----

----

| Colorado                 |   | 000-51139                |   | 13-4228144                        |
|--------------------------|--------|--------------------------|--------|-----------------------------------|
| (State of Incorporation) |   | (Commission File Number) |   | (IRS Employer Identification No.) |

----

Table of Contents

|                              |                                                                                         |    |
|-----------------------------------|----------------------------------------------------------------------------------------------|---------|
| Item 1                            | Financial Statements (Unaudited)                                                             |    |
|                              | Consolidated Balance SheetsSeptember 30, 2008 and December 31, 2007                          | 1       |
|                              | Consolidated Statements of OperationsThree and Nine months ended September 30, 2008 and 2007 | 2       |
|                              | Consolidated Statements of Cash Flows – Nine months ended September 30, 2008 and 2007  | 3       |
|                              | Consolidated Statement of Changes in Stockholders’ Equity - September 30, 2008         | 4  |
|                              | Notes to Consolidated Financial Statements                                                   | 5       |
| Item 2                            | Management’s Discussion and Analysis of Financial Conditionand Results of Operations   | 26      |
| Item 3                            | Quantitative and Qualitative Disclosures About Market Risk                                   | 31      |
| Item 4                            | Controls and Procedures                                                                      | 31      |
| Item 4T                           | Controls and Procedures                                                                      | 32      |
| PART II – OTHER INFORMATION |                                                                                         |    |
| Item 1                            | Legal Proceedings                                                                            | 34      |
| Item 2                            | Changes in Securities                                                                        | 34      |
| Item 3                            | Defaults Upon Senior Securities                                                              | 34      |
| Item 4                            | Submission of Matters to a Vote of Security Holders                                          | 34      |
| Item 5                            | Other Information – Not Applicable                                                     | 34      |
| Item 6                            | Exhibits                                                                                     | 35      |
|                              | SIGNATURES                                                                                   |    |

----

Consolidated Balance Sheets

|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          | September 30,                                                                                                 |                                                                                                          | December 31,                                                                            |
|----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          | 2008                                                                                                          |                                                                                                          | 2007                                                                                    |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          | RESTATED                                                                                                      |                                                                                                          | RESTATED                                                                                |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          | (Unaudited)                                                                                                   |                                                                                                          | (Audited)                                                                               |
|                                         |                                                                                                                                                                           |                                                                              | ASSETS                                                                                                        |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                    |
| Current Assets                               |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |
|                                         | Cash and cash equivalents                                                                                                                                                      | $                                                                                 |              704                             | $                                                                                                             |            1,407                                       |
|                                         | S/T Mortgages receivable - net of allowance of $807 on September 30, 2008 and $5 on December 31, 2007                                                                          |                                                                              |            4,556                                       |                                                                                                          |            2,148                                       |
|                                         | S/T Note receivable - Jaguar Group LLC - net of allowance of $1,407                                                                                                            |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |
|                                         |                                                                                                                                                                           | on September 30, 2008 and $0 on December 31, 2007 (Notes 1, 4)                    |                                                                                                          |                   - |                                                                                                          |            1,047                                       |
|                                         | Accrued interest receivable                                                                                                                                                    |                                                                              |              112                             |                                                                                                          |                 45            |
|                                         | Advances receivable                                                                                                                                                            |                                                                              |                  6       |                                                                                                          |                   5 |
|                                         | Prepaid Expenses                                                                                                                                                               |                                                                              |                   - |                                                                                                          |                 62            |
|                                         |                                                                                                                                                                           | Total Current Assets                                                              |                                                                                                          |            5,378                                       |                                                                                                          |            4,714                                       |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                    |
| Property, equipment and software, net        |                                                                                                                                                                           |              105 |                                                                                                          |                 45            |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                    |
| Other Assets                                 |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |
|                                         | Note receivable - Aegis/Grizzle - (Note 4)                                                                                                                                     |                                                                              |              450                             |                                                                                                          |               450                       |
|                                         | Investment - BPZ Energy - (Note 5)                                                                                                                                             |                                                                              |              673                             |                                                                                                          |            2,541                                       |
|                                         | Investment - Boston Property (Note 5)                                                                                                                                          |                                                                              |            2,587                                       |                                                                                                          |            1,279                                       |
|                                         | Real estate owned - net of impairment of $198  and depreciation of $13 on September 30, 2008 and $0 on December 31, 2007 (Note 5)                                    |                                                                              |            2,144                                       |                                                                                                          |               379                       |
|                                         | Other assets                                                                                                                                                                   |                                                                              |                22                  |                                                                                                          |                 15            |
|                                         |                                                                                                                                                                           | Total Other Assets                                                                |                                                                                                          |            5,876                                       |                                                                                                          |            4,664                                       |
| TOTAL ASSETS                                 |                                                                                                                                                                           | $                                                                                 |          11,359                                                  | $                                                                                                             |            9,423                                       |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                    |
|                                         |                                                                                                                                                                           |                                                                              | LIABILITIES & STOCKHOLDERS' EQUITY                                                                        |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                    |
| Liabilities                                  |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                                          |
|                                         | Current Liabilities                                                                                                                                                            |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |
|                                         |                                                                                                                                                                           | Advances repayable - related party                                                | $                                                                                                             |                   - | $                                                                                                             |                 15            |
|                                         |                                                                                                                                                                           | Accounts Payable                                                                  |                                                                                                          |              550                             |                                                                                                          |                   - |
|                                         |                                                                                                                                                                           | Short term borrowings  (Note 7)                                         |                                                                                                          |            1,219                                       |                                                                                                          |               286                       |
|                                         |                                                                                                                                                                           | Accrued taxes and liabilities                                                     |                                                                                                          |              836                             |                                                                                                          |               154                       |
|                                         |                                                                                                                                                                           |                                                                              | Total Current Liabilities                                                                                     |                                                                                                          |            2,605                                       |                                                                                                          |               455 |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                                          |                                                                                    |
| Stockholders' Equity                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |
|                                         | Common stock, $0.001 par value, 100,000,000 shares authorized, 9,024,583 and 8,924,583 shares issued and outstanding at September 30, 2008 and December 31, 2007, respectively |                                                                              |                  9       |                                                                                                          |                   9 |
|                                         | Additional paid-in capital                                                                                                                                                     |                                                                              |            8,966                                       |                                                                                                          |            8,758                                       |
|                                         | Unrealized gain on securities                                                                                                                                                  |                                                                              |              334                             |                                                                                                          |            1,578                                       |
|                                         | Retained earnings                                                                                                                                                              |                                                                              |             (555)                                 |                                                                                                          |           (1,377)                                           |
|                                         |                                                                                                                                                                           |                                                                              | Total Stockholders' Equity                                                                                    |                                                                                                          |            8,754                                       |                                                                                                          |            8,968                 |
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $                                                                                                                                                                              |          11,359                      | $                                                                                                             |            9,423                                       |

