**U.S.      SECURITIES AND EXCHANGE COMMISSION**

**FORM      10-KSB **

*Commission      File Number 000-50283 *

**RADIANT      LOGISTICS, INC.**

| Delaware                                                                                     |   | 04-3625550                                                         |
|----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
| (State                or other jurisdiction of incorporation or                organization) |   | (IRS                Employer Identification                Number) |

| 1227                120th                Avenue N.E Bellevue,                WA 98005 |
|---------------------------------------------------------------------------------------|
| (Address                of Principal Executive Offices) (Zip                Code)     |

| (425)                943-4599                                  |
|----------------------------------------------------------------|
| Issuer's                Telephone Number, Including Area Code) |

**Securities      registered pursuant to Section 12(b) of the Act:**

| NONE |
|------|

**Securities      registered under Section 12(g) of the Exchange Act: **

** **

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|   **PART                  I** |                                                                                                                                                              |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |                                                                                                                                                              |   |   |
| ITEM                  1.                | DESCRIPTION                  OF BUSINESS                                                                                                                          | 2 |   |
| ITEM                  2.                | DESCRIPTION                  OF PROPERTY                                                                                                                          | 14 |   |
| ITEM                  3.                | LEGAL                  PROCEEDINGS                                                                                                                                | 14 |   |
| ITEM                  4.                | SUBMISSION                  OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                                              | 14 |   |
|                                    |                                                                                                                                                              |   |   |
| **PART                  II**            |                                                                                                                                                              |
|                                    |                                                                                                                                                              |   |   |
| ITEM                  5.                | MARKET                  FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND                  SMALL BUSINESS ISSUER PURCHASES OF EQUITY                  SECURITIES | 14 |   |
| ITEM                  6.                | MANAGEMENT’S                  DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS                                                                                 | 16 |   |
| ITEM                  7.                | FINANCIAL                  STATEMENTS                                                                                                                             | 27 |   |
| ITEM                  8.                | CHANGES                  IN AND DISAGREEMENTS WITH ACCOUNTANTS ON                  ACCOUNTING AND FINANCIAL DISCLOSURE                                            | 28 |   |
| ITEM                  8A.               | CONTROLS                  AND PROCEDURES                                                                                                                          | 28 |   |
| ITEM                  8B                | OTHER                  INFORMATION                                                                                                                                | 28 |   |
| **PART                  III**           |                                                                                                                                                              |
|                                    |                                                                                                                                                              |   |   |
| ITEM                  9.                | DIRECTORS, EXECUTIVE                  OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE                  WITH SECTION 16(a) OF THE EXCHANGE ACT            | 29 |   |
| ITEM                  10.               | EXECUTIVE                  COMPENSATION                                                                                                                           | 31 |   |
| ITEM                  11.               | SECURITY                  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND                  MANAGEMENT AND RELATED STOCKHOLDER MATTERS                                  | 34 |   |
| ITEM                  12.               | CERTAIN                  RELATIONSHIPS AND RELATED TRANSACTIONS                                                                                                   | 36 |   |
| ITEM                  13.               | EXHIBITS                                                                                                                                                          | 36 |   |
| ITEM                  14.               | PRINCIPAL                  ACCOUNTANT FEES AND SERVICES                                                                                                           | 38 |   |
|                                    |                                                                                                                                                              |   |   |
| Signatures                              |                                                                                                                                                              | 39 |   |
| Financial                  Statements   | F-1                                                                                                                                                               |   |

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**CAUTIONARY      STATEMENT ABOUT FORWARD-LOOKING STATEMENTS**

**Cautionary      Statement for Forward-Looking Statements**

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**PART      I **

**ITEM      1. DESCRIPTION OF BUSINESS**

**General      **

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**Industry      Overview **

| ·   | Outsourcing                of non-core activities.                Companies increasingly outsource freight forwarding, warehousing                and other                supply chain activities to allow them to focus on their respective                core                competencies. From managing purchase orders to the timely delivery                of                products, companies turn to third party logistics providers to manage                these functions at a lower cost and greater efficiency. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Globalization                of trade.                As barriers to international trade are reduced or substantially                eliminated, international trade is increasing. In addition, companies                increasingly are sourcing their parts, supplies and raw materials                from the                most cost competitive                suppliers throughout the world. Outsourcing of manufacturing functions                to,                or locating company-owned manufacturing facilities in, low cost areas                of                the world also results in increased volumes of world                trade. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increased                need for time-definite delivery.                The need for just-in-time and other time-definite delivery has increased                as a result of the globalization of manufacturing, greater implementation                of demand-driven supply chains, the shortening of product cycles                and the                increasing value of individual shipments. Many businesses recognize                that                increased spending on time-definite supply chain management services                can                decrease overall manufacturing and distribution costs, reduce capital                requirements and allow them to manage their working capital more                efficiently by reducing inventory levels and inventory                loss. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Consolidation                of global logistics providers.                Companies are decreasing the number of freight forwarders and supply                chain                management providers with which they interact. We believe companies                want                to transact business with a limited number of providers that are                familiar                with their requirements, processes and procedures, and can function                as                long-term partners. In addition, there is strong pressure on national                and                regional freight forwarders and supply chain management providers                to                become aligned with a global network. Larger freight forwarders and                supply                chain management providers benefit from economies of scale which                enable                them to negotiate reduced transportation rates and to allocate their                overhead over a larger volume of transactions. Globally integrated                freight                forwarders and supply chain management providers are better situated                to                provide a full complement of services, including pick-up and delivery,                shipment via air, sea and/or road transport, warehousing and distribution,                and customs brokerage. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   |  Increasing                influence of e-business and the internet.                Technology advances have allowed businesses to connect electronically                through the Internet to obtain relevant information and make purchase                and                sale decisions on a real-time basis, resulting in decreased transaction                times and increased business-to-business activity. In response to                their                customers' expectations, companies have recognized the benefits of                being                able to transact business electronically. As such, businesses increasingly                are seeking the assistance of supply chain service providers with                sophisticated information technology systems who can facilitate real-time                transaction processing and web-based shipment                monitoring. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Our      Business Strategy **

**Our      Acquisition Strategy**

| ·   | the                highly fragmented composition of our                market; |
|--------------------|--------------------------------------------------------------------------------|

| ·   | our                strategy for creating an organization with global reach should enhance                an                acquired company’s                ability to compete in its local and regional markets through an expansion                of offered services and lower operating                costs; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                potential for increased profitability as a result of our centralization                of                certain administrative functions, greater purchasing power and economies                of scale; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                centralized management capabilities should enable us to effectively                manage                our growth and integration of acquired                companies; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                status as a public corporation may ultimately provide us with a liquid                trading currency for acquisitions;                and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                ability to utilize our experienced management to identify, acquire                and                integrate acquisition                opportunities. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Our      Operating Strategy**

| ·   | Leverage                    the People, Process and Technology Available through Airgroup.                    A                    key element of our operating strategy is to maximize our operational                    efficiencies by integrating general and administrative functions                    into the                    back-office of our platform acquisition and reducing or eliminating                    redundant functions and facilities at acquired companies. This                    is designed                    to enable us to quickly realize potential savings and synergies,                    efficiently control and monitor operations of acquired companies                    and allow                    acquired companies to focus on growing their sales and                    operations. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ·   | Develop                    and Maintain Strong Customer Relationships.                    We seek to develop and maintain strong interactive customer relationships                    by anticipating and focusing on our customers' needs. We emphasize                    a                    relationship-oriented approach to business, rather than the transaction                    or                    assignment-oriented approach used by many of our competitors.                    To develop                    close customer relationships, we and our network of exclusive                    agents                    regularly meet with both existing and prospective clients to                    help design                    solutions for, and identify the resources needed to execute,                    their supply                    chain strategies. We believe that this relationship-oriented                    approach                    results in greater customer satisfaction and reduced business                    development                    expense. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Operations      **

**Information      Services **

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**Our      Competitive Advantages**

| ·   | Non-asset                based business model.                 With relatively no dedicated or fixed operating costs, we are able                to leverage our network and offer competitive pricing and flexible                solutions to our customers.  Moreover, our balanced product offering                provides us with revenue streams from multiple sources and enables                us to                retain customers even as they shift from priority to deferred shipments                of                their products.  We believe our model allows us to provide low-cost                solutions to our customers while also generating revenues from multiple                modes of transportation and logistics services. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Global                network.                 We intend to focus on expanding our network on a global basis. Once                accomplished, this will enable us to provide a closed-loop logistics                chain                to our customers worldwide.  Within North America, our capabilities                consist of our pick up and delivery network, ground and air networks,                and                logistics capabilities. Our ground and pick up and delivery networks                enable us to service the growing deferred forwarding market while                providing the domestic connectivity for international shipments once                they                reach North America.  In addition, our heavyweight air network                provides for competitive costs on shipments, as we have no dedicated                charters or leases and can capitalize on available capacity in the                market                to move our customers’ goods.  |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Information                technology resources.                 A primary component of our business strategy is the continued                development of advanced information systems to continually provide                accurate and timely information to our management and customers. Our                customer delivery tools enable connectivity with our customers’ and                trading partners’ systems, which leads to more accurate and up-to-date                information on the status of shipments.   |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Diverse                customer base.                 We have a well diversified                base of customers that includes manufacturers, distributors and retailers.                As of the date of this Report, no single customer represented more                than 5%                of our business reducing risks associated with any particular industry                or                customer concentration. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Sales      and Marketing**

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**Competition      and Business Conditions **

**Regulation      **

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**Personnel**

**RISKS      PARTICULAR TO OUR BUSINESS**

***We      are implementing a new business plan.***

***Our      present levels of capital may limit the implementation of our business strategy.***

***Risks      related to acquisition financing***
**.      **

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***We      have used a significant amount of our available capital to finance the      acquisition of Airgroup.***

***Our      credit facility places certain limits on the type and number of acquisitions      we      may make.***

***Our      credit facility contains financial covenants that may limit its current      availability***
*.*

***Due      to our acquisition strategy, our earnings will be adversely affected by non-cash      charges relating to the amortization of intangibles.***

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***We      are not obligated to follow any particular criteria or standards for identifying      acquisition candidates***
***.***

***There      is a scarcity of and competition for acquisition      opportunities***
*.      *

| ·   | a                failure to agree on the terms necessary for a transaction, such as                the                amount of the purchase price; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | incompatibility                between our operational strategies and management philosophies and                those                of the potential acquiree; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | competition                from other acquirers of operating                companies; |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | a                lack of sufficient capital to acquire a profitable logistics company;                and |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | the                unwillingness of a potential acquiree to work with our management. |
|--------------------|---------------------------------------------------------------------------------------|

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***We        may be required to incur a significant amount of indebtedness in order to        successfully implement our acquisition strategy.***

***Risks      related to our acquisition strategy***
**.      **

***Dependence      on key personnel.***

***We      may experience difficulties in integrating the operations, personnel and assets      of companies that we acquire which may disrupt our business, dilute stockholder      value and adversely affect our operating results.***

| ·   | difficulties                in integrating operations, technologies, services and                personnel; |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | the                diversion of financial and management resources from existing                operations; |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | the                risk of entering new markets; |
|--------------------|--------------------------------------------------|

| ·   | the                potential loss of key employees;                and |
|--------------------|------------------------------------------------------------------------|

| ·   | the                inability to generate sufficient revenue to offset acquisition or                investment costs. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

***We      are largely dependent on the efforts of our exclusive agents to generate our      revenue and service our customers.***

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***We      face intense competition in the freight forwarding, logistics and supply chain      management industry.***

***Our      industry is consolidating and if we cannot gain sufficient market presence      in      our industry, we may not be able to compete successfully against larger, global      companies in our industry.***

***Provisions      of our charter, bylaws and Delaware laws may make more difficult a contested      takeover of our Company.***

**RISKS      RELATED TO OUR COMMON STOCK**

***Trading      in our common stock has been limited.***

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***The      influx of additional shares of our common stock onto the market may create      downward pressure on the trading price of our common      stock.***

**Additional      dilution associated with our acquisition strategy. **

***We      may issue shares of preferred stock with greater rights than our common      stock.***

***We      do not anticipate paying dividends***

***We      are not subject to certain of the corporate governance provisions of the      Sarbanes-Oxley Act of 2002***

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**ITEM      2. DESCRIPTION OF PROPERTY **

**Principal      Executive Offices **

**ITEM      3. LEGAL PROCEEDINGS**

**None**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS **

**PART      II**

**ITEM      5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS      ISSUER PURCHASES OF EQUITY SECURITIES**

**Market      Information**

**Holders**

**.      **

**Dividend      Policy**

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**Recent      Sale of Unregistered Securities**

* *

* *

**ITEM      6. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS**

***The      following discussion and analysis of our financial condition and results of      operations should be read in conjunction with the financial statements and      the      related notes and other information included elsewhere in this      report.***

**Overview      **

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**Critical      Accounting Policies**

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**Plan      of Operations **

*Basis      of Presentation*

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*Year      ended June 30, 2005 compared to year ended June 30, 2004 (pro forma and      unaudited) *

***The      following table provides a reconciliation of EBITDA to net income, the most      directly comparable GAAP measure in accordance with SEC Regulation G (in      thousands):***

|                                                                                                  |   |                               |   |         |   |   |   |          |                |
|-------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------------|--------|--------|--------|---------------|---------------------|
|                                                                                                  |   | Year                ended June 30, |   | Change       |   |
|                                                                                                  |   | 2005                               |   |  2004   |   | Amount |   |  Percent |                |
|                                                                                                  |   |                               |   |    |   |   |   |     |                |
| Net                income                                                                        |   | $                                  | 942    |         | $      | 917    |   | $             | 25                  |   |   | 2.7 | % |
| Income                tax expense                                                                     |   |                               | 486    |         |   | 472    |   |          | 14                  |   |   | 3.0 | % |
| Interest                expense                                                                       |   |                               | 162    |         |   | 163    |   |          | (1                  | ) |   | -0.6 | % |
| Depreciation                and amortization                                                          |   |                               | 688    |         |   | 760    |   |          | (72                 | ) |   | -9.5 | % |
|                                                                                                       |   |                               |   |         |   |   |   |          |                |   |   |   |   |
|                                                                                                  |   |                               |   |         |   |   |   |          |                |   |   |   |   |
| EBITDA                (Earnings before interest, taxes, depreciation and                amortization) |   | $                                  | 2,278  |         | $      | 2,312  |   | $             | (                34 | ) |   | -1.5 | % |

