UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549





FORM
10-Q









x
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
      1934.





FOR
THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2010





OR





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




Commission
File #




MONEYLOGIX GROUP,
INC.


(Exact
name of registrant as specified in its charter)




NEVADA
            33-0680443(State
      or other jurisdiction of
              incorporation
      or organization)
            (I.R.S.
      Employer
              Identification
      No.)





61
Bowan Court Toronto, Ontario M2K 3A7


(Address
of principal executive offices and zip code)





Registrant’s telephone number,
including area code: (905) 761-1400





Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter periods that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.




Yes xNo
o





Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).





Yes oNo o





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company
filer.  See definition of “accelerated filer” and “large accelerated
filer” in rule 12b-2 of the Exchange Act (Check one):





Large
      accelerated filer
            o
            Accelerated
      filer
            oNon-accelerated
      filer
            o
            Smaller
      reporting company
            x





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





Yes xNo
o





Indicate
the number of shares outstanding of the Registrant’s common stock as of the
latest practicable date.





Class
            
            Outstanding at 
      November 15, 2010Common
      Stock, $.001 par value
            
            85,763,586













TABLE
OF CONTENTS





Item
      1.
            Financial
      Statements
            
            
            3Item
      2.
            Management’s
      Discussion and Analysis of Financial Condition
            
            
            4Item
      3.
            Quantitative
      and Qualitative Disclosures About Market Risk
            
            
            8Item
      4T.
            Control
      and Procedures
            
            
            9PART
      II— OTHER INFORMATIONItem
      1
            Legal
      Proceedings
            
            
            10Item
      2.
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            
            
            10Item
      3.
            Defaults
      Upon Senior Securities
            
            
            10Item
      4.
            (Removed
      and Reserved)
            
            
            10Item
      5.
            Other
      Information
            
            
            10Item
      6.
            Exhibits
      and Reports on Form 8-K
            
            
            10SIGNATURE
            
            
            11




2




PART
I:  FINANCIAL INFORMATION





ITEM
1.  FINANCIAL STATEMENTS





Basis
of Presentation





The
accompanying statements are presented in accordance with U.S. generally accepted
accounting principles for interim financial information and the instructions to
Form 10-Q and Regulation S-X.  Accordingly, they do not include all of
the information and footnotes required by U.S. generally accepted accounting
principles for complete financial statements.  In the opinion of
management, all adjustments (consisting only of normal occurring adjustments)
considered necessary in order to make the financial statements not misleading,
have been included. Operating results for the three months ended September 30,
2010 are not necessarily indicative of results that may be expected for the year
ending December 31, 2010.




The
financial statements of the Company appear at the end of this report beginning
with the Index to Financial Statements on page F-1 and ending on
F-11.




3





ITEM
      2.
              MANAGEMENT’S
      DISCUSSION AND
ANALYSIS


The
following is management’s discussion and analysis of the financial condition and
results of operations of MoneyLogix Group, Inc. for the three months ending
September 30, 2010.    The following information should be
read in conjunction with the reviewed financial statements of MoneyLogix Group,
Inc. for the period ending September 30, 2010 and notes thereto appearing
elsewhere in this form 10-Q.





Overview





MoneyLogix
Group, Inc. (“Company”, “We”, “Our”, or “MoneyLogix Group”), formerly Homelife,
Inc., a corporation incorporated under the laws of Nevada, entered into a share
exchange agreement on January 3, 2008 with MoneyLogix Inc., a Delaware private
corporation. The reverse merger transaction effected a change of control of the
Company.





There are
no material differences in accounting treatment or federal income tax
consequences from the share exchange agreement. Similarly, we were not required
to obtain any federal or state regulatory approvals to complete the share
exchange agreement. Accordingly, we did not obtain any reports, opinions, or
appraisals relating to the fairness of the transaction because we deemed it an
unnecessary and costly expense given the nature of the transaction.





June
30, 2010 Share Exchange Agreement and Sale of MoneyLogix Group Asset and
Operation





On June
30, 2010 we entered into a share exchange agreement (the “Exchange Agreement”),
by and among Moneylogix Group Inc., a Nevada Corporation (“we,” “Moneylogix,”
“MLXG” or the “Company”), Panacea Global, Inc., a Delaware Corporation
(“Panacea”), and the shareholders of Panacea (the “Panacea
Shareholders”).  The closing of the transaction (the
“Closing”) took place on June 30, 2010 (the “Closing Date”). On the Closing
Date, pursuant to the terms of the Exchange Agreement, we acquired 100% of the
outstanding shares of Panacea (the “Panacea Shares”) from the Panacea
Shareholders, and the Panacea Shareholders transferred and contributed 100% of
the Panacea Shares to us. In exchange, we issued to the Panacea Shareholders,
their designees or assigns, 74,800,000 shares (the “Exchange Shares”)
representing 83.7% of the outstanding shares of our common stock issued and
outstanding after the Closing (the “Share Exchange”). Pursuant to the Exchange
Agreement, Panacea became our wholly-owned subsidiary. Our directors have
approved the Exchange Agreement and the transactions contemplated there
under.





Pursuant
to the Exchange Agreement, Gary Cilevitz and Alex Haditaghi resigned as the
directors of the Company and Moshiri Mahmood and Binnay Sethi will be appointed
as the new directors of the Company upon effectiveness of an information
statement required by Rule 14f-1 promulgated under the Exchange Act of 1934 (the
“Exchange Act”). Additionally, Gary Cilevitz and Alex Haditaghi resigned as our
officers and Moshiri Mahmood and Binnay Sethi were appointed as our new
officers, effective immediately at the Closing.





On June
30, 2010, Majid Haditaghi, the majority shareholder of Moneylogix entered into a
stock purchase agreement with Roscoe Investment International, LLC, a Dubai
corporation (“Roscoe”) (the “Roscoe SPA”). Pursuant to the Roscoe SPA Majid
Haditaghi sold 71,200,000 shares of our common stock to Roscoe for an aggregate
purchase price of $71,200.00.  The closing of the transaction took
place on June 30, 2010.





Pursuant
to a stock purchase agreement dated June 30, 2010 by and between Roscoe and the
Company (the “Moneylogix SPA”), Roscoe agreed to transfer 71,200,000 shares to
Moneylogix in exchange for 100% of the outstanding shares of Moneylogix Group,
Inc., an Ontario, Canada corporation and the wholly owned subsidiary of
Moneylogix (“Moneylogix Canada”).





