---

UNITED STATESSECURITIES AND EXCHANGE
COMMISSIONWashington, D.C. 20549

FORM 10-Q/A(Amendment No. 2)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30,
2011

SALAMON GROUP
INC.(Exact name of registrant as specified in its
charter)

|Nevada                                   | 93-1324674                     
|---------------------------------------- | -------------------------------
|(State or other jurisdiction of          | (I.R.S. Employer Identification
|incorporation or organization)           | no.)                           
|                                         |                                
|5-215 Neave Road                         | V1V 2L9                        
|Kelowna, BC Canada                       | (Zip Code)                     
|(Address of principal executive offices) |                                

(778)-753-5675(Registrants telephone
number, including area code) Securities to be registered under Section
12(b) of the Act:

Title of each classNone

Name of each exchange on which registeredNone

Securities to be registered under Section 12(g) of the Act:

Common Stock, $0.001 par value per share(Title of class)

Check whether the registrant (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]  No [  ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definitions of large accelerated filer, accelerated
filer and smaller reporting company in Rule 12b-2 of the Exchange Act.

(Check one):

|Large
      accelerated filer [   ] |                                                     | Accelerated filer [ 
    ]    
|----------------------------------- | --------------------------------------------------- | ------------------------------
|Non-accelerated filer [   ]         | (Do not check if a smaller
      reporting company) | Smaller reporting company [X ]

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ]  No  [X]

State issuers revenues for its most recent fiscal year.
$0

As of October 31, 2011, the aggregate market value of the
Registrants voting stock held by non-affiliates was approximately $570,000
Number of shares of the issuers common stock, $0.001 par value, outstanding as
of October 31, 2011: 50,294,881 shares

F-1

---

TABLE OF CONTENTS

|PART I.  | FINANCIAL INFORMATION            | 3                                                                
|-------- | -------------------------------- | -----------------------------------------------------------------
|         | ITEM 1.                          | FINANCIAL STATEMENTS                                             
|         | ITEM 2.                          | MANAGEMENTS DISCUSSION AND
      ANALYSIS OR PLAN OF OPERATION  
|         | ITEM 4T. CONTROLS AND PROCEDURES | 16                                                               
|PART II. | OTHER INFORMATION                | 18                                                               
|         | ITEM 1.                          | LEGAL PROCEEDINGS                                                
|         | ITEM 2.                          | UNREGISTERED SALES OF EQUITY
      SECURITIES AND USE OF PROCEEDS
|         | ITEM 3.                          | DEFAULTS UPON SENIOR SECURITIES                                  
|         | ITEM 4.                          | SUBMISSIONS OF MATTERS TO A
      VOTE OF SECURITY HOLDERS       
|         | ITEM 5.                          | OTHER INFORMATION                                                
|         | ITEM 6.                          | EXHIBITS                                                         
|         | SIGNATURES                       | 19                                                               