***The      following table summarizes pro forma transportation revenue, cost of      transportation and net transportation revenue (in      thousands):***

|                                      |   |                                |   |         |   |   |   |          |   |
|-------------------------------------------|--------|------------------------------------------|--------|--------------|--------|--------|--------|---------------|--------|
|                                      |   |  Year                ended June 30, |   | Change       |   |
|                                      |   |  2005                               |   |  2004   |   | Amount |   |  Percent |   |
|                                      |   |                                |   |    |   |   |   |     |   |
| Transportation                revenue     |   | $                                        | 51,521 |         | $      | 42,972 |   | $             | 8,549  |   |   | 19.9 | % |
| Cost                of transportation     |   |                                     | 29,957 |         |   | 22,832 |   |          | 7,125  |   |   | 31.2 | % |
|                                      |   |                                     |        |         |   |        |   |          |        |   |   |   |   |
| Net                transportation revenue |   | $                                        | 21,564 |         | $      | 20,140 |   | $             | 1,424  |   |   | 7.1 | % |
|                                      |   |                                     |   |         |   |   |   |          |   |   |   |   |   |
| Net                transportation margins |   |                                     | 41.9   | %            |   | 46.9   | %      |          |   |   |   |   |   |
|                                      |   |                                     |   |         |   |   |   |          |   |   |   |   |   |

----

***The      following table compares certain pro forma consolidated statement of income      data      as a percentage of our net transportation revenue (in      thousands):***

|                                                     |   |                               |   |    |   |   |   |    |   |   |   |    |   |
|----------------------------------------------------------|--------|------------------------------------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
|                                                     |   | Year                ended June 30, |   |    |   |   |   |
|                                                     |   | 2005                               |   | 2004    |   | Change |   |
|                                                     |   | Amount                             |   | Percent |   | Amount |   | Percent |   | Amount |   | Percent |   |
|                                                     |   |                               |   |    |   |   |   |    |   |   |   |    |   |
| Net                transportation revenue                |   | $                                  | 21,564 |    |   | 100.0  | %      | $       | 20,140 |   |   | 100.0   | %      | $ | 1,424 |   |   | 7.1 | % |
|                                                     |   |                               |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |
| Agent                commissions                         |   |                               | 15,988 |    |   | 74.1   | %      |    | 14,912 |   |   | 74.0    | %      |   | 1,076 |   |   | 7.2 | % |
| Personnel                costs                           |   |                               | 1,956  |    |   | 9.1    | %      |    | 1,740  |   |   | 8.7     | %      |   | 216 |   |   | 12.4 | % |
| Other                selling, general and administrative |   |                               | 1,342  |    |   | 6.2    | %      |    | 1,176  |   |   | 5.8     | %      |   | 166 |   |   | 14.1 | % |
| Depreciation                and amortization             |   |                               | 688    |    |   | 3.2    | %      |    | 760    |   |   | 3.8     | %      |   | (72 | ) |   | -9.5 | % |
|                                                     |   |                               |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Total                operating costs                     |   |                               | 19,974 |    |   | 92.6   | %      |    | 18,588 |   |   | 92.3    | %      |   | 1,386 |   |   | 7.5 | % |
|                                                     |   |                               |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Income                from operations                    |   |                               | 1,590  |    |   | 7.4    | %      |    | 1,552  |   |   | 7.7     | %      |   | 38 |   |   | 2.4 | % |
|                                                     |   |                               |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |
| Other                expense                             |   |                               | 162    |    |   | -0.8   | %      |    | 163    |   |   | -0.8    | %      |   | 1 |   |   | -0.6 | % |
|                                                     |   |                               |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Income                before income taxes                |   |                               | 1,428  |    |   | 6.6    | %      |    | 1,389  |   |   | 6.9     | %      |   | 39 |   |   | 2.8 | % |
|                                                     |   |                               |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |
| Income                tax expense                        |   |                               | 486    |    |   | 2.3    | %      |    | 472    |   |   | 2.3     | %      |   | 14 |   |   | 3.0 | % |
|                                                     |   |                               |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Net                income                                |   | $                                  | 942    |    |   | 4.4    | %      | $       | 917    |   |   | 4.6     | %      | $ | 25 |   |   | 278 | % |
|                                                     |   |                               |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |

----

** **

*Three      months ended September 30, 2005 compared to three months ended September 30,      2004 (pro forma and unaudited)*

***The      following table provides a reconciliation of EBITDA to net income, the most      directly comparable GAAP measure in accordance with SEC Regulation G (in      thousands):***

|                                                                                                  |   |                                            |   |         |   |   |   |          |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|--------------|--------|--------|--------|---------------|--------|
|                                                                                                  |   | Three                months ended September 30, |   | Change       |   |
|                                                                                                  |   | 2005                                            |   |  2004   |   | Amount |   |  Percent |   |
|                                                                                                  |   |                                            |   |    |   |   |   |     |   |
| Net                income                                                                        |   | $                                               | 252    |         | $      | 66     |   | $             | 186    |   |   | 282.0 | % |
|                                                                                                  |   |                                            |   |         |   |   |   |          |   |   |   |   |   |
| Income                tax expense                                                                     |   |                                            | 130    |         |   | 34     |   |          | 96     |   |   | 282.0 | % |
| Interest                expense                                                                       |   |                                            | 44     |         |   | 45     |   |          | (1     | ) |   | -2.2 | % |
| Depreciation                and amortization                                                          |   |                                            | 174    |         |   | 174    |   |          | -      |   |   | - |   |
|                                                                                                  |   |                                            |   |         |   |   |   |          |   |   |   |   |   |
| EBITDA                (Earnings before interest, taxes, depreciation and                amortization) |   | $                                               | 600    |         | $      | 319    |   | $             | 281    |   |   | 88.1 | % |

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***The      following table summarizes pro forma transportation revenue, cost of      transportation and net transportation revenue (in      thousands):***

|                                        |   |                                            |   |         |   |   |   |          |   |
|---------------------------------------------|--------|-------------------------------------------------|--------|--------------|--------|--------|--------|---------------|--------|
|                                        |   | Three                months ended September 30, |   | Change       |   |
|                                        |   | 2005                                            |   |  2004   |   | Amount |   |  Percent |   |
|                                        |   |                                            |   |    |   |   |   |     |   |
| Transportation                revenue       |   | $                                               | 13,433 |         | $      | 11,275 |   | $             | 2,158  |   |   | 19.1 | % |
| Cost                of transportation       |   |                                            | 8,664  |         |   | 6,487  |   |          | 2,177  |   |   | 33.6 | % |
|                                        |   |                                            |        |         |   |        |   |          |        |   |   |   |   |
| Net                transportation revenue   |   | $                                               | 4,769  |         | $      | 4,788  |   | $             | (19    | ) |   | -0.4 | % |
| *Net                transportation margins* |   |                                            | 35.5   | %            |   | 42.5   | %      |          |   |   |   |   |   |
|                                        |   |                                            |   |         |   |   |   |          |   |   |   |   |   |

***The      following table compares certain pro forma consolidated statement of income      data      as a percentage of our net transportation revenue (in      thousands):***

|                                                     |   |                                            |   |    |   |   |   |    |   |   |   |    |   |
|----------------------------------------------------------|--------|-------------------------------------------------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
|                                                     |   | Three                months ended September 30, |   |    |   |   |   |
|                                                     |   | 2005                                            |   | 2004    |   | Change |   |
|                                                     |   | Amount                                          |   | Percent |   | Amount |   | Percent |   | Amount |   | Percent |   |
|                                                     |   |                                            |   |    |   |   |   |    |   |   |   |    |   |
| Net                transportation revenue                |   | $                                               | 4,769  |    |   | 100.0  | %      | $       | 4,788  |   |   | 100.0   | %      | $ | (19 | ) |   | -0.4 | % |
|                                                     |   |                                            |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |
| Agent                commissions                         |   |                                            | 3,466  |    |   | 72.7   | %      |    | 3,793  |   |   | 79.3    | %      |   | (327 | ) |   | -8.6 | % |
| Personnel                costs                           |   |                                            | 423    |    |   | 8.9    | %      |    | 396    |   |   | 8.3     | %      |   | 27 |   |   | 6.8 | % |
| Other                selling, general and administrative |   |                                            | 280    |    |   | 5.9    | %      |    | 280    |   |   | 5.8     | %      |   | - |   |   | 0.0 | % |
| Depreciation                and amortization             |   |                                            | 174    |    |   | 3.6    | %      |    | 174    |   |   | 3.6     | %      |   | - |   |   | 0.0 | % |
|                                                     |   |                                            |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Total                operating costs                     |   |                                            | 4,343  |    |   | 91.1   | %      |    | 4,643  |   |   | 97.0    | %      |   | (300 | ) |   | -6.5 | % |
|                                                     |   |                                            |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Income                from operations                    |   |                                            | 426    |    |   | 8.9    | %      |    | 145    |   |   | 3.0     | %      |   | 281 |   |   | 193.8 | % |
| Other                expense                             |   |                                            | 44     |    |   | -0.9   | %      |    | 45     |   |   | -0.9    | %      |   | (                1 | ) |   | -2.2 | % |
|                                                     |   |                                            |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Income                before income taxes                |   |                                            | 382    |    |   | 8.0    | %      |    | 100    |   |   | 2.1     | %      |   | 282 |   |   | 282.0 | % |
| Income                tax expense                        |   |                                            | 130    |    |   | 2.7    | %      |    | 34     |   |   | 0.7     | %      |   | 96 |   |   | 282.0 | % |
|                                                     |   |                                            |        |    |   |        |   |    |        |   |   |         |   |   |  |   |   |   |   |
| Net                income                                |   | $                                               | 252    |    |   | 5.3    | %      | $       | 66     |   |   | 1.4     | %      | $ | 186 |   |   | 282.0 | % |

----

**Liquidity      and Capital Resources **

**.      **

----

**The      following table summarizes our contingent base earn-out payments for the fiscal      years indicated based on results of the prior year (in      thousands)**
**(1)**

**:**

|                                                                                 |   |   |   |   |   |   | Fiscal                  Year Ended June 30, |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Earn-out                  payments:                                                  |   |   | 2007   |   |   |   | 2008                                        |   |   | 2009   |   |   | 2010   |   |   | 2011 |   |   | Total |   |
|      Cash                                                   |   | $      | 600    | (2)    |        | $      | 500                                         |   | $      | --     |   | $      | --     |   | $ | -- |   | $ | 1,100 |   |
|      Equity                                                 |   |   |   |   |   |   | 633                                         |   |   | 633    |   |   | 634    |   |   |   |   |   | 1,900 |   |
| Total                  earn-out Payments                                             |   | $      | 600    |   |   | $      | 1,133                                       |   | $      | 633    |   | $      | 634    |   | $ | -- |   | $ | 3,000 |   |
|                                                                                 |   |   |   |   |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prior                  year earnings targets (income from continuing operations) (3) |
| Total                  earnings targets                                              |   | $      | --     |   |   | $      | 2,500                                       |   | $      | 2,500  |   | $      | 2,500  |   | $ | -- |   | $ | 7,500 |   |

----

| (1)  | During                the fiscal year 2007-2011 earn-out period, there is an additional                contingent obligation related to Tier-2 Earn-Outs that could be as                much as $1.5 million if Airgroup generates at least $18.0 million                in                income from continuing operations during the period.                                                                                                                                                                                                                               |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (2)  | Payable                in cash on the one-year anniversary of the closing, so long as at                least 31                of Airgroup’s agent operations remain operational through the first                anniversary of the closing.                                                                                                                                                                                                                                                                                                                                |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (3)       | Income                from continuing operations as presented here identifies the uniquely                defined earnings targets of Airgroup and should not be interpreted                to be                the consolidated income from continuing operations of the Company                which                would give effect for, among other things, amortization or impairment                of                intangible assets or various other expenses which may not be charged                to                Airgroup for purposes of calculating earn-outs. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

**Recent**
**      Accounting Pronouncements**

----

----

**ITEM      7. FINANCIAL STATEMENTS **

----

**ITEM      8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURES.**

**ITEM      8A. CONTROLS AND PROCEDURES **

**ITEM      8B. OTHER INFORMATION**

----

**PART      III **

**ITEM      9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE      WITH      SECTION 16(a) OF THE EXCHANGE ACT**

| **Name**                           |   | **Age** |   | **Position**                                                                 |
|------------------------------------|--------|---------|--------|------------------------------------------------------------------------------|
|                               |   |    |   |                                                                         |
| Bohn                H. Crain       |   | 42      |   | Chief                Executive Officer, Chief Financial Officer and Chairman |
|                               |   |    |   |                                                                         |
| Stephen                M. Cohen    |   | 49      |   | General                Counsel, Secretary and Director                       |
| William                H. Moultrie |   | 64      |   | President                and Chief Operating Officer of Airgroup             |

**Bohn      H. Crain. **

**Stephen      M. Cohen**

**William      H. Moultrie**

----

**Directors’      Term of Office **

**Board      of Directors**

**Audit      Committee and Audit Committee Financial Expert**

**Code      of Ethics**

**Section      16 Beneficial Ownership Reporting Compliance **

----

**ITEM      10. EXECUTIVE COMPENSATION**

The      following table sets forth a summary of the compensation paid or accrued for      the      three fiscal years ended December 31, 2005 to or for the benefit of our      Chief Executive Officer and our four most highly compensated executive officers      whose total annual salary and bonus compensation exceeded $100,000 (the "Named      Executive Officers"). 

|                                                                                 |   |   |   | **Annual                Compensation** |   | **Long-Term****Compensation                Awards** |   |                                          |   |
|--------------------------------------------------------------------------------------|--------|--------|--------|----------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------|--------|
| **Name                and Principal Position**                                       |   |   |   | **Salary**                             |   | **Bonus**                                           |   | **Restricted****Stock                Awards** |   | **Number                of Options** |   | **All                Other Compensation** |   |
|                                                                                 |   |   |   |                                   |   |                                                |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Bohn                H. Crain, Chief (1)Chief                Executive Officer        |   |   | 2005   |                                   | $      | 20,833                                              |   |                                          | --     |   |   | -- |   |   | 2,000,000 |   |   | -- |   |
|                                                                                 |   |   |   |                                   |   |                                                |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Stephen                M. Cohen(2) General                Counsel and Secretary |   |   | 2005   |                                   |   | **--**                                              |   |                                          | **--** |   |   | -- |   |   | -- |   |   | -- |   |

