,186; M. Barhonovich, 2,562,500 shares for $82,000; D. McIlroy, 669,156 shares for $21,413; S. McKiernan Law, 625,000 shares for $20,000; A.Bacon, 500,000 shares for $16,000; P. Harris, 500,000 shares for $16,000.       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (g)    | On January 29, 2007, the company entered into into a World Wide International Development Agreement with MMAWL.com, Wallid Ismail and Wallid Ismail Promocoes E Eventos Ltda-Epp (“Wallid”), wherein Wallid will provide us with martial arts athletic entertainment for streaming on the internet for a period of three years expiring onJanuary 29, 2010. The company agreed to issue 10,000,000 shares to Wallid Ismail as a signing bonus in connection with the World Wide International Development Agreement dated January 29, 2007. Shares were issued February 28, 2007 at a price of $0.032 per share. Total value of $320,000 is being treated as a PrePaid Expense and will be expensed over the term of the contract.                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (h)    | On April 1, 2006 and amended January 29, 2007, the company entered into an Executive Employment Agreement with Arthur Griffiths for the position of President and Chief Executive Officer.  As a signing bonus, the contract grants 20,000,000 pre-split common shares (666,667 post 30:1 reverse split).  Shares were issued February28, 2007.                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (i)    | On June 8, 2007, the Company effected a name change to Wavelit, Inc. and a reverse split of its common stock on a 30:1 basis so that the 1,250,000,000 shares authorized (750,000,000 common shares and 375,000,000 preferred shares) and 161,493,721 shares of common stock issued, were decreased to 400,000 shares authorized (25,000,000 common sharesand 375,000,000 preferred shares) and 5,383,069 shares of common stock issued. The company then increased its authorized common stock to 250,000,000 effective June 8, 2007. Par value of the preferred and common stock remained unchanged at $0.001. All figures in these financial statements, including comparative information have been updated to give effect to the reverse 30:1 split.  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|   | (k)    | On November 1, 2007, the company entered into a Consultant Advisor Agreement with Peter Lindhout wherein Mr Lindhout is to research and develop acquisition targets and make introductions to privately held corporations to facilitate acquisitions.  The company issued 936,876 shares to Mr. Lindhout (valued at $18,738 according to theNovember 1st closing price of $0.02).  As of the filing of this quarterly report, these consulting services have not been provided by Mr. Lindhout.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (l)    |       On November 22, 2007, the company completed a Stock Purchase Agreement with ATB Company wherein the company acquired 100% of Precision Aviation, Inc.  The company issued 40,000,000 restricted WAVL shares to ATB Company placing ATB as majority shareholder of the company.  The company also entered into a Memorandum of Understandingwith ATB Company wherein ATB Company will invest additional funds to be directed towards the company’s accrued debts.(m) On July 24, 2008, Precision Aviation, Inc., wholly owned subsidiary of Wavelit, Inc., acquired manufacturing equipment, materials and inventory, as well as a facility located in Lewisville, Texas, from Electro Aero Modelling, Inc., (EAM) a Texas corporation, in an all WAVL stock transaction. The company issued 8,500,000 restricted WAVLshares to EAM for $703,135 value of assets purchased.(n) On October 31, 2008, Wavelit, Inc. entered into multiple consulting services contracts payable in restricted WAVL shares.  Total shares issued 5,100,000 for services to be performed between November 1, 2008 and April 30, 2008.  Total value of services is $51,000.00 held as PrePaid Expenses and shall be expenses overthe six month period.(o) On November 30, 2008, Wavelit, Inc. issued common shares due under May 1, 2008 amended employment contract with CEO Kent Vaesen.  Total shares issued 10,000,000 common shares for services performed.  Total value of services is $100,000.00 expensed as Management Fees during this fiscal year.(p) On November 30, 2008, Wavelit, Inc. entered into a consulting contract payable in restricted WAVL shares.  Total shares issued 1,000,000 for services to be performed between November 1, 2008 and April 30, 2009.  Total value of services is $10,000.00 expensed as Subcontract Fees.(q) On February 19, 2009, Wavelit, Inc. issued restricted WAVL shares on behalf of its wholly-owned subsidiary Precision Aviation Inc. for the Resignations of its two directors.  Total shares issued 1,050,000.  Total value of services is $52,500.00 expensed within Precision Aviation’s books and records.(r) Between February 23, 2009 and March 4, 2009, Wavelit, Inc. converted Debentures held by Ed Clunn, Carol Shaw, Robert Danvers and Bram Solloway.  Total shares issued 17,000,000.  Total value of Debentures converted is $425,000.00.(s) On March 18, 2009, Wavelit, Inc. cancelled shares issued to Electro Aero Modelling (EAM) and David Roberts as Wavelit’s wholly-owned subsidiary Precision Aviation Inc. cancelled the July 24, 2008 Asset Purchase Agreement.  Total shares cancelled and returned to treasury 8,500,000.                            |
|   |   |   |
|--------|--------|--------|
|   |   |   |
|   |   |   |

