**FORM        10-K **

| x | ANNUAL                  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT                  OF                  1934 |
|---|-----------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT                  OF                  1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

**WAVELIT,        INC. (Formerly INFOTEC BUSINESS SYSTEMS, INC.)**

| **NEVADA**                                                                                       |   | **98-0358149**                                        |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|
| (State                  or other jurisdiction of incorporation                  or organization) |   | (I.R.S.                  Employer Identification No.) |

| **#1406                  - 650 South Grand Avenue, Los Angeles, California** |   | **90017**                   |
|------------------------------------------------------------------------------|--------|-----------------------------|
| (Address                  of principal executive offices)                    |   | (Zip                  Code) |

**(604)        294-5360**

----

**PART        I**

----

**ITEM        1. DESCRIPTION OF THE BUSINESS**

----

|   | · | 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 having to 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 digital cable PPV which can only broadcast                  locally. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | content                  providers; |
|--------|--------|-------------------------------------|

|   | · | Internet                  Broadcast Networks (Internet TV); |
|--------|--------|-------------------------------------------------------------|

|   | · | live                  media and archival feed services; |
|--------|--------|---------------------------------------------------------|

|   | · | digital                  video production and editing; |
|--------|--------|--------------------------------------------------------|

|   | · | advertising                  and marketing; and |
|--------|--------|-------------------------------------------------|

|   | · | resellers                  and agents. |
|--------|--------|----------------------------------------|

----

| 1. | Continue                  to hire staff for office administration and customer service and                  support. |
|----|----------------------------------------------------------------------------------------------------------------------|

| 2. | Market                  our products and services, while adding new content to our website                  Wavelit.com. |
|----|--------------------------------------------------------------------------------------------------------------------------|

----

**ITEM        2. DESCRIPTION OF PROPERTY**

**ITEM        3. LEGAL PROCEEDINGS**

**ITEM        4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

----

**PART        II**

**ITEM        5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER        MATTERS.**

| Period                                               |   | High   |   | Low    |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|
| ***2008***                                           |   |   |   |   |   |
| 4th                  Quarter                         |   |   |   |   |   |
| February                  1, 2008 - April 30, 2008   |   | $      | 0.13   |   | $      | 0.02 |   |
| 3rd                  Quarter                         |   |   |   |   |   |   |   |
| November                  1, 2007 - January 31, 2008 |   | $      | 0.03   |   | $      | 0.01 |   |
| 2nd                  Quarter                         |   |   |   |   |   |   |   |
| August                  1, 2007 - October 31, 2007   |   | $      | 0.13   |   | $      | 0.02 |   |
| 1st                  Quarter                         |   |   |   |   |   |   |   |
| May                  1, 2007 - July 31, 2007         |   | $      | 0.59   |   | $      | 0.30 |   |
| ***2007***                                           |   |   |   |   |   |   |   |
| 4th                  Quarter                         |   |   |   |   |   |   |   |
| February                  1, 2007 - April 30, 2007   |   | $      | 2.10   |   | $      | 0.60 |   |
| 3rd                  Quarter                         |   |   |   |   |   |   |   |
| November                  1, 2006 - January 31, 2007 |   | $      | 3.90   |   | $      | 0.60 |   |
| 2nd                  Quarter                         |   |   |   |   |   |   |   |
| August                  1, 2006 - October 31, 2006   |   | $      | 2.70   |   | $      | 0.60 |   |
| 1st                  Quarter                         |   |   |   |   |   |   |   |
| May                  1, 2006 - July 31, 2006         |   | $      | 3.30   |   | $      | 0.60 |   |

| 1. | We                  would not be able to pay our debts as they become due in the usual                  course                  of business; or |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Our                  total assets would be less than the sum of our total liabilities                  plus the                  amount that would be needed to satisfy the rights of stockholders                  who have                  preferential rights superior to those receiving the                  distribution. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**ITEM        6. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF        OPERATION.**

|   | · | Enable                  live content to be broadcast from any location to 100’s of thousands of                  viewers. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | · | Offer                  civilian and military clients the ability use our PAI produced                  Unmanned                  Aerial Vehicles (UAVs) to broadcast Live Aerial Video over existing                  Internet Networks. These UAVs can fly via Auto-Pilot using the                  Global                  Positioning System (GPS). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our                  integrated solution is from industry experts-we are an Application                  Service                  Provider (ASP) |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Corporate                  communication to employees. (Multi-level marketing -                  narrowcasting) |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | Pay-per-View                  broadcasting services globally. |
|--------|--------|---------------------------------------------------------------|

