----

----

| DELAWARE                                                                                                           | 23-2442288                                           |
|--------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
| State                or other jurisdiction of incorporation or organization                                        | I.R.S.                Employer Identification Number |
|                                                                                                               |                                                 |
| 324                Dutura St., West Palm Beach, FL                                                                 | 33314                                                |
| Address                of principal executive offices                                                              | Zip                Code                              |
|                                                                                                               |                                                 |
|                        (561) 719-9841        |
| Issuer's                Telephone Number                                                                           |

----

----

| Rights                Acquired                                                                                                                                                                     | Property                Name | Percentage                Interest | Value                Allocation                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|------------------------------------|-------------------------------------------------|
|                                                                                                                                                                                               |                         |                               |                                            |
| Profit                Participation Ownership                                                                                                                                                      | Z-Force                      | 45%                                |                                            |
|                                                                                                                                                                                               |                         |                               |                                            |
| Global                Management & Control of TV & Home Video/DVD Sales, Toys and                Merchandise Licensing, Distribution, Production and all Related                Activities | Z-Force                      | 100%                               |                                            |
|                                                                                                                                                                                               |                         |                               |                                            |
| TOTAL                Z-FORCE $ ALLOCATION                                                                                                                                                          |                         |                               | $1,700,000                                      |
|                                                                                                                                                                                               |                         |                               |                                            |
| U.S.                Television Distribution Rights                                                                                                                                                 | Nine                Dog      | 100%                               |                                            |
|                                                                                                                                                                                               |                         |                               |                                            |
| Gross                Royalty Revenue from all World Wide Merchandise Licensing                Activities                                                                                           | Nine                Dog      | 5%                                 |                                            |
|                                                                                                                                                                                               |                         |                               |                                            |
| Gross                Royalty Revenue World Wide Home Video/DVD Sales                                                                                                                               | Nine                Dog      | 2%                                 |                                            |
|                                                                                                                                                                                               |                         |                               |                                            |
| Profit                Participation Ownership                                                                                                                                                      | Nine                Dog      | 3%                                 |                                            |
|                                                                                                                                                                                               |                         |                               |                                            |
| TOTAL                NINE DOG $ ALLOCATION                                                                                                                                                         |                         |                               |                     300,000 |
|                                                                                                                                                                                               |                         |                               |                                            |
| Total                                                                                                                                                                                              |                         |                               | $2,000,000                                      |

----

----

**.**

|                                                |   | HIGH                BID |   | LOW                BID |   |
|-----------------------------------------------------|--------|-------------------------|--------|------------------------|--------|
|                                                |   |                    |   |                   |   |
| FISCAL                YEAR ENDED SEPTEMBER 30, 2001 |   |                    |   |                   |   |
| First                Quarter                        |   | $                       | 1.19   |                   | $      | .38 |   |
| Second                Quarter                       |   | $                       | 1.19   |                   | $      | .41 |   |
| Third                Quarter                        |   | $                       | .64    |                   | $      | .21 |   |
| Fourth                Quarter                       |   | $                       | .38    |                   | $      | .05 |   |
|                                                |   |                    |   |                   |   |   |   |
| FISCAL                YEAR ENDED SEPTEMBER 30, 2002 |   |                    |   |                   |   |   |   |
| First                Quarter                        |   | $                       | .23    |                   | $      | .03 |   |
| Second                Quarter                       |   | $                       | .20    |                   | $      | .06 |   |
| Third                Quarter                        |   | $                       | .54    |                   | $      | .04 |   |
| Fourth                Quarter                       |   | $                       | .30    |                   | $      | .04 |   |
|                                                |   |                    |   |                   |   |   |   |
| FISCAL                YEAR ENDED SEPTEMBER 30, 2003 |   |                    |   |                   |   |   |   |
| First                Quarter                        |   | $                       | .07    |                   | $      | .04 |   |
| Second                Quarter                       |   | $                       | .09    |                   | $      | .02 |   |
| Third                Quarter                        |   | $                       | .09    |                   | $      | .03 |   |
| Fourth                Quarter                       |   | $                       | .40    |                   | $      | .04 |   |

** **

----

| Television                (pay, free, cable & satellite) | School                Supplies                                                       |
|--------------------------------------------------------------|--------------------------------------------------------------------------------------|
| Home                Video/DVD                                | Educational                Licensing                                                 |
| Merchandise                                                  | Music                & Book Publishing                                           |
| Toys                & Video Games                        | Direct                Marketing (to Retail                chains through catalogues) |
| Apparel                                                      | Internet                  Applications                                               |
| Theme                Park Licensing                          | Gifts                & Novelties                                                 |
| Fast                Food Promotions                          |                                                                                      |

----

|   | (1) | satisfy                its current obligations, |
|--------|-----|-------------------------------------------------|

|   | (2) | continue                its development of properties and projects,                and |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (3) | successfully                implement its plans to market the properties and                projects. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

----

| Consolidated                Financial Statements of the Registrant, Earthworks Entertainment,                Inc.                (fka eContent, Inc.) and Subsidiaries                                                                                                                                                                                               | PAGES  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Report                of Rosenberg Rich Baker Berman and Company                                                                                                                                                                                                                                                                                                | F-1    |
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Report                of Schuhalter, Coughlin & Suozzo, PC                                                                                                                                                                                                                                                                                                       | F-2    |
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Consolidated                Balance Sheet of Earthworks Entertainment, Inc. (fka eContent, Inc.)                and                Subsidiaries as of September 30, 2003 (As Restated)                                                                                                                                                                               | F-3    |
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Consolidated                Statements of Operations of Earthworks Entertainment, Inc. (fka eContent,                Inc.) and Subsidiaries for the years ended September 30, 2003 (As                Restated) and September 30, 2002 and for the period from April 1,                1998                (Inception) through September 30, 2003 (As Restated) | F-4    |
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Consolidated                Statements of Changes in Stockholders' Equity (Net Capital Deficiency)                of                Earthworks Entertainment, Inc. (fka eContent, Inc.) and Subsidiaries                for                the period from October 1, 1997 (Inception) to September 30, 2003                (As                Restated)             | F-5    |
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Consolidated                Statements of Cash Flows of Earthworks Entertainment,Inc. (fka eContent,                Inc.) and Subsidiaries for the years ended September 30, 2003 (As                Restated) and September 30, 2002 and for the period from April 1,                1998 (Inception) through September 30, 2003 (As Restated)                 | F-10   |
|                                                                                                                                                                                                                                                                                                                                                                 |   |
| Notes                to Consolidated Financial Statements (As Restated)                                                                                                                                                                                                                                                                                              | F-12   |