The
Company is currently in the process of issuing 74,800,000 common shares to
Roscoe and cancelling the 71,200,000 common shares issued to the Company
pursuant to the Moneylogix SPA.





The
Company is developing a stock option plan for management, directors and advisors
and expects to establish the plan by December 2010.  One million
shares were issued to the Company’s management on July 7, 2010 for 5 years at an
option price of $0.013





Completion
of Acquisition or Disposition of Assets





On June
30, 2010, Moneylogix completed the acquisition of Panacea, a biopharmaceutical
company that focuses on the early detection of cancer.





Closing
of Exchange Agreement





On June
30, 2010, we entered into a share exchange by and among the Company, Panacea,
and the Panacea Shareholders. The closing of the transaction took place on June
30, 2010 (the “Closing Date”). On the Closing Date, pursuant to the terms of the
Exchange Agreement, we acquired the Panacea Shares from the Panacea
Shareholders. In exchange, we issued the Exchange Shares to the Panacea
Shareholders, their designees or assigns, which represents 83.7% of our
outstanding shares on a fully diluted basis as of and immediately after the
closing of the Share Exchange.  Upon the closing of the Share
Exchange, there are 89,363,586 shares of common stock issued and outstanding.
Our board of directors (the “Moneylogix Board”) has approved the transactions
contemplated under the Exchange Agreement.  Additionally, the board of
directors of Panacea (the “Panacea Board”) has approved the Exchange Agreement
and the transactions contemplated there under.




4




Closing
of Purchase Agreements





Pursuant
to the Roscoe SPA Majid Haditaghi, a majority shareholder of Moneylogix, sold
71,200,000 shares of common shares, par value $0.001 per share, to Roscoe, for
an aggregate purchase price of $71,200.00.  The closing of the
transaction took place on June 30, 2010.





In
addition, we entered into the Moneylogix SPA with Roscoe.  Pursuant to
the terms of the Moneylogix SPA, Roscoe transferred 71,200,000 shares to
Moneylogix in exchange for 100% of the outstanding shares of Moneylogix
Canada.  At closing, Roscoe became the sole shareholder of Moneylogix
Canada.





Business
of Panacea Global, Inc.





Overview





We were
incorporated in the state of Delaware on February 5, 2010.  We are a
development stage company that has acquired the global rights, except for the
United States of America, for early detection diagnostic cancer tests. Our goal
is to sell early detection cancer tests globally through strategic partnerships
with companies in each country. Currently, we have no revenue streams and our
expenses incurred relate to start up costs and professional fees.  We
are in the process of hiring a management team and independent directors to
execute the strategy of our business.





Products
and Services





We have
the global rights, except for the United States of America, for early detection
cancer tests.  The early detection cancer tests are based on the
detection of HAAH levels in blood. The primary tests which are available
immediately for sale include:




·
              BC
      Detect (Breast Cancer);·
              CC
      Detect (Colorectal Cancer);·
              LC
      Detect (Lung Cancer);·
              PC
      Detect (Prostate Cancer); and·
              TK
      Sense A RT-PCR (Gene Expression for Chronic Myelogenous Leukemia to
      Imatinib)




Raw
Materials and Suppliers





Panacea
Pharmaceuticals, Inc., has developed various cancer diagnostic products used for
screening, monitoring, surveillance, recurrence, drug sensitivity and companion
diagnostics for patient management. We have entered into a licensing agreement
with Panacea Pharmaceuticals, Inc., to provide all reagents for the early
detection cancer tests.





Business
Model





We are a
biopharmaceutical company that sells early detection cancer tests through our
licensing agreement with Panacea Pharmaceuticals, Inc.  We market and
sell products through strategic partnerships with companies in different
countries by entering into sublicensing agreements to sell our
products.  We may enter into sublicensing agreements with one or more
third parties under all or some of the related Panacea Pharmaceuticals, Inc.,
patents.  Additionally, we have developed stand alone operations in
certain countries including Canada.





A license
agreement with an upfront fee and royalty stream will be set up with the
strategic partners who will be able to demonstrate expertise in this area with a
proven track record. We are in the process of hiring a management team and
independent directors to execute the strategy of our business.





Growth
Strategy





Our
initial growth strategy is to focus on developing the Canadian market as a
standalone operation.  Concurrently, growth will be focused on China,
Korea and Japan along with Europe and the Middle East.  The company
expects there to be revenue from Canada by the end of
2011.  Additionally, the Company intends to establish a strategic
partnership with at least four partners in at least four countries per
year.




5




Employees





As of the
date hereof, we do not have any full-time employees and are currently looking to
hire a management team to implement the vision of the Company.





Properties





Our
corporate headquarters are located at 61 Bowan Court, Toronto, Ontario,
Canada M2K 3A7.





As of
August 20, 2010 MoneyLogix operated out of a space located at 61 Bowan Court,
Toronto, Ontario, Canada M2K 3A7.  Our telephone number is
(416)561-5488 and our fax number is (877)410-4845.




Results
of Operations





The
Company reported no revenue from this three month period ending September 30,
2010 and has reported no revenue for the period from February 5, 2010(the
inception date of Panacea) to September 30, 2010.





The
Company incurred expenses of $25,000 for the three month period ending September
30, 2010.  The primary expense was for professional fees, namely
legal, accounting, and consulting fees.   The Company reported
total operating expenses of $114,300 period from February 5, 2010 (the inception
date) to September 30, 2010.





The
Company recorded a net loss for the three month period ending September 30, 2010
of $25,000. For the period from February 5, 2010 (inception date) to September
30, 2010 the Company recorded a cumulative net loss of $114,300.





Liquidity
and Capital Resources





We
acquired a global diagnostic testing license, except for the United States, from
Panacea Pharmaceuticals Inc., on March 24, 2010.  In consideration for
the license, we issued 35,500,000 common shares and will pay Panacea
Pharmaceuticals, Inc., $2,500,000 within 30 days of raising a minimum of
$10,000,000 equity investment.  Additionally, we will pay Panacea
Pharmaceuticals Inc., 25% of all sublicensing revenue and will purchase all
conforming reagents at a cost of $20 per test or 10% of the sale price of the
individual test with a minimum price of $8.00 per test.  As of
September 30, 2010, we have $2,624,364 in current liabilities comprised
primarily of the licensing fee of $2,500,000.





Per the
valuation of the global diagnostic testing license which was evaluated and
adjusted to $50,000,000.00 based on current circumstances and the company’s
business plan.





