UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

FORM 20-F 

| **[      ]**     
**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)    OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**   
 

**[ X ]**   
**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE    SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31,    2004**

**OR**  
**[              ]**     
**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE    SECURITIES EXCHANGE ACT OF 1934**
          For the transition period from ___________________________ to    ________________________________
Commission file number **000-33051**
 
**CHINESEWORLDNET.COM INC.**
(Exact name of registrant as specified in our charter) 
**CAYMAN ISLANDS**
(Jurisdiction of incorporation or organization) 

APPLEBY SPURLING HUNTER, CLIFTON HOUSE, P.O. BOX 1350GT, GRANDCAYMAN, CAYMAN ISLANDS

(Address of principal executive offices) 

 

Securities registered or to be registered pursuant to Section 12(b) of theAct:
    Title of each class:     NONE    Name of each exchange on which registered:     NONE
Securities registered or to be registered pursuant to Section 12(g) of theAct: 
**Common Shares, U.S. $0.001 Par Value**
(Title of Class)

Securities for which there is a reporting obligation pursuant to Section15(d) of the Act:     NONE 

Indicate the number of outstanding shares of each of theissuer's classes of capital or common stock as of the close of the periodcovered by the annual report: 8,000,000 shares

Indicate by check mark whether the registrant (1) has filedall reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days. 
      [      ]  Yes    
   [  X
 ]  No
Indicate by check mark which financial statement item the registrant haselected to follow. 
      [  X    ]  Item 17   
   [     
 ]  Item 18 **TABLE OF CONTENTS

 

**CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS**

**2**
**PART I**
 

 
ITEM 1. 
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT ANDADVISORS 

3           
ITEM 2
OFFER STATISTICS AND EXPECTED TIMETABLE

3           
ITEM 3. 
KEY INFORMATION 

3           
ITEM 4.
INFORMATION ON THE COMPANY 

20           
ITEM 5. 
OPERATING AND FINANCIAL REVIEW AND PROSPECTS

31           
ITEM 6. 
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

34           
ITEM 7. 
MAJOR SHAREHOLDERS AND RELATED PARTYTRANSACTIONS 

39           
ITEM 8. 
FINANCIAL INFORMATION 

40           
ITEM 9. 
THE OFFER AND LISTING 

41           
ITEM 10. 
ADDITIONAL INFORMATION 

41           
ITEM 11. 
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUTMARKET RISK 

44           
ITEM 12. 
DESCRIPTION OF SECURITIES OTHER THAN EQUITYSECURITIES 

44           
**PART II**
 

**44**           
ITEM 13. 
DEFAULTS, DIVIDENDS ARREARS AND DELINQUENCIES

44           
ITEM 14. 
MATERIAL MODIFICATIONS TO THE RIGHTS OFSECURITY HOLDERS AND USE OF PROCEEDS 

44           
ITEM 15. 
CONTROLS AND PROCEDURES 

44           
ITEM 16A. 
AUDIT COMMITTEE FINANCIAL EXPERT

45
ITEM 16B. 
CODE OF ETHICS 

45
ITEM 16C. 
PRINCIPAL ACCOUNTANT FEES AND SERVICES

45
ITEM 16D. 
EXEMPTIONS FROM THE LISTING STANDARDS FORAUDIT COMMITTEES 

45
ITEM 16E. 
PURCHASES OF EQUITY SECURITIES BY THE ISSUERAND AFFILIATED PURCHASERS 

45           
**PART III**
 

**47**
ITEM 17. 
FINANCIAL STATEMENTS 

47

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ITEM 18. 
FINANCIAL STATEMENTS 

47                   
ITEM 19. 
FINANCIAL STATEMENTS AND EXHIBITS

47          
**AGREEMENT**

**1**          
**ON-LINE CONTENT PARTNERSHIP AGREEMENT**

**1**          
**LEASE AGREEMENT**

**1**          
**RULES AND REGULATIONS**

**24**          
**SPECIAL PROVISIONS**

**26****INTRODUCTION AND USE OF CERTAIN TERMS**
ChineseWorldNet.Com Inc. is acorporation incorporated under the *Company Law* (1998 revision) of theCayman Islands on January 12, 2000.  Except as the context otherwise requires,all references in this Annual Report on Form 20-F to “we,” “us,” “our,” “CWN”and the “Company” are to ChineseWorldNet.Com Inc. and our subsidiaries,including NAI-Interactive Ltd.,a company incorporated under the laws of British Columbia(“NAI”) and ChineseWorldNet.com (HK) Ltd.a company incorporated under the laws of Hong Kong(“CWNHK”).  Our consolidated financial statements are prepared in accordancewith United States generally accepted accounting principles (“US GAAP”) and arepresented in United States dollars.  All monetary amounts contained in thisAnnual Reportare in United States dollars unless otherwise indicated.

Our registered and executive office is located at Appleby Spurling HunterGroup, Clifton House, P.O. Box 1350, Grand Cayman, Cayman Islands. Our NorthAmerican office and principal place of business is located at****Suite 510 -1199 West Pender Street, Vancouver, British Columbia, Canada V6E 2R1. We movedto our current offices in August 2003.
**CAUTIONARY NOTICE REGARDINGFORWARD-LOOKING STATEMENTS**
The information set forth in this Form 20-F is as of December 31, 2004 unlessotherwise indicated.

The following discussion contains forward-looking statements that reflectmanagement's current views and expectations with respect to our business,strategies, products and services, future results and events and financialperformance. All statements made in this Report other than statements ofhistorical fact, including statements that address operating performance, eventsor developments that management expects or anticipates will or may occur in thefuture, including statements related to channels, volume growth, revenues,profitability, new products, adequacy of funds from operations, statementsexpressing general optimism about future operating results and non-historicalinformation, are forward looking statements are forward looking. In particular,the words "believe," "expect," "intend," "anticipate," "estimate," "may,""will," variations of such words, and similar expressions identifyforward-looking statements, but are not the exclusive means of identifying suchstatements and their absence does not mean that the statement is notforward-looking. 

These forward-looking statements are subject to risks and uncertainties thatcould cause our actual results and financial position to differ materially fromour historical results, as well as those expressed in, anticipated or implied bythese forward-looking statements. These factors include, but are not limited to,the fact that we are a development stage, Internet based provider of news andinformation on small and micro-cap public companies, will need additionalfinancing to develop our activities and may be subject to certain technologicaland risks doing business in the People's Republic of China (the "PRC").These and other factors are set forth in more detail in the Section entitled"Risk Factors" at Item 3 and "Operating and Financial Review and Prospects" atItem 5, as well as 

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elsewhere in this Report. We do not undertake any obligation to revise or update these forward-lookingstatements to reflect any future events or circumstances.
**PART I**
**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS**

This Report on Form 20-F is being filed as an annual report under the Securities Exchange Act of 1934(the "Exchange Act")and, as such, there is norequirement to provide any information under this item.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.

**ITEM 3. KEY INFORMATION**
**A.           Selected Financial Data
The following table sets forth selectedconsolidated financial information which has been derived from our consolidatedfinancial statements prepared in accordance with US GAAP for our most recentlycompleted fiscal periods consisting of the years ended December 31,2004, 2003, 2002 and 2001 and the period from January12, 2000 throughDecember 31, 2000.  The financialdata should be read in conjunction with our consolidated financial statementsand notes thereto and “Results of Operations” under “Item 5 – Operating andFinancial Review and Prospects.” 
              Year ended December 31,   
    Eleven Months Ended December 31     2004            2003     2002     2001     2000     Income Statement:               Operating revenues     $487,710      $247,293      $234,716      $338,237      $320,548      Operating loss before income taxes     (95,946    )    (163,313    )    (367,690    )    (191,140    )    (337,839    )    Net loss     (95,946    )    (163,313    )    (367,690    )    (191,140    )    (336,867    )    Loss per share (basic and diluted)     (0.01    )    (0.02    )    (0.05    )    (0.02    )    (0.06    )    Common shares outstanding     8,004,384     8,000,000     8,000,000     7,808,219     6,000,000               Consolidated Balance Sheet:               Total assets     336,623     329,949     356,864     708,088     863,509     Equipment     22,421     23,272     24,620     30,078     27,842     Total liabilities     119,766     239,843     112,378     97,293     97,764     Stockholders' equity     66,857     90,106     244,486     610,795     765,745 **B.         Capitalization And Indebtedness
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.

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**C.         Reasons for the Offer and Use of Proceeds
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**D.         Risk Factors*The following discussion in this Annual Report on Form 20-F containsforward-looking statements regarding our business, prospects and results ofoperations that involve risks and uncertainties. Our actual results could differmaterially from the results that may be anticipated by such forward-lookingstatements and discussed elsewhere in this Report. Factors that could cause orcontribute to such differences include, but are not limited to, those discussedbelow, as well as those discussed under the captions "Item 3 - Information onthe Company" and "Item 5- Operating and Financial Review and Prospects" as wellas those discussed elsewhere in this Report. In evaluating our business,prospects and results of operations, readers should carefully consider thefollowing factors in addition to other information presented in this Report andin our other reports filed with the Securities and Exchange Commission thatattempt to advise interested parties of the risks and factors that may affectour business, prospects and results of operations. See "Cautionary NoticeRegarding Forward Looking Statements" above.***Risk Factors Relating to Our Company and Our Business
*Our limited operating history makes it difficult for investors to judge ourprospects.***
We have a limited operating history upon which an evaluation of our currentbusiness and prospects can be based. Potential investors should consider anypurchase of our common shares in light of the risks, expenses and problemsfrequently encountered by all companies in the early stages of development. Wehave received limited revenues from our operations and expect that most of ourrevenues in the foreseeable future will be dependant upon the implementation ofour business plan. 

In creating the suite of services that we propose to offer through ourfinancial portals, we will need to rely upon partnerships or collaborations withother companies such as on-line trading facilities and there can be noguarantees that we will be able to enter into such collaborations orpartnerships to provide these services. We may never achieve profitability.
***We may not be able to successfully implement ourgrowth strategies.***
We are pursuing a number of growth strategies, whichwill require us to expand our data and information content and service offeringsthrough internal development efforts.  We will also seek partnerships, and potentiallyjoint ventures and acquisitions with providers of financial products andservices to customers in North America and Asia to implement our growthstrategies. Some of these strategies relateto new service offerings for which there are no established markets in NorthAmerica or the PRC,or relate to service offerings in which we lack experience and expertise. Wecannot assure you that we will be able to deliver new service offerings on acommercially viable basis or in a timely manner, or at all. 

In addition to our premium subscription-based serviceofferings, we also intend to increase our online banner advertising revenue fromour website by increasing the number of sponsors for some of our websitecontent. Our current online advertising business has been limited and, to date,we do not have significant experience with selling Internet-based banneradvertising. In addition, we intend to increase revenues through NAI’sinvestment seminars and conferences. In order to successfully implement ourgrowth strategies, we would need to hire additional employees and incur costsrelating to any efforts to increase our advertising revenues and investmentseminar and conference revenues, which could adversely affect our financialcondition and operating results. We cannot assure you that we will be able toefficiently or effectively implement our growth strategies by offering premiumsubscription services, advertising, and seminars. If we are unable tosuccessfully implement our growth strategies, our revenue and profitability willnot grow as we expect, if at all, and our competitiveness may be materially andadversely affected.

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***Unforeseen development difficulties with our technological infrastructure mayhinder our efforts.***
We have enhanced our design and our technological infrastructure to furtherimprove our websites and to accommodate increased traffic, and intend tocontinue such development activities. However, unforeseen developmentdifficulties could prevent us from implementing such improvements or cause thecosts to implement such improvements, including design, technology and relatedcosts, to be higher than anticipated. 

In the past, we have experienced spikes in traffic on our websites when therehave been important financial news events. Accordingly, our websites mustaccommodate a high volume of traffic, often at unexpected times. Although wehave upgraded and continue to improve our systems, our websites have in thepast, and may in the future, experience publishing problems, slower responsetimes than usual or other problems for a variety of reasons. These occurrencescould cause our readers to perceive our websites as not functioning properlyand, therefore, cause them to use other methods to obtain their financial newsand information. In such a case, our business, results of operations andfinancial condition could be materially adversely affected. 

***Our business could be materially and    adversely affected if we fail to develop or introduce new features and new    research tools.***

We currently offer to our premium subscribers a smallnumber of personalized service packages with different features andfunctionalities. If we introduce a new feature or a new research tool that isnot favorably received, our current premium subscribers may not continue to useour service as frequently as before. New subscribers could also choose acompetitive or different service offering over ours. We may also experiencedifficulties that could delay or prevent us from introducing new research toolsor features. Furthermore, these research tools or features may contain errorsthat are discovered after the services are introduced. We may need tosignificantly modify the design of these research tools or features to correctthese errors. Our business could be materially and adversely affected if weexperience difficulties or delays in introducing new features and research toolsor if these new features and research tools are not accepted by users.
***A failure to establish and maintain strategic relationships with other    companies could decrease our subscriber and reader base which may harm our    business***
We depend on establishing and maintaining content syndication and headlineindexing relationships with high-traffic websites for a portion of our currentsubscriber and reader base. There is intense competition for relationships withthese firms and placement on these sites, and we may have to pay significantfees to establish additional content syndication and headline indexingrelationships or maintain existing relationships in the future. We may be unableto enter into or successfully renew relationships with these firms or sites oncommercially reasonable terms. These relationships may not attract significantnumbers of subscribers or readers. 

Many companies that we may approach for a strategic relationship or whoalready have strategic relationships with us also provide financial news andinformation from other sources. As a result, these companies may be reluctant toenter into or maintain strategic relationships with us. Our business, results ofoperations and financial condition could be materially adversely affected if wedo not establish additional, and maintain existing, strategic relationships oncommercially reasonable terms or if any of our strategic relationships do notresult in an increase in the number of subscribers or readers of our websites. 
***Difficulties associated with our brand development may harm our ability    to attract subscribers and readers.***
*** ***We believe that maintaining and growing awareness about ourwww.chineseworldnet.com and www.na-investor.comwebsites and their associate brands is an important aspect of our efforts tocontinue to attract users. Our planned products and services may not have widelyrecognized brands, and we will need to increase awareness of these brands amongpotential users. Despite our continued efforts to build brand awareness, theymay not be cost effective or successful in the future in reaching potentialusers, and some potential users may not be receptive to our advertising campaignor other efforts. Accordingly, our efforts may not be successful in raisingawareness of our websites and their associate brands or in persuading potentialusers to subscribe to our products or visit our sites.

-6 -***Our ability to maintain and increase our readership depends on the    continued growth in use and efficient operation of the Internet.***
The web-based information market is new and rapidly evolving. Our businesswould be materially adversely affected if web usage does not continue to grow orgrows slowly. Web usage may be inhibited for a number of reasons beyond ourcontrol, such as: 
 •    inadequate network infrastructure; •    security and privacy concerns; •    inconsistent quality of service; and •    unavailability of cost-effective, high-speed access to the Internet.
Our readers depend on Internet service providers, online service providersand other website operators for access to our websites. Many of these companiesproviding such services have filed for bankruptcy. Many have experiencedsignificant service outages in the past and could experience service outages,delays and other difficulties due to system failures unrelated to our systems.These occurrences could cause our readers to perceive the web in general or ourwebsites in particular as an unreliable medium and, therefore, cause them to useother media to obtain their financial news and information. We also depend on anumber of information providers to deliver information and data feeds to it on atimely basis. Our websites could experience disruptions or interruptions inservice due to the failure or delay in the transmission or receipt of thisinformation, which could materially adversely affect our business, results ofoperations and financial condition. 
***We may be held liable for information retrieved from our website and such    potential liability could harm our business.***
Because our services can be used to download and distribute information toothers, there is a risk that claims may be made against us for defamation,negligence, copyright or trademark infringement or other claims based on thenature and content of that material, including potential violation of censorship laws in the PRC. In addition, we do not carry any liability insurance to indemnify us forall liability that may be imposed. Any imposition of liability could have amaterial adverse effect on our business, results of operations and financialcondition. 
***We may be liable for the content of our electronic and hard copy    publishing and such potential liability could harm our business.***
We are paid by companies to produce company reviews, which are distributed totarget investors by email and mail and published on our website. Our users mayrequest and receive directly from us a hard copy of any such review. We make norecommendation for the purchase of securities in any of our public companyclients' securities and each report contains a disclaimer to that effect. We donot send out unsolicited copies of the reports on our client companies' behalf.We receive a fee from the client company for preparing the report but receive nounderlying interest in the client company's securities nor do we take anyposition in those securities.

Although we have a disclaimer on each review, it may be perceived by usersthat we are endorsing our client companies as an investment. Potential liabilityissues may arise should our users invest in these companies and lose money basedupon an inaccurate perception that we have endorsed such an investment.Liability issues include the defence of a law suit that could be brought by auser seeking compensation for the losses it has suffered which could involve usin costly and time-consuming litigation in defending such a suit. We have noliability insurance in place to protect us against such a potential suit. 

***Our business is dependent on the level of    trading activity in PRC’s securities markets. Volatility in PRC’s securities    markets could dampen investors’ interest in such markets and adversely    affect our revenue and profitability.***

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Our business is dependent on user demand for marketintelligence on various securities markets, including PRC’s securities markets.The demand for investment in PRC’s securities markets has fluctuated with thelevel of trading activity there. During the past several years, PRC’s securitiesmarkets have experienced significant decline. On April 25, 2005, the ShanghaiStock Exchange Index reached its lowest level since May 1999, and its averagedaily trading volume in January 2005 was only approximately 28% of the averagedaily trading volume during the same period a year ago. If the PRC’s securitiesmarkets continue to weaken, and if investors’ interest in PRC’s securitiesmarkets continues to decline, our business could be significantly and adverselyaffected.
***A substantial amount of our revenues are billed on a fixed-price basis    which may be subject to cost over-runs and we may incur a loss as a result.***
A substantial percentage of our IR/PR business and the planned Portalbusiness, which are explained in more detail under Item 4 - "Information on theCompany," are individual and short-term projects billed on a fixed-price basisas distinguished from a method of billing on a time and materials basis. Ourfailure to obtain new business in any given quarter or estimate accurately theresources and time required for an engagement, to manage client expectationseffectively regarding the scope of services to be delivered for the estimatedfees or to complete fixed-price engagements within budget, on time and toclients' satisfaction could expose us to risks associated with cost overruns,which could have a material adverse effect on our business.
***We do not own the URLs for our principal websites. If we lose the right    to use our two principal website address or URLs, our business could be    seriously harmed.***
Our two principal website addresses or Uniform Resource Locators (URLs),www.chineseworldnet.com and www.na-investor.com,are currently licensed from Register.com on a yearly basis. As per the ServiceAgreement with Register.com, there is no guarantee that we can renew thelicensing agreement with regard to the two principal website addresses or URLs.If we lose the right to use the www.chineseworldnet.comand www.na-investor.com domain names, they could becomethe property of our competitors or other parties, either of which would have amaterial adverse effect on our business, prospects, financial condition, resultsof operation and share price.***If we are not able to respond successfully to technological or industry    developments, our business may be materially and adversely affected.***
The online financial data and information services market is characterized byrapid advancements in technology, evolving industry standards and changes incustomer needs. New services or technologies may render our existing services ortechnologies less competitive or obsolete. Responding and adapting totechnological developments and standard changes in our industry, the integrationof new technologies or industry standards or the upgrading of our networks mayrequire substantial time, effort and capital investment. In the event that weare unable to respond successfully to technological industry developments, thismay materially and adversely affect our business, results of operations andcompetitiveness. 