**_______________**

| (1)   | Mr.                Crain has served as our Chief Executive Officer since October 18,                2005.                During the fiscal years ended December 31, 2003 and 2004 and from                January                1, 2005 until October 17, 2005, we did not pay any compensation to                any of                our executive officers, except that in 2003 we issued shares of common                stock to our former president valued at                $90,000. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **(2)  ** | Mr.                Cohen serves as our General Counsel, Secretary and Director. SMC                Capital                Advisors, a legal and financial advisory firm owned by Mr. Cohen,                provides                outside legal services to the Company as noted under Item 12 “Certain                Relationships and Related                Transactions.” |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Name**                     |   | **Number                of Options****Granted** |      |   | **%                of Total Options Granted to Employees in****Fiscal-Year** |   | **Exercise****Price** |   | **Market                Price on Date of Grant** |   |    **Expiration****Date** |   |
|------------------------------|--------|-------------------------------------------------|-----------|--------|------------------------------------------------------------------------------|--------|-----------------------|--------|--------------------------------------------------|--------|------------------------------------------|--------|
|                         |   |                                            |      |   |                                                                         |   |                  |   |                                             |   |                                     |   |
| Bohn                H. Crain |   |                                            | 1,000,000 | (1)    |                                                                         |   | 50                    | %      | $                                                | 0.50   |                                     | $      | 0.44 | (2) |   | October                20, 2015 |   |
| Bohn                H. Crain |   |                                            | 1,000,000 | (1)    |                                                                         |   | 50                    | %      | $                                                | 0.75   |                                     | $      | 0.44 | (2) |   | October                20, 2015 |   |

|   | (1) | These                options vest in equal annual installments over a five year period                commencing on the date of grant. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | As                of the date of grant, there was no established trading market for                our                common stock and there was no trading of our shares on or around                the date                the options were granted. On or about the date the options were granted,                we completed an offering of our common stock at a price of $0.44                per                share |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                         |   |                                           |   |                  |   | **Number                of Unexercised Options at Fiscal Year End** |   | **Value                of Unexercised In-The-Money Options at Fiscal Year End                (1)** |   |
|------------------------------|--------|------------------------------------------------|--------|-----------------------|--------|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|--------|
| **Name**                     |   | **Shares                Acquired on Exercise** |   | **Value****Realized** |   | **Exercisable**                                                     |   | **Unexercisable**                                                                                  |   | **Exercisable** |   | **Unexercisable** |   |
| Bohn                H. Crain |   |                                           | --     |                  |   | --                                                                  |   |                                                                                               | --     |   |   | 2,000,000 |   | $ | - |   | $ | 0 |   |

**Employment      and Option Agreements **

----

**Change      in Control Arrangements**

| ·   | any                "Person" (as the term "Person" is used in Section 13(d) and Section                14(d)                of the Securities Exchange Act of 1934), except for our chief executive                officer, becoming the beneficial owner, directly or indirectly, of                our                securities representing 50% or more of the combined voting power                of our                then outstanding securities; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a                contested proxy solicitation of our stockholders that results in                the contesting party obtaining the ability to vote securities                representing 50% or more of the combined voting power of our                then-outstanding securities; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a                sale, exchange, transfer or other disposition of 50% or more in value                of                our assets to another Person or entity, except to an entity controlled                directly or indirectly by us; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a                merger, consolidation or other reorganization involving us in which                we are                not the surviving entity and in which our stockholders prior to the                transaction continue to own less than 50% of the outstanding securities                of                the acquiror immediately following the transaction, or a plan involving                our liquidation or dissolution other than pursuant to bankruptcy                or                insolvency laws is adopted; or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | during                any period of twelve consecutive months, individuals who at the beginning                of such period constituted the Board unless the election, or the                nomination for election by our stockholders, of each new director                was                approved by a vote of at least a  majority of the directors then                still in office who were directors at  the beginning of the                period. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Directors'      Compensation**

**Stock      Incentive Plan**

**ITEM      11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER MATTERS**

----

| **Name                of****Beneficial                Owner**                                                                 |   | **Amount****(1)** |            |   | **Percent of                Class** |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|------------------------------------------|--------|
|                                                                                                                          |   |              |       |   |                                     |   |
| Bohn                H. Crain                                                                                                  |   |              | 7,500,000  | (2)    |                                     |   | 22.3 | % |
|                                                                                                                          |   |              |       |   |                                     |   |   |   |
| Stephen                M. Cohen                                                                                               |   |              | 2,500,000  | (3)    |                                     |   | 7.4 | % |
|                                                                                                                          |   |              |       |   |                                     |   |   |   |
| William                H. Moultrie                                                                                            |   |              | 113,637    | (4)    |                                     |   | (* | ) |
|                                                                                                                          |   |              |       |   |                                     |   |   |   |
| Millenium                Global High Yield Fund Limited64                St. James StreetLondon,                U.K. SQ1A 1NF |   |              | 2,875,000  |   |                                     |   | 8.5 | % |
|                                                                                                                          |   |              |       |   |                                     |   |   |   |
| Michael                Garnick1528                Walnut StreetPhiladelphia,                PA 19102                          |   |              | 2,300,000  |   |                                     |   | 6.8 | % |
|                                                                                                                          |   |              |       |   |                                     |   |   |   |
| SPH                Investments, Inc.111                Presidential Blvd., Suite 165Bala                Cynwyd, PA 19004      |   |              | 2,068,182  |   |                                     |   | 6.2 | % |
|                                                                                                                          |   |              |       |   |                                     |   |   |   |
| All                officers and directors as a group (3 persons)                                                              |   |              | 10,113,637 |   |                                     |   | 30.0 | % |

| (1)   | The                securities "beneficially owned" by a person are determined in accordance                with the definition of "beneficial ownership" set forth in the rules                and                regulations promulgated under the Securities Exchange Act of 1934,                and                accordingly, may include securities owned by and for, among others,                the                spouse and/or minor children of an individual and any other relative                who                has the same home as such individual, as well as other securities                as to                which the individual has or shares voting or investment power or                which                such person has the right to acquire within 60 days of March 4, 2006                pursuant to the exercise of options, or otherwise. Beneficial ownership                may be disclaimed as to certain of the securities. This table has                been                prepared based on 33,611,639 shares** **of                common stock outstanding as of March 4, 2006. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Consists                of shares held by Radiant Capital Partners, LLC over which Mr. Crain                has                sole voting and dispositive power. Does not include 2,000,000 shares                issuable upon exercise of options which are subject to vesting. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Consists                of shares held of record by Mr. Cohen’s wife over which he has sole voting                and dispositive power. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Does                not include 50,000 shares issuable upon exercise of options which                are                subject to vesting. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

**Equity      Compensation Plan Information**

----

|        Plan                Category    |   |  Number                of securities to be issued upon exercise of outstanding warrants                and                rights (a) |      |  Weighted-average                exercise price of outstanding options, warrants and rights  (b) |   | Number                of securities remaining available for future issuance under equity                compensation plans (excluding securities reflected in column                (a)(c) |   |
|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity                Compensation Plans approved by security holders     |   |                                                                                                                                           | 0         |                                                                                                            |   | --                                                                                                                                                                                         |   |   | 0 |   |
| Equity                compensation plans not approved by security holders |   |                                                                                                                                           | 2,000,000 |                                                                                                            | $      | 0.625                                                                                                                                                                                      |   |   | 3,000,000 | (1) |
| Total                                                                     |   |                                                                                                                                           | 2,000,000 |                                                                                                            | $      | 0.625                                                                                                                                                                                      |   |   | 3,000,000 |   |

**ITEM      12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS **

** **

**ITEM      13. EXHIBITS**

| Exhibit                No. | Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                        | Stock                Purchase Agreement by and among Radiant Logistics, Inc., the Shareholders                of Airgroup Corporation and William H. Moultrie (as Shareholders’ Agent)                dated January 11, 2006, effective as of January 1, 2006. (incorporated                by                reference to the Registrant’s Current Report on Form 8-K filed on January                18, 2006). |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 2.2                        | Registration                Rights Agreement by and among Radiant Logistics, Inc. and the Shareholders                of Airgroup Corporation dated January 11, 2006, effective as of January                1,                2006. (incorporated by reference to the Registrant’s Current Report on                Form 8-K filed on January 18, 2006).                                                               |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 3.1                        | Certificate                of Incorporation (incorporated by reference to Exhibit 3.1 to the                Registrant's Registration Statement on Form SB-2 filed on September                20,                2002).                                                                                                                                                                                                 |

----

| 3.2    | Amendment                to Registrant’s Certificate of Incorporation (Certificate of Ownership and                Merger Merging Radiant Logistics, Inc. into Golf Two, Inc. dated                October                18, 2005) (incorporated by reference to Exhibit 3.1 to the Registrant's                Current Report on Form 8-K dated October 18, 2005).                                                                                                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 3.3    | Bylaws                (incorporated by reference to Exhibit 3.2 to the Registrant's Registration                Statement on Form SB-2 filed on September 20, 2002).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.1   | Form                of Securities Purchase Agreement (representing the private placement                of                shares of common stock in October 2005) (incorporated by reference                to                Exhibit 4.1 to the Registrant's Current Report on Form 8-K dated                October                18, 2005).                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.2   | Radiant                Logistics, Inc. 2005 Stock Incentive Plan (incorporated by reference                to                Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-QSB                filed                November 14, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.3   | Confidential                Private Placement Memorandum dated November 1, 2005 (including Form                of                Registration Rights Provisions and Subscription Agreement) (incorporated                by reference to Exhibit 10.1 to the Registrant's Current Report on                Form                8-K dated December 21, 2005).                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.4   | Executive                Employment Agreement dated January 11, 2006 by and between Airgroup                Corporation and William H. Moultrie.(incorporated by reference to                the                Registrant’s Current Report on Form 8-K filed on January 18,                2006).                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.5   | Form                of Securities Purchase Agreement dated January 11, 2006 for the sale                of                1,009,093 shares of common stock (incorporated by reference to the                Registrant’s Current Report on Form 8-K filed on January 18,                2006).                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.6   | Loan                Agreement by and among Radiant Logistics, Inc., Airgroup Corporation                and                Bank of America, N.A. dated as of January 10, 2006 (incorporated                by                reference to the Registrant’s Current Report on Form 8-K filed on January                18, 2006).                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.7   | Executive                Employment Agreement dated January 13, 2006 by and between Radiant                Logistics, Inc. and Bohn H. Crain (incorporated by reference to the                Registrant’s Current Report on Form 8-K filed on January 18,                2006).                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.8   | Option                Agreement dated January 11, 2006 by and between Radiant Logistics,                Inc.                and William H. Moultrie (incorporated by reference to the Registrant’s                Current Report on Form 8-K filed on January 18, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.9   | Option                Agreement dated October 20, 2005 by and between Radiant Logistics,                Inc.                and Bohn H. Crain (incorporated by reference to the Registrant’s Current                Report on Form 8-K filed on January 18, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 14.1   | Code                of Business Conduct and Ethics (Filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 21.1   | Subsidiaries                of the Registrant (Filed herewith).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 31.1   | Certification                of Chief Executive Officer and Chief Financial Officer Pursuant to                Section                302 of the Sarbanes-Oxley Act of 2002(Filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 32.1   | Certification                of Chief Executive Officer and Chief Financial Officer Pursuant to                Section                906 of the Sarbanes-Oxley Act of 2002. (This exhibit shall not be                deemed                “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,                as amended, or otherwise subject to the liability of that section.                Further, this exhibit shall not be deemed to be incorporated by reference                into any filing under the Securities Act of 1933, as amended, or                the                Securities Exchange Act of 1934, as amended.)(Filed                herewith) |

----

**ITEM      14. PRINCIPAL ACCOUNTANTS FEES AND SERVICES **

**Audit      Fees**

|                               |   | ** ****2005** |   | ** ****2004** |   |
|------------------------------------|--------|--------------------|--------|--------------------|--------|
| Audit                Fees:         |   | $                  | 32,266 |               | $      | 10,000 |   |
| Audit                Related Fees: |   |               | 0      |               |   | 0 |   |
| Tax                Fees:           |   |               | 0      |               |   | 0 |   |
| All                Other Fees:     |   |               | 0      |               |   | 0 |   |
| Total:                             |   | $                  | 32,266 |               | $      | 10,000 |   |

Audit      Fees consist of fees billed for professional services rendered for the audit      of      our financial statements and review of the interim financial statements included      in quarterly reports and services that are normally provided by our independent      accountants in connection with statutory and regulatory filings or engagements.      

**Audit      Related Fees**

**Tax      Fees**

**Other      Fees **

**Audit      Committee Pre-Approval Policies and Procedures **

----

**SIGNATURES**

|         |                                       |                                    |
|--------------|--------------------------------------------|-----------------------------------------|
|         | **RADIANT                LOGISTICS, INC.** |
|    |                                  |                               |
|         | By:                              | Bohn              H.              Crain |
|         |                                            |
|         | Bohn                H. Crain               |
|         | Chief                Executive Officer     |

|  SIGNATURE                                               |   | TITLE  |                                                               | DATE   |
|--------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|
| /s/                Stephen M. CohenStephen                M. Cohen |   |   | Director                , General Counsel and Secretary            |   | March                14 2006 |
|                                                               |   |   |                                                               |   |   |
| /s/                Bohn H. CrainBohn                H. Crain       |   |   | Chairman                and Chief                Executive Officer |   | March                14, 2006 |

----

**INDEX      TO THE FINANCIAL STATEMENTS**

**RADIANT      LOGISTICS, INC.**

| Report                  of Independent Registered Public Accounting Firm                                                                      |   |   | F-2    |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                                          |   |   |   |
| Balance                  Sheets                                                                                                               |   |   | F-3    |
|                                                                                                                                          |   |   |   |
| Statements                  of Operations                                                                                                     |   |   | F-4    |
|                                                                                                                                          |   |   |   |
| Statements                  of Stockholders' Equity                                                                                           |   |   | F-5    |
|                                                                                                                                          |   |   |   |
| Statements                  of Cash Flows                                                                                                     |   |   | F-6    |
|                                                                                                                                          |   |   |   |
| Notes                  to Financial Statements                                                                                                |   |   | F-7    |
|                                                                                                                                          |   |   |   |
|                                                                                                                                          |   |   |   |
| **AIRGROUP                  CORPORATION ( AS A PREDECESSOR BUSINESS)**                                                                        |
|                                                                                                                                          |   |   |   |
|                                                                                                                                          |   |   |   |
| Report                  of Independent Registered Public Accounting Firm                                                                      |   |   | F-18   |
|                                                                                                                                          |   |   |   |
| Balance                  Sheets                                                                                                               |   |   | F-19   |
|                                                                                                                                          |   |   |   |
| Statements                  of Income and Retained Earnings                                                                                   |   |   | F-20   |
|                                                                                                                                          |   |   |   |
| Statements                  of Cash Flows                                                                                                     |   |   | F-21   |
|                                                                                                                                          |   |   |   |
| Notes                  to Financial Statements                                                                                                |   |   | F-22   |
|                                                                                                                                          |   |   |   |
| **(UNAUDITED)                  PRO FORMA**                                                                                                    |
| **CONDENSED                  CONSOLIDATED FINANCIAL INFORMATION**** **                                                              |
| **RADIANT                  LOGISTICS,                  INC.**                                                                                 |
|                                                                                                                                          |   |   |   |
| Basis                  of Presentation                                                                                                   |   |   | F-28   |
|                                                                                                                                          |   |   |   |
| Unaudited                  Pro Forma Condensed Consolidated Balance Sheet as                  of September 31, 2005                           |   | F-29   |
|                                                                                                                                          |   |   |   |
| Unaudited                  Pro Forma Condensed Consolidated Statement of Income for                  the three month ended September 30, 2005 |   | F-30   |
|                                                                                                                                          |   |   |   |
| Unaudited                  Pro Forma Condensed Consolidated Statement of Income for                  the three months ended September 30,2004 |   | F-31   |
|                                                                                                                                          |   |   |   |
| Unaudited                  Pro Forma Condensed Consolidated Statement of Income for                  the fiscal year ended June 30, 2005      |   | F-32   |
|                                                                                                                                          |   |   |   |
| Unaudited                  Pro Forma Condensed Consolidated Statement of Income for                  the fiscal year ended June 30, 2004      |   | F-33   |