----

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Rosenberg      Rich Baker Berman & Company**

----

----

| ASSETS                                                                                                                                                    |   |   |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| Current                Assets:                                                                                                                            |   |   |        |
| Cash                                                                                                                                                      |   | $      | 86,316      |   |
| Total                Current Assets                                                                                                                       |   |   | 86,316      |   |
| Total                Assets                                                                                                                               |   | $      | 86,316      |   |
|                                                                                                                                                      |   |   |        |   |
|                                                                                                                                                      |   |   |        |   |
| LIABILITIES                AND NET CAPITAL DEFICIENCY                                                                                                     |   |   |        |   |
| Current                Liabilities:                                                                                                                       |   |   |        |   |
| Accounts                payable and accrued expenses                                                                                                      |   | $      | 261,155     |   |
| Due                to stockholder                                                                                                                         |   |   | 570         |   |
| Settlements                payable                                                                                                                        |   |   | 236,100     |   |
| Promissory                notes                                                                                                                           |   |   | 236,506     |   |
|                                                                                                                                                      |   |   |        |   |
| Total                Current Liabilities                                                                                                                  |   |   | 734,331     |   |
|                                                                                                                                                      |   |   |        |   |
|                                                                                                                                                      |   |   |        |   |
| Net                Capital Deficiency:                                                                                                                    |   |   |        |   |
| Common                stock, par value $.0015 per share; authorized 100,000,000 shares,                48,292,738 shares issued and outstanding           |   |   | 72,440      |   |
| Convertible                preferred stock, authorized 1,000,000 shares, par value $10.00; no                shares                issued and outstanding |   |   | --          |   |
| Additional                paid in capital                                                                                                                 |   |   | 12,695,237  |   |
| Deferred                compensation                                                                                                                      |   |   | (189,583    | ) |
| Deficit                accumulated during development stage                                                                                               |   |   | (13,226,109 | ) |
|                                                                                                                                                      |   |   |        |   |
| Total                Net Capital Deficiency                                                                                                               |   |   | (648,015    | ) |
|                                                                                                                                                      |   |   |        |   |
| Total                Liabilities and Net Capital Deficiency                                                                                               |   | $      | 86,316      |   |

----

|                                                                                                     |   | For                The Years EndedSeptember                30, |       | FromApril                1, 1998(Inception)                To September 30 |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|------------|----------------------------------------------------------------------------|--------|
|                                                                                                     |   | 2002                                                           |       | 2003                                                                       |   | 2003 |   |
|                                                                                                     |   |                                                           |       |  (As                Restated)                                         |   |  (As                Restated) |   |
| Net                Revenues                                                                              |   | $                                                              | --         |                                                                       | $      | -- |   | $ | -- |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Direct                Costs and Expenses:Development,                production and distribution         |   |                                                           | 416,526    |                                                                       |   | 95,990 |   |   | 2,353,396 |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| General                and administrative                                                                |   |                                                           | 1,086,997  |                                                                       |   | 749,085 |   |   | 10,041,561 |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Depreciation                and amortization                                                             |   |                                                           | 30,346     |                                                                       |   | 35,421 |   |   | 132,923 |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Total                Costs and Expenses                                                                  |   |                                                           | 1,533,869  |                                                                       |   | 880,496 |   |   | 12,527,880 |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Loss                from operations before other expenses and provisions for income                taxes |   |                                                           | (1,533,869 | )                                                                          |   | (880,496 | ) |   | (12,527,880 | ) |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Other                Operating Income (Expense):                                                         |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Interest                income                                                                           |   |                                                           | -          |                                                                       |   | - |   |   | 1,666 |   |
| Settlement                income                                                                         |   |                                                           | -          |                                                                       |   | 110,381 |   |   | 1,345,490 |   |
| Interest                expense                                                                          |   |                                                           | (44,447    | )                                                                          |   | (34,417 | ) |   | (110,636 | ) |
| Equity                in earnings of unconsolidated Subsidiary                                           |   |                                                           |       |                                                                       |   |   |   |   | 96,774 |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Loss                from termination of interest in unconsolidated subsidiary                            |   |                                                           | -          |                                                                       |   | - |   |   | (1,985,901 | ) |
| Loss                on disposal of assets                                                                |   |                                                           | -          |                                                                       |   | (45,622 | ) |   | (45,622 | ) |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Total                Other Operating Income (Expense)                                                    |   |                                                           | (44,447    | )                                                                          |   | 30,342 |   |   | (698,229 | ) |
| Operating                (Loss) before income taxes                                                      |   |                                                           | (1,578,316 | )                                                                          |   | (850,154 | ) |   | (13,226,109 | ) |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Provision                for income taxes                                                                |   |                                                           | -          |                                                                       |   | - |   |   | - |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Net                (Loss)                                                                                |   | $                                                              | (1,578,316 | )                                                                          | $      | (850,154 | ) | $ | (13,226,109 | ) |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Loss                per common share, basic and diluted                                                  |   | $                                                              | (0.07      | )                                                                          | $      | (0.02 | ) |   |   |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |
| Weighted                average common shares outstanding basic and diluted                              |   |                                                           | 23,012,791 |                                                                       |   | 36,848,346 |   |   |   |   |
|                                                                                                     |   |                                                           |       |                                                                       |   |   |   |   |   |   |