As there
are no current revenues from operating activities, we must presently rely upon
the issuance of common stock and additional capital contributions from
shareholders and/or loans from shareholders and third-party lenders to meet our
working capital needs. It is expected by management that we will need to rely
upon new capital contributions to pay our liabilities





Critical
Accounting Policies





Critical
Accounting Pronouncements





Our
financial statements and related public financial information are based on the
application of accounting principles generally accepted in the United States
(“GAAP”). GAAP requires the use of estimates; assumptions, judgments and
subjective interpretations of accounting principles that have an impact on the
assets, liabilities, and revenue and expense amounts reported. These estimates
can also affect supplemental information contained in our external disclosures
including information regarding contingencies, risk and financial
condition.  We believe our use of estimates and underlying accounting
assumptions adhere to GAAP and are consistently and conservatively
applied.  We base our estimates on historical experience and on
various other assumptions that we believe to be reasonable under the
circumstances. Actual results may differ materially from these estimates under
different assumptions or conditions.  We continue to monitor
significant estimates made during the preparation of our financial
statements





Recent
Accounting Pronouncements





In May
2009, the FASB issued ASC855-10, Subsequent Events (“SFAS 165”). SFAS 165
establishes general standards of accounting for and disclosing of events that
occur after the balance sheet date but before the financial statements are
issued or are available to be issued. SFAS 165 does not significantly
change the types of subsequent events that an entity reports, but it
requires the disclosure of the date through which an entity has evaluated
subsequent events and the basis for that date. SFAS 165 is effective for interim
or annual reporting requirements ending after June 15, 2009. The adoption of
this standard did not have a material impact on our financial position, results
of operations or cash flows of the Company.




6




In June
2009, the FASB issued Accounting Standards Update (“ASU”) 2009-01,The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles — a
replacement of FASB Statement No. 162  (“ASU 2009-01”). ASU
2009-01 established the Accounting Standards Codification (the “Codification”)
as the source of authoritative GAAP recognized by the FASB to be applied to
nongovernmental entities. The Codification supersedes all prior non-SEC
accounting and reporting standards. Following ASU 2009-01, the FASB will not
issue new accounting standards in the form of FASB Statements, FASB Staff
Positions, or Emerging Issues Task Force abstracts. ASU 2009-01 also modifies
the existing hierarchy of GAAP to include only two levels — authoritative and
non-authoritative. ASU 2009-01 is effective for financial statements issued for
interim and annual periods ending after September 15, 2009, and early adoption
was not permitted. The adoption of this standard did not have an impact on the
financial position, results of operations or cash flows of the
Company.





In August
2009, the FASB issued ASU 2009-05,Fair Value Measurements and
Disclosures (Topic 820) - Measuring Liabilities at Fair Value
  (“ASU 2009-05”). ASU 2009-05 addresses concerns in situations where
there may be a lack of observable market information to measure the fair value
of a liability, and provides clarification in circumstances where a quoted
market price in an active market for an identical liability is not available. In
these cases, reporting entities should measure fair value using a valuation
technique that uses the quoted price of the identical liability when that
liability is traded as an asset, quoted prices for similar liabilities, or
another valuation technique, such as an income or market approach. ASU 2009-05
also clarifies that when estimating the fair value of a liability, a reporting
entity is not required to include a separate input or adjustment to other inputs
relating to the existence of a restriction that prevents the transfer of the
liability. ASU 2009-05 is effective for the first reporting period subsequent to
August 2009 and the adoption of this update is not expected to have a material
impact on the financial position, results of operations, or cash flows of the
Company.





In June
2009, the FASB issued SFAS No. 166,Accounting for Transfers of
Financial Assets, an amendment of FASB Statement No. 140
  (“SFAS 166”). SFAS 166 amends the application and disclosure
requirements of SFAS No. 140,Accounting for Transfers
and Servicing of Financial Assets and Extinguishment of Liabilities — a
Replacement of FASB Statement 125   (“SFAS 140”), removes the
concept of a “qualifying special purpose entity” from SFAS 140 and removes the
exception from applying FASB Interpretation (“FIN”) No. 46(R),Consolidation of
Variable Interest Entities — an Interpretation of ARB No. 51
  (“FIN 46(R)”) to qualifying special purpose entities. SFAS 166 is
effective for the first annual reporting period that begins after November 15,
2009, and early adoption is not permitted. The adoption of this standard is not
anticipated to have a material impact on the financial position, results of
operations or cash flows of the Company.





In
October 2009, the FASB issued ASU 2009-13,Revenue Recognition (Topic 605) —
Multiple-Deliverable Revenue Arrangements, a consensus of the FASB Emerging
Issues Task Force   (“ASU 2009-13”). ASU 2009-13 addresses the
accounting for multiple-deliverable arrangements where products or services are
accounted for separately rather than as a combined unit, and addresses how to
separate 71 deliverables and how to measure and allocate arrangement
consideration to one or more units of accounting. Existing GAAP requires an
entity to use vendor-specific objective evidence (“VSOE”) or third-party
evidence of a selling price to separate deliverables in a multiple-deliverable
selling arrangement. As a result of ASU 2009-13, multiple-deliverable
arrangements will be separated in more circumstances than under current
guidance. ASU 2009-13 establishes a selling price hierarchy for determining the
selling price of a deliverable. The selling price will be based on VSOE if it is
available, on third-party evidence if VSOE is not available, or on an estimated
selling price if neither VSOE nor third-party evidence is available. ASU 2009-13
also requires that an entity determine its best estimate of selling price in a
manner that is consistent with that used to determine the selling price of the
deliverable on a stand-alone basis, and increases the disclosure requirements
related to an entity’s multiple-deliverable revenue arrangements. ASU 2009-13
must be prospectively applied to all revenue arrangements entered into or
materially modified in fiscal years beginning on or after June 15, 2010, and
early adoption is permitted. Entities may elect, but are not required, to adopt
the amendments retrospectively for all periods presented. The Company expects to
adopt the provisions of ASU 2009-13 on January 1, 2011 and does not believe that
the adoption of this standard will have a material impact on the financial
position, results of operations, or cash flows of the Company.





