*Table        of Contents*

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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON      D.C. 20549**

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**FORM      10-Q**

| x | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

**      June 30, 2008**

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

**BROADWEBASIA,      INC.**

| **DELAWARE**                                                                                                     |   | **20-8383706**                                      |
|------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or Other Jurisdiction of Incorporation or Organization)                                    |   | (I.R.S.                Employer Identification No.) |
|                                                                                                             |   |                                                |
| **9255                Sunset Boulevard, Suite 1010****West                Hollywood, California**                |   |  **90069**                                     |
| (Address                of Principal Executive Offices)                                                          |   | (Zip                code)                           |
|                                                                                                             |   |                                                |
| **(310)                492-2255**Registrant’s                Telephone Number, Including Area Code         |
|                                                                                                             |
|                                                                                                   |
| (Former                Name, Former Address and Former Fiscal Year, if Changed Since Last                Report) |

| Large                Accelerated Filer                o | Accelerated                Filer o | Non-Accelerated                Filer                o |
|---------------------------------------------------------|-----------------------------------------|-------------------------------------------------------|

** **

| Large                accelerated filer                o | Accelerated                filer                o         |
|---------------------------------------------------------|-----------------------------------------------------------|
| Non-accelerated                filer                o   | Smaller                reporting company                x |

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*Table        of Contents*

Table      of Contents

|                        |                                                                                                                                                                                                                | **Page** |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| **PART                I.**  | **FINANCIAL                INFORMATION**                                                                                                                                                                            |     |
| **Item                1.**  | Financial                Statements (Unaudited)                                                                                                                                                                     |     |
|                        | Unaudited                Condensed Consolidated Balance Sheets - June 30, 2008                and December 31, 2007                                                                                                 | F-1      |
|                        | Unaudited                Condensed Consolidated Statements of Operations                and                comprehensive loss for the three-month and six-month periods ended                June 30, 2008 and 2007 | F-2      |
|                        | Unaudited                Condensed Consolidated Statement of Changes in                Stockholders’ Equity for the six-month periods ended June 30, 2008 and                2007                             | F-4      |
|                        | Unaudited                Condensed Consolidated Statements of Cash Flows for                the six-month periods ended June 30, 2008 and 2007                                                                      | F-5      |
|                        | Notes                to Unaudited Condensed Consolidated Financial                Statements                                                                                                                        | F-7      |
|                        |                                                                                                                                                                                                                |     |
| **Item                2.**  | Management’s                Discussion and Analysis of Financial Condition                and Results of Operations                                                                                           | 1        |
| **Item                3.**  | Quantitative                and Qualitative Disclosures About Market                Risk                                                                                                                            | 9        |
| **Item                4T**. | Controls                and Procedures                                                                                                                                                                              | 9        |
|                        |                                                                                                                                                                                                                |     |
| **PART                II.** | **OTHER                INFORMATION**                                                                                                                                                                                |     |
| **Item                2.**  | Unregistered                Sales of Equity Securities and Use of                Proceeds                                                                                                                           | 9        |
| **Item                3.**  | Defaults                Upon Senior Securities.                                                                                                                                                                     | 9        |
| **Item                4.**  | Submission                of Matters to a Vote of Security                Holders                                                                                                                                   | 10       |
| **Item                6.**  | Exhibits                                                                                                                                                                                                            | 10       |

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*Table          of Contents*

**PART      I - FINANCIAL INFORMATION**

**BroadWebAsia,      Inc.**

**Unaudited      Consolidated Balance Sheets**

|                                                             |   | Note   |                         | As                of,   |   |
|------------------------------------------------------------------|--------|--------|------------------------------|-------------------------|--------|
|                                                             |   |   |                         | June                30, |   | December                31, |   |
|                                                             |   |   |                         | 2008                    |   | 2007 |   |
| Assets                                                           |   |   |                    |                    |   | (Unaudited) |   |   |  |   |
| Current                assets:                                   |   |   |                    |                    |   |  |   |   |  |   |
| Cash                and cash equivalents                         |   |   |                         |                    | $      | 5,173 |   | $ | 42,444 |   |
|  Other                receivables, prepayments and deposits |   |   |                         |                    |   | 9,025 |   |   | 85,507 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Total                current assets                              |   |   |                         |                    |   | 14,198 |   |   | 127,951 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Property                and equipment, net                       |   |   |                         |                    |   | 20,863 |   |   | 22,575 |   |
| Intangible                assets, net                            |   |   |                         |                    |   | 20,820 |   |   | 22,733 |   |
| Goodwill                                                         |   |   |                         |                    |   | 140,073 |   |   | 140,073 |   |
| Interest                in an equity investee                    |   |   | 7                            |                    |   | 582,795 |   |   | 588,424 |   |
| Deferred                Expenses                                 |   |   |                         |                    |   | 1,253,627 |   |   | 1,093,377 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Total                assets                                      |   |   |                         |                    | $      | 2,032,376 |   | $ | 1,995,133 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Liabilities                and shareholders' deficit             |   |   |                         |                    |   |  |   |   |  |   |
| Current                liabilities:                              |   |   |                         |                    |   |  |   |   |  |   |
|  Short-term                loans                            |   |   | 3                            |                    | $      | 1,792,793 |   | $ | 1,352,892 |   |
|  Amount                due to stockholders                  |   |   | 4                            |                    |   | 4,847,496 |   |   | 4,508,492 |   |
| Amount                due to related parties                     |   |   | 4                            |                    |   | 40,710 |   |   | 35,653 |   |
| Other                payables and accrued expenses               |   |   |                         |                    |   | 1,856,727 |   |   | 1,425,495 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Total                current liabilities                         |   |   |                         |                    |   | 8,557,726 |   |   | 7,322,532 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Long-term                warrant liabilities                     |   |   |                         |                    |   | 3,079,316 |   |   | 389,846 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Total                liabilities                                 |   |   |                    |                    |   | 11,637,042 |   |   | 7,712,378 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| **Commitments                and Contingencies **           |   |   | 5                            |                    |   |  |   |   |  |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Shareholders'                deficit:                            |   |   |                    |                    |   |  |   |   |  |   |
| Ordinary                shares: par value $0.001 per share;      |   |   |                              |                    |   |  |   |   |  |   |
| Issued                and outstanding 83,112,381                 |   |   | 6                            |                    |   | 83,112 |   |   | 81,132 |   |
| Additional                paid-in capital                        |   |   | 6                            |                    |   | 1,980,122 |   |   | 641,133 |   |
| Accumulated                deficit                               |   |   | 6                            |                    |   | (11,275,680 | ) |   | (6,475,528 | ) |
| Accumulated                other comprehensive income            |   |   |                         |                    |   | 27,784 |   |   | 36,018 |   |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Total                shareholders' deficit                       |   |   |                         |                    |   | (9,184,666 | ) |   | (5,717,245 | ) |
|                                                             |   |   |                         |                    |   |  |   |   |  |   |
| Total                liabilities and shareholders' deficit       |   |   |                         |                    | $      | 2,032,376 |   | $ | 1,995,133 |   |