----

Table of Contents

Consolidated Statements of Operations

|                                                      |                                         |                                              |                                                                                        | For the Three Months Ended                                        |                                                                                        | For the Nine Months Ended                                                         |
|-----------------------------------------------------------|----------------------------------------------|---------------------------------------------------|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------|---------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
|                                                      |                                         |                                              |                                                                                        | September 30,                                                     |                                                                                        | September 30,                                                                     |
|                                                      |                                         |                                              |                                                                                        | 2008                                                              |                                                                                        | 2007                                                                              |   | 2008 |   | 2007 |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        | RESTATED                                                                          |   | RESTATED |   | RESTATED |
| Revenue                                                   |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | Loan Fees                                    | $                                                 |            221                       | $                                                                 |              97            | $                                                                                 |            675 | $ |            484 |
|                                                      | Interest revenues                            |                                              |              33            |                                                              |                - |                                                                              |            202 |   |                - |
|                                                      | Cost of loan fees                            |                                              |           (476)                           |                                                              |             (98)                |                                                                              |           (667) |   |           (445) |
|                                                      |                                         | Gross Profit                                      |                                                                                        |           (222) |                                                                                        |              (1) |   |            210 |   |              39 |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |   |   |
| Operating Expenses:                                       |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | General and administrative                   |                                              |         1,203                                       |                                                              |            236                       |                                                                              |         3,598 |   |            727 |
|                                                      | Depreciation and amortization                |                                              |              23            |                                                              |                - |                                                                              |              26 |   |               4 |
|                                                      |                                         | Total operating expenses                          |                                                                                        |         1,226             |                                                                                        |            236             |   |         3,624 |   |            731 |
| Loss from operations                                      |                                         |        (1,448) |                                                                                        |           (237) |                                                                                        |        (3,414)                                 |   |           (692) |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |   |   |
| Other income (expense)                                    |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | Gain on sale of investments                  |                                              |             (10)                |                                                              |         1,349                                       |                                                                              |         5,604 |   |         1,884 |
|                                                      | Other (loss) or Gain                         |                                              |              11            |                                                              |                - |                                                                              |              11 |   |              50 |
|                                                      | Net rental income                            |                                              |              13            |                                                              |                - |                                                                              |              20 |   |                - |
|                                                      | Miscellaneous non-operating expense          |                                              |           (199)                           |                                                              |                - |                                                                              |           (269) |   |                - |
|                                                      | Interest income                              |                                              |              21            |                                                              |              15            |                                                                              |              44 |   |              56 |
|                                                      | Interest expense                             |                                              |             (40)                |                                                              |                - |                                                                              |             (66) |   |                - |
|                                                      |                                         | Total other (expense) income                      |                                                                                        |           (204) |                                                                                        |         1,364                             |   |         5,344 |   |         1,990 |
| Net (Loss) Income before minority interest and income tax |                                         |        (1,652) |                                                                                        |         1,127             |                                                                                        |         1,930                             |   |         1,298 |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |   |   |
| Minority Interest                                         |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | Minority interest in consolidated subsidiary |                                              |                - |                                                              |                - |                                                                              |             (24) |   |              (8) |
| Net (Loss) Income before taxes                            |                                         |        (1,652) |                                                                                        |         1,127             |                                                                                        |         1,906                             |   |         1,290 |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |   |   |
| Income Taxes                                              |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | Provision for income tax (credit)            |                                              |           (112)                           |                                                              |                - |                                                                              |         1,084 |   |                - |
| Net (Loss) Income                                         | $                                            |        (1,540) | $                                                                                           |         1,127             | $                                                                                           |            822             | $ |         1,290 |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |   |   |
| Earnings Per Share:                                       |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | Basic (Note 2)                               | $                                                 |          (0.17)                                | $                                                                 |           0.13                            | $                                                                                 |           0.09 | $ |           0.14 |
|                                                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |   |   |
| Weighted Average Shares Outstanding:                      |                                         |                                              |                                                                                        |                                                              |                                                                                        |                                                                              |   |   |
|                                                      | Basic                                        |                                              | 9,025                                                                                       |                                                              | 8,983                                                                                       |                                                                              | 9,025 |   | 8,983 |