F-2

---

**PART I  FINANCIAL
INFORMATION**

|                                                                                |  |               |   | 
|------------------------------------------------------------------------------- |  | ------------- | - | 
|ITEM 1.
      FINANCIAL STATEMENTS                                              |  |               |   | 
|                                                                                |  |               |   | 
|Salamon Group Inc.                                                              |  |               |   | 
|(A Development Stage Company)                                                   |  |               |   | 
|Consolidated Balance Sheets                                                     |  |               |   | 
|(Expressed in US dollars)                                                       |  |               |   | 
|                                                                                |  | September 30, |   | 
|                                                                                |  | 2011          |   | 
|                                                                                |  | (unaudited)   |   | 
|                                                                                |  | $             |   | 
|ASSETS                                                                          |  |               |   | 
|Current assets:                                                                 |  |               |   | 
|Cash                                                                            |  | 1,071         |   | 
|Equipment (Note 3)                                                              |  | 122,767       |   | 
|Total assets                                                                    |  | 123,838       |   | 
|                                                                                |  |               |   | 
|LIABILITIES AND STOCKHOLDERS DEFICIT                                           |  |               |   | 
|Current liabilities:                                                            |  |               |   | 
|Bank overdraft                                                                  |  | -             |   | 
|Accounts payable and accrued liabilities (Note
      4)                         |  | 539,764       |   | 
|Advances from directors (Note
      4)                                          |  | 33,701        |   | 
|Current portion of deferred revenues (Note 2(k))                                |  | 2,500         |   | 
|Total current liabilities                                                       |  | 575,965       |   | 
|Deferred revenues,
      less current portion (Note 2(k))                       |  | 45,416        |   | 
|Total liabilities                                                               |  | 621,381       |   | 
|Contingencies and Commitments (Notes 1 and 7)                                   |  |               |   | 
|Stockholders deficit:                                                          |  |               |   | 
|Preferred stock, no par value; 10,000,000
      shares authorized, no shares    |  |               |   | 
|issued and outstanding                                                          |  | -             |   | 
|Common stock, $0.001 par value; 50,000,000
      shares authorized,             |  |               |   | 
|50,294,881 shares issued and outstanding
      (December 31, 2010  25,460,728) |  | 50,295        |   | 
|Common stock to be issued                                                       |  | -             |   | 
|Additional paid-in capital                                                      |  | 1,899,162     |   | 
|Donated capital (Note 4)                                                        |  | 3,999         |   | 
|Accumulated deficit                                                             |  | (2,450,999    | ) | 
|Total
      stockholders deficit                                               |  | (497,543      | ) | 
|Total liabilities and stockholders deficit                                     |  | 123,838       |   | 
|                                                                                |  |               |   | 
|See accompanying notes to the
      consolidated financial statements           | 

F-3

---

|Salamon Group Inc.                            |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|--------------------------------------------- |  | ------------------ | - |  | ------------- | - |  | ------------- | - |  | ------------- | - |  | -------------- | -
|(A Development Stage Company)                 |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Consolidated Statements of Operations         |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|(Expressed in US dollars)                     |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|(Unaudited)                                   |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  | For the Period |  
|                                              |  | For the Three      |   |  | For the Three |   |  |               |   |  |               |   |  | from April 27, |  
|                                              |  | Months Ended       |   |  | Months Ended  |   |  | For the Nine  |   |  | For the Nine  |   |  | 2001           |  
|                                              |  | September 
    30, |   |  | September 30, |   |  | Months Ended  |   |  | Months Ended  |   |  | (Inception) to |  
|                                              |  | 2011               |   |  | 2010          |   |  | September 30, |   |  | September 30, |   |  | September 30,  |  
|                                              |  | $                  |   |  | $             |   |  | 2011          |   |  | 2010          |   |  | 2011           |  
|                                              |  |                    |   |  |               |   |  | $             |   |  | $             |   |  | $              |  
|Revenues                                      |  | 1,042              |   |  | -             |   |  | 2,084         |   |  | -             |   |  | 2,084          |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Expenses                                      |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|General and administrative                    |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|(Note 4)                                      |  | 113,230            |   |  | 38,035        |   |  | 304,767       |   |  | 77,376        |   |  | 1,123,555      |  
|Donated rent (Note 4)                         |  | 1,333              |   |  | -             |   |  | 3,999         |   |  | -             |   |  | 3,999          |  
|Interest expense                              |  | -                  |   |  | -             |   |  | -             |   |  | -             |   |  | 35,833         |  
|Research and development                      |  | -                  |   |  | -             |   |  | -             |   |  | -             |   |  | 315,000        |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Total expenses                                |  | 114,563            |   |  | 38,035        |   |  | 308,766       |   |  | 77,376        |   |  | 1,478,387      |  
|Loss Before Other Expenses                    |  | (113,521           | ) |  | (38,035       | ) |  | (306,682      | ) |  | (77,376       | ) |  | (1,476,303     | )
|Other Expenses                                |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Impairment of intangible asset
      (Note 8) |  | -                  |   |  | -             |   |  | (1,299,595    | ) |  | -             |   |  | (1,299,595     | )
|Deferred income tax recovery                  |  | -                  |   |  | -             |   |  | 324,899       |   |  | -             |   |  | 324,899        |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Net loss                                      |  | (113,521           | ) |  | (38,035       | ) |  | (1,281,378    | ) |  | (77,376       | ) |  | (2,450,999     | )
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Loss per share 
      basic and diluted      |  | (0.00              | ) |  | (0.00         | ) |  | (0.03         | ) |  | (0.00         | ) |  |                |  
|                                              |  |                    |   |  |               |   |  |               |   |  |               |   |  |                |  
|Weighted average
      share outstanding      |  | 48,048,000         |   |  | 23,964,000    |   |  | 37,525,000    |   |  | 23,011,000    |   |  |                |  