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Unaudited      Consolidated Statements of Operations and Comprehensive      loss**

|                                                           |   | For                the three months ended |       |
|----------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                           |   | June                30,                   |       | June                30, |   |
|                                                           |   | 2008                                      |       | 2007 |   |
|                                                           |   |                                      |       |   |   |
| Net                revenues                                    |   | $                                         | 350        |   | $ | 169 |   |
| Cost                of revenues                           |   |                                      | —    |   |   | — |   |
|                                                           |   |                                      |            |   |   |  |   |
| Gross                profit                                    |   |                                      | 350        |   |   | 169 |   |
|                                                           |   |                                      |            |   |   |  |   |
| Expenses                                                       |   |                                      |            |   |   |  |   |
| Selling                and marketing expenses                  |   |                                      | (40,000    | ) |   | (17,173 | ) |
| General                and administrative expenses             |   |                                      | (30,000    | ) |   | (298,171 | ) |
| Research                and development expenses               |   |                                      | (36,000    | ) |   | (900,000 | ) |
|                                                           |   |                                      |            |   |   |  |   |
| Total                operating expenses                        |   |                                      | (106,000   | ) |   | (1,215,344 | ) |
|                                                           |   |                                      |            |   |   |  |   |
| Operating                Loss                                  |   |                                      | (105,650   | ) |   | (1,215,175 | ) |
|                                                           |   |                                      |            |   |   |  |   |
| Loss                from equity investee                       |   |                                      | (28,993    | ) |   | — |   |
| Interest                expense                                |   |                                      | (2,896,443 | ) |   | — |   |
|                                                           |   |                                      |            |   |   |  |   |
| Loss                before income taxes and minority interests |   |                                      | (2,925,436 | ) |   | (1,215,175 | ) |
|                                                           |   |                                      |            |   |   |  |   |
| Income                taxes                                    |   |                                      | —    |   |   | — |   |
|                                                           |   |                                      |            |   |   |  |   |
| Loss                before minority interests                  |   |                                      | (2,925,436 | ) |   | (1,215,175 | ) |
|                                                           |   |                                      |            |   |   |  |   |
| Minority                interests                              |   |                                      | —    |   |   | 4,852 |   |
|                                                           |   |                                      |            |   |   |  |   |
| Net                loss                                        |   | $                                         | (2,925,436 | ) | $ | (1,210,323 | ) |
|                                                           |   |                                      |       |   |   |   |   |
| Foreign                currency translation                    |   |                                      | (8,234     | ) |   | — |   |
|                                                           |   |                                      |       |   |   |   |   |
| Comprehensive                loss                              |   |                                      | (2,933,670 | ) |   | — |   |
|                                                           |   |                                      |            |   |   |  |   |
| Loss                per share, basic and diluted               |   | $                                         | (0.04      | ) | $ | (0.02 | ) |
|                                                           |   |                                      |            |   |   |  |   |
| Weighted                average shares used in computation     |   |                                      |            |   |   |  |   |
| Basic                                                     |   |                                      | 83,112,381 |   |   | 80,609,252 |   |
| Diluted                                                   |   |                                      | 83,112,381 |   |   | 80,609,252 |   |

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*Table          of Contents*

**BroadWebAsia,        Inc.**

**Unaudited        Consolidated Statements of Operations**

|                                                             |   | For                  the six months ended |       |
|------------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                             |   | June                  30,                 |       | June                  30, |   |
|                                                             |   | 2008                                      |       | 2007 |   |
|                                                             |   |                                      |       |   |   |
| Net                  revenues                                    |   | $                                         | 480        |   | $ | 615 |   |
| Cost                  of revenues                           |   |                                      | -          |   |   | - |   |
|                                                             |   |                                      |            |   |   |  |   |
| Gross                  profit                                    |   |                                      | 480        |   |   | 615 |   |
|                                                             |   |                                      |            |   |   |  |   |
| Expenses                                                         |   |                                      |            |   |   |  |   |
| Selling                  and marketing expenses                  |   |                                      | (42,609    | ) |   | (17,356 | ) |
| General                  and administrative expenses             |   |                                      | (1,632,241 | ) |   | (409,134 | ) |
| Research                  and Development expenses               |   |                                      | (456,000   | ) |   | - |   |
|                                                             |   |                                      |            |   |   |  |   |
| Total                  operating expenses                        |   |                                      | (2,310,851 | ) |   | (426,670 | ) |
|                                                             |   |                                      |            |   |   |  |   |
| Operating                  Loss                                  |   |                                      | (2,130,370 | ) |   | (426,055 | ) |
|                                                             |   |                                      |            |   |   |  |   |
| Loss                  from equity investee                       |   |                                      | (57,986    | ) |   | - |   |
| Interest                  income /(expense)                      |   |                                      | (2,896,443 | ) |   | 35,395 |   |
|                                                             |   |                                      |            |   |   |  |   |
| Loss                  before income taxes and minority interests |   |                                      | (7,875,592 | ) |   | (385,529 | ) |
|                                                             |   |                                      |            |   |   |  |   |
| Income                  taxes                                    |   |                                      | -          |   |   | - |   |
|                                                             |   |                                      |            |   |   |  |   |
| Loss                  before minority interests                  |   |                                      | (7,875,592 | ) |   | (385,529 | ) |
|                                                             |   |                                      |            |   |   |  |   |
| Minority                  interests                              |   |                                      | -          |   |   | 4,852 |   |
|                                                             |   |                                      |            |   |   |  |   |
| Net                  loss                                        |   | $                                         | (7,875,592 | ) | $ | (380,677 | ) |
|                                                             |   |                                      |            |   |   |  |   |
|                                                             |   |                                      |            |   |   |  |   |
| Loss                  per share, basic and diluted               |   | $                                         | (0.09      | ) | $ | (0.03 | ) |
|                                                             |   |                                      |            |   |   |  |   |
| Weighted                  average shares used in computation     |   |                                      |            |   |   |  |   |
| Basic                                                       |   |                                      | 83,112,381 |   |   | 11,388,260 |   |
| Diluted                                                     |   |                                      | 83,112,381 |   |   | 11,388,260 |   |

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*Table            of Contents*

**BroadWebAsia,      Inc.**

**Unaudited      Consolidated Statements of      Shareholders’**

**Deficit      for the Six Month Ended June 30, 2008**

|                                                              |   |           |                         |                     |   |                    |   |                |                         | Accumulated                    |   |          |   |
|------------------------------------------------------------------------|--------|--------------------------|------------------------------|------------------------------------|--------|------------------------------|--------|------------------------------------|------------------------------|--------------------------------|--------|------------------------------|--------|
|                                                              |   |      |                         |                     |   | Additional                   |   |                     |                         | other                          |   | Total                        |   |
|                                                              |   | Ordinary Shares     |                         |                     |   | Paid-in                      |   | Retained                           |                         | comprehensive                  |   | shareholders’          |   |
|                                                    |   | Shares                   |                         | Amount                             |   | Capital                      |   | earnings                           |                         | income                  (loss) |   | deficit                      |   |
|                                                                   |   |                |                         |                          |   |                    |   |                          |                         |                      |   |                    |   |
| Balance                  as of January 1, 2008                    |   |                     | 81,131,688                   |                               | $      | 81,132                       |   | $                                  | 641,133                      |                           | $      | (6,475,528                   | )      | $ | 36,018 |   | $ | (5,717,245 | ) |
|                                                         |   |                     |                         |                               |   |                         |   |                               |                         |                           |   |                         |   |   |   |   |   |   |   |
| Issuance                  of ordinary shares in connection with   |   |                     |                         |                               |   |                         |   |                               |                         |                           |   |                         |   |   |   |   |   |   |   |
| Acquisition                  of net asset                         |   |                     | 3,800,000                    |                               |   | 3,800                        |   |                               | 6,787                        |                           |   | —                      |   |   | — |   |   | 10,587 |   |
| Cancellation                  of shares                           |   |                     | (2,000,000                   | )                                  |   | (2,000                       | )      |                               | (8,587                       | )                              |   | —                      |   |   | — |   |   | (10,587 | ) |
| Grant                  of restricted stock                        |   |                     | 155,693                      |                               |   | 156                          |   |                               | 3,726                        |                           |   | —                      |   |   | — |   |   | 3,882 |   |
| Grant                  of options                                 |   |                     | 25,000                       |                               |   | 25                           |   |                               | 1,337,062                    |                           |   | —                      |   |   | — |   |   | 1,337,087 |   |
| Foreign                  currency translation adjustment          |   |                     | —                      |                               |   | —                      |   |                               | —                      |                           |   | —                      |   |   | (8,234 | ) |   | (8,234 | ) |
| Net                  loss                                         |   |                     | —                      |                               |   | —                      |   |                               | —                      |                           |   | (7,875,592                   | )      |   | — |   |   | (7,875,592 | ) |
|                                                                   |   |                     | —                      |                               |   | —                      |   |                               | —                      |                           |   | —                      |   |   | — |   |   | — |   |
|                                                         |   |                     |                    |                               |   |                    |   |                               |                    |                           |   |                    |   |   |                    |   |   |   |   |
| Balance                  as of June 30, 2008                      |   |                     | 83,112,381                   |                               | $      | 83,112                       |   | $                                  | 1,980,122                    |                           | $      | (14,351,120                  | )      | $ | 27,784 |   | $ | (12,260,102 | ) |