----

|                                                                                                                                                       |   | Common                Stock |      | Deferred |   | AdditionalPaid                In |   | Retained                Earnings (Accumulated |    | Stockholders’Equity(Net                Capital |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|----------|--------|----------------------------------|--------|-----------------------------------------------|---------|------------------------------------------------------|--------|
|                                                                                                                                                       |   | Shares                      |      | Amount   |   | Compensation                     |   | Capital                                       |    | Deficit)                                             |   | Deficency) |   |
|                                                                                                                                                       |   |                        |      |     |   |                             |   |                                          |    |                                                 |   |   |   |
| Balance,                October 1, 1997                                                                                                                    |   |                        | 398,045   |     | $      | 318,436                          |   |                                          | --      |                                                 | $      | (318,436 | ) | $ | (86,099 | ) | $ | (86,099 | ) |
| Change                of par value from $.80 to $.08                                                                                                       |   |                        | --        |     |   | (286,592                         | )      |                                          | --      |                                                 |   | 286,592 |   |   | -- |   |   | -- |   |
| Retroactive                effect of recapitalization on January 4, 1999 including the elimination                of                prior retained deficit |   |                        | 4,000,000 |     |   | 320,000                          |   |                                          | --      |                                                 |   | (320,000 | ) |   | 86,099 |   |   | 86,099 |   |
|                                                                                                                                                       |   |                        |      |     |   |                             |   |                                          |    |                                                 |   |   |   |   |   |   |   |   |   |
| Balance                as restated for recapitalization effective April 1, 1998                                                                            |   |                        | 4,398,045 |     |   | 351,844                          |   |                                          | --      |                                                 | $      | (351,844 | ) |   | -- |   |   | -- |   |
| Issuance                of common stock, in private placement, net of offering costs of                $14,011                                             |   |                        | 255,000   |     |   | 20,400                           |   |                                          | --      |                                                 |   | 220,589 |   |   | -- |   |   | 240,989 |   |
| Correction                of predecessor shares canceled in reverse split and cancellation                of                indebtedness                   |   |                        | (2,836    | )        |   | (227                             | )      |                                          | --      |                                                 |   | 227 |   |   | -- |   |   | -- |   |
| Net                loss for the period from April 1, 1998 (date of inception) to September                30, 1998                                         |   |                        | --        |     |   | --                               |   |                                          | --      |                                                 |   | -- |   |   | (141,759 | ) |   | (141,759 | ) |
|                                                                                                                                                       |   |                        |      |     |   |                             |   |                                          |    |                                                 |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1998,as restated                                                                                                     |   |                        | 4,650,209 |     |   | 372,017                          |   |                                          | --      |                                                 |   | (131,028 | ) |   | (141,759 | ) |   | 99,230 |   |
| Issuance                of common stock in connection with the extension of note                payable                                                    |   |                        | 500,000   |     |   | 40,000                           |   |                                          | --      |                                                 |   | (15,000 | ) |   | -- |   |   | 25,000 |   |
| Issuance                of common stock in private placements, net of offering costs of                $62,472                                             |   |                        | 912,500   |     |   | 73,000                           |   |                                          | --      |                                                 |   | 776,028 |   |   | -- |   |   | 849,028 |   |
| Issuance                of common stock in consideration for cancellation of note payable                plus                accrued interest              |   |                        | 500,000   |     |   | 40,000                           |   |                                          | --      |                                                 |   | 227,500 |   |   | -- |   |   | 267,500 |   |
| Issuance                of common stock to employees for services                                                                                          |   |                        | 3,400,000 |     |   | 272,000                          |   |                                          | --      |                                                 |   | 2,754,000 |   |   | -- |   |   | 3,026,000 |   |
| Issuance                of stock options to employees                                                                                                      |   |                        | --        |     |   | --                               |   |                                          | (88,333 | )                                                    |   | 106,000 |   |   | -- |   |   | 17,667 |   |
| Net                loss for the year ended September 30, 1999                                                                                              |   |                        | --        |     |   | --                               |   |                                          | --      |                                                 |   | -- |   |   | (3,942,234 | ) |   | (3,942,234 | ) |
|                                                                                                                                                       |   |                        |      |     |   |                             |   |                                          |    |                                                 |   |   |   |   |   |   |   |   |   |
| Balance                at September 30, 1999                                                                                                               |   |                        | 9,962,709 |     | $      | 797,017                          |   | $                                             | (88,333 | )                                                    | $      | 3,717,500 |   | $ | (4,083,993 | ) | $ | 342,191 |   |

----

|                                                                                                                                  |   | Common                Stock |       | Deferred |   | AdditionalPaid                In |   | Retained                Earnings (Accumulated |    | Stockholders’Equity(Net                Capital |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|------------|----------|--------|----------------------------------|--------|-----------------------------------------------|---------|------------------------------------------------------|--------|
|                                                                                                                                  |   | Shares                      |       | Amount   |   | Compensation                     |   | Capital                                       |    | Deficit)                                             |   | Deficency) |   |
|                                                                                                                                  |   |                        |       |     |   |                             |   |                                          |    |                                                 |   |   |   |
| Balance                at October 1, 1999                                                                                             |   |                        | 9,962,709  |     | $      | 797,017                          |   | $                                             | (88,333 | )                                                    | $      | 3,717,500 |   | $ | (4,083,993 | ) | $ | 342,191 |   |
| Shares                issued in consideration for cancellation of officer loans                                                       |   |                        | 805,424    |     |   | 64,434                           |   |                                          | --      |                                                 |   | 740,990 |   |   | -- |   |   | 805,424 |   |
| Issuance                of shares in connection with investment in MPI subsidiary                                                     |   |                        | 1,350,000  |     |   | 108,000                          |   |                                          | --      |                                                 |   | 4,042,000 |   |   | -- |   |   | 4,150,000 |   |
| Issuance                of stock options to employee of subsidiary                                                                    |   |                        | --         |     |   | --                               |   |                                          | --      |                                                 |   | 368,750 |   |   | -- |   |   | 368,750 |   |
| Exercise                of stock options                                                                                              |   |                        | 500,000    |     |   | 40,000                           |   |                                          | --      |                                                 |   | 60,000 |   |   | -- |   |   | 100,000 |   |
| Issuance                of common stock for services                                                                                  |   |                        | 1,135,000  |     |   | 90,800                           |   |                                          | --      |                                                 |   | 1,801,952 |   |   | -- |   |   | 1,892,752 |   |
| Issuance                of shares in private placement, together with warrants, net of cash                offering costs of $184,975 |   |                        | 3,437,181  |     |   | 274,974                          |   |                                          | --      |                                                 |   | 1,811,706 |   |   | -- |   |   | 2,086,680 |   |
| Shared                issued for cash and guarantee of acquisition note                                                               |   |                        | 400,000    |     |   | 32,000                           |   |                                          | --      |                                                 |   | 118,000 |   |   | -- |   |   | 150,000 |   |
| Amortization                of deferred compensation                                                                                  |   |                        | --         |     |   | --                               |   |                                          | 35,333  |                                                 |   | -- |   |   | -- |   |   | 35,333 |   |
| Net                Loss for the year ended September 30, 2000                                                                         |   |                        | --         |     |   | --                               |   |                                          | --      |                                                 |   | -- |   |   | (3,595,192 | ) |   | (3,595,192 | ) |
|                                                                                                                                  |   |                        |       |     |   |                             |   |                                          |    |                                                 |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2000                                                                                            |   |                        | 17,590,314 |     | $      | 1,407,225                        |   | $                                             | (53,000 | )                                                    | $      | 12,660,898 |   | $ | (7,679,185 | ) | $ | 6,335,938 |   |