See accompanying notes to the consolidated financial
statements

F-4

---

|Salamon Group Inc.                                                          |   |               |   |   |               |   |   |                  |  
|--------------------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ---------------- | -
|(A Development Stage Company)                                               |   |               |   |   |               |   |   |                  |  
|Consolidated Statements of Cash Flows                                       |   |               |   |   |               |   |   |                  |  
|(Expressed in US dollars)                                                   |   |               |   |   |               |   |   |                  |  
|(Unaudited)                                                                 |   |               |   |   |               |   |   |                  |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|                                                                            |   |               |   |   |               |   |   | For the Period   |  
|                                                                            |   | For the Nine  |   |   | For the Nine  |   |   | from April 27,   |  
|                                                                            |   | Months Ended  |   |   | Months Ended  |   |   | 2001(Inception)  |  
|                                                                            |   | September 30, |   |   | September 30, |   |   | to September 30, |  
|                                                                            |   | 2011          |   |   | 2010          |   |   | 2011             |  
|Cash flow from operating activities:                                        | $ |               |   | $ |               |   | $ |                  |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Net loss                                                                    |   | (1,281,378    | ) |   | (77,376       | ) |   | (2,450,999       | )
|                                                                            |   |               |   |   |               |   |   |                  |  
|Adjustments to reconcile net
      loss to net cash used in                 |   |               |   |   |               |   |   |                  |  
|operating activities:                                                       |   |               |   |   |               |   |   |                  |  
|Amortization of intangible asset                                            |   | -             |   |   | -             |   |   | 55,000           |  
|Estimated fair value of
      common stock issued for patents               |   | -             |   |   | -             |   |   | 315,000          |  
|Beneficial conversion of amounts due to related party                       |   | -             |   |   | -             |   |   | 35,833           |  
|Depreciation of property
      and equipment                                |   | 4,233         |   |   | -             |   |   | 8,748            |  
|Estimated
      fair value of common stock issued for services              |   | 22,425        |   |   | 3,000         |   |   | 168,216          |  
|Donated rent                                                                |   | 3,999         |   |   | -             |   |   | 3,999            |  
|Deferred income
      tax recovery                                          |   | (324,899      | ) |   | -             |   |   | (324,899         | )
|Impairment on write-down of
      intangible asset                          |   | 1,299,595     |   |   | -             |   |   | 1,299,595        |  
|Changes in operating assets
      and liabilities:                          |   |               |   |   |               |   |   |                  |  
|Accounts payable                                                            |   | 197,715       |   |   | 11,001        |   |   | 398,952          |  
|Deferred revenues                                                           |   | 47,916        |   |   | -             |   |   | 47,916           |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Net cash provided by (used in)
      operating activities                   |   | (30,394       | ) |   | (63,375       | ) |   | (442,639         | )
|                                                                            |   |               |   |   |               |   |   |                  |  
|Cash flows from investing activities:                                       |   |               |   |   |               |   |   |                  |  
|Cash received on acquisition of Sunlogics Power .                           |   | 1             |   |   | -             |   |   | 1                |  
|Purchase of property and equipment                                          |   | -             |   |   | -             |   |   | (4,515           | )
|Purchase of
      license                                                   |   | -             |   |   | -             |   |   | (50,000          | )
|                                                                            |   |               |   |   |               |   |   |                  |  
|Net cash
      provided by (used in) investing activities                   |   | 1             |   |   | -             |   |   | (54,514          | )
|                                                                            |   |               |   |   |               |   |   |                  |  
|Cash flows from financing activities:                                       |   |               |   |   |               |   |   |                  |  
|Repayment of bank overdraft                                                 |   | (4            | ) |   | -             |   |   | -                |  
|Advances from directors                                                     |   | 31,468        |   |   | 63,346        |   |   | 371,524          |  
|Proceeds from related party note
      payable                              |   | -             |   |   | -             |   |   | 23,700           |  
|Issuance of
      common stock for cash                                     |   | -             |   |   | -             |   |   | 103,000          |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Net cash
      provided by (used in) financing activities                   |   | 31,464        |   |   | 63,346        |   |   | 498,224          |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Net increase (decrease) in cash                                             |   | 1,071         |   |   | (29           | ) |   | 1,071            |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Cash, beginning of
      period                                             |   | 0             |   |   | 43            |   |   | -                |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Cash, end of
      period                                                   |   | 1,071         |   |   | 14            |   |   | 1,071            |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|                                                                            |   |               |   |   |               |   |   |                  |  
|Non-cash Financing Activities:                                              |   |               |   |   |               |   |   |                  |  
|Common stock issued upon conversion of amounts due to
      related parties |   | -             |   |   | 52,382        |   |   | 376,388          |  
|Common stock to be issued or to be issued
      to settle accounts payable  |   | 104,208       |   |   | -             |   |   | 122,208          |  
|Common stock issued upon conversion of related party note
      payable     |   | -             |   |   | -             |   |   | 23,700           |  
|Common stock issued for
      license                                       |   | -             |   |   | -             |   |   | 5,000            |  
|Common stock issued in conversion of accounts
      payable                 |   | -             |   |   | -             |   |   | 10,059           |  
|Common stock and warrants issued for acquisition of
      Sunlogics Power   |   | 811,872       |   |   | -             |   |   | 811,872          |  