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Unaudited      Consolidated Statements of Cash      Flows**

|                                                                        |   | For                the Three Months Ended |                                         |
|-----------------------------------------------------------------------------|--------|-------------------------------------------|----------------------------------------------|
|                                                                        |   | June                30,                   |                                         | June                30, |   |
|                                                                        |   | 2008                                      |                                         | 2007 |   |
| **Cash                flow from operating activities**:                     |   |                                      |                                              |   |   |  |   |
| **Net                cash used in operating activities**                    |   | $                                         | (144,000                                     | ) | $ | (1,115,298 | ) |
|                                                                        |   |                                      |                                              |   |   |  |   |
| **Cash                flows from investing activities**:                    |   |                                      |                                              |   |   |  |   |
| Payments                to acquire property and equipment                   |   |                                      | —                                      |   |   |   |   |
| Payments                to acquire equity investee                          |   |                                      | —                                      |   |   |     |   |
|                                                                        |   |                                      |                                              |   |   |  |   |
| **Net                cash used in investing activities**                    |   |                                      |                     |   |   |                     |   |
|                                                                        |   |                                      |                                              |   |   |  |   |
| **Cash                flows from financing activities**:                    |   |                                      |                                              |   |   |  |   |
| Increase                in short-term loan                                  |   |                                      |                                         |   |   | — |   |
| Amount                due to stockholders                                   |   |                                      |                                         |   |   | 1,280,330 |   |
| Amount                due to related parties                           |   |                                      | —                                      |   |   | 46,741 |   |
|                                                                        |   |                                      |                                              |   |   |  |   |
| **Net                cash provided by financing activities**                |   |                                      |                                         |   |   | 1,327,071 |   |
|                                                                        |   |                                      |                                              |   |   |  |   |
| Net                increase in cash and cash equivalents                    |   |                                      | (144,000                                     | ) |   | (88,419 | ) |
|                                                                        |   |                                      |                                              |   |   |  |   |
| Effect                of exchange rate changes on cash and cash equivalents |   |                                      |                                         |   |   | (4,382 | ) |
|                                                                        |   |                                      |                                              |   |   |  |   |
| Cash                and cash equivalents, beginning of year                 |   |                                      | 42,444                                       |   |   | 164,683 |   |
|                                                                        |   |                                      |                                              |   |   |  |   |
| Cash                and cash equivalents, end of year                       |   | $                                         | 5,173                                        |   | $ | 71,882 |   |

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*Table          of Contents*

**BroadWebAsia,        Inc.**

**Unaudited        Consolidated Statements of Cash Flows**

|                                                                          |   | For                  the Six Months Ended |     |
|-------------------------------------------------------------------------------|--------|-------------------------------------------|----------|
|                                                                          |   | June                  30,                 |     | June                  30, |   |
|                                                                          |   | 2008                                      |     | 2007 |   |
| **Cash                  flow from operating activities**:                     |   |                                      |     |   |   |
| **Net                  cash used in operating activities**                    |   | $                                         | (736,839 | ) | $ | (219,771 | ) |
|                                                                          |   |                                      |          |   |   |  |   |
| **Cash                  flows from investing activities**:                    |   |                                      |          |   |   |  |   |
| Payments                  to acquire property and equipment                   |   |                                      | (907     | ) |   |   |   |
| Payments                  to acquire equity investee.                         |   |                                      | -        |   |   |   |   |
|                                                                          |   |                                      |          |   |   |  |   |
| **Net                  cash used in investing activities**                    |   |                                      | (907     | ) |   | (34,851 | ) |
|                                                                          |   |                                      |          |   |   |  |   |
| **Cash                  flows from financing activities**:                    |   |                                      |          |   |   |  |   |
| Increase                  in short-term loan                                  |   |                                      | 300,000  |   |   | - |   |
| Amount                  due to stockholders                                   |   |                                      | 298,072  |   |   | - |   |
| Amount                  due to related parties                           |   |                                      | -        |   |   | - |   |
|                                                                          |   |                                      |          |   |   |  |   |
| **Net                  cash provided by financing activities**                |   |                                      | 598,072  |   |   | - |   |
|                                                                          |   |                                      |          |   |   |  |   |
| Net                  increase in cash and cash equivalents                    |   |                                      | (139,674 | ) |   | 185,461 |   |
|                                                                          |   |                                      |          |   |   |  |   |
| Effect                  of exchange rate changes on cash and cash equivalents |   |                                      | (31,597  | ) |   | 541 |   |
|                                                                          |   |                                      |          |   |   |  |   |
| Cash                  and cash equivalents, beginning of year                 |   |                                      | 42,444   |   |   | - |   |
|                                                                          |   |                                      |          |   |   |  |   |
| Cash                  and cash equivalents, end of year                       |   | $                                         | 5,173    |   | $ | 185,461 |   |

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*Table            of Contents*

**BroadWebAsia,      Inc.**

**Notes      to the Unaudited Consolidated Financial      Statements**

**For      the Three and Six Months Ended June 30, 2008**

**(In      U.S. dollars)**

**NOTE      1- ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES, GOING CONCERN AND      MANAGEMENT’S PLANS**

***Organization,      principal business activities and basis of      presentation***

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

**NOTE      1- ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES, GOING CONCERN AND      MANAGEMENT’S PLANS (Cont’d)**

***Organization,      principal business activities and basis of presentation      (Cont’d)***

*Basis      of Presentation*

***Derivatives***

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

***Goodwill***

***Impairment      of Intangibles and Goodwill***

***Fair      value measurements***

***Simplified      method for share option grants***

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

***Development      type agreements***

*      Research and Development Agreements*

***Going      concern and management’s plans***

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

**NOTE      2- NOTES RECEIVABLE**

|                                             |   | **As                of June 30** |      |
|------------------------------------------------------------|--------|----------------------------------|-----------|
|                                                       |   | **2008**                         |      |
| Note                A - Interest stated at 7.75% per annum |   | $                                | 1,150,000 |   |
| Note                B- Interest stated at 7.50% per annum  |   |                             | 220,000   |   |
| Note                C- Interest stated at 7.25% per annum  |   |                             | 460,000   |   |
| Note                D- Interest stated at 7.75% per annum  |   |                             | 120,000   |   |
| Note                E- Interest stated at 7.75% per annum  |   |                             | 436,000   |   |
| Note                F- Interest stated at 7.50% per annum  |   |                             | 50,000    |   |
| Note                G- Interest stated at 7.50% per annum  |   |                             | 677,000   |   |
| Note                H- Interest stated at 7.25% per annum  |   |                             | 390.000   |   |
| Note                I- Interest stated at 7.75% per annum  |   |                             | 50,000    |   |
| Note                J- Interest free                       |   |                             | 150,000   |   |
| Total                                                      |   | $                                | 3,508,000 |   |