----

|                                                                                                                                       |   | Common                Stock |       | Deferred |   | AdditionalPaid                In |   | Retained                Earnings (Accumulated |    | Stockholders’                Equity(Net                Capital |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|------------|----------|--------|----------------------------------|--------|-----------------------------------------------|---------|----------------------------------------------------------------------|--------|
|                                                                                                                                       |   | Shares                      |       | Amount   |   | Compensation                     |   | Capital                                       |    | Deficit)                                                             |   | Deficency) |   |
|                                                                                                                                       |   |                        |       |     |   |                             |   |                                          |    |                                                                 |   |   |   |
| Balance,                September 30, 2000                                                                                                 |   |                        | 17,590,314 |     | $      | 1,407,225                        |   | $                                             | (53,000 | )                                                                    | $      | 12,660,898 |   | $ | (7,679,185 | ) | $ | 6,335,938 |   |
|                                                                                                                                       |   |                        |       |     |   |                             |   |                                          |    |                                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares in private placement, together with warrants, net of cash                offering costs of $130,018      |   |                        | 1,469,575  |     |   | 117,566                          |   |                                          | --      |                                                                 |   | 352,416 |   |   | -- |   |   | 469,982 |   |
| Exercise                of warrants and issuance of reparative shares, net of cash offering                costs                of $99,718 |   |                        | 2,454,975  |     |   | 196,398                          |   |                                          | --      |                                                                 |   | 834,964 |   |   | -- |   |   | 1,031,362 |   |
| Issuance                of shares in private placement                                                                                     |   |                        | 100,000    |     |   | 8,000                            |   |                                          | --      |                                                                 |   | 32,000 |   |   | -- |   |   | 40,000 |   |
| Issuance                of common stock for production rights                                                                              |   |                        | 100,000    |     |   | 8,000                            |   |                                          | --      |                                                                 |   | 104,500 |   |   | -- |   |   | 112,500 |   |
| Amortization                of deferred compensation                                                                                       |   |                        | --         |     |   | --                               |   |                                          | 25,999  |                                                                 |   | -- |   |   | -- |   |   | 25,999 |   |
| Return                of shares pursuant to settlement agreement with certain                management                                    |   |                        | (1,675,688 | )        |   | (134,055                         | )      |                                          | --      |                                                                 |   | (1,273,489 | ) |   | -- |   |   | (1,407,544 | ) |
| Cancellation                of options pursuant to settlement agreement with certain                management                             |   |                        | --         |     |   | --                               |   |                                          | 27,001  |                                                                 |   | (27,001 | ) |   | -- |   |   | -- |   |
| Return                of shares in connection with termination of stock purchase agreement,                effective July 30, 2001         |   |                        | (1,350,000 | )        |   | (108,000                         | )      |                                          | --      |                                                                 |   | (4,042,000 | ) |   | -- |   |   | (4,150,000 | ) |
| Issuance                of shares in settlement                                                                                            |   |                        | 91,833     |     |   | 7,347                            |   |                                          | --      |                                                                 |   | 6,428 |   |   | -- |   |   | 13,775 |   |
| Issuance                of shares to directors to cancel debt and accrue                compensation                                       |   |                        | 1,442,563  |     |   | 115,405                          |   |                                          | --      |                                                                 |   | -- |   |   | -- |   |   | 115,405 |   |
| Issuance                of common stock for services                                                                                       |   |                        | 1,970,000  |     |   | 157,600                          |   |                                          | --      |                                                                 |   | 336,030 |   |   | -- |   |   | 493,630 |   |
| Net                loss for the year ended September 30, 2001                                                                              |   |                        | --         |     |   | --                               |   |                                          | --      |                                                                 |   | -- |   |   | (3,118,454 | ) |   | (3,118,454 | ) |
|                                                                                                                                       |   |                        |       |     |   |                             |   |                                          |    |                                                                 |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2001                                                                                                 |   |                        | 22,193,572 |     | $      | 1,775,486                        |   | $                                             | --      |                                                                 | $      | 8,984,746 |   | $ | (10,797,639 | ) | $ | (37,407 | ) |

----

|                                                          |   | Common                Stock |       | Deferred |   | AdditionalPaid                In |   | RetainedEarnings(Accumulated |   | Stockholders’Equity(Net                Capital |   |
|---------------------------------------------------------------|--------|-----------------------------|------------|----------|--------|----------------------------------|--------|------------------------------|--------|------------------------------------------------------|--------|
|                                                          |   | Shares                      |       | Amount   |   | Compensation                     |   | Capital                      |   | Deficit)                                             |   | Deficency) |   |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |
| Balance,                September 30, 2001                    |   |                        | 22,193,572 |     | $      | 1,775,486                        |   | $                            | --     |                                                 | $      | 8,984,746 |   | $ | (10,797,639 | ) | $ | (37,407 | ) |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of Warrants in Production Contract    |   |                        | --         |     |   | --                               |   |                         | --     |                                                 |   | 235,200 |   |   | -- |   |   | 235,200 |   |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of Shares in settlement               |   |                        | 400,000    |     |   | 32,000                           |   |                         | --     |                                                 |   | 67,000 |   |   | -- |   |   | 99,000 |   |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of Shares in settlement note          |   |                        | 100,000    |     |   | 8,000                            |   |                         | --     |                                                 |   | 12,000 |   |   | -- |   |   | 20,000 |   |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of Shares for compensation            |   |                        | 2,050,000  |     |   | 164,000                          |   |                         | --     |                                                 |   | 122,000 |   |   | -- |   |   | 286,000 |   |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of Shares for services                |   |                        | 1,245,000  |     |   | 99,600                           |   |                         | --     |                                                 |   | 374,250 |   |   | -- |   |   | 473,850 |   |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2002 |   |                        | --         |     |   | --                               |   |                         | --     |                                                 |   | -- |   |   | (1,578,316 | ) |   | (1,578,316 | ) |
|                                                          |   |                        |       |     |   |                             |   |                         |   |                                                 |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2002                    |   |                        | 25,988,572 |     | $      | 2,079,086                        |   | $                            | --     |                                                 | $      | 9,795,196 |   | $ | (12,375,955 | ) | $ | (501,673 | ) |

