<PAGE>

                    U. S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 Amendment No. 2
                                 FORM 10-KSB/A-2

                                   (MARK ONE)

                 [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                     For the fiscal year ended June 30, 2004

   [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934
               For the transition period from ________ to ________

                         COMMISSION FILE NUMBER 0-22968

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                 (Name of small business issuer in its charter)
                          (Formally FOCAL CORPORATION)
             UTAH                                                87-0363789
------------------------------                              --------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

     100 BUSH STREET, SUITE 600
     SAN FRANCISCO, CALIFORNIA                                     94104
----------------------------------------                        -----------
(Address of principal executive offices)                         (Zip Code)

         Issuer's telephone number (including area code): (415) 283-4757

         Securities registered under Section 12(b) of the Exchange Act:
                                      None

      SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE EXCHANGE ACT:
                     Common Stock, $0.10 par value per share
                                (Title of Class)

Check whether the issuer: (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 registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10- KSB or any
amendment to this Form 10-KSB. [X]

The registrant's revenues for its most recent fiscal year were $0.

The aggregate market value of the voting stock held by non-affiliates of the
registrant as of June 30, 2004 was $12,888,612 based upon the average of the
last available bid and asked price of the Common Stock of $0.35 as of June 30,
2004.

The number of shares outstanding of the registrant's Common Stock. $0.10 par
value per share, was 90,533,898 as of September 24, 2004.


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                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None
     -----------------------------------------------------------------------
ALL FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE DEEMED BY THE COMPANY TO BE
COVERED BY AND TO QUALIFY FOR THE SAFE HARBOR PROTECTION PROVIDED BY THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. SHAREHOLDERS AND PROSPECTIVE
SHAREHOLDERS SHOULD UNDERSTAND THAT SEVERAL FACTORS GOVERN WHETHER ANY
FORWARD-LOOKING STATEMENT CONTAINED HEREIN WILL BE OR CAN BE ACHIEVED. ANY ONE
OF THOSE FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
PROJECTED HEREIN. THESE FORWARD-LOOKING STATEMENTS INCLUDE PLANS AND OBJECTIVES
OF MANAGEMENT FOR FUTURE OPERATIONS, INCLUDING PLANS AND OBJECTIVES RELATING TO
THE PRODUCTS AND THE FUTURE ECONOMIC PERFORMANCE OF THE COMPANY. ASSUMPTIONS
RELATING TO THE FOREGOING INVOLVE JUDGMENTS WITH RESPECT TO, AMONG OTHER THINGS.
FUTURE ECONOMIC. COMPETITIVE AND MARKET CONDITIONS, FUTURE BUSINESS DECISIONS,
AND THE TIME AND MONEY REQUIRED T0 SUCCESSFULLY COMPLETE DEVELOPMENT PROJECTS,
ALL OF WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT ACCURATELY AND MANY OF WHICH
ARE BEYOND THE CONTROL OF THE COMPANY. ALTHOUGH THE COMPANY BELIEVES THAT THE
ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE
REASONABLE. ANY OF THOSE ASSUMPTIONS COULD PROVE INACCURATE AND, THEREFORE.
THERE CAN BE NO ASSURANCE THAT THE RESULTS CONTEMPLATED IN ANY OF THE
FORWARD-LOOKING STATEMENTS CONTAINED HEREIN WILL BE REALIZED. BASED ON ACTUAL
EXPERIENCE AND BUSINESS DEVELOPMENT, THE COMPANY MAY ALTER ITS MARKETING,
CAPITAL EXPENDITURE PLANS OR OTHER BUDGETS. WHICH MAY IN TURN AFFECT THE
COMPANY'S RESULTS OF OPERATIONS. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES
INHERENT IN THE FORWARD LOOKING STATEMENTS INCLUDED THEREIN, THE INCLUSION OF
ANY SUCH STATEMENT SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE COMPANY OR
ANY OTHER PERSON THAT THE OBJECTIVES OR PLANS OF THE COMPANY WILL BE ACHIEVED.

ITEM 1. DESCRIPTION OF BUSINESS.

Indigenous Global Development Corporation (hereinafter, "IGDC" or the "Company")
is engaged in the business of providing strategy, financial and investment tools
to deliver economic development, empowerment and financial self-sufficiency for
Native Americans across the U.S. and indigenous people worldwide. To reach these
objectives the Company's focus is on investment financing in Indian Country,
sales of Canadian First Nations natural gas in the U.S., work to develop and
acquire power plant projects and efforts to develop programs to provide lower
cost healthcare to Native American communities throughout the U.S.

The Company began with the incorporation of the United Native Depository
Corporation ("UNDC") in July 2000 on the Navajo Reservation. UNDC is a financial
holding company organized under the laws of the jurisdiction of the Navajo
Nation. UNDC is 100 percent owned by Native American members whose objective is
to increase the economic well being of Native Americans and indigenous people
worldwide. Mr. Deni Leonard is the Company's Chairman and CEO and is the
principal and controlling shareholder of UNDC.

In February 2001, UNDC entered into negotiations to purchase a company named
Focal Corporation. The Focal Corporation shell was acquired in May 2001 and
Focal's projects and staff went to a spin off company in the same month, which
was then named Superior Development, Inc. In May 2002, the Focal Corporation
name was changed to Indigenous Global Development Corporation to reflect the
significant change in the Company's character and strategic focus.

Today, the Company is the first Native American majority owned public
corporation and is incorporated in the State of Utah. The majority of shares of
the Company was owned by UNDC until 2003, which was the first majority ownership
of a public company by a Native American entity within the U.S., and currently
the ownership of shares of the Company by First Indigenous Depository Company
("FIDC"), NETPHARMX, LLC and UNDC exceeds 50%. Both FIDC and NETPHARMX were
established as holding companies of IGDC in the Warm Springs Indian Reservation
in Oregon this year. FIDC is pursuing development of potential to provide
economic resources in Indian countries through energy projects, structured
finance, economic programs and so forth. NETPHARMX will engage in healthcare
products and programs.

                                        2


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ITEM 2. MANAGEMENT DISCUSSION / PLAN OF OPERATIONS

The core business model of IGDC is to provide strategic, financial and
investment tools to help deliver economic development, empowerment and financial
self-sufficiency for Native Americans across the U.S. and for indigenous people
throughout the world. To reach its objectives the Company's priority areas
include sales of Canadian First Nations natural gas into the U.S., work to
develop and acquire power projects, investment financing in Indian Country and
efforts to develop its healthcare programs for Native American communities
throughout the U.S.

IGDC as a Native American majority owned company has many advantages over a
traditional company. As a tribal recognized federal section 17 company the
advantages include no state and federal taxes on certain projects, quicker
permitting of power plants projects, access to tribal natural resources, access
to lower cost capital and Federal sales set asides programs.

Advantages Available to Native Owned Companies
----------------------------------------------

Many advantages are available to Indian owned businesses that are not available
to the public. These advantages amount to a substantial savings for project
financing. American Indian based projects located on reservation property can
have these advantages within the power business:

1) PERMITTING
The Tribal Nations have the authority to permit power plants within 15-30 days
that are 50 megawatts or smaller. This advantage is substantial when compared to
a non- reservation based project that will require at least 18-24 months of
process work and at least 3-5 million dollars in costs.

2) ENVIRONMENTAL ASSESSMENT
The Tribal Governments also have a unique relationship with the federal
government relative to environmental assessment. This process can be permitted
by the Tribe and approved by the Bureau of Indian Affairs. This process can take
15% of the time of a general environmental review by the state governments.

3) RESERVATION BASED SITES
The Tribal governments have industrial parks which have already completed their
environmental assessments and are currently designated as development sites.
These sites are all under Tribal authority and have all the attributes of an
industrial park: land, water, electricity, access to natural gas and electrical
transmission lines, zoning permits for industrial development and access to
major highways.

4) ACCESS TO WATER
The Tribal governments have water rights within the boundary of the
reservations. These rights are related to the Treaties signed between the United
States and the Indian Tribal Nations. The water is controlled by the Tribal
government and is available to the industrial sites for power plants.


                                        3

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5) NATURAL GAS SUPPLY
Tribal Nations currently own 17 trillion cubic feet of natural gas within the
United States, according to the Department of Interior. In Canada, the estimate
is at least 2-3 times the U.S. supply. The development of this natural gas
source is minimal. However, the Tribes that do have the natural gas supply have
indicated their willingness to enter into agreements to supply natural gas to
the Indian owned merchant power plants in return for a percentage of the net
revenue.

6) TAX AVOIDANCE
Products delivered to a reservation site do not have to pay sales taxes on the
product. The turbines, which can amount to 15-150 million dollars, would have a
tax avoidance of 1.2 million dollars to 12 million dollars.

A second tax avoidance is corporate profit taxes. A Tribal corporation does not
have to pay corporate profit taxes in certain circumstances on its activities on
tribal lands or in performing certain governmental functions. This is a
substantial savings.

7) FEDERAL PROCUREMENT CONTRACTS
The Federal Government has a program that sets aside approximately 4,000
megawatts of power sales contracts for minority companies. This will be a
primary advantage during times when the power sales are diminished and the costs
are escalating.

8) COMMUNITY REINVESTMENT ACT ("CRA") EQUITY AND DEBT
Tribal corporations have the designation as minority companies within the
federal government and therefore are eligible for financing through the CRA.
Banks that have merged have a responsibility to provide capital to the
communities they served before the merger and after the merger. For example,
Washington Mutual Bank has a 120 billion dollar commitment over a ten-year
period. This commitment was a part of the merger between Washington Mutual and
Dime Bancorp. The U.S. Comptroller of the Currency regulates the commitment. A
bank can meet its obligations by contributing equity and debt to a minority
company to finance major energy projects or other economic projects.

9) HUB ZONE PROGRAMS
Tribal areas are designated as HUB Zones and are therefore eligible for federal
contributions from the federal government when a major contractor subcontracts
with an American Indian business. The Federal Government will contribute up to
5% of the contract amount back to the subcontractor as an incentive to the major
contractor.

10) RESERVATION BASED NATURAL GAS PIPELINES
Many Indian Tribal reservations have negotiated natural gas pipeline system
leases which permit the pipeline to use Tribal lands for transmission of the
natural gas supply throughout the United States and Canada. These rights also
often offer the Tribal reservations usage rights to the natural gas supply. Many
of the Tribes have not used the rights to date and these rights can become a new
source of natural gas supply and a new source of collateralized capital.

11) RESERVATION BASED TRANSMISSION LINES
The major energy companies throughout the United States have leased Tribal lands
to access the energy market by transmission of electrical power through the
reservations. These transmission lines are another source of capital and
negotiated power sales contracts. The Tribes have not used this structure to
date but there is a future in negotiated leases for capital strategies.

The Company energy projects located off the reservation can expect to have the
following benefits:

12) ACCESS TO TRIBAL NATURAL GAS
Tribes in the United States and Canada recognize Indian Corporations both on and
off the reservation. Therefore, the Company energy projects are expected to have
access to Tribal natural gas and thus should be able to economically benefit
from negotiated reduced costs.

13) ACCESS TO COMMUNITY REINVESTMENT ACT CAPITAL
The Company is a majority owned American Indian company and is therefore
qualified for Community Reinvestment Act (CRA) capital. The fact that a project
is located off reservation does not preclude the project from eligibility for
CRA financing. The CRA finance structure can enable the Company to access vast
amounts of equity and debt funds from banks that have recently merged are under
an obligation to provide capital back to their respective communities.

                                        4

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14) ACCESS TO FEDERAL POWER SALES SET ASIDES FOR MINORITY FIRMS
The federal government has a national set aside program for minority firms that
have the capacity to provide energy to federal facilities, both military and
general government. This program has up to 4,000 megawatts of power sale
potential nationwide. The Company is qualified as a minority firm and therefore
is eligible for this federal program.

Using these advantages, and in line with its ambitious growth objectives for the
2003/2004 fiscal year, the Company has made substantial progress in its three
main focus areas - energy development, tribal finance and healthcare.


Growth and Strategy for the Company's Programs
-----------------------------------------------

In mid 2004 the Company held a comprehensive corporate planning session to
explore short and long-term strategies and planning for the company. This effort
helped management develop growth strategies and quarterly, six month and yearly
goals to manage IGDC's current and anticipated growth in the upcoming 2004/2005
fiscal year. The goals and strategies identified included incorporating a new
holding company, recruitment of new members to its corporate board of directors,
reorganization of its management structure, adding new office space and targeted
staff to handle the upcoming growth.

First Indigenous Depository Company LLC
----------------------------------------

In December 2003, IGDC organized the First Indigenous Depository Company (FIDC)
as a federal Section 17 company on the Warm Spring Indian Reservation in Oregon.
FIDC is a holding company of IGDC and organized to develop the potential to
provide economic resources to Indian Country. It will engage in energy projects,
structured finance, economic planning and economic education reformed for Indian
Country.

To provide need expertise and staff for the FIDC effort, the Company signed an
agreement with Breakwater Investment Group, LLC in March. Under the joint
venture, FIDC and Breakwater formed First Indigenous Investment Group (FIIG) to
provide investment and financial services for Native and Indigenous tribal
projects in the United States, Canada and with international financial
institutions. FIDC and its First Indigenous Investment Group's offices are on
the Warm Springs Indian Reservation in Oregon and have an administrative office
in San Francisco.

Using the FIIG model brings a dedicated team of seasoned financial professionals
to our model for tribal finance and investment advice and is the first financing
and investment model dedicated to Native Americans and Indigenous peoples'
economic development projects. This arrangement also provides the company with
an Indigenous financial institution to deposit the natural gas revenues derived
from the sale of First Nations natural gas into the U.S. The New offices for
FIDC and FIIG opened on the Warm Springs Indian reservation in August 2004. An
administrative office is also open in San Francisco.

Board of Directors
------------------

IGDC is pursing the addition of six board members to its existing board of
directors. The proposed board members identified by IGDC bring added industry
expertise to help the Company grow. The proposed new board members include two
tribal chairmen, a healthcare CEO, an aviation and energy CEO, a natural gas and
renewable energy CEO and the president of a entertainment and consumer company.
The six new board members once they accept the position will join the existing
two board members - the CEO and Corporate Secretary.

At this time the healthcare and the natural gas/renewable energy Chief Executive
Officers have accepted the board of director positions. Completion of new board
of directors process is expected by the end of the second quarter of the
corporate fiscal year.


                                        5

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Reorganization of IGDC's Management Structure
---------------------------------------------

To streamline the Company's processes and ensure continuity and structure to its
programs, IGDC reorganized its management structure in July 2004. The
reorganization included naming a Chief Operating Officer and four Managing
Directors. Under this structure, the Managing Directors oversee the staff and
programs in the following areas: Energy, International Programs, Healthcare,
Tribal Relations and Finance.

Office Expansion and Staff Additions
-------------------------------------

The First Indigenous Depository Company LLC (FIDC) offices opened on the Warm
Springs Reservation in August 2004. IGDC is still in the process of opening its
first overseas office in Tokyo, Japan. The Japan office will provide room for
its proposed international staff and its planned expansion of its Mag Power
electric generator and wind turbine program.

In the past fiscal year, IGDC also added additional full-time and consulting
staff to help it deliver on its business model. The new staff are in
administration, finance, sales, energy, healthcare, international programs and
housing to bring the total number of full-time, contract and part-time employees
from 8 employees in 2002/2003 to 23 in fiscal year 2003/2004. IGDC is also
completing an Employee Stock Ownership Plan for its employees.

The accomplishments by the Company in the areas of Energy, Tribal Financing and
Healthcare for fiscal year 2003/2004 are outlined below.