See accompanying notes to the consolidated financial statements

F-5

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|1. | Nature of Operations and Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | Salamon Group, Inc. (the Company) was incorporated in the state of Nevada on April 27, 2001 (Inception). The Company is a development stage company whose principal business plan is to seek earnings by
acquiring revenue producing assets in the field of solar energy. The Company is a development stage company as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915, Development
Stage Entities.                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern. At September 30, 2011, the Company has
accumulated losses of $2,450,999 since inception and a working capital deficit of $574,894 and expects to incur further losses in the development of its business, all of which cast substantial doubt about the Companys ability to
continue as a going concern.                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | Management plans to continue to provide for the Companys operational needs during the year ending December 31, 2011 by issuing debt and equity securities and by the continued support of its related parties (see Note 4). The
consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to
continue in existence. There is no assurance that funding will be available to continue the Companys business operations.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

F-6

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|2. | Summary of Significant Accounting Policies(continued)
|-- | -----------------------------------------------------
|   |                                                      
|   | (c)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (d)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (e)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (f)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (g)                                                  
|   |                                                      
|   |                                                      

F-7

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|2. | Summary of Significant Accounting Policies(continued)
|-- | -----------------------------------------------------
|   |                                                      
|   | (h)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   | (i)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (j)                                                  
|   |                                                      
|   |                                                      

F-8

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|2. | Summary of Significant Accounting Policies(continued)
|-- | -----------------------------------------------------
|   |                                                      
|   | (k)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (l)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   | (m)                                                  
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      
|   |                                                      

F-9

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|3. | Equipment
|-- | ---------

During the nine months ended September 30, 2011, the Company
acquired a solar powered charging station (See Note 4f). Depreciation for the
nine months ended September 30, 2011 was $4,233 (2010 -$nil)

September 30,
    
    
    December 31,2011
    
    
    2010Accumulated
    
    
    Net Carrying
    
    
    Net CarryingCost
    
    
    Depreciation
    
    
    Value
    
    
    ValueSolar powered charging station
    $
    127,000
    
    $
    4,233
    
    $
    122,767
    
    $
    -


|4. | Related Party Transactions and Balances
|-- | ---------------------------------------
|   |                                        
|   | (a)                                    
|   |                                        
|   | (b)                                    
|   |                                        
|   | (c)                                    
|   |                                        
|   | (d)                                    
|   |                                        
|   | (e)                                    
|   |                                        
|   | (f)                                    
|   |                                        
|   | (g)                                    