In
December 2009, the FASB issued ASU 2009-17, Consolidations (Topic 810)
— Improvements to
Financial Reporting by Enterprises Involved with Variable Interest
Entities.  ASU 2009-17 replaces the quantitative-based risk and
rewards calculation for determining which reporting entity, if any, has a
controlling financial interest in a variable interest entity with an approach
focused on identifying which reporting entity has the power to direct the
activities of a variable interest entity that most significantly impact the
entity’s economic performance and (1) the obligation to absorb losses of the
entity or (2) the right to receive benefits from the entity. An approach that is
expected to be primarily qualitative will be more effective for identifying
which reporting entity has a controlling financial interest in a variable
interest entity. ASU 2009-17 also requires additional disclosures about a
reporting entity’s involvement in variable interest entities. The provisions of
ASU 2009-17 are to be applied beginning in the first fiscal period beginning
after November 15, 2009. The Company adopted ASU 2009-17 on January 1, 2010 and
does not anticipate that the adoption of this standard will have a material
effect on the financial position, results of operations, or cash flows of the
Company.




7




In
January 2010, the FASB issued ASU 2010-02,Consolidation (Topic 810) —
Accounting and Reporting for Decreases in Ownership of a Subsidiary — A Scope
Clarification . ASU 2010-02 clarifies that the scope of previous
guidance in the accounting and disclosure requirements related to decreases in
ownership of a subsidiary apply to (i) a subsidiary or a group of assets that is
a business or nonprofit entity; (ii) a subsidiary that is a business or
nonprofit entity that is transferred to an equity method investee or joint
venture; and (iii) an exchange of a group of assets that constitutes a business
or nonprofit activity for a non-controlling interest in an entity. ASU 2010-02
also expands the disclosure requirements about deconsolidation of a subsidiary
or derecognition of a group of assets to include (i) the valuation techniques
used to measure the fair value of any retained investment; (ii) the nature of
any continuing involvement with the subsidiary or entity acquiring a group
of assets; and (iii) whether the transaction that resulted in the
deconsolidation or derecognition was with a related party or whether the former
subsidiary or entity acquiring the assets will become a related party after the
transaction. The provisions of ASU 2010-02 will be effective for the first
reporting period beginning after December 13, 2009. The Company adopted the
provisions of ASU 2010-02 on January 1, 2010 and does not anticipate that the
adoption of this standard will have a material impact on the financial position,
results of operations, or cash flows of the Company.





In
January 2010 the FASB issued ASU 2010-06,Fair Value Measurements and
Disclosures (Topic 820) —Improving Disclosures About Fair Value
Measurements. ASU 2010-06 clarifies the requirements for certain
disclosures around fair value measurements and also requires registrants to
provide certain additional disclosures about those measurements. The new
disclosure requirements include (i) the significant amounts of transfers into
and out of Level 1 and Level 2 fair value measurements during the period, along
with the reason for those transfers, and (ii) separate presentation of
information about purchases, sales, issuances and settlements of fair value
measurements with significant unobservable inputs. ASU 2010-06 is effective for
interim and annual reporting periods beginning after December 15, 2009. The
Company adopted the provisions of ASU 2010-06 on January 1, 2010 and does not
anticipate that the adoption of this standard will have a material impact on the
financial position, results of operations, or cash flows of the
Company.





Going
Concern





These
financial statements have been prepared assuming the Company will continue on a
going-concern basis. The Company has incurred losses since inception and the
ability of the Company to continue as a going-concern depends upon its ability
to develop profitable operations and to continue to raise adequate financing.
Accumulated Losses from inception to September 30, 2010 total $114,300.
Management is actively targeting sources of additional financing to provide
continuation of the Company’s operations. In order for the Company to meet its
liabilities as they come due and to continue its operations, the Company is
solely dependent upon its ability to generate such financing.





There can
be no assurance that the Company will be able to continue to raise funds, in
which case the Company may be unable to meet is obligations. Should the Company
be unable to realize its assets and discharge its liabilities in the normal
course of business, the net realizable value of its assets may be materially
less than the amounts recorded in these financial statements.





The
financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue
in existence.





Impairment
of Long-lived Assets





In
accordance with ASC 360-10-05 (formerly SFAS No. 144), "Accounting for the
Impairment or Disposal of Long-Lived Assets", long-lived assets to be held and
used are analyzed for impairment whenever events or changes in circumstances
indicate that the related carrying amounts may not be recoverable. The Company
evaluates whether events and circumstances have occurred that indicate possible
impairment. If there are indications of impairment, the Company uses future
undiscounted cash flows of the related asset or asset grouping over the
remaining life in measuring whether the assets are recoverable. In the event
such cash flows are not expected to be sufficient to recover the recorded asset
values, the assets are written down to their estimated fair value. Long-lived
assets to be disposed of are reported at the lower of carrying amount or fair
value of asset less cost to sell. The Company evaluated the Global Diagnostic
License on April 30, 2010, no events or changes in circumstances indicate that
it is impaired since it was acquired on March 24, 2010. As described in Note 3,
the long-lived assets have been valued on a going concern basis; however,
substantial doubt exists as to the ability of the Company to continue as a going
concern. If the Company ceases operations, the asset values may be materially
impaired.





Off-Balance
Sheet Arrangements





No
reporting requirement for a smaller reporting company.




ITEM
      3.
            QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK




Not
applicable as a smaller reporting company.




8




ITEM
      4.
            CONTROLS
      AND PROCEDURES




Evaluation
of Disclosure Controls and Procedures




We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) as of September 30, 2010.  This
evaluation was accomplished under the supervision and with the participation of
our chief executive officer/principal executive officer who concluded that our
disclosure controls and procedures are not effective to ensure that all material
information required to be filed in the Form 10-Q has been made known to
them.




Management’s
Report on Internal Control Over Financial Reporting




Management
is responsible for establishing and maintaining adequate internal control over
financial reporting, as defined in Rules 13a-15(1) and 15(d) of the Exchange
Act. Internal control over financial reporting is a process to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements in accordance with GAAP. Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projection of any evaluation of effectiveness to
future periods is subject to the risk that controls may become inadequate
because of conditions, or that the degree of compliance with the policies or
procedures may deteriorate.




For
purposes of this section, the term disclosure controls and procedures means
controls and other procedures of an issuer that are designed to ensure that
information required to be disclosed by the issuer in the reports that it files
or submits under the Act (15 U.S.C. 78a et seg.) is recorded, processed,
summarized and reported, within the time periods specified in the Commission’s
rules and forms.  Disclosure, controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed by in our reports filed under the Securities Exchange Act of
1934, as amended (the “Act”) is accumulated and communicated to the issuer’s
management, including its principal executive and principal financial officers,
or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure.