Energy Program
--------------

The Company's energy program had great successes in fiscal year 2003/2004 and in
the first quarter of 2004/2005. The programs accomplishments, this year, are
outlined in the following areas: natural gas sales, peaker and baseload power
plant program, Mag Power and renewable energy, strategic partnerships, new
business opportunities and the hiring of key energy staff.

1) Natural Gas Program

IGDC completed its first purchase and transport of Cree Energy, Ltd., Canadian
First Nation's natural gas from Canada into the United States in August 2004.
This purchase and transportation of natural gas from the Thunderchild First
Nations Tribe through Cree Energy completed IGDC's first phase efforts to
support the Canadian First Nations Tribes' goal to create a model for
self-management of their natural resources. The "first time" sale is a
historical event in which indigenous tribal companies utilized treaties and
their sovereign status to trade commodities across the United States and
Canadian borders - sovereign indigenous nation to sovereign indigenous nation.
This sale represented the first revenue stream from the Company's natural gas
program.

Phase two of the Company's natural gas program will begin in October/November
2004. In this phase, IGDC plans to increase the purchase and transport of
Canadian natural gas into the U.S. nine-fold each quarter and is hoping to reach
revenues from $36 to $108 million in the first full year of natural gas sales.

IGDC's contract with Cree Energy, LLC (signed in March 2004 with Lafond
Financial) allows the Company to purchase and sell 92,700,000 MMBtus (90 billion
cubic feet) of natural gas into the United States in fiscal year 2004/2005. The
Company can also purchase the natural gas at a significant discount to the U.S.
spot market, for the next 25 years. IGDC will sell the natural gas to
established purchasers and use it to fuel its power plant program. IGDC's
proposed program includes 10 - 43 megawatt peaker and 49.5-megawatt baseload
plants scheduled to start this year to support this nation's demand for reliable
clean power.

2) Peaker and Baseload Plant Program

Natural gas is the major expense to run a gas-fired co-generation electric power
plant (70 to 75 percent of the total cost). With a reliable and discounted rate
on natural gas, IGDC is also focusing its efforts on acquiring and managing
gas-fired electric power plants in the Western States ranging from 43 and
higher.


                                        6


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This plan includes plants on Native Tribal and non-native lands. The work to
complete in this area includes securing power purchase agreements, development
financing, obtaining needed approvals and acquisition of selected projects.

As a tribal recognized company IGDC's advantages include no state and federal
taxes on certain projects, quicker permitting of power plants projects, access
to tribal natural resources, access to lower cost capital and Federal sales set
asides programs.

Using these advantages, IGDC's strategy is to focus on developing up to ten 43
megawatt (MW) Peaker plant projects and 49.5 MW base load power plants on Native
American owned land within the next five years.

IGDC is also seeking funding for its first California based peaker plant and
hopes to obtain approvals and begin construction early in 2005

IGDC also contracted with PB Power in June 2004 to help it design its first
peaker plant project and assist it in its efforts to secure a power purchase
agreement in California.

3) Mag Power and Renewable Energy Programs

In May 2004, IGDC and Mag Power Japan Corporation, Ltd. signed a contract making
IGDC the exclusive distributor of Mag Power's innovative electrical power
generation products in the Western Hemisphere. The joint development contract
allows the Company to assemble, distribute and market the Mag Power products in
the Western Hemisphere for five years with a five-year renewable option. IGDC is
in negotiations to site an assembly facility for the final Mag Power products on
native lands on the West Coast. This effort can create up to 100 jobs for tribal
members

The Mag Power program includes two products. The first is the Magnetic
Accelerator Electric Generator that uses is an innovative invention that uses an
enclosed wind box turbine and magnet technology to generate low cost renewable
energy electricity. The second product is the Micro Turbine Technology which is
a revolutionary Double Rotor System that provides approximately twice the amount
of energy previously offered by other wind turbine generators. This enables
considerable energy savings to customers and promotes environmentally friendly
renewable energy practices.

The new wind energy generators come in one, thirteen and fifty kilowatt units
and can be placed directly on the home, office or business structure. Once the
Mag Power units are assembled and manufactured on Native American tribal
reservation lands, the units will then be marketed and installed using a
franchise program for the U.S. and the Americas. The first micro-turbine model
installation was in April 2004. The first shipment of the Mag Power products
into the U.S. for marketing is expected in early 2005.

4)  Strategic Partnerships

To gain momentum in its energy program IGDC signed the following strategic
partnerships in fiscal year 2003/2004 and in the first quarter of 2004/2005:

IGDC contracted with TRC Solution, Inc. in August 2003 to assist it in several
energy initiatives including developing a natural gas fired electrical
generating facility on the West Coast. TRC's work included providing expertise
in financing, permitting and construction of power plant projects. It's
expertise on natural gas
 also helped IGDC complete the first ever Tribal nation to Tribal nation sale of
the Canadian First Nations natural gas into the U.S

In November 2003, IGDC signed a joint venture agreement with Challenger
Investment Company (CIC). CIC's consultant role included providing added
resources including marketing, human resources and expertise and contacts in the
natural gas business. Additional support by CIC included marketing of the First
Nations natural gas, assistance in developing a natural gas exploration and
gathering program and training of Tribal members in the natural gas business.


                                        7

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In May 2004, IGDC signed a contract with Mag Power Japan Corporation Ltd. to be
the exclusive distributor of Mag Power's innovative electrical power generation
products in the Western Hemisphere.

In March 2004, IGDC announced the signing of an agreement with Cree Energy, LP
to buy and sell Canadian First Nations natural gas in the United States.

In June 2004, IGDC hired PB Power to help it plan its first peaker plant and
assist it in its efforts to secure a power purchase agreement in California.

In July 2004, IGDC joint ventured with SNC Solutions to produce an innovative
water turbine technology to create electrical energy. In September 2004, this
team presented this model and is in the final stages of obtaining a power
purchase agreement from the City of Colton in California.

In July 2004, IGDC signed a memorandum of agreement to be the Northern Cheyenne
Nation's financial and strategy advisor on its energy projects. Under this
agreement, IGDC will help the Northern Cheyenne finance and build a 30 megawatt
wind farm on tribal land.

IGDC also maintained its existing agreements with its valued partners such as
General Electric and Chevron Energy Solutions.

5)  New Business Opportunities

IGDC is registered under the Central Contract Registration program with the
federal Government and received its first contract with the Bureau of Land
Management in August. The project is a drilling program for just under $18,000.

The Company joint ventured with SNC Solutions in July 2004 to work on and
develop an innovative water turbine technology for electrical power generation.
This team presented the technology to the City of Colton in California and is
working to obtain an electrical power purchase agreement from the City of
Colton.

6) Key Energy Staff

In addition to the key partnerships with General Electric, Chevron, TRC
Solutions, PB Power, and Cree Energy, IGDC also sought out and hired staff with
the appropriate energy industry background. In fiscal year 2003/2004 IGDC hired
a Director of Energy Services and a Director of Renewable Energy and Sustainable
Programs. The company also appointed a Managing Director to oversee IGDC's
energy programs.

Tribal Financing and Its Other Programs
---------------------------------------

1) IGDC Mortgage Group Formed

IGDC formed a new division, IGDC Mortgage Group to assist Native American Tribes
pre-qualify for home mortgage loans and provide them with low-monthly payments.
The mortgage group is working with the Housing and Urban Development department
and its Office of Native American Programs to jointly develop and finance large
housing projects with Native American tribes. IGDC obtained its corporate
brokers license certificate in February 2004 and can now work directly with
financing firms.

The mortgage group began presenting its low cost mortgage program to California
tribes in the late 2003. It is negotiating a source for low cost pre-fabricated
housing for its Native Housing program. The housing projects are expected to
begin in late 2004 and include 900 homes and two schools for a total projected
IGDC Mortgage Group portfolio of $20 to 30 million in 2004 and 2005.


                                        8

<PAGE>

2) Healthcare Program

IGDC organized the Netpharmx, LLC on the Confederated Tribes of Warm Springs
Indian Reservation of Oregon this year. The goal of NETPHARMX, a Global
Healthcare Company and holding company of IGDC, is to provide healthcare
products and services to Native American health centers across the U.S. at up to
50 percent below market prices. The company's goal is to provide a single source
pharmaceutical, manufacturing and distribution company to help it provide
pharmaceuticals for the $2.5 billion annual Indian Health Services market. Its
plans include expansion of distributed pharmaceuticals to Hispanic and Black
health centers.

Its main offices will be on the Warm Springs Reservation in Oregon, to provide
investment opportunities and jobs for Oregon Native American tribes and
substantial tax savings for NETPHARMX.

To date, NETPHARMX has identified a drug manufacturer and is working on
identifying the first generic drugs to be introduced into Tribal clinics in
California.

The Company is also working on obtaining funding for a replicable diabetes
detection and diagnosis program for Native American tribes on the West Coast.
NETPHARMX is currently seeking approvals and funding to put up two sites for
diabetes treatment centers on Native lands. The first site is slated for a
Tribal Nation in Oregon.

Other Recent Developments
-------------------------

1) $1.1 Million Raised Using a 506 Limited Offering Memorandum

IGDC opened a 506-limited offering memorandum which will offer for sale to
"accredited investors" up to 3,000,000 units, each consisting of one share of
common stock and one common stock purchase warrant at an offering price of $.50
per unit. Each warrant will entitle the holder to purchase one share of common
stock at a price of $1 per share on or before February 28, 2005. From this
Limited Offering Memorandum IGDC raised $1.1 million was raised in operating
capital for payment of existing liabilities, corporate working capital which
includes legal and accounting services, office, salary and administrative
expenses and to finance project development (primarily to help with the shipment
of natural gas).

Given these accomplishments, IGDC's key business objective for fiscal year
2004/2005 include:

Energy Program

  1) Natural Gas
     - Increase the purchase and sales of Canadian First Nations natural gas
       into the U.S. nine-fold each quarter to finally ship a total of 30
       billion cubic feet of natural gas for fiscal year 2004/2005.

  2) Gas Fired Power Plant Projects - Complete power purchase agreements -
     Obtain funding for first Peaker Plant project
     - Begin construction on first 43 MW Peaker Plant Project - Obtain funding
     for first 49.5 MW Baseload Plant

  3) Mag Power
     - Develop franchise network and distribution model for the Mag Power units
     - Begin selling the Mag Power units to business and home markets in mid
     2005.

Tribal Finance

  1) IGDC Mortgage Group
     - Complete Joint Venture agreements with financial/housing partners
     - Begin first two housing projects

Healthcare Program

     - Complete pharmaceutical assessments and complete first contract to
       introduce generic pharmaceuticals into Tribal clinics.
     - Submit proposal for diabetes detection and diagnosis program
     - Secure funding and site for two diabetes treatment centers.


                                        9

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LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

From inception of the business to June 30, 2004, the Company's operations have
been financed primarily through the sale of common stock and the issuance of
convertible notes payable. At June 30, 2004, the Company had approximately
$191,370 in cash.

For the fiscal year, ended June 30, 2004, net cash used for operating activities
was $1,844,384, as compared to $778,778 in the fiscal year ended June 30, 2003.
Net cash used by operating activities in fiscal year ended June 30, 2004
consisted primarily of an operating loss of $3,464,684, offset by stock issued
for services of $1,295,332.

For the fiscal year, ended June 30, 2004, net cash used by investing activities
was $206,608 compared to $11,383 for the previous fiscal year.

Net cash flows from financing activities for the fiscal year ended June 30, 2004
was $2,219,460. This was attributable primarily to the proceeds from issuance of
common stock of $1,924,598 and proceeds from convertible notes payable of
$542,000 partially offset by a repayment of convertible notes payable of $36,396
and repayment of notes to majority stockholder of $320,152.

Net cash flows from financing activities for the fiscal year ended June 30, 2003
was $813,085. This was attributable primarily to the proceeds from issuance of
notes payable of $34,909 and the proceeds from issuance of common stock of
$321,868. This was partially offset by repayment of convertible notes payable of
$17,000.

The Company had total liabilities of $1,763,168 and $1,466,231 as of June 30,
2004 and 2003 respectively. The increase in receivable from parent company
offset the increase of notes payable (non-convertible) of $300,000.

The Company's liquidity has been materially and adversely affected by continuing
operating losses. The Company has no revenue from operations and is dependant on
the majority stockholder and private financing to fund its day-to-day cash
requirements. The Company currently does not have sufficient capital resources
or sources of liquidity through operations to finance its planned operations
during the next twelve months. The Company intends to obtain the necessary funds
to support its planned operations during the next twelve months in part from
private equity investors. During the first quarter of the year 2004, IGDC
obtained approximately $1,100,000 in operating capital through 506-limited
offering memorandum which will offer for sale to qualified investors to maintain
its pace as it moves toward completion of its energy, pharmaceutical and
investment development goals with native tribes in the U.S. and Canada. There is
no assurance that sufficient additional financing will be available to the
Company on acceptable terms, or at all. The inability to obtain such financing
could have a material adverse effect on the Company's planned operations and
financial condition during the next twelve months.


                                       10

<PAGE>

ITEM 3. LEGAL PROCEEDINGS.

The following is a summary of the pending and settled legal matters during the
fiscal year ending June 30, 2004:

Daiza.
This is a wrongful termination action by a prior employee. No trial date is set,
and the company is represented by counsel. Plaintiff seeks an unstated amount of
compensatory and punitive damages.

Bryson vs. Deni et al.
This case arises out of a claim against the Company and its officers and
directors for failure to pay a promissory note. Plaintiff claimed that she is
owed $72,534.50 in principal, interest and attorney's fees. The Company is being
defended by counsel in San Francisco Superior Court.

Burbank vs. IGDC
The Company settled this matter on August 31, 2004 as part of a Global
settlement of litigation against plaintiff Burbank by a company employee. The
Company paid him $50,000 in satisfaction the judgment.

Cibener vs. United Native Depository Corporation et al.
On August 31, 2004, the Company reached a settlement of this action in which it
agreed to pay $150,000 to plaintiff by September 17, 2004. As a further
condition to the settlement, the Company agreed to arrange transfer of 100,000
shares of restricted stock from a third party to plaintiff.

The Company expects to pay the agreed settlement amounts when it obtains further
funds.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

No matters were submitted to a vote of security holders during the fourth
quarter of the fiscal year covered by this report.


                                       11
<PAGE>

                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

The Company's Common Stock has been listed on the Bulletin Board of the NASD
over-the-counter market ("OTCBB") since September, 2000 formerly under the
symbol FCLO that has subsequently been changed to IGDC to reflect the change in
name of the Company. In November 2002, the Company was delisted from the OTCBB
because the Company was not current in filing its reports under the 1934
Securities Exchange Act.

The Company's common stock has been traded at the OTCBB again since the end of
the year 2003. The closing sales price reported on June 30, 2004 was $0.35 per
share. The reported sales in the fiscal year 2003-2004 on monthly basis are set
forth below*.

* HISTORICAL QUOTES PROVIDED BY YAHOO FINANCE

  DATE         OPEN        HIGH        LOW       CLOSE
   JUL 03      0.08        0.12        0.06       0.10
   AUG 03      0.07        0.11        0.07       0.10
   SEP 03      0.10        0.10        0.06       0.10
   OCT 03      0.09        0.12        0.07       0.07
   NOV 03      0.07        0.12        0.07       0.10
   DEC 03      0.10        0.10        0.06       0.08
   JAN 04      0.09        0.45        0.09       0.41
   FEB 04      0.41        0.90        0.40       0.49
   MAR 04      0.52        0.80        0.26       0.65
   APR 04      0.70        0.77        0.43       0.53
   MAY 04      0.47        0.48        0.32       0.39
   JUN 04      0.39        0.41        0.32       0.35

As of June 30, 2004, there were 89,186,398 shares of the Company's Common Stock
issued and outstanding, held of record by 774 shareholders and 600,000 shares
held by the Company as Treasury Stock.

