**FORM      10-KSB**

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

| **NEVADA**                                                                    |   | **98-0358149**                                      |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) |   | (I.R.S.                Employer Identification No.) |
|                                                                          |   |                                                |
| **#150                - 1152 Mainland Street, Vancouver, B.C.**               |   | **V6B                4X2**                          |
| (Address                of principal executive offices)                       |   | (Zip                Code)                           |

**(604) 484-4966**

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**PART      I**

**ITEM      1. DESCRIPTION OF THE BUSINESS**

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| -       | 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. |

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**ITEM      2. DESCRIPTION OF PROPERTY.**

**ITEM      3. LEGAL PROCEEDINGS.**

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

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**PART      II**

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

| Period                                               |   | High   |   | Low    |
|------------------------------------------------------|--------|--------|--------|--------|
| ***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  |
| ***2006***                                           |   |   |   |   |
| 4th                  Quarter                         |   |   |   |   |
| February                  1, 2006 - April 30, 2006   |   | $6.30  |   | $2.10  |
| 3rd                  Quarter                         |   |   |   |   |
| November                  1, 2005 - January 31, 2006 |   | $8.70  |   | $1.20  |
| 2nd                  Quarter                         |   |   |   |   |
| August                  1, 2005 - October 31, 2005   |   | $12.00 |   | $1.32  |
| 1st                  Quarter                         |   |   |   |   |
| May                  1, 2005 - July 31, 2005         |   | $1.92  |   | $0.24  |

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

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

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

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| Our                April 30, 2007 audited consolidated financial statements have been                prepared on the basis of the accounts and operations of Galaxy Networks                Inc. from incorporation, December 13, 2002 to April 30, 2007 and                incorporate the accounts and operations for Wavelit, Inc. (formerly                Infotec Business Systems, Inc.), Galaxy Networks Inc., Stream Horizon                Studios Ltd. (formerly “Infotec Business Strate­gies, Inc.”) and                Galaxy US Networks Inc. (formerly “Eventec Inc.”) from December 13, 2002                to April 30, 2007.   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| As                of April 30, 2007, we had an accumulated deficit of $4,050,739 and                a bank                overdraft of $11,306.  Our working capital at April 30, 2007 was                $183,892.  The accumulated deficit and our working                capital  were funded by proceeds from the issuance of common                shares, advances from related parties and accounts payable to                suppliers. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| We                currently market a range of products and services, however, we have                limited revenues and limited operating history from which to assess                our                operations.  Due to our lack of revenue-production history and our                lack of contractual commitments to generate profits, there is no                basis at                this time for investors to make an informed determination as to the                prospects for our future success.  For this reason and, as we have                not achieved profitable operations and require additional capital                to                achieve our objec­tives, our auditors have included in their report                covering our financial statements for the period from incorporation                to                April 30, 2007, that there is substantial doubt about our ability                to                continue as a going concern. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

| Staff                Availability - On August 1, 2007, CEO Arthur Griffiths resigned from                all offices of Wavelit, Inc, as well as resigning as Director. On                August                18, 2007, Lorne Milne resigned as VP Operations and Rory Clarke resigned                as VP Finance. On August 1, 2007, Kent Vaesen assumed the offices                of CEO                and CFO. In addition to our CEO, we currently employ our CTO, Ed                Clunn,                and we employ a Network Manager and contract a web programmer and                web                developer.  We currently have employment agreements with the                directors, officers and employees we depend on for the successful                implementation of our plan. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Management                Control - Current management owns or controls approximately 47.19% of                the out­standing shares of our common stock.  Accordingly, they                have almost complete influence in determining the outcome of all                corporate                transactions and business decisions.  The interests of                man­agement may differ from the interests of the other stockholders,                and since they have the ability to control most decisions through                their                control of our common stock, investors will have limited ability                to affect                decisions made by management. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**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 |

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**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Mendoza      Berger & Company, LLP**

