----

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| Nevada                                                        | 35-2065469                          |
|---------------------------------------------------------------|-------------------------------------|
| (State or other jurisdictionof incorporation or organization) | (I.R.S. EmployerIdentification No.) |

----

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|       |                                                                                                            | PAGE      |
|------------|-----------------------------------------------------------------------------------------------------------------|-----------|
|       |                                                                                                            |      |
| PART I     |                                                                                                            |      |
| Item 1.    | Description of Business                                                                                         | 3         |
| Item 2.    | Description of Property                                                                                         | 5         |
| Item 3.    | Legal Proceedings                                                                                               | 5         |
| Item 4.    | Removed and Reserved                                                                                            | 5         |
|       |                                                                                                            |      |
| PART II    |                                                                                                            |      |
| Item 5.    | Market For Common Equity And Related Stockholder Matters                                                        | 6         |
| Item 6.    | Selected Financial Data                                                                                         | 6         |
| Item 7.    | Management's discussion and analysis or plan of operation                                                       | 6         |
| Item 8.    | Financial Statements                                                                                            | 8         |
| Item 9.    | Changes in and Disagreements With Accounts on Accounting and Financial Disclosure                               | 9         |
| Item 9a.   | Controls And Procedures                                                                                         | 9         |
| Item 9b.   | Other Information                                                                                               | 9         |
|       |                                                                                                            |      |
| PART III   |                                                                                                            |      |
| Item 10.   | Directors, Executive Officers, Promoters And Control Persons; Compliance With Section 16(A) Of The Exchange Act | 10        |
| Item 11.   | Executive Compensation                                                                                          | 11        |
| Item 12.   | Security Ownership Of Certain Beneficial Owners And Management                                                  | 11        |
| Item 13.   | Certain Relationships And Related Transactions; Director Independence                                           | 11        |
| Item 14.   | Principal Accountant Fees And Services                                                                          | 12        |
| Item 15.   | Exhibits                                                                                                        |   13 |
|       |                                                                                                            |      |
| SIGNATURES |                                                                                                            | 13        |

----

| ITEM 1.  | DESCRIPTION OF BUSINESS |
|---------------|-------------------------|

----

| ITEM 1.  | DESCRIPTION OF BUSINESS - continued |
|---------------|-------------------------------------|

----

| ITEM 2.  | DESCRIPTION OF PROPERTIES |
|---------------|---------------------------|

| ITEM 3.  | LEGAL PROCEEDINGS |
|---------------|-------------------|

| ITEM 4.  | REMOVED AND RESERVED |
|---------------|----------------------|

----

| ITEM 5.  | MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS |
|---------------|-----------------------------------------------------------------------|

| FISCAL QUARTER ENDED |   | LOW    |        |   | HIGH   |   |
|----------------------|--------|--------|-------------|--------|--------|--------|
|                 |   |   |        |   |   |   |
|                 |   |   |        |   |   |   |
| March 31, 2008       |   | $      | 0.06        |   |   | $      | 0.20 |   |
|                 |   |   |        |   |   |   |   |   |
| June 30, 2008        |   | $      | 0.06        |   |   | $      | 0.45 |   |
|                 |   |   |        |   |   |   |   |   |
| September 30, 2008   |   | $      | 0.04        |   |   | $      | 0.15 |   |
|                 |   |   |        |   |   |   |   |   |
| December 31, 2008    |   | $      | 0.03        |   |   | $      | 0.08 |   |
|                 |   |   |        |   |   |   |   |   |
| March 31, 2009       |   | $      |  0.025 |   |   | $      | 0.05 |   |
|                 |   |   |        |   |   |   |   |   |
| June 30, 2009        |   | $      | 0.025       |   |   | $      | 0.06 |   |
|                 |   |   |        |   |   |   |   |   |
| September 30, 2009   |   | $      | 0.023       |   |   | $      | 0.045 |   |
|                 |   |   |        |   |   |   |   |   |
| December 31, 2009    |   | $      | 0.04        |   |   | $      | 0.09 |   |

| ITEM 6.  | SELECTED FINANCIAL DATA |
|---------------|-------------------------|

| ITEM 7.  | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS |
|---------------|---------------------------------------------------------------------------------------------------|