----

Table of Contents

Consolidated Statements of Cash Flows

|                                                   |                                                                          |                                                                                    | For the Nine Months Ended                                                                                     |
|--------------------------------------------------------|-------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|
|                                                   |                                                                          |                                                                                    | September 30,                                                                                                 |
|                                                   |                                                                          |                                                                                    |                                                                                                          | 2008 |   | 2007 |
|                                                   |                                                                          |                                                                                    |                                                                                                          | RESTATED |   | RESTATED |
| Cash Flows from Operating Activities:                  |                                                                          |                                                                                    |                                                                                                          |   |
|                                                   | Net Income                                                                    | $                                                                                       |               822                       | $ |            1,290 |
|                                                   | Adjustments to reconcile net income to net cash used in operating activities: |                                                                                    |                                                                                                          |   |   |
|                                                   |                                                                          | Depreciation expense                                                                    |                                                                                                          |                 26 |   |                   4 |
|                                                   |                                                                          | Gain on sale investments                                                                |                                                                                                          |           (5,604) |   |           (1,884) |
|                                                   |                                                                          | Increase in reserves and impairments                                                    |                                                                                                          |            2,412 |   |                   - |
|                                                   |                                                                          | Gain on settlement of debt                                                              |                                                                                                          |                   - |   |                (50) |
|                                                   |                                                                          | Minority interest                                                                       |                                                                                                          |                 24 |   |                   8 |
|                                                   | Changes in operating assets and liabilities:                                  |                                                                                    |                                                                                                          |   |   |
|                                                   |                                                                          | (Increase) decrease in accounts receivable                                              |                                                                                                          |                  (1) |   |                 23 |
|                                                   |                                                                          | Increase in accrued interest                                                            |                                                                                                          |                (67) |   |                (39) |
|                                                   |                                                                          | (Increase) decrease in prepaid expenses and other assets                                |                                                                                                          |                 62 |   |               102 |
|                                                   |                                                                          | (Increase) decrease in short term loans receivable                                      |                                                                                                          |           (2,408) |   |               898 |
|                                                   |                                                                          |   (See Supplemental Information below)                                        |                                                                                                          |   |   |   |
|                                                   |                                                                          | Increase in accounts payable                                                            |                                                                                                          |               550 |   |                   - |
|                                                   |                                                                          | Increase (decrease) in accrued liabilities and other                                    |                                                                                                          |               667 |   |                (60) |
| Net Cash (Used) Provided by Operating Activities       |                                                                          |           (3,517)                     |                                                                                                          |               292 |
|                                                   |                                                                          |                                                                                    |                                                                                                          |   |   |   |
| Cash Flows from Investing Activities:                  |                                                                          |                                                                                    |                                                                                                          |   |
|                                                   | Investments (increased) decreased                                             |                                                                                    |                                                                                                          |   |   |
|                                                   |                                                                          | Boston real estate                                                                      |                                                                                                          |           (1,308) |   |                   - |
|                                                   |                                                                          | Other real estate (See Supplemental Information below)                                  |                                                                                                          |                   - |   |                   - |
|                                                   | (Increase) in fixed assets                                                    |                                                                                    |                (79)                |   |                  (2) |
|                                                   | Proceeds from sale of equity investments                                      |                                                                                    |            3,268                                       |   |            1,068 |
| Net Cash Provided by Investing Activities              |                                                                          |            1,881                 |                                                                                                          |            1,066 |
|                                                   |                                                                          |                                                                                    |                                                                                                          |   |   |   |
| Cash Flows from Financing Activities:                  |                                                                          |                                                                                    |                                                                                                          |   |
|                                                   | Increase (decrease) in short term borrowings                                  |                                                                                    | 933                                                                                                           |   |                   - |
|                                                   | Post-merger proceeds from exercise of BPZ Options                             |                                                                                    |                   - |   |            1,220 |
| Net Cash Provided by Financing Activities              |                                                                          |               933 |                                                                                                          |            1,220 |
| Net (Decrease) Increase in Cash & Cash Equivalents |                                                                          |              (703)     |                                                                                                          |            2,579 |
| Beginning Cash & Cash Equivalents                  |                                                                          |            1,407                 |                                                                                                          |               179 |
| Ending Cash & Cash Equivalents                     | $                                                                             |               704 | $                                                                                                             |            2,758 |
|                                                   |                                                                          |                                                                                    |                                                                                                          |   |   |   |
| Supplemental Disclosure of Cash Flow Information       |                                                                          |                                                                                    |                                                                                                          |   |
|                                                   | Non-cash exchange of receivable from parent company                           | $                                                                                       |            1,995                                       | $ |                   - |
|                                                   | Cash paid for Interest                                                        | $                                                                                       |                 66            | $ |                 - |
|                                                   | Cash paid for Income Taxes                                                    | $                                                                                       |               350                       | $ |                   - |
|                                                   | Increase in Additional Paid In Capital due to stock options issued            | $                                                                                       |                 64            | $ |                   - |