----

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM **

----

**RADIANT      LOGISTICS, INC. **

**(A      Development Stage Entity- f/k/a/ Golf Two, Inc.) **

**Balance      Sheets**

|  ASSETS                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                        |   |   |   | December                  31, |   | December                  31, |   |
|                                                                                                                                                                                        |   |   |   |  2005 |   |  2004 |   |
| Current                  assets -                                                                                                                                                           |   |   |   |    |   |    |   |
|  cash                  and cash equivalents                                                                                                                                            |   |   |   |   | $ | 5,266,451 |   | $ | 19,487 |   |
|  other                  current assets                                                                                                                                                 |   |   |   |   |   | 25,055 |   |   | - |   |
|  Total                  current assets                                                                                                                                                 |   |   |   |   |   | 5,291,506 |   |   | 19,487 |   |
| Other                  assets -                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |
|  capitalized                  acquisition costs                                                                                                                                        |   |   |   |   |   | 15,907 |   |   | - |   |
|                                                                                                                                                                                        |   |   |   |   | $ | 5,307,413 |   | $ | 19,487 |   |
|                                                                                                                                                                                        |   |   |   |
|  LIABILITIES                  AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                       |
|                                                                                                                                                                                        |   |   |   |
| Current                  liabilities -                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| accounts                  payable and accrued expenses                                                                                                                                      |   |   |   |   | $ | 148,388 |   | $ | 2,000 |   |
|                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Notes                  Payable, Stockholders (Note 2)                                                                                                                                       |   |   |   |   |   | - |   |   | 50,000 |   |
| Total                  liabilities                                                                                                                                                          |   |   |   |   |   | 148,388 |   |   | 52,000 |   |
|                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Stockholders'                  equity (deficit):                                                                                                                                            |   |   |   |   |   |   |
| Preferred                  stock, $0.001 par value, 5,000,000 shares authorized; no shares                  issued or                  outstanding                                          |   |   |   |   |   | - |   |   | - |   |
| Common                    stock, $0.001 par value, 50,000,000 shares authorized; issued                    and                    outstanding: 31,135,849                    and 25,964,179 |   |   |   |   |   |   |   |   |   |
| shares                  at 2005 and 2004, respectively                                                                                                                                      |   |   |   |   |   | 12,590 |   |   | 7,418 |   |
|  Additional                  paid-in capital                                                                                                                                           |   |   |   |   |   | 5,488,707 |   |   | 153,307 |   |
|  Deficit                  accumulated during development stage                                                                                                                         |   |   |   |   |   | (342,272 | ) |   | (193,238 | ) |
|                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Total                  stockholders’ equity (deficit)                                                                                                                                 |   |   |   |   |   | 5,159,025 |   |   | (32,513 | ) |
|                                                                                                                                                                                        |   |   |   |   | $ | 5,307,413 |   | $ | 19,487 |   |

----

**RADIANT      LOGISTICS, INC.**

**(A        Development Stage Entity - f/k/a/ Golf Two, Inc.)**

**Statements        of        Operations**

|                                                                                                  |   |   |                                             |   |   |       | FOR                  THE PERIOD   |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|------------|-----------------------------------|--------|
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   | FROM                  MARCH 15, |   |
|                                                                                                  |   |   | FOR                  THE YEAR ENDED DECEMBER 31, |   |   |       | 2001                  (INCEPTION) |   |
|                                                                                                  |   |   | 2005                                             |   |   | 2004       |                              |   |   | TO                  DECEMBER 31, 2005 |   |
| Net                  revenue                                                                          |   | $      | -                                                |   | $      | -          |                              |   | $ | - |   |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| General                  and administrative expenses                                                  |   |   | 161,967                                          |   |   | 23,293     |                              |   |   | 352,705 |   |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| Loss                  from operations                                                                 |   |   | (161,967                                         | )      |   | (23,293    | )                                 |   |   | (352,705 | ) |
| Other                  income (expense):                                                              |   |   |                                             |   |   |       |                              |   |   |   |   |
| Interest                  Income                                                                      |   |   | 14,433                                           |   |   | -          |                              |   |   | 14,733 |   |
| Interest                  expense                                                                     |   |   | (1,500                                           | )      |   | (2,000     | )                                 |   |   | (4,300 | ) |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| Loss                  before provision for income taxes                                               |   |   | (149,034                                         | )      |   | (25,293    | )                                 |   |   | (342,272 | ) |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| Provision                  for income taxes                                                           |   |   | -                                                |   |   | -          |                              |   |   | - |   |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| Net                  loss                                                                             |   | $      | (149,034                                         | )      | $      | (25,293    | )                                 |   | $ | (342,272 | ) |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| Net                  loss per common share - basic and dilutive:                                      |   |   |                                             |   |   |       |                              |   |   |   |   |
| Loss                  per common share                                                                |   | $      | -                  $                             |   |   | -          |                              |   | $ | (0.01 | ) |
|                                                                                                  |   |   |                                             |   |   |       |                              |   |   |   |   |
| Weighted                    average common shares outstanding - basic and                    dilutive |   |   | 26,490,427                                       |   |   | 25,964,179 |                              |   |   | 22,375,245 |   |

----

**RADIANT        LOGISTICS, INC.**

**(A        Development Stage Entity - f/k/a/ Golf Two,        Inc.)**

**Statement        of Stockholders’Equity**

|                                                                                                                             |   |   |                              |   |   |         |   |   | DEFICIT     |   |   |                |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|--------|--------------|--------|--------|-------------|--------|--------|---------------------|--------|
|                                                                                                                             |   |   |                              |   |   |         |   |   | ACCUMULATED |   |   |                |   |
|                                                                                                                             |   |   |                              |   |   | ADDITIONAL   |   |   | DURING      |   |   | TOTAL               |   |
|                                                                                                                             |   |   | COMMON                      STOCK |   |   | PAID-IN      |   |   | DEVELOPMENT |   |   | STOCKHOLDERS'  |   |
|                                                                                                                             |   |   | SHARES                            |   |   |  AMOUNT |   |   | CAPITAL     |   |   | STAGE               |   |   | EQUITY                      (DEFICIT) |   |
| Balance                      at March 15, 2001, date                      of incorporation                                       |   | $      | -                                 |   | $      | -            |   | $      | -           |   | $      | -                   |   | $ | - |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Issuance                      of Founders Shares for services at $0.001 per share (March                      2001)              |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| (Reflects                      3.5:1 Stock Split; Note 3)                                                                        |   |   | 8,137,500                         |   |   | 2,325        |   |   | -           |   |   | -                   |   |   | 2,325 |   |
| Capital                      contribution for office space                                                                       |   |   | -                                 |   |   | -            |   |   | 1,500       |   |   | -                   |   |   | 1,500 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Net                      loss for the year ended December 31, 2001                                                               |   |   | -                                 |   |   | -            |   |   | -           |   |   | (14,303             | )      |   | (14,303 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Balance                      at December 31, 2001                                                                                |   |   | 8,137,500                         |   |   | 2,325        |   |   | 1,500       |   |   | (14,303             | )      |   | (10,478 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|  Issuance                      of common stock for services at $0.03 per share (February                      2002)         |   |   | 10,500,000                        |   |   | 3,000        |   |   | 87,000      |   |   | -                   |   |   | 90,000 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|  Issuance                      of common stock for cash at $0.03 per share (April                      2002)                |   |   | 7,326,679                         |   |   | 2,093        |   |   | 60,707      |   |   | -                   |   |   | 62,800 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Capital                      contribution for office space and interest expense                                                  |   |   | -                                 |   |   | -            |   |   | 1,400       |   |   | -                   |   |   | 1,400 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Net                      loss for the year ended December 31, 2002                                                               |   |   | -                                 |   |   | -            |   |   | -           |   |   | (123,572            | )      |   | (123,572 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Balance                      at December 31, 2002                                                                                |   |   | 25,964,179                        |   |   | 7,418        |   |   | 150,607     |   |   | (137,875            | )      |   | 20,150 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Capital                      contribution for office space and interest expense                                                  |   |   | -                                 |   |   | -            |   |   | 1,500       |   |   | -                   |   |   | 1,500 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Net                      loss for the year ended December 31, 2003                                                               |   |   | -                                 |   |   | -            |   |   | -           |   |   | (30,070             | )      |   | (30,070 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Balance                      at December 31, 2003                                                                                |   |   | 25,964,179                        |   |   | 7,418        |   |   | 152,107     |   |   | (167,945            | )      |   | (8,420 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Capital                      contribution for office space                                                                       |   |   | -                                 |   |   | -            |   |   | 1,200       |   |   | -                   |   |   | 1,200 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Net                      loss for the year ended December 31, 2004                                                               |   |   | -                                 |   |   | -            |   |   | -           |   |   | (25,293             | )      |   | (25,293 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Balance                      at December 31, 2004                                                                                |   |   | 25,964,179                        |   |   | 7,418        |   |   | 153,307     |   |   | (193,238            | )      |   | (32,513 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|  Issuance                      of common stock for cash at $0.44 per share (October                      2005)              |   |   | 2,272,728                         |   |   | 2,273        |   |   | 983,949     |   |   | -                   |   |   | 986,222 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|  Issuance                      of common stock for cashat $0.44 per share (December                      2005)              |   |   | 10,098,943                        |   |   | 10,100       |   |   | 4,206,203   |   |   | -                   |   |   | 4,216,303 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|  Issuance                      of common stock for servicesat $0.44 per share (December                      2005)          |   |   | 500,000                           |   |   | 500          |   |   | 29,000      |   |   | -                   |   |   | 29,500 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|  Surrender                      of common stock (Note:3) (December 2005)                                                    |   |   | (7,700,001                        | )      |   | (7,701       | )      |   | 7,701       |   |   | -                   |   |   | - |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Forgiveness                      of debt and related interest in connection with change of control                      (Note:2) |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| (October                      2005)                                                                                              |   |   | -                                 |   |   | -            |   |   | 78,409      |   |   | -                   |   |   | 78,409 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Capital                      contribution for office space                                                                       |   |   | -                                 |   |   | -            |   |   | 900         |   |   | -                   |   |   | 900 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Compensation                      expense for stock options                                                                      |   |   | -                                 |   |   | -            |   |   | 29,238      |   |   | -                   |   |   | 29,238 |   |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Net                      loss for the year ended December 31, 2005                                                               |   |   | -                                 |   |   | -            |   |   | -           |   |   | (149,034            | )      |   | (149,034 | ) |
|                                                                                                                             |   |   |                              |   |   |         |   |   |        |   |   |                |   |   |   |   |
| Balance                      at December 31, 2005                                                                                |   |   | 31,135,849                        |   | $      | 12,590       |   | $      | 5,488,707   |   | $      | (342,272            | )      | $ | 5,159025 |   |

----

**RADIANT          LOGISTICS, INC.**

**(A          Development Stage Entity - f/k/a/ Golf Two, Inc.)**

**Statements          of Cash Flows**

|                                                                                                         |   |   |                                             |   |   |                              |   |   | FOR                  THE PERIOD       |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------|--------|--------|---------------------------------------|--------|
|                                                                                                         |   |   |                                             |   |   |                              |   |   | FROM                  MARCH 15,       |   |
|                                                                                                         |   |   | FOR                  THE YEAR ENDED DECEMBER 31, |   |   | 2001                  (INCEPTION) |   |
|                                                                                                         |   |   | 2005                                             |   |   | 2004                              |   |   | TO                  DECEMBER 31, 2005 |   |
| CASH                FLOWS PROVIDED BY (USED FOR) OPERATING ACTIVITIES:                                       |   |   |                                             |   |   |                              |   |   |                                  |   |
| Net                    loss                                                                                  |   | $      | (149,034                                         | )      | $      | (25,293                           | )      | $      | (342,272                              | )      |
|                                                                                                         |   |   |                                             |   |   |                              |   |   |                                  |   |
|  ADJUSTMENTS                  TO RECONCILE NET LOSS TO NET CASH PROVIDED                  BY (USED FOR) |   |   |                                             |   |   |                              |   |   |                                  |   |
| OPERATING                  ACTIVITIES:                                                                       |   |   |                                             |   |   |                              |   |   |                                  |   |
| non-cash                  issuance of common stock (services)                                                |   |   | 29,500                                           |   |   | -                                 |   |   | 121,825                               |   |
| non-cash                  contribution to capital (rent)                                                     |   |   | 900                                              |   |   | 1,200                             |   |   | 6,500                                 |   |
|  non-cash                  compensation expense (stock options)                                         |   |   | 29,238                                           |   |   | -                                 |   |   | 29,238                                |   |
| non-cash                  contribution to capital (interest)                                                 |   |   | 3,500                                            |   |   | -                                 |   |   | 3.500                                 |   |
|                                                                                                         |   |   |                                             |   |   |                              |   |   |                                  |   |
|  CHANGE                  IN ASSETS AND LIABILITIES -                                                    |   |   |                                             |   |   |                              |   |   |                                  |   |
|  other                  current assets                                                                  |   |   | (25,054                                          | )      |   | -                                 |   |   | (25,054                               | )      |
|  accounts                  payable and accrued expenses                                                 |   |   | 146,387                                          |   |   | (7,150                            | )      |   | 148,387                               |   |
|                                                                                                         |   |   |                                             |   |   |
| Total                  adjustments                                                                           |   |   | 184,471                                          |   |   | (5,950                            | )      |   | 284,396                               |   |
|                                                                                                         |   |   |                                             |   |   |
| Net                    cash provided by (used for) operating                    activities                   |   |   | 35,437                                           |   |   | (31,243                           | )      |   | (57,876                               | )      |
|                                                                                                         |   |   |                                             |   |   |
| CASH                  FLOWS PROVIDED BY (USED FOR) INVESTING ACTIVITIES:                                     |   |   |                                             |   |   |                              |   |   |                                  |   |
| Capitalized                  acquisition costs                                                               |   |   | (15,907                                          | )      |   | -                                 |   |   | (15,907                               | )      |
|                                                                                                         |   |   |                                             |   |   |
| Net                  cash used for investing                                                                 |   |   | (15,907                                          | )      |   | -                                 |   |   | (15,907                               | )      |
|                                                                                                         |   |   |                                             |   |   |                              |   |   |                                  |   |
| CASH                  FLOWS PROVIDED BY (USED FOR) FINANCING ACTIVITIES:                                     |   |   |                                             |   |   |                              |   |   |                                  |   |
| Proceeds                  from notes payable, stockholders                                                   |   |   | 24,909                                           |   |   | -                                 |   |   | 84,909                                |   |
| Proceeds                  from issuance of common stock                                                      |   |   | 5,202,525                                        |   |   | -                                 |   |   | 5,265,325                             |   |
| Payment                  on notes payable, stockholder                                                       |   |   | -                                                |   |   | -                                 |   |   | (10,000                               | )      |
|                                                                                                         |   |   |                                             |   |   |
| Net                  cash provided by financing activities                                                   |   |   | 5,227,434                                        |   |   | -                                 |   |   | 5,340,234                             |   |
|                                                                                                         |   |   |                                             |   |   |                              |   |   |                                  |   |
| NET                  INCREASE (DECREASE) IN CASH                                                             |   |   | 5,246,964                                        |   |   | (31,243                           | )      |   | 5,266,451                             |   |
| CASH,                  BEGINNING OF YEAR                                                                     |   |   | 19,487                                           |   |   | 50,730                            |   |   | -                                     |   |
|                                                                                                         |   |   |                                             |   |   |
| CASH,                  END OF YEAR                                                                           |   | $      | 5,266,451                                        |   | $      | 19,487                            |   | $      | 5,266,451                             |   |
|                                                                                                         |   |   |                                             |   |   |
| SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW INFORMATION:                                           |   |   |                                             |   |   |                              |   |   |                                  |   |
| Income                  taxes paid                                                                           |   | $      | 800                                              |   | $      | 800                               |   | $      | 4,000                                 |   |
|                                                                                                         |   |   |                                             |   |   |                              |   |   |                                  |   |
| Interest                  paid                                                                               |   | $      | -                  $                             |   |   | -                                 |   | $      | -                                     |   |