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

----

*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

----

*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

**NOTE      3- SHORT TERM LOANS**

| **Creditor**                                                       |   | **Date**                        |   | **Principal** |      | **Interest** |   | **Unamortized****discount** |   | **Total** |               |
|--------------------------------------------------------------------|--------|---------------------------------|--------|---------------|-----------|--------------|--------|-----------------------------|--------|-----------|--------------------|
| (i)Lakewood                Group, LLC                              |   | September              12, 2007 |   | $             | 750,000   |         | $      | 60,985                      |   |      |                    |   | $ | 810,985 |   |
| (ii)J.M.                Mallick Revocable Trust                    |   | September              19 2007  |   |          | 50,000    |         |   | 1,725                       |   |      | (9,016             | ) |   | 42,709 |   |
| (iii)Europlay                Capital                               |   | December              19, 2007  |   |          | 600,000   |         |   | 34,216                      |   |      |                    |   |   | 634,216 |   |
| (iv)Various                lenders under a note purchase agreement |   | February              15, 2008  |   |          | 300,000   |         |   | 4,883                       |   |      |     |   |   | 304,883 |   |
| Total                                                              |   |                            |   | $             | 1,700,000 |         | $      | 101,809                     |   | $         | (9,016             | ) | $ | 1,792,793 |   |

**      .**

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

----

*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

*Accounting      for Certain Financial Instruments with Characteristics of both Liabilities      and      Equity”.*

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

**NOTE      4 AMOUNT DUE TO STOCKHOLDERS**

**NOTE      4 AMOUNT DUE TO RELATED PARTY**

** **

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

**NOTE      5- COMMITMENT AND CONTINGENCIES**

***Capital      Commitments***

***Operating      Leases***

| **Year                ending December 31** |   |   |    |
|--------------------------------------------|--------|--------|---------|
| 2008                                       |   | $      | 68,410  |   |
| 2009                                       |   |   | 36,252  |   |
| Total                                      |   | $      | 104,662 |   |

***Contingencies***

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

**NOTE      6- SHAREHOLDERS’ EQUITY**

***Executive      Stock Options***

***Consultant      Stock Options***

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*Table          of Contents*

**BroadWebAsia,      Inc.**

**Notes        to the Unaudited Consolidated Financial        Statements**

**For        the Three and Six Months Ended June 30, 2008**

**(In        U.S. dollars)**

***Issuance      of Ordinary Shares***

**Note      7 - INVESTMENT IN Shandong Yinguang:**

|                        |   | **As of and for the ****three months ****ended** |    | **As of and for the ****period from ****February 13, 2007 ****to** |   |
|-----------------------------|--------|-------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------|--------|
|                        |   | **June 30, 2008**                                                         |    | **June 30, 2007**                                                                                          |   |
| Revenues                    |   |                                                                                | 87,076  |                                                                                                                 |   | Nil |   |
| Gross                margin |   |                                                                                | 56,787  |                                                                                                                 |   | Nil |   |
| Net                loss     |   | $                                                                                   | (57,986 | )                                                                                                          | $      | Nil |   |

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*Table          of Contents*

----

----

**Item      2. Management’s Discussion and Analysis of Financial Condition      and Results of Operations.**

*This      discussion should be read in conjunction with our unaudited consolidated      financial statements included in this Quarterly Report on Form 10-Q and the      notes thereto, as well as the other sections of this Quarterly Report on Form      10-Q, our Annual Report for the year ended December 31, 2007 on Form 10-KSB      and      our Current Report on Form 8-K, dated February 12, 2008, in each case, as      amended from time to time including the “Certain Risks and Uncertainties” and“Description of Business” sections thereof. This discussion contains a number of      forward-looking statements, all of which are based on our current expectations      and could be affected by the uncertainties and risk factors described throughout      this Quarterly Report and in our Annual Report for the year ended December      31,      2007 on Form 10-KSB and our Current Report on Form 8-K, dated February 12,      2008,      in each case, as amended from time to time. Our actual results may differ      materially.*

**Overview**

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*Table          of Contents*

*Social      and Community Media Website*

*Search      Website*

**Results      of Operations**

|                                             |   | **Three Months Ended****June 30** |       |
|--------------------------------------------------|--------|--------------------------------------------------|------------|
|                                             |   | **2008**                                         |       | **2007** |   |   |   |
| Sales                revenue                     |   | $                                                | 350        |   | $ | 169 |   | $ |  |   |
| Cost                of sales                     |   |                                             | —    |   |   | — |   |   |  |   |
| Gross                profit                      |   |                                             | 350        |   |   | 169 |   |   |  |   |
| Expenses                                         |   |                                             |            |   |   |  |   |   |  |   |
| Administrative                expenses           |   |                                             | (30,000    | ) |   | (295,183 | ) |   |  |   |
| Amortization                and depreciation     |   |                                             |            |   |   | (2,988 | ) |   |  |   |
| Selling                expenses                  |   |                                             | (40,000    | ) |   | (17,173 | ) |   |  |   |
| Research                and Development Expenses |   |                                             | (36,000    | ) |   | (900,000 | ) |   |  |   |
| Total                expenses                    |   |                                             | (106,000   | ) |   | (1,215,344 | ) |   |  |   |
| Loss                from equity invested         |   |                                             | (28,993    | ) |   | — |   |   |  |   |
| Interest                expense                  |   |                                             | (2,896,443 | ) |   | — |   |   |  |   |
| Loss                before income taxes          |   |                                             | (2,925,436 | ) |   | (1,215,175 | ) |   |  |   |
| Minority                interests                |   |                                             | —    |   |   | 4,852 |   |   |  |   |
| Net                loss                          |   |                                             | (2,925,436 | ) |   | (1,210,323 | ) |   |  |   |

|                                               |   | **Six                  Months Ended****June                  30** |       |
|----------------------------------------------------|--------|-------------------------------------------------------------------|------------|
|                                               |   | **2008**                                                          |       | **2007** |   |   |   |
| Sales                  revenue                     |   | $                                                                 | 480        |   | $ | 615 |   | $ |  |   |
| Cost                  of sales                     |   |                                                              | -          |   |   | - |   |   |  |   |
| Gross                  profit                      |   |                                                              | 480        |   |   | 615 |   |   |  |   |
| Expenses                                           |   |                                                              |            |   |   |  |   |   |  |   |
| Administrative                  expenses           |   |                                                              | (1,632,241 | ) |   | (409,134 | ) |   |  |   |
| Amortization                  and depreciation     |   |                                                              | -          |   |   | - |   |   |  |   |
| Selling                  expenses                  |   |                                                              | (42,609    | ) |   | (17,356 | ) |   |  |   |
| Research                  and Development Expenses |   |                                                              | (456,000   | ) |   | - |   |   |  |   |
| Total                  expenses                    |   |                                                              | (2,310,851 | ) |   | (426,670 | ) |   |  |   |
| Loss                  from equity invested         |   |                                                              | (57,986    | ) |   | - |   |   |  |   |
| Interest                  expense                  |   |                                                              | (2,896,443 | ) |   | 35,395 |   |   |  |   |
| Loss                  before income taxes          |   |                                                              | (7,875,529 | ) |   | (385,529 | ) |   |  |   |
| Minority                  interests                |   |                                                              | -          |   |   | 4,852 |   |   |  |   |
| Net                  loss                          |   |                                                              | (7,875,529 | ) |   | (380,677 | ) |   |  |   |