***Our business would be adversely affected if    we do not continue to expand and maintain an effective customer support    force.***

We offer our subscribers trained customer supportthrough a toll free telephone number to call when they are in North America. Ourtrained customer support personnel are available to our subscribers to assistin English, Cantonese and Mandarin with their technical problems as well as personalized account problems andcontent search needs. We depend on ourcustomer support force to explain our service offerings to our existing andpotential subscribers and resolve our subscribers’ problems. Many of ourcustomer support personnel have only worked for us for a short period of time,and some of them may not have received sufficient training or gained sufficientexperience to effectively serve our customers. In addition, we will need tofurther increase the size of our customer support force as our businesscontinues to grow. We may not be able to hire, retain, integrate or motivateadditional customer support personnel without any short-term disruptions of ouroperations. Also, hiring multilingual staff can be difficult. As a result, ourbusiness could be adversely affected if we do not continue to expand andmaintain an effective customer support force.

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***Our future performance is dependent on our ability to retain key    personnel.

    Our performance is substantially dependent on theperformance of our senior management and key technical personnel. In particular,our success depends on the continued effort of our senior management team. Inaddition, we intend to grant stock options to many of our employees in lieu ofadditional salary. Due to potential fluctuation of our future share price, ouremployees may have options at strike prices far above the then current share price. As a result, many of our employees may not consider theiroptions to be valuable compensation, and we may need to provide additionalcompensation, in the form of additional salary, bonuses or equity, in an effortto retain our existing employees. Our inability to retain our employees,particularly our senior officers, and key sales, technical, marketing and otherservice personnel in our key revenue producing businesses could have a materialadverse effect on our prospects, business, operations, financial conditions andshare price.
***Our long-term liquidity and capital resources are uncertain.***
We believe revenues from current operations combined with our cash resourcesare adequate to fund our current marketing program in North America. However, weexpect to need to secure additional financing to implement our planned expansioninto Asia. We have not entered into any agreements with respect to thisadditional financing but expect to raise such funds through debt or the offeringof stock to accredited investors. In the event that there is an opportunity foran acquisition and additional funds are needed, we may not be successful inraising a sufficient amount of additional capital or in internally generating asufficient amount of capital to fund this purpose. See Item 4 "Information onthe Company" 
***We face significant competition which could adversely affect our    business, financial condition and results of operations.***
The online financial data and information services market for the Chinesecommunity in North America is relatively new, has few substantial barriers toentry and is competitive and rapidly changing. More broadly, the number offinancial news and information sources competing for consumers' attention andspending has increased since we commenced operations and we expect thatcompetition will continue to intensify. We currently compete, directly andindirectly, for paying subscribers and viewers with companies in the business ofproviding financial data and information services, including publishers anddistributors of traditional media, Internet portals providing information onbusiness, finance and investing, dedicated financial information websites,personal stock research software vendors and stock brokerage companies,especially stock brokerage companies with online trading capabilities. 

Many of our existing competitors, as well as a number of potential newcompetitors, have longer operating histories, greater name recognition, largercustomer bases and significantly greater financial, technical and marketingresources than we do. This may allow them to adopt our business model and devotegreater resources than we can to the development and promotion of serviceofferings similar to or more advanced than our own. These competitors may alsoengage in more extensive research and development, undertake more far-reachingmarketing campaigns, adopt more aggressive pricing policies and offer productsand services that achieve greater market acceptance than ours. They may alsoundercut us by making more attractive offers to our existing and potentialemployees, content providers and sponsors. New and increased competition couldresult in price reductions for our research tools, reduced margin or loss ofmarket share, any of which could materially and adversely affect our business,results of operations and financial condition. 

In addition, a number of companies in PRC offer stock quotes, economic andcompany-specific news, historical stock performance statistics, online chattingregarding individual securities and other features for free over the Internet.If users determine that the information available for free over the Internet issufficient for their investing needs, they would be unlikely to pay forsubscription to our services, thus reducing our revenues and net income andforcing us to develop a new business model. Furthermore, the amount and qualityof information available for free over the Internet may expand in the future,reducing the attractiveness of our services and forcing us to spend additionalmoney to develop more sophisticated services in order to compete. There can beno assurance that we would be successful in developing a new business model ormore advanced services in response to either of the above challenges. Failure todo so would lead to significant declines in our number of subscribers, revenuesand net income. 

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***We may be involved in future litigation over our use of technology    rights.***
We currently own and license technology from thirdparties. As we continue to introduce new services that require new technology,we anticipate that we may need to license additional third-party technology.These existing and additional technology licenses may not be available to us oncommercially reasonable terms, if at all. In addition, it is possible that inthe course of using new technology, we may inadvertently breach the technologyrights of third parties and face liability for our breach. Our inability to obtainthese technology licenses or avoid breaching third party technology rights coulddelay or compromise our introduction of new services and could materially andadversely affect our business and financial condition.

We cannot be certain that our website content andonline services and tools do not or will not infringe upon patents, validcopyrights or other intellectual property rights held by third parties. We maybecome subject to legal proceedings and claims from time to time relating to theintellectual property of others in the ordinary course of our business. If weare found to have violated the intellectual property rights of others, we may beenjoined from using such intellectual property, and we may incur licensing feesor be forced to develop alternatives. In addition, we may incur substantialexpenses in defending against these third party infringement claims, regardlessof their merit. Successful infringement or licensing claims against us mayresult in substantial monetary liabilities, which may materially and adverselyaffect our business.

We enter into confidentiality agreements with our employees and consultants,and control access to and distribution of our documentation and other licensedinformation. In spite of these precautions, it may be possible for such personsto breach such precautions or controls or a third-party to copy or otherwiseobtain and use our licensed services or technology without authorization, or todevelop and apply similar technology independently. In addition, effectivecopyright, trademark and trade secret protection may be unavailable or limited,and the global nature of the Internet and the media makes it practicallyimpossible to control the ultimate destination of our products. Policing theunauthorized use of our licensed technology is difficult as are the stepsnecessary to prevent the misappropriation or infringement of our licensedtechnology. In addition, further litigation may be necessary to enforce ourintellectual property rights, to protect our trade secrets or to determine thevalidity and scope of the proprietary rights of others, which could result insubstantial cost to us, divert our resources and have a material adverse effecton our business, results of operations and financial condition.
***Our strategy of expansion through acquisitions has been and will continue    to be costly and may not be effective, and we may realize losses on our    investments.***
We have acquired, and intend to continue to acquire, companies and assetsthat we believe will enhance our revenue growth, operations and profitability.Our acquisitions may result in the use of significant amounts of cash, dilutiveissuances of our common shares and amortization expenses related to goodwill andother intangible assets, each of which could materially and adversely affect ourbusiness. These acquisitions involve significant risks, including:
 •    
the difficulties ofintegrating, assimilating and managing the operations, technologies,intellectual property, products and personnel of the acquired business;
 •    
the diversion ofmanagement attention from other business concerns;
 •    
the reducedavailability of favourable financing for future acquisitions;
 •    
the additional expenseassociated with acquired contingent liabilities;
 •    
our inability tomanage adequately the currency, interest rate and equity price fluctuationsrelating to our acquisitions and investments;
 •    
the loss of keyemployees in acquired businesses;
 •    
the risk of being suedby terminated employees and contractors; and

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 •    
our lack offamiliarity with local market and other conditions and business practices.

If we acquire another business, we would need to integrate, manage andprotect our interests in our acquired businesses successfully, and our failureto do so could have a material adverse effect on our business, results ofoperations and financial condition.

If economic and other conditions further deteriorate, or if market or othervalues continue to fluctuate, we may need to provide for further decreases invalue or increased unrealized losses. Our results of operations, financialcondition, prospects and share price could be adversely and materially affected,particularly if we are unable to hedge or adequately hedge our exposure toreduced valuations. 
***Our strategy of expansion through acquisitions may affect our ability to    receive favourable financing terms.***
Our future acquisitions may result in the use of significant amounts of cash,dilutive issuances of our common shares and amortization expenses related togoodwill and other intangible assets, each of which could materially andadversely affect our financial condition. In addition, there is no guaranteethat those acquisitions will actually enhance our revenue, operations andprofitability. If those benefits do not materialize as expected, our financialconditions may worsen to include lower cash balance, lower profitability, higherdebt level and lower credit rating. These will likely affect our ability toreceive favourable debt or equity financing. As a result, we may need to accepta less than favourable financing such as issuing debt at a higher interest rateor issuing common shares at below book value or market value, should we requireadditional capital for our operations.
**Risks Relating to Our Industry
*Intense competition could reduce our market share and harm our financial    performance.***
A number of financial news and information sources compete for consumers' andadvertisers' attention and spending. We compete for advertisers, readers, staffand outside contributors with many types of companies, including: 
-  English Content:  
 -online services or websites focused on business,          finance and investing, such as CBS.MarketWatch.com, CNBC on MSN Money,          CNNfn.com, The Wall Street Journal Interactive Edition, TheStreet.com,          Globeinvestor.com, The New York Times on the Web, DowJones.com,          SmartMoney.com, and The Motley Fool; -publishers and distributors of traditional media,          including print, radio and television, such as The Wall Street          Journal, Fortune, Bloomberg Business Radio and CNBC; -providers of terminal-based financial news and          data, such as Bloomberg Business News, Reuters News Service and Dow          Jones Markets; -web "portal" companies, such as Yahoo! and America          Online; and -
online brokerage firms, many        of which provide financial and investment news and information, such as        Charles Schwab, E*TRADE and TD Waterhouse.
-  Chinese Content:  -web "portal" companies, such as Yahoo! China, Yahoo! Hong Kong,        China.com, Taiwan.com, Sina.com, Sohu.com, HongKong.com, Tom.com,        36.com, Netease.com, Yam, and Hinet;
***                 ***

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 -publishers and distributors of traditional media, including print,        radio and television, such as Apple Daily, MingPao Daily, ChinaByte and        Xinhua News Agency; -online brokerage firms, many of which provide financial and        investment news and information, such as ez128.com, Cash Online,        Pt123.com; and -online services or websites focused on business, finance and        investing, such as Chinesefn.com, HKNasdaq.com, www.meigu.com,        Chinese.wsj.com, www.cnyes.com.
Our ability to compete depends on many factors, including the originality,timeliness, insightfulness and trustworthiness of our content and that of ourcompetitors, the ease of use of services developed either by us or ourcompetitors and the effectiveness of our sales and marketing efforts. 

Many of our existing competitors, as well as a number of potential newcompetitors, have longer operating histories, greater name recognition, largercustomer bases and significantly greater financial, technical and marketingresources than we do. This may allow them to devote greater resources than wecan to the development and promotion of their services. These competitors mayalso engage in more extensive research and development, undertake morefar-reaching marketing campaigns, adopt more aggressive pricing policies(including offering more of their financial news and commentary for free) andmake more attractive offers to existing and potential employees, outsidecontributors, strategic partners and advertisers. Our competitors may developcontent that is equal or superior to our content or that achieves greater marketacceptance than our content. It is also possible that new competitors may emergeand rapidly acquire significant market share. We may not be able to competesuccessfully for advertisers, readers, staff or outside contributors, whichcould materially adversely affect our business, results of operations andfinancial condition. Increased competition could result in price reductions,reduced margins or loss of market share, any of which could materially adverselyaffect our business, results of operations and financial condition. 

We also compete with other websites, television, radio and print media for ashare of advertisers' total advertising budgets. If advertisers perceive theInternet or our websites to be a limited or an ineffective advertising medium,they may be reluctant to devote a portion of their advertising budget toInternet advertising or to advertising on our websites. 
***Computer equipment problems and failures could adversely affect our    business.

Problems or failures in our Internet-related equipment, including our fileservers, computers and software could result in interruptions or slower responsetimes on our websites, which could reduce the attractiveness of our websites toadvertisers and users. Equipment problems and failures could result from anumber of causes, including an increase in the number of users of our websites,computer viruses, outside programmers penetrating and disrupting our softwaresystems, human error, fires, floods, power and telecommunications failures, andinternal breakdowns. In addition, any disruption in Internet access provided bythird parties could have an adverse effect on our ability to provide theservices that it proposes to offer to our members which in turn may have anadverse effect on the number of members we are able to attract to our websites.
***Our computer network is vulnerable to hacking, viruses and other    disruptions.

Inappropriate use of our Internet services or errors or omissions inprocessing instructions or data available in our computer system or databasescould jeopardize the security of confidential information stored in our computersystem, which may cause us to lose key clients, expose us to liability for ourclients' losses and prevent us from securing future business, any of which couldhave a material adverse effect on our prospects, business, financial condition,results of operations and share price.

Inappropriateuse of the Internet includes attempting to gain unauthorized access toinformation or systems-commonly known as cracking or hacking. Our currentpolicies, procedures and configurations for managing our systems, including ourcomputer servers, may not be adequate to protect our facilities and theintegrity of our user and customer information. Although we intend to implementsecurity measures to protect our facilities and the integrity of our user andcustomer information, such measures could be ineffective or circumvented.

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 Alleviating problems caused by computer viruses or other inappropriateuses or security breaches may require interruptions, delays or cessation in ourservices, in addition to the outages that occur in our systems from time to timefor various reasons, including power interruptions, errors in instructions,equipment inadequacy, capacity and other technical problems. We do not carryerrors and omissions or other insurance covering losses or liabilities caused bycomputer viruses or security breaches. Compromises or breaches in the securityor integrity of our facilities or customer or user information, or inappropriateuse of our Internet services, could subject us to litigation and could adverselyaffect our customer base, business, prospects, share price, results of operationand financial condition.
***Existing and future laws and regulations may increase our costs of doing    business and our legal compliance expenditures, and could decrease our    readership.***
Existing domestic and international laws or regulations and private industryguidelines specifically regulate communications or commerce on the web. Further,laws and regulations that address issues such as user privacy, pricing, onlinecontent regulation, taxation of electronic commerce transactions and thecharacteristics and quality of online products and services are underconsideration by federal, state, local and foreign governments and agencies andby private industry groups. Several telecommunications companies have petitionedthe Federal Communications Commission to regulate Internet service providers andonline services providers in a manner similar to the regulation of long distancetelephone carriers and to impose access fees on such companies. The governmentsof other states or foreign countries might attempt to regulate our transmissionsor levy sales or other taxes relating to our activities. These regulations, ifimposed, could increase the cost of transmitting data over the web. 

In addition, the growth and development of the market for Internet commercemay prompt calls for more stringent consumer protection laws, both in the UnitedStates and abroad, that may impose additional burdens on companies conductingbusiness over the Internet. Our business, results of operations and financialcondition could be materially and adversely affected by the adoption ormodification of laws or regulations relating to the Internet. 

The interpretation and application of existing securities laws to web-basedfinancial news providers, including laws governing investment advisors,investment companies and broker/dealers, by the Securities and ExchangeCommission and state securities regulators, is a developing area. If, as thisarea matures, our activity is interpreted as subjecting it to regulation, wecould be subject to liability, and our business, results of operations andfinancial condition could be materially and adversely affected. 

We are also subject to various federal and state regulations concerning thecollection and use of information regarding individuals. These laws include theChildren's Online Privacy Protection Act, and state laws which limit or precludethe use of voter registration and drivers' license information, as well as otherlaws that govern the collection and use of consumer credit and financialinformation, including the Gramm-Leach-Bliley Act. Although our compliance withapplicable federal and state laws, regulations and industry guidelines has nothad a material adverse effect on our business, governments, trade associationsand industry self-regulatory groups may enact more burdensome laws, regulationsand guidelines, including antitrust and consumer privacy laws, for us and ourcustomers. The U.S. federal and various state governments have beeninvestigating certain Internet companies regarding their use of personalinformation and have recently proposed limitations on the collection and use ofinformation regarding Internet users. The European Union has enacted its ownprivacy regulations that may result in limits on the collection and use ofcertain information from users in Europe. We could incur additional expenses ifany new regulations regarding the use of personal information are introduced orif these agencies chose to investigate our privacy practices. Also, as aconsequence of governmental legislation or regulation or enforcement efforts orevolving standards of fair information collection practices, we may be requiredto make changes to our products or services in ways that could diminish theeffectiveness of the product or service or our attractiveness to potentialcustomers, which could materially and adversely affect our business, financialcondition or results of operations. Any new laws or regulations relating to theweb, or certain application or interpretation of existing laws, could decreasethe growth in the use of the web, decrease the demand for our websites orotherwise materially adversely affect our business. 

Lawsand regulations directly applicable to Internet communications, commerce andadvertising are becoming more prevalent, and new laws and regulations are underconsideration by the U.S. Congress and state legislatures. Any legislationenacted or restrictions arising from current or future government investigationsor 

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policy could dampen the growth in use of the Internet generally and decreasethe acceptance of the Internet as a communications, commercial and advertisingmedium. The laws governing the Internet remain largely unsettled, even in areaswhere there has been some legislative action. Moreover, it may take years todetermine the extent to which existing laws relating to issues such asintellectual property ownership and infringement, libel, obscenity and personalprivacy apply to the Internet and Internet advertising.
***Concerns about the security of electronic commerce transactions and    confidentiality of information on the Internet may reduce use of our network    and impede our growth.***
A significant barrier to electronic commerce and communications over theInternet in general has been a public concern over security and privacy,especially the transmission of confidential information. If these concerns arenot adequately addressed, they may inhibit the growth of the Internet and otheronline services generally, especially as a means of conducting commercialtransactions. If a well-publicized Internet breach of security were to occur,general Internet usage could decline, which could reduce traffic to ourdestination sites and impede our growth.
***Doing business outside of the United States may subject us to additional    risks.***
A substantial portion of our business is conducted outside of the UnitedStates and as a result our operations could be subject to various risks such asthe possibility of the loss of revenue, property or equipment due toexpropriation, nationalization, war, insurrection, terrorism or civildisturbance, the instability of foreign economies, currency fluctuations anddevaluations, adverse tax policies and governmental activities that may limit ordisrupt markets, restrict payments or the movement of funds or result in thedeprivation of contract rights. Additionally, our ability to compete could beadversely affected by foreign governmental regulations that encourage or mandatethe hiring of local contractors, or by regulations that require foreigncontractors to employ citizens of, or purchase supplies from vendors in aparticular jurisdiction. We could also be subject to taxation in a number ofjurisdictions, and the final determination of our tax liabilities might involvethe interpretation of the statutes and requirements of various domestic andforeign taxing authorities. 
***We may rely on electronic commerce as a significant part of our future    revenue, but the Internet has not yet been proven as an effective commerce    medium in the Greater China region.***
Our revenue growth also depends on the increasing acceptance and use ofelectronic commerce in the region comprised of the PRC, Hong Kong and Taiwan(referred in this Report as "Greater China"). The Internet may not become aviable commercial marketplace in Asia for various reasons, many of which arebeyond our control, including: inexperience with the Internet as a sales anddistribution channel; inadequate development of the necessary infrastructure tofacilitate electronic commerce; concerns about security, reliability, cost, easeof deployment, administration and quality of service associated with conductingbusiness over the Internet; and inexperience with credit card usage or withother means of electronic payment in PRC.

If the Internet does not become more widely accepted as a medium forelectronic commerce, our ability to generate increased revenue will benegatively affected.
***The ability to block Internet advertising could prevent the expansion of    online advertising in Asia.***
The development of Web software that blocks Internet advertisements beforethey appear on a user's screen may hinder the growth of online advertising. Theexpansion of ad blocking on the Internet may decrease our revenues because whenan ad is blocked, it will not be downloaded from our ad server, which meansthese advertisements will not be tracked as a delivered advertisement. Inaddition, advertisers may choose not to advertise on the Internet or on ouradvertising network because of the use of Internet advertisement blockingsoftware. The use of software that blocks Internet advertisements may materiallyand adversely affect our business.