The Company has paid no dividends on its Common Stock and does not expect to pay
dividends in the foreseeable future.

Transfer Online, a corporation doing business in Portland, Oregon, serves as a
transfer agent for the Common Stock of the Company.


                                       12

<PAGE>


ITEM 6. FINANCIAL STATEMENTS

The financial statements of the Company required to be included in Item 6 are
set forth in the Financial Statements Index.

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS
                                  JUNE 30, 2004







<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS
                                  JUNE 30, 2004

                          INDEX TO FINANCIAL STATEMENTS

                                                                    Page
                                                              -----------------

 Report of Independent Registered Public Accounting Firm            F - 2

 Balance Sheet as of June 30, 2004                                  F - 3

 Statements of Operations
  for the Years Ended June 30, 2004 and 2003, and
  from Inception of Development Stage to June 30, 2004              F - 4

 Statements of Shareholders' Equity (Deficit)
  from Inception of Development Stage to June 30, 2004         F - 5 - F - 23

 Statements of Cash Flows
  for the Years Ended June 30, 2004 and 2003, and
  from Inception of Development Stage to June 30, 2004         F - 24 - F - 25

 Notes to Financial Statements                                 F - 26 - F - 34


                                       F-1





<PAGE>

                REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders
Indigenous Global Development Corporation
San Francisco, California


We have audited the accompanying balance sheet of Indigenous Global Development
Corporation (a development stage company) as of June 30, 2004, and the related
statements of operations, shareholders' deficit, and cash flows for the years
ended June 30, 2004 and 2003 and for the period July 1, 2002 through June 30,
2004, included in the cumulative period from inception of the development stage,
July 1, 1993 through June 30, 2004. The financial statements of Indigenous
Global Development Corporation (formerly Focal Corporation, a development stage
company) from inception of the development stage, July 1, 1993 through June 30,
2002, were audited by other auditors, whose reports dated October 7, 1994,
November 20, 1995, April 29, 1997, December 8, 1997, March 5, 1999, October 26,
1999, September 20, 2000, October 2, 2001 and December 7, 2002, respectively,
(which are not included in these financial statements), included an explanatory
paragraph that described a going concern uncertainty. These financial statements
are the responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Indigenous Global Development
Corporation at June 30, 2004, and the results of its operations and its cash
flows for the years ended June 30, 2004 and 2003 and for the period July 1, 2002
through June 30, 2004, included in the cumulative period from inception of the
development stage, July 1, 1993 through June 30, 2004, in conformity with
accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 2 to the financial
statements, the Company has no revenue and incurred losses from operations in
each of the past two years, has negative working capital, delinquent notes
payable, and a shareholders' deficit as of June 30, 2004, which raises
substantial doubt about its ability to continue as a going concern. Management's
plan in regard to these matters are also described in Note 2. These financial
statements do not include any adjustments relating to the recoverability and
classification of reported asset amounts or the amounts and classifications of
liabilities that might result from the outcome of this uncertainty.



/s/ Stonefield Josephson, Inc.
CERTIFIED PUBLIC ACCOUNTANTS

San Francisco, California
September 24, 2004

                                       F-2

<PAGE>
<TABLE>

                         INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                               (A DEVELOPMENT STAGE COMPANY)
                                       BALANCE SHEET
                                       JUNE 30, 2004

<CAPTION>

                                          ASSETS

<S>                                                                          <C>
CURRENT ASSETS
       Cash                                                                  $   191,370
                                                                             ------------

FIXED ASSETS,
  net of accumulated depreciation of $8,255                                       30,145
                                                                             ------------

OTHER ASSETS
       Deposits                                                                  110,910
                                                                             ------------

                  Total Assets                                               $   332,425
                                                                             ============

                      LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES
       Convertible notes payable                                             $   656,300
       Accounts payable and accrued expenses                                     299,399
       Accrued interest payable                                                  482,554
       Due to majority stockholder                                                22,415
       Loans payable, related party                                                2,500
                                                                             ------------

                  Total Current Liabilities                                    1,463,168
                                                                             ------------

Notes Payable                                                                $   300,000

SHAREHOLDERS' DEFICIT
       Preferred stock; 100,000,000 shares authorized, no shares
         outstanding, no par value                                                    --
       Common stock; 100,000,000 shares authorized, 89,786,398 shares
         issued and 89,186,398 shares outstanding, $.10 par value              8,978,640
       Additional paid in capital                                              4,817,217
       Common stock subscribed, unrestricted                                       9,000
       Receivable from holding company                                        (1,500,000)
       Advances to related party                                                 (75,000)
       Note receivable on sale of stock                                          (37,375)
       Note receivable from parent company on sale of stock                     (300,000)
       Deferred costs                                                            (50,000)
       Issuance of stock as collateral                                          (250,000)
       Treasury stock                                                           (150,000)
       Deficit accumulated before the development stage                       (1,739,945)
       Deficit accumulated during the development stage                      (11,133,280)
                                                                             ------------

                  Total Shareholders' Deficit                                 (1,430,743)
                                                                             ------------

                  Total Liabilities and Shareholders' Deficit                $   332,425
                                                                             ============

          The accompanying notes form an integral part of these financial statements.

                                           F-3

</TABLE>

<PAGE>
<TABLE>

                                   INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                         (A DEVELOPMENT STAGE COMPANY)
                                           STATEMENTS OF OPERATIONS
<CAPTION>

                                                            For the Years Ended                   From Inception
                                                                 June 30,                         of Development
                                                     --------------------------------                  Stage
                                                                                                 (July 1, 1993 to
                                                          2004               2003                  June 30, 2004)
                                                                          (Restated)
                                                     -------------      -------------              -------------
<S>                                                      <C>                <C>                   <C>
NET REVENUES FROM SALE OF LAND                       $         --       $         --                $    81,256
                                                     -------------      -------------              -------------

OPERATING EXPENSES
       General, selling and administrative
         expense including related party rent
         expense of $129,038 and $39,588                  108,788          1,085,454                  3,335,307
       Consulting and management services               1,950,114            323,209                  4,354,489
       Directors and officers fees and salaries           581,268            340,750                  1,868,518
       Professional fees                                  282,679             84,221                    713,401
                                                     -------------      -------------              -------------

                  Total Operating Expenses              2,922,849          1,833,634                 10,271,715
                                                     -------------      -------------              -------------

OPERATING LOSS                                         (2,922,849)        (1,833,634)               (10,190,459)
                                                     -------------      -------------              -------------

OTHER INCOME (EXPENSES)
       Gain on transfer of assets (Note 4)                     --                 --                    381,161
       Gain on extinguishment of debt                          --                 --                    213,843
       Interest income                                     27,500             27,000                     84,559
       Interest expense                                  (511,335)           (91,384)                (1,287,028)
       Loss on impairment of land                              --                 --                   (277,356)
       Loss on sale of treasury stock                     (58,000)                --                    (58,000)
                                                     -------------      -------------              -------------

                  Total Other Income (Expense)           (541,835)           (64,384)                  (942,821)
                                                     -------------      -------------              -------------

        Operating Loss before Income Taxes             (3,464,684)        (1,898,018)               (11,133,280)
                                                     -------------      -------------              -------------

                Net Loss                             $ (3,464,684)      $ (1,898,018)              $(11,133,280)
                                                     =============      =============              =============

                Net loss per common share
                  - basic and diluted                $      (0.05)      $      (0.04)              $      (0.27)
                                                     =============      =============              =============

                Weighted average common shares
                  outstanding
                    - basic and diluted                64,008,643         43,958,513                 41,686,259
                                                     =============      =============              =============

                          The accompanying notes form an integral part of these financial statements.

                                                           F-4
</TABLE>

<PAGE>
<TABLE>


                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                       FROM INCEPTION OF DEVELOPMENT STAGE TO June 30, 2004

                                                                                           Accumulated   Accumulated
                             Common Stock         Preferred Stock                            Deficit       Deficit        Total
                       ------------------------  -----------------   Additional              Before        During      Shareholders'
                                                                      Paid-in     Other    Development   Development     Equity
                         Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                       -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
<S>                      <C>          <C>                   <C>      <C>          <C>       <C>           <C>           <C>
July 1, 1993 -
  Balance at
  beginning of
  development stage      1,526,396    $ 152,640         -   $     -  $1,576,181   $      -  $(1,739,945)  $         -   $   (11,124)
     Stock issued
       for services        349,960       34,996         -         -      21,484          -            -             -        56,480

     Sale of stock         414,120       41,412         -         -     165,648          -            -             -       207,060

     Net (Loss)                  -            -         -         -           -          -            -      (473,122)     (473,122)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------

Balance at
  June 30, 1994          2,290,476      229,048         -         -   1,763,313          -   (1,739,945)     (473,122)     (220,706)

     Stock issued
       for services        114,800       11,480         -         -      45,920          -            -             -        57,400

     Stock issued to
       officer in lieu
       of salary           200,000       20,000         -         -      80,000          -            -             -       100,000

     Sale of stock          75,400        7,540         -         -      30,160          -            -             -        37,700

     Stock issued for
       payment of note      10,000        1,000         -         -       4,000          -            -             -         5,000

     Net (Loss)                  -            -         -         -           -          -            -      (512,625)     (512,625)
                        -----------  -----------  --------  -------  -----------  --------  ------------  -----------   ------------

Balance at
  June 30, 1995          2,690,676      269,068         -         -   1,923,393          -   (1,739,945)     (985,747)     (533,231)

     Net (Loss)                  -            -         -         -           -          -            -      (268,936)     (268,936)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------

Balance at
  June 30, 1996          2,690,676      269,068          -        -   1,923,393          -   (1,739,945)   (1,254,683)     (802,167)

Stock issued for
       services            409,900   $   40,990          -  $     -  $  163,960   $      -   $        -    $        -   $   204,950

     Stock issued to
       officer in lieu
       of salary           240,000       24,000          -        -      96,000          -            -             -       120,000

     Net (Loss)                  -            -          -        -           -          -            -      (500,303)     (500,303)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------

Balance at
  June 30, 1997          3,340,576      334,058          -        -    2,183,353         -   (1,739,945)   (1,754,986)     (977,520)

     Retirement of
       common stock        (31,339)      (3,134)         -        -        3,134         -            -             -             -

     Stock issued
       for services          4,600          460          -        -        1,840         -            -             -         2,300

     Stock issued to
       officer in lieu
       of salary           240,000       24,000          -        -       96,000         -            -             -       120,000

     Stock issued for
       payment of
       notes               123,000       12,300          -        -       49,200         -            -             -        61,500

                           The accompanying notes form an integral part of these financial statements.

                                                                       F-5


<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit       Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development    Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage      (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
     Net (Loss)                  -            -          -        -            -         -            -      (301,586)     (301,586)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Balance at
  June 30, 1998          3,676,837   $  367,684         -   $     -  $2,333,527   $      -  $(1,739,945)  $(2,056,572)  $(1,095,306)

     Stock issued for
       services            102,000       10,200         -         -      40,800          -            -             -        51,000

     Stock issued to
       officer in lieu
       of salary           180,000       18,000         -         -      72,000          -            -             -        90,000

     Stock issued for
       payment of
       accrued wages       360,000       36,000         -         -     144,000          -            -             -       180,000

     Sale of stock          25,000        2,500         -         -      22,500          -            -             -        25,000

     Net (Loss)                  -            -         -         -           -          -            -      (446,978)     (446,978)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------

Balance at
  June 30, 1999          4,343,837      434,384         -         -   2,612,827          -   (1,739,945)   (2,503,550)   (1,196,284)

Stock issued for
      Services               1,415          141         -         -         565          -            -             -           706

    Stock issued
      for broker fees       87,946        8,795         -         -      (8,795)         -            -             -             -

    Stock issued
      to purchase
      land               1,170,266      117,026         -         -    (117,026)         -            -             -             -

    Stock issued upon
      conversion of
      notes payable         24,000        2,400         -         -       9,600          -            -             -        12,000

   Stock issued for
      payment of
      accrued wages
      and director fees    829,916       82,992         -         -     183,200          -            -             -       266,192

    Stock issued for
      charitable
      contribution         180,000       18,000         -         -     (18,000)         -            -             -             -

      Net (Loss)                 -            -         -         -           -          -            -      (719,768)     (719,768)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Balance at
  June 30, 2000          6,637,380   $  663,738         -   $     -  $2,662,371   $      -  $(1,739,945)  $(3,223,318)  $(1,637,154)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------

                            The accompanying notes form an integral part of these financial statements.

                                                                    F-6


<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                           Accumulated   Accumulated
                             Common Stock         Preferred Stock                            Deficit       Deficit        Total
                       ------------------------  -----------------   Additional              Before        During      Shareholders'
                                                                      Paid-in     Other    Development   Development     Equity
                         Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                       -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Balance at
  June 30, 2000          6,637,380   $  663,738         -   $     -  $2,662,371   $      -  $(1,739,945)  $(3,223,318)  $(1,637,154)

  Retirement of
    common stock
    held in escrow
    for purchase of
    land - prior year      (16,594)      (1,659)        -         -       1,659          -            -             -             -

  Stock issued to
    purchase land
                            66,831        6,683         -         -      (6,683)         -            -             -             -
  Stock issued to
    officer and
    outside
    consultants in
    lieu of salaries
    and fees             1,465,000      146,500         -         -     586,000          -            -             -       732,500

  Stock issued to
    officer and
    outside
    consultants for
    buy-out
    agreements           2,250,001      225,000         -         -      45,000          -            -             -       270,000

Stock issued for
    payment of prior
    year accrued
    services and
    salaries               412,634       41,264         -         -      73,970          -            -             -       115,234

  Stock issued upon
    conversion of
    notes payable
                           145,522       14,552         -         -      58,209          -            -             -        72,761
  Sale of stock to
    UNDC per
    agreement dated
    May 15, 2001        20,183,792    2,018,379         -         -  (1,708,379)  (300,000)           -             -        10,000

    Sale of stock           24,000        2,400         -         -      21,600          -            -             -        24,000

    Net (Loss)                   -            -         -         -           -          -            -    (1,555,658)   (1,555,658)
                        -----------  -----------  --------  -------  ----------- ---------- ------------  ------------  ------------

Balance at
  June 30, 2001          31,168,566  $3,116,857         -   $     -  $1,733,747  $(300,000) $(1,739,945)  $(4,778,976)  $(1,968,317)
                        -----------  -----------  --------  -------  ----------- ---------- ------------  ------------  ------------

                            The accompanying notes form an integral part of these financial statements.