----

|                                                                                                                                 |   | Common                Stock |       | Deferred |   | AdditionalPaid                In |   | RetainedEarnings                (Accumulated |     | Stockholders’Equity(Net                Capital |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|------------|----------|--------|----------------------------------|--------|----------------------------------------------|----------|------------------------------------------------------|--------|
|                                                                                                                                 |   | Shares                      |       | Amount   |   | Compensation                     |   | Capital                                      |     | Deficit)                                             |   | Deficency) |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |
| Balance,                September 30, 2002                                                                                           |   |                        | 25,988,572 |     | $      | 2,079,086                        |   | $                                            | --       |                                                 | $      | 9,795,196 |   | $ | (12,375,955 | ) | $ | (501,673 | ) |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Adjustment                to reflect amended par value as revised from from $.08 to                $.0015                            |   |                        | --         |     |   | (2,040,103                       | )      |                                         | --       |                                                 | $      | 2,040,103 |   |   | -- |   |   | -- |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Balance,                October 1, 2002                                                                                              |   |                        | 25,988,572 |     | $      | 38,983                           |   | $                                            | --       |                                                 | $      | 11,835,299 |   | $ | (12,375,955 | ) | $ | (501,673 | ) |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares to cancel production contract and retire                warrants                                   |   |                        | 125,000    |     |   | 188                              |   |                                         | --       |                                                 |   | 36,062 |   |   | -- |   |   | 36,250 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares to convert bridge notes                                                                            |   |                        | 458,333    |     |   | 687                              |   |                                         | --       |                                                 |   | 18,813 |   |   | -- |   |   | 19,500 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares to cancel unpaid compensation and professional                fees                                 |   |                        | 10,675,000 |     |   | 16,013                           |   |                                         | --       |                                                 |   | 215,887 |   |   | -- |   |   | 231,900 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares for reparations                                                                                    |   |                        | 750,000    |     |   | 1,125                            |   |                                         | --       |                                                 |   | 13,875 |   |   | -- |   |   | 15,000 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares to settle license fees                                                                             |   |                        | 1,200,000  |     |   | 1,800                            |   |                                         | --       |                                                 |   | 22,200 |   |   | -- |   |   | 24,000 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares @ $.03 per share in private placements                                                             |   |                        | 1,433,333  |     |   | 2,150                            |   |                                         | --       |                                                 |   | 42,850 |   |   | -- |   |   | 45,000 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares @ $.08 per share in private placements                                                             |   |                        | 625,000    |     |   | 938                              |   |                                         | --       |                                                 |   | 49,062 |   |   | -- |   |   | 50,000 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares @ $.10 per share in private placements, net of cash offering                costs of $46,006       |   |                        | 1,637,500  |     |   | 2,456                            |   |                                         | --       |                                                 |   | 115,289 |   |   | -- |   |   | 117,745 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares to settle $50,000 loan and collateral in connection with                cancelled merger agreement |   |                        | 2,400,000  |     |   | 3,600                            |   |                                         | --       |                                                 |   | 140,400 |   |   | -- |   |   | 144,000 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Issuance                of shares for employment agreement with President                                                            |   |                        | 3,000,000  |     |   | 4,500                            |   |                                         | (210,000 | )                                                    |   | 205,500 |   |   | -- |   |   | -- |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Amortization                of deferred compensation                                                                                 |   |                        | --         |     |   | --                               |   |                                         | 20,417   |                                                 |   | -- |   |   | -- |   |   | 20,417 |   |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2003                                                                        |   |                        | --         |     |   | --                               |   |                                         | --       |                                                 |   | -- |   |   | (850,154 | ) |   | (850,154 | ) |
|                                                                                                                                 |   |                        |       |     |   |                             |   |                                         |     |                                                 |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2003 (As Restated)                                                                             |   |                        | 48,292,738 |     | $      | 72,440                           |   | $                                            | (189,583 | )                                                    | $      | 12,695,237 |   | $ | (13,226,109 | ) | $ | (648,015 | ) |