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*Table          of Contents*

**Comparison      of the three months ended June 30, 2008 and June 30, 2007**

*Sales      Revenue.*

*Cost      of Sales.*

*Gross      Profit.*

*Administrative      Expenses.*

*Selling      Expenses.*

----

*Table          of Contents*

*Research      and Development Expenses.*

*Total      Expenses.*

*Loss      from Operations before Taxes.*

*Net      loss.*

**Liquidity      and Capital Resources**

**Cash      Flow**

|                                                                                              |   | **Three Months Ended** |     |
|---------------------------------------------------------------------------------------------------|--------|----------------------------------|----------|
|                                                                                              |   | **June 30, 2008**      |     | **June 30, 2007** |   |
| Net                cash provided by (used in) operating activities                                |   |                             | (144,000 | ) |   | (1,115,298 | ) |
| Net                cash provided by (used in) investing activities                                |   |                             |          |   |   | (300,192 | ) |
| Net                cash provided by (used in) financing activities                                |   |                             |          |   |   | 1,327,071 |   |
| Effect                of foreign currency translation on cash and cash                equivalents |   |                             |          |   |   | (4,382 | ) |
| Net                cash flow                                                                      |   |                             | (144,000 | ) |   | (92,801 | ) |

----

*Table          of Contents*

**Operating      Activities**

**Investing      Activities**

**Financing      Activities**

**Comparison        of the six months ended June 30, 2008 and June 30, 2007**

*Sales        Revenue.*

*Cost        of Sales.*

*Gross        Profit.*

*Administrative        Expenses.*

*Selling        Expenses.*

*Research        and Development Expenses.*

*Total        Expenses.*

*Loss        from Operations before Taxes.*

*Net        loss.*

**Liquidity        and Capital Resources**

**Cash        Flow**

|                                                                                                  |   | **Six                  Months Ended** |     |
|-------------------------------------------------------------------------------------------------------|--------|---------------------------------------|----------|
|                                                                                                  |   | **June                  30, 2008**    |     | **June                  30, 2007** |   |
| Net                  cash provided by (used in) operating activities                                  |   |                                  | (736,839 | ) |   | (1,115,298 | ) |
| Net                  cash provided by (used in) investing activities                                  |   |                                  | (907     | ) |   | (300,192 | ) |
| Net                  cash provided by (used in) financing activities                                  |   |                                  | 598,072  |   |   | 1,327,071 |   |
| Effect                  of foreign currency translation on cash and cash                  equivalents |   |                                  | (31,597  | ) |   | (4,382 | ) |
| Net                  cash flow                                                                        |   |                                  | (171,271 | ) |   | (92,801 | ) |

**Operating        Activities**

**Investing        Activities**

**Financing        Activities**

**Loan      Facilities:**

| **Lender**                                                     |   | **Date of Loan** |                              | **Maturity Date** |   | **Duration**                     |   | **Interest Rate** |                    | **Principal****Amount** |   |
|----------------------------------------------------------------|--------|----------------------------|-----------------------------------|------------------------|--------|----------------------------------|--------|------------------------|-------------------------|-------------------------|--------|
| Ron                Greenspan                                   |   |                       | September 14, 2007      |                   |   | September 13, 2008     |   |                   | 1                year   |                    |   | 18 | %   | $ | 50,000 |   |
| J.                M. Mallick Revocable Trust                   |   |                       | September                19, 2007 |                   |   | September                1, 2008 |   |                   | 1                year   |                    |   | 18 | % | $ | 50,000 |   |
| Various                Lenders under a Note Purchase Agreement |   |                       | February                15, 2008  |                   |   | August                13, 2008   |   |                   | 6                months |                    |   | 10%                to 18 | % | $ | 300,000 |   |
| **Total**                                                      |   |                       |                                   |                   |   |                                  |   |                   |                         |                    |   |  |   | **$** | **400,000** |   |

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*Table          of Contents*

|  | • | On                September 14, 2007, BroadWebAsia entered into an agreement with Ron                Greenspan, the father of Brad Greenspan, our Chairman and controlling                stockholder, for a secured note (the "Greenspan Note") in the principal                amount of $50,000. The interest on the aggregate outstanding principal                amount of the Greenspan Note accrues at a rate of 18% per annum,                payable                every two months in arrears, beginning on November 14, 2007 and the                loan                has a maturity date of September 13, 2008.  However, in an event of                default the principal and unpaid interest on the Greenspan Note will                bear                interest of 25% or the maximum rate authorized by applicable law. In                connection with advance of funds under the Greenspan Note, we delivered                to                Ron Greenspan, among other things, a five-year warrant, dated September                19, 2007, for the purchase of such number of BroadWebAsia shares                that are                equal to $50,000 divided by an amount equal to 75% of the per share                price                received in the next financing or series of related financings in                which we                sells shares of our common stock or securities convertible into common                stock for an aggregate sale price of not less than $1,000,000 (the                "Triggering Financing"). The warrants issued in connection with the                loan                are accounted for as a discount on the loan with the discount being                authorized and recognized as interest expense over the term of the                loan. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | On                September 19, 2007, BroadWebAsia entered into an agreement with J.                M.                Mallick Revocable Trust, or Mallick, for a secured note, or the “Mallick                Note”, in the principal amount of $50,000. The interest on the aggregate                outstanding principal amount of the Mallick Note accrues at a rate                of 18%                per annum, payable every two months in arrears beginning on November                1,                2007, and the loan has a maturity date of September 1, 2008.  In                connection with advance of funds under the Mallick Note, we delivered                to                Mallick, among other things, a five-year warrant for the purchase                of such                number of BroadWebAsia shares that are equal to $50,000 divided by                an                amount equal to 75% of the per share price received in the Triggering                Financing. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Following                the Share Exchange, on February 15, 2008, we sold an aggregate of                $300,000                principal amount of promissory notes ("Bridge Notes") to several                purchasers in a private placement transaction pursuant to a note                purchase                agreement, dated as of February 15, 2008, among us and the Lenders                named                therein. The Bridge Notes are due on the earlier of August 13, 2008                and                the next transaction (or series of related transactions) in which                we or                our successor sell shares of our capital stock or securities convertible                into shares of our capital stock for aggregate gross proceeds of                not less                than $4,000,000 (including any amounts received upon conversion or                cancellation of indebtedness). Interest on the Bridge Notes accrues                at a                rate of 10% per annum for the first month they are outstanding and                at a                rate of 18% per annum thereafter. We may prepay the Bridge Notes                at any                time, in whole or in part, without penalty or premium. If we default                in                the payment of interest and/or principal on any Bridge Note, the                holder                thereof may at his option elect to convert all or a portion of the                outstanding principal and unpaid accrued interest thereon into shares                of                our common stock at a conversion price equal to 50% of the closing                sale                price of our common stock on the date immediately prior to such                conversion. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table          of Contents*