----

| ITEM 7.  | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS - continued |
|---------------|---------------------------------------------------------------------------------------------------------------|

----

| ITEM 7.  | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS - continued |
|---------------|---------------------------------------------------------------------------------------------------------------|

| ITEM 8.  | FINANCIAL STATEMENTS |
|---------------|----------------------|

|                                                                                           | Page   |
|------------------------------------------------------------------------------------------------|--------|
|                                                                                           |   |
| Independent Auditor's Report                                                                   | F - 1  |
|                                                                                           |   |
| Consolidated Balance Sheet as of December 31, 2009 and 2008                                    | F - 2  |
|                                                                                           |   |
| Consolidated Statements Of Operations for the years ended December 31, 2009 and 2008           | F - 3  |
|                                                                                           |   |
| Consolidated Statement Of Changes In Stockholders' Equity (Deficit) December 31, 2009 and 2008 | F - 4  |
|                                                                                           |   |
| Consolidated Statements Of Cash Flows for the years ended December 31, 2009 and 2008           | F - 5  |
|                                                                                           |   |
| Notes to Financial Statements                                                                  | F - 6  |

----

----

| METABOLIC RESEARCH, INC.                                                                |
|-----------------------------------------------------------------------------------------|
| CONSOLIDATED BALANCE SHEET                                                              |
| as of December 31, 2009 and 2008                                                        |
|                                                                                    |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |
|                                                                                    |   | December 31, |   |   | December 31, |   |
|                                                                                    |   | 2009 |   |   | 2008 |   |
|                                                                                    |   |   |   |   |   |   |
| ASSETS:                                                                                 |   |   |   |   |   |   |
| Current Assets                                                                          |   |   |   |   |   |   |
| Cash in Bank                                                                            |   | $ |                         239 |   |   |  $ |                      5,168 |   |
| Petty Cash Fund                                                                         |   |   |                             4 |   |   |   |                      1,000 |   |
| Accounts Receivable                                                                     |   |   |                  243,553 |   |   |   |                    57,928 |   |
| Inventory                                                                               |   |   |                  176,729 |   |   |   |                  229,964 |   |
| Deposits                                                                                |   |   |                      4,807 |   |   |   |                      2,450 |   |
| Prepaid Consulting                                                                      |   |   |                           - |   |   |   |                  803,493 |   |
| Prepaid Financing  Fees                                                       |   |   |                           - |   |   |   |                    21,693 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Current Assets                                                                    |   |   |                  425,332 |   |   |   |               1,121,696 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Other Assets                                                                            |   |   |   |   |   |   |   |   |
| Fixed Assets (net of depreciation)                                                      |   |   |                      6,774 |   |   |   |                      8,745 |   |
| License                                                                                 |   |   |               1,560,000 |   |   |   |               1,560,000 |   |
| Investments                                                                             |   |   |                    10,690 |   |   |   |                    10,690 |   |
| Patents Assignments                                                                     |   |   |               6,546,950 |   |   |   |             10,255,152 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Other Assets                                                                      |   |   |               8,124,414 |   |   |   |             11,834,587 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Assets                                                                            |   | $ |               8,549,746 |   |   |  $ |             12,956,283 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY:                                                   |   |   |   |   |   |   |   |   |
| Current Liabilities                                                                     |   |   |   |   |   |   |   |   |
| Accounts Payable                                                                        |   | $ |                  410,484 |   |   |  $ |                    79,231 |   |
| Bank Over Draft                                                                         |   |   |                    21,761 |   |   |   |                            - |   |
| Payroll Tax Liability                                                                   |   |   |                    63,425 |   |   |   |                    23,353 |   |
| Credit Cards                                                                            |   |   |                      9,761 |   |   |   |                    16,440 |   |
| Royalties Payable                                                                       |   |   |                  208,975 |   |   |   |                  164,656 |   |
| Advances from Related Parties                                                           |   |   |                  103,000 |   |   |   |                      9,692 |   |
| Due Directors                                                                           |   |   |                    24,504 |   |   |   |                    85,326 |   |
| Derivative Liability                                                                    |   |   |   |   |   |   |                    68,358 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Current Liabilities                                                               |   |   |                  841,910 |   |   |   |                  447,056 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Stockholders' Equity                                                                    |   |   |   |   |   |   |   |   |
| Preferred stock - $0.001 par value, 50,000,000 shares                                   |   |   |   |   |   |   |   |   |
| authorized:  9,815 issued and outstanding                                     |   |   |  9,815 |   |   |   | 10,690  |   |
| Common stock - $0.001 par value, 200,000,000 shares                                     |   |   |   |   |   |   |   |   |
| authorized:  49,346,509 and 59,495,008 shares issued                          |   |   |   |   |   |   |   |   |
| and outstanding on 12/31/08 and 12/31/09, respectively                                  |   |   | 59,495 |   |   |   |  49,345 |   |
| Additional paid in capital                                                              |   |   |             14,223,650 |   |   |   |             14,911,963 |   |
| Retained (Deficit)                                                                      |   |   |             (6,585,124) |   |   |   |              (2,462,771) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Stockholders' Equity                                                              |   |   |               7,707,836 |   |   |   |             12,509,227 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Liabilities And Stockholders' Equity                                              |   | $ |               8,549,746 |   |   |  $ |             12,956,283 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