|   | · | Enable                  e-learning (e.g. coaching                  videos-sports) |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | PAI                  produced Unmanned Aerial Vehicles (for use in civilian and military                  aerial                  surveillance applications) |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ISP                  Service |
|--------|--------|------------------------------|

|   | · | Encoder                  sales and global video broadcasting                  services |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | Live                  video streaming and on-demand video hosting                  services |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | Internet                  cable broadcaster |
|--------|--------|---------------------------------------------|

----

|   | · | We                    have many years of experience, with our existing customer                    base. |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | The                    Wavelit network is designed with Streaming media in mind, the                    focus of our                    content delivery system, is Streaming media servers, and traffic                    throughput. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our                    ability and expertise, through PAI, to design, build and market                    Unmanned                    Aerial Vehicles for use in Aerial Video Surveillance and other                    Aerial                    Surveillance applications. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                    ease of use of the Wavelit Encoder product, which has already                    enabled a                    variety of live experiences including; live casting sessions,                    wildlife                    experiences, conference streaming, live TV streams and live sporting                    events. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Experienced                    in generating advertising-based revenues from the broadcasting                    of free                    access live “webcams” on www.Wavelit.com                    as                    well as experienced in generating Pay-per-View revenues from                    broadcasting                    fee based special events/sporting events on www.MMAWL.com. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

**ITEM      7. FINANCIAL STATEMENTS.**

|                                                                          | Page                      |
|-------------------------------------------------------------------------------|---------------------------|
| Annual                Audited Financial Statements                            |                      |
|                                                                          |                      |
| Report                of Independent Registered Public Accounting Firm        | F-1                       |
|                                                                          |                      |
| Consolidated                Financial Statements                              |                      |
|                                                                          |                      |
| Consolidated                Balance Sheets                                    | F-2                       |
|                                                                          |                      |
| 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 |

----

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Mendoza      Berger & Company, LLP**

|                                                            |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|
| /s/ Mendoza              Berger & Company, LLP         |   |   |   |
|                                                                 |   |   |        |
| August                11, 2008Irvine,                California |   |   |   |

----

| **Wavelit,                Inc. (formerly Infotec Business Systems, Inc.) and                Subsidiaries** |
|------------------------------------------------------------------------------------------------------------|
| *(A                Development Stage Company)*                                                             |
| *Consolidated                Balance Sheets*                                                               |