A
material weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting such that there is a reasonable possibility
that a material misstatement of our annual or interim financial statements will
not be prevented or detected on a timely basis.  In connection with
our management’s assessment of our internal control over financial reporting as
required under Section 404 of the Sarbanes-Oxley Act of 2002, we identified
certain material weaknesses in our internal control over financial reporting as
of September 30, 2010:




·
            Reliance
      upon independent financial reporting consultants for review of critical
      accounting areas and disclosures and material non-standard
      transaction.




·
            Lack
      of sufficient accounting staff which results in a lack of segregation of
      duties necessary for a good system of internal
  control.




Because
of the material weaknesses above, management has concluded that we did not
maintain effective internal control over financial reporting as of September 30,
2010, based on Internal Control over Financial Reporting – Guidance for Smaller
Public Companies issued by COSO.







Remediation
of Material Weaknesses in Internal Control Over Financial Reporting





In order
to remedy our existing internal control deficiencies, as our finances allow, we
will hire a Chief Financial Officer and additional accounting
staff.




Changes
in Internal Controls over Financial Reporting




We have
not yet made any changes in our internal controls over financial reporting that
occurred during the period covered by this report on Form 10-Q that has
materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.




9





PART
II:  OTHER INFORMATION




ITEM
      1.
            LEGAL
      PROCEEDINGS





All legal
proceedings as of September30, 2010 were related to the Operating Company which
was disposed at June 30, 2010





ITEM
      2.
            UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS





None





ITEM 3.
            DEFAULTS
      UPON SENIOR SECURITIES





Not
Applicable.





ITEM
      4.
            (REMOVED
      AND RESERVED)





ITEM
      5:
            OTHER
      INFORMATION





None.





ITEM
      6:
            EXHIBITS
      AND REPORTS ON FORM 8-K




(a)
            Exhibits





31.1      Certification
of the CEO and CFO Pursuant to Rule 13a-14(a) under the Securities Exchange Act
of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002




32.1      Certification
of the CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002





(b)
            Reports
      of Form 8-K




On August
8, 2009, the Company filed a Form 8K/a disclosing the acquisition for 2131959
Ontario Limited which held a 100 acre development project in
Barrie, Ontario, Canada.





On August
28, 2009, the Company filed a Form 8K disclosing the disposition for 2131959
Ontario Limited which held a 100 acre development in Barrie, Ontario,
Canada.





On July
8, 2010, the Company Filed a Form 8K disclosing share for share exchange for
Panacea Global, Inc and the disposition of the operating company of MoneyLogix
Group, Inc.




10




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, there unto duly authorized.




MONEYLOGIX
      GROUP, INC.By:
              /s/
      Binnay SethiBinnay
      SethiPresident,  Chief
      Executive Officer and Chief Financial Officer








11




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)





CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS





SEPTEMBER
30, 2010









MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


SEPTEMBER
30, 2010





CONTENTS




PageFINANCIAL
      STATEMENTSCondensed
      Consolidated Balance Sheets
            
            
            F3Condensed
      Consolidated Statements of Operations
            
            
            F4Condensed
      Consolidated Statements of Cash Flows
            
            
            F5Condensed
      Consolidated Statement of Stockholders’ Deficit
            
            
            F6Notes
      to the Condensed Consolidated Financial Statements
            
            
            F7
      – F11




F-2




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


CONDENSED
CONSOLIDATED BALANCE SHEETS





September 30,
              2010
              (Unaudited)
            
            
            April 30,
              2010
              (Audited)ASSETSCurrent
      AssetsGlobal
      Diagnostic License(Note 5)
            
            $
            50,000,000
            
            
            $
            50,000,000Total
      Assets
            
            $
            50,000,000
            
            
            $
            50,000,000LIABILITIES
      AND STOCKHOLDERS’ DEFICITCurrent
      LiabilitiesAccrued
      liabilities
            
            $
            75,000
            
            
            $
            25,000License
      Fee Payable(Note 5)
            
            
            2,500,000
            
            
            
            2,500,000Shares
      to be issued(Note 6)
            
            
            49,364
            
            
            
            -Total
      Liabilities
            
            
            2,624,364
            
            
            
            2,525,000Stockholders’
      DeficitPreferred
      Stock, $0.001 par value; 10,000,000 shares authorized, none issued (Note
      6)
            
            
            -
            
            
            
            -Capital
      stock, $0.001 par value; 100,000,000 shares authorized; 40,000,000 issued
      and outstanding (Note 6)
            
            
            40,000
            
            
            
            40,000Additional
      Paid in Capital
            
            
            47,449,936
            
            
            
            47,482,000Deficit
      accumulated during the development stage
            
            
            (114,300
            )
            
            
            (47,000
            )Total
      Stockholders’ Deficit
            
            
            47,375,636
            
            
            
            47,475,000Total
      Liabilities and Stockholders’ Deficit
            
            $
            50,000,000
            
            
            $
            50,000,000




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




F-3




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)





Three Month
              Period Ending
              September 30,
            
            
            For the Period
              February 5,
              2010
      (inception) to September 30,2010
            
            
            2010REVENUES
            
            $
            -
            
            
            $
            -EXPENSESProfessional
      Fees
            
            
            25,000
            
            
            
            75,000Cost
      of Reorganization
            
            
            -
            
            
            
            39,300TOTAL
      OPERATING EXPENSES
            
            
            25,000
            
            
            
            114,300NET
      LOSS
            
            $
            (25,000)
            
            
            $
            (114,300)COMPREHENSIVE
      INCOME  (LOSS)
            
            
            (25,000)
            
            
            $
            (114,300)Net
      loss per share - basic and diluted
            
            $
            (0.00)
            
            
            $
            (0.01)Weighted
      average number of shares outstanding - basic and diluted
            
            $
            40,000,000
            
            
            $
            40,000,000





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




F-4




MONEYLOGIX GROUP,
INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)




Three
      Months
              PeriodEnding
              September 30,
              2010
            
            
            For the Period
              from Inception
              (February 5,
              2010)to
              September 30,
              2010Cash
      Flows from Operating ActivitiesNet
      loss
            
            $
            (25,000
            )
            
            $
            (114,300
            )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Stock  issued
      for services
            
            
            -
            
            
            
            39,300Accrued
      liabilities
            
            
            25,000
            
            
            