----

**Supplemental      Disclosure of Non-cash Financing Activities:**

----

**NOTE      1 - NATURE OF OPERATION AND BASIS OF PRESENTATION**

**Use      of Estimates **

**Cash      and Cash Equivalents**

**Concentration      **

**Comprehensive      Income (Loss) **

**Basic      and Diluted Income (Loss) per Share**

----

**Provision      for Income Taxes**

**Fair      Value of Financial Instruments**

**Stock      -Based Compensation**

|                                 | 2005       |
|---------------------------------|------------|
| Dividend yield                  | None       |
| Expected volatility             | 117%       |
| Average risk free interest rate | 3.75%      |
| Average expected lives          | 5.00 years |

----

**Recent      Accounting Pronouncements**

----

**NOTE      2 - RELATED PARTY TRANSACTIONS**

**Office      Space **

----

**Notes      Payable, Stockholders **

**Change      of Control Transaction**

**NOTE      3 - STOCKHOLDERS’ EQUITY**

**Preferred      Stock **

**Common      Stock **

----

**NOTE      4 - PROVISION FOR INCOME TAXES**

| Net              operating loss carryforward |   | $      | 342,272  |   |
|----------------------------------------------|--------|--------|----------|--------|
| Effective              tax rate              |   |   | 34       | %      |
|                                         |   |   |     |   |
| Deferred              tax asset              |   |   | 116,372  |   |
| Valuation              allowance             |   |   | (116,372 | )      |
|                                         |   |   |     |   |
| Net              deferred tax asset          |   | $      | -        |   |

----

**NOTE      5 - SUBSEQUENT EVENTS**

**Acquisition      of Airgroup Corporation**

|                                           |   | Year                ended December 31, |   |
|------------------------------------------------|--------|----------------------------------------|--------|
|                                           |   | 2005                              |   |  2004 |   |
| Total              revenue                     |   | $                                      | 53,871 |   | $ | 47,246 |   |
| Income              from continuing operations |   |                                   | 1,466  |   |   | 1,676 |   |
| Net              income                        |   |                                   | 862    |   |   | 991 |   |
| Earnings              per share:               |   |                                   |   |   |   |   |   |
| Basic                                          |   | $                                      | 0.03   |   | $ | 0.04 |   |
| Diluted                                        |   | $                                      | 0.03   |   | $ | 0.04 |   |

* *

----

**Employment      Agreements**

**Other      Reimbursements**

----

| **AIRGROUP                    CORPORATION**                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **REPORT                    ON AUDITS OF****FINANCIAL                    STATEMENTS**                                                                                          |
|                                                                                                                                                                           |
| ***Years                    Ended June 30, 2005 and 2004******and                    the Three Months Ended******September                    30, 2005 and 2004 (Unaudited)*** |
|                                                                                                                                                                           |

----

**AIRGROUP        CORPORATION**

| **Contents**                                                                                                                                                                                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *Years                    Ended June 30, 2005 and 2004 and the Three Months Ended September                    30, 2005                    and 2004 (Unaud**ited)*                                       *Pages* |

| **Financial                    Statements**                                        |                        |
|------------------------------------------------------------------------------------|-----------------------------|
|  Independent                    Auditors' Report                              |  F-18                  |
|                                                                               |                        |
|  Balance                  Sheets                                              | F-19                        |
|                                                                               |                        |
|  Statements                  of                  Income and Retained Earnings | F-20                        |
|                                                                               |                        |
|  Statements                  of                  Cash Flows                   | F-21                        |
|                                                                               |                        |
|  Notes                  to Financial Statements                               | F-22 - F-27  |

----

**Independent          Auditors' Report**

----

**AIRGROUP              CORPORATION**

| **Balance                        Sheets**                                     |   |
|-------------------------------------------------------------------------------|--------|
|                                                                          |   | June                        30, |   | September                        30, |   |
|                                                                          |   | 2005 |   | 2004 |   | 2005 |   |
|                                                                          |   |   |   |   |   | (Unaudited) |   |
| **Assets**                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |
| Current                        Assets:                                        |   |   |   |   |   |   |   |   |   |   |
| Cash                        and cash equivalents                              |   | $ | 2,394,509 |   | $ | 2,131,885 |   | $ | 2,434,461 |   |
| Accounts                        receivable, net of allowance for              |   |   |   |   |   |   |   |   |   |   |
| doubtful                        accounts of approximately $218,000,           |   |   |   |   |   |   |   |   |   |   |
| $188,000                        and $218,000, respectively                    |   |   | 8,142,302 |   |   | 6,974,899 |   |   | 8,157,265 |   |
| Other                        receivables                                      |   |   | 34,342 |   |   | 44,917 |   |   | 39,040 |   |
| Prepaid                        freight charges                                |   |   | 674,034 |   |   | - |   |   | 721,504 |   |
| Prepaid                        income taxes                                   |   |   | - |   |   | 140,694 |   |   | - |   |
| Prepaid                        expenses and other current assets              |   |   | 55,837 |   |   | 46,796 |   |   | 30,805 |   |
| Deferred                        income taxes                                  |   |   | 221,000 |   |   | - |   |   | 221,000 |   |
| Total                        Current Assets                                   |   |   | 11,522,024 |   |   | 9,339,191 |   |   | 11,604,075 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |
| Restricted                        Cash                                        |   |   | 253,820 |   |   | 253,820 |   |   | 253,820 |   |
| Equipment                        and Furniture, net                           |   |   | 261,071 |   |   | 203,683 |   |   | 250,957 |   |
| Employee                        Loan Receivable                               |   |   | 200,000 |   |   | - |   |   | 200,671 |   |
| Investment                        in Real Estate                              |   |   | 20,000 |   |   | 20,000 |   |   | 20,000 |   |
| Deposits                                                                      |   |   | 2,250 |   |   | 1,700 |   |   | 19,294 |   |
| Total                        Assets                                           |   | $ | 12,259,165 |   | $ | 9,818,394 |   | $ | 12,348,817 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                        and Stockholders' Equity**               |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |
| Current                        Liabilities:                                   |   |   |   |   |   |   |   |   |   |   |
| Accounts                        payable, trade                                |   | $ | 1,222,279 |   | $ | 1,426,443 |   | $ | 410,509 |   |
| Accrued                        transportation costs                           |   |   | 4,959,817 |   |   | 3,240,116 |   |   | 5,648,848 |   |
| Commissions                        payable                                    |   |   | 985,906 |   |   | 972,798 |   |   | 745,184 |   |
| Accrued                        payroll, benefits and other                    |   |   | 542,619 |   |   | 450,211 |   |   | 493,493 |   |
| Income                        taxes payable                                   |   |   | 1,427,306 |   |   | - |   |   | 1,598,306 |   |
| Deferred                        income taxes                                  |   |   | - |   |   | 1,087,000 |   |   | - |   |
| Total                        Current Liabilities                              |   |   | 9,137,927 |   |   | 7,176,568 |   |   | 8,896,340 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |
| Commitments                        and Contingencies                          |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |
| Stockholders'                        Equity:                                  |   |   |   |   |   |   |   |   |   |   |
| Common                        stock, $10 par value; 10,000 shares authorized, |   |   |   |   |   |   |   |   |   |   |
| 158                        shares issued and outstanding                      |   |   | 1,580 |   |   | 1,580 |   |   | 1,580 |   |
| Additional                        paid-in capital                             |   |   | 55,620 |   |   | 55,620 |   |   | 55,620 |   |
| Retained                        Earnings                                      |   |   | 3,064,038 |   |   | 2,584,626 |   |   | 3,395,277 |   |
| Total                        Stockholders' Equity                             |   |   | 3,121,238 |   |   | 2,641,826 |   |   | 3,452,477 |   |
| Total                        Liabilities and Stockholders' Equity             |   | $ | 12,259,165 |   | $ | 9,818,394 |   | $ | 12,348,817 |   |

*See              notes to financial statements.*

----

**AIRGROUP                CORPORATION**

| **Statements                          of Income and Retained Earnings** |   |
|-------------------------------------------------------------------------|--------|
|                                                                    |   | Years                          Ended |   | Three                          Months Ended |   |
|                                                                    |   | June                          30, |   | September                          30, |   |
|                                                                    |   | 2005 |   | 2004 |   | 2005 |   | 2004 |   |
|                                                                    |   |   |   |   |   | (Unaudited) |   | (Unaudited) |   |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Revenue                                                                 |   | $ | 51,521,105 |   | $ | 42,971,762 |   | $ | 13,433,532 |   | $ | 11,275,149 |   |
| Cost                          of Transportation                         |   |   | 29,957,182 |   |   | 22,831,478 |   |   | 8,664,119 |   |   | 6,487,097 |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                          Profit                                   |   |   | 21,563,923 |   |   | 20,140,284 |   |   | 4,769,413 |   |   | 4,788,052 |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                          and Expenses:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agent                          commissions                              |   |   | 15,987,807 |   |   | 14,912,247 |   |   | 3,466,343 |   |   | 3,793,314 |   |
| Personnel                          costs                                |   |   | 3,398,765 |   |   | 3,303,600 |   |   | 505,695 |   |   | 501,984 |   |
| Selling,                          general and administrative costs      |   |   | 1,313,414 |   |   | 1,144,640 |   |   | 265,909 |   |   | 274,306 |   |
| Depreciation                                                            |   |   | 113,793 |   |   | 186,546 |   |   | 30,062 |   |   | 28,800 |   |
| Total                          Costs and Expenses                       |   |   | 20,813,779 |   |   | 19,547,033 |   |   | 4,268,009 |   |   | 4,598,404 |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                          from Operations                         |   |   | 750,144 |   |   | 593,251 |   |   | 501,404 |   |   | 189,648 |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                          Income (Expense):                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                          income                                |   |   | 14,577 |   |   | 12,867 |   |   | 861 |   |   | (302 | ) |
| Interest                          expense                               |   |   | (29 | ) |   | (154 | ) |   | (26 | ) |   | - |   |
| Total                          Other Income                             |   |   | 14,548 |   |   | 12,713 |   |   | 835 |   |   | (302 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                          Before Provision for Income Taxes       |   |   | 764,692 |   |   | 605,964 |   |   | 502,239 |   |   | 189,346 |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision                          for Income Taxes                     |   |   | 260,000 |   |   | 198,832 |   |   | 171,000 |   |   | 64,000 |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                          Income                                     |   |   | 504,692 |   |   | 407,132 |   |   | 331,239 |   |   | 125,346 |   |
| Retained                          Earnings, Beginning of Period         |   |   | 2,584,626 |   |   | 2,202,774 |   |   | 3,064,038 |   |   | 2,584,626 |   |
| Stockholder                          Distributions                      |   |   | (25,280 | ) |   | (25,280 | ) |   | - |   |   | - |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained                          Earnings, End of Period               |   | $ | 3,064,038 |   | $ | 2,584,626 |   | $ | 3,395,277 |   | $ | 2,709,972 |   |