                                                                     F-7

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit        Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development     Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------

Balance at
  June 30, 2001          31,168,566  $3,116,857         -   $     -  $1,733,747  $(300,000) $(1,739,945)  $(4,778,976)  $(1,968,317)

     Stock issued
       to Company
       Officer to
       adjust
       purchase of
       controlling
       interest           1,000,000     100,000         -         -    (100,000)         -            -             -             -

     Stock issued
       for conversion
       of notes
       payable and
       interest             663,408      66,341         -         -     265,363          -            -             -       331,704

     Exercise of
       warrants for
       services
                            500,000      50,000         -         -     (50,000)         -            -             -             -

     Sale of stock
       for cash           3,124,240     312,424         -         -     402,524          -            -             -       714,948

     Stock issued
       for relief of
       accounts
       payable              138,850      13,885         -         -      25,797          -            -             -        39,682

     Stock issued
       for services
       and
       bonuses            3,017,026     301,702         -         -     338,000          -            -             -       639,702

     Stock issued
       to purchase
       land                 500,000      50,000         -         -     450,000          -            -             -       500,000

     Sale of stock
       for cash              16,000       1,600         -         -           -          -            -             -         1,600

       Net (Loss)                 -           -         -         -           -          -            -      (991,601)     (991,601)
                        -----------  -----------  --------  -------  ----------- ---------- ------------  ------------  ------------

Balance at June 30,
  2002 (Restated)        40,128,090  $4,012,809         -   $     -  $3,065,431  $(300,000) $(1,739,945)  $(5,770,577)  $  (732,282)
                        -----------  -----------  --------  -------  ----------- ---------- ------------  ------------  ------------

                            The accompanying notes form an integral part of these financial statements.

                                                                  F-8

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit        Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development     Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Balance at
  June 30, 2002          40,128,090  $4,012,809          -  $     -  $3,065,431  $(300,000) $(1,739,945)  $(5,770,577)  $  (732,282)

Stock issued for
  payment of
  services on
  August 9, 2002 at
  $0.25 per share            90,000  $    9,000          -  $      - $   13,500  $       -  $         -   $         -   $    22,500

Stock issued for
  payment of
  services on
  August 28, 2002 at
  $0.07 per share           770,000  $   77,000          -  $     -  $  (23,100) $       -  $         -   $         -   $    53,900

Stock issued for
  payment of
  officers' salaries
  and directors' fees
  on August 28, 2002 at
  $0.07 per share           110,000  $   11,000          -  $     -  $   (3,300) $       -  $         -   $         -   $     7,700

Stock issued on
  August 29, 2002
  for Stock sold at
  market value of
  $0.25 per share
  in July 2002               10,800  $    1,080          -  $     -  $    1,620  $       -  $         -   $         -   $     2,700

Stock issued for
  payment of
  officers' salaries
  and directors' fees
  on September 24, 2002
  at $0.07 per share        215,000  $   21,500          -  $     -  $   (6,450) $       -  $         -  $          -   $    15,050

Stock issued on
  October 3, 2002
  for sale at $0.08
  per share                  40,000  $    4,000          -  $     -  $     (800) $       -  $         -   $         -   $     3,200

Stock issued on
  October 3, 2002
  for sale at $0.10
  per share                  50,000  $    5,000          -  $     -  $        -  $       -  $         -   $         -   $     5,000

Stock issued on
  October 8, 2002
  for sale at $0.10
  per share                 222,179  $   22,218          -  $     -  $        -  $       -  $         -   $         -   $    22,218

Stock issued on
  October 22, 2002
  for sale at $0.08
  per share                  10,000  $    1,000          -  $     -  $     (200) $       -  $         -   $         -   $       800

Stock issued on
  October 22, 2002 at
  $0.10 per share
  for prepayment on
  natural gas project       500,000  $   50,000          -  $     -  $        -  $       -  $         -   $         -   $    50,000

Deferred costs related
  to natural gas project          -  $        -          -  $     -  $        -  $ (50,000) $         -   $         -   $   (50,000)

                            The accompanying notes form an integral part of these financial statements.

                                                                     F-9

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit        Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development     Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Stock issued on
  October 22, 2002
  for sale at $0.25
  per share in July
  2002                       50,000  $    5,000          -  $    -   $    7,500  $       -  $         -   $         -   $    12,500

Stock issued on
  October 31, 2002
  for sale at $0.10
  per share                  44,000  $    4,400        -    $    -   $        -  $       -  $         -   $         -   $     4,400

Stock issued on
  November 14, 2002
  for sale at $0.01
  per share                 100,000  $   10,000          -  $    -   $   (9,000) $       -  $         -   $         -   $     1,000

Stock issued on
  December 30, 2002
  for sale at $0.10
  per share                 500,000  $   50,000          -  $    -   $        -  $       -  $         -   $         -   $    50,000

Stock issued on
  December 30, 2002
  at $0.50 per share
  on conversion of
  note payable               69,818  $    6,982          -  $    -   $   27,927  $       -  $         -   $         -   $    34,909

Stock issued for
  payment of
  services on
  December 31, 2002
  at $0.12 per share         85,000  $    8,500          -  $    -   $    1,700  $       -  $         -   $         -   $    10,200

Stock issued for
  payment of
  officers' salaries
  and directors' fees
  on December 31, 2002
  at $0.12 per share         25,000  $    2,500          -  $    -   $      500  $       -  $         -   $         -   $     3,000

Private placement
  in December 2002
  For 100,000
  shares of common
  stock to be
  issued                          -  $       --          -  $    -   $        -  $ 100,000  $         -   $         -   $   100,000


                            The accompanying notes form an integral part of these financial statements.

                                                                 F-10

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit        Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development     Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Stock issued for
  officers' salaries
  and directors' fees
  on January 30, 2003
  at $0.10 per share      2,250,000  $  225,000          -  $     -  $       --  $       -  $         -   $         -   $   225,000

Stock issued for
  payment of
  services on
  January 30, 2003
  at $0.10 per share        259,500  $   25,950          -  $     -  $       --  $       -  $         -   $         -   $    25,950

Stock issued on
  February 10, 2003
  for sale at $0.20
  per share                 102,500  $   10,250          -  $     -  $   10,250  $       -  $         -   $         -   $    20,500

Stock issued on
  February 10, 2003
  for payment of
  services at $0.20
  per share                  12,500  $    1,250          -  $     -  $    1,250  $       -  $         -   $         -   $     2,500

Stock issued on
  February 10, 2003
  for sale at $0.25
  per share                  40,000  $    4,000          -  $     -  $    6,000  $       -  $         -   $         -   $    10,000

Stock issued on
  February 10, 2003
  for sale at $0.10
  per share               1,065,000  $  106,500          -  $     -  $       --  $       -  $         -   $         -   $   106,500

Stock issued on
  February 14, 2003
  for sale at $0.10
  per share                  40,000  $    4,000          -  $     -  $       --  $       -  $         -   $         -   $     4,000

Stock issued for
  payment of
  services on
  February 14, 2003
  at $0.18 per share          4,000  $      400          -  $     -  $      320  $       -  $         -   $         -   $       720

Stock issued on
  February 25, 2003
  for sale at $0.10
  per share                 207,500  $   20,750          -  $     -  $       --  $       -  $         -   $         -   $    20,750

Stock issued for
  payment of
  services on
  February 25, 2003
  at $0.08 per share         17,500  $    1,750          -  $     -  $     (350) $       -  $         -   $         -   $     1,400

                            The accompanying notes form an integral part of these financial statements.

                                                                 F-11

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit        Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development     Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Stock issued for
  payment of
  services on
  March 18, 2003 at
  $0.15 per share            32,250  $    3,225          -  $     -  $    1,613  $       -  $         -   $         -   $     4,838

Stock issued for
  payment of
  services on
  March 24, 2003 at
  $0.10 per share            92,995  $    9,300          -   $     - $       --  $       -  $         -   $         -   $     9,300

Stock issued for
  payment of
  services on
  April 15, 2003 at
  $0.08 per share            65,000  $    6,500          -  $     -  $   (1,300) $       -  $         -  $          -   $     5,200

Stock issued on
  May 28, 2003
  for sale
  at $0.10 per share        180,000  $   18,000          -  $     -  $       --  $       -  $         -   $         -   $    18,000

Stock issued on
  June 10, 2003
  for sale
  at $0.10 per share        203,000  $   20,300          -  $     -  $       --  $       -  $         -   $         -   $    20,300

Stock issued for
  payment of
  services on
  June 11, 2003 at
  $0.11 per share            15,000  $    1,500          -  $     -  $      150  $       -  $         -   $         -   $     1,650

Stock issued on
  June 27, 2003
  for sale
  at $0.10 per share        200,000  $   20,000          -  $     -  $        -  $       -  $         -   $         -   $    20,000

Common stock subscribed
  June 30, 2003;
  385,000 shares at
  $0.10 per share                 -  $        -         -   $     -  $        -  $  38,500  $         -   $         -   $    38,500

  Net (Loss) (Restated)           -  $        -         -   $     -  $        -  $       -  $         -   $(1,898,018)  $(1,898,018)
                        -----------  -----------  --------  -------  ----------- ---------- ------------  ------------  ------------

Balance at June 30,
  2003 (Restated)        47,806,632  $4,780,664          -  $     -  $3,093,261  $(211,500) $(1,739,945)  $(7,668,595)  $(1,746,115)
                        -----------  -----------  --------  -------  ----------- ---------- ------------  ------------  ------------

                            The accompanying notes form an integral part of these financial statements.

                                                                F-12


<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                              Common Stock         Preferred Stock                            Deficit       Deficit        Total
                        ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                       Paid-in     Other    Development   Development     Equity
                          Shares       Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                        -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Balance at June 30,
  2003 (Restated)       47,806,632   $4,780,664          -  $     -  $3,093,261  $(211,500) $(1,739,945)  $(7,668,595)  $(1,746,115)

Stock issued on
  July 23, 2003
  for subscription
  prior to June 30
  at $0.10 per share        85,000   $    8,500          -  $     -  $        -  $  (8,500) $         -   $         -   $         -

Stock issued on
  July 23, 2003
  for sale
  at $0.10 per share        18,330   $    1,833          -  $     -  $        -  $       -  $         -   $         -   $     1,833

Stock issued on
  July 29, 2003
  for subscription
  prior to June 30 at
  $0.10 per share           300,000  $   30,000          -  $     -  $        -  $ (30,000) $         -   $         -   $         -

Stock issued on
  July 30, 2003
  for sale
  at $0.10 per share       130,000   $   13,000          -  $     -  $        -  $       -  $         -   $         -   $    13,000

Stock issued on
  August 5, 2003
  for sale
  at $0.0667 per share      20,000   $    2,000          -  $     -  $     (667) $       -  $         -   $         -   $     1,333

Stock issued on
  August 5, 2003
  for sale
  at $0.10 per share        30,000   $    3,000          -  $     -  $        -  $       -  $         -   $         -   $     3,000

Stock issued for
  payment of
  services on
  August 28, 2003 at
  $0.09 per share          150,000   $   15,000          -  $     -  $   (1,500) $       -  $         -   $         -   $    13,500

Stock issued on
  August 28, 2003
  for sale
  at $0.01 per share         8,000   $      800          -  $     -  $     (720) $       -  $         -   $         -   $        80

Stock issued on
  August 28, 2003
  for sale
  at $0.10 per share        80,000   $    8,000          -  $     -  $        -  $       -  $         -   $         -   $     8,000

Stock issued on
  August 28, 2003
  at $0.10 per share
  on conversion of
  note payable             120,000   $   12,000          -  $    -   $        -  $       -  $         -   $         -   $    12,000

                            The accompanying notes form an integral part of these financial statements.

                                                                F-13


<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                           Accumulated   Accumulated
                             Common Stock         Preferred Stock                            Deficit       Deficit        Total
                       ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                      Paid-in     Other    Development   Development     Equity
                          Shares      Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                       -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Treasury Stock,
  at cost, 800,000
  shares repurchased
  in exchange for
  restricted stock
  on August 29 at
  $0.095 per share               -   $        -          -  $     -  $        -  $(205,200) $         -   $         -   $  (205,200)

Restricted Stock issued
  on August 29, 2003 in
  exchange for 800,000
  unrestricted
  shares of the Company,
  at $0.095 per share    2,400,000   $  240,000          -  $     -  $  (34,800) $       -  $         -   $         -   $   205,200

Stock issued on
  September 3, 2003
  for sale
  at $0.10 per share         5,000   $      500          -  $     -  $        -  $       -  $         -   $         -   $       500

Stock issued on
  September 17, 2003
  for sale
  at $0.0667 per share     385,000   $   38,500          -  $     -  $  (12,834) $       -  $         -   $         -   $    25,666

Common stock subscribed
  September 30, 2003,
  unrestricted shares            -   $        -          -  $     -  $        -  $  50,500  $         -   $         -   $    50,500

Common stock subscribed
  September 30, 2003,
  unrestricted shares            -   $        -          -  $     -  $        -  $  54,920  $         -   $         -   $    54,920

                            The accompanying notes form an integral part of these financial statements.

                                                                F-14


<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                           Accumulated   Accumulated
                             Common Stock         Preferred Stock                            Deficit       Deficit        Total
                       ------------------------  -----------------   Additional              Before        During     Shareholders'
                                                                      Paid-in     Other    Development   Development     Equity
                          Shares      Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                       -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Stock issued on
  October 3, 2003
  for subscription
  prior to September
  30, at $0.10 per
  share                    100,000   $   10,000          -  $     -  $        -  $ (10,000) $         -   $         -   $         -

Stock issued on
  October 3, 2003
  for subscription
  prior to September
  30, at $0.15 per
  share                    100,000   $   10,000          -  $     -  $    5,000  $ (15,000) $         -   $         -   $         -

Stock issued on
  October 8, 2003
  for subscription
  prior to September
  30, at $0.01 per
  share                    100,000   $   10,000          -  $     -  $   (9,000) $  (1,000) $         -   $         -   $         -

Stock issued on
  October 8, 2003
  for subscription
  prior to September
  30, at $0.07 per
  share                    400,000   $   40,000          -  $     -  $  (12,000) $ (28,000) $         -   $         -   $         -

Stock issued on
  October 8, 2003
  for subscription
  prior to September
  30, at $0.10 per
  share                     35,000   $    3,500          -  $     -  $        -  $  (3,500) $         -   $         -   $         -

Stock issued on
  October 8, 2003
  for sale
  at $0.10 per share        10,000  $    1,000          -  $     -  $        -  $       -   $         -   $         -   $     1,000

Treasury Stock, at cost,
  42,700 shares repurchased
  on October 17 in exchange
  for restricted stock issued
  on October 27
  at $0.27 per share             -   $        -         -   $     -  $        -  $ (11,529) $         -   $         -   $   (11,529)

Stock issued on
  October 21, 2003
  for subscription
  at $0.0738 per share      13,550   $    1,355          -  $     -  $     (355) $  (1,000) $         -   $         -   $         -

Stock issued on
  October 21, 2003
  for sale
  at $0.10 per share       250,000   $   25,000          -  $     -  $        -  $       -  $         -   $         -   $    25,000

Common stock subscribed
  October 24, 2003,
  restricted shares              -   $        -         -   $     -  $        -  $   5,000  $         -   $         -   $     5,000

Treasury Stock,
  at cost, 500,000
  shares repurchased
  in exchange for
  restricted stock
  on October 27 at
  $0.27 per share                -   $        -         -   $     -  $        -  $(135,000) $         -   $         -   $  (135,000)

                            The accompanying notes form an integral part of these financial statements.