            75,000Net
      Cash Used in Operating Activities
            
            
            -
            
            
            
            -Cash
      Flows from Investing ActivitiesNet
      Cash Provided by Investing Activities
            
            
            -
            
            
            
            -Cash
      Flows from Financing ActivitiesNet
      Cash Provided by Financing Activities
            
            
            -
            
            
            
            -Cash
      and Cash Equivalents - Beginning of Period
            
            
            -
            
            
            
            -Cash
      and Cash Equivalents - End of Period
            
            $
            -
            
            
            $
            -Supplemental
      Cash Flow InformationInterest
      paid
            
            $
            -
            
            
            $
            -Income
      taxes paid
            
            $
            -
            
            
            $
            -




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




F-5




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT


FOR
THE PERIOD FROM THE DATE OF INCEPTION


(FEBRUARY
5, 2010) TO SEPTEMBER 30, 2010(Unaudited)





Common Stock
            
            
            Shares to be
              issued
            
            
            
            
            
            Additional
              Paid in
            
            
            Accumulated
              Deficit during the
              Development
            
            
            Total
              Shareholder
              Equity and
              shares to beShares
            
            
            Amount
            
            
            Shares
            
            
            Amount
            
            
            Capital
            
            
            Stage
            
            
            issuedIssuance
      of common stock for services
            
            
            22,000,000
            
            
            $
            22,000
            
            
            
            -
            
            
            $
            -
            
            
            $
            -
            
            
            
            -
            
            
            $
            22,000Issuance
      of common stock for Global rights
            
            
            18,000,000
            
            
            $
            18,000
            
            
            
            -
            
            
            $
            -
            
            
            $
            47,482,000
            
            
            
            -
            
            
            $
            47,500,000Net
      loss
            
            
            -
            
            
            $
            -
            
            
            
            -
            
            
            $
            -
            
            
            $
            -
            
            
            
            (47,000
            )
            
            $
            (47,000
            )Balance, April 30,
      2010
            
            
            40,000,000
            
            
            $
            40,000
            
            
            
            -
            
            
            $
            -
            
            
            
            47,482,000
            
            
            
            (47,000
            )
            
            $
            47,475,000June
      30, 2010-Issuance of common shares for Global
      rights(adjustment)
            
            
            -
            
            
            $
            -
            
            
            
            17,500,000-
            
            
            $
            17,500
            
            
            
            (17,500
            )
            
            
            -
            
            
            $
            -June
      30, 2010-Issuance of common shares for services
    (adjustment)
            
            
            -
            
            
            $
            -
            
            
            
            17,300,000
            
            
            $
            17,300
            
            
            
            -
            
            
            
            -
            
            
            $
            17,300June
      30, 2010- Issuance of shares to MoneyLogix shareholders
            
            
            
            
            
            
            
            
            
            
            85,763,586
            
            
            
            85,764
            
            
            
            (85,764
            )
            
            
            -
            
            
            
            -June
      30, 2010-Cancellation of MoneyLogix shareholder shares
            
            
            
            
            
            
            
            
            
            
            (71,200,000
            )
            
            
            (71,200
            )
            
            
            71,200
            
            
            
            -
            
            
            
            -Net
      Loss
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (67,300
            )
            
            
            (67,300
            )Balance, September 30,
      2010
            
            
            40,000,000
            
            
            $
            40,000
            
            
            
            49,363,586
            
            
            $
            49,364
            
            
            
            47,449,936
            
            
            
            (114,300
            )
            
            $
            47,425,000




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




F-6




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2010




1.
            NATURE
      OF OPERATIONS AND ORGANIZATION




Nature
of Operations




MoneyLogix
Group, Inc. ("MoneyLogix" or the “Company”), (formerly Homelife, Inc.), which
registered a change of name with the State of Nevada on January 29, 2008 was
formerly known as Homelife, Inc. and is organized under the laws of the State of
Nevada.





MoneyLogix
Group, Inc. entered into a share exchange agreement which closed on June 30,
2010 with Panacea Global, Inc., a Delaware private corporation. The reverse
merger transaction effected a change of control of the Company. The accounting
acquirer is Panacea Global, Inc. and the historical operations of the Company
are the operations of Panacea Gloabal, Inc. Pursuant to the terms of the share
exchange agreement, the parties agreed to the following:





1.
            MoneyLogix
      Group agreed to issue 74,800,000 shares of our common stock to the
      shareholders of Panacea Global, Inc. in exchange for 100% of Panacea
      Global, Inc’s issued and outstanding stock. 74,800,000 shares of the
      Company were issued on August 19, 2010 to the shareholders of Panacea
      Global, Inc.. 100% of the shares of Panacea Global, Inc were transferred
      to MoneyLogix Group making Panacea Global, Inc a wholly owned subsidiary
      of the Company on June 30, 2010.2.
            On
      June 30, 2010 pursuant to a stock purchase agreement by and between
      MoneyLogix Group, Inc, and Roscoe Investment International
      LLC(“Roscoe”).  Roscoe agreed to transfer 71,200,000 shares to
      Moneylogix in exchange for 100% of the outstanding shares of Moneylogix
      Group, Inc., an Ontario, Canada corporation and the wholly owned
      subsidiary of Moneylogix (“Moneylogix
Canada”).




3.
            Panacea
      Global, Inc agreed to change the name of the Company from. MoneyLogix
      Group, Inc.  to Panacea Global, Inc. This is currently
      ongoing.





PANACEA
GLOBAL, INC. ("Panacea") was incorporated in the state of Delaware on February
5, 2010. The Company is a development stage company that has currently acquired
the global rights except for the United States of America for early detection
cancer tests.  Panacea is a 100% wholly owned subsidiary of
MoneyLogix.





2.
            BASIS
      OF PRESENTATION




The
Company has not earned any revenues from limited principal operations and
accordingly, the Company's activities have been accounted for as those of a
"Development Stage Enterprise" as set forth in ASC 915(formerly SFAS No.
7),Accounting and
Reporting by Development Stage Enterprises.  Among
the disclosures required by ASC 915 are that the Company's financial statements
be identified as those of a development stage company, and that the statements
of operations, stockholders' deficit and cash flows disclose activity since the
date of the Company's inception.