----

Table of Contents

CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY

|                                      |                                            |                                                                                  |                                                          |                                                                |                                                          |                                                                            |                                                      |                                                                            |                                                                          |                                                                                                    |                                                          |                                                                                        |                                                  |
|-------------------------------------------|-------------------------------------------------|---------------------------------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------------------------------------|-------------------------------------------------------|
|                                      |                                            |                                                                                  | Voting                                                        |                                                                | Additional                                                    |                                                                            | Unrealized                                                |                                                                            | Retained                                                                      |                                                                                                    | Stockholders'                                                 |
|                                      |                                            |                                                                                  | Common Stock                                                  |                                                                | Paid-in                                                       |                                                                            | Gain                                                      |                                                                            | Earnings                                                                      |                                                                                                    | Equity                                                        |
|                                      |                                            |                                                                                  | Shares                                                        |                                                                | Amount                                                        |                                                                            | Capital                                                   |                                                                            |                                                                          |                                                                                                    | (Deficit)                                                     |                                                                                        |                                                  |
| Balances, December 31, 2006               |                                            |                                                                                  |                                                          |                                                                |                                                          |                                                                            |                                                      |                                                                            |                                                                          |                                                                                                    |                                                          |
|                                      |                                            | (as previously reported)                                                              |        7,950               | $                                                                   |           8 | $                                                                               |       9,413                 | $                                                                               |       1,483                                     | $                                                                                                       |          (3,973) | $                                                                                           |         6,931 |
|                                      | Adjusted unrealized gains                       |               - |                                                          |            - |                                                          |              - |                                                      |         (902)                           |                                                                          |                  - |                                                          |           (902)                           |
|                                      | Reverse incorrect entry                         |               - |                                                          |            - |                                                          |      (1,203)                                           |                                                      |                                                                            |                                                                          |                                                                                                    |                                                          |        (1,203)                                           |
|                                      | Legal Settlement                                |               - |                                                          |            - |                                                          |              - |                                                      |              - |                                                                          |              295                       |                                                          |            295                       |
| Balances, December 31, 2006 (as restated) |        7,950 |                                                                                  |           8 |                                                                |       8,210                     |                                                                            |          581 |                                                                            |          (3,678)                 |                                                                                                    |         5,121         |
|                                      |                                            |                                                                                  |                                                          |                                                                |                                                          |                                                                            |                                                      |                                                                            |                                                                          |                                                                                                    |                                                          |                                                                                        |                                                  |
|                                      | Net income                                      |               - |                                                          |            - |                                                          |              - |                                                      |              - |                                                                          |           2,301                                       |                                                          |         2,301                                       |
|                                      | Options exercised                               |        1,000                                       |                                                          |           1       |                                                          |            49            |                                                      |              - |                                                                          |                  - |                                                          |              50            |
|                                      | BPZ transaction correction                      |             33            |                                                          |            - |                                                          |              2 |                                                      |              - |                                                                          |                  - |                                                          |                2 |
|                                      | Private placement correction                    |               9 |                                                          |            - |                                                          |              - |                                                      |              - |                                                                          |                  - |                                                          |                - |
|                                      | Legacy options exercised                        |               - |                                                          |            - |                                                          |          647                       |                                                      |              - |                                                                          |                  - |                                                          |            647                       |
|                                      | Treasury stock - Armijo settlement              |            (68)                |                                                          |            - |                                                          |         (150)                           |                                                      |              - |                                                                          |                  - |                                                          |           (150)                           |
|                                      | Change in unrealized gains                      |               - |                                                          |            - |                                                          |              - |                                                      |          997                       |                                                                          |                  - |                                                          |            997                       |
| Balances, December 31, 2007               |        8,924 | $                                                                                     |           9 | $                                                                   |       8,758                     | $                                                                               |       1,578                 | $                                                                               |          (1,377)                 | $                                                                                                       |         8,968         |
|                                      |                                            |                                                                                  |                                                          |                                                                |                                                          |                                                                            |                                                      |                                                                            |                                                                          |                                                                                                    |                                                          |                                                                                        |                                                  |
|                                      | Net income                                      |               - |                                                          |            - |                                                          |              - |                                                      |              - |                                                                          |              822                       |                                                          |            822                       |
|                                      | Options exercised                               |           100                       |                                                          |            - |                                                          |              5 |                                                      |              - |                                                                          |                  - |                                                          |                5 |
|                                      | Change in unrealized gains                      |               - |                                                          |            - |                                                          |              - |                                                      |      (1,578)                                           |                                                                          |                  - |                                                          |        (1,578)                                           |
|                                      | Options issued                                  |               - |                                                          |            - |                                                          |            60            |                                                      |              - |                                                                          |                  - |                                                          |              60            |
|                                      | Reclaimed BPZ stock (Notes 2, 4)                |               - |                                                          |            - |                                                          |          143                       |                                                      |          334                       |                                                                          |                  - |                                                          |            477                       |
| Balances - September 30, 2008             |        9,024 | $                                                                                     |           9 | $                                                                   |       8,966                     | $                                                                               |          334 | $                                                                               |             (555) | $                                                                                                       |         8,754         |