*See                notes to financial statements.*

----

**AIRGROUP                CORPORATION**

| **Statements                          of Cash Flows**                         |   |
|-------------------------------------------------------------------------------|--------|
|                                                                          |   | Years                          Ended |   | Three                          Months Ended |   |
|                                                                          |   | June                          30, |   | September                          30, |   |
|                                                                          |   | 2005 |   | 2004 |   | 2005 |   | 2004 |   |
|                                                                          |   |   |   |   |   | (Unaudited) |   | (Unaudited) |   |
|                                                                          |   |   |   |   |   |   |   |   |   |
| Cash                          Flows from Operating Activities:                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                          income                                           |   | $ | 504,692 |   | $ | 407,132 |   | $ | 331,239 |   | $ | 125,346 |   |
| Adjustments                          to reconcile net income to net cash      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| provided                          by operating activities:                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision                          for doubtful accounts                      |   |   | 30,000 |   |   | 58,000 |   |   | - |   |   | - |   |
| Deferred                          income taxes                                |   |   | (1,308,000 | ) |   | 161,000 |   |   | - |   |   | - |   |
| Depreciation                                                                  |   |   | 113,793 |   |   | 186,546 |   |   | 30,062 |   |   | 28,800 |   |
| Decrease                          (increase) in operating assets:             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                          receivable                                  |   |   | (1,197,403 | ) |   | (2,335,050 | ) |   | (14,963 | ) |   | 423,304 |   |
| Prepaid                          freight charges                              |   |   | (674,034 | ) |   | - |   |   | (47,470 | ) |   | - |   |
| Prepaid                          income taxes                                 |   |   | 140,694 |   |   | (22,168 | ) |   | - |   |   | 64,000 |   |
| Prepaid                          expenses and other current assets            |   |   | 1,534 |   |   | (65,542 | ) |   | 19,663 |   |   | 6,637 |   |
| Other                          assets                                         |   |   | (550 | ) |   | (1,700 | ) |   | (17,044 | ) |   | (10,000 | ) |
| Increase                          (decrease) in operating liabilities:        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                          payable                                     |   |   | (204,164 | ) |   | 353,113 |   |   | (811,770 | ) |   | (166,941 | ) |
| Accrued                          transportation costs                         |   |   | 1,719,701 |   |   | 875,820 |   |   | 689,031 |   |   | 281,893 |   |
| Commissions                          payable                                  |   |   | 13,108 |   |   | 450,517 |   |   | (240,722 | ) |   | 257,372 |   |
| Accrued                          payroll, benefits and other                  |   |   | 92,408 |   |   | (6,717 | ) |   | (49,126 | ) |   | 115,290 |   |
| Income                          taxes payable                                 |   |   | 1,427,306 |   |   | - |   |   | 171,000 |   |   | - |   |
| Total                          adjustments                                    |   |   | 154,393 |   |   | (346,181 | ) |   | (271,339 | ) |   | 1,000,355 |   |
| Net                          Cash Provided by Operating Activities            |   |   | 659,085 |   |   | 60,951 |   |   | 59,900 |   |   | 1,125,701 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                          Flows from Investing Activities:                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loan                          to employee                                     |   |   | (200,000 | ) |   | - |   |   | - |   |   | - |   |
| Repayment                          of employee loans                          |   |   | - |   |   | 128,584 |   |   | - |   |   | - |   |
| Acquisition                          of equipment                             |   |   | (171,181 | ) |   | (249,044 | ) |   | (19,948 | ) |   | (25,328 | ) |
| Net                          Cash Used in Investing Activities                |   |   | (371,181 | ) |   | (120,460 | ) |   | (19,948 | ) |   | (25,328 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                          Flows from Financing Activities:                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                          to stockholders                        |   |   | (25,280 | ) |   | (25,280 | ) |   | - |   |   | - |   |
| Net                          Cash Used in Financing Activities                |   |   | (25,280 | ) |   | (25,280 | ) |   | - |   |   | - |   |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                          Increase (Decrease) in Cash and Cash Equivalents |   |   | 262,624 |   |   | (84,789 | ) |   | 39,952 |   |   | 1,100,373 |   |
| Cash                          and Cash Equivalents, beginning of period       |   |   | 2,131,885 |   |   | 2,216,674 |   |   | 2,394,509 |   |   | 2,131,885 |   |
| Cash                          and Cash equivalents, end of period             |   | $ | 2,394,509 |   | $ | 2,131,885 |   | $ | 2,434,461 |   | $ | 3,232,258 |   |

*See              notes to financial statements.*

----

| **AIRGROUP                      CORPORATION**                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Notes                      to Financial Statements**                                                                                                                                                                                                                                                                   |
| *Years                      Ended June 30, 2005 and 2004 and the Three Months Ended September                      30, 2005                      and 2004**(Information                      with respect to the three months ended September 30, 2005 and                      2004 is                      unaudited)* |

| **1.                          ** | **Summary                        of Significant Accounting Policies**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                       | ***Nature                        of business -***** **Airgroup                        Corporation (the "Company") is a non-asset based freight                        forwarding and                        logistics provider and has a network of offices in cities                        throughout the                        United States. The Company was incorporated in the State                        of                        Washington. The                        Company's freight forwarding services involve arranging for                        the total                        transport of customers' freight from the shipper's location                        to the                        designated recipients, including the preparation of shipping                        documents and                        the providing of handling, packing and containerization services.                        The                        Company’s network of offices is in 35 cities throughout the United                        States,                        34 of which have exclusive agency relationships and one operated                        by the                        Company.  ***Revenue                        recognition -***                        As                        a non-asset based carrier, the Company does not own transportation                        assets.                        The Company generates the major portion of its air and ocean                        freight                        revenues by purchasing transportation services from direct                        (asset-based)                        carriers and reselling those services to its customers.  In                        accordance with Emerging Issues Task Force ("EITF") 91-9                        "Revenue and                        Expense Recognition for Freight Services in Process", revenue                        from freight                        forwarding and export services is recognized at the time                        the freight is                        tendered to the direct carrier at origin, and direct expenses                        associated                        with the cost of transportation are accrued concurrently.                        Ongoing                        provision is made for doubtful receivables, discounts, returns                        and                        allowances. The                        Company recognizes revenue on a gross basis, in accordance                        with EITF                        99-19, "Reporting Revenue Gross versus Net", as a result                        of the following:                        The Company is the primary obligor responsible for providing                        the service                        desired by the customer and is responsible for fulfillment,                        including the                        acceptability of the service(s) ordered or purchased by the                        customer. The                        Company, at its sole discretion, sets the prices charged                        to customers, and                        is not required to obtain approval or consent from any other                        party in                        establishing its prices. The Company has multiple suppliers                        for the                        services it sells to its customers, and has the absolute                        and complete                        discretion and right to select the supplier that will provide                        the                        product(s) or service(s) ordered by a customer, including                        changing the                        supplier on a shipment-by-shipment basis. The Company, in                        most cases, does                        determine the nature, type, characteristics, and specifications                        of the                        service(s) ordered by the customer. The Company assumes credit                        risk for                        the amount billed to the customer. ***Cash                        and cash equivalents -***                        The Company considers all short-term instruments purchased                        with maturities                        of three months or less to be cash equivalents. ***Restricted                        cash -***Restricted                        cash consists of cash bonds posted in connection with surety                        agreements. ***Allowance                        for doubtful accounts -***                        Losses from uncollectible accounts are provided for by utilizing                        the                        allowance for doubtful accounts method based upon management's                        estimate of                        uncollectible accounts. Management specifically analyzed                        accounts                        receivable and analyzes potential bad debts, customer concentrations,                        credit worthiness, current economic trends and changes in                        customer payment                        terms when evaluating the allowance for doubtful accounts. ***Equipment                        and furniture -***                        Equipment and furniture are recorded at cost and are depreciated                        over the                        estimated useful lives using the straight-line method. Expenditures                        for                        maintenance and repairs are charged to operations as incurred.                        Significant                        renovations are capitalized. ***Use                        of estimates -***                        The preparation of financial statements in conformity with                        generally                        accepted accounting principles 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 statement and the reported amounts of revenues                        and expenses                        during the reporting period. Actual results could differ                        from those                        estimates. The primary estimates underlying the Company's                        financial                        statements include allowance for doubtful accounts, accruals                        for                        transportation and other direct costs, and accruals for cargo                        insurance.  |

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| **AIRGROUP                      CORPORATION**                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Notes                      to Financial Statements**                                                                                                                                                                                                                                                                   |
| *Years                      Ended June 30, 2005 and 2004 and the Three Months Ended September                      30, 2005                      and 2004**(Information                      with respect to the three months ended September 30, 2005 and                      2004 is                      unaudited)* |

|   | ***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 and liabilities are measured                          using enacted                          tax rates expected to apply in the year in which those                          temporary                          differences are expected to be recovered or settled. The                          effect on the                          deferred tax assets and liabilities of a change in tax                          rates is recognized                          in income in the period that includes the enactment date. ***Concentration                          of credit risk***                          -                          The Company invests its excess cash in deposits and money                          market accounts                          with major financial institutions and has not experienced                          losses related                          to these investments. The                          Company's accounts receivable is composed of significant                          foreign and                          domestic accounts. Historically, the Company has not experienced                          significant losses related to receivables from individual                          customers or                          groups of customers in any particular geographic area. ***Foreign                          Currency Transactions***                          -                          In the normal course of business the Company has accounts                          receivable and                          accounts payable that are transacted in foreign currencies.                          The Company                          accounts for transaction differences in accordance with                          Statement of                          Financial Accounting Standard Number 52, "Foreign Currency                          Translation",                          and accounts for the gains or losses in operations. For                          all periods                          presented, these amounts were immaterial to the Company's                          operations.***Recent                          Accounting Pronouncements***-*** ***In                          November 2004, the Financial Accounting Standards Board                          (“FASB”) issued                          Statement of Financial Accounting Standard (“SFAS”) No. 151 "Inventory                          Costs, an amendment of ARB No. 43, Chapter 4". The amendments                          made by                          Statement 151 clarify that abnormal amounts of idle facility                          expense,                          freight, handling costs, and wasted materials (spoilage)                          should be                          recognized as current-period charges and require the allocation                          of fixed                          production overheads to inventory based on the normal capacity                          of the                          production facilities. The guidance is effective for inventory                          costs                          incurred during fiscal years beginning after June 15, 2005.                          Earlier                          application is permitted for inventory costs incurred during                          fiscal years                          beginning after November 23, 2004. This pronouncement will                          not affect the                          Company as the Company does not engage in these types of                          transactions.                          In                          December 2004, the FASB issued SFAS No.153, "Exchanges                          of Nonmonetary                          Assets, an amendment of APB Opinion No. 29, Accounting                          for Nonmonetary                          Transactions." The amendments made by Statement 153 are                          based on the                          principle that exchanges of nonmonetary assets should be                          measured based on                          the fair value of the assets exchanged. Further, the amendments                          eliminate                          the narrow exception for nonmonetary exchanges of similar                          productive                          assets and replace it with a broader exception for exchanges                          of                          nonmonetary assets that do not have commercial substance.                          Previously,                          Opinion 29 required that the accounting for an exchange                          of a productive                          asset for a similar productive asset or an equivalent interest                          in the same                          or similar productive asset should be based on the recorded                          amount of the                          asset relinquished. Opinion 29 provided an exception to                          its basic                          measurement principle (fair value) for exchanges of similar                          productive                          assets. The Statement is effective for nonmonetary asset                          exchanges                          occurring in fiscal periods beginning after June 15, 2005.                          Earlier                          application is permitted for nonmonetary asset exchanges                          occurring in                          fiscal periods beginning after the date of issuance. The                          pronouncement                          will not affect the Company as the Company does not engage                          in these types                          of transactions. In                          December 2004, the FASB issued SFAS No.123 (revised 2004),                          "Share-Based                          Payment". Statement 123(R) will provide investors and other                          users of                          financial statements with more complete and neutral financial                          information                          by requiring that the compensation cost relating to share-based                          payment                          transactions be recognized in financial statements. That                          cost will be                          measured based on the fair value of the equity or liability                          instruments                          issued. Statement 123(R) covers a wide range of share-based                          compensation                          arrangements including share options, restricted share                          plans,                          performance-based awards, share appreciation rights, and                          employee share                          purchase plans. Statement 123(R) replaces FASB Statement                          No. 123,                          Accounting for Stock-Based Compensation, and supersedes                          APB Opinion No.                          25, Accounting for Stock Issued to Employees. Statement                          123, as originally                          issued in 1995, established as preferable a fair-value-based                          method of                          accounting for share-based payment transactions with employees.                          However,                          that Statement permitted entities the option of continuing                          to apply the                          guidance in Opinion 25, as long as the footnotes to financial                          statements                          disclosed what net income would have been had the preferable                          fair-value-based method been used. Non-public entities                          will be required to                          apply Statement 123(R) as of the first annual reporting                          period that begins                          after December 15, 2005. The Company has evaluated the                          impact of the                          adoption of SFAS 123(R), and does not believe the impact                          will be                          significant to the Company's overall results of operations                          or financial                          position.  |
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| **AIRGROUP                        CORPORATION**                                                                                                                                                                                                                                                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Notes                        to Financial Statements**                                                                                                                                                                                                                                                                             |
| *Years                        Ended June 30, 2005 and 2004 and the Three Months Ended September                        30, 2005                        and 2004**(Information                        with respect to the three months ended September 30, 2005                        and 2004 is                        unaudited)* |

|   | In                                December 2004, the FASB issued two Staff Positions,                                FSP 109-1 "Accounting                                for Income Taxes" to the tax deduction on "Qualified                                Production Activities                                Provided by the American Job Creation Act of 2004",                                and FSP FAS 109-2,                                "Accounting and Disclosure Guidance for the Foreign                                Earnings Repatriation                                Provision with the American Jobs Creation Act of                                2004." Neither of these                                pronouncements had an effect on the Company as the                                Company does not                                participate in the related activities.In                                March 2005, the staff of the SEC issued Staff Accounting                                Bulletin No. 107                                ("SAB 107"). The interpretations in SAB 107 express                                views of the staff                                regarding the interaction between SFAS 123(R) and                                certain SEC rules and                                regulations and provide the staff's views regarding                                the valuation of                                share-based payment arrangements for public companies.                                In particular SAB                                107 provides guidance related to share-based payment                                transactions with                                nonemployees, the transition from public entity status,                                valuation methods                                (including assumptions such as expected volatility                                and expected term), the                                accounting for certain redeemable financial instruments                                issued under                                share-based payment arrangements, the classification                                of compensation                                expense, non-GAAP financial measures, first-time                                adoption of SFAS 123(R)                                in an interim period, capitalization of compensation                                cost related to                                share-based payment arrangements, the accounting                                for income tax effects of                                share-based payment arrangements upon adoption of                                SFAS 123(R) and the                                modification of employee share options prior to adoption                                of SFAS                                123(R).In                                May 2005, the FASB issued SFAS No. 154, "Accounting                                Changes and Error                                Corrections” which replaces Accounting Principles Board Opinion                                No. 20                                "Accounting Changes" and SFAS No. 3, "Reporting Accounting                                Changes in                                Interim Financial Statements-An Amendment of APB                                Opinion No. 28." SFAS 154                                provides guidance on the accounting for and reporting                                of accounting                                changes and error corrections. SFAS 154 is effective                                for accounting                                changes and corrections of errors made in fiscal                                years beginning after                                December 15, 2005 and is required to be adopted by                                the Company in the                                first quarter of fiscal 2006.On                                December 23, 2003, the FASB issued FASB Statement                                No. 132 (Revised 2003),                                "Employers' Disclosures about Pensions and Other                                Postretirement Benefits".                                This standard increases the existing GAAP disclosure                                requirements by                                requiring more details about pension plan assets,                                benefit obligations,                                cash flows, benefit costs and related information.                                Companies will be                                required to segregate plan assets by category, such                                as debt, equity and                                real estate, and provide certain expected rates of                                return and other                                informational disclosures. Statement 132R also requires                                companies to                                disclose various elements of pension and postretirement                                benefit costs in                                interim-period financial statements for quarters                                beginning after December                                15, 2003. The new standard provides that companies                                with foreign plans may                                defer certain disclosures associated with those plans                                until fiscal years                                ending after June 15, 2004. Finally, like the original                                Statement 132, the                                FASB permits reduced disclosures for nonpublic entities,                                and many of the                                additional disclosures required of nonpublic entities                                may be deferred                                until fiscal years ending after June 15, 2004. To                                assist companies in                                understanding the new rules and their purpose, the                                FASB has also issued                                FASB Statement No. 132 (Revised 2003), "Employers’ Disclosures about                                Pensions and Other Postretirement Benefits, Frequently                                Asked Questions".                                In addition, FASB Staff Position (FSP) FAS 106-1,                                "Accounting and                                Disclosure Requirements Related to the Medicare Prescription                                Drug,                                Improvement and Modernization Act of 2003", addresses                                certain situations                                with respect to employers which provide for prescription                                drug coverage as                                part of their benefit plans. The FSP requires additional                                disclosures                                beyond that required by Statement 132(R) and permits                                companies to reflect                                the provisions in FSP FAS 106-1 in calendar year-end                                financial statements                                in certain situations. FSP FAS 106-2, which has the                                same title as FSP FAS                                106-1, supersedes FSP FAS 106-1 upon its effective                                date. This                                pronouncement will not affect the Company, as the                                Company does not engage                                in these types of transactions.  |
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| **AIRGROUP                            CORPORATION**                                                                                                                                                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Notes                            to Financial Statements**                                                                                                                                                                                                                                                                                                 |
| *Years                            Ended June 30, 2005 and 2004 and the Three Months Ended                            September 30, 2005                            and 2004**(Information                            with respect to the three months ended September 30,                            2005 and 2004 is                            unaudited)* |