|          |
|--------------------------------------------------|

----

|        None |
|------------------------------------------------|

| ITEM 8A. CONTROLS AND PROCEDURES |
|----------------------------------|

|         |
|--------------------------------------------|

|       The Certifying Officers have also indicated that there were no significant changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of their evaluation, and there were no corrective actions with regard to significant deficiencies and material weaknesses. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       Our management, including each of the Certifying Officers, does not expect that our disclosure controls or our internal controls will prevent all error and fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  In addition, the design of a control system mustreflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.  These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.  Additionally,controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the control. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 8B. OTHER INFORMATION |
|----------------------------|

|       None |
|------------------------------------------|

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| PART III |
|----------|

|          ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PER­SONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     | The following table sets forth the names, positions and the ages of our directors and executive officers.  Directors are elected at our annual meeting of stockholders and serve for a one year term or until removed from office in accordance with our bylaws or their successors are elected and qualify.  Officers are appointed by the board of directors and their terms of office are, except to the extent gov­ernedby employment contract, at the direction of the board of directors.  Directors do not currently receive any compensation for their services in acting as directors. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   Audit Committee.  The board of directors has not yet established an audit committee, and the functions of the audit committee are currently performed by the entire board of directors. We are under no legal obligation to establish an audit committee and have elected not to do so at this time so as to avoid the time and expense of identifyingindependent directors willing to serve on the audit committee and obtaining directors and officers’ liability insurance.  We may establish an audit committee in the future if the board determines it to be advisable or we are otherwise required to do so by applicable law, rule or regulation. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Board of Directors Independence.  Our board of directors consists of one members. The company plans to appoint a minimum of two additional directors within the next six months.  We are not currently subject to any law, rule or regulation requiring that all or any portion of our board of directors include "independent" directors. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Audit Committee Financial Expert.  We do not yet have an audit committee and, therefore, we have no "audit committee financial expert" within the meaning of Item 401(e) of Regulation S-B.  In general, an "audit committee financial expert", is an individual member of an audit committee who (a) understands generally accepted accounting principalsand financial statements, (b) is able to assess the general application of such principals in connection with accounting for estimates, accruals and reserves, (c) has experience preparing, auditing, analyzing or evaluating financial statements compa­rable to the breadth and complexity of the company’s financial Statements, (d) understands internal controls over financial reporting and (e) understands audit committee functions. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Code of Ethics.  We have not yet adopted a Code of Ethics applicable to our Chief Executive Officer, principal financial and accounting officers and persons performing similar functions.  A Code of Ethics, is a written standard designed to deter wrongdoing and to promote (a) honest and ethical conduct, (b) full, fair, accurate, timely and understandabledisclosure in regulatory filings and public statements, (c) compliance with applicable laws, rules and regulations, (d) the prompt reporting of violations of the Code, and (e) accountability for adherence to the Code.  We have not yet adopted a Code of Ethics, and while we are not under any legal obligation to do so, we expect to adopt a Code of Ethics soon.  If and to the extent we adopt a Code of Ethics, we will file a copy of the Code of Ethics with the Securities and Exchange Commission, and willprovide a copy, without charge, to any person desiring a copy of the Code of Ethics, by written request to the Company at its principal offices.  We currently maintain a corporate web site at www.infotecbusinesssystems.com. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Compliance with Section 16(a) of the Exchange Act  |
|---------------------------------------------------------|

----

| Summary Compensation Table |
|----------------------------|

| The following table sets forth information relating to all compensation awarded to, earned by or paid by us during the period from December 13, 2002 (inception) through April 30, 2009 to: (a) all individuals, serving as our Chief Executive Officer in the fiscal year ended April 30, 2009; and (b) each of our executive officers who earned more than $100,000 during the fiscal year ended April 30, 2009: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Option/SAR Grants |
|-------------------|

| We did not grant any stock options to the executive officers during our most recent fiscal |
|--------------------------------------------------------------------------------------------|

| year ended April 30, 2009. |
|----------------------------|

| Compensation of Directors |
|---------------------------|

| There are no standard arrangements pursuant to which directors are compensated for any ser­vices |
|-------------------------------------------------------------------------------------------------------|

| provided as director.  No additional amounts are payable to directors for committee participation or |
|-----------------------------------------------------------------------------------------------------------|

| special assignments performed for and on our behalf through to April 30, 2009. |
|--------------------------------------------------------------------------------|

| ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MAN­AGEMENT AND RELATED STOCKHOLDER MATTERS |
|---------------------------------------------------------------------------------------------------------------|

| The following table sets forth certain information regarding our common stock beneficially owned as of July 31, 2009 by: |
|--------------------------------------------------------------------------------------------------------------------------|

| (i) | each stockholder known by us to be the beneficial owner of five (5%) percent or more of our outstanding common stock; |
|-----|-----------------------------------------------------------------------------------------------------------------------|

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