|                                                                                                                                                                                                                                |   | April                30     |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                                                                                                                                                                                |   | 2008                                       |       | 2007 |   |
| *Assets*                                                                                                                                                                                                                            |   |                                       |       |   |   |
| Current                  Assets                                                                                                                                                                                                     |   |                                       |       |   |   |
| Cash                                                                                                                                                                                                                                |   | $                                          | 894        |   | $ | 0 |   |
| Accounts                receivable                                                                                                                                                                                                  |   |                                       | 29,360     |   |   | 74,148 |   |
| Accounts                receivable - related party                                                                                                                                                                                  |   |                                       | -          |   |   | - |   |
| Prepaid                expenses (Note 4)                                                                                                                                                                                            |   |                                       | 210,444    |   |   | 414,470 |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Total                Current Assets                                                                                                                                                                                                 |   |                                       | 240,698    |   |   | 488,617 |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Property                and Equipment (Note 3(d) and 10)                                                                                                                                                                            |   |                                       | 416,325    |   |   | 236,894 |   |
| Accumulated                Depreciation                                                                                                                                                                                             |   |                                       | (143,929   | ) |   | (62,847 | ) |
| Net                Property and Equipment                                                                                                                                                                                           |   |                                       | 272,396    |   |   | 174,047 |   |
|                                                                                                                                                                                                                                |   |                                       |       |   |   |   |   |
| Intangible                Assets (Note 3(e))                                                                                                                                                                                        |   |                                       | 10,782     |   |   | 5,246 |   |
|  Accumulated                Amortization                                                                                                                                                                                       |   |                                       | (1,820     | ) |   | (1,051 | ) |
| Net                Intangible Assets                                                                                                                                                                                                |   |                                       | 8,962      |   |   | 4,195 |   |
|                                                                                                                                                                                                                                |   |                                       |       |   |   |   |   |
| Goodwill                (Note 5)                                                                                                                                                                                                    |   |                                       | 417,574    |   |   | - |   |
|                                                                                                                                                                                                                                |   |                                       |       |   |   |   |   |
| Total                Assets                                                                                                                                                                                                         |   | $                                          | 939,630    |   | $ | 666,859 |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| **Liabilities                and Stockholders’ Equity (Deficit)**                                                                                                                                                             |   |                                       |            |   |   |  |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Current                Liabilities                                                                                                                                                                                                  |   |                                       |            |   |   |  |   |
| Bank                overdraft                                                                                                                                                                                                       |   | $                                          | -          |   | $ | 11,306 |   |
| Accounts                payable                                                                                                                                                                                                     |   |                                       | 262,495    |   |   | 233,664 |   |
| Accounts                payable - related party (Note 11(c))                                                                                                                                                                        |   |                                       | 495,891    |   |   | 52,779 |   |
| Loans                Payable to Shareholders (Note 6)                                                                                                                                                                               |   |                                       | 118,235    |   |   | 62,500 |   |
| Due                to related party (Note 10)                                                                                                                                                                                       |   |                                       | -          |   |   | - |   |
| Compensation                Payable (Note 9)                                                                                                                                                                                        |   |                                       | 13,952     |   |   | 6,976 |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Total                Current Liabilities                                                                                                                                                                                            |   |                                       | 890,573    |   |   | 367,225 |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Long                Term Liabilities                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Convertible                Debentures to Shareholders (Note 6 and 11(c))                                                                                                                                                            |   |                                       | 1,848,200  |   |   | 1,342,952 |   |
| Due                to related party (Note 10)                                                                                                                                                                                       |   |                                       | 42,000     |   |   | 42,000 |   |
| Total                Long Term Liabilities                                                                                                                                                                                          |   |                                       | 1,890,200  |   |   | 1,384,952 |   |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Stockholders’                Equity (Deficit)                                                                                                                                                                                 |   |                                       |            |   |   |  |   |
| Preferred                stock, voting; $0.001 par value; 375,000,000 shares authorized; no                shares                issued and outstanding at April 30, 2008 and  2007,                respectively               |   |                                       | -          |   |   | - |   |
| Common                  stock, voting; $0.001 par value; 250,000,000 shares authorized;                   46,319,940 and 5,383,069 shares issued and outstanding at April                  30 2008 and 2007, respectively |   |                                       | 46,320     |   |   | 5,383 |   |
| Additional                paid in capital                                                                                                                                                                                           |   |                                       | 3,559,960  |   |   | 2,888,959 |   |
| Accumulated                other comprehensive income                                                                                                                                                                               |   |                                       | (27,171    | ) |   | (144 | ) |
| Deficit                accumulated during the development stage                                                                                                                                                                     |   |                                       | (5,420,252 | ) |   | (3,979,514 | ) |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Total                Stockholders’ Equity (Deficit)                                                                                                                                                                           |   |                                       | (1,841,143 | ) |   | (1,085,318 | ) |
|                                                                                                                                                                                                                                |   |                                       |            |   |   |  |   |
| Total                Liabilities and Stockholders’ Equity                                                                                                                                                                     |   |                                       | $939,630   |   |   | $666,859 |   |

----

| Wavelit,                Inc. (formerly Infotec Business Systems, Inc.) and                Subsidiaries |
|--------------------------------------------------------------------------------------------------------|
| *(A                Development Stage Company)*                                                         |
| *Consolidated                Statements of Operations*                                                 |