----

|                                                                                                     |   | For                The Years EndedSeptember                30, |       | FromApril                1, 1998(Inception)                ToSeptember                30, |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------|--------|
|                                                                                                     |   | 2002                                                           |       | 2003                                                                                      |   | 2003 |   |
|                                                                                                     |   |                                                           |       | (As                Restated)                                                              |   | (As                Restated) |   |
| Cash                flows from operating activities:                                                     |   |                                                           |       |                                                                                      |   |   |   |
| Net                Loss                                                                                  |   | $                                                              | (1,578,316 | )                                                                                         | $      | (850,154 | ) | $ | (13,226,109 | ) |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Depreciation                and amortization                                                             |   |                                                           | 30,346     |                                                                                      |   | 35,421 |   |   | 132,922 |   |
| Interest                expense paid with equity                                                         |   |                                                           | --         |                                                                                      |   | -- |   |   | 17,500 |   |
| Loan                fees                                                                                 |   |                                                           | --         |                                                                                      |   | -- |   |   | 25,000 |   |
| Loss                on abandonment of equipment                                                          |   |                                                           | --         |                                                                                      |   | 45,622 |   |   | 45,622 |   |
| Stock                based compensation and expenses paid by stock                                       |   |                                                           | 985,700    |                                                                                      |   | 327,567 |   |   | 8,098,401 |   |
| Equity                in earnings of unconsolidated subsidiary                                           |   |                                                           | --         |                                                                                      |   | -- |   |   | (96,774 | ) |
| Settlement                income relating to stock                                                       |   |                                                           | --         |                                                                                      |   | (110,381 | ) |   | (1,504,150 | ) |
| Loss                on termination of interest in unconsolidated subsidiary                              |   |                                                           | --         |                                                                                      |   | -- |   |   | 1,985,909 |   |
| Changes                in assets and liabilities:                                                        |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Deferred                charges and other current assets                                                 |   |                                                           | 131,283    |                                                                                      |   | 413,597 |   |   | 523,667 |   |
| Other                liabilities                                                                         |   |                                                           | 230,704    |                                                                                      |   | 91,202 |   |   | 417,013 |   |
| Accounts                payable and accrued expenses                                                     |   |                                                           | 44,629     |                                                                                      |   | (79,307 | ) |   | 691,922 |   |
| Cash                overdraft                                                                            |   |                                                           | --         |                                                                                      |   | -- |   |   | 2,387 |   |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Net                cash used in operating activities                                                     |   |                                                           | (155,654   | )                                                                                         |   | (126,433 | ) |   | (2,886,690 | ) |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Cash                flows from investing activities:                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Investment                in intangible assets                                                           |   |                                                           | --         |                                                                                      |   | -- |   |   | (90,481 | ) |
| Investment                in property and equipment                                                      |   |                                                           | --         |                                                                                      |   | -- |   |   | (67,378 | ) |
| Advance                on production rights                                                              |   |                                                           | --         |                                                                                      |   | -- |   |   | (337,500 | ) |
| Investment                in MPI                                                                         |   |                                                           | --         |                                                                                      |   | -- |   |   | (1,850,000 | ) |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Net                cash used in investing activities                                                     |   |                                                           | --         |                                                                                      |   | -- |   |   | (2,345,359 | ) |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Cash                flows from financing activities:                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Net                proceeds from issuance of common stock                                                |   |                                                           | 146,500    |                                                                                      |   | 212,745 |   |   | 4,625,911 |   |
| Proceeds                from loans                                                                       |   |                                                           | --         |                                                                                      |   | -- |   |   | 590,213 |   |
| Advances                from officers and stockholders                                                   |   |                                                           | --         |                                                                                      |   | -- |   |   | 400,954 |   |
| Repayment                of loans                                                                        |   |                                                           | --         |                                                                                      |   | -- |   |   | (298,713 | ) |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Net                cash provided by financing activities                                                 |   |                                                           | 146,500    |                                                                                      |   | 212,745 |   |   | 5,318,365 |   |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Net                increase (decrease) in cash and cash equivalents                                      |   |                                                           | (9,154     | )                                                                                         |   | 86,312 |   |   | 86,316 |   |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Cash                and cash equivalents, Beginning of Period                                            |   |                                                           | 9,158      |                                                                                      |   | 4 |   |   | -- |   |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Cash                and cash equivalents, End of Period                                                  |   | $                                                              | 4          |                                                                                      | $      | 86,316 |   | $ | 86,316 |   |
|                                                                                                     |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| SUPPLEMENTAL                CASH FLOW INFORMATION:                                                       |   |                                                           |       |                                                                                      |   |   |   |   |   |   |
| Interest                paid                                                                             |   | $                                                              | --         |                                                                                      | $      | -- |   | $ | -- |   |
| Income                taxes paid                                                                         |   | $                                                              | --         |                                                                                      | $      | -- |   | $ | -- |   |

----

| Issuance                of 458,333 shares of common stock for repayment                of loan and accrued interest and the conversion                of Bridge Notes and accrued interest |   | $      | 19,500  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
|                                                                                                                                                                                       |   |   |    |   |
| Issuance                of 2,400,000 shares of common stock to                settle $50,000 loan and collateral, in connection                with cancelled merger agreement             |   | $      | 144,000 |   |
|                                                                                                                                                                                       |   |   |    |   |
| Issuance                of 3,000,000 shares of common stock for                deferred compensation                                                                                       |   | $      | 210,000 |   |

|                                                                                                                                                                                       |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
| Issuance                of 1,400,000 warrants for production rights                                                                                                                        |   | $      | 235,200 |   |
|                                                                                                                                                                                       |   |   |    |   |
| Issuance                of 100,000 shares of common stock for repayment                of loan and accrued interest and the conversion                of Bridge Notes and accrued interest |   | $      | 21,500  |   |

----

|   | (1) | satisfy                its current obligations, |
|--------|-----|-------------------------------------------------|

|   | (2) | continue                its development of properties and projects, and |
|--------|-----|-------------------------------------------------------------------------|

|   | (3) | successfully                implement its plans to market the properties and                projects. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

----

----

|                          |   | 2003   |      | 2002   |   |
|-------------------------------|--------|--------|-----------|--------|--------|
| Stock                Options  |   |   | 550,000   |   |   | 250,000 |   |
| Stock                Warrants |   |   | 4,153,772 |   |   | 4,153,772 |   |
| Total                         |   |   | 4,703,772 |   |   | 4,403,772 |   |

----

----

|                                             |   | NUMBER                OFOPTIONS |    | WEIGHTEDAVERAGEEXERCISEPRICE |   |
|--------------------------------------------------|--------|---------------------------------|---------|------------------------------|--------|
|                                             |   |                            |    |                         |   |
|                                             |   |                            |    |                         |   |
| Outstanding                at October 1, 2001    |   |                            | 250,000 |                         | $      | .25 |   |
| Granted                                          |   |                            | --      |                         |   | -- |   |
| Exercised                                        |   |                            | --      |                         |   | -- |   |
| Canceled                                         |   |                            | --      |                         |   | -- |   |
|                                             |   |                            |    |                         |   |   |   |
| Outstanding                at October 1, 2002    |   |                            | 250,000 |                         |   | .25 |   |
| Granted                                          |   |                            | 700,000 |                         |   | .25 |   |
| Exercised                                        |   |                            | --      |                         |   | -- |   |
| Canceled                                         |   |                            | --      |                         |   | -- |   |
|                                             |   |                            |    |                         |   |   |   |
| Outstanding                at September 30, 2003 |   |                            | 950,000 |                         | $      | .25 |   |
|                                             |   |                            |    |                         |   |   |   |
|                                             |   |                            |    |                         |   |   |   |
| Exercisable                at September 30, 2003 |   |                            | 550,000 |                         | $      | .25 |   |