3.
            GOING
      CONCERN





These
financial statements have been prepared assuming the Company will continue on a
going-concern basis. The Company has incurred losses since inception and the
ability of the Company to continue as a going-concern depends upon its ability
to develop profitable operations and to continue to raise adequate financing.
Accumulated Losses from inception to September 30, 2010 total $114,300.
Management is actively targeting sources of additional financing to provide
continuation of the Company’s operations. In order for the Company to meet its
liabilities as they come due and to continue its operations, the Company is
solely dependent upon its ability to generate such financing.





There can
be no assurance that the Company will be able to continue to raise funds, in
which case the Company may be unable to meet is obligations. Should the Company
be unable to realize its assets and discharge its liabilities in the normal
course of business, the net realizable value of its assets may be materially
less than the amounts recorded in these financial statements.




F-7




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2010




4.
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES




The
accounting policies of the Company are in accordance with accounting principles
generally accepted in the United States of America. Presented below are those
policies considered particularly significant:





Interim
Financial Statements





The
accompanying interim unaudited financial information has been prepared pursuant
to the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted pursuant to such rules
and regulations, although management believes that the disclosures are adequate
to make the information presented not misleading. The interim financial
statements should be read in conjunction with the Company's annual financial
statements, notes and accounting policies included in the Company's annual
report on form 8-K for the period ended April 30, 2010 as filed with the SEC. In
the opinion of management, all adjustments, consisting only of normal recurring
adjustments, are necessary to present fairly the financial position of the
Company as at September 30, 2010 and the related operating results and cash
flows for the interim period presented have been made. The results of operations
of such interim period are not necessarily indicative of the results of the full
year.





Basis
of Consolidation and Presentation





The
accompanying consolidated financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
and include the accounts of the Company, its wholly-owned subsidiaries
MoneyLogix Group, Inc.  All significant inter-company transactions and
balances have been eliminated upon consolidation.





The
accounting policies of the Company are in accordance with accounting principles
generally accepted in the United States of America. Presented below are those
policies considered particularly significant:





Comprehensive
Income or Loss





The
Company adopted ASC 220-10, (formerly SFAS No. 130) establishes standards for
reporting and presentation of comprehensive income and its components in a full
set of financial statements. Comprehensive income is presented in the statements
of stockholders’ deficit, and consists of net loss and unrealized gains (loss)
on available for sale marketable securities; foreign currency translation
adjustments and changes in market value of future contracts that qualify as a
hedge; and negative equity adjustments recognized in accordance with ASC 715-10
(formerly SFAS No. 87). ASC 220-10 requires only additional disclosures in the
financial statements and does not affect the Company’s financial position or
results of operations.





Concentration of Credit
Risk





ASC
815-10, (formerly SFAS No. 105) “Disclosure of Information About Financial
Instruments with Off-Balance Sheet Risk and Financial Instruments with
Concentration of Credit Risk”, requires disclosure of any significant
off-balance sheet risk and credit risk concentration. The Company does not have
significant off-balance sheet risk or credit concentration.





Earnings
or Loss Per Share





The
Company accounts for earnings per share pursuant to ASC 260-10-05 (formerly SFAS
No. 128),Earnings per
Share , which requires disclosure on the financial statements of "basic"
and "diluted" earnings (loss) per share. Basic earnings (loss) per share are
computed by dividing net income (loss) by the weighted average number of common
stock outstanding for the period. Diluted earnings (loss) per share is computed
by dividing net income (loss) by the weighted average number of common stock
outstanding plus common stock equivalents (if dilutive) related to stock options
and warrants for each period.





There
were no dilutive financial instruments for the period from February 5, 2010
(inception) to September 30, 2010.




F-8




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2010





4.
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(continued)





Financial
Instruments





In
accordance with ASC 825-10-50,  (formerly SFAS No. 107), "Disclosures
About Fair Value of Financial Instruments" ("SFAS No. 107"), the estimated fair
value of financial instruments has been determined by the Company using
available market information and valuation methodologies. Considerable judgment
is required in estimating fair value. Accordingly, the estimates may not be
indicative of the amounts the Company could realize in a current market
exchange. As of September 30, 2010, the carrying value of accounts payable and
accrued liabilities approximate their fair value because of the limited terms of
these instruments.





In
accordance with ASC 820-10, (formerly SFAS No. 157), “Defining Fair Value
Measurement”, the Company adopted the standard which defines fair value,
establishes a framework for measuring fair value in generally accepted
accounting principles and expands disclosures about fair value
measurements





Income
Taxes





The
Company accounts for income taxes pursuant to ASC 740-10, (formerly SFAS No.
109),Accounting for Income
Taxes . Deferred tax assets and liabilities are recorded for differences
between the financial statements and tax basis of the assets and liabilities
that will result in taxable or deductible amounts in the future based on enacted
tax laws and rates. Valuation allowances are established when necessary to
reduce deferred tax assets to the amount expected to be realized. Income tax
expense is recorded for the amount of income tax payable or refundable for the
period increased or decreased by the change in deferred tax assets and
liabilities during the period.





Impairment
of Long-lived Assets





In
accordance with ASC 360-10-05 (formerly SFAS No. 144), "Accounting for the
Impairment or Disposal of Long-Lived Assets", long-lived assets to be held and
used are analyzed for impairment whenever events or changes in circumstances
indicate that the related carrying amounts may not be recoverable. The Company
evaluates whether events and circumstances have occurred that indicate possible
impairment. If there are indications of impairment, the Company uses future
undiscounted cash flows of the related asset or asset grouping over the
remaining life in measuring whether the assets are recoverable. In the event
such cash flows are not expected to be sufficient to recover the recorded asset
values, the assets are written down to their estimated fair value. Long-lived
assets to be disposed of are reported at the lower of carrying amount or fair
value of asset less cost to sell. The Company evaluated the Global Diagnostic
License on April 30, 2010, no events or changes in circumstances indicate that
it is impaired since it was acquired on March 24, 2010. As described in Note 3,
the long-lived assets have been valued on a going concern basis; however,
substantial doubt exists as to the ability of the Company to continue as a going
concern. If the Company ceases operations, the asset values may be materially
impaired.





Use
of Estimates





The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
the 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. These
estimates are reviewed periodically, and, as adjustments become necessary, they
are reported in earnings in the period in which they become known.