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***The Greater China and Asian Internet industry is a developing market and    is not a proven effective commercial medium***
The market for Internet services in Greater China and Asia has only recentlybegun to develop. Since the Internet is an unproven medium for advertising andother commercial services, our future operating results from online advertisingand electronic business solutions services will depend substantially upon theincreased use of the Internet for information, publication, distribution andcommerce and the emergence of the Internet as an effective advertising medium inGreater China and Asia. Many of our customers will have limited experience withthe Internet as an advertising medium or sales and distribution channel, willnot have devoted a significant portion of their advertising expenditures orother available funds to Web-based advertising or website development and maynot find the Internet to be effective for promoting their products and servicesrelative to traditional print and broadcast media.

Critical issues concerning the commercial use of the Internet in GreaterChina and elsewhere in Asia, including:

-
security;

-
reliability;

-
cost;

-
ease of deployment;

-
administration; and

-
quality of service

may affect the adoption of the Internet to solve business needs. For example,the cost of access or the penetration rate availability of access technology,hardware and software may prevent many potential users in Asia from using theInternet. Also, the use of credit cards in sales transactions is not common inparts of Asia. Until the use of credit cards, or another viable alternativemeans of electronic payment, becomes more prevalent, the development ofelectronic commerce through our portal network will be seriously impeded. Inaddition, even if suitable payment methods are widely adopted in Asia, consumerswill have to be confident that adequate security measures protect electronicsale transactions conducted over the Internet and prevent fraud.
***Our entry into the Chinese Internet market    depends on the establishment of an adequate telecommunications    infrastructure in PRC by the Chinese    government***
Unlike Taiwan and Hong Kong, where the telecommunications infrastructure iscomparable to U.S. standards and where private companies compete as ISPs, thetelecommunications infrastructure in PRC is not as well developed. In addition,access to the Internet in PRC is accomplished primarily by means of thegovernment's backbone of separate national interconnecting networks that connectwith the international gateway to the Internet. This gateway is owned andoperated by the Chinese government and is the only means for the domesticChinese Internet network to connect to the international Internet network.Although private sector ISPs exist in PRC, almost all access to the Internet isaccomplished through ChinaNet, PRC's primary commercial network, which is ownedand operated by the Chinese government. As we expand our business to includepartners and subscribers from PRC, we will rely on this backbone andtelecom companies to provide data communications capacity primarily throughlocal telecommunications lines. As a result, we will continue to depend on theChinese government to establish and maintain a reliable Internet infrastructureto reach a broader base of Internet users in PRC. We will have no means ofaccessing alternative networks and services in PRC, on a timely basis or at all,in the event of any disruption or failure. The Internet infrastructure in PRCmay not support the demands associated with continued growth. If the necessaryinfrastructure standards or protocols or complementary products, services orfacilities are not developed by the Chinese government, our business could bematerially and adversely affected.

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***Political and economic    conditions in Greater China are unpredictable and may disrupt our operations    if these conditions become unfavorable to our business.***
We expect to derive a substantial percentage of our revenues from the GreaterChina market. Changes in political or economic conditions in the region aredifficult to predict and could adversely affect our operations or cause theGreater China market to become less attractive to advertisers, which couldreduce our revenues. We intend to maintain a strong local identity and presencein each of the regions in the Greater China market, although we may not be ableto maintain effectively this local identity if political conditions were tochange. 

In addition, economic reforms in the region could affect our business in waysthat are difficult to predict. For example, since the late 1970s, the Chinesegovernment has been reforming the Chinese economic system to emphasizeenterprise autonomy and the utilization of market mechanisms. Although webelieve that these reform measures have had a positive effect on the economicdevelopment in PRC and our business, as we expand it into the PRC, they may not be effective or benefit our business. 
***There are economic risks associated with doing business in Greater China.**
PRC. The Chinese government has been reforming its economic system sincethe late 1970s. The economy of PRC has historically been a planned economysubject to governmental plans and quotas and has, in certain aspects, beentransitioning to a more market-oriented economy. Although we believe theeconomic reform and the macroeconomic measures adopted by the Chinese governmenthave had a positive effect on the economic reform and the macroeconomic measuresadopted by the Chinese government have had a positive effect on the economicdevelopment of PRC, we cannot predict the future direction of these economicreforms or the effects these measures may have on our business, financialposition or results of operations. In addition, the Chinese economy differs fromthe economies of most countries belonging to the Organization for EconomicCooperation and Development, or OECD. These differences include:
         PRC    OECD
Economic structure:
Planned economy but in a slow process of transition to a market economy
Market economy
Level of government involvement in the economy:
Very high
Low to moderate
Level of economic development:
Developing country
Developed countries
Control of foreign exchange:
Government controlled
Market driven
Methods of allocation resources:
Government controlled but in the slow process of transition to a market    economy
Market driven
Although we are expanding our activities in PRC, our business may not developthere in the same way or at the same rate as might be expected if the Chineseeconomy were similar to those of the OECD member countries. Changes in PRC's political, economicand social conditions, adjustments in policies of the Chinese government orchanges in the Chinese's laws and regulations may adversely affect our resultsof operations and financial condition. The Chinese economy has experiencedsignificant growth in the past decade, but this growth has been uneven acrossgeographic and economic sectors and has recently been slowing. Such growth maynot continue and any slow down may have a negative effect on our business. Theinternational financial markets in which the securities of the Chinesegovernment, agencies and private entities are traded have experiencedsignificant price fluctuations upon speculation that the Chinese government maydevalue the renminbi which could increase our costs relative to our Chineserevenues.
*Hong Kong. As part of our expansion plan, a smallpart of our business will be generated from Hong Kong. Hong Kong is a SpecialAdministrative Region of PRC with its own government and legislature. Hong Kong enjoys ahigh degree of autonomy from PRC under the principle of one country, twosystems, however, such

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autonomy may not continue. The Hong Kong dollar has remained relativelyconstant due to the U.S. dollar peg and currency board system that has been ineffect in Hong Kong since 1983. However, in early 1999, the Hong Kong dollar wassubject to currency speculation and the SAR government substantially supportedthe market for the Hong Kong dollar, both directly and indirectly through thelarge-scale purchase of securities listed on the Hong Kong Stock Exchange. Thehistorical currency peg of the Hong Kong dollar to the U.S. dollar may not bemaintained, and accordingly may adversely affect our business.
*Taiwan. A small part of our future revenues may be derived from theTaiwan market. Taiwan has a unique international political status. The Chinesegovernment of the PRC asserts sovereignty over Taiwan and does not recognize the legitimacyof the Taiwan government. Although significant economic and cultural relationshave been established in recent years between Taiwan and PRC, PRC has refused torenounce the possibility that it may at some point use force to gain controlover Taiwan. Relations between Taiwan and PRC have been strained since mid-1999as a result of then-President Lee Teng-Hui's assertion that relations betweenthe two sides should be conducted on a special state-to-state basis and thesubsequent election of pro-independence candidate Chen Shui-bian as the new Presidentof Taiwan.  Furthermore, the New Taiwan dollar, the currency of Taiwan, has experienced considerable volatility anddepreciation as a result of the economic downturn in Asia. Continued volatilityand depreciation of the NT dollar could adversely affect our business, resultsof operations and financial condition. Taiwan has recently experienced arecession primarily due to a reduction in exports due to weakened demand forimported goods in many Asian countries and a continued recession in Taiwan maymaterially affect our business.
***The PRC's regulation of content distributed on the Internet may adversely    affect our business.***
Government regulation of the telecommunications    and Internet industries in the PRC is burdensome and may become more    burdensome. Although we currently have limited activities in the PRC, as we    expand our activities there, new regulations in the PRC could increase our    costs of doing business and prevent us from efficiently delivering our    services. These regulations may stop or slow down the expansion of our    customer and user base and limit the access to the CWN website.

PRC has enacted regulations governing Internet access and the distribution ofnews and other information. The Ministry of Information Industry (the "MII")has published implementing regulations that subject online information providersto potential liability for content included on their portals and the actions ofsubscribers and others using their systems, including liability for violation ofChinese laws prohibiting the distribution of content deemed to be sociallydestabilizing. Because many Chinese laws, regulations and legal requirementswith regard to the Internet are relatively new and untested, theirinterpretation and enforcement of what is deemed to be socially destabilizing byChinese authorities may involve significant uncertainty. Under PRCregulations on telecommunications and Internet information services, Internetinformation service providers are prohibited from producing, duplicating,releasing or distributing any information which falls within one or more of ninestipulated categories of "undesirable content". These categories cover anyinformation which:
 •    contravenes the basic principles enshrined in the PRC Constitution; •    endangers the security or unity of the State; •    undermines the State's religious policies; •    undermines public order or social stability; or •    contains obscene, pornographic, violent or other illegal content or      information otherwise prohibited by law.
Internet information service providers found to be disseminating informationthat falls under any of these categories must cease immediately, keep a recordof the relevant information, and report to the appropriate government authority.

In addition, the Chinese legal system is a civil law system based on writtenstatutes. Unlike common law systems, it is a system in which decided legal caseshave little precedential value. As a result, it is difficult to 

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determine the type of content that may result in liability. We cannot predictthe effect of further developments in the Chinese legal system, particularly with regard to the Internet and thedissemination of news content, including the creation of new laws, changes toexisting laws or the interpretation or enforcement thereof, or the pre-emptionof local regulations by national laws.

Periodically, the Ministry of Public Security has stopped the distribution ofinformation over the Internet which it believes to be socially destabilizing.The Ministry of Public Security has the authority to cause any local ISP toblock any website maintained outside of PRC at our sole discretion. Websitesthat are blocked in PRC include many major news-related websites such aswww.cnn.com, www.latimes.com, www.nytimes.com and www.appledaily.com.hk*.*The Chinese government has also expressed its intention to closely controlpossible new areas of business presented by the Internet, such as Internettelephony.

Violations or perceived violations of Chinese laws arising from informationdisplayed, retrieved from or linked to our portals could result in significantpenalties, including a temporary or complete cessation of our business in PRC.Chinese government agencies have recently announced restrictions on thetransmission of state secrets through the Internet. State secrets have beenbroadly interpreted by Chinese governmental authorities in the past. We may beliable under these new pronouncements for content and materials posted ortransmitted by users on our message boards, virtual communities, chat rooms ore-mails. If the Chinese government were to take any action to limit or eliminatethe distribution of information through our portal network or to limit orregulate any current or future applications available to users on our portalnetwork, this action could have a material adverse effect on our business,financial condition and results of operations.
***We may be adversely affected by Chinese government regulation of Internet    companies.***
The Chinese government heavily regulates the Internet sector including thelegality of foreign investment in the Chinese Internet sector, the existence andenforcement of content restrictions on the Internet and the licensing and permitrequirements for companies in the Internet industry. Because these laws,regulations and legal requirements with regard to the Internet are relativelynew, their interpretation and enforcement may involve significant uncertainty.In addition, the Chinese legal system is a civil law system in which decidedlegal cases have limited binding force as legal precedents. As a result, in manycases it is difficult to determine what actions or omissions may result inliability.

Since we do not have a corporate entity or local operations in the PRC, we do not believe we are subject tothe restrictions on foreign investment in the Chinese Internet sector. However,as we expand our activities in the PRC and implement our strategy ofestablishing a subsidiary there, we cannot assure you that our scope ofactivities would not require us to comply with local foreign investmentrestrictions and licensing requirements, particularly with respect to thoserelated to value-added telecommunications companies. Prior to PRC’s entry intothe WTO, the Chinese government generally prohibited foreign investors fromtaking any equity ownership in or operating any telecommunications business.Internet Content Provision, or ICP, services are classified as value-addedtelecommunications services and therefore fell within the scope of thisprohibition. This prohibition was partially lifted following PRC’s entry intothe WTO. Pursuant to the Administrative Rules for Foreign Investments inTelecommunications Enterprises promulgated by the State Council dated December5, 2001, foreign investors are allowed to hold in the aggregate up to 50% of thetotal equity in any value-added telecommunications business in PRC.

Furthermore, there are numerous and often vague restrictions on acceptablecontent in the PRC. This subjects us to potential civil and criminal liabilityor temporary or permanent blockage of our website. For example, the StateSecrecy Bureau, which is directly responsible for the protection of statesecrets of all Chinese government and Chinese Communist Party organizations, isauthorized to block any website it deems to be leaking state secrets or failingto meet the relevant regulations relating to the protection of state secrets inthe distribution of online information.

The interpretation and application of existing Chinese laws and regulations,the stated positions of the MII and possible new laws or regulations havecreated substantial uncertainties regarding the legality of existing and futureforeign investments in, and the businesses and activities of, Chinese Internetbusinesses, including our business.

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***If we do not comply with Chinese regulations relating to our scope of    permitted business, Chinese regulators could cause us to discontinue our    operations in the PRC.***
The Chinese government regulates access to the Internet by imposing strictlicensing requirements and requiring ISPs in PRC to use the internationalinbound and outbound Internet backbones. The Chinese government may require thatwe obtain a license for Internet access, or for ISPs in the PRC to provide localaccess to our website  in the future based on new legislationor otherwise. We may not be able to obtain all necessary licenses required inthe future, and any future changes in Chinese government policies may imposeadditional regulatory requirements on us or our service providers, intensifycompetition in PRC information industry or otherwise have a material adverseeffect on our business, financial condition and results of operations.

We are uncertain as to whether the Chinese government will reclassify ourbusiness as a media or a retail company, due, among other things, to ouracceptance of Internet advertising and electronic commerce related services feesas sources of revenue. Any reclassification could subject us to penalties orfines or significant restrictions on our business. We are also uncertain whetherthe Chinese government will reclassify our business as a telecommunicationsbusiness, potentially resulting in significant restrictions on our business.
***Even if we are in compliance with Chinese governmental regulations    relating to licensing and foreign investment prohibitions, the Chinese    government may prevent us from distributing, and we may be subject to    liability for, content that it believes is inappropriate.***
The PRC has enacted regulations governing Internet access and thedistribution of news and other information. In the past, the Chinese governmenthas stopped the distribution of information over the Internet that it believesto violate Chinese law, including content that it believes is obscene, incitesviolence, endangers national security, is contrary to the national interest oris defamatory. In addition, we may not publish certain news items, such as newsrelating to national security, without permission from the Chinese government.Furthermore, the Ministry of Public Security has the authority to cause anylocal Internet service provider to block any website maintained outside PRC atour sole discretion. Even if we comply with Chinese governmental regulationsrelating to licensing and foreign investment prohibitions, if the Chinesegovernment were to take any action to limit or prohibit the distribution ofinformation through our network or to limit or regulate any current or futurecontent or services available to users on our network, our business would beharmed.

We are also subject to potential liability for content on our websites thatis deemed inappropriate and for any unlawful actions of our subscribers andother users of our systems under regulations promulgated by the MII.Furthermore, are required to delete content that clearly violates the laws ofPRC and report content that we suspect may violate Chinese law. It is difficultto determine the type of content that may result in liability for us, and if weare wrong, we may be prevented from operating our websites.
***Currency fluctuations and restrictions on currency exchange may adversely    affect our business, including limiting our ability to convert Chinese    renminbi into foreign currencies and, if renminbi were to decline in value,    reducing our projected revenues in U.S. dollars.***
We intend to generate revenues and incur expenses and liabilities in Chineserenminbi, Taiwan dollars, Hong Kong dollars, Canadian dollars and U.S. dollars.As a result, we are subject to the effects of exchange rate fluctuations withrespect to any of these currencies. For example, the value of the renminbidepends to a large extent on PRC's domestic and international economic andpolitical developments, as well as supply and demand in the local market. Since1994, the official exchange rate for the conversion of renminbi to U.S. dollarshas generally been stable and the renminbi has appreciated slightly against theU.S. dollar. However, given recent economic instability and currencyfluctuations, the renminbi may not continue to remain stable against the U.S.dollar or any other foreign currency. Our results of operations and financialcondition may be affected by changes in the value of renminbi and othercurrencies in which our earnings and obligations are denominated. We have notentered into agreements or purchased instruments to hedge our exchange raterisks, although we may do so in the future.

Although Chinese governmental policies were introduced in 1996 to allow theconvertibility of renminbi into foreign currency for current account items,conversion of renminbi into foreign exchange for capital items, such as foreigndirect investment, loans or security, requires the approval of the StateAdministration of Foreign  

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Exchange, or SAFE, which is under the authority of thePeople's Bank of China. These approvals, however, do not guarantee theavailability of foreign currency. We may not be able to obtain all requiredconversion approvals for our operations, and Chinese regulatory authorities mayimpose greater restrictions on the convertibility of the renminbi in the future.Because a significant amount of our future revenues may be in the form ofrenminbi, our inability to obtain the requisite approvals or any futurerestrictions on currency exchanges will limit our ability to utilize revenuegenerated in renminbi to fund our business activities outside the PRC.
*Terrorist activities and resulting military and other actions could    adversely affect our business.*
The terrorist acts in New York, Washington, D.C. and Pennsylvania onSeptember 11, 2001 have created an uncertain economic environment and we areunable to predict the impact these events, or the responses thereto, will haveon our business. The continued threat of terrorism within the United States andabroad and military action and heightened security measures in response to suchthreat may cause significant economic disruptions throughout the world. Ourbusiness, results of operations and financial condition could be materially andadversely affected to the extent such disruptions result in our inability toeffectively market and sell our services and software.
**Risks Related to Our Common Shares and Shareholder Rights***We do not intend to pay cash dividends, so any return on investment to an    investor must come from appreciation.*
To date, we have not paid a dividend on our common shares and do not intendto do so in the foreseeable future, as we expect any excess funds will bereinvested in implementing our business plan. As a result, any return oninvestment in our common shares must come from increases in the fair marketvalue and trading price of our common stock.
***Currently, our Common Shares are not publicly traded on any market or    exchange, and as a result a shareholder would have difficulty in selling any    shares. If our Common Shares become traded on the OTC Bulletin Board, it    would be considered a "penny stock" and a shareholder's ability to sell    shares in the secondary trading market may be limited.***
Our common shares are currently not quoted or listed for trading on anysecurities market or exchange, whether in the U.S. or elsewhere. As a result,existing shareholders would have difficulty in selling their shares in asecondary trading market. This lack of liquidity may also make it more difficultfor us to raise capital in the future through the sale of equity securities.

If we obtain quotation of our shares on the OTC Bulletin Board, the liquidityof our common shares would continue to be limited, not only in the number ofshares that are bought and sold, but also through delays in the timing oftransactions, and the lack of coverage by security analysts and the news mediaof our company. In addition, any shares quoted on the OTC Bulletin Board wouldbe subject to certain rules and regulations relating to "penny stock." A "pennystock" is generally defined as any equity security that has a price less than$5.00 per share and that is not quoted on the Nasdaq Stock Market or a nationalsecurities exchange. Being a penny stock generally would mean that any brokerwho wanted to trade in our shares (other than with established customers andcertain institutional investors) must comply with certain "sales practicerequirements," including delivery to the prospective purchaser of the pennystock a risk disclosure document describing the penny stock market and the risksassociated therewith. In addition, broker-dealers must take certain steps priorto selling a "penny stock," which steps include:

 
•    
obtaining financial and investment information from the investor;

 
•    
obtaining a written suitability questionnaire and purchase        agreement signed by the investor; and

 
•    
providing the investor a written identification of the shares being        offered and the quantity of the shares. 

If these penny stock rules are not followed by the broker-dealer, theinvestor has no obligation to purchase the shares. The application of thesecomprehensive rules could make it more difficult for broker-dealers to sell ourcommon shares, and as a practical matter, these requirements may mean thatbrokers would be less likely to make recommendations on our shares to itsgeneral customers.

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***Our shareholders may face difficulties in protecting their interests    because we are incorporated under Cayman Islands law***
Our corporate affairs are governed by our memorandum and articles ofassociation, by the *Company Law* (1998 Revision) and the common law of theCayman Islands. The rights of shareholders to take action against our directors,actions by minority shareholders and the fiduciary responsibilities of ourdirectors under Cayman Islands law are to a large extent governed by the commonlaw of the Cayman Islands.