----

|                           |   | September                30, |     | September                30, |   |
|--------------------------------|--------|------------------------------|----------|------------------------------|--------|
|                           |   | 2003                         |     | 2002                         |   |
|                           |   | (As                Restated) |     |                         |   |
| Net                Loss:       |   |                         |     |                         |   |
| As                reported     |   | $                            | (850,154 | )                            | $      | (1,578,316 | ) |
| Proforma                       |   | $                            | (853,148 | )                            | $      | (1,578,316 | ) |
|                           |   |                         |     |                         |   |   |   |
| Loss                Per Share: |   |                         |     |                         |   |   |   |
| As                reported     |   | $                            | (.02     | )                            | $      | (.07 | ) |
| Proforma                       |   | $                            | (.02     | )                            | $      | (.07 | ) |

| WARRANTS                                                                                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------------|
| A                summary of the warrant activity for the two years ended September                30, 2003                is set forth below: |

|                                             |   | Number                OfWarrants |      | WeightedAverageExercise                Price |   |
|--------------------------------------------------|--------|----------------------------------|-----------|----------------------------------------------|--------|
| Outstanding                at October 1, 2001    |   |                             | --        |                                         |   | -- |   |
| Granted                                          |   |                             | 4,153,772 |                                         | $      | 1.26 |   |
| Exercised                                        |   |                             | --        |                                         |   | -- |   |
| Canceled                                         |   |                             | --        |                                         |   | -- |   |
| Outstanding                at October 1, 2002    |   |                             | 4,153,772 |                                         |   | 1.26 |   |
| Granted                                          |   |                             | --        |                                         |   | -- |   |
| Exercised                                        |   |                             | --        |                                         |   | -- |   |
| Canceled                                         |   |                             | --        |                                         |   | -- |   |
| Outstanding                at September 30, 2003 |   |                             | 4,153,772 |                                         | $      | 1.26 |   |

----

----

|                             |   | September                30, |   |
|----------------------------------|--------|------------------------------|--------|
|                             |   | 2003                         |   | 2002 |   |
|                             |   | (As                Restated) |   |   |   |
| Currently                payable |   |                         |   |   |   |   |   |
| Federal                          |   | $                            | --     |   | $ | -- |   |
| State                            |   |                         | --     |   |   | -- |   |
|                             |   | $                            | --     |   | $ | -- |   |

|  Federal              and State Net Operating |   |   |        |
|----------------------------------------------------|--------|--------|-------------|
|                                               |   |   |        |
| Losses                                             |   | $      | 13,000,000  |   |
| Less:              Valuation Allowance             |   |   | (13,000,000 | ) |
|                                               |   | $      | --          |   |
|                                               |   |   |        |   |
| Net                Deferred Tax Asset              |   | $      | --          |   |

|                                     |   | September                30, |   |
|------------------------------------------|--------|------------------------------|--------|
|                                     |   | 2003                         |   | 2002 |   |
|                                     |   | (As                Restated) |   |   |   |
| Statutory                Benefit         |   |                         | 40%    |   |   | 40% |   |
| Loss                for Which No Benefit |   |                         |   |   |   |   |   |
| Was                Received              |   |                         | (40%   | ) |   | (40% | ) |
|                                     |   |                         |   |   |   |   |   |
| Effective                Rate            |   |                         | --     |   |   | -- |   |

----

----

----

|                                 |   | Year                  EndedSeptember                  30, 2003 |        |
|--------------------------------------|--------|----------------------------------------------------------------|-------------|
|                                 |   | As                  Reported                                   |        | As                  Restated |   |
|                                 |   |                                                           |        |   |   |
| Net                  Revenues        |   | $                                                              | -           |   | $ | - |   |
| Accumulated                  Deficit |   | $                                                              | (13,701,406 | ) | $ | (13,226,109 | ) |
| Net                  Loss            |   | $                                                              | (1,325,451  | ) | $ | (850,154 | ) |
| Loss                  Per Share      |   | $                                                              | (.04        | ) | $ | (.02 | ) |
| Total                  Assets        |   | $                                                              | 148,192     |   | $ | 86,316 |   |

----

| NAME                               | AGE    | POSITION                HELD                       |
|------------------------------------|--------|----------------------------------------------------|
|                               |   |                                               |
| Peter                Keefe         | 51     | President/CEO                                      |
|                               |   |                                               |
| William                H. Campbell | 58     | Executive                Vice President/CFO        |
|                               |   |                                               |
| Gary                A. Goodell     | 52     | Director                (Through October 19, 2004) |

----

| NAME                  OF INDIVIDUAL OR NUMBER OF PERSONS                  IN GROUP |   | CAPACITIES                  IN WHICH                  SERVED |                                                    | F.Y.                  2003SALARIES,FEES,DIRECTOR'SFEES,COMMISSIONAND                  BONUSES |   | F.Y.                  2003SECURITIESAND                  PROPERTYINSURANCEBENEFITS                  ORREPAYMENTOFPERSONALBENEFITS |   |
|------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|---------------------------------------------------------|-----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                               |   |                                                         |                                                    |                                                                                          |   |                                                                                                                              |   |   |
| Peter                  Keefe (1)                                                   |   |                                                         | President                  CEO,Director,President       |                                                                                          | $      | 115,706                                                                                                                           | (2)    |   | 400,000 | options | (5) |
|                                                                               |   |                                                         |                                                    |                                                                                          |   |                                                                                                                              |   |   |   |   |   |
| William                  H. Campbell (1)                                           |   |                                                         | Executive                  Vice President, CFO Director |                                                                                          | $      | 120,250                                                                                                                           | (3)    |   | 300,000 | options | (5) |
|                                                                               |   |                                                         |                                                    |                                                                                          |   |                                                                                                                              |   |   |   |   |   |
| Gary                  A. Goodell (1)                                               |   |                                                         | Director                                                |                                                                                          | $      | 86,510                                                                                                                            | (4)    |   | -- |   |   |
|                                                                               |   |                                                         |                                                    |                                                                                          |   |                                                                                                                              |   |   |   |   |   |
|                                                                               |   |                                                         |                                                    |                                                                                          | $      | 471,216                                                                                                                           |   |   | 0 |   |   |