----

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          | September 30, 2008                                                                                            |
|----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   | Previously |   |   |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          | RESTATED |   | Reported |   |   |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          | (Unaudited) |   | (Unaudited) |   | Change |
|                                         |                                                                                                                                                                           |                                                                              | ASSETS                                                                                                        |                                                                                                          |   |   |   |   |   |
| Current Assets                               |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |
|                                         | Cash and cash equivalents                                                                                                                                                      | $                                                                                 |              704                             | $                                                                                                             |               704 | $ |               - |
|                                         | S/T Mortgages receivable - net of allowance of $807 on September 30, 2008 and $5 on December 31, 2007                                                                          |                                                                              |            4,556                                       |                                                                                                          |            4,556 |   |               - |
|                                         | S/T Note receivable - Jaguar Group LLC - net of allowance of $1,407 on September 30, 2008 and $0 on December 31, 2007 (Notes 1, 4)                                             |                                                                              |                   - |                                                                                                          |                   - |   |               - |
|                                         | Accrued interest receivable                                                                                                                                                    |                                                                              |              112                             |                                                                                                          |               112 |   |               - |
|                                         | Advances receivable                                                                                                                                                            |                                                                              |                  6       |                                                                                                          |                   6 |   |               - |
|                                         | Prepaid Expenses                                                                                                                                                               |                                                                              |                   - |                                                                                                          |                   - |   |               - |
|                                         |                                                                                                                                                                           | Total Current Assets                                                              |                                                                                                          |            5,378                                       |   |            5,378 |   |               - |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |   |   |
| Property, equipment and software, net        |                                                                                                                                                                           |              105 |                                                                                                          |               105                       |   |               - |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |   |   |
| Other Assets                                 |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |
|                                         | Note receivable - Aegis/Grizzle - (Note 4)                                                                                                                                     |                                                                              |              450                             |                                                                                                          |               450 |   |               - |
|                                         | Investment - BPZ Energy - (Note 5)                                                                                                                                             |                                                                              |              673                             |                                                                                                          |                   - |   |          673 |
|                                         | Investment - Boston Property (Note 5)                                                                                                                                          |                                                                              |            2,587                                       |                                                                                                          |            2,587 |   |               - |
|                                         | Real estate owned - net of impairment of $298  and depreciation of $13 on September 30, 2008 and $0 on December 31, 2007 (Note 5)                                    |                                                                              |            2,144                                       |                                                                                                          |            2,144 |   |               - |
|                                         | Other assets                                                                                                                                                                   |                                                                              |                22                  |                                                                                                          |                 22 |   |               - |
|                                         |                                                                                                                                                                           | Total Other Assets                                                                |                                                                                                          |            5,876                                       |   |            5,203 |   |          673 |
| TOTAL ASSETS                                 |                                                                                                                                                                           | $                                                                                 |          11,359                                                  | $                                                                                                             |           10,686 | $ |          673 |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |   |   |
|                                         |                                                                                                                                                                           |                                                                              | LIABILITIES & STOCKHOLDERS' EQUITY                                                                        |                                                                                                          |   |   |   |   |   |
| Liabilities                                  |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |   |
|                                         | Current Liabilities                                                                                                                                                            |                                                                              |                                                                                                          |                                                                                                          |   |   |   |
|                                         |                                                                                                                                                                           | Advances repayable - related party                                                | $                                                                                                             |                   - | $ |                   - | $ |               - |
|                                         |                                                                                                                                                                           | Accounts Payable                                                                  |                                                                                                          |              550                             |   |               550 |   |               - |
|                                         |                                                                                                                                                                           | Short term borrowings  (Note 7)                                         |                                                                                                          |            1,219                                       |   |            1,219 |   |               - |
|                                         |                                                                                                                                                                           | Accrued taxes and liabilities                                                     |                                                                                                          |              836                             |   |               636 |   |          200 |
|                                         |                                                                                                                                                                           |                                                                              | Total Current Liabilities                                                                                     |                                                                                                          |            2,605 |   |            2,405 |   |          200 |
|                                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |   |   |   |
| Stockholders' Equity                         |                                                                                                                                                                           |                                                                              |                                                                                                          |                                                                                                          |   |   |
|                                         | Common stock, $0.001 par value, 100,000,000 shares authorized, 9,024,583 and 8,924,583 shares issued and outstanding at September 30, 2008 and December 31, 2007, respectively |                                                                              |                  9       |                                                                                                          |                   9 |   |               - |
|                                         | Additional paid-in capital                                                                                                                                                     |                                                                              |            8,966                                       |                                                                                                          |            7,456 |   |        1,510 |
|                                         | Unrealized gain on securities                                                                                                                                                  |                                                                              |              334                             |                                                                                                          |                   - |   |          334 |
|                                         | Retained earnings                                                                                                                                                              |                                                                              |             (555)                                 |                                                                                                          |               816 |   |       (1,371) |
|                                         |                                                                                                                                                                           |                                                                              | Total Stockholders' Equity                                                                                    |                                                                                                          |            8,754 |   |            8,281 |   |          473 |
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $                                                                                                                                                                              |          11,359                      | $                                                                                                             |           10,686                                            | $ |          673 |