Under the common law of the Cayman Islands, the fiduciary relationship of adirector is to us and a director therefore does not usually owe a fiduciary dutyto individual shareholders. As a result, it may be difficult for a shareholderto take action against the directors for breach of fiduciary duty.

The common law in the Cayman Islands is derived in part from comparativelylimited judicial precedent in the Cayman Islands and from English common law,the decisions of whose courts are of persuasive authority but are not binding ona court in the Cayman Islands. Cayman Islands law in this area may conflict withjurisdictions in the United States. As a result, our public shareholders mayface more difficulties in protecting their interests in the face of actionsagainst the management, directors or our controlling shareholders than wouldshareholders of a corporation incorporated in a jurisdiction in the UnitedStates.
***There is uncertainty as to our shareholders' ability to    enforce civil liabilities in the Cayman Islands, Hong Kong, Taiwan and PRC.***
We are a Cayman Islands company have no assets located in the United States.A substantial portion of our current operations is conducted in Canada and weexpect to expand to Hong Kong, Taiwan and PRC. In addition, all of our directorsand officers are nationals and/or residents of countries other than the UnitedStates. All or a substantial portion of the assets of these persons are locatedoutside the United States. As a result, it may be difficult for you to effectservice of process within the United States upon these persons. In addition,there is uncertainty as to whether the courts of the Cayman Islands, Canada,Hong Kong, Taiwan and, PRC and other jurisdictions would recognize or enforcejudgments of United States courts obtained against us or such persons predicatedupon the civil liability provisions of the securities laws of the United Statesor any state thereof, or be competent to hear original actions brought in theCayman Islands, Canada, Hong Kong, Taiwan, PRC or other jurisdictions against usor such persons predicated upon the securities laws of the United States or anyof our state.

**ITEM 4. INFORMATION ON THE COMPANY**
**A.         History and Development of CWN
ChineseWorldNet.Com Inc. was incorporated on January 12, 2000under the *Company Law*(1998 revision) of the Cayman Islands. We areprincipally based in the Cayman Islands and our operations are primarilyconducted in North America and Asia. The address of our principal registered andexecutive head office is that of our agent, Appleby Spurling Hunter, being:Clifton House, P.O. Box 1350GT, Grand Cayman, Cayman Islands, Telephone (345)949-4900. Our North American office and principal place of business is locatedat Suite 510- 1199 West Pender Street, Vancouver, British Columbia, Canada V6E2R1, Telephone (604) 488-8878. We moved to this current location in August 2003.

We leased space in a business centre located at #2500, 120 Adelaide StreetWest, Toronto, Ontario, Canada M5H 1T1. As of March 1, 2005, we moved to a newoffice located at 1 First Canadian Place, Suite 350, Toronto, ON M5X 1C1. Theoffice in the business centre is used when our employees from Vancouver travelto Toronto. There are currently no employees stationed in Toronto. 

On November 1, 2004, we also started operations in Hong Kong through oursubsidiary, CWNHK, at their office at Room 1101, St. George's Building, 2 IceHouse Street Central, Hong Kong. CWNHK provides us with****a local 

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operationbase for CWN's penetration and expansion plans in the Asian market. There arecurrently no employees of CWN stationed permanently in Hong Kong. 

We have two principal businesses: (1) the Internet FinancialPortal ("Portal") business, conducted under the ChineseWorldnet.com brand via "www.chineseworldnet.com"website and (2) the Investor Relations / Public Relations ("IR/PR") businessconducted through NAI via a number of media channels including the internet (www.na-investor.comwebsite) and investment seminars/conferences. Our IR/PR business was the resultof the acquisition of NAI-Interactive Ltd, a Canadian company incorporated underthe laws of British Columbia, on January 15, 2000 from Ms. Tin Yee Lau, the wifeof our President and Chief Executive Officer, Mr. Joe Tai. The purchase pricewas 112,500 of our common shares valued at $5,625.
Our plan has been to first launch our Portal and IR/PR businesses in North Americaand then to expand both businesses into Hong Kong, PRC and Taiwan. See"Corporate Strategy and Strategic Business Plan" below for details. We havelaunched the Portal and IR/PR businesses in North America.
**B.         Business Overview
Internet Financial Portal Business

Introduction 

ChineseWorldNet.com, via our "www.chineseworldnet.com" website, is afinancial web-based portal that provides up-to-date financial information andfinancial management tools in Chinese to our target audience, the Chinesecommunity in North America. Our Portal provides financial news and informationon North American blue chip and large cap S&P 500 public companies listed orquoted on the New York Stock Exchange, the American Exchange, NASDAQ and TorontoStock Exchange, as well as Shanghai Stock Exchange and Shenzhen Stock Exchange and Taiwanese companies and market news by anin-house editorial team, with Hong Kong company and market news provided by ourpartners. When the Portal was in its development stage, all of the informationor services provided through our www.chineseworldnet.comwebsite was free of charge even though certain premium information and servicessuch as premium articles and market commentary were only accessible byregistered subscribers, who paid no subscription fee. After the official launchof the www.chineseworldnet.com website in October 2002, weintroduced a new level of subscribers called "Premium Subscribers," who arerequired to be registered as a subscriber and pay a fee to obtain certainpremium and personalized products and services.
We generate direct revenues from a number of means through the www.chineseworldnet.com website including premium subscriptionfees and on-line marketing services. See "Revenue Model of the Portal Business"below for further details.**Current Product / Service Offering

Services**
The following features are provided free of charge on the www.chineseworldnet.com website to all readers, other than thePremium Services described below for which we charge a fee. Readers are notrequired to register as subscribers at this time although we may in the futurerequire registration before allowing access to the services described below.
1.         Company Profile

This section features a variety of interactive investmenttools that enable users to conduct their own financial research, including:Delayed stock quotes;
Summary company profiles;

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Analysts' buy/sell ratings;
Company news;
Insider trading information;
Intraday and Historical stock charts; and
Financial Statement Summary.

2.        Markets

This section, which features continuously updated market news stories    from about 5 a.m. until 5 p.m. Pacific Standard Time each business day,    covers the latest movements of the major indices, the most active stocks,    news from foreign markets, earnings news, mergers and acquisitions news and    other major market events.

3.         Headlines

Throughout the day, we provide headlines and brief news stories that    cover the various corporate announcements and news throughout the day.

4.         Commentary

This section includes commentary prepared by employees or from outside    contributors who write about topics such as money management, technical    analysis, currency issues, industry analysis, macroeconomics, fundamental    analysis, financial planning, mutual funds, initial public offerings,    technology and international investing. 

5.         Premium Services

These additional services are provided to Premium Subscribers, who currentlypay a monthly subscription fee of $14.95. The subscription fee was raised from$9.95 per month on July 1, 2003. In addition to the monthly subscription fee, asof May 1, 2005, the annual subscription fee was implemented and is charged at$59.95 per annum. Please see "Corporate Strategy and Strategic Business Plan"section below for details. 

a. Personalized Financial Services "MyCWN"

In addition to the provision of financial news and corporate information onpublic companies in North America and the Greater China region, our www.chineseworldnet.com  website also offers to our subscribers, throughpartnerships and affiliations, additional personalized services such as onlineinvestment tools and applications such as portfolio tracking. In October 2002,we launched a platform called "MyCWN" on our www.chineseworldnet.comwebsite that enables members to create a personalized portal to manage theirstock portfolios. Registered users can customize their personal stock portfolioand view financial news and information, which will be automatically updated.

b. CWN Research Reports

Subscribers get access to weekly in-depth research reports written by ourin-house editing team on individual stocks, the over all market trend, industry, other topics ofinterest. 
****
c. Real-Time Stock Quotes

Starting in October 2002, we offered real-time streaming stock quotes as anadditional premium service for registered users for which we charge a fee. Thisservice is provided through a third-party supplier. The current fee is $30 permonth per user for Level 1 real time quotes and $40 per month per user for Level2 real time quotes as of 

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May 1, 2005.   Level 1 represents the basic real-time stock pricequotes while Level 2 also includes the market depth of the trading activity.
****
We are in the planning stage for other premium services, such as specialinvestment tools and premium research reports, for the web portal.
**Revenue Model for the Portal Business

               1.   Premium Subscription Fees
Until October 2002, all of the information or services provided through our  www.chineseworldnet.com website was offered free of charge even though certain  premium information and services such as premium articles and market  commentary were only accessible by registered subscribers, who were not  required to pay a subscription fee. Since the official launch of the www.chineseworldnet.comwebsite in October 2002, we introduced  a new level of subscribers called "Premium Subscribers", who are required to  be registered as subscribers and to pay a subscription fee to obtain access to  certain premium and personalized products and services. Basic monthly  subscription fees starts at $14.95 per user per month but the actual fees  depend on different bundle of products and services selected by the Premium  Subscribers. The subscription fee was raised from $9.95 per month on July 1,  2003. In addition to the monthly subscription fee, as of May 1, 2005, the  annual subscription fee was implemented and is charged at $59.95 per annum.**            2.     Banner Advertising
CWN intends to derive revenue from selling banner advertising to companies  on the www.chineseworldnet.com website. The fee for  six-month banner advertising is from $480 to $680 per month based on an  estimated number of times the banner advertising will be seen by readers of  the www.chineseworldnet.com website.**            3.     Marketing Services for Financial Services
It is our intention that our members will be able to access information on  various financial products and service providers such as on-line brokerage,  mutual funds, insurance and bonds through logging onto independent on-line  Internet based trading platforms of our proposed partners. However, we will  not be involved in effecting transactions in securities for the account of  others such as the solicitation, negotiation or execution of the transactions.  All trading transaction will be performed directly between the subscribers and  the partner companies. In order to do so, our members would have to  independently register with the on-line trading partner.

Through December 31, 2004, our Portal business has derived no revenue from  this services offering. We will not receive transaction-based compensation  either from our subscribers or the partner companies. Instead, a flat  marketing fee from partner companies will be paid to us based on the number of  subscribers opening new accounts. 
**Investor Relations / Public Relations ("IR/PR") Business

Introduction**
Our IR/PR business was the result of the acquisition of NAI. NAI operates ourIR/PR business currently focusing on providing IR/PR services for micro cap andsmall cap public companies targeting to the Chinese investor community in NorthAmerica through various media such as the Internet (www.na-investor.comwebsite), financial newspaper and investment seminars. Unlike the www.chineseworldnet.com business model, client companies insteadof individual investors pay a fee to NAI for the IR/PR services. **Current Product / Service Offering**
        1.   Internet website (www.na-investor.com)

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NAI operates the www.na-investor.com website which provides IR/PR    services to fee-paying North American public company clients who are listed    or quoted on small and micro public markets in North America, such as the    TSX Venture Exchange, the NASD OTC Bulletin Board and the Toronto Stock    Exchange. All information on this website is in Chinese and the website also    offers stock quotes, company reviews, newsletters and guide to investing in    small and micro-cap companies to readers of the North American Chinese    community. Currently, there are over 30,000 registered members for the www.na-investor.com website and it attracts over    850,000 readers each month. 
Unlike www.chineseworldnet.com, www.na-investor.com is not a financial    portal for fee-paying members but an Internet based medium for the    dissemination of information from fee-paying companies that want to increase    their exposure in the Chinese investor community. There is no fee being    charged to individual registered members of the www.na-investor.com    website.
        2.   Investment Seminars and Conferences

NAI markets and organizes Chinese investment seminars 2 to 4 times a year    at which private and public companies pay a sponsorship fee to NAI to enable    them to make presentations about their companies to individual Chinese    investors who attend the seminars. While it is free for individual investors    to attend the investment seminars, NAI charges a fee of $4,000 per    presenting company for organizing these seminars. Similarly, the attendees    of the Investment Seminar are notified that it is a client company-sponsored    event. Seminars have been held in Vancouver, Toronto, and San Francisco.

In 2003 and 2004, NAI organized several conferences. NAI charges $2,000    for a basic exhibition booth per company. The conferences have been held in    Vancouver and Toronto. The investment seminar and conference website is    www.gcff.ca.
        3.   Online Marketing Service

This service aims to increase the publicity and website traffic to    targeted audiences for clients companies' websites. Services include    creation of search criteria for Internet based search engines to enable    quick access to client companies' websites, email messages to NAI members    and other services like on-line promotional events that can help increase    Internet traffic to client companies' websites.

        4.   Chinese Webpage Design, Hosting and Maintenance

NAI can assist client companies to create a Chinese web page for    companies that have existing websites in English and would like to have link    to a version of their websites in Chinese. These Chinese webpages will also    be linked to the www.na-investor.com website in the featured company    section. NAI charges a one-time set-up fee plus 12-month maintenance fee in    total of $2,580 for this service.

        5.    Computer Consultation Service

NAI began provide computer consultation services at the end of 2002 as an    extra service to clients who needed support. This is not a core business of NAI.

        6.    Company Review

NAI's in-house editors write company reviews for client companies.    Company reviews are sent to all NAI members by email and by mail and posted    on the www.na-investor.com website. This is a fee-paying service for    companies featured in the company review, and NAI provides a disclaimer at    the end of each review that this is a paid service and that the information    provided in the review is not the view of, or endorsed by, NAI. This service    was discontinued in 2004.

        7.    Translation Service

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NAI also provides translation services for client companies who want to    translate promotional or financial materials from English into Chinese. NAI    charges $75 per page for the translation service.

        8.    Miscellaneous IR/PR Services

NAI also provides other miscellaneous IR/PR services to client companies    such as design and printing of promotional materials and financial reports.    This includes translation services for client companies who want to    translate promotional or financial materials from English into Chinese. NAI    charges $75 per page for the translation service.

        9.    Financial Newspaper

From August 2001 through May 2003, NAI published a bi-weekly Chinese    financial newspaper in Canada to provide readers with news of North American    and Greater China's stock markets, analysis and commentaries on particular    industry sectors or companies as well as articles on investing in general.    None of the contents of the newspaper were sponsored or paid by client    companies other than ordinary course advertisements except that, upon the    request of client companies, NAI would prepare a client company-sponsored    written report to be distributed with the newspaper to readers. In that    case, recipients of our-sponsored written report have been notified that our    report should not be constituted as investment advice but an advertisement    and the fact that it is sponsored by a client company. Beginning in    September 2002, the newspaper was provided on a bi-weekly basis and was sold    for $2.00 per copy. However, in May 2003, NAI decided to discontinue the    publication of the financial newspaper due to difficulties generating enough    paying readership to justify the cost of producing the newspaper.

10.    Investment Guides

NAI started to publish specialty investment publications in 2002. Its    first investment handbook was on the mining sector. Companies pay $2,000    each to be profiled in the Chinese language handbook. The handbook is sold    through our offices, on-line, and in selected bookstores for CDN$13.80    Canadian. In 2004, we published the Mining Investment Guide, Vol. 2. 
**Future Product / Service Offering**
Currently, our IR/PR services are focused on introducing and promoting NorthAmerican client companies to the Chinese investor community in North America.NAI plans to adopt the same model and expand it to other market segments suchas, promoting client companies from Asia to the Chinese investor community ofNorth America and Asian and North American client companies to the Chineseinvestor community in Asia. See "Corporate Strategy and Strategic BusinessPlan." 
**Revenue Model of the IR/PR Business**
For fiscal year ended December 31, 2004, NAI accounted for 100% of ourrevenues, which totalled $487,710. Sources of revenue for the IR/PR business arefrom each of the current product/service offerings mentioned above such asinvestment seminar, on-line marketing service, Chinese webpage design, hostingand maintenance, company review, translation service, miscellaneous IR/PRservices and the financial newspaper.

NAI's revenues for the years ended December 31, 2004 and 2003 were asfollows: 

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Revenues    Year ended Dec. 31,    Year ended Dec. 31,         2004
     2003    Banner Advertisement    $     9,377     7,818    Company Review, Company Newsletter    21,593    3,610    Chinese Webpage Design, Hosting and Maintenance    47,898    11,849    Computer Consultation Service    13,898    8,798    CWN Membership, Online Service    15,279    14,855    Online Marketing Service    13,881    36,460    Miscellaneous IR/PR Service    126,436    57,052    Investment Seminar    175,442    84,172    Financial Newspaper    0    12,939    Investment Guides    63,591    9,698    Interest    315    41    TOTAL REVENUE    $487,710     $247,293 **Corporate Strategy and Strategic Business Plan**
Our goal is to become a global leader in the Internet-based financialcommunity by providing a diverse range of financial information and news onpublic companies to Chinese investors in North America and Asia. Through ourinfrastructure and reader base, we strive to be a partner for various providersof financial products and services for marketing to Chinese investors in NorthAmerica and Asia. We believe that we have already built a strong foundation withour current and planned product and service offerings of both the Portal and IR/PRbusiness. This would, in turn, enable us to enter the next phase of ourstrategic plan which is to expand the reach of our businesses and services tousers in Asia with a focus on the Greater China region. We believe that one ofthe biggest advantages of running an Internet-based business is that we canleverage our existing infrastructure to reach a broader ranger of targetcustomers without a significant capital requirement. Based on this principle, weintend to maintain the operation of our businesses from our Vancouver office inCanada. However, we may consider other expansion options such as partnering withlocal partners or establishing a direct presence in certain markets. Details ofour proposed expansion strategy of our services into other markets are asfollows:
    Geographic Market    Target Launch Date of the    Local Presence         Portal Business    IR/PR Business         Canada and the United States    Launched in October 2002    Launched in 2001    The main operation of both businesses is from the Vancouver office. We also    maintain an office in Toronto, Canada.    Hong Kong    Launched in 4th    Quarter of 2004    1st Quarter of    2006    We have already established a local presence in Hong Kong by incorporating    ChineseWorldNet.com (HK) Limited on December 22, 1999. ChineseWorldNet.com (HK) Limited is 99% owned by us with 1% owned by    one of our directors. We established a new office in Hong Kong on November    1, 2004.    PRC    2nd Quarter of    2005    2nd Quarter of    2006    We may establish a direct presence or seek strategic partners locally to    launch the services    Taiwan    3rd Quarter of 2005    4th Quarter 2006    We may establish a direct presence or seek strategic partners locally to    launch the services

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***Internet Content Partners:***
Through NAI, we have agreements in place with the followinginternet content partners:
Company NameServices Provided Yahoohttp:////! Holdings (Hong Kong) LimitedWe provide small cap public companies information to Yahoo! Holdings (Hong    Kong) Limited in return for a link connecting to     www.chineseworldnet.com website from the Yahoo    Chinese website.ALPHATRADE.COMALPHATRADE.COM provides our subscribers real-time streaming stock    information for a monthly fee. **New in 2004
    Company Name    Services Provided     PR Newswire    We disseminate PRNewswire Chinese news releases for companies in North    America, China, Hong Kong, and Taiwan on our www.chineseworldnet.com    website. This information is free for viewers.    Tanrich Financial Group    Tanrich provides information on the Hong Kong future market and stock market    to us in exchange for our commentaries and news on the North American stock    markets.    Quote123.com    Quote123 will provide news and market commentaries in North America to our    website. ****Technology**
None of our application technologies are proprietary to us. The technologiesused by us are incorporated from different commercially available softwareprograms. CWN's application technology includes a collaborative authoringenvironment to enable different users such as CWN's in-house programs to worktogether on creating and managing content for our websites. It enables those whouse CWN's communication applications and content management applications to worktogether on creating and managing content to CWN's websites. All users havetheir own accounts and can belong to any number of sites. 

We have two servers to serve our websites in North America. If one of theservers malfunctions, all other traffic is re-directed to the other server. Bothservers synchronize with each other every 30 seconds.
**Our Primary Markets 

The Internet**
The number of Internet users in the Asia-Pacific region is increasing at anunprecedented rate and has reached over 300 million according to the datapublished by Nielsen/NetRatings in March 2005. This figure already surpassed thefigures in the whole North America. The percentage of users in the region was only 8.4percent of the population compared to 67 percent of thepopulation in North America. 