|   | (1) | Denotes                Director. |
|--------|-----|----------------------------------|

|   | (2) | Includes                $61,250 signing bonus paid by the issuance of 3,000,000 shares of                the                Company's common stock. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Includes                $76,000 in consulting/management fees paid by the issuance of 3,400,000                shares of the company's common                stock. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Includes                $76,000 in consulting/management fees paid by the issuance of 3,400,000                shares of the company's common                stock. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Pursuant                to new employment agreements, grants of 400,000 and 300,000 options                to                purchase the Company’s common stock, of which 200,000 and 100,000,                respectively, vest immediately and the remainder vest 100,000 shares                per year through 2005. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NAME                AND ADDRESS     |   | AMOUNT                AND NATURE OF BENEFICIAL OWNERSHIP |      | PERCENTAGE                OF CLASS OWNED |   |
|-------------------------------------|--------|----------------------------------------------------------|-----------|------------------------------------------|--------|
|                                |   |                                                     |      |                                     |   |
| Peter                Keefe (1)(2)   |   |                                                     | 3,200,000 |                                     |   | 6.59 | % |
| William                Campbell (3) |   |                                                     | 6,000,000 |                                     |   | 12.35 | % |
| Gary                Goodell         |   |                                                     | 4,600,000 |                                     |   | 9.47 | % |

|  | (1) | Includes                200,000 options vested as of September 30,                2003. |
|--|-----|-----------------------------------------------------------------------------------------|

|  | (2) | Does                not include up to 10,000,000 shares subject to agreement approved                on                December 31, 2003. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Includes                100,000 options vested as of September 30,                2003. |
|--|-----|-----------------------------------------------------------------------------------------|

----

----

| ExhibitNumberReference      | Description                                                                                                                                                                     |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |                                                                                                                                                                            |
|  2a*                   | 2nd                Amended Plan of Reorganization                                                                                                                               |
|                        |                                                                                                                                                                            |
|  2b*                   | Agreement                and Plan of Merger between Media Vision Production,                                                                                                    |
|                        | Inc                and Media Vision Properties, Inc.                                                                                                                            |
|                        |                                                                                                                                                                            |
|  3a*                   | Articles                of Incorporation, as amended                                                                                                                            |
|                        |                                                                                                                                                                            |
|  3b*                   | By-laws,                as amended                                                                                                                                              |
|                        |                                                                                                                                                                            |
| 4*                          | Specimen                of Common Stock certificate                                                                                                                             |
|                        |                                                                                                                                                                            |
| 10*               | Agreement                with:                                                                                                                                                  |
|                        |                                                                                                                                                                            |
|                  10.1* | (a)                John P. Sgarlat                                                                                                                                              |
|                        |                                                                                                                                                                            |
|                        | (b)                William Campbell                                                                                                                                             |
|                        |                                                                                                                                                                            |
|                        | (c)                Gary Goodell                                                                                                                                                 |
|                        |                                                                                                                                                                            |
|                  10.2* | (a)                Assignment of Rocky Mountain Music Marketing Contract                                                                                                        |
|                        |                                                                                                                                                                            |
|                  10.3* | (b)                Contract with Independence Public Media                                                                                                                      |
|                        |                                                                                                                                                                            |
|                  10.4* | (c)                Licensing Agreement Spartan Sporting Goods.                                                                                                                  |
|                        |                                                                                                                                                                            |
|                  10.5* | Stock                Purchase Agreement between MPI Media Productions International, Inc.                and                Earthworks Entertainment, Inc. (fka eContent, Inc.) |
|                        |                                                                                                                                                                            |
|                  10.6* | Stock                Warrant                                                                                                                                                    |
|                        |                                                                                                                                                                            |
|                  10.7* | General                release with indemnity from Company to Marty                                                                                                             |
|                        |                                                                                                                                                                            |
|                  10.8* | General                release with indemnity from Marty to Company                                                                                                             |
|                        |                                                                                                                                                                            |
|                  10.9* | Employment                agreements with Peter Keefe and William Campbell.                                                                                                     |
|                        |                                                                                                                                                                            |
| 31.1                        | Rule                  13a-14(a) Certification - Chief Executive Officer                                                                                                         |
|                        |                                                                                                                                                                            |
|  31.2                  | Rule                13a-14(a) Certification - Chief Financial Officer                                                                                                           |
|                        |                                                                                                                                                                            |
|  32.1                  | Rule                  13a-14(a) Certification - Chief Executive Officer                                                                                                         |
|                        |                                                                                                                                                                            |
|  32.2                  | Rule                13a-14(b) Certification - Chief Financial                Officer                                                                                            |

----

|                                                      | Earthworks                Entertainment, Inc. (fka eContent, Inc.)                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                      |                                                                                                                                                                                                                                                                                                                                                                                              |
| Dated:                January 13**,**                2006 | By:                 /s/ Peter                Keefe                                                        |
|                                                      | Peter                Keefe, CEO/President                                                                                                                                                                                                                                                                                                                                                         |

| NAME                                                                                                                                                                                                                                                                              | TITLE                                        | DATE                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------|
|                                                                                                                                                                                                                                                                              |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
| /s/                PETER                KEEFE                                       | CEO,President                                | January                13**,**                2006 |
| Peter                Keefe                                                                                                                                                                                                                                                        |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
| /s/                WILLIAM                H.                CAMPBELL                                                                                                          | CFO,                Executive Vice President | January                13**,**                2006 |
| William                H. Campbell                                                                                                                                                                                                                                                |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
| /s/                CATHERINE                MALATESSTA                                                                                                                                                 | Director                                     | January                13**,**                2006 |
| Catherine                Malatessta                                                                                                                                                                                                                                               |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
|                                                                                                                                                                                                                                                                              |                                         |                                               |
| /s/                GARY                GOODELL                                                               | Director                                     | January                13**,**                2006 |
| Gary                Goodell                                                                                                                                                                                                                                                       |                                         |                                               |

----