                                                                 F-15

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                           Accumulated   Accumulated
                             Common Stock         Preferred Stock                            Deficit       Deficit        Total
                       ------------------------  -----------------   Additional              Before        During      Shareholders'
                                                                      Paid-in     Other    Development   Development     Equity
                          Shares      Amount      Shares    Amount    Capital     Items       Stage         Stage       (Deficit)
                       -----------  -----------  --------  -------  -----------  --------  ------------  ------------  ------------
Restricted Stock issued
  on October 27, 2003
  in exchange for 1,628,100
  unrestricted shares of
  the Company, at $0.09
  per share              1,628,100   $  162,810          -  $     -  $ ( 16,281) $       -  $         -   $         -   $   146,529

Stock issued on
  October 27, 2003
  for sale at
  $0.10 per share            5,000   $      500          -  $     -  $        -  $       -  $         -   $         -   $       500

Stock issued on
  October 27, 2003
  for sale
  at $0.15 per share       200,000   $   20,000          -  $     -  $   10,000  $       -  $         -   $         -   $    30,000

Treasury Stock issued
  for subscription,
  100,000 shares issued
  on October 27 at
  $0.24 per share                -   $        -         -   $     -  $        -  $   2,000  $         -   $         -   $     2,000

Treasury Stock,
  100,000 shares issued
  on October 27 at
  $0.10 per share                -   $        -         -   $     -  $        -  $  26,000  $         -   $         -   $    26,000

Treasury Stock issued
  for subscription,
  100,000 shares issued
  on October 27 at
  $0.07 per share                -   $        -         -   $     -  $        -  $  19,000  $         -   $         -   $    19,000

Treasury Stock issued
  for subscription,
  10,000 shares issued
  on October 27 at
  $0.10 per share                -   $        -         -   $     -  $        -  $   1,600  $         -   $         -   $     1,600

Stock issued on
  November 4, 2003
  for sale
  at $0.15 per share       833,333   $   83,333          -  $     -  $   41,667  $       -  $         -   $         -   $   125,000

Stock issued on
  November 26, 2003
  for subscription
  prior to September
  30, at $0.10 per
  share                     50,000   $    5,000          -  $     -  $        -  $  (5,000) $         -   $         -   $         -

Treasury Stock issued
  for subscription,
  100,000 shares issued
  on December 5 at
  $0.07 per share                -   $        -         -   $     -  $        -  $  19,000  $         -   $         -   $    19,000

                            The accompanying notes form an integral part of these financial statements.

                                                               F-16

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                            Accumulated   Accumulated
                            Common Stock         Preferred Stock                              Deficit       Deficit        Total
                      ------------------------  -----------------   Additional                Before        During     Shareholders'
                                                                     Paid-in      Other     Development   Development     Equity
                         Shares      Amount      Shares    Amount    Capital      Items        Stage         Stage       (Deficit)
                      -----------  -----------  --------  -------  -----------  ----------  ------------  ------------  ------------
Treasury Stock issued
  for subscription,
  20,000 shares issued
  on December 5 at
  $0.25 per share                -   $        -         -   $     -  $        -  $     200  $         -   $         -   $       200

Treasury Stock,
  4,000 shares issued
  on December 5 at
  $0.25 per share                -   $        -         -   $     -  $        -  $   1,040  $         -   $         -   $     1,040

Treasury Stock issued
  for subscription,
  8,000 shares issued
  on December 5 at
  $0.24 per share                -   $        -         -   $     -  $        -  $     160  $         -   $         -   $       160

Treasury Stock, at cost
  for services
  368,000 shares issued
  on December 5 at
  $0.26-$0.27 per share          -   $        -         -   $     -  $        -  $   92,980   $       -   $         -   $    92,980

Stock issued on
  December 16, 2003
  for sale
  at $0.10 per share        20,000   $    2,000         -   $     -  $        -  $        -   $       -   $         -   $     2,000

Treasury Stock, at cost
  for services
  532,700 shares issued
  on December 17 at
  $0.27 per share                -   $        -         -   $     -  $        -   $ 143,829   $       -   $         -   $   143,829

Stock issued on
  December 17, 2003
  for sale
  at $0.10 per share        10,000   $    1,000          -  $     -  $        -   $       -   $       -   $         -   $     1,000

Stock issued for
  payment of
  services on
  December 17, 2003
  at $0.07 per share       657,300   $   65,730          -  $     -  $  (19,719)  $       -   $       -   $         -   $    46,011

Stock issued for
  payment of officers'
  salaries and
  directors' fees on
  December 17, 2003
  at $0.07 per share     1,500,000   $  150,000         -   $     -  $  (45,000)  $       -   $       -   $         -   $   105,000

Stock issued for
  payment of royalty
  on natural gas project
  December 18, 2003
  at $0.06 per share    25,000,000   $2,500,000          -  $     -  $(1,000,000) $(1,500,000)$       -   $         -   $         -

Stock issued for
  payment of
  services on
  December 18, 2003
  at $0.06 per share       162,500   $   16,250          -  $     -  $   (6,500)  $       -   $       -   $         -   $     9,750


                            The accompanying notes form an integral part of these financial statements.

                                                                F-17

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                          Accumulated    Accumulated
                          Common Stock         Preferred Stock                              Deficit        Deficit        Total
                    ------------------------  -----------------   Additional                Before         During      Shareholders'
                                                                   Paid-in      Other     Development    Development      Equity
                       Shares      Amount      Shares    Amount    Capital      Items        Stage         Stage        (Deficit)
                    -----------  -----------  --------  -------  -----------  ----------  ------------ --------------  ------------

Stock issued on
  January 13, 2004
  for sale
  at $0.10 per share    65,000   $    6,500         -   $     -  $        -   $       -   $         -   $          -   $     6,500

Stock issued on
  January 15, 2004
  for sale
  at $0.10 per share   100,000   $   10,000         -   $     -  $        -   $       -   $         -   $          -   $    10,000

Stock issued on
  January 15, 2004
  for sale
  at $0.15 per share    10,000   $    1,000         -   $     -  $      500   $       -   $         -   $          -   $     1,500

Stock issued on
  January 15, 2004
  for subscription
  prior to December 31,
  2003 at $0.10 per
  share                 50,000   $    5,000         -   $     -  $        -   $  (5,000)  $         -   $          -   $         -

Stock issued on
  January 20, 2004
  for sale
  at $0.12 per share   100,000   $   10,000         -   $     -  $    2,000   $       -   $         -   $          -   $    12,000

Stock issued on
  January 27, 2004
  for sale
  at $0.12 per share    28,000   $    2,800         -   $     -  $      560   $       -   $         -   $          -   $     3,360

Stock issued on
  January 27, 2004
  for sale
  at $0.15 per share    10,000   $    1,000         -   $     -  $      500   $       -   $         -   $          -   $     1,500

Stock issued on
  January 29, 2004
  for sale
  at $0.25 per share    20,000   $    2,000         -   $     -  $    3,000   $       -   $         -   $          -   $     5,000

Stock issued on
  January 29, 2004
  for sale
  at $0.12 per share    10,000   $    1,000         -   $     -  $      200   $       -   $         -   $          -   $     1,200

Stock issued on
  January 30, 2004
  for sale
  at $0.0667 per
  share                375,000   $   37,500         -   $     -  $  (12,500)  $       -   $         -   $          -   $    25,000

Stock issued on
  January 30, 2004
  for sale
  at $0.10 per share    75,000   $    7,500         -   $     -  $        -   $       -   $         -   $          -   $     7,500


                            The accompanying notes form an integral part of these financial statements.

                                                                F-18


<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                          Accumulated    Accumulated
                          Common Stock         Preferred Stock                              Deficit        Deficit        Total
                    ------------------------  -----------------   Additional                Before         During      Shareholders'
                                                                   Paid-in      Other     Development    Development      Equity
                       Shares      Amount      Shares    Amount    Capital      Items        Stage         Stage        (Deficit)
                    -----------  -----------  --------  -------  -----------  ----------  ------------ --------------  ------------
Discount on
  February 3, 2004 for
  convertible note           -   $        -         -   $     -  $  100,000   $       -   $         -   $          -   $   100,000

Stock issued on
  February 6, 2004
  for sale
  at $0.25 per share    45,000   $    4,500         -   $     -  $    6,750   $       -   $         -   $          -   $    11,250

Stock issued on
  February 10, 2004
  for sale
  at $0.20 per share    20,000   $    2,000         -   $     -  $    2,000   $       -   $         -   $          -   $     4,000

Stock issued on
  February 10, 2004
  for sale
  at $0.30 per share    10,000   $    1,000         -   $     -  $    2,000   $       -   $         -   $          -   $     3,000

Stock issued on
  February 10, 2004
  for services
  rendered at $0.51
  per share             15,625   $    1,563         -   $     -  $    6,406   $       -   $         -   $          -   $     7,969

Stock issued on
  February 10, 2004
  for services
  rendered, at
  $0.51 per share      930,000   $   93,000         -   $     -  $  381,300   $       -   $         -   $          -   $   474,300

Stock issued on
  February 13, 2004
  for sale
  at $0.225 per share   20,000   $    2,000         -   $     -  $    2,500   $       -   $         -   $          -   $     4,500

Stock issued on
  February 13, 2004
  for sale
  at $0.325 per share   75,000   $    7,500         -   $     -  $   16,875   $       -   $         -   $          -   $    24,375

Stock issued on
  February 13, 2004
  for sale
  at $0.30 per share    23,000   $    2,300         -   $     -  $    4,600   $       -   $         -   $          -   $     6,900

Stock issued on
  February 13, 2004
  for services
  rendered, at
  $0.52 per share       15,000   $    1,500         -   $     -  $    6,300   $       -   $         -   $          -   $     7,800


                            The accompanying notes form an integral part of these financial statements.

                                                                F-19

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                          Accumulated    Accumulated
                          Common Stock         Preferred Stock                              Deficit        Deficit        Total
                    ------------------------  -----------------   Additional                Before         During      Shareholders'
                                                                   Paid-in      Other     Development    Development      Equity
                       Shares      Amount      Shares    Amount    Capital      Items        Stage         Stage        (Deficit)
                    -----------  -----------  --------  -------  -----------  ----------  ------------ --------------  ------------
Stock issued on
  February 19, 2004
  for sale
  at $0.10 per share    40,000   $    4,000         -   $     -  $      400   $       -   $         -   $          -   $     4,400

Stock issued on
  February 19, 2004
  for private
  placement subscribed
  in August 2002 at
  $1.00 per share      100,000   $   10,000         -   $     -  $   90,000   $(100,000)  $         -   $          -   $         -

Stock issued on
  February 25, 2004
  for sale
  at $0.325 per share  118,138   $   11,814         -   $     -  $   26,581   $       -   $         -   $          -   $    38,395

Stock issued on
  February 25, 2004
  for services
  rendered at
  $0.60 per share      530,000   $   53,000         -   $     -  $  265,000   $       -   $         -   $          -   $   318,000

Stock issued on
  February 25, 2004
  for services
  rendered at
  $0.60 per share       38,462   $    3,846         -   $     -  $   19,231   $       -   $         -   $          -   $    23,077

Stock issued on
  February 25, 2004
  for sale
  at $0.50 per
  share              1,124,334   $  112,433         -   $     -  $  449,734   $       -   $         -   $          -   $   562,167

Stock issued on
  February 26, 2004
  for services
  rendered at
  $0.50 per share       61,000   $    6,100         -   $     -  $   24,400   $       -   $         -   $          -   $    30,500

Stock issued on
  February 26, 2004
  for sale
  at $0.325 per
  share                136,538   $   13,654         -   $     -  $   30,721   $       -   $         -   $          -   $    44,375

Stock issued on
  February 26, 2004
  for sale
  at $0.50 per
  share                100,000   $   10,000         -   $     -  $   40,000   $       -   $         -   $          -   $    50,000

Stock issued on
  March 2, 2004
  for sale
  at $0.50 per
  share                539,000   $   53,900         -   $     -  $  215,600   $       -   $         -   $          -   $   269,500


                            The accompanying notes form an integral part of these financial statements.

                                                                F-20

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                          Accumulated    Accumulated
                          Common Stock         Preferred Stock                              Deficit        Deficit        Total
                    ------------------------  -----------------   Additional                Before         During      Shareholders'
                                                                   Paid-in      Other     Development    Development      Equity
                       Shares      Amount      Shares    Amount    Capital      Items        Stage          Stage        (Deficit)
                    -----------  -----------  --------  -------  -----------  ----------  ------------ --------------  ------------
Stock issued on
  March 2, 2004
  for sale
  at $0.4989 per
  share                 14,000   $    1,400         -   $     -  $    5,585   $       -   $         -   $          -   $     6,985

Stock issued on
  March 3, 2004
  for services
  rendered at
  $0.50 per share       27,650   $    2,765         -   $     -  $   11,060   $       -   $         -   $          -   $    13,825

Stock issued on
  March 3, 2004
  for services
  rendered at
  $0.63 per share       35,000   $    3,500         -   $     -  $   18,550   $       -   $         -   $          -   $    22,050

Stock issued on
  March 3, 2004
  for sale
  at $0.325 per
  share                 10,000   $    1,000         -   $     -  $    2,250   $       -   $         -   $          -   $     3,250

Treasury stock,
  at cost, 100,000
  shares repurchased
  on March 8, 2004           -   $        -         -   $     -  $        -   $(100,000)  $         -   $          -   $  (100,000)

Stock issued on
  March 11, 2004
  for sale
  at $0.325 per
  share                 10,000   $    1,000         -   $     -  $    2,250   $       -   $         -   $          -   $     3,250

Stock issued on
  March 11, 2004
  for collateral of
  loan, at fair
  value of $0.55
  per share          1,000,000   $  100,000         -   $     -  $  150,000   $(250,000)  $         -   $          -   $         -

Stock issued
  for services
  rendered at
  market value of
  February 27,
  2004 at $0.49
  per share              6,122   $      612         -   $     -  $    2,388   $       -   $         -   $          -   $     3,000

Stock issued on
  March 26, 2004
  for sale
  at $0.35 per
  share                100,000   $   10,000         -   $     -  $    25,000  $       -   $         -   $          -   $    35,000

Common stock
  subscribed
  March 31, 2004
  restricted shares          -   $        -         -   $     -  $         -  $ 195,625   $         -   $          -   $   195,625


                            The accompanying notes form an integral part of these financial statements.

                                                               F-21

<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                          Accumulated    Accumulated
                          Common Stock         Preferred Stock                              Deficit        Deficit        Total
                    ------------------------  -----------------   Additional                Before         During      Shareholders'
                                                                   Paid-in      Other     Development    Development      Equity
                       Shares      Amount      Shares    Amount    Capital      Items        Stage          Stage        (Deficit)
                    -----------  -----------  --------  -------  -----------  ----------  ------------ --------------  ------------
Treasury stock
   acquired on April
   8, 2004 for
   settlement,
   500,000 shares,
   at par value               -   $        -         -   $     -  $  50,000   $ (50,000)  $         -   $          -   $         -

Stock issued on
  April 13, 2004
   for services
   rendered at
   market value of
   $0.55 per share       20,000   $    2,000         -   $     -  $   9,000   $       -   $         -   $          -   $    11,000

Common stock
  subscribed
  April 02, 2004
  restricted shares          -   $        -         -   $     -  $        -   $  30,000   $         -   $          -   $    30,000

Stock issued on
  April 13, 2004
   for subscription
   in March 2004 at
   $0.50 per share      200,000   $   20,000         -   $     -  $  80,000   $(100,000)  $         -   $          -   $         -

Common stock
  subscribed
  April 27, 2004
  unrestricted shares          -   $        -         -   $     -  $      -   $  10,250   $         -   $          -   $    10,250

Stock issued on
  April 28, 2004
   for services
   rendered, at
   market value of
   $0.50 per share      150,000   $   15,000         -   $     -  $  60,000   $       -   $         -   $          -   $    75,000

Stock issued on
   May 14, 2004
   for subscription
   in April 2004 at
   $0.325 per share      21,538   $    2,154         -   $     -  $   4,846   $  (7,000)  $         -   $          -   $         -

Stock issued on
  May 14, 2004
   for services
   rendered, at
   market value of
   $0.42 per share      215,000   $   21,500         -   $     -  $  68,800   $       -   $         -   $          -   $    90,300

Stock issued on
  May 19, 2004
   for subscription in
   March and April 2004
   at $0.325 per share  163,846   $   16,385         -   $     -  $  36,865   $ (53,250)  $         -   $          -   $         -

Stock issued on
  May 19, 2004
  for services
  rendered, at
  market value of
   $0.37 per share       15,000   $    1,500         -   $     -  $   4,050   $       -   $         -   $          -   $     5,550


                            The accompanying notes form an integral part of these financial statements.