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**F1**

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

* (A        Development Stage Company)*

*Consolidated        Balance Sheets*

|                                                                                                                                       |   | April                  30 |       |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|------------|
|                                                                                                                                       |   | 2007                      |       |   | 2006 |   |
|                                                                                                                                       |   |                      |       |   |   |   |
| *Assets*                                                                                                                                   |   |                      |       |   |   |   |
|                                                                                                                                       |   |                      |       |   |   |   |
| Current                  Assets                                                                                                            |   |                      |       |   |   |   |
| Cash                                                                                                                                       |   | $                         | 0          |   |   | $ | 0 |   |
| Accounts                  receivable                                                                                                       |   |                      | 74,148     |   |   |   | 101,735 |   |
| Accounts                  receivable – related party                                                                                 |   |                      | -          |   |   |   | 13,741 |   |
| Prepaid                  expenses (Note 5)                                                                                                 |   |                      | 414,470    |   |   |   | 4,789 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Total                  Current Assets                                                                                                      |   |                      | 488,617    |   |   |   | 120,265 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Property                  and Equipment (Note 4(d) and 10)                                                                                 |   |                      | 236,894    |   |   |   | 244,912 |   |
| Accumulated                  Depreciation                                                                                                  |   |                      | (62,847    | ) |   |   | (86,277 | ) |
|  Net                  Property and Equipment                                                                                          |   |                      | 174,047    |   |   |   | 158,635 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Intangible                  Assets (Note 4(e))                                                                                             |   |                      | 5,246      |   |   |   | 3,512 |   |
| Accumulated                  Amortization                                                                                                  |   |                      | (1,051     | ) |   |   | (447 | ) |
| Net                  Intangible Assets                                                                                                     |   |                      | 4,195      |   |   |   | 3,065 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Goodwill                  (Note 6)                                                                                                         |   |                      | -          |   |   |   | 687,369 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Total                  Assets                                                                                                              |   | $                         | 666,859    |   |   | $ | 969,334 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| **Liabilities                  and Stockholders’ Equity (Deficit)**                                                                  |   |                      |       |   |   |   |   |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Current                  Liabilities                                                                                                       |   |                      |       |   |   |   |   |   |
| Bank                  overdraft                                                                                                            |   | $                         | 11,306     |   |   | $ | 7,008 |   |
| Accounts                  payable                                                                                                          |   |                      | 233,664    |   |   |   | 126,483 |   |
| Accounts                  payable – related party (Note 12(c))                                                                       |   |                      | 52,779     |   |   |   | 133,302 |   |
| Deferred                  Revenue                                                                                                          |   |                      | -          |   |   |   | 4,000 |   |
| Loans                  Payable to Shareholders (Note 7)                                                                                    |   |                      | 62,500     |   |   |   | 177,563 |   |
| Due                  to related party (Note 11)                                                                                            |   |                      | -          |   |   |   | 145,337 |   |
| Compensation                  Payable (Note 8)                                                                                             |   |                      | 6,976      |   |   |   | 966,229 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Total                  Current Liabilities                                                                                                 |   |                      | 367,225    |   |   |   | 1,559,922 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Long                  Term Liabilities                                                                                                     |   |                      |       |   |   |   |   |   |
| Convertible                  Debentures to Shareholders (Note 7 and 12(c))                                                                 |   |                      | 1,342,952  |   |   |   | - |   |
| Due                  to related party (Note 11)                                                                                            |   |                      | 42,000     |   |   |   | - |   |
| Total                  Long Term Liabilities                                                                                               |   |                      | 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, 2007 and                                                                    |   |                      |       |   |   |   |   |   |
| 2006,                  respectively                                                                                                        |   |                      | -          |   |   |   | - |   |
| Common                  stock, voting; $0.001 par value; 250,000,000 shares                  authorized;                                   |   |                      |       |   |   |
| 5,383,069                  (161,492,070 pre-split) and 4,050,000 (121,500,000 pre-split) shares                  issued and outstanding at |   |                      |       |   |   |   |   |   |
| April                  30 2007 and 2006, respectively                                                                                      |   |                      | 5,383      |   |   |   | 4,050 |   |
| Additional                  paid in capital                                                                                                |   |                      | 2,888,959  |   |   |   | 1,401,500 |   |
| Accumulated                  other comprehensive income                                                                                    |   |                      | (144       | ) |   |   | 14,114 |   |
| Deficit                  accumulated during the development stage                                                                          |   |                      | (3,979,514 | ) |   |   | (2,010,252 | ) |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Total                  Stockholders’ Equity (Deficit)                                                                                |   |                      | (1,085,318 | ) |   |   | (590,588 | ) |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |
| Total                Liabilities and Stockholders' Equity                                                                                  |   | $                         | 666,859    |   |   | $  | 969,334 |   |
|                                                                                                                                       |   |                      |       |   |   |   |   |   |