|   | ***Interim                                  Financial Statements -***The                                  unaudited financial statements as of September                                  30, 2005 and for the three                                  months ended September 30, 2005 and 2004 reflect                                  all adjustments necessary                                  (consisting only of normal recurring nature) to                                  present fairly the                                  Company’s financial position as of September 30, 2005,                                  and the results of                                  operations and cash flows for the three month periods                                  ended September 30,                                  2005 and 2004. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.   ** | **Equipment                                and Furniture, Net**                                                            |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                       |
|                     | Equipment                                and furniture, at cost, consists of the                                following: |

|                                                       |   |                                      |                                      | June                              30, |   | September                              30, |   |
|------------------------------------------------------------|--------|-------------------------------------------|-------------------------------------------|---------------------------------------|--------|--------------------------------------------|--------|
|                                                       |   | Useful                              Lives |                                      | 2005                                  |   | 2004                                       |   | 2005 |   |
|                                                       |   |                                      |                                      |                                  |   |                                       |   | (Unaudited) |   |
|                                                       |   |                                      |                                      |                                  |   |                                       |   |   |   |
| Computers                              and Equipment       |   |                                      | 3                              to 7 years |                                  | $      | 1,215,354                                  |   | $ | 1,054,510 |   | $ | 1,233,990 |   |
| Furniture                              and Fixtures        |   |                                      | 5                              to 7 years |                                  |   | 182,176                                    |   |   | 178,252 |   |   | 182,176 |   |
| Vehicles                                                   |   |                                      | 5                              years      |                                  |   | 64,097                                     |   |   | 64,097 |   |   | 64,097 |   |
|                                                       |   |                                      |                                      |                                  |   | 1,461,627                                  |   |   | 1,296,859 |   |   | 1,480,263 |   |
| Less                              Accumulated Depreciation |   |                                      |                                      |                                  |   | 1,200,556                                  |   |   | 1,093,176 |   |   | 1,229,306 |   |
|                                                       |   |                                      |                                      |                                  | $      | 261,071                                    |   | $ | 203,683 |   | $ | 250,957 |   |

| **3.   ** | **Employee                              Loan Receivable**                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                     | Employee                              loan receivable at June 30, 2005 and September 30,                              2005 consists of a                              $200,000 loan, to an officer of the Company, which                              bears interest at 4%                              per annum, until November 2009 when any outstanding                              principal and accrued                              interest is due and payable. |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **4.   ** | **Income                              Taxes**                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                     | The                              Company files U.S. federal income tax returns. There                              is no state or local                              tax on income in Washington State; as such no provision                              for state and                              local taxes has been made.                                                                                                                                          |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                     | The                              provision for income taxes is comprised of the                              following:                                                                                                                                                                                                                                                                                                                                             |

|                                                    |   | Years                              Ended June 30, |       | Three                              Months EndedSeptember                              30, |   |
|---------------------------------------------------------|--------|---------------------------------------------------|------------|-------------------------------------------------------------------------------------------|--------|
|                                                    |   | 2005                                              |       | 2004                                                                                      |   | 2005 |   | 2004 |   |
|                                                    |   |                                              |       |                                                                                      |   | (Unaudited) |   |
|                                                    |   |                                              |       |                                                                                      |   |   |   |   |   |
| Current:                                                |   |                                              |       |                                                                                      |   |   |   |   |   |
|     Federal                         |   | $                                                 | 1,568,000  |                                                                                      | $      | 37,832 |   | $ | 171,000 |   | $ | 64,000 |   |
| Deferred:                                               |   |                                              |       |                                                                                      |   |   |   |   |   |   |   |   |   |
|     Federal                         |   |                                              | (1,308,000 | )                                                                                         |   | 161,000 |   |   | - |   |   | - |   |
| Provision                              for Income Taxes |   | $                                                 | 260,000    |                                                                                      | $      | 198,832 |   | $ | 171,000 |   | $ | 64,000 |   |

----

| **AIRGROUP                                CORPORATION**                                                                                                                                                                                                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Notes                                to Financial Statements**                                                                                                                                                                                                                                                                                                                     |
| *Years                                Ended June 30, 2005 and 2004 and the Three Months                                Ended September 30, 2005                                and 2004**(Information                                with respect to the three months ended September                                30, 2005 and 2004 is                                unaudited)* |

|   | A                                      reconciliation of the federal statutory rate                                      to the Company’s effective                                      tax rate is as follows: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                      |   | Years                                    Ended June 30, |   | Three                                    Months EndedSeptember 30, |   |
|---------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|                                                                      |   | 2005                                                    |   | 2004                                                               |   | 2005 |   | 2004 |   |
|                                                                      |   |                                                    |   |                                                               |   | (Unaudited) |   |
|                                                                      |   |                                                    |   |                                                               |   |   |   |   |   |
| U.S.                                    Federal Statutory Income Tax Rate |   |                                                    | 34.0   | %                                                                  |   | 34.0 | % |   | 34.0 | % |   | 34.0 | % |
| Effect                                    of Graduated Tax Rates          |   |                                                    | 0.0    |                                                               |   | (1.2 | ) |   | 0.0 |   |   | 0.0 |   |
| Effective                                    Tax Rate                     |   |                                                    | 34.0   | %                                                                  |   | 32.8 | % |   | 34.0 | % |   | 34.0 | % |

|   | The                                      components of the net deferred tax assets (liabilities)                                      are as                                      follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                              |   | June                                      30, |    | September                                      30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|----------------------------------------------------|--------|
|                                                                                                                              |   | 2005                                          |    | 2004                                               |   | 2005 |   |
|                                                                                                                              |   |                                          |    |                                               |   | (Unaudited) |   |
|                                                                                                                              |   |                                          |    |                                               |   |   |   |
|  Deferred                                    Tax Assets:                                                                     |   |                                          |    |                                               |   |   |   |
|     Accrued                                      sick and vacation                                            |   | $                                             | 78,000  |                                               | $      | 64,000 |   | $ | 78,000 |   |
|     Accrued                                      compensation                                                 |   |                                          | 79,000  |                                               |   | 83,000 |   |   | 79,000 |   |
|     Allowance                                      for                                      doubtful accounts |   |                                          | 74,000  |                                               |   | 192,000 |   |   | 74,000 |   |
|     Other                                                                                                     |   |                                          | -       |                                               |   | 15,000 |   |   | - |   |
| Total                                      Deferred Tax Assets                                                                    |   |                                          | 231,000 |                                               |   | 354,000 |   |   | 231,000 |   |
|                                                                                                                              |   |                                          |    |                                               |   |   |   |   |   |   |
| Deferred                                      Tax Liabilities:                                                                    |   |                                          |    |                                               |   |   |   |   |   |   |
|     Deferred                                      revenue                                                     |   |                                          | -       |                                               |   | (1,431,000 | ) |   | - |   |
|     Depreciation                                                                                              |   |                                          | (10,000 | )                                                  |   | (10,000 | ) |   | (10,000 | ) |
| Total                                      Deferred Tax Liabilities                                                               |   |                                          | (10,000 | )                                                  |   | (1,441,000 | ) |   | (10,000 | ) |
| Net                                      Deferred Tax Asset (Liability)                                                           |   | $                                             | 221,000 |                                               | $      | (1,087,000 | ) | $ | 221,000 |   |

| **5.   ** | **Operating                                        Lease Commitments**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                     | The                                        Company leases various office and warehouse                                        space under non-cancelable                                        operating leases expiring at various dates                                        through December 2010. Certain                                        leases also require the Company to pay a                                        monthly common area maintenance                                        charges. Rent expense approximated $201,000                                        and $192,000, respectively,                                        for the years ended June 30, 2005 and 2004,                                        and $60,000 and $75,000 for                                        the three months ended September 30, 2005                                        and                                        2004. |

|   | The                                            approximate minimum future lease commitments                                            as of June 30, 2005 are as                                            follows: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *Year                                      Ending June 30,* |    |         |
|-------------------------------------------------------------|---------|--------------|
|                                                        |    |         |
| 2006                                                        |  $ |  64,000 |
| 2007                                                        |    | 76,000       |
| 2008                                                        |    | 64,000       |
| 2009                                                        |    | 64,000       |
| 2010                                                        |    | 64,000       |
| Thereafter                                                  |    | 32,000       |

----

| **AIRGROUP                                    CORPORATION**                                                                                                                                                                                                                                                                                                                                             |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Notes                                    to Financial Statements**                                                                                                                                                                                                                                                                                                                                         |
| *Years                                    Ended June 30, 2005 and 2004 and the Three Months                                    Ended September 30, 2005                                    and 2004**(Information                                    with respect to the three months ended September                                    30, 2005 and 2004 is                                    unaudited)* |

| **6.   ** | **Supplementary                                        Disclosure of Cash Flow Information**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                     | During                                        the years ended June 30, 2005 and 2004, cash                                        paid for interest totaled                                        approximately $30 and $150, respectively.                                        During the three months ended                                        September 30, 2005 and 2004, cash paid for                                        interest totaled approximately                                        $30 and $0, respectively.                                                                                                                                                                                                                                              |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **7.   ** | **Subsequent                                        Event**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                     | On                                        September 19, 2005, the Company’s stockholders entered into a letter of                                        intent to sell all of the outstanding shares                                        of common stock to Radiant                                        Logistics, Inc. (a publicly traded company)                                        for an approximate sales price                                        of $10,000,000 in cash, plus certain earn-out                                        payments, in stock and cash,                                        contingent on future performance goals of                                        the Company, as                                        defined. |

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**RADIANT            LOGISTICS, INC.**

**PRO            FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION**

**Basis            of Presentation**

----

**RADIANT            LOGISTICS, INC.**

|                                                |   | Historical                      Statements  |   |      |   |                               |   |   |   |                           |   |   |   |
|-----------------------------------------------------|--------|---------------------------------------------|--------|-----------|--------|------------------------------------|--------|--------|--------|--------------------------------|--------|--------|--------|
|                                                |   |                                        |   |      |   | Equity                      Issued |   |   |   | Acquistion                     |   |   |   |   |   |
|                                                |   | Radiant                      Logistics, Inc |   | Airgroup  |   | Pro                      Forma     |   |   |   | Pro                      Forma |   |   |   | Pro                      Forma |   |
|                                                |   | (f/k/a                      Golf Two, Inc.) |   | (Audited) |   | Adjustments                        |   |   |   | Adjustments                    |   |   |   | (Unaudited) |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |
| Current                      assets:                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                      and cash equivalents      |   | $                                           | -      |      | $      | 2,434                              |   | $      | 5,000  |                           |   | (a     | )      | $ | (9,650 | ) |   | (c | ) | $ | 284 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   | 2,500 |   |   | (d | ) |   |   |   |
| Accounts                      receivable, net       |   |                                        |   |      |   | 8,157                              |   |   |   |                           |   |   |   |   |   |   |   |   |   |   | 8,157 |   |
| Other                      current assets           |   |                                        |   |      |   | 1,013                              |   |   |   |                           |   |   |   |   |   |   |   |   |   |   | 1,013 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      current assets           |   |                                        | -      |      |   | 11,604                             |   |   | 5,000  |                           |   |   |   |   | (7,150 | ) |   |   |   |   | 9,454 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill,                      net                  |   |                                        |   |      |   | -                                  |   |   |   |                           |   |   |   |   | 4,108 |   |   | (e | ) |   | 4,108 |   |
| Furniture                      and equipment, net   |   |                                        |   |      |   | 251                                |   |   |   |                           |   |   |   |   |   |   |   |   |   |   | 251 |   |
| Other                      assets                   |   |                                        | 9      |      |   | 494                                |   |   |   |                           |   |   |   |   | 2,590 |   |   | (f | ) |   | 3,093 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      Assets                   |   | $                                           | 9      |      | $      | 12,349                             |   | $      | 5,000  |                           |   |   |   | $ | (452 | ) |   |   |   | $ | 16,906 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                      liabilities:           |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                      payable               |   | $                                           | 4      |      | $      | 411                                |   | $      | (4     | )                              |   | (b     | )      |   |   |   |   |   |   | $ | 411 |   |
| Accrued                      transportation costs   |   |                                        |   |      |   | 5,649                              |   |   |   |                           |   |   |   |   |   |   |   |   |   |   | 5,649 |   |
| Income                      taxes payable           |   |                                        |   |      |   | 1,598                              |   |   |   |                           |   |   |   |   |   |   |   |   |   |   | 1,598 |   |
| Other                      current liabilities      |   |                                        |   |      |   | 1,239                              |   |   |   |                           |   |   |   |   |   |   |   |   |   |   | 1,239 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      current liabilities      |   |                                        | 4      |      |   | 8,897                              |   |   | (4     | )                              |   |   |   |   | - |   |   |   |   |   | 8,897 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Credit                      Facility                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   | 2,500 |   |   | (d | ) |   | 2,500 |   |
| Notes                      Payable                  |   |                                        | 75     |      |   |                               |   |   | (75    | )                              |   | (b     | )      |   |   |   |   |   |   |   | - |   |
| Other                      Liabilities              |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   | 500 |   |   | (g | ) |   | 500 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      liabilities              |   |                                        | 79     |      |   | 8,897                              |   |   | (79    | )                              |   |   |   |   | 3,000 |   |   |   |   |   | 11,897 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders'                      equity           |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                      stock                   |   |                                        | 7      |      |   | 1                                  |   |   | 12     |                           |   | (a     | )      |   | (1 | ) |   | (h | ) |   | 19 |   |
| Additional                      paid in capital     |   |                                        | 154    |      |   | 56                                 |   |   | 4,988  |                           |   | (a     | )      |   | (56 | ) |   | (h | ) |   | 5,221 |   |
|                                                |   |                                        |   |      |   |                               |   |   | 79     |                           |   | (b     | )      |   |   |   |   |   |   |   |   |   |
| Accumulated                      earnings/(deficit) |   |                                        | (231   | )         |   | 3,395                              |   |   |   |                           |   |   |   |   | (3,395 | ) |   | (h | ) |   | (231 | ) |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      stockholders' equity     |   |                                        | (70    | )         |   | 3,452                              |   |   | 5,079  |                           |   |   |   |   | (3,452 | ) |   |   |   |   | 5,009 |   |
|                                                |   |                                        |   |      |   |                               |   |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      Liabilities and Equity   |   | $                                           | 9      |      | $      | 12,349                             |   | $      | 5,000  |                           |   |   |   | $ | (452 | ) |   |   |   | $ | 16,906 |   |