| METABOLIC RESEARCH, INC.                                                                |
|-----------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                   |
| for the years ended December 31, 2009 and 2008                                          |
|                                                                                    |   |   |   |   |   |   |
|                                                                                    |   | December 31, |   |   | December 31, |   |
|                                                                                    |   | 2009 |   |   | 2008 |   |
|                                                                                    |   |   |   |   |   |   |
| Revenues                                                                                |   | $ |                   4,796,336 |   |   |  $ |                  2,783,010 |   |
| Cost of Sales                                                                           |   |   |                   1,314,939 |   |   |   |                     636,350 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net Revenues                                                                            |   |   |                   3,481,397 |   |   |   |                  2,146,660 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Operating  Expenses:                                                          |   |   |   |   |   |   |   |   |
| Consulting Expenses                                                                     |   |   |                      921,368 |   |   |   |                     816,304 |   |
| Advertising Expense                                                                     |   |   |                   1,574,636 |   |   |   |                     587,393 |   |
| Board of Directors Expense                                                              |   |   |                        48,000 |   |   |   |                     182,000 |   |
| Depreciation                                                                            |   |   |                          1,971 |   |   |   |                         1,063 |   |
| General and Administrative                                                              |   |   |                   1,630,070 |   |   |   |                  1,270,463 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Operating Expenses                                                                |   |   |                   4,176,045 |   |   |   |                  2,857,223 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net Operating Loss                                                                      |   | $ |                     (694,648) |   |   |  $ |                   (710,563) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Other Expenses:                                                                         |   |   |   |   |   |   |   |   |
| Interest Expense                                                                        |   |   |                          1,333 |   |   |   |                       10,216 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Total Other Expenses                                                                    |   |   |                          1,333 |   |   |   |                       10,216 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net Loss Before Income Taxes                                                            |   | $ |                     (695,981) |   |   |  $ |                   (720,779) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Income Tax Expense                                                                      |   |   |                                - |   |   |   |                               - |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net Loss before Other Comprehensive Income                                              |   | $ |                     (695,981) |   |   |  $ |                   (720,779) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Other Comprehensive Income:                                                             |   |   |   |   |   |   |   |   |
| Decrease in value of Patents & Trademarks                                           |   |   |                  (3,708,202) |   |   |   |                               - |   |
| Derivative gain                                                                         |   |   |                      281,830 |   |   |   |                     463,225 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net (loss)                                                                              |   | $ |                  (4,122,353) |   |   |  $ |                   (257,554) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net (loss) before Other Compreshensive Income per common share                          |   | $ |                       (0.0121) |   |   | $ |                     (0.0151) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net (loss) per common share                                                             |   | $ |                       (0.0718) |   |   | $ |                     (0.0054) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Weighted average Number of Common Shares Outstanding                                    |   |   | 57,413,200 |   |   |   |                47,656,238 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |   |