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| **F                  2** |
|--------------------------|

*(A        Development Stage Company)*

*Consolidated        Statements of Operations*

|                                                                                      |   | For                  the year ended |       |   | Cumulative                  amount from inception (December 13, 2002 through |   |
|-------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|--------|------------------------------------------------------------------------------|--------|
|                                                                                      |   | April                  30, 2007     |       |   | April                  30, 2006                                              |   |   | April                  30, 2007 |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |
| Revenues                                                                                  |   | $                                   | 708,726    |   |                                                                         | $      | 187,448 |   |   | $ | 927,119 |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Revenues                  from related parties (Note 12(b))                               |   |                                | -          |   |                                                                         |   | - |   |   |   | 1,676 |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Cost                  of goods sold                                                       |   |                                | (481,776   | )      |                                                                         |   | (68,411 | ) |   |   | (561,511 | ) |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Gross                  Profit                                                             |   |                                | 226,950    |   |                                                                         |   | 119,037 |   |   |   | 367,284 |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Expenses                                                                                  |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
|   Accounting                  and Legal                                         |   |                                | 169,273    |   |                                                                         |   | 80,980 |   |   |   | 277,909 |   |
|   Administration                  Fees                                          |   |                                | (160,000   | )      |                                                                         |   | 990,879 |   |   |   | 830,879 |   |
|   Acquisition                  fees                                             |   |                                | -          |   |                                                                         |   | - |   |   |   | 90,000 |   |
|   Advertising                  & Promotion                                  |   |                                | 11,775     |   |                                                                         |   | - |   |   |   | 11,775 |   |
|   Interest                  & Bank Charges                                  |   |                                | 153,588    |   |                                                                         |   | - |   |   |   | 153,588 |   |
|   Depreciation                                                                  |   |                                | 28,686     |   |                                                                         |   | 70,649 |   |   |   | 109,836 |   |
|   Development                  Costs                                            |   |                                | 59,305     |   |                                                                         |   | - |   |   |   | 59,305 |   |
|   Management                  Fees (Note 12(a))                                 |   |                                | 442,572    |   |                                                                         |   | 220,940 |   |   |   | 706,669 |   |
|   Licenses,                  Press Release Fees & Dues                      |   |                                | 41,446     |   |                                                                         |   | - |   |   |   | 41,446 |   |
|   Office                  and telephone                                         |   |                                | 59,653     |   |                                                                         |   | 19,740 |   |   |   | 85,575 |   |
|   Rent                  and Insurance                                           |   |                                | 123,984    |   |                                                                         |   | 52,826 |   |   |   | 176,810 |   |
|   Subcontracts                                                                  |   |                                | 298,112    |   |                                                                         |   | 61,756 |   |   |   | 359,868 |   |
|   Travel                                                                        |   |                                | 53,798     |   |                                                                         |   | 17,627 |   |   |   | 71,425 |   |
|   Wages                  and Benefits                                           |   |                                | 177,291    |   |                                                                         |   | 50,907 |   |   |   | 228,198 |   |
|   Bad                  Debts                                                    |   |                                | 267,934    |   |                                                                         |   | - |   |   |   | 267,934 |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
|      Total                  Expenses                             |   |                                | 1,727,417  |   |                                                                         |   | 1,566,304 |   |   |   | 3,471,217 |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
|      Operating                  Loss                             |   |                                | (1,500,467 | )      |                                                                         |   | (1,447,267 | ) |   |   | (3,103,933 | ) |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Other                  income and Expenses                                                |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
|   Loss/Gain                  on Foreign Exchange                                |   |                                | 81,219     |   |                                                                         |   | - |   |   |   | 81,219 |   |
|   Debt                  Forgiveness                                             |   |                                | 264,856    |   |                                                                         |   | - |   |   |   | 264,856 |   |
|   Discontinued                  Operations (Note 6)                             |   |                                | (738,692   | )      |                                                                         |   | - |   |   |   | (738,692 | ) |
|   Impairment                  of Goodwill                                       |   |                                | -          |   |                                                                         |   | (165,000 | ) |   |   | (165,000 | ) |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Net                  loss before taxes                                                    |   |                                | (1,893,084 | )      |                                                                         |   | (1,612,267 | ) |   |   | (3,661,550 | ) |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Provision                  for income taxes (Note 9)                                      |   |                                | -          |   |                                                                         |   | - |   |   |   | - |   |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Net                  Loss                                                                 |   | $                                   | (1,893,084 | )      |                                                                         | $      | (1,612,267 | ) |   |   | (3,661,559 | ) |
|                                                                                      |   |                                |       |   |                                                                         |   |   |   |   |   |   |   |
| Net                  Loss Per Share  (Basic and Diluted)                             |   | $                                   | (0.44      | )      |                                                                         | $      | (0.43 | ) |   |   |   |   |
| Weighted                  Average Shares Outstanding (Basic                  and Diluted) |   |                                | 4,298,021  |   |                                                                         |   | 3,773,448 |   |   |   |   |   |