                                                                   F-22



<PAGE>

                                             INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                                   (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                  FROM INCEPTION OF DEVELOPMENT STAGE TO JUNE 30, 2004 (CONTINUED)

                                                                                          Accumulated    Accumulated
                          Common Stock         Preferred Stock                              Deficit        Deficit        Total
                    ------------------------  -----------------   Additional                Before         During      Shareholders'
                                                                   Paid-in      Other     Development    Development      Equity
                       Shares      Amount      Shares    Amount    Capital      Items        Stage          Stage        (Deficit)
                    -----------  -----------  --------  -------  -----------  ----------  ------------ --------------  ------------
Stock issued on
  May 19, 2004
   for subscription
   in March 2004 at
   $0.50 per share      200,000   $   20,000         -   $     -  $    80,000  $(100,000)  $         -   $          -   $         -

Stock issued on
  June 14, 2004
   for sale at
   $0.50 per share       90,000   $    9,000         -   $     -  $    36,000  $       -   $         -   $          -   $    45,000

Stock issued on
  June 14, 2004
   for services
   rendered at
   market value of
   $0.39 per share       55,000   $    5,500         -   $     -  $    15,950  $       -   $         -   $          -   $    21,450

Stock issued on
   June 21, 2004 for
   conversion from
   promissory note at
   $0.50 per share       41,400   $    4,140         -   $     -  $    16,360  $       -   $         -   $          -   $    20,500

Stock issued on
   June 29, 2004 for
   services rendered
   at market value of
   $0.35 per share       15,000   $    1,500         -   $     -  $     3,750  $       -   $         -   $          -   $     5,250

Warrants issued
   to consultants             -   $        -         -   $     -  $   459,303  $       -   $         -   $   (459,303)  $         -

Advances to related
   Party                      -   $        -         -   $     -  $         -  $ (75,000)  $         -   $          -   $   (75,000)

       Net (Loss)             -   $        -         -   $     -  $         -  $       -   $         -   $ (3,005,381)  $(3,005,381)
                    -----------  -----------  --------   -------  -----------  ----------  ------------  -------------  ------------
Balance at
  June 30, 2004      89,786,398  $ 8,978,640         -   $     -  $ 4,817,217 $(2,353,375) $(1,739,945) $ (11,133,280)  $(1,355,743)
                    ===========  ===========  ========   =======  ===========  ==========  ============ ==============  ============

                            The accompanying notes form an integral part of these financial statements.

                                                                            F-23

</TABLE>

<PAGE>
<TABLE>

                                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                          (A DEVELOPMENT STAGE COMPANY)
                                            STATEMENTS OF CASH FLOWS
<CAPTION>

                                                                  For the Years Ended            From Inception
                                                                        June 30,                 of Development
                                                            -------------------------------          Stage
                                                                                               (July 1, 1993) to
                                                                 2004              2003           June 30, 2004
                                                                                (Restated)
                                                            -------------     -------------     ----------------
<S>                                                         <C>               <C>               <C>
CASH FLOWS PROVIDED BY (USED FOR)
  OPERATING ACTIVITIES:
       Net loss                                             $ (3,464,684)     $ (1,898,018)     $   (11,133,280)
                                                            =============     =============     ================
       Adjustments to reconcile net loss to net cash
         used for operating activities:
           Stock issued for services performed                 1,295,332           388,907            4,176,416
           Loss on impairment of land and assets                      --                --              277,356
           Non-cash treasury stock                               102,424                --              102,424
           Non-cash compensation and promotion                   459,303                --              543,263
           Expenses paid by a reduction of
             loan commitment fee                                      --                --               30,000
           Depreciation                                            4,660             1,983                8,255
           Net transfer of assets and liabilities
             to Superior Development Corporation                      --                --             (381,161)

       Changes in Assets (Liabilities):
           (Increase) decrease in assets:
              Prepaid expenses and other receivables              43,173           (42,603)                  --
              Interest receivable from
                majority stockholder                             (26,992)          (27,000)             (84,051)
              Deposits                                                --            (7,317)                (910)

           Increase (decrease) in liabilities:
              Accounts payable and accrued expenses             (580,653)          785,922            1,301,425
              Accrued interest payable                           323,053            19,348              518,860
                                                            -------------     -------------     ----------------

                 Total Adjustments                             1,620,300         1,119,240            6,491,877
                                                            -------------     -------------     ----------------

                  Net Cash Flows Used for
                    Operating Activities                      (1,844,384)         (778,778)          (4,641,403)
                                                            -------------     -------------     ----------------

CASH FLOWS PROVIDED BY (USED FOR)
  INVESTING ACTIVITIES:
       Due from related party                                    (75,000)               --              (75,000)
       Capitalized land development costs                             --                --             (181,877)
       Refundable loan commitment fee                                 --                --              (30,000)
       Prepaid deposit for natural gas                          (100,000)               --             (100,000)
       Purchase of furniture and equipment                       (14,008)          (16,993)             (43,291)
       Received from (advances to) related parties               (17,600)            5,610              (17,600)
       Purchase of land                                               --                --               (4,620)
                                                            -------------     -------------     ----------------

                  Net Cash Flows Used for
                    Investing Activities                        (206,608)          (11,383)            (452,388)
                                                            -------------     -------------     ----------------

CASH FLOWS PROVIDED BY (USED FOR)
  FINANCING ACTIVITIES:
       Proceeds from issuance of common stock                  1,924,598           321,868            3,554,528
       Proceeds from convertible notes payable                   542,000            34,909            1,587,767
       Advances from majority stockholder                        109,410           334,808              444,218
       Proceeds from common stock subscribed                          --           138,500              138,295
       Proceeds from mortgage                                         --                --              178,750
       Advances from related parties                                  --                --               22,442
       Book overdraft                                                 --               (22)                  --
       Repayment of convertible notes payable                    (36,396)          (17,000)             (70,396)
       Repayment of notes to majority stockholder               (320,152)               --             (570,743)
                                                            -------------     -------------     ----------------

                  Net Cash Flows Provided by
                    Financing Activities                       2,219,460           813,063            5,285,161
                                                            -------------     -------------     ----------------

                  The accompanying notes form an integral part of these financial statements.

                                                     F-24
</TABLE>

<PAGE>
<TABLE>

                                   INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                                         (A DEVELOPMENT STAGE COMPANY)
                                     STATEMENTS OF CASH FLOWS (CONTINUED)
<CAPTION>

                                                                  For the Years Ended            From Inception
                                                                        June 30,                 of Development
                                                            -------------------------------          Stage
                                                                                               (July 1, 1993) to
                                                                 2004              2003           June 30, 2004
                                                            -------------     -------------     ----------------
<S>                                                         <C>               <C>               <C>
NET INCREASE IN CASH                                        $    168,468      $     22,902      $       191,370

CASH (OVERDRAFT) AT THE BEGINNING OF THE PERIOD                   22,902                --                   --
                                                            -------------     -------------     ----------------

CASH AT THE END OF
  THE PERIOD                                                $    191,370      $     22,902      $       191,370
                                                            =============     =============     ================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
       Interest paid                                        $     51,149      $     32,540      $       351,667
                                                            =============     =============     ================

       Income taxes paid                                    $        800      $        800      $         7,073
                                                            =============     =============     ================

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
  AND FINANCING ACTIVITIES:
       Conversion of notes payable and interest
         accrued to common stock                            $     20,700      $     34,909      $       549,574
                                                            =============     =============     ================

       Assumption of debt in connection with the
         acquisition of land held for development           $         --      $         --      $       873,000
                                                            =============     =============     ================

       Common stock issued for payment
         of accounts payable                                $         --      $         --      $       154,916
                                                            =============     =============     ================

       Common stock issued for purchase of land             $         --      $         --      $       500,000
                                                            =============     =============     ================

       Officer loans forgiven on transfer
         to fellow subsidiary                               $         --      $         --      $        65,500
                                                            =============     =============     ================

       Common stock issued as prepayment for
         Natural gas project                                $         --      $     50,000      $        50,000
                                                            =============     =============     ================

       Common stock issued for note receivable              $  1,500,000      $         --      $     1,550,000
                                                            =============     =============     ================


                 The accompanying notes form an integral part of these financial statements.

                                                     F-25
</TABLE>



<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 1 - NATURE OF OPERATIONS

Indigenous Global Development Corporation (the "Company" or "IGDC") was
incorporated in Utah on August 12, 1980 as Petro Funding, Inc. In May 1993, the
Company's name was changed to Focal Corporation and on May 13, 2002, the Company
changed its name to Indigenous Global Development Corporation ("IGDC").

Prior to July 1, 1993, IGDC was involved in other businesses, but then changed
its focus to acquiring and developing community shopping centers and other types
of operating real properties.

On May 15, 2001, the Company entered into an Amended and Restated Stock Purchase
Agreement (the "Agreement") with United Native Depository Corporation ("UNDC").
UNDC, a majority stockholder of the Company, is a Native American company. UNDC
is a financial holding corporation organized under the laws of the jurisdiction
of the Navajo Nation. UNDC is 100% owned by Native American members.

The stock purchase agreement noted above, whereby UNDC acquired controlling
interest in the Company, required that the real estate properties and related
debt be transferred to a new company called Superior Development Corporation.
The major shareholder of Superior Development Corporation is Howard Palmer,
former shareholder and former president of Focal Corporation.

The core business model of IGDC is to provide strategy, financial and investment
tools to help deliver economic development, education, empowerment and financial
self-sufficiency for Native Americans across the U.S. and for indigenous people
throughout the world. To reach its objectives the companies priority areas
include investment financing in Indian Country, sales of Canadian First Nations
natural gas in the U.S., work to develop and acquire power plant projects and
efforts to develop programs to provide lower cost pharmaceuticals to Native
American communities throughout the U.S.

Note 2 - BASIS OF PRESENTATION

These financial statements have been prepared on the going concern basis. At
present, the Company has no revenue from operations and delinquent notes
payable. The Company has experienced significant losses of $3,005,381 and
$1,464,840 for the years ended June 30, 2004 and 2003, respectively, and
$10,673,977 since inception of development stage. At June 30, 2004, current
liabilities exceed current assets by approximately $1,271,798. The Company is
dependent on funds from borrowing and private financing to fund its day-to-day
cash requirements. The Company obtained approximately $1,100,000 in operating
capital through a 506-limited offering memorandum in the first quarter of 2004,
was offered for sale to qualified investors to maintain its pace as it moves
toward completion of its energy, pharmaceutical and investment development goals
with Native Tribes in the U.S. and Canada. The Company is currently planning for
additional 506-investment programs, however, until such time as these funds are
obtained, there can be no assurance that sufficient funds will be available to
finance its operations. This raises substantial doubt about the Company's
ability to continue as a going concern. Without realization of additional
capital and the funding noted above, or established revenue sources, it would be
unlikely for the Company to continue as a going concern.

The 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. It is Management's objective to seek additional
capital and funding sources to finance its future operations.

                                      F-26

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

(2) Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers cash and cash
equivalents to include cash on hand, bank balances and short-term investments
with a maturity of three months or less. The Company maintains its cash in bank
deposit accounts that, at times, may exceed federally insured limits. The
Company has not experienced any losses in such accounts.

(3) Fair Value of Financial Instruments

Statement of Financial Accounting Standards (SFAS) No. 107, "Disclosures about
Fair Value of Financial Instruments" requires all entities to disclose the fair
value of financial instruments, both assets and liabilities recognized and not
recognized on the balance sheet, for which it is practicable to estimate fair
value. This statement defines fair value of a financial instrument as the amount
at which the instrument could be exchanged in a current transaction between
willing parties. As of June 30, 2004, the fair value of all financial
instruments approximated carrying value.

The carrying amounts of accounts payable and accrued expenses, accrued interest
payable and amount due to majority stockholder are reasonable estimates of their
fair value because of the short maturity of these items. The Company believes
the carrying amounts of its related party debt and convertible notes payable
approximate fair value because the interest rates on these instruments
approximate market interest rates currently available to the Company.

(4) Fixed Assets

Fixed assets comprise of furniture and equipment, which are stated at cost, less
accumulated depreciation. Depreciation is computed principally using the
straight-line method over the estimated useful lives of the assets, which range
from three to five years.

Maintenance and repairs are expensed as incurred while renewals and betterments
are capitalized.

(5) Long-Lived Assets

The Company reviews the carrying amount of its long-lived assets and
identifiable intangible assets for possible impairment whenever events or
changes in circumstances indicate that the carrying amount of the assets may not
be recoverable. Recoverability of assets to be held and used is measured by a
comparison of the carrying amount of an asset to future undiscounted net cash
flows expected to be generated by the asset. If such assets are considered to be
impaired, the impairment to be recognized is measured by the amount by which the
carrying amount of the assets exceeds the fair value of the assets. Assets to be
disposed of are reported at the lower of the carrying amount or fair value less
costs to sell.

(6) Convertible Notes Payable

In January 2001, the Financial Accounting Standards Board Emerging Issues Task
Force issued EITF 00-27 effective for convertible debt instruments issued after
November 16, 2000. This pronouncement requires the use of the intrinsic value
method for recognition of the detachable and imbedded equity features included
with indebtedness, and requires amortization of the amount associated with the
convertibility feature over the life of the debt instrument rather than the
period for which the instrument first becomes convertible. In as much as all
debt instruments that were entered prior to November 16, 2000 and all of the
debt discount relating to the beneficial conversion feature was previously
recognized as expense in accordance with EITF 98-5, there is no impact on these
financial statements. This EITF 00-27, could impact future financial statements,
should the Company enter into such agreements.

                                      F-27

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(7) Revenue Recognition

In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin ("SAB") No. 101, "Revenue Recognition in Financial Statements". SAB No.
101 summarizes certain areas of the Staff's views in applying generally accepted
accounting principles to revenue recognition in financial statements. Through
June 30, 2004, the Company has not had any significant revenue.

(8) Income Taxes

Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets, including tax loss and credit carry-forwards, and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the
enactment date. Deferred income tax expense represents the change during the
period in the deferred tax assets and deferred tax liabilities. The components
of the deferred tax assets and liabilities are individually classified as
current and non-current based on their characteristics. Deferred tax assets are
reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be
realized.

(9) Loss Per Share

In accordance with SFAS No. 128, "Earnings Per Share", basic loss per share is
computed by dividing the loss attributable to common stockholders by the
weighted average number of common shares outstanding during the period. Diluted
loss per share reflects the amount that would have resulted if certain dilutive
potential common stock had been issued. Because the Company has experienced
losses from inception, the convertible notes payable described in Note 5 are
anti-dilutive. Therefore, such notes do not impact the weighted average number
of common shares outstanding reported in the accompanying statement of
operations.

(10) Stock-Based Compensation

As of June 30, 2004, the Company does not have any stock based compensation
plans. Common stock issued for compensation or other services rendered are due
to lack of cash to pay for services. The stock is issued at the discretion and
approval of the Board of Directors of the Company.