----

Table of Contents

|                                                      |                                         |                                              |                                                                                        | For the Three Months Ended                                                |                                                                                        | For the Nine Months Ended                                             |
|-----------------------------------------------------------|----------------------------------------------|---------------------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|
|                                                      |                                         |                                              |                                                                                        | September 30, 2008                                                        |                                                                                        | September 30, 2008                                                    |
|                                                      |                                         |                                              |                                                                                        | Originally Reported                                                       | ADJ                                                                                         | RESTATED                                                              |   | Originally Reported | ADJ | RESTATED |
| Revenue                                                   |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | Loan Fees                                    | $                                                 |            221                       |                                                                      |            221                       |                                                                  |            675 |                  - |            675 |
|                                                      | Interest revenues                            |                                              |              33            |                                                                      |              33            |                                                                  |            202 |                  - |            202 |
|                                                      | Cost of Loan Fees                            |                                              |           (476)                           |                                                                      |           (476)                           |                                                                  |           (667) |                  - |           (667) |
|                                                      |                                         | Gross Profit                                      |                                                                                        |           (222)         |            -                         |           (222)     |   |            210 |                  - |            210 |
|                                                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |   |   |
| Operating Expenses:                                       |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | General and administrative                   |                                              |         1,203                                       |                                                                      |         1,203                                       |                                                                  |         3,726 |            (128) |         3,598 |
|                                                      | Depreciation and amortization                |                                              |              23            |                                                                      |              23            |                                                                  |              26 |                  - |              26 |
|                                                      |                                         | Total operating expenses                          |                                                                                        |         1,226                     |               -       |         1,226                 |   |         3,752 |            (128) |         3,624 |
| Loss from operations                                      |                                         |        (1,448) |               -       |        (1,448)                         |                                                                                        |        (3,542)                     |              128 |        (3,414) |
|                                                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |   |   |
| Other income (expense)                                    |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | Gain on sale of investments                  |                                              |             (10)                |                                                                      |             (10)                |                                                                  |         5,412 |              192 |         5,604 |
|                                                      | Other (loss) or Gain                         |                                              |              11            |                                                                      |              11            |                                                                  |              11 |                  - |              11 |
|                                                      | Net rental income                            |                                              |              13            |                                                                      |              13            |                                                                  |              20 |                  - |              20 |
|                                                      | Miscellaneous non-operating expense          |                                              |           (199)                           |                                                                      |           (199)                           |                                                                  |           (269) |                  - |           (269) |
|                                                      | Interest income                              |                                              |              21            |                                                                      |              21            |                                                                  |              44 |                  - |              44 |
|                                                      | Interest expense                             |                                              |             (40)                |                                                                      |             (40)                |                                                                  |             (66) |                  - |             (66) |
|                                                      |                                         | Total other (expense) income                      |                                                                                        |           (204)         |               -       |           (204)     |   |         5,152 |              192 |         5,344 |
| Net (Loss) Income before minority interest and income tax |                                         |        (1,652) |               -       |        (1,652)                         |                                                                                        |         1,610                 |              320 |         1,930 |
|                                                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |   |   |
| Minority Interest                                         |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | Minority interest in consolidated subsidiary |                                              |                - |                                                                      |                - |                                                                  |             (24) |                  - |             (24) |
| Net (Loss) Income before taxes                            |                                         |        (1,652) |                                                                                        |        (1,652)                         |                                                                                        |         1,586                 |              320 |         1,906 |
|                                                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |   |   |
| Income Taxes                                              |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | Provision for income tax (credit)            |                                              |           (112)                           |                                                                      |           (112)                           |                                                                  |         1,084 |                  - |         1,084 |
| Net (Loss) Income                                         | $                                            |        (1,540) |             -                   |        (1,540)                         |                                                                                        |            502 |              320 |            822 |
|                                                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |   |   |
| Earnings Per Share:                                       |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | Basic                                        | $                                                 |          (0.17)                                |             - |          (0.17)                                |                                                                  |           0.06 |             0.03 |           0.09 |
|                                                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |   |   |
| Weighted Average Shares Outstanding:                      |                                         |                                              |                                                                                        |                                                                      |                                                                                        |                                                                  |   |   |
|                                                      | Basic                                        |                                              | 9,025                                                                                       | -                                                                         | 9,025                                                                                       |                                                                  | 9,025 | - | 9,025 |

----

Table of Contents

|                                                      |                                         |                                                              |                                                                                              | For the Three Months Ended                                                                        |                                                                                              | For the Nine Months Ended                                                         |
|-----------------------------------------------------------|----------------------------------------------|-------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
|                                                      |                                         |                                                              |                                                                                              | September 30, 2007                                                                                |                                                                                              | September 30, 2007                                                                |
|                                                      |                                         |                                                              |                                                                                              | Originally Reported                                                                               | ADJ                                                                                               | RESTATED                                                                          |   | Originally Reported | ADJ | RESTATED |
| Revenue                                                   |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | Loan Fees                                    | $                                                                 |              97                  |                 - |              97                  |                                                                              |            484 |   |            484 |
|                                                      | Interest revenues                            |                                                              |                -       |                 - |                -       |                                                                              |                - |   |                - |
|                                                      | Cost of Loan Fees                            |                                                              |             (98)                      |                 - |             (98)                      |                                                                              |           (445) |   |           (445) |
|                                                      |                                         | Gross Profit                                                      |                                                                                              |              (1)                 |                 - |              (1) |   |              39 |   |              39 |
|                                                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |   |   |
| Operating Expenses:                                       |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | General and administrative                   |                                                              |            236                             |                 - |            236                             |                                                                              |            727 |   |            727 |
|                                                      | Depreciation and amortization                |                                                              |                -       |                 - |                -       |                                                                              |               4 |   |               4 |
|                                                      |                                         | Total operating expenses                                          |                                                                                              |            236                             |                 - |            236             |   |            731 |   |            731 |
| Loss from operations                                      |                                         |           (237) |                 - |           (237)                                 |                                                                                              |           (692)                 |   |           (692) |
|                                                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |   |   |
| Other income (expense)                                    |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | Gain on sale of investments                  |                                                              |         2,484                                             |       (1,135)                                                       |         1,349                                             |                                                                              |         3,551 |     (1,667) |         1,884 |
|                                                      | Other (loss) or Gain                         |                                                              |                -       |                 - |                -       |                                                                              |              50 |   |              50 |
|                                                      | Net rental income                            |                                                              |                -       |                 - |                -       |                                                                              |                - |   |                - |
|                                                      | Miscellaneous non-operating expense          |                                                              |                -       |                 - |                -       |                                                                              |                - |   |                - |
|                                                      | Interest income                              |                                                              |              15                  |                 - |              15                  |                                                                              |              56 |   |              56 |
|                                                      | Interest expense                             |                                                              |                -       |                 - |                -       |                                                                              |                - |   |                - |
|                                                      |                                         | Total other (expense) income                                      |                                                                                              |         2,499                                             |       (1,135)                                                       |         1,364                             |   |         3,657 |      (1,667) |         1,990 |
| Net (Loss) Income before minority interest and income tax |                                         |         2,262             |       (1,135)                                                       |         1,127                                             |                                                                                              |         2,965                             |      (1,667) |         1,298 |
|                                                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |   |   |
| Minority Interest                                         |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | Minority interest in consolidated subsidiary |                                                              |                -       |  -                                                                                           |                -       |                                                                              |              (8) |                - |              (8) |
| Net (Loss) Income before taxes                            |                                         |         2,262             |        (1,135)                                                 |         1,127                                             |                                                                                              |         2,957                             |      (1,667) |         1,290 |
|                                                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |   |   |
| Income Taxes                                              |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | Provision for income tax (credit)            |                                                              |                -       |                                                                                              |                -       |                                                                              |                - |                - |                - |
| Net (Loss) Income                                         | $                                            |         2,262             |       (1,135)                                                       |         1,127                                             |                                                                                              |         2,957                             |      (1,667) |         1,290 |
|                                                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |   |   |
| Earnings Per Share:                                       |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | Basic                                        | $                                                                 |           0.25                                  |         (0.13)                                            |           0.13                                  |                                                                              |           0.33 |       (0.19) |           0.14 |
|                                                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |   |   |
| Weighted Average Shares Outstanding:                      |                                         |                                                              |                                                                                              |                                                                                              |                                                                                              |                                                                              |   |   |
|                                                      | Basic                                        |                                                              | 8,983                                                                                             | -                                                                                                 | 8,983                                                                                             |                                                                              | 8,983 | - | 8,983 |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| Part 1—Real estate owned at end of period (in thousands)    | Part 2—Rental income (in thousands) |
|-------------------------------------------------------------------|-------------------------------------------|
| Column A—List classification of property as indicated below | Column B—Amount of incumbrances     | Column C—Initial cost to company | Column D—Cost of improve-ments, etc. | Column E—Amount at which carried at close of period | Column F—Reserve for depreciation and Impairments | Column G—Rents due and accrued at end of period | Column H—Total rental income applicable to period | Column I—Expended for interest, taxes, repairs and expenses | Column J—Net income applicable to period |
| Farms                                                             |                                      |   |   |   |   |   |   |   |   |
| Residential                                                       |                                      |   |   |   |   |   |   |   |   |
| Colorado                                                          |  $  250                    | 1463 |  34 | 1,497 | (143) |   | 18 | 7 | 11 |
| Arizona                                                           |                                      | 858 |   | 858 | (68) |   | 1 | 3 | (2) |
| Massachusetts                                                     | 908                                       | 1,200 | 1387 | 2,587 |   |   |   |   |   |
| Apartments and business                                           |                                      |   |   |   |   |   |   |   |   |
| Unimproved                                                        |                                      |   |   |   |   |   |   |   |   |
|       Total                         | 1,158                                     | 3,521 | 1,421 | 4,942 | (211) |   | 19 | 10 | 9 |
| Rent from properties sold during period                           |                                      |   |   |   |   |   |   |   |   |
|       Total                         |  $ 1,158                             | 3,521 | 1,421 | 4,942 | (211) |   | 19 | 10 | 9 |