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**F        3**

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

*(A        Development Stage Company)*

*Consolidated        Statements of Stockholders’ Equity (Deficit)*

|                                                                 |   | Number                  of shares |   |   | Amount |   |   | Number                  of shares |   |   | Amount    |   |   | Paid-in                  capital |   |   | Comprehensive                  income |   |      | Deficit                  accumulated during the development stage |   |   | Total                  stockholders' 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 | ) |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |
|  Private                  placement for cash (Note 2 and 13(a)) |   |                              | -      |   |   |   | -      |                              |   |   | 166,667   |   |   |                             | 167    |   |                                  |   | 249,833   |                                                              |   |   | -                                                     |   |   |   | - |   |   |   | 250,000 |   |
|  Business                  acquisition (Note 2 and 13(b))       |   |                              | -      |   |   |   | -      |                              |   |   | 416,667   |   |   |                             | 417    |   |                                  |   | 749,583   |                                                              |   |   | -                                                     |   |   |   | - |   |   |   | 750,000 |   |
|  Share                  purchase agreement (Note 2 and 13(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 | ) |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |
|  Consulting                  Agreement (Note 13(e))             |   |                              | -      |   |   |   | -      |                              |   |   | 103,333   |   |   |                             | 103    |   |                                  |   | 92,897    |                                                              |   |   | -                                                     |   |   |   | - |   |   |   | 93,000 |   |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |
|  Consulting                  Agreements (Note 13(f))            |   |                              | -      |   |   |   | -      |                              |   |   | 229,791   |   |   |                             | 230    |   |                                  |   | 220,369   |                                                              |   |   | -                                                     |   |   |   | - |   |   |   | 220,599 |   |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |
|  Content                  Agreement (Note 13(g))                |   |                              | -      |   |   |   | -      |                              |   |   | 333,333   |   |   |                             | 333    |   |                                  |   | 319,667   |                                                              |   |   | -                                                     |   |   |   | - |   |   |   | 320,000 |   |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |
|  Executive                  Employment Agreement (Note 13(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 | ) |
|                                                                 |   |                              |   |   |   |   |   |                              |   |   |      |   |   |                             |   |   |                                  |   |      |                                                              |   |   |                                                  |   |   |   |   |   |   |   |   |   |