Common stock and other equity instruments issued to any recipient for
compensation or other services rendered are accounted for using the fair value
method. Such method is based on the estimated fair value, as this is the readily
determinable value, of the equity instrument issued. The estimated fair value of
the warrants described in Note 5 ("Convertible Notes Payable") is shown in Note
11.

(11) Development Stage Company

IGDC has not generated any significant revenue since June of 1993, the
accompanying financial statements have therefore been prepared using the
accounting formats prescribed for development stage companies, since July 1,
1993.

(12) Reclassifications

Certain reclassifications have been made to the prior year financial statements
to be consistent with the 2004 presentation.

                                      F-28

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(13) Restatement of prior year financial information:

In August of 2003, Cibener filed suit against IGDC seeking $433,178. This is an
action for legal fees by a law firm that previously represented IGDC predecessor
Focal Corporation. Prior to that in May 2002, United Native Depository
Corporation purchased a majority interest in Focal Corporation from Howard
Palmer. Focal Corporation had an obligation on its books to Cibener in the
amount of $404,033. Mr. Palmer and Superior Development, Inc. agreed in writing
to assume this obligation. As a result, IGDC removed the Cibener obligation from
its books. Unfortunately, Mr. Palmer and Superior Development defaulted on the
Cibener obligation and suit was filed against IGDC. As a result of Mr. Palmer
and Superior Development's default, the financial results for the year ended
June 30, 2003 and 2002 have been restated, with the liabilities being increased
to $433,175 to reflect the amount owed to Cibener while expenses have been
increased to reflect the uncollectible receivable by the same amount.
Additionally,the Company has restated the three months ended September 30, 2004
and 2003, the three months and six months ended December 31, 2003, and the three
and nine months ended March 31, 2003. The restatement at June 30, 2002 will
reflect the proper accrual of $404,033, with a contra receivable for the same
amount. For the nine months ended March 31, 2003 the Company will write off the
contra receivable, indicating Mr. Palmer and Superior Development's default. The
total impact of the adjustments for the six months ended December 31, 2003 and
for the period July 1, 1993 (inception of development stage) to December 31,
2003 are as follows:
<TABLE>

                                                           Year Ended
                                                         June 30, 2003
                                              -------------------------------------
                                                                As        Change
                                                   As        Originally  Increase
                                                Restated      Stated    (Decrease)
                                              -----------  -----------  -----------
<S>                                           <C>          <C>          <C>
Assets                                        $   201,694  $   201,694  $         0
Liabilities                                   $ 1,899,409  $ 1,466,231  $   433,178
Shareholders'Deficit                          $(1,898,018) $(1,464,840) $  (433,178)

General, selling and administrative expenses  $ 1,085,454  $   652,276  $   433,178
Net (Loss)                                    $(1,898,018) $(1,464,840) $  (433,178)

Net (Loss) per common share equivalent -
  Basic and diluted                           $   ( .0432) $   ( .0333) $   ( .0099)

</TABLE>

(14) New Accounting Pronouncements

In December 2003, the FASB issued a revised Statement No. 132, "Employers'
Disclosures about Pensions and Other Postretirement Benefits" which replaces the
previously issued Statement. The revised Statement increases the existing
disclosures for defined benefit pension plans and other defined benefit
postretirement plans. However, it does not change the measurement or recognition
of those plans as required under Statement No. 87, "Employers' Accounting for
Pensions," Statement No. 88, "Employers' Accounting for Settlements and
Curtailments of Defined Benefit Pension Plans and for Termination Benefits," and
Statement No. 106, "Employers' Accounting for Postretirement Benefits Other Than
Pensions." Specifically, the revised Statement requires companies to provide
additional disclosures about pension plan assets, benefit obligations, cash
flows, and benefit costs of defined benefit pension plans and other defined
benefit postretirement plans. Also, companies are required to provide a
breakdown of plan assets by category, such as debt, equity and real estate, and
to provide certain expected rates of return and target allocation percentages
for these asset categories. The adoption of this pronouncement has no material
impact to the Company's financial statements.

In December 2003, the FASB concluded to revise certain elements of FIN-46,
primarily to clarify the required accounting for interests in variable interest
entities. FIN-46R replaces FIN-46, that was issued in January 2003. FIN-46R
exempts certain entities from its requirements and provides for special
effective dates for entities that have fully or partially applied FIN-46 as of
December 24, 2003. In certain situations, entities have the option of applying
or continuing to apply FIN-46 for a short period of time before applying
FIN-46R. In general, for all entities that were previously considered special
purpose entities, FIN-46 should be applied in periods ending after December 15,
2003. 2003. Otherwise, FIN-46 is to be applied for registrants who file under
Regulation S-X in periods ending after March 15, 2004, and for registrants who
file under Regulation S-B, in periods ending after December 15, 2004. The
Company does not expect the adoption of this pronouncement to have a material
impact on the Company's financial position or results of operations.


                                      F-29

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(14) New Accounting Pronouncements (Continued)

In January 2003, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities, an
Interpretation of Accounting Research Bulletin (ARB) No. 51". This
interpretation clarifies the application of ARB No. 51, "Consolidated Financial
Statements", to certain entities in which equity investors do not have the
characteristics of a controlling financial interest or do not have sufficient
equity at risk for the entity to finance its activities without additional
subordinated financial support from other parties. In December 2003, the FASB
revised FASB Interpretation No. 46 (FIN 46R) which allowed companies with
certain types of variable interest entities to defer implementation until March
31, 2004. The Company does not expect the adoption of this pronouncement to have
a material impact on the Company's financial position or results of operations.

NOTE 4 - INCOME TAXES

The Company has no taxable income, therefore no provision for federal and state
income taxes is required for 2004 and 2003.

A reconciliation of the statutory federal rate and the Company's effective tax
rate is as follows:

    Year ended June 30,                              2004          2003
                                                    ------        ------
   Statutory federal income tax rate                 (34%)         (34%)
    Other-utilization of net operating losses         34%           34%
                                                    ------        ------

    Effective tax rate                                 0%            0%
                                                    ------        ------

Deferred tax consists of the following:

    Deferred tax asset - non-current:
                                                        June 30, 2004
                                                       --------------
      Net operating loss carry-forwards                    1,685,000
      Less: Valuation allowance                           (1,685,000)
                                                       --------------
                                                        $          -
                                                       ==============

Based on the available objective evidence, management believes it is more likely
than not that the net deferred tax assets will not be fully realized,
therefore,management has established a valuation allowance for that portion of
deferred tax assets. The valuation allowance for deferred tax assets was
$3,005,381 as of June 30, 2004. For the year ended June 30, 2004, the valuation
allowance decreased by $205,000.

The Company has net operating loss carryforwards for federal and state income
tax purposes of approximately $4,500,000 and $2,900,000, respectively, available
to reduce future income subject to income taxes. The difference between the
federal and state net operating loss carryforward is due to the state limitation
rule for net operating loss. The federal net operating loss carryforwards expire
beginning in 2005 through 2024. State net operating loss carryforwards expire
beginning in 2005 through 2014.

Federal and California tax laws impose substantial restrictions on the
utilization of net operating loss and credit carryforwards in the event of an
"ownership change" for tax purposes, as defined in Section 382 of the Internal
Revenue Service Code. The Company has not yet determined whether an ownership
change occurred due to significant stock transactions in prior years. If an
ownership change occurred, annual utilization of the net operating loss
carryforward could be reduced significantly.

NOTE 5 - CONVERTIBLE NOTES PAYABLE

At June 30, 2004, the Company has convertible notes payable outstanding,
totaling $656,300, which matured at various dates through April 2003. Such notes
require monthly payments of interest only at the rate of either 10% or 12% per
annum. All of the notes mature one year after issuance, and since all the notes
matured prior to June 30, 2004, the Company is in default on all principal and
interest payments. Certain interest payments are made in the notes when the
Company has sufficient funds to make payments.

Per the note agreements, the notes payable are convertible into Company common
stock at the note holder's option prior to maturity at the rate of one share for
each $.50 of principal amount. Upon conversion, such stock is issued with
warrants to purchase an equal number of shares of Company common stock over a
three-year period at graduated prices as follows: (a) within year one at $1 per
share; (b) between years one and two at $2 per share, and (c) thereafter at $3
per share. If not exercised, such warrants expire three years after issuance(see
Note 11).


                                      F-30

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 5 - CONVERTIBLE NOTES PAYABLE (CONTINUED)

In June 2004, certain note holders exercised their option to convert their
notes, aggregating $20,700 in principal and accrued interest, to common stock in
accordance with the above terms. Accordingly, the Company issued 41,400 shares
of common stock and an equal amount of warrants to purchase shares of common
stock of the Company.

Interest expense relating to the above notes totaled $82,795 and $74,590 for the
year ended in June 30, 2004 and 2003, respectively.

NOTE 6 - DUE TO MAJORITY STOCKHOLDER

The amount due is unsecured and relates to advances from majority stockholder,
UNDC, to finance the operations of the Company. $310,000 of the amount due
relates to unsecured notes payable, bearing interest at 12% per annum and
payable on or before June 30, 2004. The remaining balance of $22,415, payable on
demand. The note is currently in default.

NOTE 7 - LOANS PAYABLE, RELATED PARTY

Loans Payable, Related Party consist of a $310,000 note form the UNDC and unpaid
interest of $44,934. This amount has been netted against advances of $248,460
and unpaid interest of $84,059 that the Company has made to UNDC.

NOTE 8 - COMMITMENTS AND CONTINGENCIES

Litigation

The Company has provided for losses related to legal matters totaling $273,997,
which is included in accounts payable and accrued expenses in these financial
statements. The following is a summary of the pending and settled legal matters
during the fiscal year ending June 30, 2004:

Daiza vs. IGDC
This is a wrongful termination action by a prior employee. No trial date is set,
and the company is represented by counsel. Plaintiff seeks an unstated amount of
compensatory and punitive damages. The Company plans to vigorously contest these
allegations, and accordingly has not accrued any settlement amounts as of June
30, 2004 as it believes there will be no financial impact by the settlement.

Bryson vs. Deni et al.
This case arises out of a claim against the Company and its officers and
directors for failure to pay a promissory note. Plaintiff claimed that she is
owed $72,534.50 in principal, interest and attorney's fees. The Company is being
defended by counsel in San Francisco Superior Court, the note payable and
accrued interest are recorded by the Company as of June 30, 2004, and the
Company believe there will be no further financial impact on settlement.

Burbank vs. IGDC
The Company settled this matter on August 31, 2004 as part of a settlement of
litigation against plaintiff Burbank in a labor dispute. The Company paid him
$50,000 in satisfaction the judgment, case has been settled.

Cibener vs. United Native Depository Corporation et al.
On August 31, 2004, the Company reached a settlement of this action in which it
agreed to pay $150,000 to plaintiff by September 17, 2004. As a further
condition to the settlement, the Company agreed to arrange transfer of 100,000
shares of restricted stock from a third party to plaintiff. The Company expects
to pay the agreed settlement amounts when it obtains further funds. At year end
the Company had accrued $182,000 in respect to the settlement.

Lease commitment, related party

As of June 30, 2004, the Company is sharing office space with United Native
Depository Corporation. Rent expense was $129,038 and $31,588 for the years
ended June 30, 2004 and 2003, respectively. Rent expense increased due to
expansion of the current office to meet the current demand for the company's
business. This expansion was completed in June 2003.

The Company has a five-year lease commitment for premises rent. As of June 30,
2004, the annual lease payment is $130,920 and the total lease commitment is
$469,130. This five year term will expire in January 2008 and is renewable upon
agreement.

NOTE 9 - RELATED PARTY TRANSACTIONS

Issuance of common stock to Officers and Directors totaled 1,500,000 shares at a
fair value of $105,000, determined at the closing price on the day the shares
were issued, for the year ended June 30, 2004. Payments to officers and
directors for consulting fees and salaries totaled $11,000.


                                      F-31

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 10 - FIXED ASSETS

Property and equipment consist of the following:

    Furniture and fixtures                                            $ 15,722
    Office equipment and other fixed assets                             22,678
                                                                      ---------

          Subtotal                                                    $ 38,400
    Accumulated depreciation and amortization                           (8,255)
                                                                      ---------

                                                                      $ 30,145
                                                                      =========

Depreciation for the years ended June 30, 2004 and 2003 was $4,660 and $1,983,
respectively.

NOTE 11 - WARRANTS TO PURCHASE COMMON STOCK

From 1993 through 1998, the Company issued warrants in connection with the
issuance of stock and the conversion of notes payable to purchase 1,684,832 of
the Company's common stock at the exercise price of $1, $2, and $3 per share for
each year that the warrants were outstanding, respectively. All warrants expire
three years from the date of grant. By June 30, 2002, these warrants were
expired. The Board of Directors once authorized to extend the expiration date of
all warrants to May 14, 2004. However, the Board determined the reschedule of
expiration date for May 14, 2002. All warrants will have a new grant date of May
14, 2005.

During the fiscal year ended June 30, 2004, warrants were issued in June, 2004
in connection with the conversion of notes payable to purchase 41,400 shares of
the Company's common stock at the exercise price of $1, $2, and $3 per share for
each year that the warrants are outstanding, respectively. The estimated value
of the warrants totaled approximately $5,000 at the date of issuance. The value
of the warrants was estimated using the Black-Scholes option pricing model with
the following assumptions: average risk-free interest of 1.38%; dividend yield
of 0%; average volatility factor of the expected market price of the Company's
common stock of 149%; and a term of 1 year.

Also, the Company offered three independent consultants warrants for their
services rendered to purchase 600,000 shares each at the exercise price of $0.50
per share, expiring in February 2006. The estimated value of the warrants
totaled approximately $347,000 at the date of issuance. The value of the
warrants was estimated using the Black-Scholes option pricing model with the
following assumptions: average risk-free interest of 1.38%; dividend yield of
0%; average volatility factor of the expected market price of the Company's
common stock of 149%; and a term of 1 year.

On May 14, 2004 the Company extended 1,830,354 warrants, that had previously
expired, it is now subject to variable accounting. The estimated value of the
warrants totaled approximately $111,000 at the date of issuance. The value of
the warrants was estimated using the Black-Scholes option pricing model with the
following assumptions: average risk-free interest of 1.38%; dividend yield of
0%; average volatility factor of the expected market price of the Company's
common stock of 149%; and a term of 1 year.

A summary of the warrants outstanding at June 30, 2004 is as follows:

                                          Number of          Weighted Average
                                           Warrants           Exercise Price
                                        -------------       ------------------
  Balance June 30, 2002                    1,854,354                   2.01
  Granted on conversion of
    notes payable, December 2002              69,818                   1.00
  Expired, June 2003                         (24,000)                 (3.00)
                                        -------------       ------------------

   Balance, June 30, 2003                   1,900,172         $         2.93
   Granted with 506 investment              2,177,334         $         1.00
   Granted for serviced rendered            1,800,000         $         0.50
   Granted on conversion of
     note payable, June 2004                   41,400         $         1.00
   Expired, May 2004                       (1,830,354)        $        (3.00)
   Previously expired warrants
     extended for one year                  1,830,354         $         3.00
                                        -------------       ------------------

  Balance, June 30, 2004                   5,918,906         $         1.63
                                        =============       ==================


                                      F-32

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 12 - SHAREHOLDERS' EQUITY

Restrictions on Dividends

Pursuant to state law, the Company may be restricted from paying dividends to
its holders of common stock as a result of its accumulated deficit as of June
30, 2004.