----

| METABOLIC RESEARCH, INC.                                                                |
|-----------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)                     |
| For the period ended December 31, 2009                                                  |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   | PAR |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   | VALUE |   |   |   |   |   |   |   |   |   | TOTAL |   |
|                                                                                    |   | NUMBER OF |   |   | OF |   |   | ADDITIONAL |   |   |   |   | RETAINED |   | STOCKHOLDERS' |   |
|                                                                                    |   | COMMON |   |   | COMMON |   |   | PAID-IN |   |   | Preferred |   | EARNINGS |   | EQUITY |   |
|                                                                                    |   | SHARES |   |   | SHARES |   |   | CAPITAL |   |   | Stock |   | (DEFICIT) |   | (DEFICIT) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2007                                                         |   |   |    41,453,425 |   |   |   |        41,453 |   |   |   |     13,925,181 |   |   |   |    10,690 |   |       (2,205,217) |   |   |       11,772,107 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On September 30,2008 the company issued stock for cancellation of a note payable   |   |   |   432,800 |   |   |   |     433 |   |   |   |  42,775 |   |   |   |   |   |   |   |   |   43,208 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On September 30,2008 the company issued stock for cancellation a note payable           |   |   |   387,783 |   |   |   |  387 |   |   |   |    77,169 |   |   |   |   |   |   |   |   |  77,556 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Various periods in 2008 the company issued stock for services                      |   |   |      7,185,000 |   |   |   |          7,185 |   |   |   |          876,850 |   |   |   |   |   |   |   |   |            884,035 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to common stock account to reconcile with shareholder list              |   |   |        (112,499) |   |   |   |           (113) |   |   |   |           (10,012) |   |   |   |   |   |   |   |   |            (10,125) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Loss) for year ended December 31, 2008                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |          (257,554) |   |   |          (257,554) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2008                                                         |   |   | 49,346,509 |   |   |   | 49,345 |   |   |   | 14,911,963 |   |   |   | 10,690 |   |       (2,462,771) |   |   | 12,509,227 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to Preferred Stock                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       (875) |   |   |   |   |                 (875) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to Common Stock for 2008 correction in stock shares & value         |   |   | 575,499 |   |   |   |             576 |   |   |   | -736,890 |   |   |   |   |   |   |   |   |          (736,314) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Various periods in 2009 the company issued stock for services                      |   |   | 9,573,000 |   |   |   |          9,574 |   |   |   | 48,577 |   |   |   |   |   |   |   |   | 58,151 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) for year ended December 31, 2009                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       (4,122,353) |   |   |       (4,122,353) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2009                                                         |   |   | 59,495,008 |   |   |   | 59,495 |   |   |   | 14,223,650 |   |   |   | 9,815 |   | (6,585,124) |   |   | 7,707,836 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

| METABOLIC RESEARCH, INC.                                                                |
|-----------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                   |
| for the years ended December 31, 2009 and 2008                                          |
|                                                                                    |   |   |   |   |   |   |
|                                                                                    |   | December 31, |   |   | December 31, |   |
|                                                                                    |   | 2009 |   |   | 2008 |   |
|                                                                                    |   |   |   |   |   |   |
| Cash Flows from Operating Activities:                                                   |   |   |   |   |   |   |
| Net (Loss)                                                                              |   | $ |    (4,122,353) |   |   | $ |         (257,554) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Adjustments to Reconcile Net Income (Loss):                                             |   |   |   |   |   |   |   |   |
| (Increase)/Decrease in Accounts Receivable                                              |   |   |       (185,625) |   |   |   |             57,928 |   |
| (Increase)/Decrease in Other Current Assets                                             |   |   |           22,689 |   |   |   |           920,593 |   |
| (Increase)/Decrease in Other Assets                                                     |   |   |                   - |   |   |   |         (102,922) |   |
| (Increase)/Decrease in Inventory                                                        |   |   |           53,235 |   |   |   |                    - |   |
| (Increase)/Decrease in Deposits                                                         |   |   |           (2,357) |   |   |   |                    - |   |
| Increase/(Decrease) in Accounts Payable                                                 |   |   |         331,253 |   |   |   |           (29,765) |   |
| Increase/(Decrease) in Other Liabilities                                                |   |   |         110,198 |   |   |   |         (214,079) |   |
|    Transactions not requiring cash:                                      |   |   |   |   |   |   |   |   |
| Interest paid with stock                                                                |   |   |                   - |   |   |   |             10,216 |   |
| Services received for stock                                                             |   |   |         337,927 |   |   |   |                    - |   |
| Decrease in value of Patents & Trademarks                                           |   |   |      3,708,202 |   |   |   |                    - |   |
| Derivative gain                                                                         |   |   |       (281,830) |   |   |   |         (463,225) |   |
| Depreciation                                                                            |   |   |             1,971 |   |   |   |               1,063 |   |
| Net cash (used in) operating activities                                                 |   | $ |         (26,690) |   |   | $ |           (77,745) |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                   |   |   |   |   |   |   |   |   |
| Acquisition of property and equipment                                                   |   |   |                   - |   |   |   |               9,809 |   |
| Net cash provided by investing activities                                               |   | $ |                   - |   |   | $ |               9,809 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                   |   |   |   |   |   |   |   |   |
| Proceeds from loans payable                                                             |   |   |                   - |   |   |   |             50,000 |   |
| Bank over draft                                                                         |   |   |           21,761 |   |   |   |                    - |   |
| Repayment of loans payable                                                              |   |   |                   - |   |   |   |             10,000 |   |
| Proceeds from loans payable-officers                                                    |   |   |                   - |   |   |   |             50,000 |   |
| Repayment of loans payable-officers                                                     |   |   |                   - |   |   |   |           (50,000) |   |
| Net cash provided by financing activities                                               |   | $ |           21,761 |   |   | $ |             60,000 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net (decrease) in cash and equivalents                                                  |   |   |           (4,929) |   |   |   |             (7,936) |   |
| Cash and equivalents at beginning of period                                             |   |   |             5,168 |   |   |   |             13,104 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Cash and equivalents at end of period                                                   |   | $ |                239 |   |   | $ |               5,168 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