|                                                                                  |   |                              |       |                         |   | Cumulativeamount                          |   |
|---------------------------------------------------------------------------------------|--------|-----------------------------------|------------|------------------------------|--------|-------------------------------------------|--------|
|                                                                                  |   |                              |       |                         |   | from                inception             |   |
|                                                                                  |   |                              |       |                         |   | (December                13,              |   |
|                                                                                  |   |                              |       |                         |   | 2002                                      |   |
|                                                                                  |   | For                the year ended |       | through                      |   |
|                                                                                  |   | April                30, 2008     |       | April                30,2007 |   |   April                30, 2008 |   |
| Revenues                                                                              |   | $                                 | 167,034    |                         | $      | 708,726                                   |   | $ | 1,094,153 |   |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |  |   |
| Revenues                from related parties (Note 11(b))                             |   |                              | -          |                         |   | -                                         |   |   | 1,676 |   |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |  |   |
| Cost                of goods sold                                                     |   |                              | (260,010   | )                            |   | (481,776                                  | )      |   | (821,521 | ) |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |  |   |
| Gross                Profit                                                           |   |                              | (92,976    | )                            |   | 226,950                                   |   |   | 274,308 |   |
|                                                                                  |   |                              |       |                         |   |                                      |   |   |   |   |
| Expenses                                                                              |   |                              |            |                         |   |                                           |   |   |  |   |
| Accounting                and Legal                                                   |   |                              | 180,813    |                         |   | 169,273                                   |   |   | 458,722 |   |
| Administration                Fees                                                    |   |                              | -          |                         |   | 160,000                                   |   |   | 830,879 |   |
| Acquisition                fees                                                       |   |                              | -          |                         |   | -                                         |   |   | 90,000 |   |
| Advertising                & Promotion                                            |   |                              | 2,688      |                         |   | 11,775                                    |   |   | 14,463 |   |
| Interest                & Bank Charges                                            |   |                              | 139,295    |                         |   | 153,588                                   |   |   | 292,883 |   |
| Depreciation                                                                          |   |                              | 25,749     |                         |   | 28,686                                    |   |   | 135,585 |   |
| Development                Costs                                                      |   |                              | 11,963     |                         |   | 59,305                                    |   |   | 71,268 |   |
| Management                Fees (Note 11(a))                                           |   |                              | 196,765    |                         |   | 442,572                                   |   |   | 903,434 |   |
| Licenses,                Press Release Fees & Dues                                |   |                              | 6,646      |                         |   | 41,446                                    |   |   | 48,092 |   |
| Office                and telephone                                                   |   |                              | 21,591     |                         |   | 59,653                                    |   |   | 107,166 |   |
| Rent                and Insurance                                                     |   |                              | 104,556    |                         |   | 123,984                                   |   |   | 281,366 |   |
| Subcontracts                                                                          |   |                              | 336,212    |                         |   | 298,112                                   |   |   | 696,080 |   |
| Travel                                                                                |   |                              | 9,165      |                         |   | 53,798                                    |   |   | 80,590 |   |
| Wages                and Benefits                                                     |   |                              | 54,519     |                         |   | 177,291                                   |   |   | 282,717 |   |
| Bad                Debts                                                              |   |                              | -          |                         |   | 267,934                                   |   |   | 267,934 |   |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |   |   |
| Total                Expenses                                                         |   |                              | 1,089,962  |                         |   | 1,727,417                                 |   |   | 3,471,217 |   |
|                                                                                  |   |                              |       |                         |   |                                      |   |   |   |   |
| Operating                Loss                                                         |   |                              | (1,182,938 | )                            |   | (1,500,467                                | )      |   | (3,103,933 | ) |
|                                                                                  |   |                              |       |                         |   |                                      |   |   |   |   |
| Other                income and Expenses                                              |   |                              |       |                         |   |                                      |   |   |   |   |
| Loss/Gain                on Foreign Exchange                                          |   |                              | (2,369     | )                            |   | 81,219                                    |   |   | 78,850 |   |
| Debt                Forgiveness                                                       |   |                              | 81,026     |                         |   | 264,856                                   |   |   | 345,882 |   |
| Discontinued                Operations (Note 5)                                       |   |                              | -          |                         |   | (738,692                                  | )      |   | (738,692 | ) |
| Impairment                of Goodwill                                                 |   |                              | -          |                         |   | -                                         |   |   | (165,000 | ) |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |   |   |
| Net                loss before taxes                                                  |   |                              | (1,104,281 | )                            |   | (1,893,084                                | )      |   | (4,765,831 | ) |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |   |   |
| Provision                for income taxes (Note 8)                                    |   |                              | -          |                         |   | -                                         |   |   | - |   |
|                                                                                  |   |                              |            |                         |   |                                           |   |   |   |   |
| Net                Loss                                                               |   | $                                 | (1,104,281 | )                            | $      | (1,893,084                                | )      | $ | (4,765,831 | ) |
|                                                                                  |   |                              |       |                         |   |                                      |   |   |   |   |
| Net                Loss Per Share  (Basic and Diluted)                           |   | $                                 | (0.05      | )                            | $      | (0.44                                     | )      |   |  |   |
| Weighted                Average Shares Outstanding (Basic                and Diluted) |   |                              | 23,692,176 |                         |   | 4,298,021                                 |   |   |  |   |