By March 2005, China had 94 million Internet users, which would make China thenation with the second-largest numberof Internet users, behind the United States, which had about 201 millionusers, and ahead of third place Japan with 67million users. The growth of internet users in China from2000 -2005 is 317.8% compared to 110 % in United States. 

Hong Kong has a well educated, technologically savvy population.In May 2004, Internet World Statistics reported that therewere 4,661,589 Internet users in Hong Kong (representing 63.0% of thepopulation) in May 2004, up from  

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4,571,536 in June 2003. According to Nielsen/NetRatings,the active web usage in Hong Kong was 2,733,220 in July 2004, while theestimated active digital media universe is 4,878,713.

According to the Internet Subscriber Survey conducted by the FIND team of theAdvanced Institute (ACI), Institute for Information Industry (III), under thesupport of Department of Industrial Technology (DOIT) and Ministry of EconomicAffairs (MOEA), it was estimated that there were 8.77 million Internet users inTaiwan as of September 2003. The Internet penetration rate was 39%; compared tothe same time period in 2002, there was an increase of 420,000 users, with agrowth rate of 5%.  

In terms of the Chinese market in North America, based upon the surveysdescribed below, we believe that the Chinese population has greater purchasingpower than the overall market. According to the independent survey done byACNielsen at the end of year 2000 of residents in Vancouver, British Columbia,46% of Chinese adults age 18 and over own a single-detached home. Furthermore,72% of Chinese immigrants purchase new automobiles and 77% paid in cash fortheir new automobiles. Webelieve that these statistics indicate the affluence of Chinese immigrants in North America. Although the survey was only done in Vancouver, we believe thismay indicate a trend throughout the major cities in North America. We believethat one of the key statistics is that, as of 2000, 86% of the Vancouver Chineseadults owned a home computer compared to only 50% of the total Canadianpopulation. We believe this justifies the feasibility of a Chinese Internetmarket in North America and their level of available disposable income. Another significant market statistic is that of the top10 media penetration in the Vancouver Chinese population, only one of the mediaoutlets is in the mainstream English language market at 9th place.This suggests that most Chinese immigrants focus more on media in their nativeChinese language.
**Internet Advertising Market**
In December 2002, eMarketer's "Media Spending Outlook 2003" predicted that incontrast to the steady decline seen in U.S. online advertising spending in 2001and 2002, 2003 online spending would rise slightly to $6.70 billion, up 6.3%from $6.3 billion in 2002. This projected increase would likely be assisted bythe general easing of the economic recession. Also, eMarketer estimates thatonline advertising would make up 2.5% of total US media spending in 2002, risingto 2.8% by 2005. 

The actual full year 2003 Internet advertising revenue in the United Stateswas just under $7.3 billion, according to the Interactive Advertising Bureau (IAB)and PricewaterhouseCoopers (PwC) in their Internet Advertising Revenue Reportreleased on April 21, 2004. This represented an overall growth of approximately21% from 2002. 

The Internet advertising market is expected to grow in the coming year.According to data released at the Jupiter/IAB Advertising forum in New York inOctober 2002, the industry is predicted to grow to $14 billion by 2007. Factorsthat are cited as driving forces behind increased spending include: continualgrowth in the online population, growing broadband adoption and smarterinventory control among online publishers. Further, according to the JupiterResearch report, "Online Advertising: Traditional Advertisers, Classifieds PaveRoad to  Recovery," in 2002, media represented 20% of online advertisingspending, financial services contributed 17% and computer hardware and softwarecontributed 12%. Based on this data, we believe that our services and offeringsare well positioned in a market that is continuing to grow.
**Investor Relations ("IR") Market
For the other part of our business, the Investor Relations and PublicRelations business, we can refer to a membership survey done by the CIRI(Canadian Investor Relations Institute) in 2000, which reported that the averageannual IR budget for a company with a market capitalization below $99 millionand between $100 million to $499 million was $257,000 CDN and $485,000 CDN,respectively. There are about 15,000 public companies in North America, andbased on these numbers, we estimate the total IR market in North American to be$2.5 billion annually.

The IR/PR market in Greater China is not currently well-established. However,this means that we could become one of the industry leaders in this area due to ourexisting infrastructure. A main problem of the Hong Kong Growth EnterpriseMarket ("GEM"), the stock exchange for micro-small cap start-up companies, isthat there is very limited liquidity in terms of stock trading due to low marketawareness of companies listed in GEM. With the number of listed companiesincreasing in the PRC and the existing well-established financial systems andmarkets in Hong Kong and Taiwan, we believe that the IR/PR business potential inthe Greater China region is favorable.

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**Competition**
The Internet based financial services industry is very competitive. TheGreater China and Asian Internet markets have an increasing number of entrantsbecause Internet start-up costs are low. In addition, the Internet industry isrelatively new and subject to continuing definition. As a result, many of ourcompetitors may better position themselves to compete in the market as theInternet market matures. We believe that, taken separately, each of our serviceshas competition from companies with longer operating histories in the Internetmarket, greater name recognition, larger customer bases and databases andsignificantly greater financial, technical and marketing resources. Any of ourpresent or future competitors may provide products and services that providesignificant performance, price, creative or other advantages over those offeredby us. We may not be able to compete successfully against our current or futurecompetitors. 

There are three primary competitors offering websites that contain financialservices in Chinese (as well as other services) although neither is offeringexactly the same-targeted financial services. 
-  Chineseinvestors.com Inc. operates the www.chinesefn.comwebsite, is a leading financial portal that provides US stock market informationand news. This company's main business model is the online advertising revenuefrom financial services corporations such as Scottrade, E*Trade, Charles Schwab,Sutton Online or internet related companies like AT&T and GYC Telecom.Chineseinvestors.com does not have an established IR/PR business model that cangenerate on-going revenues for the company.Sina.com is the most established Chinese news and media website, with overone million registered users. Sina.com offers websites for Chinese in NorthAmerica, Taiwan, PRC and Hong Kong, as well as news, information on finance,life, shopping, chat, e-mail, games, horoscope and a search engine.
 China Finance Online Inc., based in the PRC, serves investors in China byproviding news, research reports, commentaries, streaming data, quotes of theChina's Stock Market. Their principal website is www.jrj.com.cnwith over 1 Million paid subscribers. 
Additionally, our competition with respect to user traffic, ease of use andfunctionality also include Chinese language based web search and retrievalcompanies such as Yahoo! China, Sina.com, Netease, Sohu, Shanghai Online,ChinaByte and Netvigator (which is owned by PCCW). Our competition with respectto strategic expertise, technical knowledge and problem solving skills for webdesign include, as well as many unknown smaller companies who may offer thisservice, Internet integrators and website design and development companies suchas  iXL Inc., Modem Media, Proxicom, Inc., One to One Media Limited, EurekaDigital Limited, Dragon Creative International and Core Solutions Limited.

Our competitors may be able to undertake more extensive marketing campaigns,adopt more aggressive pricing policies and make more attractive offers toqualified personnel, distribution partners, advertisers and content providers.Further, ISP's, web browsers and web content providers may be perceived byadvertisers as having more desirable websites for placement of advertisements.Additionally, some or all of these competitors may develop web search andretrieval services that are equal or superior to those we offer our users andmay achieve greater market acceptance than our offerings in the area ofperformance, ease of use and functionality. 
**Intellectual Property, Government Approvals and Regulations**
Our application technology is not protected by any patents or copyrights nordo we intend to seek any such protection. Without patent or copyrightprotection, we may not be able to prevent duplication or use of our technologyby competitors.
**C. Organizational Structure
Chinese WorldNet.com Inc.

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NAI Interactive    Ltd.

100%

 
Chinese    WorldNet.com (HK) Ltd.

99%****
ChineseWorldNet.Com Inc. was incorporated under the *Company Law* (1998revision) of the Cayman Islands on January 12, 2000. Our principal executive andregistered office is located at Appleby Spurling Hunter Group, Clifton House,P.O. Box 1350, Grand Cayman, Cayman Islands. Our North American office andprincipal place of business is located at Suite 510 - 1199 West Pender Street,Vancouver, British Columbia, Canada V6E 2R1.

Currently, CWN is a holding company which owns 100% of NAI Interactive Ltd.("NAI") and 99% of Chineseworldnet.com (HK) Limited ("CWNHK"). Our portalbusiness is operated under CWN with our associated brand, ChineseWorldNet.comand website www.chineseworldnet.com, while our IR/PR business is operatedunder NAI. In addition, NAI employees are engaged to build thewww.chineseworldnet.com website including our content for CWN.

NAI is a British Columbia company incorporated on November 13, 1998. Weacquired NAI on January 15, 2000 from Ms. Tin Yee Lau, the wife of our Presidentand Chief Executive Officer, Mr. Joe Tai, for a purchase price of 112,500 of ourcommon shares valued at $5,625. NAI's head office is located at #510-1199 WestPender Street, Vancouver, B.C., V6E 2R1.

("CWNHK") is a Hong Kong company incorporated on December 22, 1999. CWNHK is99% owned by us with 1% owned by one of our directors. Since June 2004, CWNHK'soffice has been located to Room 1101, St.George's Building, 2 Ice House StreetCentral, Hong Kong. CWNHK provides us with****a local operation base forCWN's penetration and expansion plans in the Asian market. 

At December 31, 2004, we had a total of 12 employees, all full-timeemployees, of which 11 are employees of NAI. Our President and CEO is the onlyemployee directly hired by CWN. All employees are located in the Vancouveroffice in Canada.

As part of our proposed expansion into Asia, on October 13, 2000, wepurchased 100,000 common shares in the capital of Technology City HoldingsLimited ("TCHL"), a Hong Kong incorporated company, representing 4.167% of thethen issued and outstanding shares of TCHL, for US$100,000. TCHL is amulti-media, Internet-based financial information provider focusing on listedsecurities in Hong Kong. The purpose of this investment was to provide contentsupply from TCHL to the www.chineseworldnet.com website. This includes marketand content information focusing on public companies listed on the GEM in HongKong. On December 31, 2002, we determined that the recovery of the investment inrelation to future projected cash flows from the investment in TCHL was doubtfuland there was no market available to liquidate the subscribed shares. Wetherefore wrote down the value of our investment to a nominal value of $1.

On November 2, 2000, we completed a private placement with certainindividuals who purchased 2,000,000 of our common shares at a price of $0.40 percommon share for gross proceeds of $800,000. The proceeds from this privateplacement were used for general working capital purposes. On May 31, 2004, weraised $150,000 through issuing 3 year, 5% convertible debentures. 

On October 29, 2004, we issued 200,000 new shares to acquire the remainingassets of TCHL, which included HK$540,000 in cash and equipment, from MarrickInvestments Limited. Marrick Investments Limited nominated

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its sister company, Datacom Venture Limited to be the record owner the shares. Datacom Venture is amajority shareholder of ChineseWorldNet.com. See Item 7 - Major Shareholders andRelated Party Transactions. 
**D. Property, Plants and Equipment**
We do not own any real property. As of December 31, 2004 we owned $15,190 incomputer equipment and computer software and $7,231 in office furniture. We havea lease agreement for the Vancouver office (Address: #510 - 1199 West PenderStreet, Vancouver, British Columbia, Canada V6E 2R1). There is no lease for theToronto office because we rent space at a business center.
**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**
This discussion and analysis is of our operating results and our financialposition for the fiscal years ended December 31, 2004, 2003 and 2002, and shouldbe read in conjunction with the Consolidated Financial Statements and therelated Notes thereto provided at Item 17.
**A.         Results of Operations
             Years Ended December 31, 2004, 2003 and 2002

For the year ended December 31, 2004, net loss was $95,946 on revenue of$487,710. Overall, revenues in 2004 increased 97% from 2003 levels, while thenet loss was reduced from $163,313 in 2003 to $95,946.   For the yearended December 31, 2003, net loss was $163,313 on revenue of $247,293. Overall,revenues in 2003 increased slightly from 2002 levels, while the net loss wasnarrowed from $367,690 in 2002 to $163,313. Although the overall market improvedin 2003, the markets were still quite weak.

Better economic conditions have increased revenues derived from listed publiccompanies such as Banner Advertisements, Chinese Webpage Design and Hosting,Online Marketing Service, Miscellaneous IR/PR Service, and Investment Seminars.In 2004, we held one Investment Conference (part of Investment Seminars) whichaccounted for 36% of our total revenues. With the improvement of the overallmarkets and our core services, we took on fewer non-core service projects suchas Computer Consultation Services, which we had relied upon for additionalrevenue in 2002.

Our financial portal business continues to generate revenue at theend of 2002, and in 2003 it was able to generate $14,855 or 6% of revenues. 2003was the first complete year for our CWN Membership, Online Services and we arepleased with the results. Our financial portal business continues to generaterevenue in 2004 at $15,279 or 3% of revenues. 2004 was the first complete yearfor our CWN Membership Online Services. We anticipate that this revenues sourcewill continue to grow. 

In 2004, we published Mining Investment Guide, Vol. 2, which contributed to$63,591 of revenues, representing a 556% increase from 2003.

We terminated our financial newspaper in May 2003 which led to decreasedrevenues from this item and a decrease in our expenses related to the printingand distribution of the newspaper. Our financial newspaper had been unprofitablesince inception, and we believed that it was time to stop this project. Therewas zero revenue in 2004.

The expenses for 2003 totalled $412,671, downsignificantly from $505,763 in 2002. The tight expense control is the maincontributor to decrease in net loss. Key items in cost cutting included a cut ofheadcount and termination of our financial newspaper in May 2003. Terminatingthe financial newspaper resulted in decreased printing costs from $63,127 in2002 to $12,682 in 2003 and also the termination of our part-time employee inToronto whose only responsibility was distributing the financial newspaper. Inaddition, provisions for bad and doubtful debts decreased by 74% to $4,467 as aresult of tighter controls.

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Total expenses for 2004 were $570,006, up from $412,670, or 38%, from 2003.Expenses related to the provision of services such as advertising costs, traveland entertainment, office and miscellaneous increased with increasing revenues.Advertising costs increased due to the two large scale investment conferencesheld during the year. 

We entered into an agreement with Goldpac Investment Partners Ltd ("Goldpac"),a company owned by Chi Cheong Liu, one of our officers and directors, wherebyGoldpac agreed to provide consulting services. For fiscal 2003 and 2002,respectively, $24,000 and $18,000 in expenses were accrued in consulting fees.See "Item 10 - Director's, Senior Management and Employees - Compensation".
    For year ending December 31,    2004     2003    Revenues       Banner Advertisement    $9,377      $7,818     Company Review, Company Newsletter    21,594     3,610    Chinese Webpage Design, Hosting and Maintenance    47,898     11,849    Computer Consultation Service    13,898     8,798    CWN Membership, Online Service    15,279     14,855    Online Marketing Service    13,881     36,460    Miscellaneous IR/PR Service    126,436     57,052    Investment Seminar    175,442     84,172    Financial Newspaper    0     12,939    Investment Guides    63,591     9,698    Interest    315     41    TOTAL REVENUE    $487,710      $247,293        Expenses       Advertising and promotion    $86,199      $41,050     Accounting and legal    24,989     12,112    Consulting     29,354     24,000    Depreciation    6,784     7,640    Non-cash compensation changes       Financial charges - related parties        Interest (imputed) - related parties    1,039     1,039    Incorporation costs       Office and miscellaneous    23,347     30,321    Printing    18,276     12,682    Provision for Bad and doubtful debts    26,458     4,467    Rent and operating costs    34,383     28,696    Salaries and benefits    261,491     225,880    Telephone    10,993     6,143    Travel and entertainment    42,227     18,640    TOTAL OPERATING EXPENSES    $570,006      $412,671        NET LOSS    ($95,946)     ($163,313)**Currency**
We maintain our accounting records in our functional currency of the U.S.dollar. We classify NAI, our Canadian subsidiary, as self-sustaining and use thecurrent rate method of translation. We translate our assets and liabilities atthe exchange rate prevailing as of the balance sheet date. Revenues and expensesare translated at the average exchange rate for the year. Foreign exchange gainsand losses are deferred and shown separately in shareholders' equity.

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We do not believe foreign currency fluctuations have a material impact on ourfinancial condition. We do not engage in foreign currency hedge transactions.
***Inflation***
We do not believe that inflation will have a material adverse effect on ourfinancial condition. Traditionally, the PRC and Canada have not been countriesthat experienced a substantial increase in inflation.
**B.     Liquidity and Capital Resources
As of December 31, 2004, we had cash and cash equivalents of $209,770 andworking capital of $194,436. We believe that there are sufficient cash reserves tosatisfy our cash requirements for the next 12 months. We anticipate thatadditional funds will need to be raised to further our expansion into Asia andfor acquisition purposes. We intend to raise such additional funds through debtor private placements of common shares. However, we may not be successful inraising capital through any private offering of our common shares. If we areunable to raise additional capital through a private placement offering, we willlikely seek financing from lending institutions, which also may not be availableto us. A lack of financing may require us to delay or abandon plans forexpansion or acquisitions. We do not have any existing banking relationship,line credit, or bank debt. 

There were no private placement or acquisitions completed in the year 2003.In 2004, we completed a private placement financing of $150,000 by issuing threeyear 5% convertible debentures. 
**C.    Research and Development, Patents and Licenses
        We are not engaged in research and development activities and have nopatents.
**D. Trend Information
A few favourable industry and economic trends  may in the future have amaterial impact on our revenues including: the general financial marketturnaround, which will increase demand for financial information services andspending on investor relations/public relations; increasing interest of Asiancompanies looking to enter North American financial markets; and the increasedattention to corporate governance and disclosure. We believe these trends maylead to an increase in demand for our services. However, the investorrelations/public relations area in Asia is still in its development stage, whichmay affect the launch of our company's investor relations/public relationsservices in Asia. Continued growth in China and interest in the Chinese marketsis key to our future profitability and to increasing revenues. There are noknown trends with relation to the production of our services.
**E.     Off-Balance Sheet Arrangements
        We do not have any off-balance sheet arrangements. 
**F.     Tabular Disclosure of Contractual Obligations
  *Payments due by period Contractual ObligationsTotalLess than 1 year1-3 years3-5 yearsMore than 5 years Long-Term Debt     Obligations             Capital (Finance) Lease     Obligations$150,000 $150,000 (private placement)  

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**        Operating Lease     Obligations$41,022$377 (car lease)$40,645 (office lease)   Purchase     Obligations             Other Long-Term     Liabilities             Total
$191,022$377$190,64500
 
**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES****A.     Directors and Senior Management
The following tables set forth all directors and executive officers of CWNand our subsidiary NAI as of December 31, 2004, and May 31, 2005, with eachposition and office held by them in CWN. Each director's term of office expiresat the next annual general meeting of shareholders. There were changes to thedirectors of CWN in fiscal year 2004: (a) Mr. Ken Cai resigned as Director inJanuary 2004, (b) Mr. Andy Siu Wing Lam was appointed as Director in March 2004,(c) Mr. Chi Cheong Liu resigned as Secretary in January 2004, (d) Ms. Karen Kwokwas appointed Interim Corporate Secretary in March 2004, (e) Ms. Karen Kwokresigned as Secretary in November 2004, and (f) Mr. Gilbert Chan was appointedCorporate Secretary in December 2004. 
**- Directors and Officers as of December 31, 2004
    Name    Age    Office Held Since    Position with CWN    Joe K.F. Tai    40    January 12, 2000    President, Chief Executive Officer and Director    Chi Cheong Liu (1)    45    January 12, 2000    Treasurer and Director    Chi Kong Liu(1)    43    January 12, 2000    Director    Andy S.W. Lam(2)    55    March 8, 2004    Director    Gilbert Chan    29    December 1, 2004    Secretary**
(1) Two of our Directors, Chi Cheong Liu and Chi    Kong Liu are brothers. There are no other family relationships between our    directors and executives.