| Real Estate Detail (in thousands)             |   | Boston Property | Other Real Estate Owned | Total  |
|-----------------------------------------------|--------|-----------------|-------------------------|--------|
| Beginning Balance,  January 1, 2008 |   | $1,200          | $379                    | $1,579 |
| Additions during the period:                  |   |            |                    |   |
| Acquisitions through foreclosure              |   |            | 1,942                   | 1,942  |
| Other acquisitions                            |   |            |                    |   |
| Improvements, etc.                            |   | 1,387           | 34                      | 1,421  |
| Other (describe)                              |   |            |                    |   |
| Deductions during the period:                 |   |            |                    |   |
| Cost of real estate sold                      |   |            |                    |   |
| Impairments and depreciation                  |   |            | (211)                   | (211)  |
| Other (describe)                              |   |            |                    |   |
| Ending Balance, September 30, 2008            |   | $2,587          | $2,144                  | $4,731 |

----

Table of Contents

| Asset Type                       | Life in Years | September 30, 2008 | December 31, 2007 |
|----------------------------------|---------------|--------------------|-------------------|
| Office equipment & Furniture | 5 – 7   | $ 122,000          | $ 91,000          |
| Computers                        | 3             | 53,000             | 24,000            |
| Subtotal                         |          | 175,000            | 115,000           |
| Less Accumulated Depreciation    |          | 70,000             | 70,000            |
| Net Book Value                   |          | $ 105,000          | $ 45,000          |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| Note From                         | Due                  | Principal Amount | Annual Interest rate | Accrued Interest | Security                                 |
|-----------------------------------|----------------------|------------------|----------------------|------------------|------------------------------------------|
| Robert Grizzle                    | Oct 17, 2009         | $ 450,000   | 8%                   | $51,000          | Shares and options in Navidec and Aegis  |
| Welend-Jaguar                     | June 13, 2008        | 1,407,000        | 0%                   | -0-              | Junior security in residential mortgages |
| Various short term home mortgages | Various and on-going | 5,363,000        | 9.95% to 14%         | 61,000           | First mortgage                           |
| Total                             |                 |  7,220,000  |                 | $ 112,000        |                                     |
| Less: Impairments                 |                 | 2,214,000        |                 |             |                                     |
| Net Balance                       |                 | $ 5,006,000      |                 |             |                                     |