F-10

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|5. | Common Stock                                                                                                                                                                                                                                                                                                                    
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                 
|   | On January 24, 2011, the Company, pursuant to an agreement dated November 15, 2010, issued 1,500,000 shares of its common stock to a third party to settle accounts payable related to services provided. The shares were recorded in
common shares to be issued as at December 31, 2010.                                       
|   |                                                                                                                                                                                                                                                                                                                                 
|   | On May 12, 2011, the Company issued 20,000,000 shares of its common stock to an officer and director of the Company in a share exchange for 100% of the issued and outstanding shares of Sunlogics Power Fund Management Inc. (See
Note 8).                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                 
|   | On August 31, 2011 the Company issued 1,250,000 shares of its common stock with an estimated fair value of $22,425 in exchange for consulting services rendered.                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                 
|   | On August 31, 2011, the Company issued 2,084,153 shares of its common stock with an estimated fair value of $104,208 to an officer and director of the Company in exchange for settlement of debt with a carrying value of
$82,200. The difference of $22,008 was recognized in APIC as it was considered a capital transaction.
|   |                                                                                                                                                                                                                                                                                                                                 
|6. | Share Purchase Warrants                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                 
|   | On May 12, 2011, the Company granted 20,000,000 share purchase warrants (Note 8). The share purchase warrants shall be exercisable at a price of $0.001 per share and expire on May 12, 2016. As at September 30, 2011, the share
purchase warrants have not been issued.                                                       
|   |                                                                                                                                                                                                                                                                                                                                 
|7. | Commitments and Contingencies                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                 
|   | (a)                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                 

F-11

---

Salamon Group Inc.
(A Development Stage Company) 
Notes to the Consolidated Financial Statements for the nine month periods ended September 30, 2011 and 2010

(Expressed in US dollars)
(Unaudited)

|8. | Acquisition of Sunlogics Power
|-- | ------------------------------

On May 12, 2011, the Company entered
into a stock purchase agreement with Sunlogics Power to acquire all of the
issued and outstanding shares of Sunlogics Power in exchange for 20,000,000
shares of the Companys common stock and 20,000,000 stock purchase warrants. The
warrants shall be exercisable at a price of $0.001 per share and expiring May
12, 2016. The acquisition of Sunlogics Power has been accounted for as an asset
acquisition. The operations of Sunlogics have been included in these
consolidated financial statements from the date of acquisition.

The following is a summary of the
purchase price allocation at the date of acquisition based upon the estimated
fair value of the assets acquired and liabilities assumed:

Consideration Given:20,000,000 common shares and 20,000,000 share
      purchase warrants.
    $
    811,872Net assets acquired at fair valueCash
    $
    1Intangible asset
    
    1,299,595Deferred income
      tax liability
    
    (324,899
    )Accounts payable
    
    (162,825
    )Net assets at fair value
    
    811,872


Subsequent to recording the asset
acquisition, the intangible asset pertaining to the first right of refusal to
acquire solar assets from Sunlogics Inc. was written down to $0, its estimated
fair value.

F-12

---

Item 2.Managements Discussion and Analysis or
Plan of Operation.

On May 12, 2011, we completed the acquisition of Sunlogics
Power Fund Management Inc. Sunlogics Power Fund is focused on the acquisition of
solar powered electricity generating facilities which have long term power
purchasing agreements in place with local power utilities and commercial
users.

For the period from inception (April 27, 2001) through
September 30, 2011, our deficit accumulated has amounted to $2,450,999.

As reported in the Report of Independent Registered Public
Accounting Firm on our December 31, 2010 financial statements, we have suffered
recurring losses from operations, we have a working capital deficit and a
deficit accumulated during the development stage. These items raise substantial
doubt about our ability to continue as a going concern.

The Company plans to generate revenues through: i) the sale of
solar powered electricity to local power utilities and end users through long
term power purchase agreements; and ii) by acquiring solar power generating
plants which the Company is currently identifying with potential sellers in the
United States and Canada. If the Company is successful in acquiring revenue
producing renewable energy projects, we intend to finance our operations through
a combination of debt and/or equity financing.

If we are unable to generate sufficient revenue from operations
to implement our plans, we intend to explore all available alternatives for debt
and/or equity financing, including but not limited to private and public
securities offerings. Accordingly, we expect that it will be necessary for us to
raise additional funds in the event that we are unable to generate any revenue
from operations and if only a minimal level of revenue is generated in
accordance with our expectations.