----

**Wavelit,      Inc. (formerly Infotec Business Systems, Inc.) and      Subsidiaries**

*(A      Development Stage Company)*

*Consolidated      Statements of Stockholders’ Equity (Deficit)*

|                                                       |   | Preferred                Stock     |   | Common                Stock |   |                                    |   |        |       |                |   |                     |   |
|------------------------------------------------------------|--------|------------------------------------|--------|-----------------------------|--------|------------------------------------|--------|--------|------------|----------------|--------|---------------------|--------|
|                                                       |   | Number                    ofshares |   | Amount                      |   | Number                    ofshares |   | Amount |       | Paid-incapital |   | Comprehensiveincome |   | Deficitaccumulatedduringthedevelopmentstage |   | Totalstockholders’equity(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 | ) |

----

| **Wavelit,                Inc. (formerly Infotec Business Systems, Inc.) and                Subsidiaries** |
|------------------------------------------------------------------------------------------------------------|
| *(A                Development Stage Company)*                                                             |
| *Consolidated                Statements of Cash Flows*                                                     |

|                                                                                                   |   |                For                the year endedApril                30, |        | Cumulativeamount                frominception(December                13,2002to                April 30, |   |
|--------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                   |   | 2008                                                                          |        | 2007                                                                                                     |   | 2008) |   |
| Cash                Flows From Operating Activities                                                    |   |                                                                          |        |                                                                                                     |   |   |   |
|   Net                Loss                                                                    |   |                                                                          | ($1,104,281 | )                                                                                                        |   | ($1,893,084 | ) |   | ($4,726,855 | ) |
|   Adjustments                to reconcile net loss to cash                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
|      Depreciation                                                             |   |                                                                          | 25,749      |                                                                                                     |   | 28,686 |   |   | 101,609 |   |
|      Acquisition                fees                                          |   |                                                                          | -           |                                                                                                     |   | - |   |   | 90,000 |   |
| Impairment                of goodwill                                                                  |   |                                                                          | -           |                                                                                                     |   | - |   |   | 165,000 |   |
| Written                off goodwill / Discontinued operations                                          |   |                                                                          | -           |                                                                                                     |   | 738,692 |   |   | 738,692 |   |
|   Changes                in working capital items                                            |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
|      Increase                (decrease)  in bank overdraft               |   |                                                                          | (10,412     | )                                                                                                        |   | 4,298 |   |   | 894 |   |
|      Increase                (decrease)  in accounts payable             |   |                                                                          | 28,832      |                                                                                                     |   | 107,181 |   |   | 262,495 |   |
|      Increase                (decrease) in accounts payable- related party    |   |                                                                          | (443,112    | )                                                                                                        |   | (80,523 | ) |   | 495,891 |   |
|      Increase                in unearned revenue                              |   |                                                                          | -           |                                                                                                     |   | (4,000 | ) |   | - |   |
|      Increase                in due to related parties                        |   |                                                                          | -           |                                                                                                     |   | (103,337 | ) |   | 42,000 |   |
|      Increase                (decrease) in compensation payable               |   |                                                                          | (6,976      | )                                                                                                        |   | (959,253 | ) |   | 13,952 |   |
|      (Increase)                decrease in accounts receivable                |   |                                                                          | 44,787      |                                                                                                     |   | 27,586 |   |   | (29,360 | ) |
|      (Increase)                decrease in accounts receivable- related party |   |                                                                          | -           |                                                                                                     |   | 13,741 |   |   | - |   |
| (Increase)                Decrease in prepaid expenses                                                 |   |                                                                          | 204,026     |                                                                                                     |   | (409,681 | ) |   | (210,444 | ) |
|                                                                                                   |   |                                                                          |             |                                                                                                     |   |  |   |   |  |   |
| Net                Cash Provided By (Used in)                                                          |   |                                                                          |             |                                                                                                     |   |  |   |   |  |   |
|   Operating                 Activities                                                  |   |                                                                          | (1,261,387  | )                                                                                                        |   | (2,529,694 | ) |   | (3,056,126 | ) |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Cash                Flows to Investing Activities                                                      |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
|                  Acquisition of property and equipment                                            |   |                                                                          | (179,431    | )                                                                                                        |   | (89,017 | ) |   | (416,325 | ) |
|                  Acquisition of intangible assets                                                 |   |                                                                          | (5,536      | )                                                                                                        |   | (1,734 | ) |   | (10,782 | ) |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Net                Cash Used in Investing  Activities                                             |   | $                                                                             | (184,967    | )                                                                                                        |   | (90,751 | ) | $ | (427,107 | ) |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Cash                Flows from Financing  Activities                                              |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
|   Increase                in loans payable to stockholders                                   |   |                                                                          | 505,247     |                                                                                                     |   | 1,165,389 |   |   | 1,848,200 |   |
|   Cash                received in recapitalization                                           |   |                                                                          | -           |                                                                                                     |   | - |   |   | 1,353 |   |
|   Proceeds                from issuance of common stock                                      |   |                                                                          | 18,737      |                                                                                                     |   | 1,433,599 |   |   | 1,696,725 |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Net                Cash provided by Financing Activities                                          |   |                                                                          | 523,984     |                                                                                                     |   | 2,598,988 |   |   | 3,546,278 |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Increase                (Decrease) in Cash in the Period                                               |   |                                                                          | 894         |                                                                                                     |   | 0 |   |   | 894 |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Comprehensive                gain (loss) on translation                                                |   |                                                                          | 0           |                                                                                                     |   | 0 |   |   | 0 |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Cash                - Beginning of Period                                                              |   |                                                                          | 0           |                                                                                                     |   | 0 |   |   | - |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |  |   |   |  |   |
| Cash                - End of Period                                                                    |   | $                                                                             | 894         |                                                                                                     | $      | 0 |   | $ | 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 |   | $ | 1,340,599 |   |
|                                                                                                   |   |                                                                          |        |                                                                                                     |   |   |   |   |   |   |
|   Issuance                of common stock for consulting                                     |   | $                                                                             | 18,737      |                                                                                                     | $      | 93,000 |   | $ | 223,937 |   |