----

**F4**

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

*(A        Development Stage Company)*

*Consolidated        Statements of Cash Flows*

|                                                                                                     |   | For the                  year endedApril                  30, |       |   | Cumulative                  amount from inception (December 13, 2002 to |   |
|----------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|--------|-------------------------------------------------------------------------|--------|
|                                                                                                     |   | 2007                                                               |       |   | 2006                                                                    |   |   | April                  30, 2007) |   |
| Cash                  Flows From Operating Activities                                                    |   |                                                               |       |   |                                                                    |   |   |   |   |
|   Net                  Loss                                                                    |   | $                                                                  | (1,893,084 | )      |                                                                    | $      | (1,612,267 | ) |   | $ | (3,622,574 | ) |
|   Adjustments                  to reconcile net loss to cash                                   |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|      Depreciation                                                               |   |                                                               | 28,686     |   |                                                                    |   | 70,649 |   |   |   | 75,860 |   |
|      Acquisition                  fees                                          |   |                                                               | -          |   |                                                                    |   | - |   |   |   | 90,000 |   |
|      Impairment                  of goodwill                                    |   |                                                               | -          |   |                                                                    |   | 165,000 |   |   |   | 165,000 |   |
|      Written                  off goodwill / Discontinued operations            |   |                                                               | 738,692    |   |                                                                    |   | - |   |   |   | 738,692 |   |
|   Changes                  in working capital items                                            |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|      Increase                  (decrease)  in bank overdraft               |   |                                                               | 4,298      |   |                                                                    |   | 7,008 |   |   |   | 11,306 |   |
|      Increase                  (decrease)  in accounts payable             |   |                                                               | 107,181    |   |                                                                    |   | 94,185 |   |   |   | 233,664 |   |
|      Increase                  (decrease) in accounts payable- related party    |   |                                                               | (80,523    | )      |                                                                    |   | 4,161 |   |   |   | 52,779 |   |
|      Increase                  in unearned revenue                              |   |                                                               | (4,000     | )      |                                                                    |   | 4,000 |   |   |   | - |   |
|      Increase                  in due to related parties                        |   |                                                               | (103,337   | )      |                                                                    |   | 126,837 |   |   |   | 42,000 |   |
|      Increase                  (decrease) in compensation payable               |   |                                                               | (959,253   | )      |                                                                    |   | 966,229 |   |   |   | 6.976 |   |
|      (Increase)                  decrease in accounts receivable                |   |                                                               | 27,586     |   |                                                                    |   | (100,004 | ) |   |   | (74,148 | ) |
|      (Increase)                  decrease in accounts receivable- related party |   |                                                               | 13,741     |   |                                                                    |   | (11,784 | ) |   |   | - |   |
|      (Increase)                  Decrease in prepaid expenses                   |   |                                                               | (409,681   | )      |                                                                    |   | (3,200 | ) |   |   | (414,470 | ) |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Net                  Cash Provided By (Used in)                                                          |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Operating                   Activities                                                  |   |                                                               | (2,529,694 | )      |                                                                    |   | (289,186 | ) |   |   | (2,643,592 | ) |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Cash                  Flows to Investing Activities                                                      |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Acquisition                  of property and equipment                                       |   |                                                               | (89,017    | )      |                                                                    |   | (139,892 | ) |   |   | (236,894 | ) |
|   Acquisition                  of intangible assets                                            |   |                                                               | (1,734     | )      |                                                                    |   | (3,512 | ) |   |   | (5,246 | ) |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Net                  Cash Used in Investing  Activities                                             |   | $                                                                  | (90,751    | )      |                                                                    |   | (143,404 | ) |   | $ | (242,140 | ) |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Cash                  Flows from Financing  Activities                                              |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Increase                  in loans payable to stockholders                                   |   |                                                               | 1,165,389  |   |                                                                    |   | 177,563 |   |   |   | 1,342,952 |   |
|   Cash                  received in recapitalization                                           |   |                                                               | -          |   |                                                                    |   | - |   |   |   | 1,353 |   |
|   Proceeds                  from issuance of common stock                                      |   |                                                               | 1,433,599  |   |                                                                    |   | 250,000 |   |   |   | 1,696,726 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Net                  Cash provided by  Financing Activities                               |   |                                                               | 2,598,988  |   |                                                                    |   | 427,563 |   |   |   | 3,041,031 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Increase                  (Decrease) in Cash in the Period                                               |   |                                                               | 0          |   |                                                                    |   | (5,027 | ) |   |   | 0 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Comprehensive                  gain (loss) on translation                                                |   |                                                               | 0          |   |                                                                    |   | 1,483 |   |   |   | 0 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Cash                  - Beginning of Period                                                              |   |                                                               | 0          |   |                                                                    |   | 3,544 |   |   |   | - |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| Cash                  - End of Period                                                                    |   | $                                                                  | 0          |   |                                                                    | $      | 0 |   |   | $ | 0 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| **Non-Cash                  Financing Activities**                                                       |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Common                  shares issued for equipment                                          |   | $                                                                  | -          |   |                                                                    |   | 76,642 |   |   | $ | 93,193 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
| **Supplementary                  Disclosure of Non-Cash Items**                                          |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Net                  liabilities assumed in recapitalization                                 |   | $                                                                  | -          |   |                                                                    |   | - |   |   | $ | (234,467 | ) |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Issuance                  of common stock for purchase goodwill                              |   | $                                                                  | -          |   |                                                                    | $      | 838,358 |   |   | $ | 838,358 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Issuance                  of common stock for services                                       |   | $                                                                  | 1,340,599  |   |                                                                    | $      | - |   |   | $ | 1,340,599 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |
|   Issuance                  of common stock for consulting                                     |   | $                                                                  | 93,000     |   |                                                                    | $      | - |   |   | $ | 205,200 |   |
|                                                                                                     |   |                                                               |       |   |                                                                    |   |   |   |   |   |   |   |