|   |   |   |
|--------|--------|--------|
|  | • | From                time to time Brad Greenspan, our Chairman and controlling stockholder,                has                advanced us various amounts of funds for our working capital.   On                December 7, 2007, BroadWebAsia issued to Mr. Greenspan a convertible                note                (the "Convertible Note") in the principal amount of $1,150,000 and                a                "grid" promissory note (the "Grid Note") in the principal amount                of                $3,000,000. As of May 19, 2008, the outstanding principal amount                of the                Grid Note is approximately $5,000,000.  The Grid Note and Convertible                Note were assumed by the Company at the time of the reverse acquisition                with BroadWebAsia in accordance with the provisions of the Share                Exchange                Agreement.  The notes bear interest at the federal short-term rate in                effect during the periods in which any amount owed pursuant to the                terms                of the notes remain outstanding, or for any entire calendar year                that the                note remained outstanding, the note bears interest at the "blended                annual                rate" which is published annually by the Internal Revenue Service.                 Principal and accrued interest on the note is payable within sixty                (60) days following Mr. Greenspan's written demand for payment, but                the                Company has the right at any time to prepay, in whole or in part,                the                principal and accrued interest without penalty upon fifteen (15)                days                prior written notice to Mr. Greenspan.  The Convertible Note is                convertible into shares of our common stock, at the per share price                received in the first financing. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | On                April 2, 2008, Mr. Brad Greenspan, as guarantor under our senior                secured                note, dated September 12, 2007, in the principal amount of $750,000,                paid                the lender thereunder $810,985 as payment in full of the principal,                interest, and associated fees with respect to such note. We have                agreed to                enter into a convertible promissory note agreement with Mr. Greenspan                for                this amount; however, final terms for this agreement have not yet                been                reached. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | On                April 10, 2008, Mr. Brad Greenspan, as guarantor under our junior                secured                promissory note, dated December 5, 2007, in the principal amount                of                $600,000, paid the lender thereunder $634,218 as payment in full                of the                principal, interest, and associated fees with respect to such note.                We                have agreed to enter into a convertible promissory note agreement                with Mr.                Greenspan for this amount; however, final terms for this agreement                have                not yet been reached. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | On                April 15, 2008, Mr. Brad Greenspan advanced an additional $1,300,000                to us                to provide to HupoTV for registered capital. We have agreed to enter                into                a convertible promissory note agreement with Mr. Greenspan for this                amount; however, final terms for this agreement have not yet been                reached. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Seasonality**

**Inflation**

**Critical      Accounting Policies**

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*Table          of Contents*

**Research      and Development**

|  | **•** | **Revenue                Recognition:** The                Company's revenues are derived primarily from the BroadWebAsia Websites                through the sale of online advertisements, keyword search and other                digital services, as well as revenue share arrangements with other                entities. Revenues occur when services are delivered, when a user                clicks                on a pay-per-click ad, when advertising spaces is provided on websites                and                by other means of Internet advertising. The Company recognizes revenue                only when the price is fixed or determinable, persuasive evidence                of an                arrangement exists, the service is performed and collectability of                the                resulting receivable is reasonably assured.                  |
|--|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | **•** | **Consolidation                of Variable Interest Entities:** PRC                law currently limits foreign ownership of companies that provide                Internet                content and advertising services.  To comply with these foreign                ownership restrictions, we operate our websites in China through                our                indirect subsidiaries BWA Shanghai and 9E3 JV.  We have commercial                arrangements with Local Enterprises and their shareholders pursuant                to                which we provide technology-consulting services and license certain                software products and registered domain names and trademarks. Through                these commercial arrangements, we also have the ability to substantially                influence the Local Enterprises' daily operations and financial affairs,                appoint their senior executives and approve all matters requiring                shareholder approval.  As a result of these commercial arrangements,                which enable us to control the Local Enterprises, we are considered                the                primary beneficiary of the Local Enterprises.  Accordingly, we regard                each Local Enterprise as a Variable Interest Entity under FASB                Interpretation No. 46R, "Consolidation of Variable Interest Entities,                an                Interpretation of ARB No. 51," or FIN 46R, and consolidate its results,                assets and liabilities in our financial                statements. |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | **•** | **Intangible                Assets:**                We                carry intangible assets at cost less accumulated amortization. We                compute                amortization using the straight-line method over the estimated 5.5-year                economic life. We review and adjust the carrying value of the intangible                assets if the facts and circumstances indicate that the intangible                assets                may be impaired. The impairment test is applied by comparing the                undiscounted cash flow against the carrying value of the assets.                If the                undiscounted cash flow is less than the carrying value, an impairment                loss                is recognized as the difference between the carrying value and the                fair                value of the intangible assets. |
|--|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Off-Balance      Sheet Arrangements**

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*Table          of Contents*

**Item      3. Quantitative and Qualitative Disclosures About Market      Risk.**

**Item      4T. Controls and Procedures.**

**PART      II**

**OTHER      INFORMATION**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

**Item      3. Defaults Upon Senior Securities.**

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*Table          of Contents*

**Item      4. Submission of Matters to a Vote of Security      Holders.**

**Item      6. Exhibits.**

| Exhibit                No. |   | Description                                                                                                                                                                                                                |
|----------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |   |                                                                                                                                                                                                                       |
| 2.1                        |   | Agreement                and Plan of Merger dated February 14, 2008 by and between World of                Tea                Inc., a Nevada Corporation and BroadWebAsia, Inc., a Delaware Corporation                (1) |
|                       |   |                                                                                                                                                                                                                       |
| 2.2                        |   | Certificate                of Ownership and Merger dated February 14, 2008 by and between World                of                Tea Inc. and BroadWebAsia, Inc. (1)                                                       |
|                       |   |                                                                                                                                                                                                                       |
| 2.3                        |   | Articles                of Merger dated February 14, 2008 (1)                                                                                                                                                              |
|                       |   |                                                                                                                                                                                                                       |
| 3.1                        |   | Certificate                of Incorporation (1)                                                                                                                                                                            |

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*Table          of Contents*

| 3.2    |   | Bylaws                (1)                                                                                                                                                                                                                                                    |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                         |
| 10.1   |   | Chinese                Foreign Equity Joint Venture Contract, dated November 14, 2006, between                Shangdong Linyi Yinguang Fusi Internet Digital Technology Co., Ltd                and                BroadWebAsia, Inc. (English Translation) (2)              |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.2   |   | Articles                of Association of Equity Joint Venture Company b/n Beijing Dongfang                Shang                You Tech Co., Ltd. and BroadWebAsia, Inc., establishing Beijing Souyo                Digital Technology Co. Ltd. (2)                         |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.3   |   | Equity                Joint Venture Contract between Shanghai Haolai Computer Information                Technology Co, Ltd and BroadWeb Asia, Inc. (2)                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.4   |   | Exclusive                Management Consulting Services Agreement, dated November 13, 2007,                among                BWA Management Consulting (Shanghai) Co., Ltd., Beijing BBMAO Internet                Technology Co., Ltd., Xiaozhi Zhang, Xiaohong Dong (2) |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.5   |   | Purchase                Option Agreement, dated November 13, 2007, among Beijing BBMAO Internet                Technology Co., Ltd., and BWA Management Consulting (Shanghai) Co.,                Ltd.,                Xiaozhi Zhang, Xiaohong Dong (2)                      |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.6   |   | Equity                Pledge Agreement, dated November 13, 2007, among Xiaozhi Zhang, Xiaohong                Dong, Beijing BBMAO Internet Technology Co., Ltd., and BWA Management                Consulting (Shanghai) Co., Ltd. (2)                                       |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.7   |   | Exclusive                Technology Consulting Agreement, dated November 13, 2007, between                BWA                Management Consulting (Shanghai) Co., Ltd. and Beijing BBMAO Internet                Technology Co., Ltd (2)                                    |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.8   |   | Senior                Secured Note, dated September 12, 2007, by BroadWebAsia, Inc. in                favor of                Lakewood Group, LLC (2)                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.9   |   | Security                Agreement, dated September 12, 2007, between BroadWebAsia, Inc. and                Lakewood Group, LLC (2)                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.10  |   | Promissory                Note, dated September 14, 2007, by BroadWebAsia, Inc. in favor of                Ron                Greenspan (2)                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.11  |   | Promissory                Note, dated September 14, 2007, by BroadWebAsia, Inc. in favor of                Ron                Greenspan (2)                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.12  |   | Promissory                Note, dated September 19, 2007, by BroadWebAsia, Inc. in favor of                JM                Mallick Revocable Trust, dated August 26, 1987 (2)                                                                                              |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.13  |   | Employment                Agreement, dated January 31, 2007, between BroadWebAsia, Inc. and                James                Yacabucci. (2)                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.14  |   | Employment                Agreement, dated September 18, 2007, between BroadWebAsia, Inc. and                Peter                Schloss. (2)                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.15  |   | BroadWebAsia,                Inc. Share Purchase Warrant, dated September 12, 2007, issued to                Lakewood                Group, LLC (2)                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.16  |   | BroadWebAsia,                Inc. Share Purchase Warrant, dated September 19, 2007, issued to                Ron                Greenspan (2)                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                         |
| 10.17  |   | BroadWebAsia,                Inc. Share Purchase Warrant, dated September 19, 2007, issued to                JM                Mallick Revocable Trust, dated August 26, 1987                (2)                                                                             |