----

Table of Contents

----

Table of Contents

|                     |                        |                                            | For the Nine Months Ended                                                       |                                                            | For the Nine Months Ended                                                       |
|--------------------------|-----------------------------|-------------------------------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------------------------------------------|
|                     |                        |                                            | September 30, 2008                                                              |                                                            | September 30, 2007                                                              |
|                     |                        |                                            | (Data in thousands)                                                             |                                                            | (Data in thousands)                                                             |
|                     |                        |                                            |                                                                            |                                                            |                                                                            |   |   |   |   |   |   |   |   |   |   |
|                     |                        |                                            |                                                                            | Navidec                                                         |                                                                            | Northsight, |   | Southie, |   |   | Navidec |   | Northsight, |   | Southie, |
|                     |                        |                                            |                                                                            | Financial                                                       |                                                                            | Inc. |   | LLC. |   |   | Financial |   | Inc. |   | LLC. |
|                     |                        |                                            |                                                                            | Services                                                        |                                                                            |   |   |   |   |   | Services |   |   |   |   |
|                     |                        |                                            |                                                                            |                                                            |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Revenue                  |                        |                                            |                                                                            |                                                            |                                                                            |   |   |   |   |   |   |   |   |
|                     | Sales                       | $                                               |           129                 |                                                            |         725                             |   |           23 |   |   |             - |   | 484 |   |             - |
|                     | Cost of Sales               |                                            |              - |                                                            |       667                                         |   |             - |   |   |            - |   | 445 |   |         - |
|                     |                        | Gross Profit                                    |                                                                            |           129 |                                                                            |           58 |   |           23 |   |   |             - |   |         39 |   |             - |
| Total Operating Expenses |                        |        3,119 |                                                                            |         488             |                                                                            |           17 |   |   |         568 |   |         162 |   |             - |
| Other Income/(Expense)   |                        |                                            |                                                                            |                                                            |                                                                            |   |   |   |   |   |   |   |   |
|                     | Gain on sale of investments |                                            |        5,604                                 |                                                            |              - |   |              - |   |   |      1,884 |   |             - |   |             - |
|                     | Other income/(expense)      |                                            |          (57)                      |                                                            |          (22)                      |   |       (205) |   |   |           90 |   |             7 |   |            - |
|                     |                        | Total Other Income/(Expense)                    |                                                                            |        5,547                 |                                                                            |          (22) |   |      (205) |   |   |      1,974 |   |             7 |   |             - |
| Income Taxes (credit)    |                        |        1,254 |                                                                            |        (170)                 |                                                                            |              - |   |   |             - |   |             - |   |             - |
| Net Income (Loss)        | $                           |        1,303 |                                                                            |        (282)                 |                                                                            |       (199) |   |   |      1,406 |   |        (116) |   |             - |

----

Table of Contents

| Federal Rate                  | 34.00%  |
|-------------------------------|---------|
| State Rate                    | 4.63%   |
| Federal benefit of State Rate | (1.57)% |
| Net Effective Rate            | 37.06%  |

|                       | Federal (000s) |
|----------------------------|----------------|
| Book Income before taxes   | $ 1,610        |
|                       |           |
| Tax Adjustments:           |           |
| Additions (Temporary):     |           |
| Non-deductible impairments | 1,310          |
| Additions (Permanent):     |           |
| Entertainment exclusion    | 5              |
| Projected Taxable Income   | $ 2,925        |
| Net Effective rate         | 37.06%         |
| Projected Tax - current    | $ 1,084        |

----

Table of Contents

|                                     | 2008      |
|------------------------------------------|-----------|
|                                     | Shares    | Weighted AverageExercise Price |
| Outstanding,  January 1, 2008  | 3,681,510 | $            1.18 |
| Granted                                  | 400,000   | 2.00 |
| Cancelled                                | -         | - |
| Expired                                  | -         | - |
| Exercised                                | (100,000) | - |
| Outstanding, September 30, 2008          | 3,981,510 | $             1.26 |
| Options Exercisable , September 30, 2008 | 3,664,843 | $             1.20 |

| Number of commonshares covered by warrants | Exercise Price | Expiration Date |
|--------------------------------------------|----------------|-----------------|
| 1,332,500                                  | $ 4.00         | May 2010        |
| 1,332,500                                  | 2.00           | May 2010        |
|     150,000            | 1.00           | July 2010       |
| 2,815,000                                  |           |            |

----

Table of Contents

| Period                             | Amount Due |
|------------------------------------|------------|
| October 1 – December 31 2008 | $34,000    |
| 2009                               | $137,000   |
| 2010                               | $105,000   |
| 2011                               | $12,000    |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| Reserve for short term mortgages receivables | $807,000   |
|----------------------------------------------|------------|
| Reserve for Real Estate Owned                | $198,000   |
| Reserve for amounts owed from Jaguar         | $1,407,000 |

----

Table of Contents

----

Table of Contents

|   | (i) | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

| -   | The following were re-elected to serve on the Company’s Board of Directors: |
|---------------|-----------------------------------------------------------------------------------|

| o   | John McKowen |
|---------------|--------------|

| o   | Henry Farkas |
|---------------|--------------|

| o   | Jolee Henry |
|---------------|-------------|

| -   | The independent registered public accountants were appointed the auditors for the coming year. |
|---------------|------------------------------------------------------------------------------------------------|

----

Table of Contents

| Exhibit 31 | Certification of Chief Executive Officer pursuant to Section 302 of  the Sarbanes-Oxley Act  |
|------------|-------------------------------------------------------------------------------------------------------------|
| Exhibit 32 | Certification of Principal Executive Officer pursuant to Section 906  of the Sarbanes-Oxley Act   |

|                               | NAVIDEC FINANCIAL SERVICES, INC.                                                                                  (Registrant)  |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Dated: August 31, 2009 |   By: /s/ John McKowen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|                               | John McKowen, President & Chief Accounting Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |

----

Table of Contents

| 1.   | I have reviewed this amended quarterly report on Form 10-Q/A of September 30, 2008; |
|----------------|-------------------------------------------------------------------------------------|

| 2.   | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is beingprepared; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s 4th quarter in the case of an annual report) that has materially affected, oris reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

----