(2) Andy Siu Wing Lam was appointed as a                  Director in March 2004.

(3) Gilbert Chan was appointed Corporate                  Secretary in December 2004.
**- Directors and Officers as of May 31, 2005
    Name    Age    Office Held Since    Position with CWN    Joe K.F. Tai    40    January 12, 2000    President, Chief Executive Officer and Director    Chi Cheong Liu (1)    45    January 12, 2000    Treasurer and Director    Chi Kong Liu(1)    43    January 12, 2000    Director    Andy S.W. Lam    55    March 8, 2004    Director    Gilbert Chan    29    Dec 1, 2004    Secretary**

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1) Two of our Directors, Chi Cheong Liu and Chi Kong Liu are brothers.There are no other family relationships between our directors and executives.
**NAI**
There were changes with respect to senior officers for NAI in 2004: (a) Mr.Edward Liu, our VP Editing resigned in February 2004, (b) Mr. Lixin Yang waspromoted to the post of VP Editing in March 2004; and (c) Ms. Karen Kwok joinedNAI on January 15, 2004 as VP, Business Development, (d) Mr. Michael Hui, our VPWebsite Development resigned in May 2004, and (e) Ms. Karen Kwok, our VPBusiness Development resigned in November 2004.
**- Directors and Officers as of December 31, 2004**    Name    Age    Position with NAI    Kelvin Szeto    43    President, Secretary and Director     Gilbert Chan    29    Vice President - Marketing and Project Development     Lixin Yang (1)    35    Vice President - Editing 
(1) Mr. Lixin Yang was appointed as Vice-President - Editing in March2004.
**- Directors and Officers as of May 31, 2005
    Name    Age    Position with NAI    Kelvin Szeto    44    President, Secretary and Director     Gilbert Chan    29    Vice President - Marketing and Project Development     Lixin Yang    35    Vice President - Editing **
The business background and principal occupations of CWN and NAI's officersand directors for the preceding five years are as follows:
**ChineseWorldNet.com Inc.
*Joe K. F. Tai 

Mr. Tai has served as President, Chief Executive Officer and a director ofCWN since January 12, 2000. Mr. Tai has 14 years of experience in internationalbusiness and for the past five years has also served as President of GoldpacInvestments Ltd., a venture capital company. Mr. Tai was also involved with astart-up of an international computer manufacturing company with their corporateoffice in Vancouver, British Columbia, sales office in Calgary, Alberta, andmanufacturing facilities in Hong Kong and PRC with annual sales exceeding Cdn$30million. In addition, Mr. Tai is a director of Aquasol Environtech Ltd. andTranzcom Security Networks Inc., a TSX Venture Exchange-listed company.
*** 

Chi Cheong Liu***
Mr. Liu has been a director of CWN since January 2000. Mr. Liu has served asPresident of Chigo Engineering Company, a security engineering firm, for thelast 17 years. In addition, Mr. Liu is also a venture capitalist specializing inbiotechnology and technology investments.

 

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*** 

Chi Kong Liu***
Mr. Liu has been a director of CWN since January 2000. Mr. Liu served asPresident and owner of S & B Trading Company Limited, a diamond and jewellerywholesaler. In addition, Mr. Liu is also a venture capitalist specializing inbiotechnology and technology investments.
*** 

Ken Z. Cai (Resigned in 2004)***
Dr. Cai was a director of CWN from March 30, 2000 to January 9, 2004. He hasserved as President, Chief Executive Officer and a director of Minco Mining andMetals Corporation since February 29, 1996 and a director of DragonPharmaceuticals Inc. Dr. Cai holds a Ph.D. in mineral economics from QueensUniversity in Kingston, Ontario, Canada. Dr. Cai, a Chinese national now livingin Canada, has 15 years experience in mineral exploration, project evaluation,corporate financing and company management. Dr. Cai has served as a director ofseveral publicly traded and private Canadian and Chinese companies. 
*** 

Andy S. W. Lam (Appointed in 2004)***
Mr. Lam was appointed director of CWN on March 8, 2004. Mr. Lam is currentlya director of CWNHK. Mr. Lam is a Justice of the Peace appointed by the HongKong Government. He is a successful businessman with over 19 years of experiencein strategic investment and planning. Mr. Lam has sat on the board of a numberof public listed companies and served on severalgovernment committees and tribunals in Hong Kong. Mr. Lam is a CPA and holds aMBA degree from Oklahoma City University. 
*** 

Karen Kwok (Appointed in Jan 2004 and Resigned in Nov 2004)***
Ms. Kwok was appointed Interim Corporate Secretary on March 8, 2004. She wasVice President, Business Development for CWN and NAI from January 2004 until herresignation in November 2004. Prior to joining CWN, Ms. Kwok was a sales &marketing executive for an international brokerage firm in Hong Kong. She holdsa Bachelor of Commerce from the University of British Columbia. She has passedall examinations for the Chartered Financial Analyst Program, and will beeligible for the CFA Charter upon completion of work experience requirements.
**NAI Interactive Ltd.
*Kelvin Szeto***
Mr. Szeto has served as NAI's President, Secretary and Director sinceNovember 13, 2001. Prior to the appointment as the President of NAI, Mr. Szetoserved as the Secretary, Director and Vice President Operation since January 12,2000. Mr. Szeto was involved in the start up of an international computermanufacturing company with our corporate office in Vancouver, British Columbia,sales office in Calgary, Alberta and manufacturing facilities in Hong Kong andPRC and annual sales exceeding Cdn$30 million.
*** 

Gilbert Chan***
Mr. Chan has acted as the Vice President -Marketing and Project Developmentfor NAI since June, 2000. Mr. Chan has extensive experience working as a projectmanager for different websites. Mr. Chan holds a Bachelor Degree in AppliedScience from University of British Columbia. 
*** 

Edward Liu (Resigned in 2004)***
Mr. Liu was Vice President, Editing of NAI from July 2001 to end of February2004. Mr. Liu has over 10 years investment experience in stocks, futures,derivatives. Prior to immigrating to Canada, Mr. Liu served as the GeneralManager of a large investment firm in China, and worked in the sales andinvestment departments. Mr. Liu graduated from Fudan University and BeijingUniversity with a Bachelors of Management, a Masters of Economics, and a PhD inFinance.
*** 

Michael Hui (Resigned in 2004)***
Mr. Hui served as Vice President - Website Development from October 1, 2001 -May 30, 2004. He joined NAI in November 2000. Mr. Hui has worked in websitedevelopment in both North America and Hong Kong since 1995 and holds a Bachelordegree in computer sciences from the University of British Columbia, Canada.
*** 

Karen Kwok (Appointed in Jan 2004 and Resigned in Nov 2004)***
Please refer to description under ChineseWorldNet.com Inc. above.

 

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*** 

Lixin Yang (Appointed in 2004)***
Mr. Yang was promoted to the position of VP - Editing of NAI on March 1,2004. Mr. Yang has been part of the Editing Department since June 2002. He isresponsible for content development and overseeing the Editing Department. Mr.Yang has over ten years working experience in commercial banking, investmentbanking and investment consulting fields in China and holds a MBA from VrijeUniversity Brussels, Belgium.
**B.     Compensation
The following table provides information regarding the direct or indirectremuneration paid during the 2004 fiscal year to the directors and officers ofCWN, including our subsidiaries, in office as of December 31, 2004:
              Annual Compensation    Name and Principal Position    YearSalary    Bonus    Other Annual Compensation                             Joe K. F. Tai    2004    Nil(1)    Nil    Nil    President, Chief Executive Officer and Director    Chi Cheong Liu     2004    Nil(1)    Nil    Nil    Secretary/ Treasurer and Director    Chi Kong Liu    2004    Nil    Nil    Nil    Director    Ken Cai (2)    2004    Nil    Nil    Nil    Director    Kelvin Szeto    2004    $19,564     Nil    Nil    President, Secretary and Director of NAI    Gilbert Chan    2004    $28,923     Nil    Nil    VP Marketing and Project Development of NAI    Michael Hui (3)    2004    N/A    Nil    Nil    VP Website Development of NAI    Edward Liu (4)    2004    N/A    Nil    Nil    VP Editing of NAI    Karen Kwok (5)    2004    $13,641     Nil    Nil    VP Business Development of NAI    Corporate Secretary    Lixin Yang (6)    2004    $21,148     Nil    Nil    VP Editing of NAI
 

(1) We have a consulting agreement with Goldpac Investment Partners Ltd.  for 2003 and 2004 for $24,000 per year. Goldpac Investment Partners Ltd. is a  company owned by Chi Cheong Liu, one of our directors and shareholders and Ms.  Tim Yee Lau who is the spouse of Joe Tai, our President and Chief Executive  Officer) 

(2) Mr. Cai resigned as a Director in January 2004.

(3) Mr. Hui resigned as Vice President of Website Development in May 2004.

(4) Mr. Liu resigned as Vice President of Editing in February 2004.

(5) Ms. Kwok resigned as Vice President Business Development & Corporate  Secretary in November 2004.

(6) Mr. Yang appointed Vice President Editing in March 2004.
**Pension Plans**
We do not provide retirement benefits for directors, seniormanagement or employees.

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**C.     Board Practices
Directors hold office for a term of one year or until the next annual meetingof shareholders at which directors are elected. All of the current directorshave served since January 12, 2000, other than Andy S.W. Lam****who wasappointed to the board in March 2004 following the resignation of Ken Cai inJanuary 2004. Our officers are appointed by the board and serve at the board'sdiscretion.

We have not entered into service contracts with any of our directors. We haveentered into consulting agreements with Goldpac Investments Ltd and GoldpacInvestment Partners Ltd., which are partially owned and wholly ownedrespectively by Mr. Chi Cheong Liu, one of our directors. Currently, we onlyhave one consulting agreement with Goldpac Investment Partners Ltd. in force.

As of December 31, 2004, we did not have either an AuditCommittee or a Compensation Committee. 
**D.     Employees
As of December 31, 2003, we had a total of 10 employees, all full-timeemployees, of which 9 are employees of NAI. Our President and Chief ExecutiveOfficer  is the onlyemployee directly hired by  CWN.   As of December 31, 2004, we had a total of 12 employees, all full-time, ofwhich 11 are employees of NAI. Our President and Chief Executive Officer is theonly employee hired by CWN. All 12 employees are located in our Vancouveroffice. There had been as many as 3 employees based in Toronto; however, sincethe end of 2002, we no longer have employees there. Our office in Toronto isbased out of a business centre where we can hold meetings when we travel toToronto. In 2005, with the increase of projects, we have hired additional staff,and there are currently a total of 14 employees.  There are currently nofull-time employees in Hong Kong.
**E.     Share Ownership of Directors and Senior Management
The following table sets forth certain information regarding the ownership ofour common shares as of May 31, 2005 by each of the directors and members ofsenior management in office as of December 31, 2004. The percentage owned isbased on 8,200,000 shares outstanding at the close of business on May 31, 2005.
**As at December 31, 2004
    Name and Title    Share Ownership    % Share Ownership    Joe Tai (1)    250,000    3.05%    President, CEO and Director    Ken Cai (2)    0    --    Director    Chi Cheong Liu    1,730,000    21.10    Director    Chi Kong Liu    570,000    6.95    Director    Lixin Yang (3)    10,000    0.12    Vice President, Editing of NAI    Michael Hui     0    --    Vice President, Website Development of NAI    Kelvin Szeto    150,000    1.83    President, Secretary and Director of NAI    Gilbert Chan    100,000    0.61    Vice President, Marketing and Project Development of NAI    Andy S.W. Lam (4)    0    --    Director    All Directors and Senior Management as a group    2,760,000    33.66%**      (1)  
Includes 112,500 common shares held by Ms. Tim    Yee Lau, spouse of Joe Tai, which was acquired in exchange for all issued    and outstanding shares of NAI Interactive Ltd.

 

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        (2)  Mr. Cai resigned as a Director in January 2004.(3)Mr. Lixin Yang was appointed Vice President,    Editing in March 2004.(4)Mr. Andy S. W. Lam was appointed Director in    March 2004**Stock Options**
We have not established a stock option plan for our directors, seniorofficers or employees, and we have not granted stock options, warrants, or othersimilar rights to any of our directors, senior management or employees. However,we may establish a stock option plan in the future.
**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS****A.     Major shareholders
The following table sets forth, as at May 31, 2005, certain information withrespect to the beneficial ownership of our common shares by each shareholderknown by us to be the beneficial owner of more than 5% of our outstanding commonshares. The percentage ownership is based on 8,200,000 shares outstanding at theclose of business on May 31, 2005. 

Unless otherwise indicated by footnote, we believe that the beneficial ownersof the common shares listed below, based on information furnished by suchowners, have sole investment and voting power with respect to such commonshares, subject to community property laws where applicable. Beneficialownership is determined in accordance with the rules of the United StatesSecurities and Exchange Commission and generally includes voting or investmentpower with respect to securities. We have no options or warrants outstanding.
**As at Dec 31, 2004
         Number of    Percentage of Shares    Name of Shareholder    Common Shares    Beneficially Owned (%)    Chi Cheong Liu
1,730,000
21.1    Goldpac Investment Partners Ltd.
1,000,000
12.2    Datacom Venture Limited (1)
600,000
7.32    Chi Kong Liu
580,000
7.07    Wai Yee Lai
580,000
7.07    Fong Szeto
570,000
6.95    Monica Law
570,000
6.95    Wai Mun Yeung
420,000
5.12
(1) 200,000 shares were issued to Datacom Ventures, which is the nominee forMarrick Investments, in connection with the purchase of the remaining assets ofTechnology City Holdings Ltd. 

During the past three fiscal years, there has not been any significant changein percentage ownership by any of the above major shareholders.

As far as is known to us, and except as disclosed herein, we are not directlyor indirectly owned or controlled by another corporation, by any foreigngovernment or any other person or entity.

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**United States Shareholders**
As of December 31, 2004, we had two registered shareholders with addresses inthe United States, holding less than 0.25% of the outstanding common shares. 
**B.         Related party transactions
In 2003, we accrued $24,000 in consulting fees to Goldpac Investment PartnersLtd., a company owned Chi Cheong Liu, one of our directors and greater than 5%shareholders. In 2002, we accrued $18,000 in consulting fees to GoldpacInvestment Partners Ltd. The accrued consulting fees for year 2002 and 2003were paid out at the end of fiscal year 2004.

In 2004, we renewed our consulting agreement with Goldpac Investment PartnersLtd. for the period January 1 - December 31, 2004. Goldpac Investment Partnerswill provide consulting advice in relation to corporate development, marketdevelopment and technical support for $2,000 per month, or $24,000 for the year.The accrued consulting fees in 2004 will be paid out at the end of fiscal year2005.

In 2003, we accrued imputed interest of $1,039 at an interestrate of 4% per annum on the amounts due to Goldpac Investment Partners Ltd. andMr. Douglas Liu, stockholders of the company. This interest is for a shareholder loan from NAI Interactive Ltd whenit was purchased by CWN in January 2000.****There is no immediate obligationfor the repayment of the loan. $879 was accrued at an interest rate of 4% perannum in the 2002 fiscal year.

None of our directors or senior officers and no associates oraffiliates of any of them is or has been indebted to us or our subsidiaries atany time. 
**C.     Interests of Experts and Counsel
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**ITEM 8. FINANCIAL INFORMATION****A.     Financial Statements
This Annual Report on Form 20-F includes our audited consolidated financialstatements for the years ended December 31, 2004, 2003 and 2002, including ourconsolidated balance sheets as of December 31, 2004 and 2003, and theconsolidated statements of loss and deficit for the years ended December 31,2004, 2003 and 2002, and the notes to those statements and the auditor's reportsthereon.

Legal Proceedings

We are not a party to any legal proceedings and are not aware of anycontemplated legal proceedings to which we may be a party.
**B.     Significant Changes
There have been no significant changes in our business in the period fromDecember 31, 2004 until the date of this document. 

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**ITEM 9. THE OFFER AND LISTING****A.     Offer and Listing Details
Our common shares are not listed for trading on any market or exchange;accordingly, we cannot provide historical high and low market prices for ourcommon shares.
**B.     Plan of Distribution
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**C.     Markets
Our common shares are not listed for trading on any market or exchange.
**D.     Selling Shareholders
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**E.     Dilution
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**F.     Expenses of the Issue
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**ITEM 10. ADDITIONAL INFORMATION****A.     Share Capital
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**B.     Memorandum and Articles of Association
There have been no changes to the Memorandum or Articles of Association, orCayman Islands Law with respect to rights and powers of directors andshareholders since our 20-F Registration Statement (SEC file no. 000-33051) wasfiled on July 3, 2002. Such discussion is hereby incorporated by reference intothis annual report.
**C.     Material Contracts
On June 24, 2003, we entered into a office lease agreementfor our current offices located at #510-1199 West Pender Street, Vancouver BCV6E 21. The term of the lease is for 3 years from August 2003. Monthly paymentsare CAD$3,683.17 plus applicable taxes. 

We also entered in an Exchange Agreement with MarrickInvestments in April 2004 to acquire the remaining assets of Technology CityHoldings Ltd. Under the agreement, we issued 200,000 new shares in October 2004to Datacom Venture Limited, nominee of Marrick Investments Ltd.

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Please see "Item 4 - Information on the Company" and theexhibits to this Annual Report. 

We have not entered into other materials contracts other thanin the ordinary course of business during 2004.
**D.     Exchange Controls
We are organized under the laws of the Cayman Islands. We do not believethere are any decrees or regulations under the laws of the Cayman Islandsapplicable to us restricting the import or export of capital or affecting theremittance of dividends or other payments to non-resident holders of our commonstock. There are no restrictions under CWN's Articles of Incorporation orMemorandum of Association or under Cayman Islands law as currently in effectthat limit the right of non-resident owners to hold or vote our common shares orto receive dividends thereon. There is uncertainty as to whether the Courts ofCayman Island would (i) enforce judgments of United States Courts obtainedagainst us or our directors and officers predicated upon the civil liabilityprovisions of the federal securities laws of the United States or (ii) entertainoriginal actions brought in Cayman Island Courts against us or such personspredicated upon the federal securities laws of the United States. There is notreaty in effect between the United States and Cayman Island providing for suchenforcement.
***Canadian Currency***
There is no law, governmental decree or regulation in Canada that restrictsthe export or import of capital or affects the remittance of dividends, interestor other payments to a non-resident holder of common shares other thanwithholding tax requirements. Any such remittances to Canadian residents aresubject to withholding tax. See "Taxation" below.

There is no limitation imposed by the laws of Canada or the charter or otherconstituent documents of CWN on the right of a non-resident to hold or vote thecommon shares, other than as provided in the *Investment Act*****(Canada)****(the "Investment Act"). The following discussion summarizes theprincipal features of the Investment Act for a non-resident who proposes toacquire the common shares.