----

*Table          of Contents*

| 10.18  |   | Convertible                Promissory Note, dated December 7, 2007, by BroadWebAsia in favor                of Brad                Greenspan (2)                                                                                                          |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                      |
| 10.19  |   | Promissory                Note, dated December 7, 2007, by BroadWebAsia in favor of Brad Greenspan                (2)                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                      |
| 10.20  |   | Restricted                Stock Agreement, dated as of January 31, 2007, by and between BroadWebAsia                and James Yacabucci (2)                                                                                                               |
|   |   |                                                                                                                                                                                                                                                      |
| 10.21  |   | World                of Tea Inc. 2008 Equity Incentive Plan (2)                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                      |
| 10.22  |   | Form                of 2008 Incentive Stock Option Agreement (2)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.23  |   | Agreement                of Conveyance, Transfer and Assignment of Assets and Assumptions                of                Obligations, dated as of February 12, 2008, between World of Tea                Inc. and                WTO Holdings, Inc. (2) |
|   |   |                                                                                                                                                                                                                                                      |
| 10.24  |   | Stock                Purchase Agreement, dated as of February 12, 2008 among World of                Tea Inc.,                Israel Morgenstern and Svetlana Pojasnikova (2)                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 10.25  |   | Note                Purchase Agreement, dated as of February 12, 2008, between World                of Tea                Inc. and the Lenders party thereto (2)                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.26  |   | Form                of Promissory Notes, made by World of Tea Inc. for the benefit of                the                Lenders under the Note Purchase Agreement, dated as of February 12,                2008                (2)                        |
|   |   |                                                                                                                                                                                                                                                      |
| 10.27  |   | Resignation                and Release of Israel Morgenstern, dated as of February 12, 2008                (2)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                      |
| 10.28  |   | Resignation                and Release of Svetlana Pojasnikova, dated as of February 12, 2008                (2)                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.29  |   | Option                Agreement between BroadWebAsia and James Yacabucci, dated November                13,                2007, vesting over a three year period (2)                                                                                     |
|   |   |                                                                                                                                                                                                                                                      |
| 10.30  |   | Option                Agreement between BroadWebAsia and James Yacabucci, dated November                13,                2007, vesting over a four year period (2)                                                                                      |
|   |   |                                                                                                                                                                                                                                                      |
| 10.31  |   | Option                Agreement between BroadWebAsia and James Yacabucci, dated November                13,                2007, immediately vesting (2)                                                                                                  |
|   |   |                                                                                                                                                                                                                                                      |
| 10.32  |   | Option                Agreement between BroadWebAsia and Peter Schloss, dated November                13, 2007                (2)                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                      |
| 10.33  |   | Form                of BroadWebAsia Employee Option Agreements (2)                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                      |
| 10.34  |   | Form                of Lock-Up Agreement (2)                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                      |
| 10.35  |   | Junior                Secured Note made by BroadWebAsia in favor of EuroPlay, dated as                of                December 5, 2007 (3)                                                                                                              |
|   |   |                                                                                                                                                                                                                                                      |
| 10.36  |   | Junior                Security Agreement between BroadWebAsia and EuroPlay, dated as of                December                5, 2007 (3)                                                                                                                |
|   |   |                                                                                                                                                                                                                                                      |
| 10.37  |   | Form                of Share Purchase Warrant issued by BroadWebAsia to EuroPlay                (3)                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                      |
| 10.38  |   | Form                of Letter Agreement, dated as of December 3, 2007, between BroadWebAsia                and Lakewood (3)                                                                                                                               |
|        |   |                                                                                                                                                                                                                                                      |
| 31.1   |   | Certifications                required under Section 302 of the Sarbanes-Oxley Act of 2002                (4)                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 31.2   |   | Certifications                required under Section 302 of the Sarbanes-Oxley Act of 2002                (4)                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 32.1   |   | Certifications                required under Section 906 of the Sarbanes-Oxley Act of 2002                (4)                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |

----

| (1) | Incorporated                herein by reference to the copy of such document included as an exhibit                to                our Current Report on Form 8-K filed on February 14,                2008. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                herein by reference to the copy of such document included as an exhibit                to                our Current Report on Form 8-K filed on February 12,                2008 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                herein by reference to the copy of such document included as an exhibit                to                our Amendment No. 1 to our Current Report on Form 8-K/A filed on                February                29, 2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| (4) | Filed                herewith. |
|-----|--------------------------------|

----

*Table          of Contents*

**SIGNATURES**

|                                     | **BROADWEBASIA,                INC.**                                                                                                                                                                                                                                      |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |                                                                                                                                                                                                                                                                       |
| **Date:**                August 19, 2008 | **By: **/s/                Peter Schloss                                                                                                                                                                                                                              |
|                                     | Name:                Peter SchlossTitle:                  President, Chief Executive Officer and Chief Financial                Officer(Principal                Executive                Officer and Principal Financial and Accounting                Officer) |