| NOTE 2.  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|---------------|--------------------------------------------|

----

| NOTE 2.  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued |
|---------------|--------------------------------------------------------|

----

| NOTE 2.  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued |
|---------------|--------------------------------------------------------|

----

| NOTE 2.  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued |
|---------------|--------------------------------------------------------|

| NOTE 3.  | PROPERTY AND EQUIPMENT |
|---------------|------------------------|

|                           |   | Cost |   |   | Depreciation |   |
|--------------------------------|--------|------|--------|--------|--------------|--------|
| Office Furniture and Equipment |   | $    | 3,304  |   |         |   | 1,027 |   |
| Communications Equipment       |   | $    | 6,507  |   |         |   | 2,010 |   |

| NOTE 4.  | ADVANCES PAYABLE - RELATED PARTY |
|---------------|----------------------------------|

| NOTE 5.  | STOCKHOLDERS' (DEFICIT) |
|---------------|-------------------------|

----

| NOTE 6.  | INCOME TAXES |
|---------------|--------------|

| Income tax provision at    |   |   |   |
|----------------------------|--------|--------|--------|
| the federal statutory rate |   |   | 34     | % |
| Effect of operating losses |   |   | (34)   | % |
|                       |   |   |   |   |
|                       |   |   | 0      | % |

| NOTE 7.  | LONG TERM COMMITTMENTS |
|---------------|------------------------|

|       |   | 2009   |   |   | 2010   |   |   | 2011   |   |
|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Rent  |   |   | -0-    |   |   |   | 29,790 |   |   |   | 15,258 |   |
|       |   |   |   |   |   |   |   |   |   |   |   |   |

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

| NOTE 8.  | SUBSEQUENT EVENTS  |
|---------------|-------------------------|

----

| ITEM 9.  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|---------------|--------------------------------------------------------------------------------------|

| ITEM 9A.  | CONTROLS AND PROCEDURES |
|----------------|-------------------------|

| ITEM 9B.  | OTHER INFORMATION |
|----------------|-------------------|

----

| ITEM 10.  | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT |
|----------------|----------------------------------------------------|

| NAME          |   | AGE    |   | POSITION(S) |
|---------------|--------|--------|--------|-------------|
|          |   |   |   |        |
| Robert Bakker |   |   | 56     |        | Chief Executive Officer. |
| T. W. Owen*   |   |   | 62     |        | Chief Financial Officer |
| KC Quintana   |   |   | 43     |        | Director |