The Investment Act generally prohibits implementation of a reviewableinvestment by an individual, government or agency thereof, corporation,partnership, trust or joint venture (each an "entity") that is not a "Canadian"as defined in the Investment Act (a "non-Canadian"), unless after review, theDirector of Investments appointed by the minister responsible for the InvestmentAct is satisfied that the investment is likely to be of net benefit to Canada.An investment in the common shares by a non-Canadian other than a "WTO Investor"(as that term is defined by the Investment Act, and which term includes entitieswhich are nationals of or are controlled by nationals of member states of theWorld Trade Organization) when CWN was not controlled by a WTO Investor, wouldbe reviewable under the Investment Act if it was an investment to acquirecontrol of CWN and the value of the assets of CWN, as determined in accordancewith the regulations promulgated under the Investment Act, was $5,000,000Canadian dollars or more, or if an order for review was made by the federalcabinet on the grounds that the investment related to Canada's cultural heritageor national identity, regardless of the value of the assets of CWN. Aninvestment in the common shares by a WTO Investor, or by a non-Canadian when CWNwas controlled by a WTO Investor, would be reviewable under the Investment Actif it was an investment to acquire control of CWN and the value of the assets ofCWN, as determined in accordance with the regulations promulgated under theInvestment Act was not less than a specified amount, which for 1996 was anyamount in excess of Cdn$168 million. A non-Canadian would acquire control of CWNfor the purposes of the Investment Act if the non-Canadian acquired a majorityof the common shares. The acquisition of one third or more, but less than amajority of the common shares would be presumed to be an acquisition of controlof CWN unless it could be established that, on the acquisition, CWN was notcontrolled in fact by the acquirer through the ownership of the common shares.

Certain transactions relating to the common shares would be exempt from theInvestment Act, including: (a) an acquisition of the common shares by a personin the ordinary course of that person's business as a trader or dealer insecurities; (b) an acquisition of control of CWN in connection with therealization of security granted for a loan or other financial assistance and notfor a purpose related to the provisions of the Investment Act; and (c) anacquisition of control of CWN by reason of an amalgamation, merger consolidationor corporate reorganization following which the ultimate direct or indirectcontrol in fact of CWN, through the ownership of the common shares, remainedunchanged.

- 43 -

Currently ninety percent of our operations are in Canadian dollars.
***Chinese Currency***
The Chinese currency is the Renminbi ("RMB"). It is not freely convertiblealthough the Chinese government has emphasized that full convertibility is thelong-term goal. Full convertibility, probably after some transitional period,will be a condition precedent to membership in the World Trade Organization, forwhich PRC has applied. The People's Bank of China, PRC's central bankingauthority, publishes the Renmini exchange rate against the U.S. dollar every daybased on the trading price between the two currencies of the previous day on theInter-Bank Foreign Exchange Market established in Shanghai in 1994. In addition,the People's Bank of China publishes the Renminbi exchange rates against othermajor foreign currencies. Designated banks participate on the Inter-Bank ForeignExchange Market through a computer network connected with major cities in thePRC.

Foreign exchange is administered by the State Administration of ForeignExchange ("SAFE"), and its local branch offices, all of which are subject to thesupervision of the People's Bank of China. SAFE has established regulationsrelating to outward remittance by foreign investors of their share of net profitor dividends and final repatriation of their investments, in foreign currency.Subject to payment of applicable taxes, foreign investors may remit out of PRC,in foreign exchange, profit or dividends derived from a source within PRC. Swapcentres have been established to assist foreign investment enterprises tobalance their foreign currency income and expenses by converting surplus localcurrency earnings into foreign exchange and vice versa without their having towait for central allocation. The central foreign exchange adjustment centre isin Beijing and other centres have been established in the coastal cities,Special Economic Zones and other major cities, municipalities and autonomousregions. Remittances by foreign investors of any other amounts (including, forinstance, principal and interest on debt and proceeds of sale arising from adisposal by a foreign investor of any of our or his investments in PRC) out ofPRC is subject to the approval of the SAFE.

We expect that once a subsidiary is established in the PRC, thirty percent ofour operations will be in RMB.
**E.     Taxation*Cayman Island Income Tax Consequences*
CWN is organized under the laws of Cayman Islands. At present, there is noCayman Islands profit tax, withholding tax, capital gains tax, capital transfertax, estate duty or inheritance tax payable by our United States shareholders,except shareholders ordinarily resident in the Cayman Islands. There iscurrently no reciprocal tax treaty between Cayman Islands and the United Statesregarding withholding taxes.
**F.     Dividends and Paying Agents
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**G.     Statement by Experts
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.
**H.    Documents on Display
Any documents referred to in this Annual Report on Form 20-Fmay be inspected at our principal office located at Suite 510 - 1199 West PenderStreet, Vancouver, British Columbia, Canada V6E 2R1 during normal businesshours.

- 44 -
**I.     Subsidiary Information
This item is not applicable.
**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKETRISK******
This item is not applicable.
**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITYSECURITIES******
This Report on Form 20-F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide any informationunder this item.

 
**PART II
**ITEM 13. DEFAULTS, DIVIDENDS ARREARS AND DELINQUENCIES****
There has not been a material default in the payment of principal, interest,a sinking or purchase fund instalment, or any other material default not curedwithin 30 days, relating to any indebtedness of us or any of our significantsubsidiaries. No payment of dividends is in arrears.
****ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITYHOLDERS AND USE OF PROCEEDS****
There has been no modification of the instruments definingthe rights of holders of any class of the Company's registered securities. Therehas been no modification or qualification of the rights evidenced by any classof the Company's registered securities by issuing or modifying any other classof securities. There are no assets securing any class of the Company'sregistered securities. There has been no change in the last financial year tothe trustee of the Company's registered securities.
****ITEM 15. CONTROLS AND PROCEDURES****
Disclosure Controls and Procedures. We performed an evaluation under thesupervision and with the participation of management, including our ChiefExecutive Officer/Chief Financial Officers, as of the end of the period coveredby this report, of our disclosure controls and procedures (as defined in Rules13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "ExchangeAct")). Based on this evaluation, we concluded our disclosure controls andprocedures are effective to ensure that information required to be disclosed inreports that we file or submit under the Exchange Act is recorded, processed,summarized and reported within the time periods specified in Securities andExchange Commission rules and forms and to ensure that information required tobe disclosed by us in the reports that we file under the Exchange Act isaccumulated and communicated to our management, including out principalexecutive officer and principal financial officer, as appropriate to allowtimely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

- 45 -

There were no changes in our internal control over financialreporting that occurred during the 2004 fiscal year that has materiallyaffected, or is reasonably likely to materially affect, our internal controlover financial reporting.
****ITEM 16A. AUDIT COMMITTEE FINANCIALEXPERT********
The Company's board of directors serves as its audit committee. The boardhas designated Mr. Andy S.W. Lam as its audit committee financial expert. Mr.Lam is an independent audit committee member, as defined by the rules of the NasdaqStock Market. 
****ITEM 16B. CODE OF ETHICS********
On October 29, 2004, the Company adopted a Code of Ethics(the "Code of Ethics"). A copy of our Code of Ethics is filed as an exhibit tothis Annual Report.
****ITEM 16C. PRINCIPAL ACCOUNTANT FEES ANDSERVICES********
          The following table sets forth the aggregate fees billed by our auditors,Moore Stephens Ellis Foster Ltd., for professional services rendered to usduring the past two fiscal years ended December 31, 2004 and 2003. Our Board ofDirectors has considered these fees and services and has determined that theprovision of these services is compatible with maintaining the independence ofthat firm.
 
Year Ended    December 31, 2004

Year Ended    December 31, 2003
Audit Fees (1)
$10,000
$8,994Audit-Related Fees (2)
$0
$0Tax Fees (3)
$0
$0All Other Fees 
$0
$0
Totals
$10,000
$8,994
 
    (1)    "Audit Fees" represent fees for the audit of our annual financial    statements, review of our interim financial statements and review in    connection with our statutory and regulatory filings.    (2)    "Audit-Related Fees" represent fees for assurance and related services that    are related to the performance of the audit.    (3)    "Tax Fees" represent fees for tax compliance, tax advice and tax planning.****ITEM 16D. EXEMPTIONS FROM THE LISTINGSTANDARDS FOR AUDIT COMMITTEES****
Not applicable.
****ITEM 16E. PURCHASES OF EQUITYSECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS****

- 46 -

Neither the Company, nor any affiliated purchaser of theCompany, has purchased any of the Company's securities during 2004.

- 47 -
******PART III
**ITEM 17. FINANCIAL STATEMENTS****
All financial statements herein are stated in accordance withaccounting principles generally accepted in the United States. The followingFinancial Statements pertaining to our consolidated financial statements arefiled as part of this Annual Report:
         Page #    Report of Independent Accountants    F-2    Year-end Consolidated Balance Sheet as of December 31, 2004 and 2003    F-3    Year-end Consolidated Statements of Stockholders' Equity for the years ended    December 31, 2004 and 2003    F-4 to F-5    Year-end Consolidated Statements of Operations for the years ended December    31, 2004 and 2003    F-6    Year-end Consolidated Statements of Cash Flows for the years ended December    31, 2004 and 2003    F-7    Notes to Consolidated Financial Statements    F-7 to F-17** 
**ITEM 18. FINANCIAL STATEMENTS****
We have elected to provide financial statements pursuant to "Item 17 -Financial Statements and Exhibits."

 
****ITEM 19. EXHIBITS**    Exhibit No.         Document Description    1    (1)    Articles of Association, Memorandum of Association and Certificate of    Incorporation of CWN    2    **    Form of Convertible Debenture dated May 31, 2004    4(b)1    (1)    Content Partnership Agreement between NAI and Yahoo! Holdings (Hong Kong)    Limited, dated January 1, 2001.    4(b)2    (1)    Partnership Agreement between CWN and ALPHATRADE.COM, dated April 16, 2002.    4(b) 3    **    Content Partnership Agreement with PR Newswire dated May 1, 2004    4(b) 4    **    On-Line Content Partnership Agreement with Tanrich Financial Management Ltd.    dated July 12, 2004**

- 48 -
**4(b).5    **    Consulting Agreement between CWN and Goldpac Investment Partners Ltd. dated    January 1, 2003.     4(b).6    **    Consulting Agreement between CWN and Goldpac Investment Partners Ltd. dated    January 1, 2004.     4(b) 7    **    Lease Agreement dated July 25, 2003 between Wertman Development Corporation    and NAI     4(b) 8    **    Exchange Agreement between CWN and Marrick Investments Ltd.    8    **    List of Subsidiaries    11.1    **    Code of Ethics    12.1    **    Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under    the Securities Exchange Act of 1934    12.2    **    Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under    the Securities Exchange Act of 1934    13.1    **    Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under    the Securities Exchange Act of 1934    13.2    **    Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under    the Securities Exchange Act of 1934
 
**        Filed herewith
        (1)
 Incorporated by reference to Exhibits of Registrant's Registration Statement onForm 20-F (file no. 000-33051) filed on Jul 3, 2002.

SIGNATURES 

The registrant hereby certifies that it meets all of the requirements forfiling on Form 20-F, and that it has duly caused and authorized the undersignedto sign this annual report on its behalf.

 

Date: June 30, 2005 
** 
**ChineseWorldNet.com Inc.,    a Cayman Islands Corporation**   /s/*Joe Kin Foon Tai*     JOE KIN FOON TAIPresident, Chief Executive Officer and Director** 

 

CHINESEWORLDNET.COM INC. 

& SUBSIDIARIES

Consolidated Financial Statements**(Expressed in U.S. Dollars)
DECEMBER 31, 2004 AND 2003****INDEX**
Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets

Consolidated Statements of Stockholders' Equity

Consolidated Statements of Operations 

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements
** 
****MOORE STEPHENS

 

ELLIS FOSTER LTD.**
    CHARTERED ACCOUNTANTS

 

1650 West 1st Avenue

Vancouver, BC Canada V6J 1G1

Telephone: (604) 734-1112 Facsimile: (604) 714-5916 

E-Mail: generaldelivery@ellisfoster.com

Website: www.ellisfoster.com
     
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF**
**CHINESEWORLDNET.COM INC. & SUBSIDIARIES**
We have audited the consolidated balance sheets of **Chineseworldnet.com Inc. & Subsidiaries** ("the Company") as at December 31,2004 and 2003, and the related consolidated statements of stockholders' equity,operations and cash flows for each of the three years in the period endedDecember 31, 2004. These financial statements are the responsibility of theCompany's management. Our responsibility is to express an opinion on theseconsolidated financial statements based on our audits.

We conducted our audits in accordance with standards of thePublic Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform an audit to obtain reasonable assurance whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

In our opinion, these consolidated financial statementspresent fairly, in all material respects, the financial position of the Companyas at December 31, 2004, and 2003 and the results of its operations and its cashflows for each of the three years in the period ended December 31, 2004 inconformity with generally accepted accounting principles in the United States ofAmerica.
**Vancouver, Canada * *

* "MOORE STEPHENS ELLIS FOSTER LTD."*
    March 28, 2005
 Chartered Accountants
  ****** 
**MSEF*Apartnership of incorporated professionals
An independently owned and operated member of Moore Stephens North AmericaInc., a member of Moore Stephens International Limited

- members in principal cities throughout the world*

**CHINESEWORLDNET.COM INC. & SUBSIDIARIES**
Consolidated Balance    SheetsDecember 31, 2004    and 2003**(Expressed in U.S. Dollars)**  2004 2003**ASSETS****Current assets**
Cash and cash    equivalents
$
209,770
$
265,349
Available for sales    securities (Note 3)
1,559
3,835
Accounts receivable    (less allowance for doubtful 
     accounts of    $63,088 and $28,140, respectively)
34,844
32,929
Share subscription    receivable
63,907
-
Prepaid expenses and    deposits  
4,122 
4,563**Total current    assets**
314,202
306,676**Investment in    Technology City Holdings Limited**(Note 4)
-
1**Equipment** (Note 5) 
22,421 
23,272**Total assets**
$
336,623
$
329,949**LIABILITIES****Current    liabilities**
Accounts payable and accrued    liabilities
$
55,761
$
31,290
Due to related parties,    non-interest bearing
51,835
180,123
Deferred revenue 
12,170 
28,430**Total current    liabilities**
119,766
239,843**Convertible    debentures**(Note 6) 
150,000 
-**Total liabilities** 
269,766 
239,843**Commitments**    (Note 9)**STOCKHOLDERS'    EQUITY****Share capital**
Authorized: 
  100,000,000,000    common shares with a par value 
    of $0.001 per share
Issued and    outstanding:
  8,200,000 common    shares 
8,200
8,000**Additional    paid-in capital**
1,194,166
1,126,865**Accumulated other    comprehensive income**
19,447
14,251**(Deficit)** 
(1,154,956) 
(1,059,010)**Total    stockholders' equity** 
66,857 
90,106**Total liabilities    and stockholders' equity**$
336,623
$
329,949**The accompanying    notes are an integral part of these financial statements.**

     

**CHINESEWORLDNET.COM INC. & SUBSIDIARIES**
                                   Compre-      other      Total         Additional      hensive      Retained      compre-     Stock-     Common stock     paid-in      income     earnings      hensive      holders'          Shares          Amount          capital          (loss)          (deficit)    income (loss)         equity                               Balance, December 31, 2000    6,000,000    $    6,000    $    1,095,961    $    -    $    (336,867)    $    651    $    765,745                 Issued 2,000,000 common shares                (previously allotted) on February 5, 2001    2,000,000     2,000     (2,000)     -     -     -     -                  Forgiveness of consulting fees owed to                 a company related to a director and                significant shareholder    -      -      30,000     -     -     -     30,000                 Imputed interest on amounts due to                 related parties       986     -     -     -     986                 Components of comprehensive income (loss):              - net (loss) for the year    -      -      -      (191,140)     (191,140)     -     (191,140)     - foreign currency translation adjustment    -      -      -      5,773     -     5,773     5,773     - change in net unrealized loss on available                  for sale securities    -          -          -          (569)         -         -569         (569)                 Comprehensive income (loss)       $    (185,936)                       Balance, December 31, 2001    8,000,000         8,000         1,124,947           (528,007)         5,855         610,795                              The accompanying notes are an integral part of these    financial statements.        
     

**CHINESEWORLDNET.COM INC. & SUBSIDIARIES**
                  Consolidated Statements of Stockholders' Equity           Page 2 of 3    (Expressed in U.S. Dollars)                                                                    Accumulated             Compre-      Other      Total         Additional      hensive      Retained      compre-     Stock-     Common stock     paid-in      income     earnings      Hensive      holders'          Shares          Amount          capital          (loss)          (deficit)    income (loss)         equity                               Balance, December 31, 2001    8,000,000    $    8,000    $    1,124,947    $    -    $    (528,007)    $    5,855    $    610,795                 Imputed interest on amounts due to                 related parties    -      -      879     -     -      -     879                 Components of comprehensive income (loss):              - net (loss) for the year    -      -      -      (367,690)     (367,690)     -     (367,690)     - foreign currency translation adjustment    -      -      -      532     -      532     532     - change in net unrealized loss on available                  for sale securities    -          -          -          (30)         -          (30)         (30)                 Comprehensive income (loss)       $    (367,188)                       Balance, December 31, 2002    8,000,000     8,000     1,125,826       (895,697)     6,357     244,486                 Imputed interest on amounts due to                 related parties    -      -      1,039     -     -      -     1,039                 Components of comprehensive income (loss):              - net (loss) for the year    -      -        (163,313)     (163,313)     -     (163,313)     - foreign currency translation adjustment    -      -        8,216     -      8,216     8,216     - change in net unrealized loss on available                  for sale securities    -          -                    (322)         -          (322)         (322)                 Comprehensive income (loss)       $    (155,419)                       Balance, December 31, 2003    8,000,000         8,000         1,126,865       (1,059,010)         14,251         90,106                 The accompanying notes are an integral part of these    financial statements.        
 
****CHINESEWORLDNET.COM    INC. & SUBSIDIARIES**
    Consolidated Statements of Stockholders' Equity           Page 3 of 3    (Expressed in U.S. Dollars)                                                                    Accumulated             Compre-      other      Total         Additional      hensive      Retained      compre-     Stock-     Common stock     paid-in      income     earnings      hensive      holders'          Shares          Amount          capital          (loss)          (deficit)    income (loss)         equity                               Balance, December 31, 2003    8,000,000    $    8,000    $    1,126,865    $    -    $     (1,059,010)    $    14,251    $    90,106                 Issue 200,000 shares to Technology City for cash    200,000     200     66,194           66,394                 Imputed interest on amounts due to                 related parties       1,107           1,107                 Components of comprehensive income (loss):              - net (loss) for the year           (95,946)           (95,946)          (95,946)     - foreign currency translation adjustment             5,266             5,266           5,266      - change in net unrealized loss on available                  for sale securities                                      (70)                            (70)                  (70)                      $       (90,750)                       Balance, December 31, 2004    8,200,000    $    8,200    $    1,194,166       $      (1,154,956)    $    19,447    $    66,857             **The accompanying notes are an integral part of these financial statements.