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

----

**F5**

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

*(A      Development Stage Company)*

*Notes      to Consolidated Financial Statements*

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

**2.**
**Reorganization**

----

**3.**
**Going      Concern**

**4.**
**Summary      of Significant Accounting Policies**

|   | 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*

**4.**
**Summary      of Significant Accounting Policies (continued)**

----

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

*           (A Development Stage Company)*

*          Notes to Consolidated Financial Statements*

**4.**
**Summary      of Significant Accounting Policies (continued)**

**5.      PrePaid Expenses**

**6.      Goodwill / Discontinued Operations**

| Balance                as at April 30, 2006                     |   | $      | 687,369  |   |
|-----------------------------------------------------------------|--------|--------|----------|--------|
|                                                            |   |   |     |   |
|                                                            |   |   |     |   |
| Discontinued                Operations of Stream Horizons Media |   |   | (687,369 | )      |
|                                                            |   |   |     |   |
| Balance                as at April 30, 2007                     |   | $      | -        |   |

**7.      Loans Payable to Stockholders**

**8.      Compensation payable**

----

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

*                   (A Development Stage Company)*

*                  Notes to Consolidated Financial Statements*

**9.**
**Income      Taxes**

|                                                                                                                                                 |   | 2007   |       |   | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Deferred                  tax assets:                                                                                                                |   |   |       |   |   |   |
| Net                  non-capital loss carry-forward                                                                                                  |   | $      | 99,000     |   |   | $      | 99,000 |   |
| Net                  operating loss carry-forward                                                                                                    |   |   | 1,190,000  |   |   |   | 686,000 |   |
| Depreciation/Amortization                  allowance                 |   |   | 39,000     |   |   |   | 47,000 |   |
| Valuation                  allowance                                                                                                                 |   |   | (1,329,000 | )      |   |   | (832,000 | ) |
| Net                  deferred tax assets                                                                                                             |   | $      | -          |   |   | $      |                     - |   |

|                                                                                                                                                                                       |   | 2007   |   |   | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| 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 | % |