----

**Wavelit,      Inc. (formerly Infotec Business Systems, Inc.) and      Subsidiaries**

*(A      Development Stage Company)*

*Notes      to Consolidated Financial Statements*

**1.**
**Development      Stage Company**

**2.**
**Going      Concern**

**3.**
**Summary      of Significant Accounting Policies**

----

**Wavelit,      Inc. (formerly Infotec Business Systems, Inc.) and      Subsidiaries**

*(A      Development Stage Company)*

*Notes      to Consolidated 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 |

----

**Wavelit,      Inc. (formerly Infotec Business Systems, Inc.) and      Subsidiaries**

*(A      Development Stage Company)*

*          Notes to Consolidated Financial Statements*

**3.**
**Summary      of Significant Accounting Policies (continued)**

**4.      PrePaid Expenses**

**5.      Goodwill**

| Balance                as at April 30, 2007            |   | $      | -       |   |
|--------------------------------------------------------|--------|--------|---------|--------|
| Acquisition                of Precision Aviation, Inc. |   |   | 417,574 |   |
| Balance                as at April 30, 2008            |   | $      | 417,574 |   |

----

**Wavelit,      Inc. (formerly Infotec Business Systems, Inc.) and      Subsidiaries**

*(A      Development Stage Company)*

*Notes      to Consolidated Financial Statements*

**6.      Loans Payable to Stockholders**

**7.      Compensation Payable**

**8.**
**Income      Taxes**

|                                           |   |  2008 |       |  2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|------------|------------|--------|
| Deferred                tax assets:                                                                                                                                                                                                                    |   |       |       |       |   |
| Net                non-capital loss carry-forward                                                                                                                                                                   |   | $          | 99,000     |       | $      | 99,000 |   |
| Net                operating loss carry-forward                                                                                                                                                                                                        |   |       | 1,584,000  |       |   | 1,190,000 |   |
| Depreciation/Amortization                allowance                                                                                                                     |   |       | 47,000     |       |   | 39,000 |   |
| Valuation                allowance                                                                                                                                                                                                                     |   |       | (1,730,000 | )          |   | (1,329,000 | ) |
| Net                deferred tax assets                                                                                                                                                                                                                 |   | $          | -          |       | $      | - |   |