----

| ITEM 10.  | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT - continued |
|----------------|----------------------------------------------------------------|

| ITEM 11.  | EXECUTIVE COMPENSATION |
|----------------|------------------------|

| ITEM 12.  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT |
|----------------|----------------------------------------------------------------|

| NAME OF BENEFICIAL OWNER                                                               |   | AMOUNT OF BENEFICIAL |       |   | PERCENT  |   |
|----------------------------------------------------------------------------------------|--------|----------------------|------------|--------|----------|--------|
|    OF MORE THAN 5%                                                      |   | OWNERSHIP            |       |   | OF CLASS |   |
|                                                                                   |   |                 |       |   |     |   |
| David P. Summers                                                                       |   |                 | 4,370,889  |   |     |   | 6.24 | % |
| T.W. Owen                                                                              |   |                 | 8,190,000  |   |     |   | 11.70 | % |
| Cede & Co.                                                                         |   |                 | 14,376,924 |   |     |   | 24.30 | % |
| K. C. Quintana                                                                         |   |                 | 11,252,000 | (1)    |     |   | 16.08 | % |
| Robert Bakker                                                                          |   |                 | 2,848,080  |   |     |   | 4.00 | % |
|                                                                                   |   |                 |       |   |     |   |   |   |
| (1) Includes 3,100,000 shares of Common Stock and 8,152,000 shares of Preferred Stock. |

| ITEM 13.  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS; DIRECTOR INDEPENDENCE CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
|----------------|----------------------------------------------------------------------------------------------------------------------|

----

| ITEM 13.  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS; DIRECTOR INDEPENDENCE CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS - continued |
|----------------|----------------------------------------------------------------------------------------------------------------------------------|

| ITEM 14.  | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|----------------|----------------------------------------|

----

| ITEM 15.  | EXHIBITS |
|----------------|----------|

|   | 3.1    | Articles of Incorporation, incorporated herein by reference from the Registrant's Registration Statement on Form 10-SB/A filed on August 3, 1999.                                                                                                                            |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                         |
|   | 3.2    | Articles of Merger, incorporated herein by reference to our Current Report on Form 8-K/A filed on November 8, 1999                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 3.3    | Amendment to Articles of Incorporation, incorporated herein by reference from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on April 5, 2001.                                                                                   |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 3.4    | Amendment to Articles of Incorporation, incorporated herein by reference from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on February 2, 2007.                                                                                |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 3.5    | By-Laws, incorporated herein by reference from the Registrant's Registration Statement on Form 10-SB/A filed on August 3, 1999.                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 10.1   | License Agreement, dated January 12, 2007, among the Registrant, Dr. David P. Summers and T. W. Owen, incorporated by reference herein from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on January 16, 2007.                  |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 10.2   | Strategic Alliance Agreement, dated February 23, 2007, between the Registrant and Partners In Science Holdings, Inc., incorporated herein by reference from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on February 23, 2007. |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 10.3   | License Agreement, dated March 9, 2007, among the Registrant, Dr. David P. Summers and T. W. Owen, incorporated by reference herein from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on March 15, 2007.                       |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 10.4   | Employment Agreement, dated February 26, 2007, between the Registrant and David P. Summers, incorporated by reference herein from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on March 15, 2007.                              |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 10.5   | Employment Agreement, dated February 26, 2007, between the Registrant and David Brown, incorporated by reference herein from the Registrant's Current Report on Form 8-K, filed with Securities and Exchange Commission on March 15, 2007.                                   |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 31.1   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act.                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 31.2   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act.                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                         |
|   | 32     | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 USC 1350).                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                         |

|                   | Metabolic Research, Inc. |                         |
|------------------------|--------------------------|------------------------------|
|                   |                     |                         |   |
| Date: October 11, 2010 | By:                      | /s/ Robert Bakker       |   |
|                   |                     | Robert Bakker                |   |
|                   |                     | President                    |   |
|                   |                     | Chief Executive Officer      |   |
|                   |                     |                         |   |
|                   |                     |                         |   |
| Date: October 11, 2010 | By:                      |  /s/ Robert Bakker |   |
|                   |                     |  Robert Bakker          |   |
|                   |                     | Treasurer                    |   |
|                   |                     | Chief Financial Officer      |   |
|                   |                     |                         |   |

----