**10.      Property and Equipment**

| Property                  and equipment comprise: |   | April                  30,     |    |
|---------------------------------------------------|--------|-----------------------------------------------|---------|
|                                              |   | 2007                                          |    |   | 2006 |   |
| Computer                  equipment and software  |   | $                                             | 209,908 |   |   | $ | 157,354 |   |
| Demonstration                  equipment          |   |                                          | 2,635   |   |   |   | 2,635 |   |
| Studio                  Equipment                 |   |                                          | 71,690  |   |   |   | 79,708 |   |
| Office                  equipment                 |   |                                          | 5,215   |   |   |   | 5,215 |   |
|                                              |   |                                          | 289,448 |   |   |   | 244,912 |   |
| Less                  accumulated depreciation    |   |                                          | 115,402 |   |   |   | 86,277 |   |
|                                              |   | $                                             | 174,046 |   |   | $ | 158,635 |   |

----

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

*           (A Development Stage Company)*

*          Notes to Consolidated Financial Statements*

**11.      Due to Related Party**

**12.      Related Party Transactions**

| Management                Fees                                |   | April                30, 2007 |    |   | April                30,2006 |   |
|---------------------------------------------------------------|--------|-------------------------------|---------|--------|------------------------------|--------|
|   Secretary                Treasurer – C.Shaw |   | $                             | 17,500  |   |                         | $      | 10,000 |   |
|   President/CEO                – A.Griffiths  |   |                          | 192,945 |   |                         |   | 94,280 |   |
|   VP                Technology – E.Clunn      |   |                          | 160,147 |   |                         |   | 106,160 |   |
|   VP                Finance – R.Clarke        |   |                          | 8,250   |   |                         |   | 10,500 |   |
|   VP                Operations – L.Milne      |   |                          | 63,730  |   |                         |   | - |   |
|                                                          |   | $                             | 442,572 |   |                         | $      | 220,940 |   |

**13.      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.  |

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

| None. |
|-------|

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

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

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

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

| None. |
|-------|

----

| **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  |
|----------|------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|     |                                     |   |                                                                                                                                                     |   |
|     | Arthur                  Griffiths        | 49     | Chief                  Executive Officer, President and Director (resigned as Director                  and all                  Offices August 1, 2007) | 2006   |
|     |                                     |   |                                                                                                                                                     |   |
|     | Kent                  Vaesen             | 36     | Secretary,                  Treasurer and Director(Director and Officer as of August 1,                  2007)                                           | 2007   |

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

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

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

----

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

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

| Not                Applicable. |
|--------------------------------|

----

| **ITEM                10. EXECUTIVE                COMPENSATION.** |
|--------------------------------------------------------------------|

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

| The                following table sets forth information relating to all compensation                awarded to, earned by or paid by us during the period from December                13,                2002 (inception) through April 30, 2007 to: (a) all individuals,                serving                as our Chief Executive Officer in the fiscal year ended April 30,                2007;                and (b) each of our executive officers who earned more than $100,000                during the fiscal year ended April 30,                2007: |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                  and Principal Position | Fiscal                  Year |   | Salary |    |   | Bonus  |   |    | Compensation |   |   | Options/LTIP                  SARs (#) |   |   | Other                  Payouts |   |   | Compensation |   |
|----------------------------------------------|------------------------------|--------|--------|---------|--------|--------|--------|---------|--------------|--------|--------|----------------------------------------|--------|--------|--------------------------------|--------|--------|--------------|--------|
| Arthur                  Griffiths            | 2007                         |   | $      | 193,651 |   |   |   | -       |         |   |   |                                   |   |   | -                              |   |   |         |   |   |   | - |   |
| President,                  CEO              | 2006                         |   | $      | 29,500  |   |   | $      | 800,000 |         |   | $      | 6,229                                  |   |   |                           |   |   |         |   | - |   |   |   | - |   |
|                                         |                         |   |   |    |   |   |   |    |         |   |   |                                   |   |   |                           |   |   |         |   |   |   |   |   |   |   |
| Ed                  Clunn                    | 2007                         |   | $      | 160,147 |   |   |   | -       |         |   |   | -                                      |   |   |                           | -      |   |         |   |   |   |   |   | - |   |
| CTO                                          | 2006                         |   | $      | 106,160 |   |   |   | -       |         |   |   | -                                      |   |   |                           |   |   |         |   | - |   |   |   | - |   |