|                                                                                                                                                                                       |   | 2008   |   | 2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|------|--------|
| Statutory                  Canadian tax (benefit) rate                                                                                                                                     |   |   | (34.5  | )%   |   | (34.5 | )% |
| United                  States (benefit) rate                                                                                                                                    |   |   | (34.0  | )%   |   | (34.0 | )% |
| Valuation                  allowance                                                                                                                                                       |   |   | 68.5   | %    |   | 68.5 | % |
| Effective                  income tax rate                                        |   |   | 0.0    | %    |   | 0.0 | % |

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**Wavelit,        Inc. (formerly Infotec Business Systems, Inc.) and        Subsidiaries**

*(A      Development Stage Company)*

*Notes      to Consolidated Financial Statements*

**9.      Property and Equipment**

|                                              |   | April                  30, |    |
|---------------------------------------------------|--------|----------------------------|---------|
|                                                   |   | 2008                       |    | 2007 |   |
| Property                  and equipment comprise: |   |                       |    |   |   |   |   |
| Computer                  equipment and software  |   | $                          | 209,908 |   | $ | 209,908 |   |
| Demonstration                  equipment          |   |                       | 2,635   |   |   | 2,635 |   |
| Studio                  Equipment                 |   |                       | 71,690  |   |   | 71,690 |   |
| Office                  equipment                 |   |                       | 5,215   |   |   | 5,215 |   |
|                                              |   |                       | 416,325 |   |   | 289,448 |   |
| Less                  accumulated depreciation    |   |                       | 143,929 |   |   | 115,402 |   |
|                                              |   | $                          | 272,396 |   | $ | 174,046 |   |

**10.      Due to Related Party**

**11.      Related Party Transactions**

| Management                Fees                    |   | April                30, 2008 |    | April                30, 2007 |   |
|---------------------------------------------------|--------|-------------------------------|---------|-------------------------------|--------|
| (current)                President/CEO - K.Vaesen |   | $                             | 19,985  |                          | $      | - |   |
| (past)                President/CEO - A.Griffiths |   |                          | 65,954  |                          |   | 192,945 |   |
| VP                Technology - E.Clunn            |   |                          | 44,721  |                          |   | 160,147 |   |
| VP                Finance - R.Clarke              |   |                          | 35,595  |                          |   | 8,250 |   |
| VP                Operations - L.Milne            |   |                          | 30,510  |                          |   | 63,730 |   |
| Secretary                Treasurer - C.Shaw       |   |                          | -       |                          |   | 17,500 |   |
|                                              |   | $                             | 196,765 |                          | $      | 442,572 |   |

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**Wavelit,      Inc. (formerly Infotec usiness Systems, Inc.) and      Subsidiaries**

*(A      Development Stage Company)*

*Notes      to Consolidated Financial Statements*

**12.      Capital Stock**

|   | (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 preferred shares) 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 on January 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 February 28, 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 shares                and                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. |

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|   | (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 the November 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 Understanding with ATB Company wherein                ATB                Company will invest additional funds to be directed towards the company’s                accrued debts.           |

**ITEM      8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE**

**ITEM      8A. CONTROLS AND PROCEDURES**

**ITEM      8B. OTHER INFORMATION**

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**PART      III**

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

| Director                  Name |   | Age  |   |  Position                                     |   | Since  |
|--------------------------------|--------|-----------|--------|--------------------------------------------------------------|--------|--------|
| Kent                  Vaesen   |   | 37        |   | CEO,                  President, Secretary, Treasurer        |   | 2007   |
|                           |   |      |   | (Director                  and Officer as of August 1, 2007) |   |   |

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**Compliance      with Section 16(a) of the Exchange Act**

**ITEM      10. EXECUTIVE COMPENSATION**

| Name                  and                  Principal Position |   | Fiscal                  Year |   | Salary |   | Bonus |   | Compensation |   | SARs                  (#) |   | Options/LTIP                  Payouts |   | Other                  Compensation |   |
|---------------------------------------------------------------|--------|------------------------------|--------|--------|--------|-------|--------|--------------|--------|---------------------------|--------|---------------------------------------|--------|-------------------------------------|--------|