Results of Operations

The operating results and cash flows are presented for the nine
months periods ended September 30, 2011 and 2010 and for the period of inception
to December 31, 2010.

|Summary of Period End Results  |   |                   |   |   |                |  
|------------------------------ | - | ----------------- | - | - | -------------- | -
|                               |   | Nine Months Ended |  
|                               |   | September 30,     |   |   | September      |  
|                               |   | 2011              |   |   | 30,
      2010 |  
|Revenue                        | $ | 2,084             |   | $ | -              |  
|                               |   |                   |   |   |                |  
|Expenses                       |   | (308,766          | ) |   | (77,376        | )
|Impairment of intangible asset |   | (1,299,595        | ) |   |                |  
|Deferred income tax recovery   |   | 324,899           |   |   |                |  
|Net Income (Loss)              | $ | (1,281,378        | ) | $ | (77,376        | )

Revenues

For the nine months period ended September 30, 2011, we had
total revenue of $2,084, compared to Nil for the nine month period ended
September 30, 2010, an increase of $2,084 from revenues for usage of the
Companys solar powered charging station.

As of September 30, 2011 and September 30, 2010, deferred
revenue totalled $47,916 and $Nil, respectively.

F-13

---

|Expenses                                                                    |   |                |  |   |                | 
|--------------------------------------------------------------------------- | - | -------------- |  | - | -------------- | 
|                                                                            |   |                |  |   |                | 
|The
      major components of our expenses for the year are outlined below: |   |                |  |  
|                                                                            |   |                |  |   |                | 
|                                                                            |   |                |  |   |                | 
|                                                                            |   | 9 Months Ended | 
|                                                                            |   | September 30,  |  |   | September      | 
|                                                                            |   | 2011           |  |   | 30,
      2010 | 
|General and Administrative                                                  | $ | 304,767        |  | $ | 77,376         | 
|Donated Rent                                                                |   | 3,999          |  |   | -              | 
|                                                                            |   |                |  |   |                | 
|Total Expenses                                                              | $ | 308,766        |  | $ | 77,376         | 

For the nine month period ended September 30, 2011, we had
total operating expenses of $308,766, compared to $77,376 for the nine month
period ended September 30, 2009, an increase of $231,390.

For the nine month period ended September 30, 2011, we had
management fees of $159,675, compared to Nil for the nine month period ended
September 30, 2010, an increase of $159,675.

For the nine month period ended September 30, 2011, we had
professional and consulting fees of $119,950 compared to $45,100 for the nine
month period ended September 30, 2010, an increase of $74,850.

For the nine month period ended September 30, 2011, we had
impairment of an intangible asset of $1,299,595 compared to Nil for the nine
month period ended September 30, 2011, an increase of $1,299,595.

The net loss for the nine month period ended September 30, 2011
was $1,281,378 compared to $77,376 for the nine month period ended September 30,
2010, an increase of $1,204,002.

Liquidity and Capital Resources

Working Capital

|                                                          |   | At Sept        |   |   | At December    |  
|--------------------------------------------------------- | - | -------------- | - | - | -------------- | -
|                                                          |   | 30,
      2011 |   |   | 31,
      2010 |  
|Current Assets                                            | $ | 1,071          |   | $ | 0              |  
|Current Liabilities                                       |   | (575,965       | ) |   | (136,660       | )
|Working Capital                                           | $ | (574,894       | ) | $ | (136,660       | )
|                                                          |   |                |   |   |                |  
|                                                          |   |                |   |   |                |  
|Cash Flows                                                |   |                |   |   |                |  
|                                                          |   |                |   |   |                |  
|                                                          |   | 9 Months Ended |  
|                                                          |   | September 30,  |   |   | September 30,  |  
|                                                          |   | 2011           |   |   | 2010           |  
|Net Cash Provided By (Used In) Operating
      Activities | $ | (30,394        | ) | $ | (63,375        | )
|Net Cash from Investing Activities                        |   | 1              |   |   | -              |  
|Net Cash (Used In) Provided By Financing
      Activities |   | 31,464         |   |   | 63,346         |  
|Net Change in Cash During Period                          | $ | 1,071          |   | $ | (29            | )