Issuance of Common Stock

The fair market value of the Company's common stock varied during the year
between $0.06 per share to $0.90 per share. During the year ended June 30, 2004,
the Company issued common stock as follows:

(i) 41,400 shares at $0.50 per share for $20,700, on conversion of notes payable
and accrued interest;

(ii) 4,598,659 shares at a fair value of $1,295,332 in consideration for
officers' salaries and directors' fees, consulting fees and various other
services rendered. The number of shares was based upon the estimated market
value;

(iii) 7,327,609 shares sold in consideration for cash of $1,924,598 at prices
ranging from $0.01 to $1.00.

(iv) 25,000,000 shares issued at a fair value of $1,500,000 to First Indigenous
Depository Company, a holding company of IGDC, for royalty payment of natural
gas Project.

(v) 1,000,000 shares issued at a fair value of $250,000 for collateral of loan.

(vi) 4,028,100 shares were issued in exchange for existing unrestricted shares
of the Company's common stock with total market value of $259,470.

Private Placement Memorandum

100,000 shares of stock were purchased through a private placement memorandum
for $1.00 per share. These shares were issued in February 2004.

As of June 30, 2004, the Company has 600,000 shares of treasury stock. 100,000
shares, which were sold through Private Placement Memorandum, were repurchased
back from a shareholder for the same price as the original purchase price of
$1.00 per share. 500,000 shares were acquired in result of the settlement of a
lawsuit settled in February 2004, in return the Company removed the restrictions
on the plaintiffs other 850,000 shares.

                                      F-33

<PAGE>

                    INDIGENOUS GLOBAL DEVELOPMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2004

NOTE 13 - SUBSEQUENT EVENTS

IGDC completed its first purchase and transport of Cree Energy, Ltd., Canadian
First Nation's natural gas from Canada into the United States in August 2004.
This purchase and transportation of natural gas from the Thunderchild First
Nations Tribe through Cree Energy completed IGDC's first phase efforts to
support Canadian First Nations Tribes' goal to create a model for
self-management of their natural resources. The "first time" sale is a
historical event in which indigenous tribal companies utilized treaties and
their sovereign status to trade commodities across the United States and
Canadian borders - sovereign indigenous nation to sovereign indigenous nation.
This sale represented the first revenue stream from the Company's natural gas
program. The Company purchased $50,000 of natural gas and had final approximate
revenue of $54,500.

The Company joint ventured with SNC Solutions in July 2004 to work on and
develop an innovative water turbine technology for electrical power generation.
This team presented the technology to the City of Colton in California and in
September 2004 obtained an electrical power purchase agreement from the City of
Colton.

The Company and its joint venture partner Challenger Investment Company began
working together in July 2004 to jointly seek contracts with government
agencies. The partnership is seeking projects related to natural gas drilling
and exploration and in the renewable energy markets of wind power. This joint
venture received its first contract with the Bureau of Land Management in
August. The project is a drilling program for just under $20,000.

In July 2004, IGDC signed a memorandum of agreement to be the Northern Cheyenne
Nation's financial and strategy advisor on it energy projects. Under this
agreement, IGDC will help the Northern Cheyenne finance and build a 30 megawatt
wind farm on tribal land. IGDC will also work with the Cheyenne Nation to help
it find ways to benefit from air credits for the non use of its substantial coal
reserve.

After the fiscal year ending June 30, 2004, the Company has issued 1,347,500
shares for services rendered by various consultants, at a fair value of
$419,225, ranging from $0.22 to $0.34 per share.

                                      F-34

<PAGE>

                                PART III

ITEM 7.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
         COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.

         The directors*, executive officers and significant personnel of the
Company and their ages are as follows:

         Name                       Age                   Position
         ----                       ---                   --------

     Deni Leonard                   58             Chairman of the Board,
                                              Chief Executive Officer, and Chief
                                                       Financial Officer

     Koji Homma                     30             Director and Secretary

     ---------------

         * The Company's Board of Directors has been operating with three
vacancies and will continue to do so until suitable candidates can be identified
and agree to join the Board.

         DENI LEONARD has been a Chairman of the Company's Board of Directors
and the Chief Executive Officer and Chief Financial Officer of the Company since
May, 2001. Mr. Leonard has over twenty-five years experience working with
indigenous groups in Canada, the United States, Mexico, Ecuador, Hawaii and
other countries. He has also consulted with over one hundred Tribal groups from
Canada and the United States. Mr. Leonard has also consulted with the U.S.
Department of Interior and the U.S. Department of Education and acted as an
advisor to the White House on Consumer Affairs. He also served as the Executive
Director of the Oregon State Human Rights Commission. Mr. Leonard is a CEO of
DLA Financial, Inc., an American Indian financial advisory company which
develops financing structures for Tribes. Mr. Leonard is also serving on the
board of directors of International Diplomacy Council (San Francisco), National
Advisory Board, Community Education (San Francisco), National Task Force, U.S.
Department of Commerce, and other entities. Mr. Leonard is a recipient of 1998
National Education Association Human Rights Award. Mr. Leonard is a graduate of
Harvard University's Kennedy School of Government, the University of Oregon and
San Bernardino Valley College. Mr. Leonard is a sole shareholder of United
Native Depository Corporation, a majority shareholder of the Company.

         KOJI HOMMA has been a Secretary of the Company since December, 2001.
Mr. Homma was born in Japan and is a graduate of Golden Gate University, San
Francisco, California, having majored in Finance. He has worked on data analysis
about national Tribal economic conditions and the potential for Tribal economic
projects since he joined DLA Financial in the year 2000. He is currently
Financial Operating Officer of United Native Depository Corporation, based in
San Francisco. Through his experience, he is working on designing a finance
structure that creates debt service for Tribal economic projects.

                                       14

<PAGE>

         All directors hold office until the next annual meeting of shareholders
of the Company and the election and qualification of their successors. Officers
are elected annually by, and serve at the discretion of, the Board of Directors.

         All directors are reimbursed for out-of-pocket expenses in connection
with attendance at Board of Directors' meetings. Mr. Leonard and Mr. Homma
received 1,000,000 and 100,000 shares of the Company's common stock,
respectively, for their respective participation on the Company's Board of
directors.

COMPLIANCE WITH BENEFICIAL OWNERSHIP REPORTING RULES

         Section 16(a) of the Securities Act of 1934, as amended ("Exchange
Act"), requires the Company's executive officers and directors, and persons who
beneficially own more than 10% of a registered class of the Company's Common
Stock to file initial reports of ownership and reports of changes in ownership
with the Securities and Exchange Commission ("Commission"). Such officers,
directors and shareholders are required by Commission regulations to furnish the
Company with copies of all such reports that they file.

         Based solely upon a review of copies of such reports furnished to the
Company during its fiscal year ended June 30, 2004 and thereafter, the Company
believes that, during the Company's 2004 fiscal year, all Section 16(a) filing
requirements applicable to the Company's reporting persons were complied with.

ITEM 8. EXECUTIVE COMPENSATION.

         Mr. Deni Leonard received $40,200 in cash and 1,300,000 shares of
common stock at a fair market value of $91,000 in compensation for his services,
during fiscal year ended June 2004.

         Mr. Koji Homma received 100,000 shares of common stock at a fair value
of $7,000 for participation on the Board of the Company, and 100,000 shares of
common stock at a fair value of $7,000 for his services during fiscal year ended
June 2004.

         The stock was issued at a value of $0.07 per share based upon the
approximate fair market value of the stock on the date of issuance. $38,500 of
the Directors fees is included in prepaid expenses at year end.

                                       15


<PAGE>

ITEM 9. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

The following table sets forth as of June 30, 2004, certain information with
respect to the beneficial ownership of the Company's Common Stock held by each
director and officer and by all directors and officers as a group, as well as
the identity of each person known to the Company to be the beneficial owner of
more than 5% of the Company's Common Stock and the respective beneficial
ownerships of those persons.

<TABLE>
<CAPTION>
------------------- ------------------------------------ -------------------------- -------------------------
                           Name and Address                 Security Ownership             Percentage (3)
     Title of                     Of                         Amount and Nature                 Of
      Class                Beneficial Owners              of Beneficial Ownership (2)        Class
------------------- ------------------------------------ -------------------------- -------------------------
<S>                 <C>                                         <C>                           <C>
      Common        First Indigenous Depository
                    Company (5)                                   Direct
                    9021 Tenino Road                            25,000,000                     27.84%
                    Warm Springs, OR 97761
------------------- ------------------------------------ -------------------------- -------------------------
      Common        NETPHARMX, LLC (6)
                    9021 Tenino Road                              Direct
                    Warm Springs, OR 97761                      19,283,792                     21.48%

------------------- ------------------------------------ -------------------------- -------------------------
      Common        United Native Depository
                    Corporation (4)                               Direct
                    100 Bush Street                                900,000                      1.00%
                    Suite 600
                    San Francisco, CA 94104
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Deni Leonard (1)
                    Chairman/CEO/CFO                              Direct
                    100 Bush Street                              3,450,000                      3.84%
                    Suite 600
                    San Francisco, CA 94104
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Koji Homma (1)
                    Director                                      Direct
                    100 Bush Street                                565,000                        *
                    Suite 600
                    San Francisco, CA 94104
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Michelle Wayland
                                                                          Direct
                    100 Bush Street                              3,163,000                      3.52%
                    Suite 600
                    San Francisco, CA 94104
------------------- ------------------------------------ -------------------------- -------------------------
                        Officers and Directors as a group
                    (3 persons)                                 52,316,792                     58.27%
------------------- ------------------------------------ -------------------------- -------------------------

</TABLE>

------------------
* less than one percent

         (1) The address of each officer and director is 100 Bush Street, Suite
600, San Francisco, California 94104.

         (2) Based upon 89,786,398 shares of Common Stock outstanding as of June
30, 2004. Except as otherwise indicated, the Company believes that the
beneficial owners of Common Stock, based on information furnished by such
owners, have sole investment and voting power with respect to such shares,
subject to community property laws where applicable. Beneficial ownership is
determined in accordance with the rules of the Securities and Exchange
Commission and generally includes voting or investment power with respect to
securities. Shares of Common Stock subject to options or warrants currently
exercisable, or exercisable within 60 days, are deemed outstanding for purposes
of computing the percentage of the person holding such options or warrants, but
are not deemed outstanding for purposes of computing the percentage of any other
person.

         (3) All percentages have been calculated to exclude any warrants and
convertible securities which are immediately exercisable or convertible into
shares of Common Stock by the particular shareholder.

         (4) Mr. Deni Leonard is the 98.5% shareholder for UNDC, the current
Chairman of the Board of Directors and the CEO of the Company.

         (5) First Indigenous Depository Company is a Section 17 company
established in the Confederated Tribes of Warm Springs Indian Reservation in
Oregon, a holding company of IGDC.

         (6) NETPHARMX is also a Section 17 company founded in the Warm Springs
Reservation in Oregon. 98.5% of its ownership is under Mr. Deni Leonard.

                                       16

<PAGE>

ITEM 10. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

As of June 30, 2004, the Company is sharing office space with United Native
Depository Corporation. Rent expense was $129,038 and $31,588 for the years
ended June 30, 2004 and 2003, respectively. Rent expense increased due to
relocation to the current office to meet the current demand for the company's
business. The rent expense now totals $10,910 per month. The Company has a five
year lease commitment for premises rent. The annual lease payment is $130,920
and the total lease commitment as of June 30, 2004, is $469,130.

Issuance of Common Stock to Officers and Directors totaled 1,500,000 shares at a
fair value of $105,000 for the year ended June 30, 2003. Payments to directors
and officers for consulting fees and salaries totaled $11,000. At June 30,
2004,$38,500 of Directors fees is included in prepaid expenses.

During the year ended June 30, 2004, consulting fees paid to employees of UNDC
and stockholders of the Company totaled $3,500 in cash and common stock issued
in lieu of these services totaled 100,000 shares at a fair value of $7,000,
determined at the closing price on the day the shares were issued. These
expenses are included in the operating statement under consulting and management
services.

Issuance of Common Stock

During the year ended June 30, 2004, the Company issued common stock as follows:

(i) 41,400 shares at $0.50 per share for $20,700, on conversion of notes payable
and accrued interest;

(ii) 4,598,659 shares at a fair value of $1,295,332 in consideration for
officers' salaries and directors' fees, consulting fees and various other
services rendered. The number of shares was based upon the estimated market
value and the agreed upon service value;

(iii) 7,327,609 shares sold in consideration for cash of $1,924,598 at prices
ranging from $0.01 to $1.00.

(iv) 25,000,000 shares issued at a fair value of $1,500,000 to First Indigenous
Depository Company, a holding company of IGDC, for royalty payment of natural
gas Project.

(v) 1,000,000 shares issued at a fair value of $250,000 for collateral of loan.

(vi) 4,028,100 shares were issued in exchange for existing unrestricted shares
of the Company's common stock with total market value of $259,470.

Private Placement Memorandum

100,000 shares of stock were purchased through a private placement memorandum
for $1.00 per share. These shares were issued in February 2004.


                                       17

<PAGE>


ITEM 11. EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits.
             ---------

3.1      Articles of Incorporation of IGDC (formally, Focal Corporation),
         a Utah Corporation*

3.2      By-laws of IGDC (formally, Focal Corporation), a Utah Corporation*

10.1     Material Contracts: Natural Gas Development Consulting Agreement

10.2     Material Contracts: Letter Agreement on Natural Gas Marketing

14.1     Code of Business Conduct and Ethics

14.2     Code of Business Ethics for CEO and Senior Financial Officers

31.      Certification of the Chief Executive Officer and Chief Financial
         Officer

32.      Certification Pursuant to Section 906 of the Sarbanes Oxley Act of
         2002

         (b) Reports on Form 8-K
             -------------------

          No Form 8-K was filed during the year ending June 30, 2004.

----------
* Previously filed with the Commission.

                                       18

<PAGE>

ITEM 12. CONTROLS AND PROCEDURES

Our Chief Executive Officer and Chief Financial Officer (the "Certifying
Officers") are responsible for establishing and maintaining disclosure controls
and procedures and internal controls and procedures for financial reporting for
the Company. The Certifying Officers have designed such disclosure controls and
procedures and internal controls and procedures for financial reporting to
ensure that material information is made known to them, particularly during the
period in which this report was prepared. The Certifying Officers have evaluated
the effectiveness of the Company's disclosure controls and procedures and
internal controls and procedures for financial reporting as of June 30, 2004 and
believe that the Company's disclosure controls and procedures and internal
controls and procedures for financial reporting are effective based on the
required evaluation. There have been no significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.


ITEM 14. PRINCIPAL FEES AND SERVICES

Set forth below are fees paid to the Company's independent accountants for the
past two years for the professional services performed for the Company.

Audit Fees: We agreed to pay Coldwell, Becker, Dervin, Petrick & Co a total of
$21,259 and Stonefield & Josephson, Inc. $93,150 for the services rendered in
connection with performance of our independent audits for the fiscal years
ending June 2003 and 2004.

Tax Service Fees: We agreed to pay Stonefield & Josephson, Inc. a total of
$5,000 for the services rendered related to tax services.

                                       19

<PAGE>


                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized on September 15, 2004.

                                Indigenous Global Development Corporation

                              By: /s/ Deni Leonard
                                    ------------------------------------
                                  Deni Leonard
                                  Chairman, Chief Executive Officer
                                  and Chief Financial Officer

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
<S>                          <C>                                       <C>
/s/ Deni Leonard             Chairman, Chief Executive Officer         Date: 12/07/04
------------------------     and Chief Financial Officer
    Deni Leonard             (principal executive officer and
                             principal financial officer)

/s/ Koji Homma               Secretary                                 Date: 12/07/04
------------------------
    Koji Homma
</TABLE>

                                       20