----

*Table          of Contents*

**EXHIBIT      INDEX**

| Exhibit                No. |   | Description                                                                                                                                                                                                                                                                  |
|----------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |   |                                                                                                                                                                                                                                                                         |
| 2.1                        |   | Agreement                and Plan of Merger dated February 14, 2008 by and between World of                Tea                Inc., a Nevada Corporation and BroadWebAsia, Inc., a Delaware Corporation                (1)                                                   |
|                       |   |                                                                                                                                                                                                                                                                         |
| 2.2                        |   | Certificate                of Ownership and Merger dated February 14, 2008 by and between World                of                Tea Inc. and BroadWebAsia, Inc. (1)                                                                                                         |
|                       |   |                                                                                                                                                                                                                                                                         |
| 2.3                        |   | Articles                of Merger dated February 14, 2008 (1)                                                                                                                                                                                                                |
|                       |   |                                                                                                                                                                                                                                                                         |
| 3.1                        |   | Certificate                of Incorporation (1)                                                                                                                                                                                                                              |
|                       |   |                                                                                                                                                                                                                                                                         |
| 3.2                        |   | Bylaws                (1)                                                                                                                                                                                                                                                    |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.1                       |   | Chinese                Foreign Equity Joint Venture Contract, dated November 14, 2006, between                Shangdong Linyi Yinguang Fusi Internet Digital Technology Co., Ltd                and                BroadWebAsia, Inc. (English Translation) (2)              |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.2                       |   | Articles                of Association of Equity Joint Venture Company b/n Beijing Dongfang                Shang                You Tech Co., Ltd. and BroadWebAsia, Inc., establishing Beijing Souyo                Digital Technology Co. Ltd. (2)                         |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.3                       |   | Equity                Joint Venture Contract between Shanghai Haolai Computer Information                Technology Co, Ltd and BroadWeb Asia, Inc. (2)                                                                                                                      |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.4                       |   | Exclusive                Management Consulting Services Agreement, dated November 13, 2007,                among                BWA Management Consulting (Shanghai) Co., Ltd., Beijing BBMAO Internet                Technology Co., Ltd., Xiaozhi Zhang, Xiaohong Dong (2) |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.5                       |   | Purchase                Option Agreement, dated November 13, 2007, among Beijing BBMAO Internet                Technology Co., Ltd., and BWA Management Consulting (Shanghai) Co.,                Ltd.,                Xiaozhi Zhang, Xiaohong Dong (2)                      |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.6                       |   | Equity                Pledge Agreement, dated November 13, 2007, among Xiaozhi Zhang, Xiaohong                Dong, Beijing BBMAO Internet Technology Co., Ltd., and BWA Management                Consulting (Shanghai) Co., Ltd. (2)                                       |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.7                       |   | Exclusive                Technology Consulting Agreement, dated November 13, 2007, between                BWA                Management Consulting (Shanghai) Co., Ltd. and Beijing BBMAO Internet                Technology Co., Ltd (2)                                    |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.8                       |   | Senior                Secured Note, dated September 12, 2007, by BroadWebAsia, Inc. in                favor of                Lakewood Group, LLC (2)                                                                                                                        |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.9                       |   | Security                Agreement, dated September 12, 2007, between BroadWebAsia, Inc. and                Lakewood Group, LLC (2)                                                                                                                                           |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.10                      |   | Promissory                Note, dated September 14, 2007, by BroadWebAsia, Inc. in favor of                Ron                Greenspan (2)                                                                                                                                  |
|                       |   |                                                                                                                                                                                                                                                                         |
| 10.11                      |   | Promissory                Note, dated September 14, 2007, by BroadWebAsia, Inc. in favor of                Ron                Greenspan (2)                                                                                                                                  |

----

*Table          of Contents*

| 10.12  |   | Promissory                Note, dated September 19, 2007, by BroadWebAsia, Inc. in favor of                JM                Mallick Revocable Trust, dated August 26, 1987 (2)                                                                           |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                      |
| 10.13  |   | Employment                Agreement, dated January 31, 2007, between BroadWebAsia, Inc. and                James                Yacabucci. (2)                                                                                                            |
|   |   |                                                                                                                                                                                                                                                      |
| 10.14  |   | Employment                Agreement, dated September 18, 2007, between BroadWebAsia, Inc. and                Peter                Schloss. (2)                                                                                                            |
|   |   |                                                                                                                                                                                                                                                      |
| 10.15  |   | BroadWebAsia,                Inc. Share Purchase Warrant, dated September 12, 2007, issued to                Lakewood                Group, LLC (2)                                                                                                       |
|   |   |                                                                                                                                                                                                                                                      |
| 10.16  |   | BroadWebAsia,                Inc. Share Purchase Warrant, dated September 19, 2007, issued to                Ron                Greenspan (2)                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 10.17  |   | BroadWebAsia,                Inc. Share Purchase Warrant, dated September 19, 2007, issued to                JM                Mallick Revocable Trust, dated August 26, 1987 (2)                                                                         |
|   |   |                                                                                                                                                                                                                                                      |
| 10.18  |   | Convertible                Promissory Note, dated December 7, 2007, by BroadWebAsia in favor                of Brad                Greenspan (2)                                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.19  |   | Promissory                Note, dated December 7, 2007, by BroadWebAsia in favor of Brad Greenspan                (2)                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                      |
| 10.20  |   | Restricted                Stock Agreement, dated as of January 31, 2007, by and between BroadWebAsia                and James Yacabucci (2)                                                                                                               |
|   |   |                                                                                                                                                                                                                                                      |
| 10.21  |   | World                of Tea Inc. 2008 Equity Incentive Plan (2)                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                      |
| 10.22  |   | Form                of 2008 Incentive Stock Option Agreement (2)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.23  |   | Agreement                of Conveyance, Transfer and Assignment of Assets and Assumptions                of                Obligations, dated as of February 12, 2008, between World of Tea                Inc. and                WTO Holdings, Inc. (2) |
|   |   |                                                                                                                                                                                                                                                      |
| 10.24  |   | Stock                Purchase Agreement, dated as of February 12, 2008 among World of                Tea Inc.,                Israel Morgenstern and Svetlana Pojasnikova (2)                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 10.25  |   | Note                Purchase Agreement, dated as of February 12, 2008, between World                of Tea                Inc. and the Lenders party thereto (2)                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.26  |   | Form                of Promissory Notes, made by World of Tea Inc. for the benefit of                the                Lenders under the Note Purchase Agreement, dated as of February 12,                2008                (2)                        |
|   |   |                                                                                                                                                                                                                                                      |
| 10.27  |   | Resignation                and Release of Israel Morgenstern, dated as of February 12, 2008                (2)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                      |
| 10.28  |   | Resignation                and Release of Svetlana Pojasnikova, dated as of February 12, 2008                (2)                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                      |
| 10.29  |   | Option                Agreement between BroadWebAsia and James Yacabucci, dated November                13,                2007, vesting over a three year period (2)                                                                                     |
|   |   |                                                                                                                                                                                                                                                      |
| 10.30  |   | Option                Agreement between BroadWebAsia and James Yacabucci, dated November                13,                2007, vesting over a four year period (2)                                                                                      |
|   |   |                                                                                                                                                                                                                                                      |
| 10.31  |   | Option                Agreement between BroadWebAsia and James Yacabucci, dated November                13,                2007, immediately vesting (2)                                                                                                  |
|   |   |                                                                                                                                                                                                                                                      |
| 10.32  |   | Option                Agreement between BroadWebAsia and Peter Schloss, dated November                13, 2007                (2)                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                      |
| 10.33  |   | Form                of BroadWebAsia Employee Option Agreements (2)                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                      |
| 10.34  |   | Form                of Lock-Up Agreement (2)                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                      |
| 10.35  |   | Junior                Secured Note made by BroadWebAsia in favor of EuroPlay, dated as                of                December 5, 2007 (3)                                                                                                              |
|   |   |                                                                                                                                                                                                                                                      |
| 10.36  |   | Junior                Security Agreement between BroadWebAsia and EuroPlay, dated as of                December                5, 2007 (3)                                                                                                                |
|   |   |                                                                                                                                                                                                                                                      |
| 10.37  |   | Form                of Share Purchase Warrant issued by BroadWebAsia to EuroPlay                (3)                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                      |
| 10.38  |   | Form                of Letter Agreement, dated as of December 3, 2007, between BroadWebAsia                and Lakewood (3)                                                                                                                               |
|        |   |                                                                                                                                                                                                                                                      |
| 31.1   |   | Certifications                required under Section 302 of the Sarbanes-Oxley Act of 2002                (4)                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 31.2   |   | Certifications                required under Section 302 of the Sarbanes-Oxley Act of 2002                (4)                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |
| 32.1   |   | Certifications                required under Section 906 of the Sarbanes-Oxley Act of 2002                (4)                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                      |

----

| (1) | Incorporated                herein by reference to the copy of such document included as an exhibit                to                our Current Report on Form 8-K filed on February 14,                2008. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                herein by reference to the copy of such document included as an exhibit                to                our Current Report on Form 8-K filed on February 12,                2008. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                herein by reference to the copy of such document included as an exhibit                to                our Amendment No. 1 to our Current Report on Form 8-K/A filed on                February                29, 2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| (4) | Filed                herewith. |
|-----|--------------------------------|

----