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

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

| (ii) | each                of our directors; and |
|------|-------------------------------------------|

| (iii) | all                executive officers and directors as a                group. |
|-------|--------------------------------------------------------------------------------|

| Name                  and Address of                  Beneficial Owner (1)  |   | Amount                  and Nature of Beneficial                  Owner  (2) |       | Percent                  of                  Class |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|------------|----------------------------------------------------|--------|
| ATB                  Company                                                     |   |                                                                              | 40,000,000 |                                               |   | 86.36 | % |
| All                  Executive Officers and Directors as a group (1 persons)     |   |                                                                              | 0          |                                               |   | 0.00 | % |

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| (1) | Under                securities law, a person is considered a "beneficial owner" of a                security                if that person has or shares power to vote or direct the voting of                such                security or the power to dispose of such security.  A person is also                considered to be a beneficial owner of any securities of which the                person                has a right to acquire beneficial ownership within 60                days. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**ITEM      12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

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**ITEM      13. EXHIBITS**

**A.      Exhibits**

| **Number** |   | **Description                  of exhibit**                                                                                                                                                        |
|------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1        |   | Articles                  of Incorporation (1)                                                                                                                                                     |
|       |   |                                                                                                                                                                                               |
| 3.1a  |   | Form                  of Certificate Change (2)                                                                                                                                                    |
|       |   |                                                                                                                                                                                               |
| 3.1b       |   | Form                  of Certificate Change (3)                                                                                                                                                    |
|       |   |                                                                                                                                                                                               |
| 3.1c       |   | Change                  of Directors and Officers (4)                                                                                                                                              |
|       |   |                                                                                                                                                                                               |
| 3.2        |   | Bylaws                  (1)                                                                                                                                                                        |
|       |   |                                                                                                                                                                                               |
| 21         |   | Subsidiaries                  of the Issuer                                                                                                                                                        |
|       |   |                                                                                                                                                                                               |
| 31.1       |   | Certification                  of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002                                                               |
|       |   |                                                                                                                                                                                               |
| 31.2  |   | Certification                  of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002                                                               |
|       |   |                                                                                                                                                                                               |
| 32         |   | Certification                  of Chief Executive Officer and Chief Financial Officer pursuant                  to Section                  906 of the Sarbanes-Oxley Act of                  2002 |

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| (1) | Incorporated                by reference to the registration statement on Form SB-2 file number                333-90618, as amended, as declared effective by the Securities and                Exchange Commission on November 5,                2002. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                by reference to the Form 8-K filed with the Securities and Exchange                Commission on March 7, 2003. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                by reference to the Form Definitive 14C filed with the Securities                and                Exchange Commission on May 5, 2007 and the Form 8-K filed with the                Securities and Exchange Commission on June 13,                2007. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated                by reference to the Form 8-K filed with the Securities and Exchange                Commission on August 6, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

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**ITEM      14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

|                                             |   | 2008   |   |  2007 |   |
|--------------------------------------------------|--------|--------|--------|------------|--------|
| Fees                  for audit services         |   | $      | 47,350 |       | $      | 47,350 |   |
| Fees                  for audit related services |   |   | -      |       |   | - |   |
| Tax                  fees                        |   |   | -      |       |   | - |   |
| All                other fees                    |   |   | -      |       |   | - |   |

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**SIGNATURES**

|                               |                                                                                   |                                      |
|------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------|
|                               | **Wavelit,                Inc. (formerly Infotec Business Systems, Inc.)**(Registrant) |
|                          |                                                                              |                                 |
| Date:              August 11, 2008 | By:                                                                          | /s/              Kent              Vaesen |
|                               | Kent                VaesenPresident,                Chief Executive Officer, Director  |

| Signature                        |   | Title                                                                                             |   | Date                             |
|----------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|----------------------------------|
|                        |   |                                                                                              |   |                             |
| /s/                  Kent Vaesen |   | President,                  Secretary, Treasurer, Director                                        |   | August                  11, 2008 |
| Kent                    Vaesen   |   | Chief                  Executive OfficerPrincipal                  Finance and Accounting Officer |   |                                  |

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