| (a) | To                        reflect net equity proceeds of approximately $5.0 million                        in                        cash. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | To                        reflect the foregiveness of shareholder loans and interest                        foregiven in                        connection with the change of control                        transaction. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | To                        reflect payment of $9.5 million in cash at closing plus approximately                        $150,000 of capitalized closing                        costs. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | To                        reflect anticipated advances under the bank facility in connection                        with                        the transaction. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | To                        reflect the excess of the acquisition costs over the estimated                        fair value                        of net assets acquired                        (goodwill). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | To                        reflect the value assigned to acquired                        intangibles |
|-----|-----------------------------------------------------------------------------------------------------|

| (g) | To                        reflect $0.5 million payable on the two-year anniversary                        of the                        closing. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | To                        reflect the elimination of the stockholders' equity accounts                        of                        Airgroup. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RADIANT              LOGISTICS, INC.**

|                                                               |   | Historical                        Statements  |   |      |   |                                 |   |                             |   |   |   |
|--------------------------------------------------------------------|--------|-----------------------------------------------|--------|-----------|--------|--------------------------------------|--------|----------------------------------|--------|--------|--------|
|                                                               |   |                                          |   |      |   | Equity                        Issued |   | Acquistion                       |   |   |   |   |   |
|                                                               |   | Radiant                        Logistics, Inc |   | Airgroup  |   | Pro                        Forma     |   | Pro                        Forma |   |   |   | Pro                        Forma |   |
|                                                               |   | (f/k/a                        Golf Two, Inc.) |   | (Audited) |   | Adjustments                          |   | Adjustments                      |   |   |   | (Unaudited) |   |
| Transportation                        revenue                      |   | $                                             | -      |      | $      | 13,433                               |   | $                                | -      |   | $      | - |   |   |   |   | $ | 13,433 |   |
| Cost                        of transportation                      |   |                                          | -      |      |   | 8,664                                |   | $                                | -      |   |   | - |   |   |   |   |   | 8,664 |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Net                        transportation revenue                  |   |                                          | -      |      |   | 4,769                                |   |                             | -      |   |   | - |   |   |   |   |   | 4,769 |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Agent                        commission                            |   |                                          |   |      |   | 3,466                                |   |                             |   |   |   |   |   |   |   |   |   | 3,466 |   |
| Personnel                        Costs                             |   |                                          |   |      |   | 506                                  |   |                             | -      |   |   | (83 | ) |   | (x | ) |   | 423 |   |
| Other                        SG&A                              |   |                                          | 14     |      |   | 266                                  |   |                             |   |   |   |   |   |   |   |   |   | 280 |   |
| Depreciation                        & Amortization             |   |                                          |   |      |   | 30                                   |   |                             | -      |   |   | 144 |   |   | (y | ) |   | 174 |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Income                        from operations                      |   |                                          | (14    | )         |   | 501                                  |   |                             | -      |   |   | (61 | ) |   |   |   |   | 426 |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Other                        income (expense)                      |   |                                          | (1     | )         |   | 1                                    |   |                             |   |   |   | (44 | ) |   |   |   |   | (44 | ) |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Income                        before income taxes                  |   |                                          | (15    | )         |   | 502                                  |   |                             | -      |   |   | (105 | ) |   |   |   |   | 382 |   |
| Income                        taxes                                |   |                                          | -      |      |   | 171                                  |   |                             |   |   |   | (41 | ) |   | (z | ) |   | 130 |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Net                        income attributable to                  |   | $                                             | (15    | )         | $      | 331                                  |   | $                                | -      |   | $      | (64 | ) |   |   |   | $ | 252 |   |
| common                        stockholders                         |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Basic                        and diluted earnings per common share |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   | 0.01 |   |
|                                                               |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Basic                        and diluted weighted average common   |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   | 25,964,179 |   |
| shares                        outstanding                          |   |                                          |   |      |   |                                 |   |                             |   |   |   |   |   |   |   |   |   |   |   |

| (w) | To                        reflect contractual reduction in officers' and related family                        members'                        compensation at                        Airgroup. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x) | To                      reflect amortization of acquired identifiable                      intangibles. |
|-----|---------------------------------------------------------------------------------------------------------|

| (y) | To                      reflect interest expense on advances under the bank                      facility. |
|-----|------------------------------------------------------------------------------------------------------------|

| (z) | To                      reflect estimated federal/state income tax expense at a rate                      of                      34%. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----

**RADIANT            LOGISTICS, INC.**

|                                                             |   | Historical                      Statements  |   |      |   |                               |   |                           |   |   |   |
|------------------------------------------------------------------|--------|---------------------------------------------|--------|-----------|--------|------------------------------------|--------|--------------------------------|--------|--------|--------|
|                                                             |   |                                        |   |      |   | Equity                      Issued |   | Acquistion                     |   |   |   |   |   |
|                                                             |   | Radiant                      Logistics, Inc |   | Airgroup  |   | Pro                      Forma     |   | Pro                      Forma |   |   |   | Pro                      Forma |   |
|                                                             |   | (f/k/a                      Golf Two, Inc.) |   | (Audited) |   | Adjustments                        |   | Adjustments                    |   |   |   | (Unaudited) |   |
| Transportation                      revenue                      |   | $                                           | -      |      | $      | 11,275                             |   | $                              | -      |   | $      | - |   |   |   |   | $ | 11,275 |   |
| Cost                      of transportation                      |   |                                        | -      |      |   | 6,487                              |   | $                              | -      |   |   | - |   |   |   |   |   | 6,487 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                      transportation revenue                  |   |                                        | -      |      |   | 4,788                              |   |                           | -      |   |   | - |   |   |   |   |   | 4,788 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Agent                      commission                            |   |                                        |   |      |   | 3,793                              |   |                           |   |   |   |   |   |   |   |   |   | 3,793 |   |
| Personnel                      Costs                             |   |                                        |   |      |   | 502                                |   |                           | -      |   |   | (106 | ) |   | (w | ) |   | 396 |   |
| Other                      SG&A                              |   |                                        | 6      |      |   | 274                                |   |                           |   |   |   |   |   |   |   |   |   | 280 |   |
| Depreciation                      & Amortization             |   |                                        |   |      |   | 30                                 |   |                           | -      |   |   | 144 |   |   | (x | ) |   | 174 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income                      from operations                      |   |                                        | (6     | )         |   | 189                                |   |                           | -      |   |   | (38 | ) |   |   |   |   | 145 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other                      income (expense)                      |   |                                        | (1     | )         |   | -                                  |   |                           |   |   |   | (44 | ) |   | (y | ) |   | (45 | ) |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income                      before income taxes                  |   |                                        | (7     | )         |   | 189                                |   |                           | -      |   |   | (82 | ) |   |   |   |   | 100 |   |
| Income                      taxes                                |   |                                        | -      |      |   | 64                                 |   |                           |   |   |   | (30 | ) |   | (z | ) |   | 34 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                      income attributable to                  |   | $                                           | (7     | )         | $      | 125                                |   | $                              | -      |   | $      | (52 | ) |   |   |   | $ | 66 |   |
| common                      stockholders                         |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                      and diluted earnings per common share |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   | 0.00 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                      and diluted weighted average common   |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   | 25,964,179 |   |
| shares                      outstanding                          |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |

| (w) | To                      reflect contractual reduction in officers' and related family                      members'                      compensation at                      Airgroup. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x) | To                      reflect amortization of acquired identifiable                      intangibles. |
|-----|---------------------------------------------------------------------------------------------------------|

| (y) | To                      reflect interest expense on advances under the bank                      facility. |
|-----|------------------------------------------------------------------------------------------------------------|

| (z) | To                    reflect estimated federal/state income tax expense at a rate                    of                    34%. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

----

**RADIANT            LOGISTICS, INC.**

|                                                             |   | Historical                      Statements  |   |      |   |                               |   |                           |   |   |   |
|------------------------------------------------------------------|--------|---------------------------------------------|--------|-----------|--------|------------------------------------|--------|--------------------------------|--------|--------|--------|
|                                                             |   |                                        |   |      |   | Equity                      Issued |   | Acquistion                     |   |   |   |   |   |
|                                                             |   | Radiant                      Logistics, Inc |   | Airgroup  |   | Pro                      Forma     |   | Pro                      Forma |   |   |   | Pro                      Forma |   |
|                                                             |   | (f/k/a                      Golf Two, Inc.) |   | (Audited) |   | Adjustments                        |   | Adjustments                    |   |   |   | (Unaudited) |   |
| Transportation                      revenue                      |   | $                                           | -      |      | $      | 51,521                             |   | $                              | -      |   | $      | - |   |   |   |   | $ | 51,521 |   |
| Cost                      of transportation                      |   |                                        | -      |      |   | 29,957                             |   | $                              | -      |   |   | - |   |   |   |   |   | 29,957 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                      transportation revenue                  |   |                                        | -      |      |   | 21,564                             |   |                           | -      |   |   | - |   |   |   |   |   | 21,564 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Agent                      commission                            |   |                                        |   |      |   | 15,988                             |   |                           |   |   |   |   |   |   |   |   |   | 15,988 |   |
| Personnel                      Costs                             |   |                                        |   |      |   | 3,399                              |   |                           | -      |   |   | (1,443 | ) |   | (w | ) |   | 1,956 |   |
| Other                      SG&A                              |   |                                        | 29     |      |   | 1,313                              |   |                           |   |   |   |   |   |   |   |   |   | 1,342 |   |
| Depreciation                      & Amortization             |   |                                        |   |      |   | 114                                |   |                           | -      |   |   | 574 |   |   | (x | ) |   | 688 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income                      from operations                      |   |                                        | (29    | )         |   | 750                                |   |                           | -      |   |   | 869 |   |   |   |   |   | 1,590 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other                      income (expense)                      |   |                                        | (2     | )         |   | 15                                 |   |                           |   |   |   | (175 | ) |   | (y | ) |   | (162 | ) |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income                      before income taxes                  |   |                                        | (31    | )         |   | 765                                |   |                           | -      |   |   | 694 |   |   |   |   |   | 1,428 |   |
| Income                      taxes                                |   |                                        | -      |      |   | 260                                |   |                           |   |   |   | 226 |   |   | (z | ) |   | 486 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                      income attributable to                  |   | $                                           | (31    | )         | $      | 505                                |   | $                              | -      |   | $      | 468 |   |   |   |   | $ | 942 |   |
| common                      stockholders                         |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                      and diluted earnings per common share |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   | 0.04 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                      and diluted weighted average common   |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   | 25,964,179 |   |
| shares                      outstanding                          |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |

| (w) | To                      reflect contractual reduction in officers' and related family                      members'                      compensation at                      Airgroup. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x) | To                    reflect amortization of acquired identifiable                    intangibles. |
|-----|-----------------------------------------------------------------------------------------------------|

| (y) | To                      reflect interest expense on advances under the bank                      facility. |
|-----|------------------------------------------------------------------------------------------------------------|

| (z) | To                      reflect estimated federal/state income tax expense at a rate                      of                      34%. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----

**RADIANT            LOGISTICS, INC.**

|                                                             |   | Historical                      Statements  |   |      |   |                               |   |                           |   |   |   |
|------------------------------------------------------------------|--------|---------------------------------------------|--------|-----------|--------|------------------------------------|--------|--------------------------------|--------|--------|--------|
|                                                             |   |                                        |   |      |   | Equity                      Issued |   | Acquistion                     |   |   |   |   |   |
|                                                             |   | Radiant                      Logistics, Inc |   | Airgroup  |   | Pro                      Forma     |   | Pro                      Forma |   |   |   | Pro                      Forma |   |
|                                                             |   | (f/k/a                      Golf Two, Inc.) |   | (Audited) |   | Adjustments                        |   | Adjustments                    |   |   |   | (Unaudited) |   |
| Transportation                      revenue                      |   | $                                           | -      |      | $      | 42,972                             |   | $                              | -      |   | $      | - |   |   |   |   | $ | 42,972 |   |
| Cost                      of transportation                      |   |                                        | -      |      |   | 22,832                             |   | $                              | -      |   |   | - |   |   |   |   |   | 22,832 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                      transportation revenue                  |   |                                        | -      |      |   | 20,140                             |   |                           | -      |   |   | - |   |   |   |   |   | 20,140 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Agent                      commission                            |   |                                        |   |      |   | 14,912                             |   |                           |   |   |   |   |   |   |   |   |   | 14,912 |   |
| Personnel                      Costs                             |   |                                        |   |      |   | 3,304                              |   |                           | -      |   |   | (1,564 | ) |   | (w | ) |   | 1,740 |   |
| Other                      SG&A                              |   |                                        | 31     |      |   | 1,145                              |   |                           |   |   |   |   |   |   |   |   |   | 1,176 |   |
| Depreciation                      & Amortization             |   |                                        |   |      |   | 186                                |   |                           | -      |   |   | 574 |   |   | (x | ) |   | 760 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income                      from operations                      |   |                                        | (31    | )         |   | 593                                |   |                           | -      |   |   | 990 |   |   |   |   |   | 1,552 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other                      income (expense)                      |   |                                        | (1     | )         |   | 13                                 |   |                           |   |   |   | (175 | ) |   | (y | ) |   | (163 | ) |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income                      before income taxes                  |   |                                        | (32    | )         |   | 606                                |   |                           | -      |   |   | 815 |   |   |   |   |   | 1,389 |   |
| Income                      taxes                                |   |                                        | -      |      |   | 199                                |   |                           |   |   |   | 273 |   |   | (z | ) |   | 472 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                      income attributable to                  |   | $                                           | (32    | )         | $      | 407                                |   | $                              | -      |   | $      | 542 |   |   |   |   | $ | 917 |   |
| common                      stockholders                         |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                      and diluted earnings per common share |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   | 0.04 |   |
|                                                             |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                      and diluted weighted average common   |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   | 25,964,179 |   |
| shares                      outstanding                          |   |                                        |   |      |   |                               |   |                           |   |   |   |   |   |   |   |   |   |   |   |

| (w) | To                      reflect contractual reduction in officers' and related family                      members'                      compensation at                      Airgroup. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x) | To                      reflect amortization of acquired identifiable                      intangibles. |
|-----|---------------------------------------------------------------------------------------------------------|

| (y) | To                      reflect interest expense on advances under the bank                      facility. |
|-----|------------------------------------------------------------------------------------------------------------|

| (z) | To                      reflect estimated federal/state income tax expense at a rate                      of                      34%. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----