Recent
Accounting Pronouncements





In
April 2009, the FASB issued ASC 820-10-65-4 (formerly referred to as FSP
SFAS 157-4), "Determining Whether a Market Is Not Active and a Transaction Is
Not Distressed." ASC 820-10-65-4 provides guidelines for making fair value
measurements more consistent with the principles presented in ASC 820-10-65-1.
ASC 820-10-65-4 provides additional authoritative guidance in determining
whether a market is active or inactive, and whether a transaction is distressed,
is applicable to all assets and liabilities (i.e. financial and non-financial)
and will require enhanced disclosures. This standard is effective for periods
ending after June 15, 2009. The Company has adopted this standard and
determined that it does not have an impact on its financial position and results
of operations.




F-9




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2010





4.
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(continued)





In
April 2009, the FASB issued ASC 825-10-65-1 (formerly referred to as FSP
SFAS 107-1 and APB 28-1), "Interim Disclosures about Fair Value of Financial
Instruments," and "Disclosures about Fair Value of Financial Instruments,
(formerly referred to as FSP SFAS 107)" to require disclosures about fair value
of financial instruments in interim as well as in annual financial statements.
ASC 825-10-65-1 also includes an amendment to "Interim Financial Reporting
(formerly referred to as APB 28-1)," to require those disclosures in all interim
financial statements. This standard is effective for periods ending after
June 15, 2009. The Company has adopted this standard and determined that it
does not have an impact on its financial position and results of
operations.





In May
2009, ASC 855-10 was issued (formerly SFAS No.165), “Subsequent Events,” which
establishes general standards for accounting for disclosure of events that occur
after the balance sheet day but before the financial statement are issued or are
available to be issued.  The pronouncement requires the disclosure of
the date through which an entity has evaluated subsequent events and the basis
for that date, whether that date represents the date the financial statements
were issued or were available to be issued.  ASC 855-10 is effective
with interim and annual financial periods ending after June 15,
2009.  Management has evaluated the impact of the adoption of ASC
855-10  and it has no impact the Company’s results of operations,
financial position or cash flows.





In July
2009, ASC 105-10-05 was issued (formerly SFAS No. 168) “FASB Accounting Standards
Codification  as the single source of authoritative
nongovernmental U.S. generally accepted accounting principles
(GAAP).  The Codification is effective for interim and annual periods
ending after September   15, 2009.  All existing
accounting standards are superseded as described in ASC
105-10-05.  All other accounting literature not included in the
Codification is non-authoritative.





5.
            GLOBAL
      DIAGNOSTIC LICENSE





The
Company acquired the global diagnostic license, except for the United States of
America,  from Panacea Pharmaceuticals,  Inc on March 24,
2010.  The diagnostic license allows Panacea to develop, market and
use the Licensed products related to HAAH based laboratory tests.





In
consideration for the licence, Panacea has issued 18,000,000 common shares and
will pay Panacea Pharmaceuticals $2,500,000 within 30 days of Panacea raising a
minimum $10,000,000 equity investment.  Panacea will pay Panacea
Pharmaceuticals 25% of all sublicensing revenue and will purchase all conforming
reagent at a cost of $20 per test or 10% of the sale price of the individual
test with a minimum $8.00 test price. The Company will start to amortize the
license once it is put in service which is expected in January 2011. Management
obtained valuation of the license conducted by third party professional
valuation services. According to the valuation, the fair value of the license is
about 74 million on December 31, 2007. On March 24, 2010, the acquisition date,
management re-evaluated the assumptions in the original valuation and updated
the projection based on current circumstance and the company’s business
plan.





6.
            CAPITAL
      STOCK





a) Authorized





10,000,000
Class A Preferred shares with a par value of $0.001, There were no shares issued
and outstanding at September 30, 2010.





100,000,000
Common shares of $0.001 par value





b)
Issued


40,000,000
Common Shares




F-10




MONEYLOGIX
GROUP, INC.


(UNDERGOING
NAME CHANGE TO “PANACEA GLOBAL, INC.”)


(A
Development Stage Company)


NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2010





6.
            CAPITAL
      STOCK (continued)





Non
Monetary Transactions





The
following non monetary transactions were completed by the Company on a service
for stock basis. It is the Company’s accounting policy that in certain
circumstances, stock, generally valued at the 5 day moving average price of the
trading value of the stock at the time the associated agreement was executed,
might be issued for the procurement of assets, provision of advisory and other
services.





On
February 5, 2010, the Company issued 22,000,000 common shares at a price of
$0.001 per share based on the value of the services provided, for total amount
of $22,000 to various suppliers.  On June 30, 2010 the company
recorded  an additional 17,300,000 common shares at a price of $0.001
per share based on the value of the services provided, for total amount of
$17,300 to the same various suppliers.  The 17,300,000 common shares
will be issued subsequent to the quarter end.





On March
24, 2010 the Company issued 18,000,000 which translates into a price of $2.63
per share based on the value of the asset transferred for a total amount of
$47,500,000 to Panacea Pharmaceutical.  On June 30, 2010 the company
recorded an additional 17,500,000 common shares  to Panacea
Pharmaceuticals at a price of $0.001 per share as an adjustment to the purchase
price per share.  The adjusted share price after the adjustment of
17,500,000 common shares is $1.33





7.
            INCOME
      TAXES





The
Company accounts for income taxes in accordance with ASC 740-20, (formerly SFAS
No. 109). ASC 740-20 prescribes the use of the liability method whereby deferred
tax asset and liability account balances are determined based on differences
between the financial reporting and tax bases of assets and liabilities and are
measured using the enacted tax rates. The effects of future changes in tax laws
or rates are not anticipated.




Under ASC
740-20 income taxes are recognized for the following: a) amount of tax payable
for the current year, and b) deferred tax liabilities and assets for future tax
consequences of events that have been recognized differently in the financial
statements than for tax purposes.




The
Company has income tax losses available to be applied against future years
income as a result of the losses incurred since inception. However, due to the
losses incurred in the period and expected future operating results, management
determined that it is more likely than not that the deferred tax asset resulting
from the tax losses available for carry forward will not be realized through the
reduction of future income tax payments. Accordingly a 100% valuation allowance
has been recorded for income tax losses available for carry
forward.





8.
            SUBSEQUENT  EVENTS





On July
7, 2010 the Company started the process to issue 1,000,000 stock options to the
management of the company at $0.13 for 5 years expiring 2015 and is currently
preparing a Stock Option plan which is expected to be completed by
December  2010.





On July
8, 2010 the Company started the process of changing its legal name to Panacea
Global, Inc.





After the
name change is finalized, the Company will issue 74,800,000 common shares and
cancelled 71,200,000 Common Shares of MoneyLogix Group, Inc.




F-11