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

| We                did not grant any stock options to the executive officers during                our most                recent fiscal year                ended April 30, 2007. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| There                  are no standard arrangements pursuant to which directors are compensated                  for any services provided as director. No additional amounts are                  payable                  to directors for committee participation or special assignments                  performed                  for and on our behalf through to April 30,                  2007. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| The                following table sets forth certain information regarding our common                stock                beneficially owned as of August 31, 2007                by: |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Name                  and Address of                                         |   | Amount                  and Nature of       |   | Percent                   |
|------------------------------------------------------------------------------|--------|---------------------------------------------|--------|---------------------------|
| Beneficial                  Owner (1)                                        |   | Beneficial                  Owner  (2) |   | of                  Class |
|                                                                         |   |                                        |   |                      |
| Arthur                  Griffiths                                            |   |      683,332       |   | 12.35%                    |
| Carol                  Shaw (3)                                              |   |      184,166       |   |   3.33%         |
| Edward                  Clunn (4)                                            |   |   1,215,047                       |   | 21.96%                    |
| Robert                  Danvers                                              |   |      308,330       |   |   5.57%         |
| Bram                  Solloway                                               |   |      235,079       |   |   4.25%         |
|                                                                         |   |                                        |   |                      |
| All                  Executive Officers and Directors as a group (3 persons) |   |                    2,082,545           |   | 37.64%                    |

----

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

----

**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 (4)                                                                                                                                                    |
|       |   |                                                                                                                                                                                               |
| 3.1c       |   | Change                  of Directors and Officers (5)                                                                                                                                              |
|       |   |                                                                                                                                                                                               |
| 3.2        |   | Bylaws                  (1)                                                                                                                                                                        |
|       |   |                                                                                                                                                                                               |
| 10.1       |   | Stock                  Purchase Agreement between Infotec Business Systems, Inc. and Galaxy                  Networks Inc., of November 11, 2004 (3)                                               |
|       |   |                                                                                                                                                                                               |
| 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 |

----

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

|                                             |   | 2007   |   |   | 2006   |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Fees                  for audit services         |   | $      | 47,350 |   |   | $      | 34,460 |   |
|                                             |   |   |   |   |   |   |   |   |
| Fees                  for audit related services |   |   | -      |   |   |   | - |   |
|                                             |   |   |   |   |   |   |   |   |
| Tax                  fees                        |   |   | -      |   |   |   | - |   |
|                                             |   |   |   |   |   |   |   |   |
| All                  other fees                  |   |   | -      |   |   |   | - |   |

----

**SIGNATURES**

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

| Signature                                                                        | Title                                                                                 | Date                                |
|----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|-------------------------------------|
|                                                                             |                                                                                  |                                |
| /s/                  Kent Vaesen         | President,                  Secretary, Treasurer, Director                            | September                  14, 2007 |
| Kent                  Vaesen                                                     | Chief                  Executive Officer                                              |                                |
|                                                                             | Principal                  Finance and Accounting Officer                             |                                |
|                                                                             | (President,                  Secretary, Treasurer, Director, CEO as of August 1,2007) |                                |