F-14

---

Financing Requirements

From inception to September 30, 2011, we have suffered cumulative losses in the amount of $2,450,999. Since our inception, we have funded operations through common stock issuances, related party loans, and the support of creditors in order to
meet our strategic objectives. Our management believes that sufficient funding will be available to meet our business objectives, including anticipated cash needs for working capital, and are currently evaluating several financing options, including
a public offering of securities. However, there can be no assurance that we will be able to obtain sufficient funds to continue our operations. As a result of the foregoing, our independent auditors believe there exists substantial doubt about our
ability to continue as a going concern. There is no assurance that we will be able to obtain additional financing if and when required. We anticipate that additional financing may come in the form of sales of additional shares of our common stock
which may result in dilution to our current shareholders.





F-15

---

Financial Condition, Capital Resources and Liquidity

As of September 30, 2011, we have a deficit accumulated during the development stage of $2,450,999. At September 30, 2011, we had assets totalling $1,071 and current liabilities of $575,965 attributable to amounts due to related parties,
accounts payable and deferred revenue.

We currently have a working capital deficit and there can be no assurance that our financial condition will improve.

Even though we believe, without assurance, that we will obtain sufficient capital with which to implement our business plan on a limited scale, we are not expected to continue in operation without an infusion of capital. In order to obtain
additional equity financing, we may be required to dilute the interest of existing shareholders.

Our ability to continue as a going concern is dependent upon our ability to acquire revenue producing assets.

Net Operating Losses

As of September 30, 2011, we have accumulated a net loss of $2,450,999.

Research and Development

Not Applicable.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital
resources.

Material Commitments for Capital Expenditures

We had no contingencies or long-term commitments at September 30, 2011.

Critical Accounting Policies

There were no changes to the critical accounting policies as discussed in our 2010 Form 10-K.

Item 4(T).Controls and Procedures.

Managements Report on Internal Control over Financial Reporting

F-16

---

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the third quarter of our fiscal year ended December 31, 2011, that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.

Limitations on the Effectiveness of Controls

Our management does not expect that our Disclosure Controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in
decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management or board
override of the control.

F-17

---

The design of any system of controls also is based in part upon
certain assumptions about the likelihood of future events, and there can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions; over time, controls may become inadequate because
of changes in conditions, or the degree of compliance with the policies or
procedures may deteriorate. Because of the inherent limitations in a
cost-effective control system, misstatements due to error or fraud may occur and
not be detected.

PART II - Other Information

|Item 1. | Legal Proceedings
|------- | -----------------

We know of no legal proceedings to which we are a party or to
which any of our property is the subject which are pending, threatened or
contemplated or any unsatisfied judgments against us.

|Item **2.** | Unregistered Sales of Equity securities
      and Use of Proceeds
|----------- | -----------------------------------------------------------------
|            |                                                                  
|None        |                                                                  
|            |                                                                  
|Item **3.** | Defaults Upon Senior securities                                  
|            |                                                                  
|None        |                                                                  
|            |                                                                  
|Item **4.** | Submission of Matters to a Vote of
      Security Holders.       
|            |                                                                  
|None        |                                                                  
|            |                                                                  
|Item **5.** | Other Information                                                
|            |                                                                  
|None        |                                                                  

F-18

---

Exhibits.

|Item 6. |                                                                                                     |    
|------- | --------------------------------------------------------------------------------------------------- | ---
|        |                                                                                                     |    
|Exhibit | Description                                                                                         |    
|No.     |                                                                                                     |    
|2.1     | Articles of Incorporation                                                                           | (1)
|2.2     | Bylaws                                                                                              | (1)
|2.3     | Initial List of Officers,
      Directors and Registered Agent                                      | (1)
|31.1    | Certification of Chief Executive Officer
      pursuant to Section 302(a) of the Sarbanes-Oxley Act | (2)
|32.1    | Certification of Chief
      Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act    | (2)

|(1) | Incorporated by reference to the exhibits of the
      Registration Statement on Form 10-KSB filed with the Securities and
      Exchange Commission on August 6, 2004.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                        
|(2) | Filed herewith.                                                                                                                                                        

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

|Dated: December 13, 2011 | SALAMON GROUP INC.By: /s/ Michael Matvieshen
|------------------------ | --------------------------------------------





F-19

---