**CHINESEWORLDNET.COM INC. & SUBSIDIARIES**
    Consolidated Statements of Operations **(Expressed in U.S. Dollars)**
** **
 
2004
 
2003
 
2002    **Revenue**
$    487,710 
$    247,293 
$    234,716 **Expenses**
    Advertising and promotion    86,199     41,050     16,596 
    Audit and legal    24,989     12,112     17,995 
    Consulting fees    29,354     24,000     18,000 
    Depreciation    6,784     7,640     8,758 
    Interest (non-cash imputed interest 
-    related parties)    1,107     1,039 879    
    Interest expense on long-term debt    4,398 --
    Office and miscellaneous    23,347     30,321     23,447 
    Printing    18,276     12,682     63,127 
    Provision for bad and doubtful debts    26,458     4,467     16,988 
Rent    and operating    34,383     28,696     34,603 
    Salaries and benefits    261,491     225,880     283,521 
    Telephone    10,993     6,143     6,790 
    Travel and entertainment
     42,227 
     18,640 
     15,059 **Total expenses**
     570,006 
     412,670 
     505,763 **Other income (loss)**
    Interest and sundry income376        1,691     6,124 
    Foreign exchange loss and other losses(15,988)(227)(2,768)
Gain (loss) on sale of available for sale    securities(252)600    -
    Recovery (write down) of investment
     2,214 
 -
 (99,999)**Other income (loss),** net
 (13,650)
     2,064 
 (96,643)**Net (loss) for the year**
$(95,946)
$(163,313)
$(367,690)**(Loss) per share**- basic and diluted
$
(0.01)
$
(0.02)
$
(0.05)**Weighted average number of****     common shares outstanding**         - basic and diluted
     8,004,384 
     8,000,000 
     8,000,000 **The accompanying notes are an integral part    of these financial statements.** 

**CHINESEWORLDNET.COM INC. & SUBSIDIARIES**    Consolidated Statements of Cash Flows**(Expressed in U.S. Dollars)**
** **
     2004
 2003    
 2002    **Cash flows from (used in) operating activities**Net    (loss) for the year
$(95,946)
$(163,313)
$(367,690)    Adjustment to reconcile net (loss) to 
net    cash used in operating activities:
-    depreciation     6,784     7,640     8,758 
-    interest (imputed) - related parties    1,107     1,039 879    
- interest accrued on loan from non-related    party    1,466 -    -
- loss (gain) on sale of available for sale    securities252    (536)-
-    write down (recovery) of investment(2,214)-    99,999 
    Changes in assets and liabilities
-    accounts receivable548        6,519     16,854 
-    prepaid expenses and deposits719        4,488 (1,964)
-    accounts payable and accrued liabilities    16,918 (10,606)(10,283)
-    income taxes --897    
-    deferred revenue
 (17,054)
 672    
     7,789 Net    cash used in operating activities
 (87,420)
 (154,097)
 (244,761)**Cash flows from (used in) financing    activities**
    Advances from related parties(27,068)    124,000     15,104 
    Advances from non-related parties
     55,659 
 -
 -Net    cash from financing activities
     28,591      124,000      15,104 **Cash flows from (used in) investing    activities**
    Purchase of equipment
(4,356)(1,467)(3,098)
    Proceeds on disposal of equipment
--39    
Proceeds on disposal of available for sale    securities-
     1,509 
 -Net    cash from (used in) investing activities
 (4,356)
 42    
 (3,059)**Foreign exchange loss (gain) on****     cash held in foreign currency**
     7,606 
     8,465 
 321    **Decrease in cash and cash equivalents**(55,579)(21,590)(232,395)**Cash and cash equivalents,** beginning of    year    265,349 
     286,939 
     519,334 **Cash and cash equivalents,** end of year
$    209,770 
$    265,349 
$    286,939 **Supplemental disclosure of cash flow    information:**Cash paid for interest, net of interest capitalized
$
-
$-
$-Cash    paid for income taxes
$
-
$-
$-**The accompanying notes are an integral part    of these financial statements.**
1.       Nature of Operations
The Company was incorporated under the laws of Cayman Islands on January    12, 2000. On January 15, 2000 the Company acquired 100% of the issued and    outstanding shares of NAI Interactive Ltd. ("NAI"), a company incorporated    under the laws of British Columbia, Canada. The Company also has a dormant    wholly-owned subsidiary ChineseWorldNet.com (HK) Limited incorporated under    the laws of Hong Kong.

The Company's business is to provide online internet services through its    Chinese world-wide website. The online internet services comprise banner    advertisements, web page hosting and maintenance, on line promotion for    customers, translation services, investment seminar, financial newspaper,    investment handbook and website contest event. These services are considered    as one segment based upon the Company's organizational structure, the way in    which these operations are managed and evaluated by management, the    availability of separate financial results and materiality considerations.
****2.      Significant Accounting Policies**Basis of Consolidation**
These consolidated financial statements have been prepared in        accordance with accounting principles generally accepted in the United        States of America and include the accounts of the Company and its wholly        owned subsidiaries. Significant inter-company accounts and transactions        have been eliminated.
**Use of Estimates**
The preparation of financial statements in conformity with generally        accepted accounting principles requires management to make estimates and        assumptions that affect the reported amount of assets and liabilities        and disclosure of contingent assets and liabilities at the date of the        financial statements and the reported amount of revenues and expenses        during the reporting period. Actual results could differ from those        estimates.
**Equipment**
Equipment is stated at cost, net of accumulated amortization.

Depreciation on equipment is provided on a declining-balance basis        over its expected useful lives at the following annual rates:
**Furniture and    fixtures
20%Computer    equipment
30%Computer    software
100%  ****2.      Significant Accounting Policies (continued)**
Cash Equivalents**
Cash equivalents usually consist of highly liquid investments which        are readily convertible into cash with maturity of three months or less        when purchased. 
**Foreign Currency Transactions**
The parent company and NAI maintain their accounting records in their        functional currencies of U.S. dollars and Canadian dollars,        respectively. They translate foreign currency transactions into their        functional currency in the following manner.

At the transaction date, each asset, liability, revenue and expense        is translated into the functional currency by the use of the exchange        rate in effect at that date. At the period end, monetary assets and        liabilities are re-evaluated into the functional currency by using the        exchange rate in effect at that date. The resulting foreign exchange        gains and losses are included in operations.
**Foreign Currency Translations**
Assets and liabilities of the foreign subsidiary (whose functional        currency is Canadian dollars) are translated into U.S. dollars at        exchange rates in effect at the balance sheet date. Revenues and        expenses are translated at the average exchange rates. Gain and losses        from such translations are included in stockholders' equity, as a        component of other comprehensive income.
**Advertising Expenses**
The Company expensed advertising costs as incurred. Advertising        expense for the year ended December 31, 2004, 2003 and 2002 were        approximately $86,199, $41,050, and $16,596 respectively.
**Income Taxes**
The Company has adopted Statement of Financial Accounting Standards        ("SFAS") No. 109, Accounting for Income Taxes, which requires the        Company to recognize deferred tax liabilities and assets for the        expected future tax consequences of events that have been recognized in        the Company's financial statements or tax returns using the liability        method. Under this method, deferred tax liabilities and assets are        determined based on the temporary differences between the financial        statement and tax bases of assets and liabilities using enacted tax        rates in effect in the years in which the differences are expected to        reverse. The effect on deferred income tax assets and liabilities of a        change in income tax rates is included in the period that includes the        enactment date.
****2.     Significant Accounting Policies (continued)**
Comprehensive Income

The Company has adopted the Statement of Financial Accounting        Standards No. 130 (SFAS 130), Reporting Comprehensive Income,        which establishes standards for reporting and display of comprehensive        income, its components and accumulated balances. The Company is        disclosing this information on its Statement of Stockholders' Equity.        The Company's comprehensive income (loss) consists of net earnings        (loss), foreign currency translation adjustments and unrealized gain        (loss) on available-for-sale securities.
**Financial Instruments and Concentration of Risks**
Fair value of financial instruments is made at a specific point in        time, based on relevant information about financial markets and specific        financial instruments. As these estimates are subjective in nature,        involving uncertainties and matters of significant judgement, they        cannot be determined with precision. Changes in assumptions can        significantly affect estimated fair values.

The carrying value of cash and cash equivalents, marketable        securities, accounts receivable, accounts payable and accrued        liabilities approximates the fair value because of the short-term nature        of these instruments. Management is of the opinion that the Company is        not exposed to significant interest, or currency risks arising from        these financial statements. 

The Company has cash and cash equivalents with various financial        institutions, which exceed insured limits throughout the year. The        Company is exposed to credit loss for amounts in excess of insured        limits in the event of non-performance by the institution. At December        31, 2004, the Company had cash on deposit of $129,215 (2003 - $128,164)        in excess of insured limits. However, the Company does not anticipate        non-performance.

Concentration of credit risk with respect to trade receivables are        limited due to the Company's' large number of diverse customers. The        Company does not require collateral or other security to support        financial instruments subject to credit risk.
**Available for Sale Securities**
Marketable securities are classified as available for sale securities        and are recorded at market value. Unrealized holding gains and losses on        available for sale securities are excluded from income and charged to        Accumulated other comprehensive income as a separate component of        stockholders' equity until realized.
**2.      Significant Accounting Policies (continued)

Revenue Recognition**
The Company follows guidance on revenue recognition as described in        United States Securities and Exchange Commission ("SEC") Staff Topic 13,        which includes interpretive guidance issued in Staff Accounting Bulletin        No. 101 ("SAB 101"), Revenue Recognition in Financial Statements,        issued by the staff of the SEC in December 1999 and SAB No. 104,        Revenue Recognition, issued by the staff of the SEC in December        2003, and the guidance set forth in the consensus reach by the Emerging        Issues Task Force ("EITF") on Issue 00-21 Revenue Arrangements with        Multiple Deliverables, which affect revenue arrangements entered        into in fiscal period beginning after June 15, 2003. The adoption of        EITF 00-21 does not have a material impact on the Company's financial        position or results of operations.

Revenue includes fees from banner advertisement, web page hosting and        maintenance, on-line promotion and translation services, advertising and        promotion fees for customers in the Company's Chinese financial        newspaper, sponsorship fees from investment seminars and forums. All        these revenues are generally recognized when all significant contractual        obligations have been satisfied and collection of the resulting        receivable is reasonably assured. Sales prices are fixed and        determinable at the time the contracts are signed and there are no        provisions for refunds contained in the contracts. Fees received in        advances and required continuing performance obligation are recognized        as revenue systematically over the period of services provided to        customers.
**Long-Lived Assets Impairment**
Long-term assets of the Company are reviewed for impairment whenever        events or changes in circumstances indicate that their carrying value        has become impaired, in accordance with the guidance established in        Statement of Financial Accounting Standards ("SFAS") No. 144,        Accounting for the Impairment or Disposal of Long-Lived Assets. An        impairment loss would be recognized when the carrying amount of an asset        exceeds the estimated undiscounted future cash flows expected to result        from the use of the asset and its eventual disposition. The amount of        the impairment loss to be recorded is calculated by the excess of the        asset's carrying value over its fair value. Fair value is generally        determined using a discounted cash flow analysis. 
****2.     Significant Accounting Policies (continued)**
Stock-based Compensation

The Company has adopted the fair value method of accounting for        stock-based compensation as recommended by the Statement of Financial        Accounting Standards No. 123 (SFAS 123), Accounting for Stock-based        Compensation. 

The Company did not grant any stock options during the fiscal years        2004, 2003 and 2002. The adoption of SFAS 123 does not have an impact on        the Company's financial statements.
**Accounting for Derivative Instruments and Hedging        Activities**
The Company has adopted the Statement of Financial Accounting        Standards No. 133 (SFAS 133), Accounting for Derivative Instruments        and Hedging Activities, which requires companies to recognize all        derivatives contracts as either assets or liabilities in the balance        sheet and to measure them at fair value. If certain conditions are met,        a derivative may be specifically designated as a hedge, the objective of        which is to match the timing of gain or loss recognition on the hedging        derivative with the recognition of (i) the changes in the fair value of        the hedged asset or liability that are attributable to the hedged risk        or (ii) the earnings effect of the hedged forecasted transaction. For a        derivative not designated as a hedging instrument, the gain or loss is        recognized in income in the period of change.

Historically, the Company has not entered into derivative contracts        either to hedge existing risks or for speculative purposes. The adoption        of SFAS 133 does not have an impact on the Company's financial        statements.
**Intangible Assets**
The Company adopted the Statement of Financial Accounting Standards        No. 142 (SFAS 142), Goodwill and Other Intangible Assets", which        requires that goodwill and intangible assets with indefinite life are        not amortized but rather tested at least annually for impairment.        Intangible assets with a definite life are required to be amortized over        its useful life or its estimated useful life.

The Company does not have any goodwill or intangible assets with        indefinite or definite life since inception.
**Earnings (Loss) Per Share**
Earnings (loss) per share is computed using the weighted average        number of common shares outstanding during the period. The Company has        adopted Statement of Financial Accounting Standards No. 128 (SFAS 128), Earnings Per Share. Diluted loss per share is equal to basic loss        per share because there is no potential dilutive securities.
****2. **     Significant Accounting Policies (continued)**
Accounts Receivable 

Accounts receivable are recorded at face value, less an allowance for        doubtful accounts. The allowance for doubtful accounts is an estimate        calculated based on an analysis of current business and economic risks,        customer credit-worthiness, specific identifiable risks such as        bankruptcies, terminations or discontinued customers, or other factors        that may indicate a potential loss. The allowance is reviewed on a        consistent basis to ensure that it adequately provides for all        reasonably expected losses in the receivable balances. An account may be        determined to be uncollectible if all collection efforts have been        exhausted, the customer has filed for bankruptcy and all recourse        against the account is exhausted, or disputes are unresolved and        negotiations to settle are exhausted. This uncollectible amount is        written off against the allowance.
**Deferred Revenue**
The Company defers revenue over the service period per contract        agreement and in case of subscriptions, over the subscription period.        
**New Accounting Pronouncements**
In April 2004, the EITF released Issue No. 03-06, Participating        Securities and the Two Class Method under SFAS No. 128, Earnings per        Share, which addressed a number of questions regarding the        computation of earnings per share by companies that have issued        securities other than common stock that contractually entitle the holder        to participate in dividends and earnings of the company when, and if, it        declares dividends on its common stock. It requires that undistributed        earnings for the period be allocated to a participating security based        on the contractual participation rights of the security to share in        those earnings as if all the earnings for the period had been        distributed in calculating earnings per share. EITF****Issue No. 03-06 is        effective for fiscal periods beginning after March 15, 2004. It requires        that prior period earnings per share amounts be restated to ensure        comparability year over year. The adoption of EITF Issue No. 03-06 did        not have an impact on the Company's financial statements.

In November 2004, the FASB issued SFAS No. 151, "Inventory Costs-an        amendment of ARB No. 43, Chapter 4", which is the result of the FASB's        project to reduce differences between U.S. and international accounting        standards. SFAS No. 151 requires idle facility costs, abnormal freight,        handling costs, and amounts of wasted materials (spoilage) be treated as        current-period costs. Under this concept, if the costs associated with        the actual level of spoilage or production defects are greater than the        costs associated with the range of normal spoilage or defects, the        difference would be charged to current-period expense, not included in        inventory costs. SFAS No. 151 will be effective for inventory costs        incurred during fiscal years beginning after June 15, 2005. The adoption        of SFAS No. 151 will not have a material impact on the Company's        financial statements.
****2. **     Significant Accounting Policies (continued)**
(t) New Accounting Pronouncements (continued)

In December 2004, the FASB issued SFAS No. 153, Exchanges of        Nonmonetary Assets, an amendment of APB No. 29, Accounting        for Nonmonetary Transactions. SFAS No. 153 requires exchanges of        productive assets to be accounted for at fair value, rather than at        carryover basis, unless (1) neither the asset received nor the asset        surrendered has a fair value that is determinable within reasonable        limits or (2) the transactions lack commercial substance. SFAS 153 is        effective for nonmonetary asset exchanges occurring in fiscal periods        beginning after June 15, 2005. The adoption of FASB No. 153 will not        have a material impact on the Company's financial statements. 
**Reclassifications**
Certain other reclassifications have been made to prior year's        consolidated financial statements to confirm the current year's        presentation.
****3.     Available for Sale Securities
Available for sale securities consists of marketable securities and are    summarized as follows:
** 
 
 

Cost
Gross

unrealized

gains
Gross

unrealized

losses
Accumulated

unrealized

losses
Market

value        December 31, 2002$ 2,511$ 117$ (716)$ (599)$ 1,912 Change during the year2,245581(903)(322)1,923 December 31, 2003$ 4,756$ 698$ (1,619)$ (921)$ 3,835 Change during the year(2,206)24(94)(70)(2,276) December 31, 2004$ 2,334$ 722$ (1,497)$ (775)$ 1,559** 

4.     Investment in Technology City Holdings  Limited
The Company subscribed 100,000 shares with a par value of $1 each for    $100,000 in a private company which was incorporated in the British Virgin    Islands operating a business in providing financial information on listed    securities in Hong Kong through internet and other peripheral media such as    paging and television. The 100,000 shares subscribed by the Company    represent 4.167% of the total issued share capital of the private company.    In 2002, the Company assessed that the recovery of the investment in    relations to the future projected cash flows from the investment is doubtful    and there is no market available to liquidate the above noted subscribed    shares. Therefore, pursuant to guidance established in Statement of    Financial Accounting Standards**("SFAS") No. 144, *Accounting for    the Impairment or Disposal of Long-lived Assets*, the investment was    written down to a nominal value of $1.

In 2004, the Company purchased the remaining asset in Technology City    Holdings Limited in exchange for 200,000 common shares of the Company for    US$69,282 (HK$540,000). A recovery of $2,887 was recognized for the    Company's portion of ownership in the investment and the balance of $66,194    was recorded in the paid in capital. US$69,282 was received subsequent to    the year-end.
********5.      Equipment
 
 
2004
2003 
 
Cost
Accumulated

amortization
Net book

value
Net book

value 
Furniture and fixtures
$ 16,900
$ 9,669
$ 7,231
$ 8,280 
Computer equipment
56,122
40,932
15,190
14,992 
Total
$ 73,022
$ 50,601
$ 22,421
$ 23,272** 

6.     Convertible Debentures
The convertible debentures were established with an investor and a    related company owned by a director as a working capital credit facility of    US$50,000 and US$100,000 respectively with advances secured by two    unregistered three-year convertible debentures, which are due on May 31,    2007. Simple interest accrues at 5% per annum on the amount of principal    outstanding. The debentures are convertible into common shares of the    Company upon the Company completing its registration statement with the    relevant securities commission. The amount of the debenture remaining    outstanding is convertible into one fully paid and non-assessable common    share of the Company at a price per share that is equal to the higher of: 1)    the 30-day closing average price of its common shares on its principal    market which shall initially be the****    OTC Bulletin Board discounted at 20%    calculated from the date the conversion notice is received by the Company,    or 2) US$0.60 per share, prior to maturity. 
At any time during the term of the debenture, should the common shares of    the Company trade for a period of 30 consecutive trading days at an average    closing price exceeding $0.80 per common share, the Company shall have the    option, exercisable by providing the subscriber with written notice, of    shortening the subscriber's right to convert the outstanding amount to a    period of thirty (30) days from the date of such notice. If the subscriber    does not exercise his right of conversion, the debenture will no longer be    convertible to common shares.

In accordance with EITF No. 00-27, *Application of Issue No. 98-5 to    Certain Convertible Instruments,* no beneficial conversion feature was    calculated on the issuance of the convertible debenture.
**7.       Income Taxes
The parent company is not subject to income taxes.        NAI has an estimated tax loss carryforward of $660,000, which will begin        to expire commencing 2007 to 2011.

Reconciliation of the applicable income tax rate        (36%) applied to pre-tax accounting (loss) compared to the expense        (benefit) for income tax in the consolidated statement of operations:
**          2004         2003         2002           Income tax (benefit) at the applicable rate    $      (4,900)     $       (49,000)     $       (105,000)    Adjustment resulting from:          - non-taxable income      -       -       -     - non-deductible loss      -       -       -     - unused tax loss carryforward      4,900       49,000       105,000          $              -      $                 -      $                  -**
The tax effect of temporary difference that give rise        to the Company's deferred tax assets are as follows:
**  2004 2003 2002       Estimated tax loss carryforward$     229,000 $     211,000 $     192,600 Less: Valuation allowance     (229,000)     (211,000)     (192,600) $                 - $                 - $                 -******8.      Related Party Transactions
In 2004, The Company accrued $24,000 (2003 - $24,000,        2002 - $18,000) in consulting fees to a company related to a director of        the Company. 

In 2004, The Company recorded imputed interest of        $1,107 (2003 - $1,039, 2002 - $879) at an interest rate of 4% per annum        on the advances from a stockholder and a director. 
**9.     Commitments
The Company has entered into operating leases for automobile and office    space. Minimum future rental payments under these leases are as follows:
** 
2005
$49,150 
2006
26,215 
 
$75,365************************************************************************************************************************************************************************ |
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